Group 1 - The core viewpoint is that the formal establishment of the Sci-Tech Innovation Growth Sector provides strong capital market institutional support for the national strategy of technological self-reliance and strength [1] - The report emphasizes that the policy goals of "stabilizing growth, stabilizing the stock market," and "boosting the capital market" will continue to guide the future direction of the sector [1] - Factors such as a moderately loose liquidity environment, continuous optimization of the capital market environment, and the restoration of investor confidence are expected to drive the improvement in the securities sector's prosperity [1] Group 2 - The expansion of medium- and long-term funds is anticipated to further enhance the expectations for the improvement of the securities industry's fundamentals [1] - The report suggests that it is an appropriate time to allocate resources to the sector [1]

Group 1 - The A-share market showed mixed results today, with the Sci-Tech 50 Index ETF (588870) slightly up and leading in turnover rate over 9%, indicating active capital allocation [1][3] - The Sci-Tech 50 Index ETF (588870) has seen a net inflow of funds for five consecutive days, with a year-to-date share growth rate exceeding 26%, maintaining a leading position among its peers [1][3] - The Shanghai Stock Exchange has requested member brokers to prepare for investor suitability management and technical preparations for the Sci-Tech Growth Layer [3][7] Group 2 - The performance of the underlying stocks in the Sci-Tech 50 Index ETF (588870) was mixed, with notable gainers including Cambrian (up over 5%) and slight increases in Haiguang Information and Lanke Technology, while Stetway fell over 5% [3][4] - The report from Zhongyin Securities indicates that the technology growth sector remains a long-term market focus, driven by policy support and performance verification, with significant structural opportunities expected in the upcoming weeks [5][8] - The introduction of the "pre-review" mechanism by the Shanghai Stock Exchange aims to enhance support for hard-tech companies, allowing them to apply for pre-review before IPOs, which is expected to accelerate the IPO process for these firms [8][9]

Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" aims to enhance the inclusiveness of the market while ensuring investor protection, providing a dedicated platform for unprofitable technology companies to grow [3][4][5] Group 1: Regulatory Framework - The Shanghai Stock Exchange has released multiple business guidelines to implement the "Science and Technology Innovation Growth Layer" [3] - The guidelines focus on "high-quality unprofitable technology companies" without additional listing thresholds, allowing existing unprofitable companies to be directly included [3][4] - The entry and exit mechanisms are designed to maintain market stability while encouraging new companies to accelerate technology transformation [4] Group 2: Risk Management - A dual defense system of "information disclosure + investor protection" has been established to mitigate risks associated with unprofitable companies [4] - Companies are required to disclose risks related to unprofitability and technology development in their annual reports and interim announcements [4] - The investor suitability management continues to require a minimum asset threshold of 500,000 yuan and two years of experience, with additional requirements for new unprofitable companies [4] Group 3: Market Impact - The introduction of special identifiers for stocks in the growth layer enhances market transparency, helping investors distinguish between existing and newly registered stocks [5] - The growth layer is expected to attract more technology companies, expanding the coverage of the Science and Technology Innovation Board [6] - The reform is seen as an exploration of the board's role as a "testing ground," enhancing the recognition and growth potential of companies through professional institutional investors [6] Group 4: Implementation Strategy - The Shanghai Stock Exchange aims to effectively implement the new rules and enhance coordination among market elements [7] - Continuous promotion and interpretation of the new guidelines will help market participants better understand and apply the rules [7] - Efforts will be made to improve frontline regulatory effectiveness and protect investors, ensuring a stable market environment for the reforms [7]

智通财经7月15日电，从业内获悉，上海证券交易所近日要求会员券商做好科创成长层投资者适当性管 理和技术准备工作。与此同时，上交所已向各市场参与人发布科创成长层相关市场接口及技术指南（正 式稿）。券商应当根据上交所相关业务规则要求，制定完善科创成长层投资者适当性管理的相关工作制 度，落实落细客户管理职责。券商应抓紧完成科创成长层风险揭示书签署和风险提示等技术系统就绪工 作，并于系统上线完成后向上交所反馈就绪情况。 上交所要求券商落实科创成长层投资者适当性管理及技术准备 并反馈就绪情况 ...

Group 1 - The A-share market showed a majority decline, with the Sci-Tech 50 Index ETF (588870) experiencing a pullback of 0.29% and a turnover rate exceeding 10%, indicating strong market interest and active capital allocation [1] - The Sci-Tech 50 Index ETF (588870) has seen a continuous net inflow of funds for four consecutive days, with a year-to-date share growth rate exceeding 25%, leading its peers in the same category [1] - The constituent stocks of the Sci-Tech 50 Index ETF exhibited mixed performance, with notable gains in Kingsoft Office (up over 3%) and Lanke Technology (up over 2%), while Cambricon fell over 2% [3][4] Group 2 - The report from Guolian Minsheng Securities highlights a dual narrative in technology, focusing on the expansion of AI and the trend of mergers and acquisitions (M&A) [5] - The AI upstream sector is expected to continue its spending, with stable revenue growth in the AI industry chain, while the profit margin improvements remain limited [5] - The AI downstream sector is seeing advancements in AI agents and AI glasses, with significant market potential anticipated to be released gradually [6][7] Group 3 - The establishment of a Sci-Tech Growth Layer on the Sci-Tech Board and the reactivation of the fifth listing standard for unprofitable companies were announced, aimed at supporting innovative tech firms [8] - The new listing standard will expand its applicability to more sectors, including AI, commercial aerospace, and low-altitude economy, facilitating the listing of more technology-driven companies [9] - The management fee for the Sci-Tech 50 Index ETF (588870) is notably low at 0.15%, with a custody fee of 0.05%, making it one of the most cost-effective options in the market [10]

Group 1 - The establishment of the Sci-Tech Growth Layer aims to enhance the inclusiveness and adaptability of the regulatory framework for the Sci-Tech Innovation Board, providing a transitional platform for unprofitable tech companies to gain public recognition and access capital markets [1][2] - The new guidelines include 12 specific measures to clarify the positioning, scope, delisting conditions, information disclosure requirements, and risk disclosure for the Sci-Tech Growth Layer [1][2] - Since the launch of the Sci-Tech Innovation Board, 54 unprofitable companies have successfully listed, raising a total of 202.73 billion yuan, with 22 of these companies achieving profitability post-listing [2] Group 2 - The establishment of the Sci-Tech Growth Layer is seen as a key measure to support hard-tech companies in overcoming development cycles, allowing more unprofitable but high-potential tech firms to access capital market support [3][4] - The new layer is designed to attract diverse capital participation, enhancing the investment ecosystem and providing a solid foundation for long-term market development [4][5] - The differentiated institutional design of the Growth Layer aims to meet the funding needs of various risk profiles, thereby protecting the rights of small investors while boosting market confidence [4][6]

Core Insights - The report discusses the implementation of the "1+6" reform package for the Sci-Tech Innovation Board, aimed at enhancing the inclusiveness and adaptability of the capital market for technology innovation and new productive forces [4] - The introduction of the Sci-Tech Growth Layer allows for the inclusion of unprofitable companies without additional listing thresholds, with 32 existing unprofitable companies now classified under this layer [4][5] - The pre-review mechanism is designed to improve the quality and efficiency of IPO reviews, allowing companies to apply for pre-review under specific circumstances [4] - The criteria for recognizing senior professional institutional investors have been established, which will not constitute a listing condition but will serve as a reference for companies applying under the fifth listing standard [4][7] Summary by Sections Sci-Tech Growth Layer - The reform clarifies the calculation criteria for exit standards and introduces new identification indicators for the growth layer [4] - Existing unprofitable companies will be labeled as "成 1" and new unprofitable companies will be labeled as "成" upon listing [4] - The exit conditions for existing companies remain unchanged, while new companies must meet the first set of listing standards to exit [4] Pre-Review Mechanism - The pre-review is not mandatory for all companies but is available for those that can justify the need due to potential adverse impacts from early disclosure [4] - Companies must prepare documents according to IPO standards for the pre-review process, which aims to enhance the quality of IPO applications [4] Senior Professional Institutional Investors - The criteria for these investors include having a sound governance structure, significant asset management scale, and a good track record [7] - Investors must have invested in at least five Sci-Tech companies listed on the Sci-Tech Innovation Board or ten on major exchanges in the last five years [7] - The recognition of these investors will help identify companies with growth potential and attract more financial capital [4][7] Market Expectations - The report anticipates a slight acceleration in the pace of new stock issuances in the second half of 2025, with expectations of 41-81 new listings raising between 443-787 billion yuan [4] - The expected first-day price increase for new stocks is projected to be between 140%-180% [4]

IPO Review and Registration Progress - Two companies, Chao Ying Electronics and Bei Kuang Testing, successfully passed their IPO reviews last week [2][3] - Chao Ying Electronics focuses on the research, production, and sales of printed circuit boards, primarily for automotive electronics, with over 80% of its revenue coming from overseas sales. The company aims to raise 660 million yuan through its IPO [2] - Bei Kuang Testing is a leading domestic service provider in the inspection and testing of non-ferrous metal resources, projecting revenues of 148 million yuan and a net profit of 55 million yuan for 2024 [3] - One company, Bei Xin Life, is scheduled for an IPO review this week, specializing in innovative medical devices for cardiovascular diseases [4] - United Power's IPO registration was approved, with projected revenues of 16.178 billion yuan and a net profit of 936 million yuan for 2024 [5] - Two companies, Jing Yang Machinery and Wan Tai Co., voluntarily terminated their IPO applications [6] New Stock Subscription and Listing Dynamics - Two new stocks, Yi Tang Co. and Tong Yu New Materials, were listed last week, with Yi Tang Co. seeing a first-day increase of 174.56% [7][8] - Yi Tang Co. specializes in wafer processing equipment for integrated circuit manufacturing, projecting revenues of 4.633 billion yuan for 2024 [7] - Tong Yu New Materials, which focuses on electronic resin production, had a first-day increase of 128.05% [7] - This week, two new stocks, Shan Da Electric and Ji Yuan Group, are scheduled for subscription, with Shan Da Electric's offering price set at 14.66 yuan per share [9][10] - Ji Yuan Group, specializing in dietary supplement products, plans to issue shares at 10.88 yuan each [10][11] Policy and Regulatory Developments - The Shanghai Stock Exchange has implemented new business rules for the Sci-Tech Innovation Board, enhancing the inclusivity and adaptability of the market [12] - The establishment of the "Sci-Tech Growth Layer" aims to better serve technology innovation enterprises and meet diverse investor needs [12]

Market Overview - The three major indices in the Shanghai and Shenzhen markets showed mixed performance, with total trading volume dropping below 1.5 trillion yuan [1] - The U.S. has postponed the implementation of reciprocal tariffs from July 9 to August 1, targeting major Asian export economies like Japan and South Korea [1] - The market's reaction to tariff news has weakened, indicating a need for caution regarding unexpected changes that could increase market volatility [1] Policy and Regulatory Updates - The Shanghai Stock Exchange has released new self-regulatory guidelines for the Sci-Tech Innovation Board, enhancing the inclusivity of unprofitable tech companies and shortening the financing path for quality enterprises [2] - The new rules maintain the asset and experience thresholds for individual investors while requiring them to sign risk disclosure agreements for trading newly registered companies [2] - The Ministry of Finance has issued a notice to guide insurance funds towards long-term stable investments, establishing a three-year performance evaluation mechanism starting in 2025 [2][3] Trade Performance - In the first half of the year, China's total goods trade reached 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [3] - All trade metrics showed positive year-on-year growth in June, indicating resilience in China's foreign trade despite a complex international environment [3] Market Recap - On July 14, the A-share market saw mixed results, with the Shanghai Composite Index rising by 0.27% to 3519.65 points, while the Shenzhen Component Index fell by 0.11% to 10684.52 points [4] - The market capitalization of various sectors varied, with machinery, utilities, and comprehensive sectors leading gains, while real estate, media, and non-bank financials faced declines [4] Capital Flow - The market turnover was recorded at 14.81 billion yuan, showing a decrease from the previous trading day [5] - The margin trading balance increased to 1.88 trillion yuan, indicating a rise in leveraged trading activity [5]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - A-shares have a high investment cost - performance ratio in the medium - to - long term. CSI 500 and CSI 1000 are more supported by science and technology innovation policies and may bring higher returns due to their high growth. SSE 50 and CSI 300 have more defensive value in the current macro - environment. Entering July, overseas uncertainties increase, and tariff negotiations may become a short - term focus in the capital market [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - For IF contracts, the previous two - day closing prices for IF current month, next month, next quarter, and far - quarter were 3997.20, 3979.20, 3972.00, and 3941.60 respectively, and the previous day's closing prices were 4014.60, 4000.00, 3993.40, and 3965.60 respectively, with increases of 7.80, 10.20, 11.60, and 17.20. The trading volumes were 53455.00, 8979.00, 84781.00, and 16296.00 respectively, and the open interests were 62423.00, 13332.00, 158393.00, and 48480.00 respectively, with changes of 2133.00, 4184.00, 14069.00, and 4222.00 [1] - Similar data are provided for IH, IC, and IM contracts. For example, for IC contracts, the previous two - day closing prices for current month, next month, next quarter, and far - quarter were 5958.80, 5904.40, 5854.20, and 5731.20 respectively, and the previous day's closing prices were 6023.00, 5973.40, 5920.40, and 5794.00 respectively, with increases of 55.00, 62.20, 60.60, and 57.80 [1] - The spread between IF next month and IF current month was - 14.60 (previous value - 18.00), and similar spread data are provided for IH, IC, and IM [1] 2. Stock Index Spot Market - For the CSI 300 index, the previous value of the index points was 4014.81, the trading volume was 262.05 billion lots, and the total trading amount was 4437.81 billion yuan, with a growth rate of 0.12. Similar data are provided for SSE 50, CSI 500, and CSI 1000 [1] - Different industries in the CSI 300 index had different growth rates. For example, the energy industry had a growth rate of - 1.32%, and the raw materials industry had a growth rate of 0.87% [1] 3. Futures - Spot Basis - The basis between IF current month and CSI 300 was - 0.21 (previous two - day value - 12.82), and similar basis data are provided for other contracts and corresponding spot indices [1] 4. Other Domestic Main Indexes and Overseas Indexes - For domestic main indexes, the Shanghai Composite Index had a previous value of 3510.18, with a growth rate of 0.01%. The Shenzhen Component Index had a previous value of 10696.10, with a growth rate of 0.61% [1] - For overseas indexes, the Hang Seng Index had a previous value of 24139.57, with a growth rate of 0.46%. The Nikkei 225 had a previous value of 39569.68, with a growth rate of - 0.19% [1] 5. Macro Information - The Shanghai Stock Exchange issued the "Self - Regulatory Guidelines for Science and Technology Innovation Board Listed Companies No. 5 - Science and Technology Innovation Growth Layer", with no additional listing thresholds for unprofitable enterprises and no new investment thresholds for individual investors [2] - The Shanghai Stock Exchange issued the "Guidelines for the Application of Issuance and Listing Review Rules No. 7 - Pre - review", allowing eligible enterprises to apply for pre - review of their application documents before formally applying for IPO on the Science and Technology Innovation Board [2] 6. Industry Information - The rent of Beijing's representative financial street in the office market fell below 400 yuan/square meter/month in the second quarter, and new industries are expected to boost demand [2] - The price of polysilicon rose by more than 16% last week, and the market expects accelerated supply - side reform in resource industries [2] - Multiple regions issued risk warnings against stable - coin concepts [2]