"国产GPU第一股"摩尔线程上市仅7天，便发布"关于使用部分闲置募集资金进行现金管理的公告"，投 资金额75亿元，占其实际募资净额的99%，引发市场对科创资本"脱实向虚"的担忧。如何让科创募资 从"躺平"变"奔跑"，成为资本市场支持新质生产力的必答题。 而且，在再融资环节也可推行储架发行制度。"科创板八条"已明确提出"推动再融资储架发行试点案例 率先在科创板落地"，这种"一次注册、多次发行"的模式，完美契合科创企业持续研发的资金需求，有 关各方可尽快推动试点工作、并视情况将储架发行适用范围扩大至科创板所有企业。 强化对上市公司资金使用过程监管与考核约束，是倒逼资金高效使用的关键。监管部门可要求上市公司 按季度详细披露募集资金专户的流水、现金管理明细、研发投入的具体构成，并将"募集资金使用效 率"（如研发投入强度、资金闲置率与原因）纳入上市公司治理评价体系。对募集资金长期、大额闲置 且无合理解释的公司，可限制其控股股东的减持节奏或上市公司一段时期的再融资资格。 要进一步压实保荐机构责任，要求其在持续督导期内，每半年专项核查上市公司募资使用情况，并对资 金闲置的合理性、研发进度与资金消耗的匹配性发表明确意见，将此 ...

Group 1: Market Performance - The average absolute return of the 76 competitive projects that were unlocked in 2025 reached 31.61%, surpassing the industry average by approximately 15.90 percentage points[6] - 85.53% of the projects had a positive absolute return, indicating a significant profit effect[6] - The average price discount rate for competitive projects in 2025 was 13.99%, slightly higher than the previous year[10] Group 2: Subscription Market Dynamics - The average subscription premium rate increased to 10.17%, up by 2.17 percentage points from 2024, indicating heightened competition for quality projects[30] - The proportion of projects issued at the base price dropped to 11.90%, marking a new low since the new regulations were implemented[28] - Institutional investors showed differentiated strategies, with state-owned and public funds focusing on large-cap companies, while private equity targeted small to mid-cap firms[32] Group 3: Project Characteristics - As of October 2025, 63% of the competitive projects had a total market value of less than 10 billion yuan, with 34% in the range of 5 to 10 billion yuan[73] - The technology and high-end manufacturing sectors accounted for 42% of the competitive projects, highlighting a strategic focus on these areas[73] - 66% of the competitive projects outperformed the Shanghai and Shenzhen 300 Index, with an average outperformance of 57.53 percentage points[88] Group 4: Future Outlook and Risks - The number of projects approved and registered in 2025 doubled compared to 2024, indicating a faster review process[67] - The expected discount space for popular projects may further compress, with the competitive benchmark discount rate likely to remain around 10%[6] - Risks include potential delays in issuance and review processes, changes in market conditions, and fluctuations in secondary market stock prices[6]

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission emphasizes the role of comprehensive reform in investment and financing to promote high-quality development of the capital market during the "14th Five-Year Plan" period [1][2] Group 1: Market Opportunities - The current intersection of economic upgrades and capital market reforms presents new development opportunities for the securities industry, which is expected to play a more significant role [1] - Increased vulnerability in global financial markets offers a revaluation and allocation opportunity for Chinese assets, enhancing competitiveness in the investment sector [1] - A new industrial cycle led by AI and biotechnology necessitates an urgent task for the financing sector to improve inclusivity [1] Group 2: Institutional Supply and Reforms - The speech provides new guidance for the construction of capital market systems, including the introduction of unprofitable companies in the "Science and Technology Innovation Board" for IPOs, further deepening the reform of the Growth Enterprise Market [2] - A "shelf issuance system" is proposed for refinancing, aimed at efficiently injecting capital into emerging and future industries [2] - The focus on long-term investment ecology aims to strengthen patient capital aligned with technological innovation, while maintaining high-level openness to foreign investment [2] Group 3: Regulatory and Risk Management - New opinions on strengthening the protection of small investors in the capital market have been introduced to ensure internal stability [2] - The overall theme of high-quality development in the capital market is highlighted as a fundamental goal during the current and "14th Five-Year Plan" periods [2] - The speech outlines clear directions for comprehensive investment and financing reform, enhancing openness and regulatory effectiveness while balancing support for technological innovation and improving market quality [2]