科创板个股中，截至发稿上涨的共有388只，涨幅在10%以上的共有23只，除翱捷科技-U之外，涨停的 还有开普云、南新制药、乐鑫科技等，下跌的有196只，跌幅较大的有晶品特装、热景生物、汉邦科 技，分别下跌10.36%、9.98%、8.72%。 资金面上，翱捷科技-U上一交易日主力资金净流出1.12亿元，近5日净流出7933.69万元。 8月27日盘中科创板股翱捷科技-U涨停，截至11:29，股价报122.40元，成交19.76亿元，换手率5.00%， 振幅20.78%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 融资融券数据显示，该股最新（8月26日）两融余额为7.22亿元，其中，融资余额为7.10亿元，较上一个 交易日增加808.92万元，增幅为1.15%；融券余额为1188.53万元，较上一个交易日减少161.59万元，降 幅为11.97%。近10日两融余额合计增加2.59亿元，增幅为56.02%，其间融资余额增长57.10%，融券余额 增长10.65%。（数据宝） ...

8月26日盘中科创板股迈得医疗涨停，截至10:53，股价报21.30元，成交2.05亿元，换手率6.38%，振幅 21.30%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 科创板个股中，截至发稿上涨的共有262只，涨幅在10%以上的共有10只，涨幅较高的有迈得医疗、开 普云、电气风电等，分别上涨20.00%、20.00%、13.98%，下跌的有315只，跌幅较大的有井松智能、盛 科通信-U、芯原股份，分别下跌9.41%、9.20%、9.02%。 （文章来源：证券时报网） 资金面上，迈得医疗上一交易日主力资金净流出2782.52万元，近5日净流出4042.84万元。 融资融券数据显示，该股最新（8月25日）两融余额为7309.13万元，其中，融资余额为7309.13万元，较 上一个交易日减少27.19万元，降幅为0.37%；近10日两融余额合计增加1006.35万元，增幅为15.97%， 其间融资余额增长15.97%。（数据宝） ...

昨天我们提到市场有降温的迹象，从融资盘看， 昨天，融资净卖出10亿 ，是时隔8个交易日后，首次净卖出，而且净卖出第一位的，是今年涨了 400%以上的胜X科技，单票净卖出5.6亿，占全市场 净 卖出的一半以上，而原因是，周三盘后，胜X科技向港交所正式提交了上市申请。 因此，你看，不管是再融资，还是减持，都会抑制炒作的情绪，关键就是A股这边，这块出水的水龙头，现在被人为拧得很死，因此供需失衡。 但是大A，运气也是真好，每次一要降温，就有新的热点，这次，是 Deepseek ——昨天Deepseek在官微正式发布新版本V3.1的同时，在评论区 置顶了下图这条，导致今天开盘，国产芯片板块集体高开。 但是，上午，还是"抢裤子"的行情，芯片大涨的同时，超过70%的行业及个股下跌，按上午的成交，实际今天的成交额应该是会跌破2万亿的 ——结果，午后，券商、算力板块开始拉高，上证指数在13点14分正式冲破3800点，从而带动整个盘子持续走高。 但我们预估，短期降温，是迟早的事，这样的热度，并不可持续。 说回今天的市场，印证了此前，我们的两个结论。 第一，近期，上证指数依然很难战胜。 今天上证指数涨1.45%，而全市场5000多 ...

Group 1 - Shanghai Securities Regulatory Bureau has implemented a regular visiting mechanism to enhance the quality and efficiency of listed companies, resulting in significant improvements in investment returns and corporate governance [1][4] - Since 2024, the bureau has visited 286 listed companies, achieving a coverage rate of two-thirds, and has established a multi-level visiting system to address company needs effectively [1][2] - The bureau has collected over 500 issues and suggestions from companies, with more than half resolved, focusing on areas such as capital markets, industrial policies, and financial support [2][3] Group 2 - The bureau has guided 87 major index constituent companies to develop market value management systems and urged 23 long-term undervalued companies to create valuation enhancement plans [3] - In 2024, over 760 companies announced cash dividends exceeding 280 billion yuan, with more than 110 companies declaring mid-term dividends of over 36 billion yuan [3] - The bureau has supported the issuance of over 118 billion yuan in special loans for share buybacks and has facilitated more than 20 major asset restructuring announcements with a total disclosed amount exceeding 270 billion yuan [3] Group 3 - The bureau aims to continue implementing regular visits to listed companies, focusing on the new "National Nine Articles" and the capital market "1+N" policy system to enhance company quality and investment value [4]

上海增券交易所 SHANGHAI STOCK EXCHANGE ITE THE mm arm 77.5 E T TP 4 W F ▲日 l I P I F A t / 12 t 近日,上海证券交易所发 布《上海证券交易所科创板上市 公司自律监管指引第5号 -- 科 创成长层》（以下简称《科创成 长层指引》），跟着小编一起了 解规则都出了哪些新知识。 科创成长层定位的标 01 的企业是什么样的? 科创成长层精准支持技术有 较大突破、商业前景广阔、持续研 发投入大，上市时仍处于未盈利 阶段的科技型企业。 科创成长层公司的适 02 用 ? 科创板成长层适用包括存量 的上市至今尚未盈利的科创板公 司(以下简称存量公司)及新注册 的上市时未盈利的科创板公司 (以下简称增量公司)。对于存量 公司,自《科创成长层指引》发布 之日起纳入科创成长层;对于增 量公司，自上市之目起纳入科创 成长层。 科创成长层公司的调 0) 2 ��� 未按照规定披露年度报告或 者财务会计报告被出具无法表示 意见或否定意见的审计报告的, 不对其层次进行调整。 已经调出的科创成长层公 司，因会计差错更正等原因导致 公司不符合调出条件的，上交所 将其 ...

Group 1: Investment Philosophy - The investment philosophy of the company is characterized by a "buy and never sell" approach, which has been maintained over decades in the A-share market [1][7]. - The company emphasizes the importance of forward-looking investment strategies, suggesting that insights should be at least 15 years ahead [5][10]. Group 2: Industry Insights - The company believes that the innovation in traditional Chinese medicine (TCM) does not necessarily require new research but can involve applying ancient formulas to new contexts, especially as the aging population increases [9]. - The company has observed that some TCM companies have maintained a compound annual growth rate of nearly 17% over the past decade, indicating a robust growth potential in the sector [8][9]. - The demand for chronic disease medications is expected to increase significantly, potentially growing tenfold in the next 20 years, particularly among the elderly population [10][11]. Group 3: Market Analysis - The company views the current A-share market as "relatively cold," suggesting that market sentiment often fluctuates due to short-term speculative activities [16][17]. - The company notes that the Hong Kong stock market has entered a bull market, which may influence the A-share market positively [18]. Group 4: Sector Evaluation - The company considers the liquor sector, particularly Chinese liquor, to be undervalued, citing the deep-rooted cultural significance of alcohol consumption in society [14][15]. - Concerns about declining consumption among younger generations are dismissed, as the company believes that alcohol consumption typically increases with age [15].

上海增券交易所 SHANGHAI STOCK EXCHANGE ITE THE mm arm 77.5 E T TP 4 W F ▲日 l I P I F A ��� t / 12 t 近日,上海证券交易所发 布《上海证券交易所科创板上市 公司自律监管指引第5号 -- 科 创成长层》（以下简称《科创成 长层指引》），跟着小编一起了 解规则都出了哪些新知识。 科创成长层定位的标 01 的企业是什么样的? 科创成长层精准支持技术有 较大突破、商业前景广阔、持续研 发投入大，上市时仍处于未盈利 阶段的科技型企业。 | 山竹村之天早 | 什么： 调出条件实施"新老划断"。 为推动增量公司加速技术研发和 市场拓展，明确增量公司调出条 件为符合科创板第一套上市标 准;即符合下列条件之一的,将 调出科创成长层: (一) 最近两年净利润均为正 目累计净利润不低于 5000 万元 (二) 最近一年净利润为正且 营业收入不低于 1 亿元。 为降低改革对存量公司及投 资者的影响，存量公司调出条件 仍为上市后营效实现盈利。 ( 此处净利润、实现盈利均以 扣除非经常性损益前后的孰低者 为准,所称净利润、营业收入均指 科创成长层公司的适 ...

近日，上交所举办"聚焦上交所——科创板六周年"专题线上路演活动，来自美欧亚太等主要市场的近50 家机构参与。该活动旨在做好科创板改革"1+6"政策宣贯，增进国际投资者对科创板市场及代表性上市 公司的了解。据悉，本次活动就科创板最新发展情况、改革政策，以及科创板指数化投资情况等进行讲 解。4家科创板公司创始人、CEO与国际投资者深入交流，多方面展示科创板市场的投资机遇及中国资 产的潜力。另据记者统计，今年科创板一季报里，有30多家公司获得外资机构的入驻。（上证报） ...

在行业探讨环节，4家科创板公司创始人与行业分析师深度对话，向国际投资者呈现出科创板在培育硬 科技创新方面的独特价值。企业家们表示，科创板为企业上市融资发展提供了强大助力，期待科创 板"1+6"政策措施等制度创新在服务科技企业发展和产业转型升级方面发挥更大作用。 下一步，上交所将在证监会统筹指导下，加快推动各项改革举措落地见效，着力打造更具吸引力、竞争 力的产品体系，继续做好国际投资者服务，对外讲好中国故事，持续提升外资参与上交所市场的深度与 广度，助力科创板企业高质量发展，推动全球投资者更好地分享中国创新发展机遇。 近日，上交所举办"聚焦上交所——科创板六周年"专题线上路演活动，来自美欧亚太等主要市场的近50 家机构参与。 路演活动中，上交所有关部门介绍了科创板六年来在服务科技创新和新质生产力发展，引导资本向"硬 科技"企业聚集等方面的成果，以及《关于深化科创板改革 服务科技创新和新质生产力发展的八条措 施》实施一年来，科创板指数化投资发展方面的突出成效。为进一步打通支持优质科技型企业发展的堵 点难点，今年6月，中国证监会宣布推出《关于在科创板设置科创成长层 增强制度包容性适应性的意 见》（即科创板"1+6" ...

Core Viewpoint - The article discusses the newly released "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board No. 5 - Growth Layer" by the Shanghai Stock Exchange, focusing on the support for technology companies that are in the growth phase and currently unprofitable [3]. Summary by Sections Definition of Growth Layer Companies - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are still in an unprofitable stage at the time of listing [5]. Applicability of Growth Layer Companies - The Growth Layer applies to both existing unprofitable companies on the Science and Technology Innovation Board (referred to as "existing companies") and newly registered companies that are unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the Growth Layer from the date of the guideline's release, while incremental companies will be included from the date of listing [6]. Conditions for Removal from the Growth Layer - The conditions for removal from the Growth Layer are defined as follows: 1. If a company has positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan. 2. If a company has positive net profit for the last year and an operating income of no less than 100 million yuan. - For existing companies, the removal condition remains that they must achieve profitability for the first time after listing [8]. Investor Awareness of Removal - Investors can be informed about a company's removal from the Growth Layer through the annual report, where the company will disclose the conditions met for removal. The Shanghai Stock Exchange will also promptly announce the removal [9]. Special Marking for Growth Layer Stocks - Stocks or depositary receipts from the Growth Layer will have a special marking ("U") added to their names to indicate their status. Companies that fail to disclose annual reports or receive adverse audit opinions will not have their status adjusted [10]. Trading Considerations for Investors - Investors participating in trading of newly registered Growth Layer stocks must sign a special risk disclosure document. Existing stocks or depositary receipts are not subject to this requirement [12]. Information Disclosure Requirements - Companies in the Growth Layer are subject to stricter information disclosure requirements, including detailed explanations of their unprofitability and its impact in their annual reports. The lead underwriters are responsible for ongoing supervision and must report on any risks or negative events affecting the company's technological innovation and growth prospects [15][16].