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32家科创板未摘U公司纳入成长层 将受益两项“新老划断”安排
Core Viewpoint - The newly established "Science and Technology Innovation Board Growth Layer" aims to support unprofitable technology companies by providing a more accommodating regulatory framework, benefiting existing companies while posing higher challenges for new entrants [1][2][5]. Group 1: Regulatory Changes - The Shanghai Stock Exchange has released the "Self-Regulatory Guidelines No. 5 for Science and Technology Innovation Board Listed Companies," which will include companies that have not yet achieved profitability since their listing [1][2]. - Currently, there are 32 companies on the Science and Technology Innovation Board that have not been delisted and will be classified as existing companies in the growth layer [2][3]. - The guidelines introduce a "new and old distinction" in the criteria for delisting and investor suitability management, favoring existing unprofitable companies [5][6]. Group 2: Impact on Companies - Existing companies will only need to achieve profitability for the first time to remain in the growth layer, while new companies face stricter criteria, including a requirement for positive net profit over the last two years or a minimum revenue of 100 million yuan [4][5]. - The introduction of a specialized risk disclosure document for investors in new registered companies increases compliance costs and liquidity pressure for these firms [5][6]. Group 3: Market Implications - The growth layer is designed to support technology companies with significant breakthroughs and ongoing R&D investments, even if they are currently unprofitable [6][8]. - The policy aims to enhance investor expectations for unprofitable companies, potentially improving their market valuation and financing environment [6][7]. - The reforms reflect a commitment to adapt the capital market to better serve the real economy and support emerging industries [6][8]. Group 4: Future Directions - Future reforms should focus on strengthening information disclosure regulations to ensure investors receive timely and accurate information [8][9]. - Enhancements to trading mechanisms, such as relaxing price limits and introducing more market makers, are suggested to improve market liquidity and attract quality technology companies [9]. - A refined delisting system is necessary to maintain a healthy market ecosystem by allowing non-compliant companies to exit while retaining high-quality firms [9].
21专访|田轩详解科创板新政:IPO预先审阅应健全预审标准
Sou Hu Cai Jing· 2025-06-24 12:46
Core Viewpoint - The recent launch of the "1+6" new policy for the Sci-Tech Innovation Board (STAR Market) by the China Securities Regulatory Commission (CSRC) has garnered significant market attention, particularly the reintroduction and expansion of the fifth listing standard, which opens up opportunities for high-quality unprofitable companies to go public [1][3][4] Group 1: Policy Changes and Implications - The fifth listing standard has been expanded to cover cutting-edge fields such as artificial intelligence, commercial aerospace, and low-altitude economy, enhancing the inclusivity and adaptability of the capital market for hard-tech companies [3][4] - The introduction of a new "U" label for unprofitable companies in the newly established Sci-Tech Growth Layer aims to improve transparency and help investors better identify and assess risks associated with these companies [9][10] - The new policy encourages collaboration between companies and experienced institutional investors, which is expected to enhance the identification and support of high-quality unprofitable enterprises [5][6] Group 2: Market Dynamics and Investor Considerations - The involvement of seasoned institutional investors is designed to provide a more accurate assessment of companies' innovation potential beyond just financial metrics, thereby guiding capital towards promising unprofitable firms [5][6] - The policy may lead to a situation where companies seek to partner with institutional investors primarily to meet listing requirements, potentially resulting in superficial collaborations rather than genuine partnerships [7][8] - The establishment of differentiated exit standards for companies in the Sci-Tech Growth Layer aims to ensure that only those with sustainable growth and profitability can transition out, thereby enhancing market quality [11][12] Group 3: IPO Pre-Review Mechanism - The newly introduced IPO pre-review mechanism allows companies to identify and address potential issues before formal submission, which could shorten the review cycle and increase the likelihood of successful listings [14][15] - This mechanism is particularly suited for strategic emerging industries with clear core technology projects that have significant implications for national and industry development [15] - However, the pre-review process may not fully uncover all issues, and there are concerns about the lack of transparency and potential information asymmetry in the market [16][17][18]
科创板深化改革再出发
继去年宣布推出"科创板八条"后,证监会主席吴清又一次在陆家嘴论坛为科创板发声。 他分享的数据显示,2024年,科创板全年研发投入总额1681亿元,超过净利润2.5倍,同比增长6.4%, 全年新增发明专利两万项,6年累计形成发明专利超过12万项。同时持续推动科创债提质扩量,科创债 增至1.1万亿元,占公司债比例由5.2%提升到9.2%。 从活跃并购重组市场,支持新旧动能转换上看,2024年,沪市披露各类资产重组方案700余单,其中重 大资产重组60单,同比增长50%,7成并购标的属于半导体、新能源等新兴产业领域,今年以来披露的 资产重组方案341单,同比增长25%,其中重大资产重组49单,同比增加206%。 聚焦提升制度的包容性和适应性,在科创板设置科创成长层也被认为是深化科创板改革的抓手。上海证 券交易所有关负责人在6月18日答记者问时介绍,科创成长层重点服务技术有较大突破、商业前景广 阔、持续研发投入大,目前仍处于未盈利阶段的科技型企业。前期已上市的存量未盈利企业和新上市的 未盈利企业,共同纳入科创成长层。 该负责人尤其强调,科创成长层建设过程中,上海证券交易所将牢牢把握科创板"硬科技"定位和科创成 长层定 ...
科创成长层对机构投资者提出的挑战
正是上述原因,此次科创板改革还试点引入资深专业机构投资者制度,希望借助这些机构投资者的专业 判断、真金白银的投入,帮助审核机构、投资者增强对企业科创属性、商业前景的判断,更加有效地识 别优质科技型企业。 对于机构投资者来说,真正考验他们专业能力的时候来了。 6月18日,中国证监会正式发布《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》,在科 创板内部新设科创成长层,为未盈利但前景广阔的科技型企业开辟专属上市通道。科创成长层企业股票 简称后添加"U"(Unprofitable),作为特殊标识。 科创成长层的推出,大幅提升了资本市场对科技创新企业的包容性与适应性,为人工智能、商业航天、 低空经济等更多前沿领域注入源头活水,体现资本市场服务科技创新的应有之义。 需要指出的是,当资本市场向未来科技敞开大门时,当"U"标识企业持续涌入资本市场时,新的投资机 遇实际上也对投资者的专业投资能力也提出了更高的要求和更大的挑战。 科创成长层企业的"U"标识,暗含着企业更难以评估的价值。实事求是地说,很多未盈利科技企业有技 术理论的支撑,但其价值更多被寄望于未来的市场潜力,而非眼前实实在在的利润,投资者不能沿用传 统的市 ...
中银晨会聚焦-20250622
证券研究报告——晨会聚焦 2025 年 6 月 22 日 | 6 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 688019.SH | 安集科技 | | 688198.SH | 佰仁医疗 | | 000524.SZ | 岭南控股 | | 600600.SH | 青岛啤酒 | | 688507.SH | 索辰科技 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3362.11 | (0.79) | | 深证成指 | 10051.97 | (1.21) | | 沪深 300 | 3843.09 | (0.82) | | 中小 100 | 6338.05 | (0.87) | | 创业板指 | 2026.82 | (1.36) | 行业表现(申万一级) | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 石油石化 | 0.86 | 纺织服饰 | (2.36) | | 银行 | (0.15) | 美 ...
设置“科创成长层”为哪般
Jing Ji Ri Bao· 2025-06-21 22:26
6月18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》,标志着资 本市场服务科技创新的改革迈入深水区。 科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大、目前仍处于未盈利阶段的科技 型企业。 不盈利也可以上市,是设立科创板并试点注册制的标志性改革之一。目前,累计有54家未盈利企业在科 创板上市,其中有22家企业上市后实现盈利,成功摘掉了"未盈利"的帽子。2024年,这54家企业共实现 营业收入1744.79亿元。 站在科创板开板六周年的新起点上,在科创板设置科创成长层,是支持科技创新的又一次重大制度创 新。 此外,科技成长层集中管理未盈利企业,一方面有利于为增量制度改革提供更可控的"试验空间",可以 试点一些更具包容性的政策举措;另一方面也通过特殊标识"U"、风险揭示书等投资者保护机制筑起防 火墙,便于投资者更好识别风险,更好保护投资者合法权益。 上市是起点不是终点,融资是工具不是目的。科创成长层的设立,本质是资本市场对科技创新规律的深 度适配,是要破解"技术强、盈利弱"企业的融资困境,构建"科技—资本—产业"良性循环,引导市场 从"唯盈利"转向"重技术含金量"。 展 ...
高频经济跟踪周报20250621:国际油价升至年内高位-20250621
Tianfeng Securities· 2025-06-21 13:59
Demand - New housing transactions continue to rise, with a week-on-week increase of 10% in the 20 cities monitored, although year-on-year figures show a decline of 16% [12][30] - In first-tier cities, new housing transaction area increased by 3% week-on-week, with Beijing, Guangzhou, and Shenzhen seeing increases of 49%, 7%, and 2% respectively, while Shanghai experienced a decline of 19% [12][21] - Second-tier cities saw a week-on-week increase of 13% in new housing transactions, while third-tier cities increased by 12% [12][19] Production - Industrial production remains stable, with the rebar operating rate holding steady at 42.3% and PTA operating rate slightly decreasing by 2.4 percentage points to 80.9% [47][61] - The operating rate for automotive tires has turned positive, supported by the "trade-in" subsidy policy, which is expected to bolster production in the short term [47][61] Investment - Rebar apparent consumption has shown weakness, with a week-on-week decrease of 0.4% to 2.19 million tons, and rebar prices fell by 0.2% to 3223.6 points [61][61] - Cement prices have decreased by 0.6% to 115.0 points, with a slight decline in cement shipping rates and an increase in cement inventory ratio [61][71] Trade - Port container throughput has decreased by 0.7% week-on-week, while the CCFI composite index rose by 8.0%, with significant increases in freight rates for the US West and European routes [73][81] - The CICFI composite index increased slightly by 0.5%, indicating a rise in import shipping prices [73][81] Prices - Agricultural product prices have shown weakness, with the wholesale price index declining by 0.3%, while pork and egg prices also fell slightly [85][89] - International crude oil prices have surged, with Brent crude rising by 8.9% week-on-week, driven by geopolitical tensions and seasonal demand increases [91][96] Interest Rate Bonds - The upcoming issuance plan for special bonds in July exceeds 500 billion yuan, with a total of 6,956 billion yuan in bonds to be issued next week [104][109] - As of June 20, the cumulative issuance progress for new special bonds stands at 38.4%, with a total of 16,904 billion yuan issued this year [109][113]
基金大事件|跨境支付通迎来里程碑时刻!传奇投资人重磅发声!
Zhong Guo Ji Jin Bao· 2025-06-21 10:31
登录新浪财经APP 搜索【信披】查看更多考评等级 6.20【★★★★★】 跨境支付通 见证历史!重磅来了,就在6月22日! 6月20日,中国人民银行、香港金融管理局联合发布公告称,共同推动并支持由中国人民银行清算总中心和香港银行同业结算有限公司开展内地与香港快 速支付系统互联互通合作(以下简称"跨境支付通),标志着内地—香港金融市场互联互通跨越新的里程碑。 据中国人民银行微信公众号,跨境支付通是指通过内地网上支付跨行清算系统与香港快速支付系统"转数快"连接,在遵从两地相关法律法规的前提下,为 两地居民提供实时跨境支付服务。 跨境支付通将于2025年6月22日上线,内地和香港各有6家银行为首批参与银行。 6.20【★★★★★】 政策监管 大消息!监管出手,券商"大考"规则要变了 证券行业重磅消息来了! 6月20日,证监会于官网发布《证券公司分类评价规定(修订草案征求意见稿)》(以下简称《规定》),意见反馈截止时间为2025年7月5日。 此次最为直观的调整是规则名称的变化,由此前的《证券公司分类监管规定》调整为《证券公司分类评价规定》。同时,《规定》适当整合、优化了业务 发展指标,引导行业机构聚焦高质量发展,支持 ...
基金大事件|跨境支付通迎来里程碑时刻!传奇投资人重磅发声!
中国基金报· 2025-06-21 10:23
6.20【★ ★ ★ ★ ★ 】 跨境支付通 见证历史!重磅来了,就在6月22日! 6月20日,中国人民银行、香港金融管理局联合发布公告称,共同推动并支持由中国人民银行清算总中 心和香港银行同业结算有限公司开展内地与香港快速支付系统互联互通合作(以下简称"跨境支付 通),标志着内地—香港金融市场互联互通跨越新的里程碑。 据中国人民银行微信公众号,跨境支付通是指通过内地网上支付跨行清算系统与香港快速支付系统"转 数快"连接,在遵从两地相关法律法规的前提下,为两地居民提供实时跨境支付服务。 跨境支付通将于 2025年6月22日上线,内地和香港各有6家银行为首批参与银行。 6.20【★★ ★ ★ ★ 】 政策监管 大消息!监管出手,券商"大考"规则要变了 证券行业重磅消息来了! 6月20日,证监会于官网发布《证券公司分类评价规定(修订草案征求意见稿)》(以下简称《规 定》),意见反馈截止时间为2025年7月5日。 此次最为直观的调整是规则名称的变化,由此前的《证券公司分类监管规定》调整为《证券公司分类 评价规定》。同时,《规定》适当整合、优化了业务发展指标,引导行业机构聚焦高质量发展,支持 中小机构差异化发展、特色 ...
独角兽吹响集结号!科创成长层闪亮登场,未盈利企业IPO“跑起来”
Hua Xia Shi Bao· 2025-06-20 12:07
同时,《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》(下称"《科创板意见》")正式发布,深 化科创板改革"1+6"政策措施亮相。 自2019年6月13日上海证券交易所科创板正式开板六年来,科创板以制度创新激发市场活力,以市场活力反哺科技 创新,成功探索出一条资本市场与科技产业深度融合的中国路径。 清华大学国家金融研究院院长、金融学讲席教授田轩接受《华夏时报》记者采访时表示,设置科创成长层意义重 大,增强了制度的包容性和适应性,为科技创新型企业提供更精准的融资平台。 华夏时报(www.chinatimes.net.cn)记者 王兆寰 北京报道 6月18日,在2025陆家嘴金融论坛上,中国证监会主席吴清表示将重启科创板第五套标准,正式启用创业板第三套 标准,支持优质未盈利创新企业上市,更好地服务科技创新和新质生产力发展。 统计数据显示,科创板设立以来,A股共有54家未盈利企业成功登陆科创板,目前累计有22家企业上市后实现盈 利;20家生物医药公司通过科创板标准五上市,其中19家实现核心产品上市,成绩可圈可点。 不过,即便这一制度已经具备一定的包容性,但在具体实施过程中仍存在一些需要细化和探讨的领域,一 ...