● 本报记者 黄一灵 7月13日，上海证券交易所发布《科创板上市公司自律监管指引第5号——科创成长层》《发行上市审核 规则适用指引第7号——预先审阅》等配套业务规则，并自发布之日起施行。此举旨在落实《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》，以进一步深化科创板改革。 根据上述配套业务规则，存量32家未盈利企业将自《科创成长层指引》发布实施之日起进入科创成长 层，新注册的未盈利企业将自上市之日起进入；面向优质科技型企业试点IPO预先审阅机制；针对适用 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，从投资经验、合规运作等多个维度明 确资深专业机构投资者的认定条件。 业内人士表示，证监会此前明确提出了科创板改革"1+6"政策措施，上交所此次推出的配套业务规则是 进一步落实"1+6"政策措施、深化科创板改革的"组合拳"。这些举措直指科创企业的核心痛点，将显著 提升资本市场对科创企业的适配性和支持效能，推动构建更完善、更高效的科创企业全生命周期金融服 务体系。 个人投资者参与投资门槛不变 验"的资金门槛和投资经验即可。投资者投资科创成长层新注册的未盈利科技型企业之前需要签署专门 风险揭示书 ...

Group 1 - The Shanghai Stock Exchange has officially released the "Self-Regulatory Guidelines for Listed Companies on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier," enhancing the inclusiveness and adaptability of the Sci-Tech Innovation Board to better serve technological innovation and new productivity development [1][2] - The new policies are expected to guide capital towards national strategic needs, promoting a virtuous cycle of "technology-industry-finance" and solidifying the foundation for new productivity development [1][2] - The establishment of the Sci-Tech Growth Tier targets high-potential companies that have not yet reached profitability, providing them with a dedicated capital channel to accelerate core technology breakthroughs and industrialization processes [2][5] Group 2 - The reforms are anticipated to significantly enhance the attractiveness of the Sci-Tech Innovation Board for quality companies and long-term capital, providing more precise funding support and resource allocation for technological innovation enterprises [4] - The introduction of the "1+6" policy is seen as a major upgrade to the Sci-Tech Innovation Board's system, improving its inclusiveness for long-cycle, high-investment fields such as artificial intelligence and innovative pharmaceuticals [5] - Recent data indicates that nearly 86% of listed companies on the Sci-Tech Innovation Board have received support from private equity and venture capital, reflecting a shift in investment focus towards hard technology [5]

具体来看，上交所本次共发布了新制定的《科创板上市公司自律监管指引第5号——科创成长层》《发 行上市审核规则适用指引第7号——预先审阅》《发行上市审核规则适用指引第8号——资深专业机构投 资者》等3项业务指引，以及修订的《会员管理业务指南第2号——风险揭示书必备条款》和《证券交易 业务指南第6号——证券特殊标识》等2项业务指南。根据相关指引，对于32家存量的上市至今尚未盈利 的科创板公司，将自指引发布实施之日起进入科创成长层。新注册的上市时未盈利的科创板公司，则将 自上市之日起纳入。 上交所正式发布科创板"1+6"改革配套规则 存量32家未盈利科创板公司进入科创成长层 ◎记者 何昕怡 7月13日，上交所制定并发布《科创板上市公司自律监管指引第5号——科创成长层》等配套业务规则， 自发布之日起实施。 上交所相关负责人表示，上交所将扛起改革实施主体责任，全力推进《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》（简称"科创板意见"）及配套业务规则的落地见效。一是抓好新制定修 订业务规则的实施，强化规则与市场、业务、技术等改革要素的协调配套，尽快推动具有标志性意义的 典型案例落地，扩大政策的示范带动效应。二是 ...

一、证监会突发改革IPO！咱们可以看看港股的行情，尤其是恒生科技指数，明显被IPO给拖累住了。在沪指和美股都接连创新高的情况下，恒指和恒生科 技指数还在那儿晃晃悠悠，特别是恒生科技指数，表现得挺没劲的。 看看周五的成交情况，全天两市总金额达到了1.7万亿元，应该说这是一个非常难得的突破，其实我最担心的是市场突破了3500点，两市的成交金额还不到 1.5万亿元。 这就会是一个非常麻烦的事情，说明了场外的增量资金并不积极，这样就没有向上突破的期望了，所以周五指数从3500点向上拓展空间，而这个时候成交也 跟上了，是最近以来向上突破也比较少见的现象。 四、涨停复盘：沪指冲高回落微涨0.01%，银行板块集体回落 再看看A股，接下来加大IPO力度，给实体经济"输血"，这事儿挺合理的。听说上半年A股的IPO受理数量猛增。2025年1到6月，有177家企业A股IPO获受 理，比去年同期多了453%。受理的多了，接下来要上市的自然也多了。政策也大力扶持那些还没盈利的科技企业上市。 沪指涨0.01%，深成指涨0.61%，创业板指涨0.8%。全市场成交额17366亿元，较上日放量2215亿元。全市场超2900只个股上涨。 大盘强 ...

Core Viewpoint - The public fund industry is undergoing significant reforms, leading to a transformation in fund sales institutions as they adapt to shrinking income from trailing commissions and upcoming sales fee reductions [1][2][3]. Group 1: Impact of Fee Reductions - The first major impact on fund sales institutions is the reduction of trailing commissions, with management fees and trailing commissions both decreasing since the initiation of the public fund fee reform in July 2023. The management fee income is projected to be 124.73 billion yuan in 2024, down 8.1% from 2023, while trailing commissions are expected to be 35.48 billion yuan, a decrease of 8.7% [2]. - Many fund sales institutions, such as China Merchants Bank and Tonghuashun, reported a significant decline in their distribution income, with reductions around 20% [2]. - The second wave of impact is anticipated with the upcoming sales fee reductions, which are expected to be implemented by May 2025, further constraining the income potential for sales institutions [3]. Group 2: Transition Strategies - Fund sales institutions are shifting from a seller-driven model to a buyer service model in response to the fee reductions. This includes adjusting product offerings from fixed-income products to multi-asset and equity products to meet diverse investor needs [4][5]. - Companies like Yingmi Fund are focusing on deepening their buyer advisory model, moving towards a fee structure based on advisory services rather than sales commissions [5][6]. - The industry is also seeing a push towards enhancing investor experience and focusing on long-term performance, with institutions like Tencent Licai Tong implementing comprehensive advisory services to improve investor decision-making and outcomes [8][9]. Group 3: Evaluation and Performance Metrics - The regulatory framework is evolving to include a classification evaluation mechanism for fund sales institutions, emphasizing metrics such as investor returns and holding periods, which will guide internal assessment and incentive structures [6][7]. - Companies are increasingly focusing on aligning their performance metrics with investor outcomes, with organizations like Yingmi Fund integrating user satisfaction and trust into their performance evaluations [7][10]. - The emphasis on improving investor holding experiences is becoming a common goal across the industry, with strategies aimed at enhancing investor education and risk awareness to foster better long-term investment behaviors [10].

Core Viewpoint - The Shanghai Stock Exchange (SSE) has officially released the "1+6" policy framework for the Sci-Tech Innovation Board (STAR Market) reform, aimed at enhancing the inclusiveness and adaptability of the system for technology-driven companies, particularly those in the growth stage that are not yet profitable [1][2]. Group 1: Sci-Tech Growth Layer - The Sci-Tech Growth Layer is designed to support technology companies that have made significant technological breakthroughs, have promising commercial prospects, and are in the phase of continuous R&D investment while being unprofitable at the time of listing [1]. - The guidelines specify that both existing unprofitable companies and newly registered unprofitable companies will be included in the Sci-Tech Growth Layer without additional listing thresholds for unprofitable firms [1][2]. - A total of 32 existing unprofitable companies will automatically enter the Sci-Tech Growth Layer upon the implementation of the guidelines [1]. Group 2: Delisting Conditions - The delisting conditions for existing companies remain unchanged, requiring the first profitability post-listing, while the conditions for new unprofitable companies have been raised to meet the first set of listing standards of the STAR Market [2]. - Companies must announce compliance with delisting conditions, and the SSE will generally process delisting within two trading days [2]. Group 3: Investor Participation - There are no new trading thresholds for individual investors in the Sci-Tech Growth Layer, maintaining the existing requirement of 500,000 yuan in assets and two years of investment experience [2]. - Investors must sign a specialized risk disclosure document before investing in newly registered unprofitable technology companies [2]. Group 4: Pre-Review Mechanism - The introduction of the IPO pre-review mechanism allows technology companies facing significant adverse impacts from early disclosure of business information to apply for pre-review [2][3]. - Issuers and sponsors must follow formal IPO application rules when preparing pre-review documents, including internal quality control and obtaining guidance acceptance from the China Securities Regulatory Commission (CSRC) [2][3]. Group 5: Professional Investor Guidelines - The SSE has introduced a pilot program for professional institutional investors, detailing criteria for recognition, including sound governance structures and substantial asset management [3]. - Professional investors must have invested in at least five technology companies that have listed on the STAR Market or ten on major domestic or foreign exchanges within the last five years [3]. - Investment institutions must hold at least 3% of the issuer's shares or invest over 500 million yuan continuously for 24 months prior to the IPO application [3]. Group 6: Implementation and Oversight - The SSE is committed to implementing the reform and ensuring the effective execution of the guidelines, focusing on coordination among market, business, and technical reforms [4]. - Continuous promotion and interpretation of the reform objectives and regulatory requirements will help market participants better understand and apply the rules [4]. - The SSE aims to enhance frontline regulatory effectiveness, protect investors, and maintain market stability to create a conducive environment for the reforms [4].

"科创板设置科创成长层，为处于不同发展阶段，尤其是成长初期的科技创新企业提供更加适配的资本 市场平台，有利于进一步彰显资本市场支持科技创新的政策导向，稳定市场预期。"张宗新说。 上交所7月13日正式发布的《科创成长层指引》《预先审阅指引》和《资深专业机构投资者指引》等科 创板改革配套业务规则，引发多位专家学者、机构负责人的热议。在他们看来，科创成长层的设立有利 于更好维护市场稳定，减少改革阻力，为增量制度改革提供更可控的"试验空间"，又有利于集中管理未 盈利科技型企业，便于投资者更好识别风险，更好保护投资者合法权益。 为未盈利企业 提供资本市场适配平台 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，目前仍处于未盈利阶段的科技 型企业。复旦大学金融研究院金融学教授、博士生导师，美国斯坦福大学访问学者张宗新表示，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，资本市场服务能否有效覆盖优质未盈利 科技型企业，是市场各方判断制度包容性、适应性的标识性因素。例如，纳斯达克对未盈利企业上市给 予较高包容度，2019年以来，纳斯达克IPO企业中，超过50%的企业上市时未盈利，合计融资额占比 ...

A股市场总市值突破百万亿元、常态化稳市机制不断健全、服务实体经济效能明显提升、对外开放大门 越敞越大……今年以来，资本市场全面深化改革步伐加快，对内改革与对外开放并重，政策红利激发出 的市场活力，正逐步传导至资本市场每个角落，各路资金争相投下信任票。 科技变革的脚步催促声渐急，以改革之力厚植科创沃土成为必然。年初以来，全球经济格局重塑，贸易 摩擦频发，以DeepSeek为代表的技术突破，论证了持续加快推进改革创新的必要性，"科技创新"成为了 中国经济高质量发展的"题眼"与资本市场深化改革的题中应有之义。如何畅通金融资本与科创要素的通 道，怎样走出支持科技创新和产业创新融合发展的"中国路径"，成为摆在资本市场面前的必答题。 深化制度改革成为支持科技创新的题中之义。今年以来，持续优化股债融资的一系列服务实体经济 的"实招"出台落地，以深化科创板"1+6"改革、"并购六条"等为代表的政策制度相继推出，着力打造更 具吸引力、竞争力的市场体系和产品服务矩阵，支持全面创新的资本市场生态正在加速构建。 "考核机制改革无疑会降低短期业绩压力，推动险资、企业年金、养老基金等逐步转向长期投资。"南开 大学金融学教授田利辉表示，险 ...

三是强化风险导向信息披露。《科创成长层指引》已经就科创成长层企业在年度报告、临时公告中充分 披露未盈利风险、技术研发风险等作了具体规定，并要求持续督导机构切实履行职责。上交所将严格执 行规则规定，督促科创成长层企业、持续督导机构诚实守信，围绕投资者价值判断和投资决策所需，切 实履行信息披露义务。 四是加强投资者适当性管理。本次改革没有对个人投资者参与科创成长层股票交易新增投资交易门槛， 仍为具备"50万元资产＋2年经验"的资金门槛和投资经验即可。另外，按照《科创板意见》要求，投资 者投资科创成长层新注册的未盈利科技型企业之前需要签署专门风险揭示书。 预先审阅机制是一项重要改革创新，针对加强这一机制与现行股票发行上市审核机制的衔接，上交所表 示，本次面向优质科技型企业试点IPO预先审阅机制，是充分参考境外市场经验，进一步提升上交所预 沟通服务质效乃至股票发行上市审核工作整体质效的重要创新。为切实把好事办好，上交所认真听取市 场意见建议，将重点从以下4个方面着手，做好预先审阅机制与现行股票发行上市审核机制的衔接。一 是准确把握适用情形，二是推动提高申请文件质量，三是规范预先审阅程序，四是加强信息披露管理。 上交所 ...

Group 1 - The Shanghai Stock Exchange (SSE) is committed to implementing the China Securities Regulatory Commission (CSRC) directives and advancing the "Science and Technology Innovation Board" (STAR Market) reforms, including the new policies and business rules [2][3] - The newly established "Science and Technology Growth Layer" aims to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3][4] - The SSE has introduced a pre-review mechanism for Initial Public Offerings (IPOs) to enhance the quality and efficiency of the review process for high-quality technology enterprises [4][5] Group 2 - The "Science and Technology Growth Layer" will not impose additional listing thresholds for unprofitable companies, allowing existing unprofitable firms to transition into this layer immediately upon the guideline's implementation [3][4] - The new guidelines specify that the exit conditions for existing companies remain unchanged, while new unprofitable companies will have stricter exit criteria based on profitability and revenue metrics [3][4] - The SSE has implemented a special identifier "U" for stocks in the Science and Technology Growth Layer to help investors distinguish between existing and newly registered stocks [4][6] Group 3 - The "Senior Professional Institutional Investor" guidelines have been released, which detail the criteria for institutional investors participating in the STAR Market, emphasizing their professional judgment capabilities [7][8] - Institutional investors must maintain a significant stake in the issuing company for at least 24 months prior to the IPO application, ensuring they do not engage in sudden investments [7][8] - The introduction of senior professional institutional investors is expected to enhance the accountability and credibility of investments in technology firms, aiding regulatory bodies in identifying companies with genuine growth potential [8]