Core Viewpoint - Wuhan is accelerating the integration of technology and finance to establish itself as a national technology finance center, with significant progress in the listing of companies in recent years [2][3]. Group 1: Company Listings - Wuhan has seen substantial advancements in company listings, with 8 new domestic and foreign listed companies expected in 2024, including the first stocks in emerging industries such as domestic databases and AI chips [2]. - Notable recent listings include Honghai Technology on the Beijing Stock Exchange and Yuanguang Technology as the first stock for intelligent time-series data services on the Hong Kong Stock Exchange [2]. Group 2: Policy Opportunities - The resumption of the fifth set of standards for unprofitable companies on the Sci-Tech Innovation Board presents a new policy window for quality unprofitable tech companies to go public [3]. - The China Securities Regulatory Commission (CSRC) is promoting the "1+6" policy measures to deepen reforms on the Sci-Tech Innovation Board, which includes the introduction of six reform measures [2][3]. Group 3: Support for Overseas Listings - The CSRC supports qualified companies in going public overseas, with 13 companies from Wuhan, including Dazhong Oral and Wodetong, planning to list abroad [3]. - The city aims to facilitate overseas listings by connecting with regulatory bodies and intermediaries, particularly leveraging the Hong Kong Stock Exchange's "Tech Company Special Line" [3]. Group 4: Capital Market Development - Wuhan is enhancing its capital market fundraising capabilities through online and offline collaborations with major stock exchanges, providing services such as listing guidance and merger restructuring [4]. - The establishment of a "golden seed" and "silver seed" reserve pool of 500 companies, along with a database of 35 companies under review, aims to continuously improve listing services [4].

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation in the context of global economic changes, focusing on high-quality development and the restructuring of the international monetary system [2][3]. Group 1: Global Financial Governance - The Governor of the People's Bank of China, Pan Gongsheng, discussed four key areas for reforming global financial governance and announced eight financial policy measures aimed at addressing the instability of the current dollar-dominated international monetary system [2]. - Proposed directions for reform include reducing reliance on a single sovereign currency and promoting a competitive environment among a few strong sovereign currencies, with the RMB recognized as the third-largest payment currency globally [2]. - Emphasis on diversifying the cross-border payment system and enhancing interoperability among payment systems, alongside the accelerated application of emerging technologies in cross-border payments [2]. Group 2: Financial Openness - The Director of the Financial Regulatory Bureau, Li Yunzhe, highlighted the vast potential for high-level financial openness in China, particularly in consumer finance, technology finance, green finance, pension finance, and wealth management [3]. - The government plans to promote high-level financial openness through institutional reforms, optimizing the business environment, and strengthening the financial safety net [3][4]. Group 3: Capital Market Reforms - The Chairman of the China Securities Regulatory Commission, Wu Qing, outlined five new measures for capital market reform aimed at enhancing the market's role in supporting technological innovation and the real economy [5]. - Key measures include deepening reforms in the Sci-Tech Innovation Board, enhancing the synergy between equity and debt markets, and fostering long-term capital [5][6]. - The focus on creating a more open and inclusive capital market ecosystem, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [5]. Group 4: Investment Opportunities - The forum's positive policy direction is expected to enhance the resilience of the A-share market and improve the quality of listed companies, making A-shares more attractive to investors [6]. - Key investment areas identified include artificial intelligence, high-end manufacturing, and innovative pharmaceuticals, with a focus on fundamental analysis, valuation, and market sentiment [7].

Group 1: Key Points from the Forum - The 19th Lujiazui Forum highlighted the importance of global financial governance, high-level financial openness, and the integration of capital markets with technological and industrial innovation [1] - The People's Bank of China announced eight policy measures to be implemented in Shanghai, aimed at enhancing the international status of the RMB and leveraging technology for financial innovation [1] - The financial regulatory authorities expressed a commitment to adapting to changes in the global economic and financial order, promoting a more inclusive international monetary and financial system [1] Group 2: Financial Regulatory Insights - The head of the Financial Regulatory Bureau emphasized the inevitability of economic globalization and the necessity of expanding financial openness, particularly in sectors like consumer finance, technology finance, and green finance [2] - A joint action plan to support the construction of Shanghai as an international financial center was released, which is expected to elevate the city's financial status [2] Group 3: Capital Market Developments - The Chairman of the Securities Regulatory Commission proposed enhancing the capital market's role in addressing the shortcomings of the current financial service system in supporting technological innovation and industrial transformation [3] - Key reforms include the introduction of the "1+6" reform measures for the Sci-Tech Innovation Board and the activation of a third set of standards for the Growth Enterprise Market, aimed at supporting high-quality, unprofitable innovative companies [3] Group 4: Foreign Exchange Management Initiatives - The head of the Foreign Exchange Administration indicated a commitment to deepening reforms in the foreign exchange sector, aiming to create a more convenient, open, secure, and intelligent foreign exchange management system [4] - Proposed measures include facilitating cross-border investment and financing, as well as implementing a package of foreign exchange innovation policies in pilot free trade zones [4]

2025年6月19日|中国内地 | 何康, PhD | 李雨婕 | 王伟光 | 孙瀚文 | 方正档 | | --- | --- | --- | --- | --- | | 研究员 | 研究员 | 研究员 | 研究员 | 研究员 | | SAC No. S0570520080004 | SAC No. S0570525050001 | SAC No. S0570523040001 | SAC No. S0570524040002 | SAC No. S0570524060001 | | SFC No. BRB318 | liyujie@htsc.com | wangweiguang@htsc.com | SFC No. BVB302 | fangzhengtao@htsc.com | | hekang@htsc.com | +(852) 3658 6000 | +(86) 21 2897 2228 | sunhanwen@htsc.com | +(86) 21 2897 2228 | | +(86) 21 2897 2202 | | | +(86) 21 2897 2228 | | 核心观点 证券研究报告 策略 ...

2025陆家嘴金融论坛于6月18日开幕，证监会主席吴清在聚焦支持科技创新的主旨发言中，划出了资本 市场改革的关键落点——深化科创板"1+6"一揽子计划，该计划核心涵盖设立科创成长层、优化再融资 通道、接纳优质未盈利企业上市等举措，意在精准适配科创企业全生命周期的差异化融资诉求。民生证 券研究院首席经济学家陶川对此进行了全面解读。 陶川认为，资本市场与科技创新的有效融合，将深度影响创新效率、推动创新成果快速转化。此前中国 在融资广度(金融市场体量)、融资成本(美国直接融资比重更高、融资成本相应更低)、融资灵活性(中国 金融结构以银行为导向，更偏好固定资产抵押融资，难以满足科技创新需要)等方面仍存在优化空间。 但随着科创成长层的创设、科创债的发展以及新型结构性货币政策的推出，中国正不断以政策势能弥补 市场短板。科创板、新三板、创业板等市场层次愈发完善，科技企业进入资本市场的渠道被打通，可以 激发市场创新活力，加快推动科技成果的市场化落地和拓展。 同时，陶川认为，吴清主席的讲话定调了资本市场长期"稳中向好"的清晰脉络。深化改革的种种举措， 将激活企业创新动能、重振投资者信任并拓宽外资参与路径，多重力量合力编织"科技 ...

Core Insights - The core message emphasizes the role of the capital market in promoting the integration of technological innovation and industrial innovation, with a focus on deepening reforms in the Sci-Tech Innovation Board and enhancing the openness of the capital market [1] Group 1: Capital Market's Role in Innovation - The capital market provides comprehensive financial services throughout the entire lifecycle of technological innovation, facilitating the needs of companies at various stages from startup to maturity [2] - Capital markets can stimulate entrepreneurial spirit and innovation by effectively pricing key elements and assets, leading to better integration of talent, technology, and data [2][3] - The collaboration between scientists, entrepreneurs, and investors is crucial for fostering innovation, highlighting the importance of a capital market-driven innovation ecosystem [3] Group 2: Structural Changes and Support for Innovation - Recent structural changes in the capital market have positively impacted the virtuous cycle between technology, capital, and industry, enhancing the market's efficiency and investment value [4] - The proportion of technology companies in the A-share market has increased from 12% to 27% over the past decade, indicating a significant shift towards supporting innovation [4] - Continuous high investment in R&D by listed companies has contributed to improved market structure and investment value, with certain sectors experiencing compound annual growth rates of 12.5% and 17.9% [4] Group 3: Reform Measures and Institutional Adaptability - The introduction of the "1+6" policy measures aims to deepen reforms in the Sci-Tech Innovation Board, including the establishment of a growth tier and the reintroduction of listing standards for unprofitable companies [7] - The reforms focus on enhancing the inclusivity and adaptability of the capital market, ensuring that it better serves technological and industrial innovation [8] - Strong regulatory measures will be implemented to protect the rights of small investors and ensure that the benefits of policies reach innovative practitioners [8] Group 4: Opening Up the Market - The capital market will continue to promote comprehensive openness, facilitating the participation of foreign capital and institutions, which are seen as vital players in the Chinese capital market [9] - Recent developments have led to a reassessment of China's technological innovation capabilities by global investors, increasing interest in Chinese assets, particularly in high-tech sectors [9] - Upcoming measures will enhance the convenience for foreign investors in the A-share market, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of tradable products [9]

Group 1: Science and Technology Innovation Board (STAR Market) - The China Securities Regulatory Commission (CSRC) announced the reactivation of the fifth listing standard for unprofitable companies on the STAR Market, aiming to better serve high-quality tech firms with significant breakthroughs and commercial prospects [1] - The new measures include the establishment of a growth tier on the STAR Market and the introduction of a professional investor system, expanding the applicability of the fifth standard [1][2] - The fifth standard previously allowed 20 out of 109 listed biotech companies to go public, but faced a "zero acceptance" situation until the recent announcement [2] Group 2: Medical and Healthcare Developments - The National Healthcare Security Administration released guidelines for standardized pricing in the cosmetic surgery market, which is projected to reach nearly 300 billion yuan in 2024, promoting transparency and safety for consumers [3] - United Imaging Healthcare announced multiple medical device registrations, including a digital subtraction angiography system that has received FDA approval, marking a significant achievement for domestic technology [5] - Yunnan Baiyao's JZ-14 capsule received clinical trial approval for ulcerative colitis, representing a first-in-class small molecule immunomodulator [6] Group 3: Pharmaceutical Innovations - Rongchang Biopharmaceutical's product, Tai Tasi Pu, received orphan drug designation from the European Commission for the treatment of myasthenia gravis [8] - Merck's long-acting RSV monoclonal antibody is set for priority review in China, aimed at preventing lower respiratory infections in newborns and infants [9] - Baiquan Biotech completed over 200 million yuan in Series A financing to accelerate the clinical trial process for its innovative anti-tumor drug targeting CD3L1 [11] Group 4: Industry Collaborations and Research - Watson Biotech partnered with Shanghai Zhiyu Biotechnology to integrate AI technology into vaccine development, aiming to enhance innovation and efficiency in the vaccine industry [13] - Research teams from the Chinese Academy of Microbiology and Peking University developed a new monkeypox vaccine, demonstrating comparable efficacy to existing vaccines [14] - Yunding New Medicine announced the successful release of clinical samples for its universal mRNA tumor therapeutic vaccine project, targeting various cancers [15]

要点 ○ 推出科创板进一步深化改革"1+6"政策措施 ○ 设置科创板科创成长层 ○ 试点引入资深专业机构投资者制度 ○ 面向优质科技企业试点IPO预先审阅机制 ○ 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 ○ 重启未盈利企业适用科创板第五套标准上市并扩大适用范围 吴清强调，证监会将以深化科创板、创业板改革为抓手，以发展多元股权融资为重点，着力打 造更具吸引力、竞争力的市场体系和产品服务矩阵，统筹推进投融资综合改革和投资者权益保 护，加快构建更有利于支持全面创新的资本市场生态。 更好发挥科创板改革试验田作用 推出进一步深化改革"1+6"政策措施 吴清表示，将更好发挥科创板改革"试验田"作用，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，更 加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业。同时，在强化 信息披露和风险揭示、加强投资者适当性管理等方面做出专门安排。 ○ 大力发展科创债，加快推出科创债ETF ○ 积极推动社保基金、保险资金、产业资本参与私募股权投资 ○ 抓好"并购六条"和重大资产重组管 ...

资本市场改革再添积极变化 ——2025 年陆家嘴金融论坛简评 证券研究报告 策略视角 华泰研究 方正韬 研究员 SAC No. S0570524060001 fangzhengtao@htsc.com +(86) 21 2897 2228 核心观点 6 月 18-19 日，陆家嘴金融论坛（以下简称"论坛"）在沪举行，18 日央行行长潘功胜宣布八项金融开放举措，证监会 主席吴清等发表重要讲话。我们认为，论坛有望推动资本市场改革和发展，为权益市场中长期向好提供有利土壤，关 注三大重点：1）建设上海金融中心，建立沪港联动机制，发挥协同效应；2）设立数字人民币国际运营中心，数字货 币+跨境支付或助力人民币国际化提速；3）多措并举深化科创板、创业板改革，金融服务高质量发展。配置上，大金 融、数字经济/支付、科创或受益，中长期关注以 A50、消费、金融为代表的核心资产。 建设上海金融中心，建立沪港联动机制 沪港联动发挥协同效应，资金引进来，企业"走出去"。6 月 18 日，沪港两地共同举行发布会，签署《沪港国际金融中 心协同发展行动方案》。在年初以来港股一二级市场火热的背景下，我们认为该方案有两层重要含义。1）资金引进来 ...

Core Viewpoint - The 2025 Lujiazui Forum highlighted significant policy signals aimed at enhancing financial openness and cooperation, with a focus on high-quality development in the context of global economic changes [1][2]. Group 1: Financial Policies and Innovations - The People's Bank of China (PBOC) announced eight innovative policies for Shanghai, including the establishment of a bank interbank market trading report library and a digital RMB international operation center [2][3]. - A series of favorable policies were introduced, such as the pilot program for green foreign debt and the expansion of Qualified Domestic Institutional Investor (QDII) investment quotas [1][14]. - As of May 31, 2025, the cumulative approved QDII quota reached $167.79 billion, with 189 institutions approved for QDII investment quotas [16]. Group 2: Global Financial Governance - PBOC Governor Pan Gongsheng emphasized the need for reform in the global monetary and payment systems, noting that the RMB has become the second-largest trade financing currency and the third-largest payment currency globally [3][5]. - The international monetary system is evolving towards a structure where a few sovereign currencies coexist and compete, necessitating responsible governance from the issuing countries [5][6]. Group 3: Cross-Border Payment Systems - The cross-border payment system is shifting towards diversification, with an increasing number of countries using local currencies for settlements, thereby changing the dominance of a single sovereign currency [6][7]. - Emerging technologies like blockchain and distributed ledger are reshaping traditional payment systems, significantly shortening cross-border payment chains [7]. Group 4: Foreign Investment and Market Opportunities - Foreign banks and insurance institutions in China have total assets exceeding 7 trillion yuan, with foreign insurance companies' market share increasing from 4% in 2013 to 9% currently [11]. - The Chinese market presents vast opportunities in consumer finance and technology sectors, with significant growth potential in service consumption [11][12]. Group 5: Capital Market Reforms - The China Securities Regulatory Commission (CSRC) announced a series of reforms for the Sci-Tech Innovation Board, including the introduction of a growth layer for technology companies that are not yet profitable [19][20]. - The CSRC will expand the application of the fifth listing standard to support more cutting-edge technology sectors, including artificial intelligence and commercial aerospace [21][22].