【环球网财经综合报道】6月18日，随着中国证监会印发《关于在科创板设置科创成长层增强制度包容性适应性的意见》，上海证券交 易所迅速响应，同步制订的两项配套业务规则——《科创板上市公司自律监管指引第5号——科创成长层》及《发行上市审核规则适用 指引第7号——预先审阅》公开征求意见，是为技术突破性强、商业前景广阔但暂未盈利的科技型企业提供更精准的制度支持。 《科创板上市公司自律监管指引第5号——科创成长层》拟从三方面建立配套机制：一是明确实施标准及程序，规定纳入和调出标准， 并就调出标准进行"新老划断"；二是强化风险揭示，科创成长层公司股票简称后增加标识"U"，投资者投资新注册企业需签署专项风险 揭示书；三是提升信息披露质量，要求相关公司在定期报告和临时报告中披露未盈利情况及相关风险，并压实中介机构持续督导责任。 新制订的《发行上市审核规则适用指引第7号——预先审阅》为那些因过早披露业务技术信息、上市计划可能对其生产经营造成重大不 利影响的发行人提供了缓冲机制。发行人可申请预先审阅，上交所将参照正式审核程序把关，但此程序非必经环节，也不构成对发行条 件的预先确认。 值得关注的是，上交所还在研究制订关于"资深专业机 ...

幼儿园的小朋友围坐一起，熟练地点触平板电脑上的互动游戏；四五岁的孩子在家中使用父母手机刷着 短视频……这些生活中常见的场景提醒我们：网络并非成人世界的专属，而是进入了学前儿童的成长图 景。 网络对于学前儿童而言，是新奇的"魔法盒"。不可否认，线上的早教动画、益智小游戏等，能在一定程 度上激发孩子们的认知兴趣。但学前阶段的孩子，处在认知飞速发展、价值观萌芽的关键期，良莠不齐 的网络内容，难免会对其成长造成困扰。比如，许多家长发现孩子在看动画时，会遇到不明所以的复杂 广告、跳转链接。这些超出幼儿理解范畴的画面与信息，就像在搭建积木时混入了形状怪异的零件，当 孩子用纯真的眼光认识世界时，突然出现的干扰会打乱他们的认知逻辑。 电子设备使用的"度"很难把控——这对成年人来说也是个问题，何况学前儿童。有的幼儿园为了吸引孩 子注意力，过度依赖动画教学；有的家长因为"别来烦我"，放任孩子玩手机游戏。这种情况下，短时间 内孩子是安静了，但长期看，可能让孩子变得注意力难集中，对真实的绘本阅读、户外游戏兴趣降低， 沉浸在虚拟画面营造的"快刺激"里，弱化了主动探索、人际互动的能力。这与学前教育倡导的"在真实 体验中成长"背道而驰。 ...

记者 张杨 从入层条件来看，不管是科创板上市老企业，还是新申请注册的企业，只要是未盈利科技型企业， 将被全部纳入科创成长层。 从调出条件来看，实施新老划断，存量未盈利企业符合现行取消特殊标识条件的，将被调出科创成 长层，但新注册的入层企业则需要数据符合科创板第一套上市标准时，才可调出。 科创成长层企业股票在简称后添加"U"（Unprofitable），作为特殊标识，供投资者参考。 昨天，证监会主席吴清宣布，继续充分发挥科创板示范效应，加力推出进一步深化改革的"1+6"政 策措施，重启未盈利企业适用科创板第五套标准上市。当日收市后，证监会及上交所公布了《关于在科 创板设置科创成长层 增强制度包容性适应性的意见》等细则。 为何此时推出新政？ 一年前的陆家嘴论坛上，"科创板八条"问世，开启了推动注册制改革走深走实的重要一步。实施一 年来，各项改革举措已基本落地。有必要进一步深化科创板改革，引导资本流向真正具备技术突破能力 的创新主体。 证监会表示，此时在科创板设置科创成长层，有利于为增量制度改革提供更可控的"试验空间"，可 以试点一些更具包容性的政策举措；也有利于对未盈利科技型企业集中管理，便于投资者更好识别风 险 ...

Group 1 - The China Securities Regulatory Commission (CSRC) announced the establishment of a "Growth Layer" on the Sci-Tech Innovation Board to support high-quality technology companies in their listing and financing efforts [1][4] - The Shanghai Stock Exchange (SSE) has drafted guidelines for the Growth Layer, which includes 12 articles focusing on the layer's positioning, scope, delisting conditions, and enhanced information disclosure requirements [1][6] - The Growth Layer will include all unprofitable technology companies, with new companies needing to achieve either a biannual profit of 50 million or a single-year profit with revenue exceeding 100 million to graduate from this layer [3][4] Group 2 - CSRC aims to promote the participation of social security funds, insurance capital, and industrial capital in private equity investments to broaden funding sources [7][9] - The new measures will create a long-term funding supply system combining state-backed and market-driven capital, particularly improving the financing environment for hard-tech companies [9][12] - The optimization of the physical distribution of stocks and the introduction of a "reverse linkage" mechanism will facilitate smoother exit mechanisms for private equity funds [11][12] Group 3 - The People's Bank of China proposed a pilot program for comprehensive reforms in offshore trade finance services in the Shanghai Lingang New Area, aligning with international standards [13][15] - The offshore trade turnover in the Lingang New Area reached approximately $8.153 billion in Q1 2025, marking a year-on-year increase of 56.67% [17] - The pilot program aims to attract more global resources and enhance Shanghai's influence in global trade finance rule-making [19] Group 4 - The optimization of the Free Trade Account system aims to enhance the convenience of cross-border trade and investment [20][21] - By the end of 2024, Shanghai had opened 170,000 Free Trade Accounts, with an annual growth rate of over 30% in cross-border transactions [23] - The upgraded Free Trade Account functions will deepen cross-border financial policies and services, providing more financial support for cross-border enterprises [23][25]

Group 1 - The A-share market opened lower, with the Shanghai Composite Index down 0.13% and the ChiNext Index down 0.27%, particularly affected by declines in sectors such as oil and gas extraction, brain-computer interfaces, precious metals, and liquor [1] - Huatai Securities indicates that the fundamentals still face challenges, with frequent overseas risk events, suggesting that the A-share market may remain in a volatile pattern in the short term [1] - Export growth has significantly slowed down in May compared to April, with uncertainties in Sino-U.S. trade negotiations potentially leading to a weakening of exports in the future [1] Group 2 - Industrial trends in the technology sector are supported by independent industry dynamics, showing resilience despite market adjustments, according to Industrial Securities [2] - The ongoing Israel-Palestine conflict is expected to have a limited long-term impact, providing potential opportunities for investment after short-term emotional corrections [2] - The internal factors are deemed the primary determinants of market trends, with expectations for the technology growth sector to remain a structural highlight supported by improved fundamentals [2] Group 3 - Dongfang Securities notes that despite external negative disturbances, the capital market has shown significant resilience, with policy support and improved liquidity likely to raise the market's volatility center [3] - The focus is on sectors such as pan-technology and dividend stocks, which are expected to perform well in the current market environment [3]

2025年06月19日 国泰君安期货商品研究晨报 观点与策略 | 黄金：联储继续按兵不动 | 3 | | --- | --- | | 白银：继续冲高 | 3 | | 铜：库存下降，支撑价格 | 5 | | 铝：偏强震荡 | 7 | | 氧化铝：关注减产检修情况 | 7 | | 锌：中期承压，关注社库变化 | 9 | | 铅：区间运行 | 10 | | 锡：紧现实弱预期 | 11 | | 镍：矿端担忧有所降温，冶炼供应弹性饱满 | 13 | | 不锈钢：负反馈传导减产增加，供需双弱低位震荡 | 13 | | 碳酸锂：仓单去化加速，关注潜在采买 | 15 | | 工业硅：仓单持续去化，关注上方空间 | 17 | | 多晶硅：上游复产，盘面下跌 | 17 | | 铁矿石：预期反复，区间震荡 | 19 | | 螺纹钢：宏观情绪扰动，宽幅震荡 | 20 | | 热轧卷板：宏观情绪扰动，宽幅震荡 | 20 | | 硅铁：板块情绪共振，宽幅震荡 | 22 | | 锰硅：板块情绪共振，宽幅震荡 | 22 | | 焦炭：宽幅震荡 | 24 | | 焦煤：宽幅震荡 | 24 | | 动力煤：需求仍待释放，宽幅震荡 | 26 | ...

Macro News - The 2025 Lujiazui Forum announced significant financial opening measures, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit agency [1] - The head of the Financial Regulatory Bureau stated that efforts are underway to promote pilot projects for financial asset investment companies and technology enterprise merger loans, along with a joint action plan with the Shanghai government to support the construction of an international financial center [1] - The chairman of the China Securities Regulatory Commission emphasized the role of the Sci-Tech Innovation Board as a "testing ground," introducing a growth tier and restarting the listing standards for unprofitable companies [1] - The deputy governor of the People's Bank of China announced the upcoming release of additional investment quotas for qualified domestic institutional investors and a package of foreign exchange innovation policies in free trade pilot zones [1] Industry News - The Central Financial Committee issued opinions to accelerate the construction of the Shanghai International Financial Center, aiming for a comprehensive enhancement of its capabilities and competitiveness over the next five to ten years [3] - The China Securities Regulatory Commission has developed opinions to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, including the reintroduction of listing standards for unprofitable companies [3] Cross-Border Payment - The RMB Cross-Border Payment System (CIPS) held a signing ceremony with six foreign institutions, marking the first direct participation of foreign entities from Africa, the Middle East, Central Asia, and Singapore in CIPS [4]

每经编辑｜张喜威 王晓波 ∪中国5月Swift人民币在全球支付中占比 2 今日央行有1193亿元7天期逆回购到1 3 商务部6月19日召开新闻发布会，介绍 重点工作有关情况 4 第五届中国国际固态电池科技大会暨2 电池材料与智能装备技术展将于6月19E 在合肥举办 1 隔夜市场 当地时间6月18日，美联储最新的联邦公开市场委员会（FOMC）货币政策会议纪要显示，美联储决定将联邦基金利率目标区间维持在4.25%至4.50%之间不 变。这是美联储货币政策会议连续第四次决定维持利率不变。 美联储官员预计未来几个月美国通胀情况将恶化，但仍预计在2025年年底前将降息两次，与3月份的预测一致。美联储预计，相比于3月份的预测，到2025年 年底美国经济增长将明显放缓，通胀将上升，失业率将略有上升。美联储官员预计，美国通胀率到2025年年底将升至3%，失业率将升至4.5%，经济增长率 将放缓至1.4%。美联储主席鲍威尔当日警告称，不要过分相信美联储的利率预测，因为预测可能会根据公布的数据而发生变化，尤其是通胀数据。鲍威尔 在美联储政策会议后的新闻发布会上表示，没有人对这些利率预测抱有绝对的信心，这些都将取决于数据。 美股三 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued opinions on establishing a "Growth Layer" in the Sci-Tech Innovation Board to enhance the inclusiveness and adaptability of the system [1] - The Shanghai Stock Exchange (SSE) is soliciting public opinions on two supporting business rules related to the Growth Layer and pre-review processes for listings [1] - The Growth Layer aims to serve technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, which are currently in a non-profitable stage [1] Group 2 - The SSE is developing rules for professional institutional investors, focusing on clarifying requirements, standardizing operations, and enhancing self-regulation [2] - Companies applying for the fifth set of listing standards on the Sci-Tech Innovation Board are encouraged to voluntarily disclose information about professional institutional investors, which will be considered in the review process [2] - The SSE plans to actively gather feedback during the consultation period to refine the rules and will implement them promptly to enhance the Sci-Tech Innovation Board's support for technological innovation [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board" to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board for high-quality technology enterprises, particularly those that are currently unprofitable but have significant growth potential [1][2] Group 1: Key Measures - The establishment of a Sci-Tech Growth Layer specifically targets technology companies that have made significant technological breakthroughs, possess broad commercial prospects, and maintain substantial ongoing R&D investments, despite being unprofitable [1] - Unprofitable technology companies will be fully included in the Sci-Tech Growth Layer, with specific conditions for entry and exit, including a new classification system for existing unprofitable companies [1] - Companies in the Sci-Tech Growth Layer will have their stock names appended with "U" to indicate their unprofitable status [1] Group 2: Investor Protection and Management - The CSRC has introduced enhanced investor suitability management requirements, mandating that investors in newly registered unprofitable technology companies sign a specialized risk disclosure document [1] - Securities firms are required to implement robust investor suitability management responsibilities, including comprehensive risk assessments and disclosures [1] Group 3: Additional Reform Initiatives - Six reform measures have been introduced to improve the system's inclusiveness for high-quality technology enterprises, including the introduction of experienced institutional investors, a pre-IPO review mechanism, and the expansion of applicable standards to more frontier technology sectors [2] - The CSRC plans to work with the Shanghai Stock Exchange and relevant market participants to ensure the effective implementation of these reforms and enhance the market's attractiveness and competitiveness [2]