文/ 浙江大学经济学院党委书记、浙 江大学金融研究院执行院长 王义中 ，浙江 大学经济学院博士研究生 王哲 科创板制度改革既是我国资本市场市场化、法制化和国际化建设的重要里程碑，也 是完善资本市场功能、支持科技创新的核心制度创新。本文探讨科创板制度改革历 程与现实挑战，并在此基础上，研究科创板制度优化路径。 自2018年宣布设立以来，科创板在推动科技型企业直接融资、促进资本与产业深度融合、探索信息披露导向型监管体系方面取得了显著成效，成为我国资 本市场改革的"试验田"。然而，随着市场规模的快速扩大和企业类型的不断丰富，科创板部分制度设计仍须与科技创新的发展节奏更加契合。面对新一 轮"1+6"改革机遇，亟须在制度设计上实现"由试点走向体系化"。 科创板制度改革历程与现实挑战 科创板制度演进大体经历了三个阶段：2019年至2020年是制度创设阶段。科创板设立并试点注册制，确立了五套以市值为基础的上市标准，首次允许未盈 利企业和特殊股权结构企业上市，首批25家公司成功上市，为生物医药、集成电路和人工智能等高研发投入行业打开了融资通道，并通过市场化定价机制 提升了发行效率；2021年至2023年是制度完善阶段。证监会 ...

Core Viewpoint - The establishment of the Sci-Tech Innovation Board (STAR Market) and the pilot registration system is aimed at reforming the capital market and supporting technological self-reliance and strength [1] Group 1: Market Development - Over the past six years, the STAR Market has nurtured a large number of high-growth technology companies and has developed a series of replicable and promotable reform experiences [1] Group 2: Local Government Initiatives - Shanghai, as the birthplace and core hub of the STAR Market, is leveraging its collaboration mechanism with the China Securities Regulatory Commission to accelerate the construction of the "Five Centers" [1] - The city has launched an upgraded version of the "Pudong Light" initiative to enhance its advantages as a global innovation center and modern industrial system, continuously building bridges for "hard technology" companies to connect with the capital market [1]

Core Viewpoint - Shanghai is leveraging its position as the birthplace and core hub of the Sci-Tech Innovation Board to enhance its capital market support and facilitate the development of "hard technology" enterprises [1] Group 1: Government Initiatives - Shanghai is collaborating with the China Securities Regulatory Commission to accelerate the construction of the "Five Centers" [1] - The city has introduced an upgraded version of the "Pudong Light" initiative to strengthen its role as a global innovation center [1] Group 2: Market Development - The initiatives aim to build bridges for "hard technology" companies to connect with the capital market [1] - The government is committed to fulfilling its responsibility in serving national strategic needs through these measures [1]

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]