Core Viewpoint - The recent reforms in the Sci-Tech Innovation Board (STAR Market) have accelerated the review process for unprofitable companies, allowing them to be listed under specific conditions aimed at protecting investors while fostering innovation [1][2]. Group 1: Unprofitable Companies and Listing Standards - Several unprofitable companies have recently passed the review process, including He Yuan Bio and North Chip Life, indicating a shift in the regulatory environment [1]. - The new listing criteria categorize unprofitable companies into a "Sci-Tech Growth Layer," which requires them to achieve specific profit and revenue thresholds to move out of this category [1][2]. - Over the past six years, 54 unprofitable companies have been listed on the STAR Market, with 22 of them achieving profitability, resulting in a delisting rate of approximately 40% [1][2]. Group 2: Listing Standards and Performance - The STAR Market employs a multi-faceted listing standard system, with "Standard Five" allowing unprofitable companies to list without revenue requirements, raising questions about their commercialization capabilities [2][4]. - Among the 20 companies listed under Standard Five, three achieved profitability in the year prior to their listing, demonstrating that not all unprofitable companies are at equal risk [3][4]. - The probability of achieving profitability varies by listing standard, with Standard Four and Standard Five showing similar success rates in terms of companies becoming profitable post-listing [3][4]. Group 3: Risks and Market Perception - The perception that profitable companies inherently carry lower investment risks is challenged by data showing that some profitable companies have also faced delisting risks due to low revenue [5][6]. - Companies like Jindike, which achieved profitability, have recently reported significant revenue declines, highlighting that profitability does not guarantee stability [5][6]. - The market tends to focus more on long-term value and product competitiveness rather than short-term profitability, especially in sectors like pharmaceuticals and technology [7][9]. Group 4: Notable Companies and Market Trends - Companies like BeiGene and Cambricon have seen substantial market valuations despite being unprofitable, with BeiGene's market cap exceeding 200 billion yuan and significant revenue growth reported [7][8]. - Cambricon, as a leading AI chip company, has benefited from the surge in demand for AI technologies, leading to a significant increase in its market value [8][9]. - The overall trend indicates that investors are increasingly valuing long-term potential and innovation over immediate profitability, particularly in high-growth sectors [7][9].

Group 1 - The core viewpoint is that the continuous deepening of the reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market effectively supports technological innovation, with a projected 17.2% year-on-year increase in net profit for the securities industry by 2025 [1] - The expected financing scale for IPOs and additional issuances is projected to increase by 15% and 612% year-on-year respectively, indicating a marginal recovery in the primary market [1] - The People's Bank of China plans to revise the rules for the Renminbi Cross-Border Payment System, simplifying the access process to adapt to the development of CIPS, which will benefit regional banks and cross-border banks with mature international businesses [1] Group 2 - The Sci-Tech Innovation Board serves as an important platform for technological innovation, with the dual promotion of issuance system reforms and active trading expected to sustain the demand for related financial services [1] - The Guotai ETF tracking the Sci-Tech Innovation Index can experience daily fluctuations of up to 20%, reflecting the overall market dynamics and investment value of the listed companies in the Sci-Tech Innovation Board [1]

Core Insights - The Chinese capital market continues to thrive in the first half of 2025, with a significant increase in IPO applications and a deepening of the comprehensive registration system [1][2] - The number of IPO applications accepted by the three major exchanges reached 177, a 405.71% increase compared to the same period in 2024 [2] - The Beijing Stock Exchange (北交所) has become the preferred choice for companies, with 115 out of 177 applications (64.97%) directed there [2] - The month of June saw a surge in IPO activity, with 150 applications accepted, accounting for 84.75% of the total for the first half of the year [2] IPO Market Overview - The A-share market's IPO acceptance and review processes have shown signs of recovery since the beginning of 2025 [1] - The introduction of the "1+6" policy measures by the CSRC on June 18 is viewed as a positive signal for the market, correlating with the spike in IPO applications post-announcement [3] Broker Performance - A total of 38 brokers participated in the IPO process for the 177 accepted applications, with four brokers exceeding 10 projects each: Guotai Junan, CITIC Securities, CICC, and Zhongtai Securities [4][5] - Guotai Junan led with 26 projects, surpassing CITIC Securities' 22 projects, indicating a competitive landscape among leading brokers [5] - In terms of fundraising, CITIC Securities' 22 projects aimed to raise a total of 497.61 billion, while Guotai Junan's 26 projects targeted 208.26 billion [5][6] IPO Termination Cases - In the first half of 2025, 74 IPO projects were terminated, a significant decrease compared to the same period in 2024 [7] - Guotai Junan and CITIC Securities led in the number of terminated projects, with 9 and 7 respectively, reflecting their high volume of overall IPO engagements [7] - Some brokers, like Wenkang Securities, faced challenges with all their IPO projects being terminated, indicating potential issues in their underwriting processes [8]

Group 1: Domestic News - Shanghai Stock Exchange held a policy briefing on the Sci-Tech Innovation Board, aiming to enhance communication with market participants and promote reforms to support innovation and high-quality development [2] - The National Development and Reform Commission emphasized increasing investment in key areas of new urbanization, targeting to achieve basic new urbanization goals by 2035 [2] Group 2: International News - Federal Reserve Governor Waller suggested considering a rate cut in July, stating that the current federal funds rate is overly restrictive and may need to be lowered if inflation continues to decline [3] Group 3: Market Dynamics - On July 10, the bond market weakened significantly due to multiple negative factors, with the 10-year government bond yield rising by 1.45 basis points to 1.6595% [8] - The convertible bond market saw most individual bonds rise, with 338 out of 469 convertible bonds increasing in value [17] Group 4: Commodity Prices - International crude oil prices fell, with WTI crude down 2.19% to $66.88 per barrel, while natural gas prices rose by 4.96% to $3.365 per million British thermal units [4] Group 5: Financial Market Operations - The central bank conducted a 900 billion yuan reverse repurchase operation with a rate of 1.40%, resulting in a net fund injection of 328 billion yuan for the day [5]

Group 1 - The Shanghai Stock Exchange held a special meeting to promote the "1+6" policy for the Sci-Tech Innovation Board, aiming to enhance the coordination between investment and financing in the capital market [1] - Over 100 representatives from more than 20 market institutions, including public funds, securities companies, and insurance asset management, attended the meeting, showing strong support for the series of reform measures [1] - The Sci-Tech Innovation Board has become the segment with the highest proportion of index investment in A-shares, with the free-floating market value proportion reaching 8.3% [1] Group 2 - The "1+6" policy framework is expected to provide new opportunities for index investment in the Sci-Tech Innovation Board, injecting lasting momentum into the market's healthy and stable development [2] - The Shanghai Stock Exchange plans to enhance communication with market participants and implement relevant policy deployments to support innovation-driven development [2] - The number of Sci-Tech Innovation Board ETFs has nearly doubled since the release of the "Eight Measures," with a total of 85 ETFs listed and a total scale exceeding 250 billion yuan, reflecting a growth of over 60% [1][2]

Group 1 - The Shanghai Stock Exchange held a special presentation on the "1+6" policy reform for the Sci-Tech Innovation Board, attended by nearly 100 representatives from over 30 market institutions, including public funds, securities companies, insurance asset management, and bank wealth management subsidiaries [1] - The Shanghai Stock Exchange aims to enhance communication and policy dissemination with market participants, fostering consensus and further advancing the reform measures of the Sci-Tech Innovation Board [1] - The initiative is designed to accelerate the establishment of a capital market ecosystem that better supports innovation and contributes to the cultivation of new productive forces and high-quality development [1]

Core Viewpoint - The introduction of the "1+6" policy by the China Securities Regulatory Commission aims to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, leading to significant changes in the competitive landscape of the investment banking industry [1][2]. Group 1: Impact on Investment Banking - The new policy is expected to bring incremental business opportunities for investment banks while raising the bar for risk control [1]. - Investment banking is shifting from a "channel-type" model to a "value-creation" model, emphasizing the importance of industry knowledge and full-cycle service capabilities [3]. - The competitive landscape is likely to see a concentration of top-tier comprehensive brokers and specialized smaller brokers that have deep industry expertise [3]. Group 2: Quality Control and Due Diligence - Companies are establishing robust internal control systems and guidelines for investment banking to ensure the quality of listed companies from the outset [2]. - The complexity of managing project risks has increased due to the introduction of the fifth set of standards, making it more challenging to evaluate unprofitable companies [2]. - There is a need for dynamic assessment systems focusing on "hard technology" attributes to mitigate financial and compliance risks [2]. Group 3: Market Trends and Future Outlook - As of the first half of 2025, the number of IPOs accepted by exchanges is projected to reach 180, surpassing the total for 2024 [2]. - The ongoing reforms in the Sci-Tech Innovation Board are expected to further enhance the concentration of investment banking services, intensifying the "Matthew Effect" where top firms gain more advantages [3]. - The relaxation of listing conditions for unprofitable companies and the optimization of refinancing rules are anticipated to create new business opportunities in financial advisory services [3].

Core Viewpoint - The "1+6" policy reform for the Sci-Tech Innovation Board aims to enhance the capital market ecosystem to better support technological innovation, with significant engagement from leading equity investment institutions [1][2]. Group 1: Policy Impact - The "1+6" policy has invigorated equity investment institutions, boosting their confidence and enhancing the support for technology entrepreneurs, thereby promoting a virtuous cycle of "technology-industry-capital" [1]. - Over 90% of companies listed on the Sci-Tech Innovation Board received investment and support from equity investment institutions prior to their IPOs, highlighting the critical role these institutions play [1]. Group 2: Market Response - Several unprofitable companies have recently had their IPO applications accepted, and the first IPO under the fifth set of standards has been approved, demonstrating the commitment to reform and strengthening market confidence [1]. - The reform is seen as timely and significant, with new policies making the Sci-Tech Innovation Board more attractive compared to mature overseas markets [1]. Group 3: Future Directions - Equity investment institutions expressed their commitment to understanding and implementing the "1+6" policy, aiming to provide comprehensive lifecycle services to technology companies [2]. - The Shanghai Stock Exchange plans to enhance communication with equity investment institutions to better promote and implement the "1+6" policy, ensuring effective support for technological innovation and new productive forces [2].

作 者丨赵云帆 在资本化消息方面，2025年上半年，宇树科技陆续被传出LP份额遭到疯抢、股份制改造完 成、C轮融资完成等消息。投资人则跃跃欲试，时常向媒体透露宇树科技IPO的蛛丝马迹。 编 辑丨黄剑 7月4日，宇树科技IPO话题再度被市场关注。据报道， 有宇树科技投资人爆料称，宇树科技将 选择科创板作为上市地点。 这是近期又一则关于宇树科技即将IPO的消息。 作为国内最炙手可热的人形机器人企业，从春晚压轴表演，到海外社交平台大V开箱，从北京 亦庄马拉松开跑，到杭州八角笼拳拳到肉，宇树科技的关注度在整个2025年都在如金蛇狂舞 一般螺旋式上升。就连其创始人兼CEO王兴兴也成为新锐科技圈红人——这边参与民营企业座 谈，那边又给高考学子发出祝福。 不过，记者发现，时至今日， 宇树科技注册地所属的浙江证监局，还未披露任何关于这家公 司A股上市的辅导信息。 备受关注的IPO "后续有可能，不确定——" 今年4月末，当香港特区行政长官李家超在杭州调研宇树科技时， 王兴兴如是回应"宇树科技是否会在港股上市"的问题。 这也是宇树科技首次正面回应关于上市的问题。只不过，这样的回答显然有些模棱两可。 今年以来，A股IPO节奏—— ...

Group 1 - The Shanghai Composite Index showed positive performance on July 4, with power and banking sectors leading the gains, while the STAR Market experienced a decline with the STAR 100 and STAR Composite Index dropping over 0.5% [1] - The Shanghai Stock Exchange, in collaboration with relevant departments, has initiated a series of promotional activities for the STAR Market reform "1+6" policy in major cities and technology hubs, with over 420 participants from government departments, key technology enterprises, and securities firms [1] - The government representatives indicated that China's technological innovation is transitioning from quantitative accumulation to qualitative leaps, and the STAR Market reform is moving from a "testing ground" to a "demonstration field" for high-quality development [1] Group 2 - The outlook for the STAR Market is positive, with an increasing variety of investment tools available, including the STAR Composite Index ETF, which has gained significant market traction [2] - The STAR Composite Index ETF from Huaxia has seen active trading, with an average daily turnover of 165 million yuan over the past week as of July 3, leading its peers [2] - The previously launched STAR 50 ETF and STAR 100 ETF from Huaxia have also received market recognition, with the STAR 100 ETF being highlighted for its potential to capture rebounds in a bullish equity market due to its focus on core strengths of the STAR Market [2]