Core Insights - The report discusses the implementation of the "1+6" reform package for the Sci-Tech Innovation Board, aimed at enhancing the inclusiveness and adaptability of the capital market for technology innovation and new productive forces [4] - The introduction of the Sci-Tech Growth Layer allows for the inclusion of unprofitable companies without additional listing thresholds, with 32 existing unprofitable companies now classified under this layer [4][5] - The pre-review mechanism is designed to improve the quality and efficiency of IPO reviews, allowing companies to apply for pre-review under specific circumstances [4] - The criteria for recognizing senior professional institutional investors have been established, which will not constitute a listing condition but will serve as a reference for companies applying under the fifth listing standard [4][7] Summary by Sections Sci-Tech Growth Layer - The reform clarifies the calculation criteria for exit standards and introduces new identification indicators for the growth layer [4] - Existing unprofitable companies will be labeled as "成 1" and new unprofitable companies will be labeled as "成" upon listing [4] - The exit conditions for existing companies remain unchanged, while new companies must meet the first set of listing standards to exit [4] Pre-Review Mechanism - The pre-review is not mandatory for all companies but is available for those that can justify the need due to potential adverse impacts from early disclosure [4] - Companies must prepare documents according to IPO standards for the pre-review process, which aims to enhance the quality of IPO applications [4] Senior Professional Institutional Investors - The criteria for these investors include having a sound governance structure, significant asset management scale, and a good track record [7] - Investors must have invested in at least five Sci-Tech companies listed on the Sci-Tech Innovation Board or ten on major exchanges in the last five years [7] - The recognition of these investors will help identify companies with growth potential and attract more financial capital [4][7] Market Expectations - The report anticipates a slight acceleration in the pace of new stock issuances in the second half of 2025, with expectations of 41-81 new listings raising between 443-787 billion yuan [4] - The expected first-day price increase for new stocks is projected to be between 140%-180% [4]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - A-shares have a high investment cost - performance ratio in the medium - to - long term. CSI 500 and CSI 1000 are more supported by science and technology innovation policies and may bring higher returns due to their high growth. SSE 50 and CSI 300 have more defensive value in the current macro - environment. Entering July, overseas uncertainties increase, and tariff negotiations may become a short - term focus in the capital market [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - For IF contracts, the previous two - day closing prices for IF current month, next month, next quarter, and far - quarter were 3997.20, 3979.20, 3972.00, and 3941.60 respectively, and the previous day's closing prices were 4014.60, 4000.00, 3993.40, and 3965.60 respectively, with increases of 7.80, 10.20, 11.60, and 17.20. The trading volumes were 53455.00, 8979.00, 84781.00, and 16296.00 respectively, and the open interests were 62423.00, 13332.00, 158393.00, and 48480.00 respectively, with changes of 2133.00, 4184.00, 14069.00, and 4222.00 [1] - Similar data are provided for IH, IC, and IM contracts. For example, for IC contracts, the previous two - day closing prices for current month, next month, next quarter, and far - quarter were 5958.80, 5904.40, 5854.20, and 5731.20 respectively, and the previous day's closing prices were 6023.00, 5973.40, 5920.40, and 5794.00 respectively, with increases of 55.00, 62.20, 60.60, and 57.80 [1] - The spread between IF next month and IF current month was - 14.60 (previous value - 18.00), and similar spread data are provided for IH, IC, and IM [1] 2. Stock Index Spot Market - For the CSI 300 index, the previous value of the index points was 4014.81, the trading volume was 262.05 billion lots, and the total trading amount was 4437.81 billion yuan, with a growth rate of 0.12. Similar data are provided for SSE 50, CSI 500, and CSI 1000 [1] - Different industries in the CSI 300 index had different growth rates. For example, the energy industry had a growth rate of - 1.32%, and the raw materials industry had a growth rate of 0.87% [1] 3. Futures - Spot Basis - The basis between IF current month and CSI 300 was - 0.21 (previous two - day value - 12.82), and similar basis data are provided for other contracts and corresponding spot indices [1] 4. Other Domestic Main Indexes and Overseas Indexes - For domestic main indexes, the Shanghai Composite Index had a previous value of 3510.18, with a growth rate of 0.01%. The Shenzhen Component Index had a previous value of 10696.10, with a growth rate of 0.61% [1] - For overseas indexes, the Hang Seng Index had a previous value of 24139.57, with a growth rate of 0.46%. The Nikkei 225 had a previous value of 39569.68, with a growth rate of - 0.19% [1] 5. Macro Information - The Shanghai Stock Exchange issued the "Self - Regulatory Guidelines for Science and Technology Innovation Board Listed Companies No. 5 - Science and Technology Innovation Growth Layer", with no additional listing thresholds for unprofitable enterprises and no new investment thresholds for individual investors [2] - The Shanghai Stock Exchange issued the "Guidelines for the Application of Issuance and Listing Review Rules No. 7 - Pre - review", allowing eligible enterprises to apply for pre - review of their application documents before formally applying for IPO on the Science and Technology Innovation Board [2] 6. Industry Information - The rent of Beijing's representative financial street in the office market fell below 400 yuan/square meter/month in the second quarter, and new industries are expected to boost demand [2] - The price of polysilicon rose by more than 16% last week, and the market expects accelerated supply - side reform in resource industries [2] - Multiple regions issued risk warnings against stable - coin concepts [2]