Group 1 - Three unprofitable companies, He Yuan Bio, Xi'an Yicai, and Biobetter, have been registered as the first batch of companies in the Sci-Tech Innovation Board's growth tier, marking a significant step in capital market support for technological innovation and new productive forces [1][2] - He Yuan Bio is an innovative biopharmaceutical company that has developed key core technologies for recombinant human albumin drugs, offering advantages such as high yield, simple processes, low costs, and scalability [1] - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers and holds the most authorized domestic and international invention patents in this field in mainland China as of June 2025 [1] Group 2 - Biobetter is concentrated on major diseases such as tumors, autoimmune diseases, and metabolic diseases, with one innovative drug product, BEBT-908, approved for market as of October 2025, and several others in various clinical trial phases [1] - The establishment of the Sci-Tech Innovation Board's growth tier is a response to the development patterns of hard technology and global competition, allowing unprofitable tech companies to access capital markets [2] - The chairman of Xi'an Yicai emphasized that the series of reforms, including the "1+6" policy, has opened doors for companies to leverage capital for accelerating technology transformation and enhancing industrial capabilities [2]

10月28日，上交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现场发表致辞时表示，今年 6月份，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，今天迎来科创成长层首批新注册企业上市。 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。 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。 邱勇介绍，下一步，上交所将坚决 ...

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. officially listed on the Sci-Tech Innovation Board, marking a significant milestone for hard technology enterprises in Xi'an and showcasing the capital market's support for core technology companies [1][3][20] Group 1: Company Overview - Xi'an Yiswei is the first hard technology enterprise to successfully go public with an "unprofitable" status after the release of the "Eight Policies" for the Sci-Tech Innovation Board [3] - The company raised 4.636 billion yuan, making it the second-largest IPO in A-shares this year and the largest IPO in Shaanxi Province since 2025 [7] - Xi'an Yiswei specializes in the research, production, and sales of 12-inch silicon wafers, a core material for chip manufacturing, and has established a comprehensive core technology system covering five major processes [7][8] Group 2: Market Position - As of the end of 2024, Xi'an Yiswei's average monthly shipment volume accounts for approximately 6% of the global market and 30% of the domestic market, ranking sixth globally and first in China [8] - The company holds 799 authorized invention patents domestically, leading the 12-inch silicon wafer sector in China, indicating a significant leap from technology catch-up to competing with international giants [8] Group 3: Regional Impact - Xi'an Yiswei's listing contributes to Xi'an's reputation as a national hub for hard technology, with the city having nurtured 13 listed companies on the Sci-Tech Innovation Board, ranking fifth among 15 sub-provincial cities in China [12] - The success of Xi'an Yiswei reflects the city's ability to seize opportunities in the national strategy for technological self-reliance and resilience [12] Group 4: Capital Support - The growth of Xi'an Yiswei has been supported by a multi-level capital system, including national and provincial funds, which have provided continuous financial support to tackle critical technological challenges [16] - The National Integrated Circuit Industry Investment Fund and local investment platforms have played significant roles in the company's development, illustrating a model of "early investment, small investment, and investment in hard technology" [16] Group 5: Future Outlook - The establishment of the Sci-Tech Innovation Board's growth layer opens new avenues for unprofitable but promising hard technology companies like Xi'an Yiswei to access capital markets [20] - The listing signifies a new level of inclusivity in China's capital market for hard technology, potentially paving the way for more companies in similar stages of development [20]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in the capital market to enhance its inclusiveness, adaptability, attractiveness, and competitiveness, thereby better serving the "14th Five-Year Plan" development goals and the construction of a financial power [1][7]. Group 1: Market Developments - The first batch of new registered companies in the Sci-Tech Innovation Board's growth layer was listed on October 28, marking a significant advancement in the board's reform and development [1]. - Three unprofitable companies, He Yuan Biological-U (688765.SH), Xi'an Yicai-U (688783.SH), and Bibete-U (688759.SH), collectively went public [1]. - As of now, the number of companies in the Sci-Tech Innovation Board's growth layer has reached 35, with a total of 592 listed companies on the board [6]. Group 2: Regulatory and Institutional Support - The CSRC has successfully implemented the "1+6" reform policy since June, which includes the introduction of professional institutional investors and pre-review systems [5]. - The Shanghai Municipal Government is actively collaborating with the CSRC to enhance the operational stability and functionality of the Sci-Tech Innovation Board [5]. - The Shanghai Stock Exchange (SSE) has completed preparations for rules, technology, and market readiness within four months following the reform policy's release [6]. Group 3: Future Plans and Strategic Focus - The CSRC plans to research and formulate strategic tasks and major initiatives for the capital market during the "14th Five-Year Plan" period, focusing on risk prevention, strong regulation, and promoting high-quality development [7]. - The SSE will focus on four key areas: maintaining the "hard technology" positioning, promoting development through reform, enhancing regulatory effectiveness, and prioritizing investor protection [8].

Core Insights - The private equity and venture capital market in China is experiencing a decline in the number of new fund managers, with only 4 new registrations in September 2025, a 20% decrease from August and a 71.4% drop compared to September 2024 [1] - Despite the decline in new fund managers, the total number of newly registered private equity and venture capital funds increased to 557, representing a year-on-year growth of 83.8% and a month-on-month increase of 51.4% [1] - The total financing amount in the primary equity investment market reached approximately 44.34 billion yuan in September 2025, a 7.0% increase from 2024 and a 26.0% increase from August 2025 [1] Group 1: Fund Management and Investment Activity - Shenzhen Innovation Investment Group (深创投) registered 4 new funds by the end of September 2025, with a total registered capital of 7.34 billion yuan [2] - One of the new funds, the Shenzhen Semiconductor and Integrated Circuit Industry Fund, has a target size of 5 billion yuan and raised 3.6 billion yuan in its first closing [2] - The second fund, the Shenzhen SME Development Fund, has a registered capital of 2 billion yuan and focuses on high-tech sectors such as new information technology and advanced manufacturing [3] Group 2: Investment Trends and Preferences - In September 2025, 深创投 participated in 10 equity investment events, a 66.7% increase from August but below the 12 events recorded in September 2024 [3] - The majority of investments (70%) were in the A-round stage, indicating a preference for companies with validated business models and growth potential [5] - The investment focus is primarily on advanced manufacturing (30%), new materials, artificial intelligence, and enterprise services, aligning with national strategies for manufacturing and digital economy [8] Group 3: Geographic Distribution of Investments - Approximately 30% of 深创投's investments are in Shenzhen, with significant investments also in the Yangtze River Delta region, particularly in Zhejiang and Jiangsu [10] - This geographic strategy aims to maximize coverage of high-quality project clusters through a combination of local focus and regional opportunities [10] Group 4: Notable Investment Case - The company 恩瑞恺诺 completed over 200 million yuan in A-round financing, led by 深创投 and other investors, to advance its new drug clinical trials and expand its technology platform [12] - 恩瑞恺诺 specializes in cell therapy and has established partnerships with clinical centers to address unmet clinical needs in various disease areas [12]

Core Viewpoint - The article discusses the internationalization of hard technology investments, highlighting the rebranding of Zijin Port Capital to Haiyuan Capital, which signifies a strategic shift towards a global perspective in innovation and investment [3][4]. Group 1: Internationalization of Hard Technology - By 2025, the focus of China's hard technology sector will shift from "internal competition" to "going global," with over 60 local R&D assets expected to be successfully authorized for international markets in 2024 [7]. - Deloitte's report indicates that 37% of large Chinese enterprises will have over 20% of their revenue from overseas by 2024, marking a transition from product export to brand and technology export [7]. - The internationalization of hard technology represents a fundamental shift in China's globalization model, moving from being a passive recipient of rules to an active shaper of global industry standards [7]. Group 2: Competitive Advantages in Hard Technology - China has made significant advancements in hard technology, particularly in sectors like renewable energy and artificial intelligence, establishing a robust supply chain and achieving world-leading technological capabilities [8]. - The comprehensive control over the entire supply chain in the renewable energy sector provides Chinese companies with unmatched cost advantages and scalability, essential for competing in the global market [8]. Group 3: Haiyuan Capital's Role - Haiyuan Capital's portfolio includes leading companies in the internationalization of hard technology, such as Jieput, which has subsidiaries in Japan, the US, and Singapore, and Daxiang Shengkai, which utilizes deep learning for real-time voice extraction [10][11]. - The investment strategies of Haiyuan Capital include leveraging the Hong Kong Stock Exchange for global capital access, establishing direct sales channels, and forming partnerships with strategic investors to enhance international presence [14][15][16]. - Haiyuan Capital has built a unique global innovation ecosystem through collaborations with top universities and institutions worldwide, facilitating the incubation of high-quality projects [19][20][21]. Group 4: Future Outlook - Haiyuan Capital aims to integrate resources from the Hangzhou Bay and Guangdong-Hong Kong-Macao Greater Bay Area to connect Chinese innovation with global markets, positioning itself as a bridge for hard technology [22].

Core Viewpoint - The Shanghai Stock Exchange (SSE) aims to enhance its role as a "testing ground" for innovative companies by refining its admission standards and better identifying high-quality technology enterprises, particularly in cutting-edge fields such as artificial intelligence, commercial aerospace, and low-altitude economy [1] Group 1 - SSE Chairman Qiu Yong announced the listing ceremony for the first batch of newly registered companies in the Sci-Tech Innovation Board, emphasizing the importance of supporting hard technology companies with global competitive potential [1] - SSE Vice Chairman Huo Ruirong previously indicated that the exchange has initiated preliminary communications with several companies in the commercial aerospace, artificial intelligence, and low-altitude economy sectors to expand the fifth set of standards to these relevant industries [1]

Core Insights - The investment landscape is showing signs of recovery, particularly in the private equity market, with an increase in newly established funds and a positive outlook for exits through IPOs and mergers [2][4][9]. Group 1: Company Developments - Muxi Co., a prominent player in the domestic GPU market, successfully passed its IPO review, raising over 10 billion yuan in funding and achieving a valuation exceeding 21 billion yuan within five years [1]. - The company has attracted significant investment from top-tier venture capital firms and securities companies, indicating strong market confidence [1]. Group 2: Market Trends - In the first three quarters of 2025, the number of newly established VC/PE funds in China reached 1,475, marking a 16% increase from the previous period and an 18% year-on-year growth [2]. - The private equity market is experiencing a recovery, with a notable increase in the number of funds and total capital raised, suggesting a more favorable investment environment [5][10]. Group 3: Exit Strategies - The primary exit strategies in the private equity market include IPOs, mergers and acquisitions, and secondary share transfers, with IPOs being the most favorable option for returns [5][9]. - In 2025, 161 Chinese companies went public, a 25.8% increase year-on-year, with total fundraising amounting to approximately 193.73 billion yuan, reflecting a robust IPO market [5]. Group 4: Investment Focus - There is a growing emphasis on hard technology and deep industry sectors, with a shift away from consumer and internet sectors towards areas like AI, robotics, and commercial aerospace [12][18]. - The investment direction has become increasingly focused on "new quality productivity" and hard technology, indicating a strategic pivot in the investment landscape [12][18]. Group 5: Regulatory and Policy Environment - Recent regulatory changes, such as the optimization of the Hong Kong IPO process, have boosted confidence in the primary market, leading to increased activity and interest in IPOs [8][9]. - The government is implementing policies to support venture capital development, including differentiated assessments for government-funded venture capital funds [19]. Group 6: Challenges and Opportunities - Despite the positive trends, challenges remain, including market concentration and difficulties for smaller investment firms in accessing quality projects [18]. - The collaboration between securities firms and leading enterprises to establish large-scale funds is seen as a way to enhance investment capabilities and project acquisition [16][20].

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。 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。 10月28日，在科创板科创成长层首批新注册企业上市仪式上，上交所理事长邱勇表示，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，今天迎来科创成长层首批新注册企业上市。 邱勇同时称，下一步，上交所将坚决贯彻落实党中央决策部署，更好服务高质量发展。 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 ...

Group 1 - On October 27, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index approaching 4000 points. The "hard technology" sectors, including storage chips, optical modules, and semiconductor equipment, led the gains, with some 5G communication-themed ETFs rising over 5% and several communication, semiconductor, and artificial intelligence-themed ETFs increasing over 3% [1][1][1] - In the context of a strong technology growth style, on October 27, the net inflow for ETFs tracking the Sci-Tech 50 and the CSI All-Share Semiconductor exceeded 600 million yuan, ranking among the top in the market. Conversely, due to adjustments in international gold prices, gold ETFs experienced a net outflow of over 1.5 billion yuan, while ETFs tracking the CSI Bank saw a net outflow of over 1.1 billion yuan [1][1][1] Group 2 - On October 27, Pan Gongsheng, Governor of the People's Bank of China, stated at the 2025 Financial Street Forum Annual Meeting that the central bank had suspended government bond trading earlier this year due to significant supply-demand imbalances and accumulated market risks. Currently, the bond market is operating well, and the central bank will resume open market operations for government bonds [1][1][1] - Multiple fund managers announced on October 27 that there are risks of premium for cross-border ETFs, including the Nikkei 225 ETF, US 50 ETF, S&P 500 ETF, Nasdaq 100 ETF, and Southeast Asia Technology ETF. As of October 27, several ETFs tracking indices like Nasdaq 100 and Nikkei 225 had premium rates exceeding 5% [1][1][1]