Primary Market - A total of 28 offshore bonds were issued this week, including 4 offshore RMB bonds, 17 USD bonds, 3 HKD bonds, and 4 EUR bonds, with issuance scales of 30 billion RMB, 5.525 billion USD, 839.9 billion HKD, and 825 million EUR respectively [2] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by Wuhan Optics Valley Financial Holdings Group Co., Ltd., while the highest coupon rate was 5.5% issued by Taizhou Chemical New Materials Industry Development Group Co., Ltd. [2] - In the USD bond market, the largest single issuance was 2 billion USD by the International Finance Corporation, with the highest coupon rate of 6.8% issued by Binzhou Smart City Operation Co., Ltd. [2] Secondary Market - The yield of Chinese offshore USD bonds decreased across the board this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.47% to 244.11 [3] - The investment-grade USD bond index increased by 0.17% to 142.21, while the high-yield USD bond index rose by 0.44% to 238.27 [3] - The real estate USD bond index increased by 0.64% to 181, and the city investment USD bond index rose by 0.18% to 149.41 [3] Price Changes - The largest weekly price increase in Chinese offshore bonds was for the CAPG 0% 9/30/28 bond issued by China Aoyuan Group Co., Ltd., which rose by 188.89% to 6.50 [4] - The largest weekly price decrease was for the GRNLHK PERP bond issued by Greenland Holdings Group Co., Ltd., which fell by 39.74% to 7.05 [6] Benchmark Spread - As of June 27, the spread between the 10-year benchmark government bonds of China and the US widened to 260.11 basis points, a decrease of 13.94 basis points from the previous week [7] Credit Rating Changes - Fitch announced plans to withdraw the "A-" long-term issuer rating for Guangzhou Urban Investment Group around July 18 for commercial reasons [10] - China Chengxin International downgraded the credit rating of Mengzi New Urbanization Development Investment Co., Ltd. from AA to AA- on June 26 [10] Domestic News - In May, the Ministry of Finance reported that 443.2 billion RMB of new special bonds were issued nationwide, with a total of 779.5 billion RMB in local government bonds issued [12] - The Macau Stock Exchange announced the launch of Macau Science and Technology Innovation Bonds to support the financing needs of enterprises in the technology innovation sector [13] Overseas News - The probability of the Federal Reserve maintaining interest rates in July is 79.3%, with a 20.7% chance of a 25 basis point cut [15] - Zhongjun Group announced significant progress in its offshore debt restructuring plan, proposing to restructure 2.271 billion USD of debt [15] - Sunac China reported that approximately 75% of its existing debt holders have joined the offshore debt restructuring support agreement [16]

Group 1 - Shanghai is focusing on building an international technology innovation center, emphasizing the enhancement of its technology innovation capabilities through policy empowerment, mechanism breakthroughs, future layout, and ecological collaboration [1][3] - The core of Shanghai's new technology innovation paradigm is the deep integration of "policy precision, ecological openness, and scenario inclusiveness" [1] - A stable support mechanism for high-risk basic research is being established, with a mandate that at least one-third of fiscal science and technology funds be allocated to basic research starting in 2024 [2] Group 2 - Shanghai is promoting collaborative innovation networks, enhancing cooperation between universities and regions to facilitate "zero-distance" transformation [2] - Financial support for technology innovation is being strengthened, with initiatives like the "first investment, then equity" pilot program, which has supported 20 hard technology projects and mobilized 150 million yuan in social funds [2] - Institutional reforms are being implemented to establish a technology innovation guarantee system, including expanding the application of "ranking and appointing" and trialing "competition selection" mechanisms [2][3] Group 3 - The future layout requires dynamic management mechanisms and improved global resource adaptation capabilities to foster emerging industries [3] - The development of comprehensive technology innovation ecological carriers, such as the "Big Zero Bay" technology innovation source function area, will further enhance Shanghai's role as a global technology innovation hub [3]

每经记者｜余蕊均 每经编辑｜杨欢 在证监会宣布重启第五套上市标准后仅一周，科创板将迎来首家第五套上市标准IPO上会企业。根据上交所安排，将于7月1日（下周二）召开上市委审议会 议，审核禾元生物IPO申请。招股书显示，禾元生物拟采用科创板第五套标准上市。 禾元生物科创板IPO于2022年12月29日获得受理；2023年1月19日，公司收到首轮问询函；历经两轮问询后，禾元生物将于今年7月1日上会。此次IPO，禾元 生物拟募资24亿元，用于重组人白蛋白产业化基地建设、投向新药研发项目、补充流动资金。 招股书显示，禾元生物成立于2006年，是一家主要从事创新药研发的生物医药企业，目前公司收入主要来自药用辅料、科研试剂等非核心产品，核心创新药 产品正在研发，尚未实现盈利。 解读：作为中国资本市场改革"试验田"，科创板本月迎来开板六周年。证监会主席吴清日前在2025陆家嘴论坛上表示，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。 其中，"1"即在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市。根据定位，科创成长层将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 ...

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai National New Sci-Tech Board State-Owned Enterprises Index down 0.05% at 999.69 points, with a trading volume of 17.032 billion yuan [1] - The Shanghai National New Sci-Tech Board State-Owned Enterprises Index has increased by 3.65% in the past month, 0.32% in the past three months, and 2.81% year-to-date [1] - This index reflects the overall performance of state-owned enterprises listed on the Sci-Tech Board, selected from companies with state capital participation and no actual controller, with a base date of December 30, 2022, set at 1000.0 points [1] Group 2 - The top ten weighted stocks in the index include Huahai Qingke (5.82%), Huaron Micro (5.23%), SMIC (5.06%), Haiguang Information (5.02%), and others, with the Shanghai Stock Exchange accounting for 100% of the index's holdings [1] - In terms of industry composition, the index's sample shows that Information Technology accounts for 54.77%, Industry for 28.86%, Materials for 8.94%, Communication Services for 5.21%, and Healthcare for 2.24% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and weights are fixed until the next adjustment unless special circumstances arise [2]

点击注册小程序 查看完整报告 / / 文中报告节选自光大证券研究所已公开发布研究报告，具体报告内容及相关风险 提示等详见完整版报告。 总量研究 被动型资金和个人资金仍是资金面的主要变量——资金面系列报告之四 公募基金是弹性最大的机构资金,增量主要来源于被动型基金。后续公募资金面 变化可能仍以机构加仓宽基指数ETF为主，沪深3 0 0、上证5 0以及科创5 0等指 数 或 受 资 金 驱 动 上 涨 概 率 较 大 。 个 人 资 金 仍 是 主 题 行 情 中 市 场 重 要 的 资 金 来 源，市场上行预期达成一致后个人资金有望成为市场的持续性较强的增量。短 期其他机构资金的增减仓规模可能仍然偏小，难以对市场产生显著影响。 摘 自 ： 被动型资金和个人资金仍是资金面的主要变量——资金面系列报告之四 （点击阅读原文） 发布日期： 2 0 2 5 / 0 6 / 2 1 分析师：张宇生 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置 ...

Group 1 - The Ministry of Finance reported a reduction of over 7,000 financing platforms since the beginning of 2024, as part of efforts to optimize local government debt management and reform financing platforms [1] - The report includes measures such as implementing a "negative list" management for bond issuance, exploring a debt repayment reserve fund system, and enhancing the lifecycle management of borrowing and repayment [1] - The government has taken strict actions against the addition of hidden debts and false debt replacement issues, publicly exposing eight typical cases of accountability [1] Group 2 - The Shanghai Stock Exchange issued written warnings to three city investment companies for violations related to financial report data and fundraising purposes [3] - The companies involved include Taizhou Urban Construction Investment Group, Suzhou Science and Technology City Development Group, and Chongqing Mairui Urban Construction Investment Co., which made corrections to their financial statements due to accounting errors and improper use of raised funds [3] Group 3 - The first consumer infrastructure REIT, CICC China Green Development Commercial REIT, was listed on the Shenzhen Stock Exchange with an initial price of 3.16 yuan per share, opening at 4.108 yuan, marking a 30% increase on its first day [4][5] - The underlying asset of this REIT is the Jinan Lingxiu City Guihe Shopping Center, a multifunctional lifestyle plaza located in the core area of Jinan, Shandong Province [4] Group 4 - The People's Bank of China emphasized the need for an appropriately loose monetary policy and to strengthen counter-cyclical adjustments, suggesting an increase in the intensity of monetary policy regulation [7] - The central bank aims to maintain ample liquidity and guide financial institutions to increase credit supply, aligning social financing scale and money supply growth with economic growth and price level expectations [7] Group 5 - The Shenzhen Stock Exchange will officially launch the non-directional expansion business function for REITs on June 30, allowing fund managers to handle various expansion-related tasks [8] - The Shanghai Stock Exchange clarified three methods for REITs expansion, including sales to specific objects, allocation to existing REIT holders, and fundraising from unspecified objects [9] Group 6 - The China Interbank Market Dealers Association revised the guidelines for credit risk mitigation certificates, simplifying the registration process and optimizing the creation process [11] - The revisions aim to enhance the participation of more financial institutions and credit enhancement agencies in the creation of these certificates [11] Group 7 - The MOX Macau Stock Exchange is exploring the launch of a "Science and Technology Innovation Board" for Macau bonds and has established the Macau Science and Technology Innovation Bond Certification Committee [12] Group 8 - Xinyang Huaxin Investment Group announced a reduction in the coupon rate of its bond from 3.87% to 1%, with a total issuance of 500 million yuan [13] - Xuchang City Investment Development Group completed the issuance of 300 million yuan in corporate bonds with a coupon rate of 2.75% [14] - Nanyang Industrial Investment Group's plan to issue 2.2 billion yuan in corporate bonds has been accepted by the Shanghai Stock Exchange [14] Group 9 - Huatai Haitong Securities plans to issue 30 billion yuan in subordinated bonds, with the issuance amount being accepted by the Shanghai Stock Exchange [15] - In May, local government bond issuance reached 779.5 billion yuan, with an average interest rate of 1.87% [16]

Core Viewpoint - Aydian Technology has officially initiated its IPO process on the Sci-Tech Innovation Board, with Huatai United Securities as the sponsor, marking its entry into the A-share market [1]. Company Overview - Full Company Name: Jiangsu Aydian Technology Co., Ltd. [2] - Company Abbreviation: Aydian Technology [2] - Review Status: Accepted [2] - Sponsor Institution: Huatai United Securities Co., Ltd. [2] - Accounting Firm: Zhonghui Certified Public Accountants (Special General Partnership) [2] - Law Firm: Guohao Law Firm (Nanjing) [2] - Evaluation Institution: Tianyuan Asset Appraisal Co., Ltd. [2] - Aydian Technology is a leading supplier of wet cleaning equipment in China, primarily engaged in the R&D, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [2]. Financial Performance - Projected revenues for 2022, 2023, and 2024 are 121 million, 442 million, and 580 million yuan respectively [2]. - The company reported a net loss in 2022 but is expected to turn a profit starting in 2023 [2]. - Total assets for 2024 are projected at 906.44 million yuan, with equity attributable to shareholders at 516.70 million yuan [3]. - The company's debt-to-asset ratio is expected to decrease from 53.3% in 2023 to 43.0% in 2024 [3]. - Net profit for 2024 is projected at 85.12 million yuan, a significant increase from 10.36 million yuan in 2023 [3]. - Basic and diluted earnings per share are expected to rise to 1.01 yuan in 2024 from 0.1 yuan in 2023 [3]. - The company's R&D expenditure as a percentage of revenue is projected to decrease from 10.0% in 2023 to 7.64% in 2024 [3]. R&D and Operational Insights - Aydian Technology's R&D expenses were 57.37 million, 44.29 million, and 44.33 million yuan for 2022, 2023, and 2024 respectively, with a notable decrease in the proportion of direct investment in R&D [5][6]. - Employee compensation accounted for 67.96% of R&D expenses in 2024, indicating a shift towards higher personnel costs [7]. - The company has faced challenges with high customer concentration, with the top five customers accounting for 74.80% to 76.59% of revenue during the reporting periods [4]. - Accounts receivable have increased significantly, with balances of 38.45 million, 125 million, and 164 million yuan at the end of each reporting period [4]. Industry Context - Aydian Technology's operational performance is closely tied to the capital expenditures of its downstream customers in the semiconductor and photovoltaic sectors [4]. - The company has experienced fluctuations in its expense ratios compared to industry peers, with a trend towards alignment with average industry levels as business scales up [8][9].

【宏观】 中央财政发力：扩内需，保民生 壹｜本周深度报告汇总 5 月央、地层面支出增速分化，前者升，后者落。这体现了中央财政在扩大内需、保障民生方面积极发 力。下半年宏观政策延续积极方向，有望边际加码。 风险提示： 房地产需求有待提振，海外需求仍面临不确定性 。 【策略】 声暂歇处，趋势未央 本周股指调整看似源于外部冲击，实则是结构性交易拥挤下的正常风险释放，后续中国的确定性仍是股市 稳定和阶梯上升的重要基础，看好金融、成长与部分周期。 风险提示： 海外经济衰退超预期，全球地缘政治的不确定性 。 06 、 【批零社服】 免税行业：节奏修复中的配置价值 07、 【有色】 降本大趋势，供给分化新平衡 ③随着 AH 流动性差距缩小，叠加中概股及 A 股优质资产注入，港股新兴产业占比望提升， AH 溢价中 枢将趋势性下行。 风险提示： A 股企业赴港上市不及预期。南向流入港股规模不及预期 。 【海外策略】 港股涨跌更看谁的"脸色" ① 历史上港股与美股走势更相关，但 2020 年以来背离增多，而港股与 A 股联动明显增强。②原因 1 ：过去港股外资占比高且港币与美元挂钩，流动性多受海外影响，当前外资占比下降、南向流入 ...

今年以来已发行的科创板公司 证券时报·数据宝统计显示，以发行日期为基准统计，截至6月27日，今年以来科创板累计有7家公司发 行新股，累计募资金额达79.01亿元，单家公司平均募集资金11.29亿元。分区间来看，募资金额超10亿 元的有3家，募资金额5亿元至10亿元的有3家，募资金额在5亿元以下的有1家。 | 代码 | 简称 | 发行日期 | 发行价（元） | 发行市盈率（倍） | 募集资金（亿元） | | --- | --- | --- | --- | --- | --- | | 688729 | 屹唐股份 | 2025.06.27 | 8.45 | 51.55 | 24.97 | | 688775 | 影石创新 | 2025.05.30 | 47.27 | 20.04 | 19.38 | | 688545 | 兴福电子 | 2025.01.13 | 11.68 | 40.46 | 11.68 | | 688411 | 海博思创 | 2025.01.16 | 19.38 | 6.14 | 8.61 | | 688583 | 思看科技 | 2025.01.06 | 33.46 | 23.00 | 5.69 | ...

图看懂《上海证券交易所 科创板上市公司自律监管指引第5号 科创成长层(征求意见稿)》 科创成长层是科创板的组成部分,发行上市等基础 制度保持不变,存量未盈利企业摘"U"条件保持不 变。投资者投资科创板成长层的资金门槛保持不变,投 资新注册的科创成长层企业需要签署专项风险揭示书, 但投资存量未盈利企业则不受影响。 主要制度安排 ● 纳入餐件 Part 1 1 新注册的上市时未盈利的科创板 公司,自上市之日起纳入科创成长层。 6 存量的上市后尚未首次实现盈利 的科创板公司,自指引发布实施之日起 纳入科创成长层。 调 H 条件 科创成长晨建立了层次调整机制,并实行"新 老划断"安排。 为落实《中国证监会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》,更大力度支持科技企业 高水平发展,6月18日起,上海证券交易所就配套规则向 市场公开征求意见。为帮助广大投资者更好地理解相关规 则的制定情况,我们将推出系列图文对规则进行介绍。本 期,我们为大家划重点的规则是《上海证券交易所科创板 上市公司自律监管指引第5号 -- 科创成长层(征求意见 稿】》,欢迎阅读并提出您的宝贵意见! C 上海 登 系 交 易 所 | 上 ...