Group 1 - The first batch of new registered companies, including Xian Yicai, Heyuan Bio, and Bibete, has been listed on the Sci-Tech Innovation Board, marking a significant step in capital market support for technological innovation and new productivity development [2][4] - On the first day of trading, the three companies experienced substantial gains, with Heyuan Bio and Xian Yicai both rising approximately 200%, and Bibete increasing by 74.41% [3][5] - The listing of these companies reflects a growing enthusiasm among institutional investors, indicating recognition of their long-term investment value, despite warnings about the risks associated with investing in unprofitable companies [5][4] Group 2 - As of October 28, the Sci-Tech Innovation Board has 592 listed companies with a total market capitalization exceeding 9 trillion yuan, showcasing the board's focus on "hard technology" enterprises [6] - Since the implementation of the "1+6" reform policy in June, the Sci-Tech Innovation Board has accepted 26 new companies, including 8 unprofitable ones, with a total IPO financing amount of 16.95 billion yuan, representing a 54% year-on-year increase [7] - The Shanghai Stock Exchange aims to enhance its support for high-quality development by identifying and supporting innovative companies in fields such as artificial intelligence and commercial aerospace, while also improving regulatory effectiveness [8][10]

Core Viewpoint - The successful listing of Xi'an Yiswei Materials Technology Co., Ltd. on the Sci-Tech Innovation Board marks a significant milestone for the domestic semiconductor industry, enhancing the localization rate of 12-inch silicon wafers and providing a model for other tech companies in rapid development [1][3]. Group 1: Company Overview - Xi'an Yiswei's stock surged by 461% on its debut, reaching a market capitalization of 160 billion yuan, making it the first unprofitable company to go public after the "Eight Policies" were released [1]. - The company is positioned as a leader in the domestic 12-inch silicon wafer market, with a production capacity of 710,000 wafers per month, accounting for over 30% of the total domestic capacity [4]. Group 2: Investment Journey - The investment journey began in early 2019 when Sun Dafei and his team from Sanhang Capital and Zhonghang Capital invested in Yiswei Technology, which later evolved into Xi'an Yiswei Materials [3][5]. - Over the years, the company has undergone multiple rounds of financing, with a total investment exceeding 20 billion yuan and 10 billion yuan raised through financing [9]. Group 3: Market Context - The 12-inch silicon wafer market has been dominated by five international giants, holding a 92% market share, highlighting the significance of Xi'an Yiswei's entry into the market [4]. - The demand for 12-inch silicon wafers has surged due to the growth of AI computing power and the proliferation of electric vehicles, with domestic production capacity expected to reach 2.35 million wafers per month by 2024 [4]. Group 4: Technological Development - Xi'an Yiswei established a team of 20 Japanese and Korean experts in 2018 to cover all process stages, which has been crucial for its technological advancement and competitive edge in the market [4]. - The company has faced numerous challenges, including industry cycles and customer trust, but has demonstrated resilience and commitment to the semiconductor sector [9][10].

上交所理事长邱勇在致辞中表示，上交所将坚决贯彻落实党中央决策部署，更好地服务高质量发展。 一是坚持"硬科技"定位，进一步发挥科创板"试验田"作用，把好准入关，更好识别优质科创企业，支持 人工智能、商业航天、低空经济等更多前沿科技领域适用第五套标准，不拘一格支持具有参与全球竞争 潜力的"硬科技"企业上市。 二是坚持以改革促发展，提升制度包容性、适应性，深化发行承销、再融资、并购重组等领域的适配性 改革，引导各类要素资源加快向科创领域集聚。 三是坚持强监管，持续提升监管效能，切实做到严而有度、严而有方、严而有效，积极探索适应科技创 新规律的监管方式，不断增强市场对科创企业的信心和预期。 【导读】10月28日，科创板科创成长层首批新注册公司上市 10月28日，科创板科创成长层首批新注册企业上市仪式在上交所举行。禾元生物、西安奕材、必贝特三 家公司登陆科创板，成为科创板科创成长层首批新注册公司。 仪式现场，来自证监会、交易所、地方政府、上市公司、中介机构的领导、嘉宾齐聚一堂，共同见证这 一历史性时刻。 中国证监会副主席李超在致辞时表示，去年以来，证监会相继推出"科创板八条""并购六条"等重大政策 措施。今年6月实施的 ...

Core Insights - Entrepreneurs are encouraged to explore new overseas markets and seek new industrial momentum domestically, with three emerging industries in China: (1) strong and supplementary chains around hard technology, new energy vehicles, and energy storage; (2) overseas e-commerce driven by platforms like Pinduoduo and Douyin; (3) high-cost performance consumption in sinking markets [1] Group 1: Event Overview - The "Black Horse Mountain and Sea Plan" event will take place from November 20 to 22, 2025, in Huangshan, led by Niu Wenwen and Feng Weidong, aimed at enhancing entrepreneurial leadership and brand positioning [3][9] - The event includes a series of activities designed to foster collaboration among entrepreneurs, focusing on leadership, brand co-creation, and resource sharing [7][12] Group 2: Key Activities - The itinerary features a welcome dinner, nature exploration, and discussions on entrepreneurial leadership and brand positioning, culminating in a summit at the peak of Huangshan [9][10] - Participants will engage in workshops and discussions on brand positioning and entrepreneurial leadership, with insights from industry leaders [9][10]

Core Viewpoint - The Shanghai Composite Index has broken the 4000-point mark for the first time in ten years, indicating strong market confidence in China's economic future and capital market reforms, and suggesting the potential for a new bull market [5]. Market Performance - On October 28, the Shanghai Composite Index reached a new high, with a year-to-date increase of 19% [5]. - Historically, the index has only surpassed 4000 points during the bull markets of 2007 and 2015, marking significant milestones in those periods [5]. Expert Insights - Economist Song Qinghui emphasized the milestone significance of the index crossing 4000 points, reflecting market confidence and the potential for attracting more long-term capital, including foreign investment and pension funds [5]. - He also noted that while there may be short-term technical fluctuations following this breakthrough, the long-term outlook will depend on the ability of the "hard technology" sector to generate sustained profit growth [5]. Investment Strategies - Investors are advised to adopt a phased buying strategy to avoid chasing highs, especially in the context of potential market volatility following the index's new high [6]. - A balanced asset allocation strategy is recommended, utilizing a "core-satellite" approach to stabilize the investment base while capturing structural opportunities [7]. - It is suggested to set profit-taking targets without exiting the market entirely, allowing for dynamic adjustments to positions based on valuation levels and market conditions [7].

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. has successfully listed on the Sci-Tech Innovation Board, becoming the first unprofitable company to go public after the "Kebiao" policy, which will directly boost the domestic production rate of 12-inch silicon wafers to over 20% and enhance the overall competitiveness of China's semiconductor industry [5][6]. Group 1: Company Overview - Xi'an Yiswei's successful listing is a significant milestone, showcasing the collaborative efforts of various stakeholders, with capital playing a crucial role in its development [5][8]. - The company was established in 2016 and initiated its silicon wafer project in 2017, aiming to break the long-standing monopoly of five international giants that control 92% of the market [5][6]. Group 2: Market Context - The demand for 12-inch silicon wafers has surged due to the structural explosion in downstream needs, particularly driven by 3D NAND storage for smartphones and data centers [5][6]. - By 2024, domestic production capacity for 12-inch wafers is expected to reach 2.35 million pieces per month, with Xi'an Yiswei accounting for over 30% of this capacity at 710,000 pieces per month [6]. Group 3: Investment Journey - The investment journey began in early 2019, with the founding team focusing on hard technology and deepening their engagement in the semiconductor industry [7][8]. - Over eight years, the company has raised over 10 billion yuan in financing, with significant investments from various partners, demonstrating a commitment to long-term value in the semiconductor sector [8].

21世纪经济报道记者赵云帆，朱艺艺报道 10月28日，上海证券交易所理事长邱勇在科创板科创成长层首批新注册企业上市仪式上发布致辞，并谈到了科创板成长层快速 落实，未来将发挥科创板"试验田"作用把好准入关，坚持改革引导要素向科创倾斜，坚持强和提升监管效能，坚持以投资者保 护为中心，推进投融资协调发展等内容。 二是坚持以改革促发展，提升制度包容性、适应性，深化发行承销、再融资、并购重组等领域的适配性改革，引导各类要素资 源加快向科创领域集聚。 三是坚持强监管，持续提升监管效能，切实做到严而有度、严而有方、严而有效，积极探索适应科技创新规律的监管方式，不 断增强市场对科创企业的信心和预期。 四是坚持以投资者保护为中心，推进投融资协调发展，提升市场吸引力、竞争力，持续深化投资端改革，着力培育耐心资本、 长期资本，大力发展指数化投资，持续提升上市公司质量和投资价值，加快营造"资金愿意来、企业留得住、投资者有回报"的 市场生态。 （文章来源：21世纪经济报道） （图片来源：上交所） 邱勇表示，今年6月，科创板改革"1+6"政策正式发布，上交所全力以赴抓落实，在四个多月时间内，完成了规则、技术、市场 就绪准备工作，今天迎来 ...

Group 1 - The core viewpoint of the news highlights the significant drop and subsequent recovery of the A-share market indices, with the Kexin 50 ETF (588000) experiencing a 1.09% decline while its constituent stocks reached historical highs [1] - The Kexin 50 ETF (588000) has a trading volume exceeding 3.7 billion yuan, making it the top performer among similar products [1] - A breakthrough in the domestic production of photoresist, a key material in semiconductor lithography, has been achieved by a research team from Peking University, marking a critical step towards replacing foreign monopolies in the high-end photoresist market [1] Group 2 - The Kexin 50 ETF (588000) tracks the Kexin 50 Index, with 70.55% of its holdings in the electronics sector and 4.54% in the computer sector, aligning well with the development of cutting-edge industries such as artificial intelligence and robotics [2] - The ETF also covers multiple sub-sectors including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [2] - Investors optimistic about the long-term development prospects of China's hard technology are encouraged to continue monitoring this ETF [2]

Core Insights - The first three newly registered companies in the Sci-Tech Innovation Board's growth tier officially launched today, just over four months after the China Securities Regulatory Commission (CSRC) announced the establishment of this tier [2] Group 1: Company Developments - Among the first three companies, two are high-tech enterprises in the biopharmaceutical sector, while one is from the semiconductor materials field, all of which are currently unprofitable [2] - Since the beginning of the year, 11 companies have been listed on the Sci-Tech Innovation Board, raising a total of 16.95 billion yuan, representing a year-on-year increase of 54% [2] Group 2: Industry Trends - The Sci-Tech Innovation Board has become the preferred venue for "hard tech" companies to go public in China over the past six years, supporting the listing of 592 companies in high-tech and strategic emerging industries, with a total market capitalization exceeding 9 trillion yuan [2] - Among the 592 listed companies, 383 have been recognized as national-level specialized and innovative "little giant" enterprises [2]

Core Viewpoint - The Shanghai Stock Exchange (SSE) Chairman Qiu Yong emphasized the commitment to support "hard technology" companies in going public, highlighting the SSE's role as a "testing ground" for innovative enterprises with global competitive potential [1][2]. Group 1: Policy Implementation - In June, the SSE launched the "1+6" policy reform for the Sci-Tech Innovation Board, and within four months, it completed the necessary preparations for rules, technology, and market readiness for the first batch of newly registered companies [2]. - The SSE aims to better serve high-quality development by adhering to the "hard technology" positioning and enhancing the identification of quality sci-tech enterprises [2]. Group 2: Future Directions - The SSE plans to promote development through reform by enhancing the inclusiveness and adaptability of its systems, particularly in areas like issuance underwriting, refinancing, and mergers and acquisitions [2]. - There will be a focus on strong regulation to improve regulatory effectiveness, ensuring that the market maintains confidence in sci-tech enterprises [2]. - Investor protection will be prioritized, with efforts to coordinate investment and financing development, thereby enhancing market attractiveness and competitiveness [2].