Core Viewpoint - The Shanghai Stock Exchange (SSE) is enhancing the STAR Market's role in supporting hard technology companies by implementing inclusive reforms and new listing standards, allowing unprofitable firms to access capital markets [1][2][5] Group 1: STAR Market Developments - Since the introduction of the "1+6" policy, the STAR Market has accepted 15 new IPO applications, including 4 unprofitable companies and 1 under the fifth set of standards [1] - The STAR Market has seen 32 existing companies in the growth layer demonstrate strong development momentum, with a 37.79% year-on-year revenue growth and a significant reduction in net losses amounting to 7.123 billion yuan [1] - The STAR Market has gathered 589 listed companies with a total market capitalization exceeding 9 trillion yuan, showcasing a "chain group" development pattern, particularly in the integrated circuit sector [1] Group 2: Inclusive Reforms and Policies - The STAR Market has broken traditional listing barriers by allowing unprofitable and special equity structure companies to enter the A-share market, thus creating targeted listing pathways for tech firms [2] - The "1+6" policy aims to address the needs of technology-driven companies during specific economic cycles, facilitating access to capital for firms in the R&D phase without requiring immediate profitability [2] - The introduction of the "科八条" (K8 Policy) has led to 134 disclosed merger transactions worth over 40 billion yuan, significantly surpassing the total from the previous five years [3] Group 3: Financing and Investment Dynamics - The STAR Market focuses on the synergy between financing and investment, ensuring that funds are directed towards tangible projects while allowing investors to share in the returns [3] - The STAR Market has initiated a "quality improvement and efficiency enhancement" campaign, yielding significant results in the financing sector [3] - The STAR 50 ETF has become the fourth largest index product in the A-share market, reflecting the high level of index investment in this sector [3] Group 4: Regulatory Support and Engagement - The SSE has actively engaged with STAR Market companies, conducting on-site visits to address over 300 specific requests, transforming challenges into achievements [4] - The SSE's comprehensive support aims to accompany technology companies throughout their growth stages, from early development to maturity [4]

Group 1: Overall Market Performance - In the first half of 2025, companies listed on the Shanghai Stock Exchange achieved a total operating revenue of 24.68 trillion yuan, a slight decrease of 1.3% year-on-year, while net profit increased by 1.1% to 2.39 trillion yuan [1] - The second quarter saw a quarter-on-quarter increase in operating revenue and net profit by 6.1% and 0.1%, respectively [1] - Mid-term cash dividends reached a record high, with 408 companies announcing a total cash dividend of 555.2 billion yuan, marking a year-on-year increase of 12% and 5% [1] Group 2: Sector Contributions - Emerging industries such as electronics, communications, and biomedicine contributed significantly to revenue and profit growth, with revenue and net profit growth rates of 7.5% and 6.5%, respectively [1] - The integrated circuit industry saw a remarkable year-on-year revenue growth of 14% and net profit growth of 57% in the first half of the year [2] - The biopharmaceutical sector reported total revenue of 251.1 billion yuan and net profit of 31.9 billion yuan, with year-on-year growth of 1% and 14%, respectively [2] Group 3: Consumer Sector Performance - The automotive sector experienced a 6% year-on-year increase in operating revenue, with major companies like GAC Group and SAIC Motor seeing nearly 30% growth in new energy vehicle sales [3] - The home appliance industry reported a 10% increase in net profit, while tourism companies saw a significant net profit increase of 58% [3] - Traditional industries such as steel and machinery are transitioning to high-value-added sectors, with net profit growth of 235% and 21%, respectively [3] Group 4: Mergers and Acquisitions Activity - The number of new asset restructuring cases in the first half of 2025 reached 378, a year-on-year increase of 23%, with a total transaction value exceeding 160 billion yuan [4] - Significant transactions included the merger of Guotai Junan and Haitong Securities, and the acquisition of coal and power assets by China Shenhua [4][5] - The "Science and Technology Innovation Board" policies have led to over 130 new industry mergers, with disclosed transaction amounts exceeding 40 billion yuan [5] Group 5: ETF Market Growth - By the end of August, the total scale of ETFs in the Shanghai market exceeded 3.7 trillion yuan, with domestic ETFs accounting for over 70% [6] - The net inflow of funds into ETFs this year surpassed 350 billion yuan, with major ETFs becoming key long-term investment tools for institutional investors [6] - The number of newly listed ETFs reached 96 in the first half of the year, with a total fundraising amount of 78.8 billion yuan, surpassing the total for the entire year of 2024 [6]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is enhancing international investor understanding of the Sci-Tech Innovation Board (STAR Market) through a dedicated online roadshow, highlighting its latest developments and investment opportunities [1] Group 1: Event Overview - The SSE organized an online roadshow titled "Focusing on SSE - Six Years of STAR Market" to promote the STAR Market and its representative listed companies [1] - Nearly 50 institutions from major markets including the US, Europe, and Asia-Pacific participated in the event [1] Group 2: Key Discussions - The event included discussions on the latest developments in the STAR Market, reform policies, and index investment opportunities [1] - Founders and CEOs from four STAR Market companies engaged in in-depth discussions with international investors, showcasing investment opportunities and the potential of Chinese assets [1] Group 3: Future Initiatives - The SSE plans to accelerate the implementation of various reform measures under the guidance of the China Securities Regulatory Commission (CSRC) [1] - The focus will be on creating a more attractive and competitive product system, enhancing services for international investors, and promoting the narrative of China's development story [1] - The goal is to deepen and broaden foreign investment participation in the SSE market, supporting high-quality development of STAR Market companies and enabling global investors to share in China's innovation growth opportunities [1]

在科创板开板6年之际，科创板改革进一步深化，标志着资本市场包容性改革迎来新突破。 新设科创成长层 科创板"试验田"又迎诸多制度突破 自设立之初，科创板就承担了资本市场支持科技创新和制度"试验田"的重要使命。科创板改革持续深 化，"试验田"先行先试的成色更足。 新华社北京6月18日电 题：科创板加力服务优质科技企业 资本市场包容性改革迎来新突破 新华社"新华视点"记者 刘慧 中国证监会18日发布《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》，以设置专门层 次为抓手，重启未盈利企业适用科创板第五套标准上市，推出一揽子更具包容性、适应性的制度改革。 资深专业机构投资者制度适用于科创板第五套标准上市企业，将资深专业机构投资者入股达到一定年 限、数量和比例作为审核注册的参考。 本次科创板改革提出设置科创板科创成长层，备受关注。设置后，科创板现有和新注册的未盈利科技型 上市公司将全部纳入其中。同时，改革也对企业入层和调出条件、强化信披和风险揭示、增加投资者适 当性管理要求等做了针对性安排。 科创板作为"试验田"，为何又要开辟出科创成长层这个"新空间"？ 证监会新闻发言人介绍，新设科创成长层一是有利于进一步彰显 ...

Core Insights - The A-share equity financing market has shown strong growth, with 183 companies raising over 830 billion yuan, a year-on-year increase of over 300% [1][2] - The IPO market continues to recover, with 63 companies raising a total of 64.39 billion yuan, nearing the total for the entire year of 2024 [1][2] - The concentration of equity underwriting has increased significantly, with the top three underwriters accounting for 53.01% of the market share [2] Equity Financing Overview - As of August 12, 183 A-share companies completed equity financing, raising a total of 832.87 billion yuan, a substantial increase of 363.85% compared to the previous year [2] - The IPO market has seen 63 companies listed, raising 64.39 billion yuan, which is a 21.15% increase year-on-year [2] - The leading underwriters are CITIC Securities, Guotai Junan, and CITIC Jianzhong, with market shares of 53.01%, up from 40.20% the previous year [2] IPO Acceptance and Trends - The number of IPO applications has surged to 181, a 364.10% increase from the same period last year [4] - The Beijing Stock Exchange has become the core area for IPO applications, accounting for 64.09% of the total [4] - Zhejiang, Guangdong, and Jiangsu provinces lead in the number of accepted IPOs, with a combined total of 99 companies [4] Policy and Market Dynamics - The reintroduction of the fifth set of standards for the Sci-Tech Innovation Board has increased market inclusivity for unprofitable companies, allowing more tech firms to enter the A-share market [5] - The "1+6" policy measures aim to enhance the adaptability of the capital market, benefiting underwriters and private equity investments [8] - Recent regulatory changes have lowered the thresholds for mergers and acquisitions, enhancing transaction efficiency and potentially increasing the volume of such activities [8] Private Placement and Restructuring - 95 companies have completed private placements, raising a total of 727.92 billion yuan, a 537.47% increase year-on-year [7] - Major banks have led the private placement market, with four banks raising over 100 billion yuan each for liquidity purposes [7] - The role of underwriters in private placements is expected to grow, providing opportunities for revenue enhancement and supporting the real economy [7]

由京东方前掌门人王东升掌舵，西安奕斯伟材料科技股份有限公司（以下简称"西安奕材"）冲击上市迎来最新进展。根据安排，公司科创板IPO将于8月14日 上会迎考。作为《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》（以下简称"科创板八条"）发布后上交所受理的首家未盈利企业，2022 —2024年，西安奕材年度净利不断增亏，三年累计亏超17亿元。不过，今年上半年净利同比减亏。另外，公司报告期内毛利率存在较大波动，且显著低于同 行业可比公司平均水平。 业绩接连亏损的同时，西安奕材存在毛利率显著低于同行业可比公司均值的情况。招股书显示，报告期内，公司毛利率分别为9.85%、0.66%、5.49%；对应 同行业可比公司均值分别约为30.53%、24.47%、14.91%。 此外，报告期各期，西安奕材财务费用分别约为2889.4万元、5713.36万元、1.39亿元，占营业收入的比例分别约为2.74% 、3.88%、6.54%，逐年增长。 兼职研发人员"惹眼" 对于科创板企业而言，研发能力是市场各方关注的重点领域。 报告期各期末，西安奕材研发人员数量分别约为201人、222人、235人，占员工总数比例分别约为11 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) is committed to maintaining market stability and promoting high-quality development in line with the directives from the China Securities Regulatory Commission (CSRC) and the upcoming 20th National Congress of the Communist Party of China [1] Group 1: Market Stability - The SSE emphasizes the importance of maintaining a stable market environment by enhancing proactive measures and risk monitoring systems to prevent significant market fluctuations [1] - There is a focus on strengthening safety protocols across various operational aspects, including equipment, systems, and supply chains, to ensure the secure operation of core trading systems [1] Group 2: Innovation and Reform - The SSE aims to leverage the Sci-Tech Innovation Board as a testing ground for reforms, particularly in advancing the registration system and improving the efficiency of the listing review process [2] - The implementation of a market maker mechanism is intended to enhance pricing efficiency and liquidity on the Sci-Tech Innovation Board [2] Group 3: Economic Support - The SSE is dedicated to supporting high-quality economic development by focusing on key sectors such as technology innovation, manufacturing, and small and medium-sized enterprises [2] - Efforts will be made to improve the interconnectivity between the exchange and the interbank bond market, as well as to expand the scale of public REITs [2] Group 4: Risk Management - The SSE will enhance frontline supervision and risk prevention measures, particularly in sensitive financing and merger activities, to ensure market health [3] - There will be a focus on monitoring and managing risks associated with specific sectors and regions, including bond risk monitoring and default handling [3] Group 5: Digital Transformation - The SSE is advancing its digital transformation by developing a fourth-generation core trading system and enhancing operational management systems [4] - The exchange aims to improve regulatory capabilities through data analysis and the establishment of a comprehensive online service platform for market participants [4] Group 6: Internal Control and Compliance - The SSE is committed to strengthening internal controls and compliance through improved management practices and regular audits of significant projects and financial matters [4] - There will be a focus on enhancing the effectiveness of oversight mechanisms to ensure compliance with new procurement processes and operational standards [4]

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry has shown positive performance in the first half of the year, with expectations for continued growth driven by capital market reforms and improved regulatory frameworks [4][11]. - The China Securities Regulatory Commission (CSRC) has outlined key reform tasks for the second half of the year, focusing on stabilizing market expectations, promoting the implementation of the Sci-Tech Innovation Board reforms, and enhancing the management of major asset restructuring [5][11]. - The report highlights a significant increase in market activity, with a 19.56% week-on-week growth in average daily trading volume, reaching 1.85 trillion yuan [13]. Summary by Sections Investment Suggestions - The report emphasizes the importance of capital market reforms, which are expected to enhance market vitality and investor confidence. Key initiatives include promoting long-term capital inflows and improving the governance of listed companies [11][12]. Market Review - Major indices experienced gains, with the Shanghai Composite Index rising by 1.67%, the CSI 300 by 1.69%, and the ChiNext Index by 2.76%. The non-bank financial index increased by 3.52%, ranking 10th among 31 sectors [13][14]. - Notable stock performances included Dongwu Securities, which surged by 15.22%, and Guosen Securities, which rose by 13.92% [14]. Industry Key Data Tracking 1) Market Performance and Scale: The report notes a total trading volume of 9.24 trillion yuan for the week, with a significant increase in trading activity [13]. 2) Credit Business: As of July 25, the market had 3,061.97 billion shares pledged, accounting for 3.74% of total equity, with a margin balance of 1.95 trillion yuan [18][23]. 3) Fund Issuance: In June 2025, new fund issuance reached 122.12 billion units, with a notable increase in the number of funds issued [18][24]. 4) Investment Banking: The report indicates that equity underwriting in June 2025 totaled 553.02 billion yuan, with IPOs contributing 9.15 billion yuan [18]. 5) Bond Market: The 10-year government bond yield was reported at 1.73%, reflecting a year-to-date increase of 12.47 basis points [18][27]. Regulatory Policies and Industry Dynamics - The CSRC is actively seeking public feedback on the revised Corporate Governance Code, aiming to enhance the accountability of directors and senior management [12][25]. - The report outlines the CSRC's commitment to maintaining market stability and enhancing regulatory effectiveness while promoting high-level institutional openness [25]. Key Announcements from Listed Companies - The report mentions that Shouhua Securities plans to issue H-shares and list on the Hong Kong Stock Exchange to strengthen its capital base [26]. - Zhejiang Securities reported a 46.54% year-on-year increase in net profit for the first half of 2025, despite a decline in revenue [28].

Group 1 - The core viewpoint emphasizes the need for deepening reforms to stimulate the vitality of multi-level markets, particularly through the implementation of measures for the Sci-Tech Innovation Board and a comprehensive package of reforms for the Growth Enterprise Market [1] - The underwriting scale of Sci-Tech bonds has significantly increased, with 68 securities firms acting as lead underwriters, collectively underwriting 381.39 billion yuan in the first half of the year, representing a year-on-year increase of over 50%, indicating strong support from the capital market for technological innovation [1] - The new regulations for the Sci-Tech Innovation Board and the Growth Enterprise Market are being steadily implemented, enhancing the inclusiveness of the capital market and better supporting the financing needs of early-stage growth companies [1] Group 2 - The Sci-Tech Innovation Board 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which can fluctuate by up to 20% in a single day, selecting 100 securities with larger market capitalization and better liquidity from the Sci-Tech Innovation Board, covering various high-tech fields such as information technology, biomedicine, and new materials [1] - Investors without stock accounts can consider the Guotai CSI Sci-Tech Innovation Board 100 ETF Initiated Link A (019866) and Guotai CSI Sci-Tech Innovation Board 100 ETF Initiated Link C (019867) [1]

Group 1 - The core viewpoint of the news highlights the significant inflow into the Science and Technology Innovation Board 100 ETF (588120), with over 0.5 billion net inflow reported [1] - The China Securities Regulatory Commission (CSRC) emphasized the need to invigorate multi-level market vitality and implement reform measures for the Science and Technology Innovation Board during its mid-2025 work meeting [1] - The underwriting scale of Science and Technology Innovation bonds has seen a notable increase, with 68 securities firms underwriting a total of 381.39 billion yuan in the first half of the year, marking a year-on-year growth of 56.48% [1] Group 2 - The new regulations for the Science and Technology Innovation Board and the Growth Enterprise Market are being steadily implemented, which is expected to enhance the inclusiveness of the capital market and better support the financing needs of early-stage growth companies [1] - The investment banking revenue for securities firms is likely to recover, with leading firms that have a strong focus on the Science and Technology sector and rich project reserves expected to benefit more [1] - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology 100 Index (000698), which can experience daily fluctuations of up to 20% [1]