Market Overview - The A-share market shows signs of recovery, with the Shanghai Composite Index rising by 1.92%, the Shenzhen Component Index by 2.29%, and the ChiNext Index by 3.27% as of May 9 [2] Fund Performance - Certain industry sector indices remain in a correction phase, with the top ten passive index funds by weekly decline primarily consisting of Hong Kong Stock Connect innovative drug and Sci-Tech Innovation Board chip index funds [2][3] - The top fund with the largest weekly decline is the Fortune Hang Seng Hong Kong Stock Connect Healthcare ETF, which fell by 2.67% [3] Specific Fund Insights - The Fortune Hang Seng Hong Kong Stock Connect Healthcare ETF reported a first-quarter net asset value growth rate of 25.03% for Class A and 24.97% for Class C, significantly underperforming the benchmark return of 29.46% [4] - For the second quarter, the fund will focus on the commercialization progress of innovative drug companies and the impact of policy details on valuations, particularly in cutting-edge areas such as AI drug development platforms and cell therapy [4]

科创50指数今日下跌0.15%，报收1009.68点，科创板全日成交量27.84亿股，成交额921.76亿元，加权平 均换手率为1.66%。 证券时报·数据宝统计显示，今日可交易科创板股中，197只股收盘上涨，涨幅超过10%的有1只，涨幅 在5%至10%的有16只，收盘下跌的有381只。 科创板股换手率区间分布显示，换手率超过20%的有3只，换手率10%~20%的有8只，换手率5%~10%的 49只，换手率3%~5%的81只，换手率1%~3%的293只，换手率不足1%的有152只。 5月13日科创板换手率居前个股 | 代码 | 简称 | 最新收盘价 | 日涨跌幅（%） | 日换手率（%） | 资金净流入（万元） | | --- | --- | --- | --- | --- | --- | | 688552 | 航天南湖 | 40.08 | -2.08 | 51.48 | -17385.08 | | 688448 | 磁谷科技 | 38.18 | 6.89 | 22.39 | 4013.09 | | 688573 | 信宇人 | 20.92 | 5.13 | 21.95 | 1183.31 | | 68864 ...

文/ 志霖律师事务所曾迪、李懿璇、赵阳 近年来，随着科创板定位的进一步明确和监管政策的持续完善，知识产权已成为企业IPO审核的核心关注点 之一。2024年6月，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》，该 规定对拟申请科创板上市企业的"硬科技"定位和科技创新能力提出了更为明确的要求。 在此背景下，冲刺科创板IPO的企业不仅将面临关于知识产权的"内忧"（例如知识产权权属的稳定性及确定 性、技术来源、使用权限、知识产权管理制度等），还需应对来自外部竞争的"外患"（例如知识产权被第 三方申请无效宣告、涉及诉讼风险等）。如何应对知识产权风险、突出企业研发实力并构建完善的研发管 理布局，使得企业既满足证券监管部门的合规要求，又具有持续创新的能力，成为企业科创板IPO成功的关 键因素之一。本文将从规定解读、审核关注重点问题和实务建议三个维度探讨企业在科创板IPO过程中如何 化解知识产权的"内忧外患"，从而助力企业顺利跨越上市门槛，实现高质量发展。 一、 关于科创板IPO知识产权的相关规定 根据我们对相关规定的整理，科创板IPO知识产权的相关规定包括（相关规定的详细内容具体可见附件）： 根据 ...

Core Points - The total trading volume of the Shanghai Stock Exchange Science and Technology Innovation Board 100 Index ETF reached 1.287 billion yuan today, an increase of 367 million yuan from the previous trading day, representing a growth rate of 39.96% [1] Trading Performance - The trading volume of Bosera Science and Technology 100 ETF (588030) was 418 million yuan, an increase of 203 million yuan from the previous trading day, with a growth rate of 94.76% [1] - The trading volume of Science and Technology 100 (588190) was 255 million yuan, an increase of 109 million yuan from the previous trading day, with a growth rate of 74.07% [1] - The trading volume of Science and Technology 100 ETF Fund (588220) was 285 million yuan, an increase of 52.0241 million yuan from the previous trading day, with a growth rate of 22.29% [1] Market Performance - As of market close, the Shanghai Stock Exchange Science and Technology Innovation Board 100 Index (000698) fell by 0.19%, while the average decline of related ETFs tracking the index was 0.30% [1] - The ETFs with the largest declines included Science and Technology 100 (588190) and Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 100 ETF (588800), which fell by 0.51% and 0.42%, respectively [1]

（文章来源：证券时报网） 证券时报·数据宝统计显示，5月12日，科创板两融余额合计1527.01亿元，较上一交易日增加3174.91万 元。连续5个交易日增加。其中，融资余额合计1521.70亿元，较上一交易日增加2579.54万元；融券余额 合计5.30亿元，较上一交易日增加595.37万元。（数据宝） 近期科创板融资融券交易概况 | 日期 | 两融余额（亿元） | 较上一交易日增减（亿元） | 融资余额（亿元） | 融券余额（亿元） | | --- | --- | --- | --- | --- | | 2025.05.12 | 1527.01 | 0.32 | 1521.70 | 5.30 | | 2025.05.09 | 1526.69 | 10.10 | 1521.44 | 5.24 | | 2025.05.08 | 1516.59 | 8.66 | 1511.13 | 5.46 | | 2025.05.07 | 1507.93 | 6.43 | 1502.52 | 5.42 | | 2025.05.06 | 1501.50 | 16.80 | 1496.19 | 5.31 | | 2025.04. ...

证券时报·数据宝统计显示，科创板股今日上涨的有459只，下跌的有121只，以收盘价为基准测算，科 创板平均股价为30.40元，其中，收盘价超过100元的有37只，股价在50元至100元之间的有109只，股价 在30元至50元的有142只。 以最新收盘价计算，科创板平均股价为30.40元，其中股价超100元的有37只，股价最高的是寒武纪。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价311.76%，溢价幅度居前的有安集科技、 百利天恒、寒武纪等，溢价幅度分别为1012.33%、964.74%、948.92%。 科创板百元股一览 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688256 | 寒武纪 | 675.40 | -3.51 | 1.50 | 电子 | | 688608 | 恒玄科技 | 421.67 | 1.00 | 2.03 | 电子 | | 688617 | 惠泰医疗 | 399.01 | -2.79 | 0.71 | 医药生物 | | 688692 | 达梦数据 ...

证券时报·数据宝统计显示，今日可交易科创板股中，459只股收盘上涨，涨幅超过10%的有10只，其 中，航天南湖、中邮科技等2股涨停，涨幅在5%至10%的有22只，收盘下跌的有121只，跌幅超10%的有 1只。 科创50指数今日上涨0.49%，报收1011.23点，科创板全日成交量29.09亿股，成交额1012.82亿元，加权 平均换手率为1.73%。 分行业看，今日换手率超5%的个股中，所属国防军工行业个股最多，有16只个股上榜；电子、计算机 等紧随其后，分别有11只、8只个股上榜。 资金流向方面，高换手率个股中，有32股今日获主力资金净流入，净流入金额较多的有埃夫特、有方科 技、中无人机，净流入金额分别为8765.26万元、6613.92万元、5683.20万元，净流出金额较多的有仕佳 光子、精进电动、同益中，净流出金额分别为4870.98万元、4433.16万元、3918.70万元。 从杠杆资金动向看，高换手个股中，共40股近期获杠杆资金净买入，统计显示，截至5月9日，近5日融 资余额增加较多的有有方科技、航天南湖、福立旺等，分别增加2.55亿元、1.26亿元、1.23亿元；融资 余额减少金额较多的有德科 ...

Core Viewpoint - Jiangsu Hanbang Technology Co., Ltd. has successfully completed its initial public offering (IPO) and is now listed on the Sci-Tech Innovation Board, with the stock code "688755" [1][2]. Group 1: IPO Details - The IPO price was set at 22.77 yuan per share, with a total issuance of 22 million shares, all of which are new shares [2]. - The initial strategic placement was 4.4 million shares, accounting for 20% of the total issuance, with no need for a downward adjustment to the offline allocation [2][3]. - The final allocation after the strategic placement resulted in 10.56 million shares for offline issuance (60%) and 7.04 million shares for online issuance (40%) [3]. Group 2: Subscription and Allocation - The online subscription saw an effective multiple of approximately 4,442.92 times, prompting the activation of a reallocation mechanism [3]. - The final online issuance had a winning rate of 0.03001029% after the reallocation [3]. - The strategic placement included various investors, such as subsidiaries of CITIC Securities and large insurance companies with long-term investment intentions [4][5]. Group 3: Underwriting and Fees - CITIC Securities acted as the lead underwriter, with a total of 30,971 shares being underwritten, representing about 0.176% of the final issuance [6]. - The underwriting fees are structured to be paid in stages based on the project's progress, with all fees excluding VAT [7].

Core Insights - The financing balance of the STAR Market increased by 1.03 billion yuan compared to the previous trading day, while the margin trading balance decreased by 21.71 million yuan [1][2] - As of May 9, the total margin trading balance of the STAR Market reached 152.67 billion yuan, marking a continuous increase for four consecutive trading days [1] - The stock with the highest financing balance is SMIC, with a latest financing balance of 7.595 billion yuan [1] Financing Balance Summary - The total financing balance is 152.14 billion yuan, with an increase of 1.03 billion yuan from the previous trading day [1] - 296 stocks saw an increase in financing balance, while 286 stocks experienced a decrease [1] - Notable increases in financing balance include Guobo Electronics (50.22%), Aerospace South Lake (49.91%), and Kunheng Shunwei (32.51%) [1][2] Margin Trading Balance Summary - The highest margin trading balance is held by Cambrian, with a latest balance of 21 million yuan [2] - 68 stocks saw an increase in margin trading balance, while 187 stocks experienced a decrease [2] - Significant increases in margin trading balance include Koweil (393.89%), Weigao Orthopedics (386.32%), and Sanyou Medical (72.71%) [2]

本报记者 田鹏 南开大学金融发展研究院院长田利辉对《证券日报》记者表示，第五套上市标准为尚未盈利但拥有核心技术和发展潜力的 科技企业提供了直接融资渠道，这有助于解决这些企业在成长初期面临的资金瓶颈问题，支持其专注于技术研发与产品开发， 从而推动科技成果转化为实际生产力。 从实际情况来看亦是如此。在资本活水的浇灌下，首药控股（北京）股份有限公司于2024年10月23日宣布其自主研发的康 太替尼新药上市申请获得受理，至此，以第五套标准上市的科创板公司均已实现核心产品的上市或上市申请获受理。 随着研发成果转化进程不断提速，相关企业经营质效持续向好，科创板摘"U"阵营加速扩容。据Wind资讯数据统计，2024 年，20家通过第五套上市标准登陆科创板的企业，合计实现营业收入143.39亿元，同比增长45%；尽管整体仍处于亏损状态， 但净利润亏损额收窄至68.33亿元，同比缩减39.16%，展现出显著的业绩改善趋势。其中，北京神州细胞生物技术集团股份公 司（以下简称"神州细胞"）和上海微创电生理医疗科技股份有限公司达成"上市时未盈利企业首次实现盈利"情形，进而成功跻 身第五套标准上市公司摘"U"阵营。 神州细胞公告称，2 ...