上交所将 加大对科技企业的全生命周期全链条服务力度。 上交所近期联合有关部门先后在上海、北京等地举办科创板改革"1+6"政策宣介会，正式启动在全国重点 省市以及科技企业聚集地的系列宣传贯彻活动，旨在尽快推动科创板改革"1+6"政策落地见效，全面提升 上交所支持地方经济高质量发展和科技创新的效能。 地方政府相关部门表示，我国科技创新正在从"量"的积累迈向"质"的飞跃，科创板改革从"试验田"走向高 质量发展的"示范田"。2025陆家嘴论坛上宣布的科创板改革"1+6"政策措施，对于助力国家科技自立自强 和地方经济高质量发展具有重要意义。上海、北京作为全国创新发展的先行者，将积极发挥在集成电路、 生物医药、人工智能、商业航天、低空经济等产业的集聚优势，加快推动典型案例落地。 与会科技企业代表表示，科创板改革牵动着企业家的科创梦想与激情，设立科创板并试点注册制提振了中 国科创企业家的"精气神"。最近两年陆续推出的新"国九条""科八条"以及科创板改革"1+6"政策，持续为企 业家科技创新加油鼓劲。 据了解，上交所后续还将在全国范围内科技企业聚集的省份和城市举办"1+6"政策系列宣传贯彻活动，进 一步加强与地方政府、当地证 ...

近期上交所联合有关部门先后在上海、北京等地举办科创板改革"1+6"政策宣介会，正式启动在全国重 点省市以及科技企业聚集地的系列宣贯活动。地方金融、科技、经信等相关部门、重点园区，上海、北 京证监局，200余家重点科创企业以及证券公司代表，共420余人参会。 ...

Group 1 - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" have been effectively implemented over the past year, with over 30 reform measures launched, covering areas such as issuance underwriting, refinancing, and mergers and acquisitions [1][2] - The introduction of a 3% maximum quotation exclusion ratio for offline subscriptions has led to a more prudent pricing environment, reducing extreme high-price behaviors among investors [1][2] - The "light asset, high R&D" recognition standard has been officially implemented, encouraging companies to increase R&D investment, with 9 companies already disclosing refinancing plans totaling nearly 25 billion [2][3] Group 2 - The merger and acquisition market on the Sci-Tech Innovation Board has seen significant activity, with 110 new transactions announced in the past year, totaling over 140 billion [3][4] - Notable cases include the first stock swap merger following the revised regulations, showcasing the board's increasing marketization and diversification in transaction pricing and valuation mechanisms [3][4] - Companies are increasingly utilizing various financing methods for mergers, including convertible bonds and private placements, with 12 companies introducing state or industrial capital as controlling shareholders [4][5] Group 3 - Suggestions for further reform include attracting more long-term capital, enhancing the financing environment for unprofitable "hard tech" companies, and improving the valuation guidance for long-term R&D firms [4][5] - The Shanghai Stock Exchange aims to strengthen the Sci-Tech Innovation Board's role as a "testbed" for reforms, enhancing the adaptability and inclusiveness of the system to better support technological innovation and new productivity development [5]

Core Insights - The A-share market showed mixed performance last Friday, with the Shanghai Composite Index down by 0.7%, while the Shenzhen Component Index and the ChiNext Index rose by 0.34% and 0.47% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 15,409.36 billion yuan [1][7] - In terms of industry performance, non-ferrous metals, telecommunications, and textile and apparel sectors led the gains, while banking, public utilities, and food and beverage sectors lagged behind. Concept sectors such as copper cable high-speed connections, metal zinc, and newly listed technology stocks saw significant increases, whereas cross-border payments, combustible ice, and digital currencies experienced declines [1][7] Market News - During the 2025 Listed Companies Forum held in Wenzhou on June 28-29, leaders from the four major exchanges (Shanghai, Shenzhen, Beijing, and Hong Kong) emphasized multi-dimensional reform signals. The Shanghai Stock Exchange's deputy general manager stated that they will solidly promote the "1+6" reform measures and demonstration cases [2][8] - The Hong Kong market will adjust its stock transaction fees starting June 30, increasing from 0.002% to 0.0042% of the transaction amount, while removing the minimum fee of 2 HKD and the maximum fee of 100 HKD. This adjustment is expected to lower transaction costs for small trades and help institutional investors better control costs during large-scale transactions [3][9] Investment Highlights - As of June 25, the A-share market indices generally rose, with the Shanghai Composite Index closing at 3,455.97 points, reflecting a 3.24% increase from the end of May. The Shanghai 50 and CSI 300 indices showed significant gains [10] - Market liquidity has improved, with an increase in the scale of locked-up shares released in June compared to the previous month. The establishment of new equity funds and increased share buybacks by major shareholders contributed to a continued rise in trading volume [10] - Investor confidence has rebounded, with trading activity increasing following the easing of US-China trade tensions. However, geopolitical conflicts and domestic economic data have caused some adjustments in the market [10][12] - The Chinese government is focusing on expanding domestic demand and enhancing internal economic momentum, with the People's Bank of China and other departments issuing guidelines to support consumption growth through financial services [13][12] - The recent announcements from the China Securities Regulatory Commission (CSRC) regarding capital market reforms and support for technology enterprises are expected to boost investor confidence and improve long-term liquidity in the A-share market [13][12]

Core Insights - The IPO business in A-shares and Hong Kong has shown signs of recovery in 2025, with A-share IPO financing amounting to 37.355 billion yuan, a year-on-year increase of 14.96%, and the number of IPOs reaching 51, up 15.91% [2][4]. In Hong Kong, the IPO financing total has surged to 104.721 billion HKD (approximately 95.663 billion yuan), reflecting a staggering year-on-year growth of 785.99% [2]. A-share Market Developments - The China Securities Regulatory Commission (CSRC) has introduced new policies to deepen the reform of the Sci-Tech Innovation Board, including the establishment of a growth layer and the reactivation of listing standards for unprofitable companies [2][11]. - The number of IPO projects accepted by the Shanghai, Shenzhen, and Beijing exchanges has significantly increased, with 67 projects accepted in June alone, compared to only 30 in the first half of 2024 [6][7]. Brokerages and Investment Banks - Brokerages are experiencing a structural recovery in their investment banking businesses, with top firms leveraging bond underwriting and cross-border mergers to achieve growth despite an overall decline in average revenues [4][12]. - The competitive landscape among brokerages is shifting, with a notable increase in the number of successful IPOs from smaller firms, while larger firms maintain stable project volumes [9][10]. Hong Kong Market Dynamics - The Hong Kong IPO market has seen a significant uptick, with 28 brokerages participating in new stock issuances, and Chinese brokerages leading in the number of deals [13][14]. - The total IPO financing in Hong Kong has surpassed 100 billion HKD, exceeding the total amounts raised in the previous three years and accounting for one-third of the average annual IPO financing from 2018 to 2021 [14][15]. Future Outlook - The overall market activity is expected to increase in 2025 due to a series of capital market reforms, which will enhance the trading environment and boost investment banking revenues [12]. - Positive market factors are anticipated to provide a favorable environment for high-quality IPO projects, suggesting a continued prosperous outlook for the Hong Kong IPO market in the latter half of 2025 [16].

Group 1 - The core point of the news is the upcoming IPO of He Yuan Biotechnology, which will be the first company to utilize the newly reintroduced fifth listing standard on the Sci-Tech Innovation Board [1][2] - He Yuan Biotechnology plans to raise 2.4 billion yuan for the construction of a human albumin industrialization base, new drug research and development projects, and to supplement working capital [1] - The company, established in 2006, primarily engages in innovative drug research and development, with current revenues mainly from non-core products such as pharmaceutical excipients and research reagents, and has not yet achieved profitability [1][2] Group 2 - The fifth listing standard is designed for companies with complex product technologies, significant capital investment, and long research and development cycles, and will now also support enterprises in artificial intelligence, commercial aerospace, and low-altitude economy [2] - Since the establishment of the Sci-Tech Innovation Board, 588 listed companies have a total market value exceeding 6.8 trillion yuan, with cumulative fundraising surpassing 1 trillion yuan, significantly supporting the development of new productive forces [2] - In 2024, the 54 unprofitable companies listed on the Sci-Tech Innovation Board achieved a total revenue of 174.48 billion yuan, with 26 companies exceeding 1 billion yuan in revenue [2] Group 3 - The new round of reforms aims to deepen the comprehensive reform of capital market investment and financing, better serving technological innovation and the development of new productive forces [3] - The distribution of the 588 listed companies spans 23 provinces, with Jiangsu having the strongest presence at 114 companies, followed by Shanghai and Guangdong [3][8] - The "Yangtze River Delta" region shows a strong performance, with six out of the top ten cities for listed companies located there [7][8]

Market Overview - The A-share market showed a general upward trend in June, with the Shanghai Composite Index closing at 3,455.97 points, an increase of 3.24% compared to the end of May. The Shanghai 50 and CSI 300 indices experienced significant gains [2][11][12] - In June, 23 out of 31 Shenwan first-level industries saw an increase, with the non-bank financial sector leading with a growth of 10.64% [12][41] - The consumer sector is expected to benefit from policies aimed at expanding domestic demand, with a focus on enhancing consumption potential [3][44] Market Liquidity and Risk Sentiment - As of June 25, the A-share market's liquidity improved, with a net increase in major shareholders' holdings amounting to 46.132 billion yuan, and the total amount of A-share unlocks reaching approximately 215.756 billion yuan, an increase from the previous month [24][28] - The average daily trading volume in the A-share market increased to 12,943.21 billion yuan, up 6.55% from May [28][31] - The sentiment in the market was influenced by the easing of US-China trade tensions and the announcement of new policies aimed at supporting technology enterprises, which helped boost investor confidence [32][44] Policy Analysis - The Chinese government has introduced a series of measures to support consumption and economic growth, including 19 key initiatives aimed at enhancing financial services for consumption [44][45] - The introduction of the "1+6" policy measures for the Sci-Tech Innovation Board aims to better serve technology enterprises and enhance the inclusivity and adaptability of the system [45][46] - The focus on expanding domestic demand and strengthening the domestic circulation is expected to provide a solid foundation for sustained economic recovery [3][44] Valuation Levels - As of June 25, the dynamic price-to-earnings (PE) ratio for the Shanghai 50 index is at a historical percentile of 78.44%, indicating a relatively high valuation compared to historical levels [41][42] - Most Shenwan first-level industries have seen an increase in valuation, with sectors such as retail, telecommunications, and electronics exceeding the historical 50th percentile for PE ratios [42][43]

这一现象与审计截止日密切相关。企业年中申报通常采用上期末年报数据，从券商内部质控审核到辅导验收需近5 - 6个月时间，使得6月成为企业辅导备案数量较多的月份。此外，6月18日，证监会发布科创板改革"1 + 6"政策， 提出重启未盈利企业适用科创板第五套标准上市后，IPO市场立马有了新动态。6月18日至24日期间，兆芯集成、 上海超硅2家未盈利企业的IPO申报获得受理。 自6月17日以来，沪深北交易所受理IPO申报节奏明显加快，8天内合计受理53家IPO企业。6月25日更是创下今年 以来单日最高受理记录，15家企业获得受理。从分布的交易所板块看，6月以来获得受理的企业中，北交所企业43 家，深交所企业13家（深主板4家，创业板9家）、上交所11家（主板5家，科创板6家），北交所占比62.32%。 此外，德勤中国指出，预计2025年下半年A股市场的表现将与上半年相似。随着中国证监会进一步深化科创板改 革"1+6"政策措施的推出，以及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等政策的实施，未来A 股市场将逐步活跃，高科技企业的上市表现将尤为明显。（南木） 【环球网财经综合报道】东方财富Choice数据显示 ...

Group 1 - The A-share market is experiencing a collective rise, with the Sci-Tech 50 Index ETF (588870) showing a significant increase of 1.59%, aiming for a third consecutive day of gains, and a turnover rate nearing 15% [1] - The net inflow into the Sci-Tech 50 Index ETF over the past 60 days has exceeded 130 million, with a year-to-date share growth rate of over 25%, leading its peers [1] - Most constituent stocks of the Sci-Tech 50 Index ETF have risen, with notable increases including a more than 5% rise in Human-Machine, over 2% in SMIC and Kingsoft Office, and over 1% in several others [3] Group 2 - The recent reform in the Sci-Tech Board, which includes the introduction of a growth layer, aims to enhance the inclusivity and adaptability of the system, expanding the scope of the fifth listing standard to cover cutting-edge technology sectors [4] - The core indicators of the new listing standard include a minimum expected market value of 4 billion and the requirement for R&D achievements to be approved by relevant national departments [4] - The reform is expected to provide substantial support for capital operations in emerging industries, broadening financing channels for leading companies in sectors like commercial aerospace and low-altitude economy [4][5] Group 3 - The Shanghai Stock Exchange has quickly responded to the policy release by advancing supporting rules, which include establishing a growth layer and a pilot pre-review mechanism for IPOs [5] - The "1 + 6" reform package introduced at the Lujiazui Forum is anticipated to elevate the reform efforts in the capital market, with expectations for continued support for private technology enterprises [5][6] - The anticipated increase in market activity and support for private enterprises is expected to benefit technology leaders with financing needs, as well as the brokerage sector due to enhanced trading activity [6] Group 4 - The Sci-Tech 50 Index ETF (588870) tracks the top 50 stocks in the Sci-Tech Board, covering sectors such as electronics, pharmaceuticals, power equipment, and computers [6] - The management fee rate for the Sci-Tech 50 Index ETF is as low as 0.15%, and the custody fee rate is as low as 0.05%, making it the lowest in the market [7]

Core Viewpoint - The introduction of the "Science and Technology Innovation Board Growth Layer" aims to enhance the inclusiveness and adaptability of the system for high-quality technology enterprises, allowing unprofitable companies to list under the fifth set of standards [1][2]. Group 1: Reform Measures - The "Science and Technology Innovation Board Opinions" propose six reform measures to enhance the system's inclusiveness for technology enterprises [1]. - A pilot IPO pre-review mechanism will be introduced for quality technology enterprises, allowing them to seek pre-review of their application documents before formal submission [3][5]. - The scope of the fifth set of listing standards will be expanded to include more emerging industries, particularly in artificial intelligence, commercial aerospace, and low-altitude economy [7][8]. Group 2: Market Adaptation - The reforms are designed to align with the commercial realities of technology enterprises and the latest trends in technological innovation and industrial development [2]. - The introduction of the pre-review mechanism is intended to protect sensitive business information and enhance the quality of services provided to technology enterprises by the stock exchange [4][5]. Group 3: Focus on Quality - The reforms emphasize maintaining strict entry standards for IPOs, ensuring that the focus remains on supporting quality technology enterprises rather than merely increasing the number of listings [9]. - The regulatory body will continue to implement measures to coordinate investment and financing, promoting the development of long-term capital in the market [10].