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]

本报记者 毛艺融 6月18日，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》（以下简称《科创板意 见》），上海证券交易所（以下简称"上交所"）就同步制订的2项配套业务规则公开征求意见。 上交所表示，征求意见期间，上交所将通过多种形式积极听取各方面的意见建议，并根据市场意见建议进一步研究和完善 有关规则。下一步，上交所将按照中国证监会的统一部署，尽快发布实施相关业务规则，推动相关改革举措落实落地，持续提 升科创板服务科技创新能级。 上交所按照《科创板意见》提出的要求，结合市场意见建议，深化"开门办审核"，将服务市场关口进一步向前延伸，拟建 立股票发行上市申请预先审阅机制。上交所新制订的《发行上市审核规则适用指引第7号——预先审阅》就此作了安排：明确 适用范围、确定审阅流程、加强程序衔接、强化信息披露、加强监督管理。 "发行人可以结合上交所的审阅意见，自行决定是否正式申报。"上交所相关负责人表示，无论发行人的发行上市申请是否 经过预先审阅，正式申报后上交所都将严格遵循现有规则、程序和时限要求开展审核工作，不会降低发行上市审核标准。 此外，资深专业机构投资者是资本市场重要参与主体，往往具有较 ...

Core Viewpoint - The telecommunications industry has entered a phase of relative oversupply and stagnation, necessitating the exploration of new growth opportunities and paths for development [1][4]. Industry Overview - In the first two months of this year, China's telecommunications business revenue reached 295 billion yuan, a year-on-year increase of only 0.9%, marking the lowest growth rate in five years, down from 4.3% in the same period last year [1]. - For the first four months, the total telecommunications revenue was 598.5 billion yuan, with a growth rate of 1%, compared to 4% in the same period last year [1]. - Globally, low growth rates below 5% have become the norm for leading telecommunications operators, reflecting broader economic conditions [1]. Huawei's Insights - Huawei's rotating chairman, Xu Zhijun, shared four key "discoveries" aimed at driving growth in the telecommunications sector: 1. Recognizing changes and seizing growth-oriented demands [1]. 2. Stimulating supply and consumption of high-definition video through systematic engineering [1]. 3. Connecting every vehicle with 5G to capture growth opportunities in smart connected vehicles [1]. 4. Using FTTR to connect all individual businesses, seizing opportunities in intelligent development [1]. Growth Opportunities - The telecommunications market, while mature, still presents growth opportunities through "growth-oriented demands" such as the increasing number of delivery riders, which is expected to rise from 30 million in 2020 to 160 million by 2030, representing 5% of the global workforce [3]. - New user groups, devices, and behaviors are emerging, posing challenges for operators to meet these growth-oriented demands and redefine network experiences [3].

6项改革措施主要包括：一是对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制 度。二是面向优质科技型企业试点IPO预先审阅机制，进一步提升证券交易所预沟通服务质效。三是扩 大第五套标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用。四是支持 在审未盈利科技型企业面向老股东开展增资扩股等活动。五是健全支持科创板上市公司发展的制度机 制。六是健全科创板投资和融资相协调的市场功能。 《科创板意见》规定，科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前 仍处于未盈利阶段的科技型企业。 《科创板意见》规定企业入层和调出条件，具体来看，未盈利科技型企业全部纳入科创成长层，调出条 件实施新老划断。其中，新注册的未盈利科技型企业符合下列条件之一的，调出科创成长层：（1）最 近两年净利润均为正且累计净利润不低于5000万元；或（2）最近一年净利润为正且营业收入不低于1亿 元。存量未盈利科技型企业符合现行取消特殊标识条件的，调出科创成长层。 中经记者 郭婧婷 北京报道 6月18日，证监会制定并发布了《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》（以下 简称《科 ...

新华财经北京6月18日电（记者闫鹏、刘玉龙）6月18日，证监会发布《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》，以在科创板设置专门层次为抓手，重启未盈利企业适用科创板第五套标 准上市，推出一揽子更具包容性、适应性的制度改革。 业内人士认为，设立科创成长层、重启第五套上市标准、试点IPO预先审阅机制等一系列制度优化，是 主动适应内外部形势变化和科技创新发展需要、进一步深化科创板改革的重要举措，将加快构建更有利 于支持全面创新的资本市场生态。 科创板设置"科创成长层" 上交所数据显示，科创板开板至今的6年来，共54家未盈利企业成功登陆科创板。2024年，这54家企业 共实现营业收入1744.79亿元，其中26家企业营业收入突破10亿元。可圈可点的是，6年间54家公司中累 计有22家企业上市后实现盈利，成功摘掉"未盈利"的帽子。 "设置科创成长层这一举措具有非常重要的意义。"清华大学国家金融研究院院长、清华大学五道口金融 学院副院长田轩认为，一方面，科创成长层突破了过去对于拟融资企业规模、盈利等方面的要求与限 制，不仅能够根据科创企业轻资产、高研发投入、未来收益不确定性大等特点，为科技创新型企业提供 ...

2025.06. 18 本文字数：2596，阅读时长大约4分钟 作者 | 第一财经 黄思瑜 周斌 证监会主席吴清话音刚落，6月18日下午，科创板"1+6"改革细则出炉。 6月18日，证监会发布《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》（下称《科创 板意见》），明确了科创板科创成长层入层和调入条件。 其中，设置科创板科创成长层，重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前 仍处于未盈利阶段的科技型企业。未盈利科技型企业全部纳入科创成长层，调出条件实施新老划断。 清华大学国家金融研究院院长、五道口金融学院副院长田轩认为，设置科创成长层这一举措具有非常 重要的意义。成长层突破了过去对拟融资企业规模、盈利等方面的要求与限制，不仅能够根据科创企 业轻资产、高研发投入、未来收益不确定性大等特点，为科技创新型企业提供更为精准的融资平台； 还能够吸引社会资本聚焦科技创新领域，引导资金从传统产业流向具有高附加值和发展潜力的科创产 业，加速科技成果转化，促进产业结构优化升级。 此外，科创板推出6项改革举措，包括对于适用科创板第五套上市标准的企业，试点引入资深专业机 构投资者制度；扩大第五套标准适用 ...

21世纪经济报道记者 杨坪 深圳报道 6月18日下午，中国证监会印发了《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》（以 下简称《科创板意见》），上交所就同步制订的2项配套业务规则公开征求意见。 根据《科创板意见》，未盈利科技型企业全部纳入科创成长层，调出条件实施新老划断。 同时，《科创板意见》还支持在审未盈利科技型企业面向老股东开展增资扩股等活动。允许在审未盈利 企业或其子公司基于持续研发等合理发展需求面向老股东开展股权融资，专款专用。 "这项规则很好解决了在审企业的一个痛点，就是目前A股IPO审核周期相对较长，而企业在排队过程中 是没有办法融资的，这可能导致公司审着审着资金链出现问题。新规则允许企业向老股东融资，相当于 给了一条解决途径，至少能够保证企业在审核期间不会出现资金链问题。"北京一家资深的上市公司董 秘对记者说道。 32家企业或纳入科创成长层 据了解，科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前仍处于未盈利 阶段的科技型企业。 从全球实践看，科技型企业往往经营业绩不确定性大、转盈利周期长，资本市场服务能不能覆盖优质未 盈利科技型企业，是市场各方判断制度包容性 ...