Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 1.613 billion yuan, while the Sci-Tech Innovation Board saw a net inflow of 30.43 million yuan [1] - A total of 258 stocks on the Sci-Tech Innovation Board had net inflows, while 329 stocks had net outflows [1] Stock Performance - On the Sci-Tech Innovation Board, 503 stocks rose, with one stock, Xiangyu Medical, hitting the daily limit, while 77 stocks declined [1] - The stock with the highest net inflow was Cambrian Technology, with a net inflow of 287 million yuan, followed by Chipone Technology and Kingsoft Office with net inflows of 108 million yuan and 92.125 million yuan, respectively [1][2] Continuous Fund Flow - There are 49 stocks that have seen continuous net inflows for more than three trading days, with Sanyou Medical leading at 13 consecutive days of inflow [2] - Conversely, 122 stocks have experienced continuous net outflows, with Bohui Technology leading at 27 consecutive days of outflow [2] Top Net Inflows - The top stocks by net inflow include: - Cambrian Technology: 28.73 million yuan, with a flow rate of 6.58% and a price increase of 2.73% [2] - Chipone Technology: 10.84 million yuan, with a flow rate of 8.68% and a price increase of 4.89% [2] - Kingsoft Office: 9.21 million yuan, with a flow rate of 9.85% and a price increase of 2.00% [2] Notable Outflows - The stock with the highest net outflow was Longxin Technology, with a net outflow of 12.7 million yuan and a price drop of 4.04% [1] - Other notable outflows include Hengxuan Technology and Fengcai Technology, both with net outflows of 12.7 million yuan and 10.8 million yuan, respectively [1]

近日，中国证监会发布《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》，明确设置 科创板科创成长层。上交所起草了《科创板上市公司自律监管指引第5号——科创成长层》（下称《指 引》）等2项规则，并向社会公开征求意见。笔者对此提出一些拙见。 《指引》从科创成长层的层次定位、纳入与调出条件、信息披露要求、风险揭示等方面作出了具体 规定。在"纳入"方面，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；指引发布前已上市 且上市后尚未首次实现盈利的科创板公司，自指引发布之日起纳入科创成长层。在"调出"方面，满 足"最近两年净利润均为正且累计净利润不低于人民币5000万元"或"最近一年净利润为正且营业收入不 低于人民币1亿元"两个条件之一，即可调出。在风险揭示方面，科创成长层企业股票简称后添加"U"， 作为特殊标识。 根据《科创板股票上市规则》，科创板共设五套上市标准，其中第二、三、四、五套均不含盈利要 求，第五套甚至对营业收入也不作要求。此前，第五套上市标准主要针对医药行业，此次还支持人工智 能、商业航天、低空经济等更多前沿科技领域企业适用。也就是说，未来通过第二、三、四、五套上市 标准上市的企业，如果上市时 ...

| 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） | | --- | --- | --- | --- | --- | | 2025.06.27 | 1571.70 | 0.84 | 1566.36 | 5.34 | | 2025.06.26 | 1570.86 | 12.56 | 1565.65 | 5.22 | | 2025.06.25 | 1558.30 | 3.60 | 1553.02 | 5.27 | | 2025.06.24 | 1554.69 | 7.75 | 1549.40 | 5.30 | | 2025.06.23 | 1546.94 | 1.65 | 1541.85 | 5.10 | | 2025.06.20 | 1545.29 | -6.13 | 1540.40 | 4.90 | | 2025.06.19 | 1551.42 | -5.09 | 1546.49 | 4.94 | | 2025.06.18 | 1556.51 | -2.21 | 1551.54 | 4.97 | | 2025.06.17 | 1558.73 | 5.21 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 30 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 上周五 A 股三大指数涨跌不一，截止收盘，沪指收跌 0.7%，深成指 收涨 0.34%，创业板指收涨 0.47%。沪深两市成交额 15409.36 亿元。 申万行业方面，有色金属、通信、纺织服饰领涨，银行、公用事业、 食品饮料领跌；概念板块方面，铜缆高速连接、金属锌、科创次新股 涨幅居前，跨境支付、可燃冰、数字货币跌幅居前。港股方面，恒生 指数收跌 0.17%，恒生科技指数收跌 0.07%；海外方面，美国三大指 数集体收涨，道指收涨 1%，标普 500 收涨 0.52%，纳指收涨 0.52%。 【重要新闻】 【沪深北港四大交易所相关负责人集中发声，释放多维度改革信号】 6 月 28 日-29 日，2025 上市公司论坛在温州举行。论坛上，沪深北 港四大交易所相关负责人集中发声，释放多维度改革信号。上交所副 总经理王泊表示，将扎实推进"1+6"改革举措和示范案例落实落地； 深交所副总经理李辉称，正紧锣密鼓地谋划 ...

证券研究报告 | 2025年06月29日 基金周报 年内多家公司对旗下 ETF 更名，科创板 ETF 纳入基金投顾配置范围 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数全线上涨，创业板指、中证 1000、中证 500 指数收益靠前，收益分别为 5.69%、4.62%、3.98%， 上证综指、沪深 300、中小板指指数收益靠后，收益分别为 1.91%、 1.95%、2.55%。 从成交额来看，上周主要宽基指数成交额均有所上升。行业方面，上周 综合金融、计算机、综合收益靠前，收益分别为 14.48%、8.09%、7.55%， 石油石化、食品饮料、交通运输收益靠后，收益分别为-1.45%、0.02%、 0.25%。 截至上周五，央行逆回购净投放资金 10672 亿元，逆回购到期 9603 亿 元，净公开市场投放 20275 亿元。除 1 年期和 3 年期外，不同期限的国 债利率均有所上行，利差扩大 1.66BP。 上周共上报 28 只基金，较上上周申报数量有所减少。申报的产品包括 3 只FOF，2 只REITs，天弘国证港股通消费主题ETF、嘉实上证科创板人 工智能ETF、华宝港股通恒生消费ETF ...

Core Viewpoint - The first company to undergo the listing review under the reactivated fifth set of standards for the Sci-Tech Innovation Board is Wuhan Heyuan Biotechnology Co., Ltd., which focuses on innovative drugs but faces significant financial challenges and ongoing international technical disputes [2][3]. Financial Challenges - Heyuan Biotechnology has been operating at a loss, with revenues increasing from 13.40 million yuan in 2022 to 25.22 million yuan in 2024, but net profits recorded losses of -144 million yuan, -187 million yuan, and -151 million yuan over the same period [3][4]. - As of December 31, 2024, the company had accumulated unremedied losses of 851 million yuan [3]. - The company's cash reserves have significantly decreased from 654 million yuan in mid-2022 to 160 million yuan by the end of 2024 [6]. Debt and Liquidity Issues - The company has seen a rise in debt, with short-term borrowings reaching 10.01 million yuan and long-term borrowings hitting 184 million yuan by the end of 2024, doubling from the previous year [7]. - Key liquidity ratios have deteriorated, with the current ratio dropping from 2.35 in 2022 to 1.02 in 2024, and the quick ratio falling from 2.03 to 0.69 over the same period [7][8]. R&D and Product Pipeline - Heyuan Biotechnology has a pipeline of eight drugs under development, with the most advanced product, recombinant human serum albumin injection (HY1001), expected to receive approval soon [9][10]. - The company has faced delays in the clinical trial phases of its products, particularly HY1002, which has seen its Phase III trial pushed back multiple times, now slated for late 2025 [10][11]. Legal Disputes - The company is embroiled in a long-standing patent infringement lawsuit initiated by Ventria Bioscience, which claims Heyuan's products infringe on its patents [12][13]. - The ongoing legal issues pose a risk to the company's core technology and could lead to significant financial liabilities or restrictions on product sales [14].

"比去年忙很多。"某头部券商华南地区的一位保荐代表人明显感受到，上半年IPO（首次公开发行）业务有所回暖。 2025年已悄然过半，港股、A股市场暖意融融。在此背景下，A股IPO融资额与家数同比小幅增长，港股IPO融资额迎来"爆发式"增长。业务收缩拖累业绩长 达一年半的券商投行部门，也忙碌起来。 Wind数据显示，截至6月26日，今年A股IPO的融资总额为373.55亿元，同比增长14.96%；IPO家数为51家，同比增长15.91%；港股IPO的融资总额为1047.21 亿港元（约合人民币956.63亿元），同比增长785.99%，IPO家数为40家，同比增长33.33%。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上提出，推出进一步深化科创板改革"1+6"政策措施，包括设置科创成长层，重启未盈利企业适用科创板第 五套上市标准；同时，也将在创业板正式启用第三套标准，支持优质未盈利创新企业上市。 这让券商投行们看到了新的机会。 Wind数据显示，以上市日为统计口径，截至6月26日，年内共有26家券商助力51单IPO发行上市，中信证券保荐了6单项目，中信建投证券、华泰联合证券分 别保荐了5单项目。若以IP ...

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]

深圳商报·读创客户端记者 宁可坚 6月27日，亚电科技科创板IPO获受理，公司正式向A股发起冲击，保荐机构为华泰联合证券有限责任公司。 亚电科技系国内领先的湿法清洗设备供应商，主要从事硅基半导体、化合物半导体及光伏领域湿法清洗设备的研发、生产和销售。 2022年～2024年，公司营业收入分别为1.21亿元、4.42亿元和5.80亿元。2022年，公司净利亏损，2023年开始扭亏为盈。 | 项目 | 2024.12.31/ | 2023.12.31/ | | --- | --- | --- | | | 2024 年度 | 2023 年度 | | 资产总额(万元) | 90.644.10 | 90.657.9 | | 归属于母公司所有者权益(万元) | 51.670.04 | 42.281.6 | | 资产负债率(母公司) (%) | 37.45 | 42.7 | | 资产负债率(合并)(%) | 43.00 | 53.3 | | 营业收入(万元) | 58.041.15 | 44.175.2 | | 净利润(万元) | 8.512.05 | 1.036.8 | | 归属于母公司所有者的净利润(万元) | 8.5 ...