上交所党委委员、副总经理苑多然近日在上海参加公开论坛时表示，上交所将扎实推进"科创板 八条"落地落实落细，一体推进发行承销、股债融资、并购重组、交易机制等各项制度深化改 革，增强制度包容性和适应性。 资本市场在优化资源配置、促进资本形成、完善公司治理等方面具有不可替代的作用，是科技创新与产业创 新融合的"助推器"。据介绍，在服务新质生产力发展的新征程中，上交所持续完善股票、债券、基金等多元 化产品体系，为科技创新企业提供了全生命周期的金融服务，促进"科技—产业—资本"良性循环。 以科创板为例，目前已支持588家科创企业上市，IPO募资额超9200亿元，再融资募资额超1800亿元，合计支 持资金超万亿元。资本支持下，科创板公司创新投入不断加大，板块年均研发强度保持在10%以上，持续大 幅领先其他板块，累计形成发明专利超12万项，为产业创新发展提供基础支撑。 为大力推动科创板改革落地见效，进一步增强对科技创新的包容性、适配性，2024年6月19日，证监会发布 《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》（简称"科创板八条"）。 "'科创板八条'将迎来发布一周年。"苑多然透露，经过近一年的努力，"科 ...

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the IPO review process for Jiangsu Jinzhi Education Information Co., Ltd. due to the withdrawal of its listing application by the company and its sponsor [1] Company Overview - Jiangsu Jinzhi Education was established in 2008 and primarily provides software development, SaaS services, operation and maintenance services, and system integration for higher education institutions and vocational schools [2] - The company planned to raise 577 million yuan through its IPO to invest in various projects, including a hybrid cloud-based smart campus platform and an integrated intelligent teaching cloud platform [4][6] Financial Performance - The company's revenue for the years 2020, 2021, 2022, and the first half of 2023 was 475.31 million yuan, 491.65 million yuan, 454.95 million yuan, and 106.81 million yuan, respectively. The net profit for the same periods was 73.32 million yuan, 78.93 million yuan, 77.55 million yuan, and a loss of 27.77 million yuan [4] - The direct sales revenue as a percentage of total revenue has been declining, with figures of 82.47%, 77.75%, and 74.88% over the reported years [7] Investment Projects - The total investment for the planned projects is 577 million yuan, with specific allocations for: - Hybrid cloud-based smart campus platform: 158.54 million yuan - Integrated intelligent teaching cloud platform: 162.14 million yuan - Marketing service network and business middle platform: 76.32 million yuan - Product R&D and technology upgrade fund: 180 million yuan [6] Shareholding Structure - The controlling shareholders are Guo Chao and Shi Mingjie, holding 24.09% and 16.06% of the shares directly, and an additional 10.94% indirectly through Nanjing Mingde, totaling 51.09% voting rights [6] Regulatory History - The company had previously submitted an IPO application for the Sci-Tech Innovation Board in 2020, which was accepted but later withdrawn in early 2022 [9]

文/梧桐数据中心 自2019年6月13日开板至今，科创板已历经六载。截至2025年6月13日，科创板上市公司数量达到588家，总 市值超过6.8万亿元，新一代信息技术、生物医药、高端装备制造等战略性新兴产业公司占比超八成。本文 盘点科创板开板六周年以来的十五项"第一"。 一、第一家科创板转板公司 观典防务技术股份有限公司（观典防务，688287）成立于2004年8月，是国内领先的无人机服务提供商，核 心业务包括无人机禁毒航测、飞行服务与数据处理，以及智能防务装备研发。2020年入选新三板精选层首 批企业，2021年北交所设立后平移成为北交所上市公司。 2021年10月20日，观典防务向上交所提交科创板转板申请；2022年1月27日，科创板上市委员会审议通过其 转板申请，观典防务成为首家北交所转科创板企业；2022年3月31日，获上交所正式同意转板决定；2022年 5月25日，登陆科创板上市交易，证券代码688287。 转板上市当年，观典防务营业收入、扣非净利润最高，分别为2.9104亿元、0.7869亿元。根据公司2024年年 报披露，公司2024年实现营业收入8998.384万元，归母净利润-1.3588亿 ...

沪深两市全天主力资金净流出476.73亿元，其中，科创板主力资金净流出15.53亿元，主力资金净流入的 有213只股，主力资金净流出的有374只股。 证券时报·数据宝统计显示，今日科创板个股上涨的有111只，涨停的有金橙子等1只，下跌的有474只。 其中，上市5日内的有C影石等，今日涨幅较高的有C影石，涨幅为0.92%。 从主力资金连续性进行观察，共有40只个股主力资金连续3个交易日以上持续净流入，连续净流入天数 最多的是柏楚电子、优利德等2只股，主力资金均连续净流入7天。主力资金连续流出的个股有155只， 连续流出天数最多的是博汇科技，该股已连续16个交易日净流出；连续净流出天数较多的还有汉邦科 技、芯联集成等，主力资金分别连续流出14天、13天。（数据宝） 主力资金净流入排名 | 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | --- | --- | --- | --- | | 688608 | 恒玄科技 | 67752.10 | 19.85 | 2.90 | 7.54 | | 688183 | 生益电子 | 105 ...

在"科创板八条"的要求和指引下，上交所于2024年10月发布新规，细化"轻资产、高研发投入"企业的认 定标准，鼓励科创板上市公司加大研发投入，提升科技创新能力。截至目前，共有9家科创板企业适用 该标准披露再融资相关公告，合计拟融资近250亿元，主要集中在生物医药、半导体行业，均投向创新 药或芯片研发等夯实主业的项目。央广财经记者了解到，迪哲医药、芯原股份等首批案例已率先落地， 带动市场积极性显著提升。 编者按：作为资本市场改革"试验田"，科创板沿着全面支持新质生产力发展的主线发展，各项改革蹄疾 步稳，成效初显。尤其是证监会"科创板八条"发布一年以来，配套政策相继落地。暖风频吹下，科创板 这块改革"试验田"精耕细作，引导资金活水精准浇灌科技创新，资本市场制度对科技创新企业的包容 性、适配性、精准性持续增强，典型案例不断落地，为A股市场提升上市公司质量注入一股硬核力量， 也为多层次资本市场建设提供路径参考。 央广财经推出系列报道，全方位洞察一年来科创板改革"试验田"支持科技创新的经验成效，共话资本市 场深化科技金融体制机制改革、服务经济社会高质量发展大局的路径。 央广网北京6月13日消息（记者 牛谷月）科创板支持 ...

Core Viewpoint - The article emphasizes the importance of hard technology companies in supporting national strategies and achieving high-level technological self-reliance, particularly for quality unprofitable enterprises that can transform with quality capital empowerment [1][2]. Group 1: Policy Support and Market Dynamics - The China Securities Regulatory Commission (CSRC) released the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" on June 19, 2024, which supports unprofitable enterprises with key core technologies and significant market potential to go public [1][2]. - As of May 2025, the Sci-Tech Innovation Board has supported 54 unprofitable companies in their IPOs, covering emerging industries such as innovative pharmaceuticals, chip design, and artificial intelligence, with a total revenue of 174.48 billion yuan in 2024, a 24% year-on-year increase [1][5]. - The implementation of new regulations allows for different lock-up ratios or periods for offline investors in unprofitable companies, shifting the investment logic from short-term profit to long-term value [4]. Group 2: Financial Performance and Growth - In 2024, the 54 unprofitable companies on the Sci-Tech Innovation Board achieved a total revenue exceeding 170 billion yuan, with a 24% year-on-year growth, while their net losses decreased by 36% [5][10]. - Notable companies like SMIC and Kingsoft Office reported revenue and net profit growth of 21.2% and 24.3% respectively in 2024, showcasing significant development since their IPOs [5][10]. - The total R&D investment of the 54 unprofitable companies reached 45.944 billion yuan in 2024, marking a 5.86% increase, with a median R&D investment-to-revenue ratio of 37.74%, significantly higher than the board's median of 12.64% [6]. Group 3: Case Studies of Successful Companies - Baile Tianheng, a notable unprofitable company, has seen its stock price rise from 24.7 yuan at IPO to 338 yuan, demonstrating successful growth and a robust pipeline of innovative drugs [6][7]. - Tianyue Advanced, another unprofitable company, utilized its IPO proceeds to enhance its production capacity in silicon carbide semiconductor materials, showcasing effective capital market utilization for technological advancement [7][8]. Group 4: Future Outlook and Investor Engagement - Companies are focusing on sustainable profitability and balancing technological investments to enhance market value and investor confidence [11]. - The number of Sci-Tech themed ETFs has doubled since the release of the "Eight Measures," indicating growing investor interest and potential in the sector [10].

6月12日，上海证券交易所、华安基金与西南证券联合举办科创投资沪市ETF专题座谈会。本场活动聚 焦科创板投资机遇与ETF配置策略，旨在为投资者提供专业洞见，共探科创投资新方向，分享ETF配置 新思路，切实践行"以投资者为本，重回报促发展"的双重使命。 座谈会恰逢科创板成立六周年、"科创板八条"发布近一周年。六年来，科创板作为资本市场改革的"试 验田"，在制度创新、市场生态优化等方面取得显著成效，为科技创新企业提供强劲动力，也为资本市 场高质量发展注入新活力 座谈会吸引了众多机构及个人投资者积极参与，现场交流气氛热烈。活动聚焦三大核心议题。 1、洞悉市场基石 上海证券交易所相关业务人员带来主题演讲《上交所科创板指数及上证ETF市场介绍》，系统阐述了科 创板的发展历程、指数编制核心思想及其反映的科创板产业全景，并深入分析上证ETF市场的最新发展 动态、产品创新亮点及突出的流动性优势。上交所持续丰富科创板指数品种，共计发布了20多条科创板 指数，初步构建了覆盖宽基、主题、策略等类型的科创板指数体系，引导资金支持科技创新的重点领域 上市公司发展。 图/华安基金首席指数投资官、总经理助理许之彦发表主题演讲 3、赋能财富 ...

Core Viewpoint - The margin trading balance of the Sci-Tech Innovation Board reached 155.238 billion yuan on June 12, 2025, reflecting an increase of 0.023 billion yuan from the previous trading day, marking a continuous increase for four consecutive trading days [1] Recent Margin Trading Overview - On June 12, 2025, the total margin trading balance was 1552.38 billion yuan, with a financing balance of 1547.01 billion yuan (up 0.023 billion yuan) and a securities lending balance of 5.38 billion yuan (down 0.30647 million yuan) [1] - The margin trading balance has shown a consistent upward trend over the last four trading days, with the following daily balances: - June 11: 1550.09 billion yuan (up 0.0323 billion yuan) - June 10: 1546.86 billion yuan (up 0.1235 billion yuan) - June 9: 1534.52 billion yuan (up 0.0338 billion yuan) - June 6: 1531.14 billion yuan (down 0.0101 billion yuan) [1]

Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has significantly contributed to China's technological innovation and industrial upgrading over the past six years, with 588 companies successfully listed and total fundraising exceeding 1 trillion yuan [1][3] - The STAR Market has fostered a high level of R&D investment among listed companies, leading to breakthroughs in "hard technology" and the transformation of core technologies into industrial advantages [2][4] - The recent "STAR Market Eight Articles" reform aims to enhance the capital market's adaptability to technological innovation, marking a new phase of reform and providing a foundation for further capital market development [1][8] Group 1: Market Performance and Impact - As of June 12, 2025, the total market capitalization of STAR Market companies exceeded 6.8 trillion yuan, with over 80% belonging to strategic emerging industries and high-tech sectors [3] - In the past six years, STAR Market companies raised 923.2 billion yuan through IPOs and 183.1 billion yuan through refinancing, totaling over 1 trillion yuan [3][4] Group 2: R&D Investment and Achievements - In 2024, STAR Market companies' total R&D investment reached 168.08 billion yuan, more than 2.5 times their net profit, with a year-on-year growth of 6.4% and a three-year compound growth rate of 10.7% [4] - The median R&D investment as a percentage of operating income was 12.6%, leading A-share markets, with 107 companies maintaining an R&D intensity exceeding 20% for three consecutive years [4] Group 3: International Expansion and Competitiveness - STAR Market companies are increasingly pursuing international markets, with total overseas revenue reaching 430.36 billion yuan in 2024, a year-on-year increase of 6.1% [6] - 173 companies reported over 30% growth in overseas revenue, with 63 companies exporting products to more than 50 countries [6] - Notable examples include the successful entry of domestic products into international markets, such as the FDA approval of a medical device by United Imaging Healthcare [4][5] Group 4: Regulatory Reforms and Future Outlook - The "STAR Market Eight Articles" reform has led to significant activity in mergers and acquisitions, with 106 new transactions announced since its release, totaling over 140 billion yuan [8] - The introduction of new financing regulations has facilitated innovation and R&D investments, with several companies applying for refinancing to support core business projects [9] - The STAR Market is expected to continue its reform trajectory, supporting the growth of more technology enterprises and advancing technological innovation in China's modernization journey [9]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 10.588 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 1.745 billion yuan [1] - A total of 232 stocks saw net inflows, while 353 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 261 stocks rose, with one stock, Luopute, hitting the daily limit, while 316 stocks declined [1] - C Yingshi, listed for five days, had the highest decline at 3.82% [1] Fund Flow Analysis - Among the stocks with net inflows, C Yingshi led with a net inflow of 176 million yuan, followed by Maiwei Biology and Yuanjie Technology with net inflows of 73.54 million yuan and 57.62 million yuan, respectively [1][2] - The stock with the highest net outflow was Zhongwei Company, which saw a net outflow of 230 million yuan and a decline of 2.30% [1] Continuous Fund Inflows and Outflows - There are 39 stocks with continuous net inflows for more than three trading days, with Aibo Medical leading at 11 consecutive days of inflow [2] - Conversely, 159 stocks experienced continuous net outflows, with Bohui Technology leading at 15 consecutive days of outflow [2] Top Fund Inflow Stocks - The top stocks by net inflow include: - C Yingshi: 176 million yuan, -3.82% change, 34.20% turnover rate [2] - Maiwei Biology: 73.54 million yuan, 3.72% change, 11.00% turnover rate [2] - Yuanjie Technology: 57.62 million yuan, 3.30% change, 6.29% turnover rate [2] Notable Declines - Stocks with significant declines include: - C Yingshi: -3.82% [2] - Zhongwei Company: -2.30% [1] - Haiguang Information and SMIC also saw notable outflows of 206 million yuan and 192 million yuan, respectively [1]