Group 1 - The Shanghai Stock Exchange has officially released the "1+6" policy supporting the reform of the Sci-Tech Innovation Board, which includes three business guidelines and two revised business guidelines aimed at enhancing the inclusiveness and adaptability of the system for technology companies that are in the growth stage and not yet profitable [2] - The guidelines specify that the Sci-Tech Growth Layer will include existing unprofitable companies and newly registered unprofitable companies, with no additional listing thresholds for unprofitable firms [2] Group 2 - The Ministry of Finance has issued a notice to guide state-owned commercial insurance companies to establish a long-term assessment mechanism and improve asset-liability management, emphasizing stable operations and enhanced investment management capabilities [3] Group 3 - The Shenzhen Stock Exchange announced an optimization of the ChiNext Composite Index, introducing mechanisms for monthly removal of stocks under risk warning and ESG negative screening, aimed at improving the quality of sample stocks without altering the index's positioning [4] Group 4 - The China National Railway Group reported that fixed asset investment in railways reached 355.9 billion yuan in the first half of the year, a year-on-year increase of 5.5%, with 301 kilometers of new lines put into operation [5] Group 5 - Meituan reported a record high of 150 million instant retail orders as of July 12, with significant order volumes for its popular services [6] Group 6 - Trump announced a 30% tariff on products imported from Mexico and the EU starting August 1, 2025, which may impact trade dynamics [7] Group 7 - Lanke Technology expects a revenue of approximately 2.633 billion yuan for the first half of 2025, a year-on-year increase of about 58.17%, and a net profit of 1.1 to 1.2 billion yuan, reflecting a growth of 85.5% to 102.36% [10] - The company has submitted an application for H-share listing on the Hong Kong Stock Exchange [10] Group 8 - Zijin Mining expects a net profit of approximately 23.2 billion yuan for the first half of 2025, a year-on-year increase of about 54%, driven by rising sales prices and increased production of gold and copper [13][14] Group 9 - The company Deguang is planning a major asset restructuring to acquire 100% of Haowei Technology, with the issuance of shares and cash payments involved [12] Group 10 - Two companies, Kanghua Biology and Yangdian Technology, announced potential changes in control, with ongoing discussions and no formal agreements yet signed [11] Group 11 - CITIC Securities suggests that the current market environment is favorable for increasing allocations to Hong Kong stocks, while low-priced manufacturing sectors may benefit from increased liquidity and policy expectations [16] - Guotai Junan indicates that a "transformation bull market" is forming, driven by a systematic reduction in discount rates and a shift in economic structure [17] - Zhongtai Securities highlights three core drivers for the current market breakthrough, including sustained policy expectations and a focus on TMT sectors for investment [18]

Group 1 - The Shanghai Stock Exchange has officially released the "1+6" policy supporting the reform of the Sci-Tech Innovation Board, which includes guidelines aimed at enhancing the inclusiveness and adaptability of the system for technology companies that are in the growth stage and not yet profitable [2] - The Ministry of Finance has issued a notification to guide state-owned commercial insurance companies to establish a long-term assessment mechanism and improve asset-liability management, emphasizing stable operations and enhanced investment management capabilities [3] - The Shenzhen Stock Exchange announced an optimization of the Growth Enterprise Market Composite Index, introducing mechanisms for monthly removal of risk warning stocks and negative ESG screening, aimed at improving the quality of sample stocks [4] Group 2 - In the first half of the year, China's railway construction achieved a fixed asset investment of 355.9 billion yuan, a year-on-year increase of 5.5%, with 301 kilometers of new lines put into operation [5] - Major food delivery platforms are engaged in a subsidy war, with Meituan reporting a record high of 150 million instant retail orders [6] - U.S. President Trump announced a 30% tariff on products imported from Mexico and the EU starting August 1, 2025 [7] Group 3 - Lanke Technology has applied for an H-share listing, expecting a net profit growth of over 85% in the first half of 2025, driven by increased sales of DDR5 memory interface chips and high-performance chips [9] - Two companies, Kanghua Biology and Yangdian Technology, announced potential changes in control, with both companies planning to suspend trading [10] - Degute is planning a major asset restructuring to acquire 100% of Haowei Technology, with the stock expected to resume trading on July 14 [11][12] Group 4 - Zijin Mining expects a net profit of approximately 23.2 billion yuan for the first half of 2025, a year-on-year increase of about 54%, driven by rising sales prices and increased production of gold and copper [13][14] Group 5 - CITIC Securities suggests that the current market environment presents an opportunity to balance the Hong Kong and A-share allocations, with a focus on low-priced manufacturing sectors [16] - Guotai Junan indicates that a "transformation bull market" is forming, driven by a systematic reduction in discount rates and a shift in investor risk perception [17] - Zhongtai Securities highlights three core drivers for the recent market breakthrough, including sustained policy expectations and a focus on TMT sectors for investment [18]

Focus Events - The A-share brokerage sector is experiencing a significant performance surge, with companies like Huayin Securities expecting a net profit increase of 118.98% to 183.86%, and Guolian Minsheng forecasting a net profit growth of around 1183% [1] - The overall brokerage sector's stock prices have risen by 5.74% in the past week, compared to a 1.09% increase in the broader market [1] Macro News - The Shanghai Stock Exchange has implemented new rules to deepen the reform of the Sci-Tech Innovation Board, allowing 32 unprofitable companies to enter the growth tier and introducing a pre-review mechanism for IPO applications [3] Company Focus - Zijin Mining expects a net profit of approximately 232 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% due to rising sales prices of gold, copper, zinc, and silver [15] - Li Min Co., a leading company in the bactericide sector, anticipates a net profit of 260 million to 280 million yuan for the first half of 2025, reflecting a year-on-year growth of 719.25% to 782.27% [20] - Cobalt lithium company, Blue Lithium, forecasts a net profit increase of 79.29% to 115.15% for the first half of 2025, driven by increased sales in lithium battery and LED chip businesses [17]

Group 1 - The implementation of new quantitative regulations by the China Securities Regulatory Commission (CSRC) has led to increased volatility in the A-share market, with rapid shifts in market hotspots and a lack of sustained upward trends [1] - The recent market behavior shows that most hot stocks experience a quick rise followed by a decline, indicating a challenging environment for investors trying to capitalize on short-term movements [1] Group 2 - A significant positive development for the STAR Market is the introduction of the "STAR Growth Tier," allowing 32 unprofitable companies to enter this new tier, which may enhance their growth prospects [3] - The new pre-review mechanism aims to mitigate the negative impact of listing plans on the companies' operations, potentially benefiting the overall market sentiment towards the STAR Market [3] Group 3 - The Shanghai Composite Index is showing signs of breaking through last year's high of 3674 points, with recent trading patterns indicating a potential upward trend [5] - The recent trading session saw a long upper shadow on the candlestick chart, which, despite a last-minute pullback, does not alter the overall positive outlook for the index [5] Group 4 - The Shanghai Composite Index rose by 0.01%, the Shenzhen Component Index increased by 0.61%, and the ChiNext Index gained 0.8%, indicating a stable upward trend in the market [7] - The trading volume reached 1.7 trillion yuan, marking a recent high, and the market is experiencing a "slow bull" trend, suggesting a cautious but optimistic outlook for future trading [7]

Core Points - The Shanghai Stock Exchange has officially implemented further reforms to the Sci-Tech Innovation Board, including five business guidelines aimed at enhancing self-regulation and facilitating the growth of technology companies [1][2] - The newly established "Sci-Tech Growth Layer" will accommodate 32 existing unprofitable companies, while new unprofitable companies will enter upon listing [1] - The reforms aim to balance investment and financing while better supporting technological innovation, as highlighted in the recent guidelines from the China Securities Regulatory Commission [1] Group 1 - The conditions for delisting from the Sci-Tech Growth Layer have been clarified, requiring existing companies to achieve profitability for the first time post-listing, while new unprofitable companies must meet stricter criteria [2] - The guidelines mandate that companies disclose risks related to unprofitability and technology development in their annual reports and interim announcements [2] - The investment threshold for individual investors remains unchanged, requiring assets of 500,000 yuan and two years of investment experience [2] Group 2 - The introduction of an IPO pre-review mechanism aims to protect companies from disclosing sensitive business information prematurely, which could adversely affect their operations [2] - The pre-review guidelines specify the conditions under which a company can apply for pre-review, emphasizing the need for a valid reason for the request [2][3] - Issuers and sponsors must complete internal procedures and obtain necessary documentation from the China Securities Regulatory Commission before submitting pre-review applications [3]

Core Viewpoint - The Shanghai Stock Exchange has implemented new business rules to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board, particularly focusing on unprofitable technology companies and introducing a pre-review mechanism for IPOs [1][2]. Group 1: New Regulations and Guidelines - The newly released guidelines allow 32 existing unprofitable companies to enter the Sci-Tech Growth Layer immediately, while new unprofitable companies will enter upon listing [1][2]. - The reform does not impose additional listing thresholds for unprofitable companies, maintaining the existing conditions for inclusion and exclusion [2]. - The Sci-Tech Growth Layer aims to support technology companies with significant breakthroughs and substantial R&D investments, even if they are currently unprofitable [1][2]. Group 2: Investor Participation and Requirements - The investment threshold for individual investors remains unchanged, requiring assets of 500,000 yuan and two years of investment experience [2]. - Investors must sign a risk disclosure document before investing in newly registered unprofitable technology companies [2]. - Stocks in the Sci-Tech Growth Layer will be marked with a special identifier "U" [2]. Group 3: IPO Pre-Review Mechanism - A pre-review mechanism for IPO applications has been introduced for high-quality technology companies, modeled after international practices to improve the efficiency of the listing process [2][3]. - Companies can apply for a pre-review if early disclosure of business information could adversely affect their operations [3]. - The pre-review process will not be publicly disclosed until the formal IPO application is submitted [3]. Group 4: Professional Investor Standards - The criteria for recognizing senior professional institutional investors have been detailed, focusing on governance, asset management scale, and investment experience [4][5]. - Institutions must have invested in at least five technology companies that have listed on the Sci-Tech Innovation Board or ten on major exchanges in the last five years [4]. - The recognition of senior professional institutional investors serves as a reference for assessing a company's market acceptance and growth potential but does not alter the listing standards [5].

Group 1 - The Shanghai Stock Exchange (SSE) has officially released the "1+6" reform supporting rules for the Sci-Tech Innovation Board, which includes the implementation of the "Sci-Tech Growth Layer" for companies that have not yet turned a profit [1][2] - A total of 32 existing unprofitable companies on the Sci-Tech Innovation Board will enter the Sci-Tech Growth Layer from the date of the guideline's release, while newly listed unprofitable companies will be included from their listing date [1] - The SSE has received over 40 feedback suggestions from market participants during the public consultation period, which were carefully studied and some reasonable suggestions were adopted [2] Group 2 - The SSE aims to enhance the institutional inclusiveness and adaptability of the Sci-Tech Innovation Board to better meet the needs of technological innovation and the growth demands of tech companies [2][3] - The SSE will take responsibility for implementing the reforms and will focus on coordinating the new rules with market, business, and technological reforms to promote significant case studies [3] - Continuous efforts will be made to promote understanding of the new rules among market participants, ensuring a smooth implementation of the reforms while maintaining market stability and investor protection [3]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has officially released the "1+6" policy framework for the Sci-Tech Innovation Board (STAR Market) reform, aimed at enhancing the inclusiveness and adaptability of the system for technology-driven companies, particularly those in the growth stage that are not yet profitable [1][2]. Group 1: Sci-Tech Growth Layer - The Sci-Tech Growth Layer is designed to support technology companies that have made significant technological breakthroughs, have promising commercial prospects, and are in the phase of continuous R&D investment while being unprofitable at the time of listing [1]. - The guidelines specify that both existing unprofitable companies and newly registered unprofitable companies will be included in the Sci-Tech Growth Layer without additional listing thresholds for unprofitable firms [1][2]. - A total of 32 existing unprofitable companies will automatically enter the Sci-Tech Growth Layer upon the implementation of the guidelines [1]. Group 2: Delisting Conditions - The delisting conditions for existing companies remain unchanged, requiring the first profitability post-listing, while the conditions for new unprofitable companies have been raised to meet the first set of listing standards of the STAR Market [2]. - Companies must announce compliance with delisting conditions, and the SSE will generally process delisting within two trading days [2]. Group 3: Investor Participation - There are no new trading thresholds for individual investors in the Sci-Tech Growth Layer, maintaining the existing requirement of 500,000 yuan in assets and two years of investment experience [2]. - Investors must sign a specialized risk disclosure document before investing in newly registered unprofitable technology companies [2]. Group 4: Pre-Review Mechanism - The introduction of the IPO pre-review mechanism allows technology companies facing significant adverse impacts from early disclosure of business information to apply for pre-review [2][3]. - Issuers and sponsors must follow formal IPO application rules when preparing pre-review documents, including internal quality control and obtaining guidance acceptance from the China Securities Regulatory Commission (CSRC) [2][3]. Group 5: Professional Investor Guidelines - The SSE has introduced a pilot program for professional institutional investors, detailing criteria for recognition, including sound governance structures and substantial asset management [3]. - Professional investors must have invested in at least five technology companies that have listed on the STAR Market or ten on major domestic or foreign exchanges within the last five years [3]. - Investment institutions must hold at least 3% of the issuer's shares or invest over 500 million yuan continuously for 24 months prior to the IPO application [3]. Group 6: Implementation and Oversight - The SSE is committed to implementing the reform and ensuring the effective execution of the guidelines, focusing on coordination among market, business, and technical reforms [4]. - Continuous promotion and interpretation of the reform objectives and regulatory requirements will help market participants better understand and apply the rules [4]. - The SSE aims to enhance frontline regulatory effectiveness, protect investors, and maintain market stability to create a conducive environment for the reforms [4].

Core Viewpoint - The establishment of the Sci-Tech Innovation Growth Layer is expected to enhance market stability, reduce reform resistance, and provide a controllable "experimental space" for incremental institutional reforms, while also facilitating the management of unprofitable tech companies and better protecting investors' rights [1][2]. Group 1: Sci-Tech Innovation Growth Layer - The Sci-Tech Innovation Growth Layer primarily serves technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are currently unprofitable [2]. - The introduction of the Sci-Tech Innovation Growth Layer is seen as a key component in building a multi-tiered capital market ecosystem that supports technological innovation, reflecting the increasing institutional inclusiveness and adaptability of China's capital market [3][4]. - The stock symbols for companies listed in the Sci-Tech Innovation Growth Layer will include a special identifier "U" to help investors distinguish between new and existing stocks in this layer [3]. Group 2: Pre-Review Mechanism - The pre-review mechanism allows eligible tech companies to submit their IPO application documents for internal review by the exchange before formal submission, which aims to improve the quality and efficiency of the official application process [6][7]. - The pre-review process and its results will remain confidential until the formal application is submitted, ensuring that the information disclosure obligations are not diminished [6][7]. - The introduction of the pre-review mechanism is expected to help high-quality tech companies reduce the burden of formal review procedures, while maintaining strict adherence to existing rules and standards [6][7]. Group 3: Professional Institutional Investors - The introduction of the Professional Institutional Investor Guidelines aims to leverage the expertise of seasoned investors to better identify the innovative attributes and commercial potential of tech companies [8][9]. - This system is viewed as a significant step towards enhancing the efficiency of capital market resource allocation by utilizing the insights of top venture capital and industry funds [8][9]. - Unlike foreign markets, the pilot program for professional institutional investors in the Sci-Tech Innovation Board is limited to companies applying under the fifth set of listing standards and does not constitute a new listing requirement [9].

三是强化风险导向信息披露。《科创成长层指引》已经就科创成长层企业在年度报告、临时公告中充分 披露未盈利风险、技术研发风险等作了具体规定，并要求持续督导机构切实履行职责。上交所将严格执 行规则规定，督促科创成长层企业、持续督导机构诚实守信，围绕投资者价值判断和投资决策所需，切 实履行信息披露义务。 四是加强投资者适当性管理。本次改革没有对个人投资者参与科创成长层股票交易新增投资交易门槛， 仍为具备"50万元资产＋2年经验"的资金门槛和投资经验即可。另外，按照《科创板意见》要求，投资 者投资科创成长层新注册的未盈利科技型企业之前需要签署专门风险揭示书。 预先审阅机制是一项重要改革创新，针对加强这一机制与现行股票发行上市审核机制的衔接，上交所表 示，本次面向优质科技型企业试点IPO预先审阅机制，是充分参考境外市场经验，进一步提升上交所预 沟通服务质效乃至股票发行上市审核工作整体质效的重要创新。为切实把好事办好，上交所认真听取市 场意见建议，将重点从以下4个方面着手，做好预先审阅机制与现行股票发行上市审核机制的衔接。一 是准确把握适用情形，二是推动提高申请文件质量，三是规范预先审阅程序，四是加强信息披露管理。 上交所 ...