Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights the recent implementation of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board, aimed at enhancing the inclusivity and adaptability of the system to support high-quality technology enterprises [3][16] - Regulatory measures have been introduced to standardize dividend insurance, which is expected to lower the liability costs for insurance companies and promote sustainable dividend levels [4][19] Summary by Sections Market and Sector Performance - During the week of June 15-21, 2025, the average daily trading volume of A-shares was 12,150 billion yuan, a decrease of 11.4% week-on-week but an increase of 60.1% year-on-year [20] - The non-bank financial index fell by 1.09%, underperforming the CSI 300 index by 0.64 percentage points, ranking 11th among all primary industries [2][13] - The securities sector declined by 1.73%, while the insurance sector saw a slight increase of 0.27% [2][13] Securities: Sci-Tech Innovation Board Reforms - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting Up a Sci-Tech Growth Layer" to facilitate the listing of unprofitable enterprises on the Sci-Tech Innovation Board [3][14] - The new measures include specific requirements for the growth layer's positioning, entry and exit conditions, and enhanced information disclosure [15][16] Insurance: Regulatory Changes - The National Financial Supervision Administration has issued guidelines to regulate dividend insurance, emphasizing the need for companies to justify their proposed dividend levels based on actual asset-liability and investment returns [4][19] - The guidelines aim to reduce competition based on inflated dividend levels and promote a more sustainable approach to dividend distribution [19]

Group 1 - The core viewpoint of the article is the introduction of a pilot program for seasoned professional institutional investors in the Sci-Tech Innovation Board, aimed at enhancing the inclusivity and adaptability of the listing standards [1] - The China Securities Regulatory Commission (CSRC) has issued opinions on establishing a Sci-Tech Growth Tier to improve the market's ability to identify quality technology enterprises [1] - The Shanghai Stock Exchange will set standards for recognizing seasoned professional institutional investors, which will include requirements for duration, quantity, and proportion of their investments [1] Group 2 - The new measures will strengthen information disclosure requirements and improve behavioral norms for institutional investors [1] - A dynamic management system will be established, including a "blacklist" to combat illegal activities such as profit transfer and commercial corruption [1]

Group 1 - The Shanghai Mayor Gong Zheng announced plans to deepen the implementation of capital market reforms at the 2025 Lujiazui Forum [1] - The government aims to actively support the reform of the Sci-Tech Innovation Board and leverage opportunities for the construction of a "technology board" in the bond market [1] - The initiative is designed to create favorable conditions for more outstanding technology enterprises to access the capital market [1]

Group 1 - The Shanghai municipal government, led by Mayor Gong Zheng, aims to deepen the implementation of capital market reforms [1] - The government will actively support the advancement of the Sci-Tech Innovation Board system reforms [1] - The initiative is designed to create conditions for more outstanding technology-based enterprises to embrace the capital market [1]