Group 1 - The core viewpoint is that innovative enterprises in China are becoming a significant force in economic growth, contributing 38.7% to GDP increment and surpassing 45 million in total number [2] - Innovative enterprises have created 120 million jobs over the past year, with leading companies driving 20 million flexible jobs through adaptable employment platforms [2] - Chinese innovative enterprises rank among the top globally in international patent applications, showcasing their technological advancements [2] Group 2 - The "Investment Value Enterprise List 2025" aims to identify innovative enterprises that contribute meaningfully to the Chinese economy, providing valuable industry reference for both primary and secondary markets [3] - The evaluation criteria for the list include five dimensions: financing, technology, product, team, and influence, assessing the overall performance of companies in the industry [5] - The list will feature various categories, including the most investment-worthy enterprises, the most anticipated IPOs, and innovation in sectors like digital economy, high-end manufacturing, and artificial intelligence [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of deepening reforms to stimulate the vitality of the multi-level capital market, particularly focusing on supporting high-quality, unprofitable innovative enterprises to list on the ChiNext board [1][4]. Group 1: Market Overview - As of now, the number of companies listed on the ChiNext board has reached 1,382, with a total market capitalization exceeding 13 trillion yuan [1][7]. - The CSRC's recent meeting highlighted the complex internal and external environment of the capital market, but also pointed out the certainty of high-quality economic development and asset valuation recovery in China [1]. Group 2: Reforms and Standards - The CSRC announced the implementation of a third set of standards for unprofitable innovative enterprises to list on the ChiNext board, with the first application being accepted from Dapu Microelectronics [1][3]. - The Shenzhen Stock Exchange (SZSE) has clarified the standards for refinancing applicable to ChiNext listed companies, focusing on "light assets and high R&D investment" [2][5]. - The newly released guidelines specify that companies meeting the "light asset" criteria must have no more than 20% of total assets in fixed assets and related categories, while "high R&D investment" companies must have an average R&D expenditure of at least 15% of revenue over the last three years [5][6]. Group 3: Industry Impact - The introduction of standards for unprofitable innovative enterprises is expected to enhance the inclusivity and adaptability of the ChiNext board, attracting more advanced production factors to the technology sector [3][4]. - The ChiNext board has become a crucial platform for supporting technological innovation, with over 60% of listed companies in strategic emerging industries, indicating a strong demand for financing to accelerate innovation [6][7]. - The median R&D investment for ChiNext listed companies from 2022 to 2024 was 209 million yuan, with a median R&D investment ratio of 6.47%, highlighting the need for higher standards to ensure innovation quality [7]. Group 4: Index and Quality Enhancement - The SZSE has revised the ChiNext Composite Index to enhance its representational quality by introducing mechanisms for monthly removal of stocks under risk warning and those with poor ESG ratings [8]. - The revised index now includes 1,316 sample stocks, covering 95% of ChiNext listed companies and 98% of total market capitalization, thereby improving the index's quality and attractiveness to investors [8].

智通财经7月18日电，深圳市工业和信息化局党组成员、深圳市中小企业服务局局长吕哲表示，深圳正 全力打造全球独角兽企业培育高地，已出台《深圳市有力有效支持发展瞪羚企业、独角兽企业行动计划 （2025-2027年）》，构建起"政策引导+资本赋能+生态培育"的全链条支持体系，大力培育最优科技创 新生态和人才发展环境，持续推进设立"20+8"产业集群基金，重点投向战略性新兴产业集群和未来产 业，赋能支持深圳涌现更多掌握核心技术、具有爆发式成长力的科技创新企业。 深圳：全力打造全球独角兽企业培育高地 ...

2025年7月17日（今日），资本市场迎来首批聚焦科技创新企业债券的指数化投资工具落地——科创债 ETF博时(551000)正式登陆上海证券交易所。作为首批10只科创债ETF中认购热度最高的产品之一，该 基金以单日触达30亿元募集上限、启动比例配售（确认比例99.272%），上市交易的基金份额总额为 30,002,098.00份。 国泰海通证券认为，短期来看，市场的学习效应叠加抢券行情有利于初期的发行与扩容。长期来看，政 策端对于中长期资金持续流入的引导，以及打造债券市场服务科技创新能力制度闭环的规划，将成为推 动产品茁壮发展的动能。市场普遍认为科创债ETF大有可为。业内人士表示，科创成份券等级高，发行 人以央国企为主，信用资质良好，票息具有性价比，适合作为底仓配置。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 科创债ETF的诞生标志着我国资本市场服务科技创新的工具进一步丰富。从政策部署到产品上市，首批 科创债ETF仅用时约一个月：6月18日证监会明确"加强股债联动服务科技创新"的发展方向；7月2日10 只产品集体获批；7月7日启动发行并全部实现"一日售罄"，总募集规模达289.8 ...

Core Viewpoint - The innovation drug sector is experiencing a resurgence, driven by supportive policies and a favorable investment environment, marking a significant shift from "squeezing out excess" to "promoting innovation" in the pharmaceutical industry [2][3]. Group 1: Market Performance - In the first half of 2025, the pharmaceutical sector showed strong performance, with the CITIC Pharmaceutical Index rising by 8.11%, outperforming major indices like the Shanghai Composite Index (+5.98%) and the ChiNext Index (+4.25%) [3]. - The A-share innovation drug index increased by 21.84%, while the Hong Kong Hang Seng Innovation Drug Index surged by 60.27% during the same period [4]. Group 2: Policy Support and Industry Trends - The recent policy document titled "Several Measures to Support the High-Quality Development of Innovative Drugs" outlines 16 measures to support the entire chain of innovative drug development, indicating a systemic shift in policy support [2][7]. - The domestic pharmaceutical industry has undergone a transformation since the "4+7" procurement policy was implemented in 2018, leading to a fruitful period for innovative drugs in 2025 as the results of this transformation begin to materialize [7]. Group 3: Future Outlook - The innovation drug sector is expected to remain a key investment focus in the third quarter, with core innovative drug assets requiring attention despite potential short-term fluctuations [8]. - The CDMO (Contract Development and Manufacturing Organization) sector is anticipated to see a revenue recovery trend continuing into the second quarter of 2025, as the industry has established an order inflection point [9]. - The CRO (Contract Research Organization) and front-end innovative drug sectors are set to benefit from overseas licensing deals, which will bring incremental revenue expectations from upfront payments [10].

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has become the first loss-making company to be accepted for an IPO on the ChiNext board since the implementation of the registration system, with significant accumulated losses over the past three years [1][3]. Group 1: Financial Performance - The company reported net profits attributable to the parent company of -368.31 million yuan, -641.65 million yuan, and -195.05 million yuan for the years 2022, 2023, and 2024 respectively, totaling an accumulated loss of over 1.205 billion yuan [3][4]. - The operating revenues for the same years were 556.77 million yuan, 519.49 million yuan, and 962.18 million yuan, indicating a significant increase in 2024 [3][4]. - The company's net profit margin has been negative, with a net profit margin of -19.09 million yuan in 2024, -61.69 million yuan in 2023, and -53.40 million yuan in 2022 [4]. Group 2: Corporate Structure and Governance - The company has a special voting rights mechanism, allowing its controlling shareholder to maintain significant control despite holding a minority of shares [5]. - The actual controller, Yang Yafei, holds a combined voting power of 66.74% through entities he controls, despite owning only 16.71% of the shares [5][6]. - The company was established in April 2016 and transitioned to a joint-stock company in September 2023, with a registered capital of 392.59 million yuan [5]. Group 3: IPO Details - The company has chosen to meet the listing standards of having an expected market value of no less than 5 billion yuan and recent annual revenue of no less than 500 million yuan [1][8]. - The IPO aims to raise approximately 1.87785 billion yuan, with 700 million yuan allocated for working capital and the remainder for two specific projects [10].

Core Viewpoint - The A-share IPO market is experiencing a significant surge in applications, with a total of 61 new applications accepted this year, representing nearly 80% of last year's total [2][3]. Group 1: IPO Market Activity - In the week of June 16 to June 22, 20 new IPO applications were accepted, marking the highest weekly total this year [3]. - As of June, the total number of IPO applications accepted in 2023 reached 61, compared to only 7 during the same period last year [3]. - The North Exchange remains the dominant player, accepting 35 applications, while the Shanghai and Shenzhen exchanges accepted 14 and 12 applications, respectively [3]. Group 2: Regulatory Reforms - The China Securities Regulatory Commission (CSRC) introduced new policies to support technology innovation companies, including the establishment of a growth tier for the Sci-Tech Innovation Board [4]. - These reforms aim to facilitate the listing of unprofitable innovative companies and improve the confidence of investment institutions in the primary market [4]. Group 3: Company-Specific Risks - Three companies, including Qingdao Gulf Chemical Co., Zhejiang Sunny Solar Technology Co., and Beijing Zhaoxin Information Technology Co., have terminated their IPO applications due to various issues [5]. - Qingdao Gulf Chemical reported a decline in net profit over the years, with figures of 4.25 billion, 2.47 billion, 20.40 billion, and 9.70 billion yuan for 2019, 2020, 2021, and the first half of 2022, respectively [5][6]. - Sunny Technology has faced a decline in gross profit margin from 32.13% in 2020 to 18.34% in the first half of 2023, influenced by subsidy reductions and rising component prices [6]. - Beijing Zhaoxin, a subsidiary of Hong Kong-listed Huicong Group, faces risks related to market demand fluctuations, particularly in the food and beverage sector [7].

欢迎扫描下方二维码关注： 自2014年11月17日起，内地居民企 业连续持有H股满12个月取得的股息红利 所得,依法免征企业所得税。 连续持有满12个月 政策依据: ◎《财政部 国家税务总局 证监会关于沪港股 票市场交易互联互通机制试点有关税收政策 的通知 》 ( 财税〔2014〕81号 ) 03 内地企业投资者通过深港通投资 自2016年12月5日起，内 地居民企业连续持有H股满12 个月取得的股息红利所得,依 法免征企业所得税。 政策依据: ◎《财政部 国家税务总局 证监会关于深港股 票市场交易互联互通机制试点有关税收政策 的通知 》 ( 财税〔2016 〕127号 ) 4 居民企业持有创新企业CDR取得 的股息红利所得 对企业投资者持有创新企业CDR取得 的股息红利所得,按持有股票的股息红 利所得政策规定征免企业所得税。 创新企业CDR 政策依据: ◎《财政部 税务总局 证监会关于创新企业境 内发行存托凭证试点阶段有关税收政策的公 告》（财政部 税务总局 证监会公告2019年 第52号） ◎《财政部 税务总局 中国证监会关于继续实 施创新企业境内发行存托凭证试点阶段有关 税收政策的公告》（财政部 税务总 ...

Group 1 - The conference hosted by China Chengxin International discussed the current "new situation" characterized by both challenges and opportunities in the bond market, emphasizing the need for innovation and optimization in service to the real economy [1][2] - The launch of the world's first global rating sequence based on RMB debt repayment capability was announced, which ranks domestic and international entities on their ability and willingness to repay RMB debts [2][3] - The global RMB sequence features a unique rating system that considers sovereign risk, industry risk, and environmental differences in domestic and international regulatory and market development stages, with over 60% of rated entities falling within the investment-grade category of BBB-gr and above [2][3] Group 2 - The global RMB sequence aims to provide a comparative benchmark for risk pricing in RMB-denominated financing, facilitating the internationalization of the RMB and enhancing China's capital market openness [3] - In the context of urban investment bonds, the balance between debt resolution and development is highlighted as a long-term challenge, with a focus on effective investment in key areas under macroeconomic adjustments [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to promote the regularization of fund share transfer business and expand the pilot program for physical stock distribution to investors, focusing on nurturing long-term capital and optimizing private equity fund mechanisms [1] Group 1 - The CSRC emphasizes the importance of cultivating and expanding long-term and patient capital [1] - There is a push to guide private equity funds in optimizing long-cycle assessment mechanisms to better align with the development characteristics of technology innovation enterprises [1] - The development of secondary market funds (S Funds) is supported, along with the transition of fund share transfer from pilot to regular practice [1] Group 2 - The initiative includes expanding the pilot program for physical stock distribution to investors, promoting a healthy cycle of fundraising, investment, management, and exit [1] - Continuous guidance for medium- and long-term capital to enter the market is highlighted, along with the improvement of the "long money, long investment" system [1] - The CSRC aims to adhere to the basic legal principles of equity investment, fostering a fair and reasonable legal relationship between private equity investment funds and technology innovation enterprises and their founding shareholders [1]