Core Viewpoint - The China Securities Regulatory Commission has introduced guidelines for the establishment of a "Growth Layer" on the Sci-Tech Innovation Board, aimed at enhancing the inclusiveness and adaptability of the system for companies that are not yet profitable [1][2]. Group 1: Guidelines and Regulations - The guidelines specify conditions for inclusion and removal from the Growth Layer, allowing companies that are unprofitable at the time of listing to be included immediately [1]. - Companies that were already listed and have not achieved profitability since the issuance of the guidelines will also be included in the Growth Layer [1]. - To be removed from the Growth Layer, companies must meet one of two conditions: either have positive net profits for the last two years with a cumulative profit of at least 50 million RMB or have positive net profit for the last year with revenue of at least 100 million RMB [1]. Group 2: Risk Management and Disclosure - The introduction of a "U" designation for stocks in the Growth Layer serves as a risk warning, indicating that these companies are unprofitable [1][4]. - The guidelines emphasize enhanced information disclosure and risk management, requiring investors to sign risk disclosure agreements before investing in unprofitable tech companies [2][4]. - There is a suggestion for further clarification on whether companies that are removed from the Growth Layer and later incur losses should be reclassified, to avoid a "lifetime exemption" from scrutiny [2][3]. Group 3: Market Impact and Future Considerations - Currently, around 200 companies on the Sci-Tech Innovation Board have negative net profits, but the immediate need to include them in the Growth Layer is considered low [3]. - The establishment of the Growth Layer is expected to strengthen capital market support for technological innovation and enhance market confidence in tech companies [3]. - A proposal is made to potentially include all loss-making companies in the Growth Layer in the future, which could help in risk management and encourage companies to improve their profitability [3].

Market Performance - The Shanghai Composite Index closed at 3431.18 points, up 0.20% [1] - The Shenzhen Component Index closed at 10434.48 points, up 0.54% [1] - The ChiNext Index closed at 2144.06 points, up 0.93% [1] - The CSI 300 Index closed at 3922.29 points, up 0.01% [1] - The STAR 50 Index closed at 999.66 points, up 1.16% [1] - The CSI 500 Index closed at 5899.36 points, up 0.61% [1] - The CSI 1000 Index closed at 6332.88 points, up 0.89% [2] Year-to-Date Performance - The Shanghai Composite Index has increased by 2.37% year-to-date [3] - The Shenzhen Component Index has increased by 0.19% year-to-date [3] - The CSI 500 Index has increased by 3.03% year-to-date [3] - The CSI 1000 Index has increased by 6.30% year-to-date [3] - The ChiNext Index has increased by 0.12% year-to-date [3] - The STAR 50 Index has increased by 1.08% year-to-date [3] - The CSI 2000 Index has increased by 14.71% year-to-date [3] - The Wande Micro-Stock Index has increased by 35.82% year-to-date [3]

Core Viewpoint - The total margin trading balance on the STAR Market reached 157.17 billion yuan on June 27, 2025, marking a continuous increase over five trading days [1] Recent Margin Trading Overview - On June 27, 2025, the financing balance was 156.64 billion yuan, increasing by 71.71 million yuan from the previous trading day, while the securities lending balance was 534 million yuan, up by 12.58 million yuan [1] - The total margin trading balance has shown a consistent upward trend, with the following notable figures: - June 26: 157.09 billion yuan, an increase of 1.26 billion yuan - June 25: 155.83 billion yuan, an increase of 360 million yuan - June 24: 155.47 billion yuan, an increase of 775 million yuan - June 23: 154.69 billion yuan, an increase of 165 million yuan [1]

科创50指数涨幅扩大至1%。 ...

中国上证综指6月30日（周一）开盘下跌0.75点，跌幅：0.02%，报3423.47点； 中国深证成指6月30日（周一）开盘上涨27.41点，涨幅：0.26%，报10405.96点； 中国沪深300指数6月30日（周一）开盘下跌1.44点，跌幅：0.04%，报3920.31点； 中国创业板指数6月30日（周一）开盘上涨8.59点，涨幅：0.4%，报2132.93点； 中国科创50指数6月30日（周一）开盘上涨4.09点，涨幅：0.41%，报992.3点。 ...

Market Overview - The Shanghai Composite Index opened at 3423.47 points, down 0.02% [1] - The Shenzhen Component Index opened at 10405.96 points, up 0.26% [1] - The ChiNext Index opened at 2132.93 points, up 0.40% [1] - The CSI 300 opened at 3920.31 points, down 0.04% [1] - The STAR 50 opened at 992.30 points, up 0.41% [1] - The CSI 500 opened at 5877.67 points, up 0.24% [1] - The CSI 1000 opened at 6297.08 points, up 0.32% [1] Index Performance - Shanghai Composite Index: Current price 3423.47, down 0.75 points, with a trading volume of 4.8 billion and a year-to-date increase of 2.14% [2] - Shenzhen Component Index: Current price 10405.96, up 27.41 points, with a trading volume of 9.1 billion and a year-to-date decrease of 0.08% [2] - ChiNext Index: Current price 2132.93, up 8.59 points, with a trading volume of 3.9 billion and a year-to-date decrease of 0.40% [2] - CSI 300: Current price 3920.31, down 1.44 points, with a trading volume of 2.1 billion and a year-to-date decrease of 0.37% [2] - CSI 500: Current price 5877.67, up 13.95 points, with a trading volume of 1.7 billion and a year-to-date increase of 2.65% [2] - CSI 1000: Current price 6297.08, up 20.14 points, with a trading volume of 3.3 billion and a year-to-date increase of 5.70% [2]

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 30 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 上周五 A 股三大指数涨跌不一，截止收盘，沪指收跌 0.7%，深成指 收涨 0.34%，创业板指收涨 0.47%。沪深两市成交额 15409.36 亿元。 申万行业方面，有色金属、通信、纺织服饰领涨，银行、公用事业、 食品饮料领跌；概念板块方面，铜缆高速连接、金属锌、科创次新股 涨幅居前，跨境支付、可燃冰、数字货币跌幅居前。港股方面，恒生 指数收跌 0.17%，恒生科技指数收跌 0.07%；海外方面，美国三大指 数集体收涨，道指收涨 1%，标普 500 收涨 0.52%，纳指收涨 0.52%。 【重要新闻】 【沪深北港四大交易所相关负责人集中发声，释放多维度改革信号】 6 月 28 日-29 日，2025 上市公司论坛在温州举行。论坛上，沪深北 港四大交易所相关负责人集中发声，释放多维度改革信号。上交所副 总经理王泊表示，将扎实推进"1+6"改革举措和示范案例落实落地； 深交所副总经理李辉称，正紧锣密鼓地谋划 ...

论坛上，上海市科经会学术委员会正式成立，这标志着上海在科技经济融合领域的学术研究与实践探索 将迈入更专业、更深入的阶段，为行业发展提供更有力的智力支持与理论指导。 上海市科经会在会上发布"科技服务2.0升级版"。上海市科经会执行会长楼韧敏介绍，上海市科经会联 合高校院所、科技园区、专业机构等多方力量组成科技服务联合体，共同推出"六位一体"科技服务清 单。该服务清单从资源、转化、智力、人才、数智、全球化六大维度构建全链条、多维度的服务体系。 此外，"科创中国·上海行动"金融伙伴计划第二批成员单位在会上获颁证，涵盖中国工商银行股份有限 公司上海市分行、中国银行股份有限公司上海市分行、上海天使会、国资基金50人论坛等32家单位。该 计划由上海市科协联合上海市科经会发起，旨在汇聚证券交易所、学会协会、商业银行、投资机构、财 税金融智库等各方力量，为科技创新创业提供多元融资支持，打造科创金融品牌活动，自2024年启动以 来，已吸引众多金融机构、企业及行业组织加入。 为表彰在产学研协同创新中表现卓越的案例，论坛还颁发了"长三角科经融合奖"。"经纬六度·智链未 来"科经云平台也正式发布，将进一步推动科技经济融合向更深层次、 ...

Core Viewpoint - The establishment of the "Yangtze Innovation Financial Port" marks a significant milestone in enhancing cooperation between Yangtze Industrial Group and nine major banks, focusing on building a financial service ecosystem for technological innovation in Hubei province [1][2]. Group 1: Key Developments - The Yangtze Innovation Financial Port aims to address the financing challenges faced by tech enterprises and accelerate the integration of technological and industrial innovation [1]. - Since its opening, the port has attracted over 20 leading institutions, achieving an occupancy rate exceeding 90% [1]. - More than 80 angel and venture funds have been established, with a management scale surpassing 170 billion yuan [1]. - The port has facilitated the incubation of 4 new listed companies, bringing the total to 54 [1]. - The establishment of the Yangtze AIC Fund Group has introduced a new collaborative model between national and local platforms [1]. Group 2: Future Plans - Future initiatives include the development of multifunctional platforms such as the "Yangtze Roadshow Hall," "Yangtze Innovation Investment Academy," "Hubei Capital Market Salon," and "Hubei Listed Companies Industry-Finance Club" [2]. - The goal is to enhance the national influence of the Yangtze Innovation Financial Port and establish it as a key hub for innovation capital [2].

证券研究报告 | 2025年06月29日 基金周报 年内多家公司对旗下 ETF 更名，科创板 ETF 纳入基金投顾配置范围 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数全线上涨，创业板指、中证 1000、中证 500 指数收益靠前，收益分别为 5.69%、4.62%、3.98%， 上证综指、沪深 300、中小板指指数收益靠后，收益分别为 1.91%、 1.95%、2.55%。 从成交额来看，上周主要宽基指数成交额均有所上升。行业方面，上周 综合金融、计算机、综合收益靠前，收益分别为 14.48%、8.09%、7.55%， 石油石化、食品饮料、交通运输收益靠后，收益分别为-1.45%、0.02%、 0.25%。 截至上周五，央行逆回购净投放资金 10672 亿元，逆回购到期 9603 亿 元，净公开市场投放 20275 亿元。除 1 年期和 3 年期外，不同期限的国 债利率均有所上行，利差扩大 1.66BP。 上周共上报 28 只基金，较上上周申报数量有所减少。申报的产品包括 3 只FOF，2 只REITs，天弘国证港股通消费主题ETF、嘉实上证科创板人 工智能ETF、华宝港股通恒生消费ETF ...