Group 1 - The core idea of the news is the introduction of a system for seasoned professional institutional investors in the Sci-Tech Innovation Board to enhance the identification and judgment of the technological attributes and commercial prospects of tech companies [1][2] - The introduction of seasoned professional institutional investors aims to address the valuation challenges faced by unprofitable tech companies, which often have high R&D costs and long commercialization cycles [1][2] - The system is expected to help improve the identification of quality tech companies by leveraging the expertise and investment experience of seasoned professional institutional investors [1][2] Group 2 - The Shanghai Stock Exchange is developing relevant business rules to define the standards for recognizing seasoned professional institutional investors and to strengthen self-regulation [2] - The trial implementation of this system is based on successful practices from mature overseas markets, where private equity and venture capital have played crucial roles in the commercialization of advanced technologies [2][4] - The system will initially be limited to companies meeting the fifth set of listing standards, and the involvement of seasoned professional institutional investors will serve as a reference for the review process rather than a new listing condition [3][4] Group 3 - The introduction of seasoned professional institutional investors is expected to stabilize the stock market by encouraging long-term investments and reducing capital volatility [3][5] - The Hong Kong Stock Exchange has implemented a similar system, which has shown positive results in terms of revenue growth and reduced losses for companies listed under specific rules [4] - The growth of diverse investment entities, including private equity and venture capital, has provided significant funding support for tech companies at various stages of development [5]

深圳市科思科技股份有限公司 第一条 为了进一步完善深圳市科思科技股份有限公司（以下简称"公司"） 法人治理结构，促进公司规范运作，增强公司决策的独立性和科学性，更好地保 护全体股东特别是中小股东的合法权益，根据《中华人民共和国公司法》、《上 市公司章程指引》、《上海证券交易所科创板股票上市规则》（以下简称"《上 市规则》"）、《上海证券交易所上市公司自律监管指引第5号——交易与关联 交易》等法律、法规、规范性文件以及《深圳市科思科技股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，制定本制度。 第二条 公司关联交易应当遵循以下基本原则： （一）符合诚实信用的原则，保证关联交易的合法性、必要性、合理性和公 允性； （二）公司与关联人之间的关联交易应签订书面协议，协议的签订应遵循平 等、自愿、等价、有偿的原则； （三）与关联方有任何利害关系的董事、股东，在就该关联交易相关事项进 行表决时，应当回避； （四）公司董事会应当根据客观标准判断该关联交易是否对公司有利； （五）不得利用关联交易调节财务指标，损害公司利益。 第三条 公司关联交易，是指公司或者其合并报表范围内的子公司等其他主 体与公司关联人之间发生 ...

Macro News - The People's Bank of China emphasized the need to implement incremental policies to stimulate economic recovery, focusing on supporting technological innovation and consumption [2] - The Ministry of Commerce of China firmly opposes unilateral tariff measures by the U.S. that harm Chinese interests, advocating for fair negotiations [3] - U.S. President Trump announced the immediate cessation of all trade negotiations with Canada due to Canada's proposed digital services tax [4][5][6] Regulatory Actions - The China Securities Regulatory Commission (CSRC) is taking strict actions against Nanjing Yuebo Power System Co., Ltd. for information disclosure violations, holding both the company and responsible individuals accountable [7] - Major adjustments are being proposed for the A-share market, including a change in the price fluctuation limit for risk-warning stocks from 5% to 10% [8] Market Adjustments - The Hong Kong Stock Exchange will increase transaction fees from 0.002% to 0.0042% starting June 30, 2025, affecting mainland investors participating in various trading activities [9][11] Company Developments - Neuralink, a company owned by Elon Musk, plans to implant brain-machine interface chips in the speech cortex by Q4 2025, with ambitious goals for enhancing human capabilities and treating neurological conditions by 2028 [12] - Hong Kong's Financial Secretary announced that the Stablecoin Regulation will take effect on August 1, 2025, aiming to create a favorable market environment for stablecoin applications [13] - China Rare Earth Group clarified that recent executive changes were part of normal personnel adjustments and did not affect the company's operations [14] - Xiaomi responded to concerns regarding a vehicle fire incident during testing, clarifying that the vehicle's braking system remained functional [15] - Tesla successfully completed its first fully autonomous delivery of a Model Y, showcasing advancements in self-driving technology [16] Market Insights - Everbright Securities predicts that the market index will remain volatile, with a focus on domestic consumption and domestic substitution themes [21] - Dongwu Securities anticipates a significant possibility of the index breaking last year's high, with growth stocks expected to lead the market [22] - China Galaxy Securities forecasts that COMEX gold prices could reach $3,500 per ounce under extreme risk scenarios, while WTI oil prices may fluctuate based on geopolitical developments [23]

（原标题："锣不够用了"！港股IPO火爆，GP收益显著回升，有机构大赚26倍！） "锣不够用了"！如此形容2025年的港交所一点也不为过。 6月26日，港交所迎来了3家公司集体鸣锣——周六福、圣贝拉、颖通控股。这般热闹的场景在今年的港交所频繁上演。就在6月10日，容大科技、 新琪安和MetaLight这3家公司也同日登陆港股市场。 在近期举办的2025陆家嘴金融论坛上，港交所行政总裁陈翊庭表示，当前港股IPO排队企业超160家，仅5月就有40多家企业递表。火热的港股背 后，是一群GP的狂欢。 据执中ZERONE统计，2025年以来，赴港上市企业的创投机构渗透率高达75%，与去年同期相比高出约2%。"相比去年，我们所投资的企业今年 去港股上市的积极性和热情更高了。"深圳一家VC机构负责人对记者表示。 市场风向转变 赴港IPO成佳选 今年港股IPO市场火热有目共睹。6月12日，安永发布2025年上半年《中国内地和香港IPO市场》报告（以下简称"报告"）。报告显示，2025年上 半年，港交所预计约有40家公司首发上市，筹资额约140亿美元（约合1087亿港元），筹资额占全球总筹资额的24%，排在全球首位。 然而，在 ...

Core Viewpoint - The company Vision Technology Co., Ltd. has submitted its application for listing on the Sci-Tech Innovation Board, aiming to raise 2.015 billion yuan [1]. Financial Performance - The company reported revenues of 190.43 million yuan, 215.45 million yuan, and 280.06 million yuan for the years 2022, 2023, and 2024 respectively, indicating a revenue growth of 29.99% in 2024 [1]. - The net profits for the same years were -247.49 million yuan, -304.10 million yuan, and -246.80 million yuan, with a year-on-year increase of 18.84% in net profit for 2024 [1]. - The basic and diluted earnings per share for 2022, 2023, and 2024 were -2.22 yuan, -0.34 yuan, and -0.27 yuan respectively [1]. Key Financial Indicators - The weighted average return on equity for 2022, 2023, and 2024 was -14.85%, -12.98%, and -10.84% respectively [1]. - The net cash flow from operating activities was -223.43 million yuan, -286.78 million yuan, and -75.62 million yuan for the years 2022, 2023, and 2024 respectively [1].

Group 1: Economic Development in Hong Kong - The "Together We Build Dreams, Seek Development" media tour highlighted the new vitality and momentum in Hong Kong's economy and society through visits to innovation parks, cultural landmarks, and representative enterprises [1] - The Hong Kong Ocean Park reported a revenue increase of over 40% during the recent May Day holiday, with more than half of the products sold related to giant pandas, indicating a strong "panda economy" [3][5] - The Hong Kong Science Park, home to 14 unicorn companies and over 2,200 tech firms, emphasizes support for startups in productization and commercialization [5][7] Group 2: Sports and Cultural Initiatives - The Kai Tak Sports Park, which opened in March, has become a popular destination, with events scheduled through early next year, contributing to the local economy [7][8] - The Hong Kong Palace Museum has welcomed 3.2 million visitors in nearly three years, showcasing its role in cultural exchange and economic stimulation [11] - The Hong Kong MTR will add seven new stops to its high-speed rail lines starting July 1, enhancing connectivity with the mainland and supporting economic integration [13] Group 3: Corporate Confidence and Investment - Companies in Hong Kong express confidence in the region's strong legal framework, professional service system, and international business environment, with investments in renewable energy and green initiatives [14] - The Hong Kong government has received positive international rankings, such as third in the Global Financial Centers Index and ninth in the 2024 World Talent Ranking, reflecting effective policy directions [14]

Group 1 - Shenzhen is advancing high-level opening-up initiatives, including the application of employee contract systems in new R&D institutions and exploring joint venture capital funds between mainland China and Hong Kong [1] - The Qianhai area will enhance foreign talent services and deepen the joint talent introduction mechanism with Hong Kong and Macau, while also facilitating the practice of professionals from these regions [1] - The He Tao area will strengthen collaboration between industry, academia, and research, introducing key research projects from renowned universities in Hong Kong and Macau [1] Group 2 - Qianhai plans to launch intellectual property securitization products and develop a nurturing base for companies going public in Hong Kong, while also exploring diversified data circulation and transaction methods [2] - The He Tao area aims to establish a cross-border dual-currency early-stage mother fund in collaboration with Hong Kong venture capital [2] - Qianhai will focus on developing cross-border e-commerce and other new business models, while enhancing existing advantages in transportation, finance, and telecommunications [2]

Group 1 - The German government has approved a €46 billion corporate tax reduction plan aimed at revitalizing the economy through tax incentives and measures to enhance international competitiveness and stimulate corporate investment [1][5] - The plan includes three core measures: accelerated depreciation for movable assets, a gradual reduction of corporate income tax from 15% to 10% by 2028, and increased R&D subsidies for large and small enterprises [2][5] - The tax reduction is expected to significantly benefit sectors such as manufacturing, automotive, and technology, providing immediate cash flow support and encouraging investment in automation and green technologies [2][3] Group 2 - The German economy is projected to experience zero growth in 2025, with the current economic cycle showing signs of weakness, influenced by U.S. tariff policies and domestic fiscal stimulus measures [1][3] - The tax reduction plan is part of a broader fiscal reform that includes a €500 billion infrastructure fund aimed at various sectors, marking a shift from strict fiscal conservatism to a more flexible fiscal policy [1][2] - The implementation of the tax reduction plan may face challenges, including potential pressure on fiscal revenues, uncertainty in parliamentary approval, and external trade tensions that could undermine its effectiveness [3][4][5]

Core Viewpoint - The event in Xiaoshan marks the beginning of the 2025 Intellectual Property Service Month, emphasizing the district's commitment to enhancing its intellectual property capabilities and fostering innovation through various supportive policies [1][2]. Group 1: Intellectual Property Development - By the end of March, Xiaoshan district had 12,149 effective invention patents, representing a year-on-year growth of over 20% [1]. - The district has established a comprehensive policy framework covering high-value patent cultivation, identification of patent-intensive products, and intellectual property securitization [1][2]. - Xiaoshan has been recognized as the first in the country to explore a full-chain industrialization model for patent-intensive products, having been approved as the first national center for cultivating and promoting such products [2]. Group 2: Service Initiatives - The district's market supervision bureau has improved the entire intellectual property chain, facilitating the first intellectual property securitization product and creating a "three-dimensional service network" to support local enterprises [1][2]. - During the service month, the bureau will focus on patent-intensive and export-oriented enterprises, establishing a "demand list" to address intellectual property bottlenecks [2]. - The service month aims to create a closed loop of "cultivation-transformation-protection" through training, roadshows, and platform development [2]. Group 3: Future Goals - Xiaoshan aims to achieve 2,500 invention patent authorizations and a target of 20 high-value patents per 10,000 people as part of its goal to become a national model for intellectual property strong counties [3]. - The district plans to significantly reduce the processing time for patent disputes through a collaborative mechanism involving administrative, judicial, and technical support [3]. - Customized risk control solutions will be provided for enterprises venturing overseas, supported by overseas rights protection service stations [3].

Core Viewpoint - Li Ka-shing, once the richest man in China, is liquidating a significant portion of his overseas assets, indicating a cautious approach amidst global economic instability [1][10][21]. Group 1: Asset Liquidation - Li Ka-shing has sold 43 ports globally, including a major deal with BlackRock for assets in Panama, generating approximately $19 billion in cash flow, equivalent to about 137.8 billion RMB [10][15]. - The sale does not include domestic port assets, suggesting a strategic decision to mitigate overseas investment risks while maintaining a foothold in the stable domestic market [21][23]. - Following the announcement of the asset sale, shares of Cheung Kong Holdings surged by 22%, indicating market confidence in the decision [17]. Group 2: Investment Strategy - Li Ka-shing's investment portfolio spans various sectors, including real estate, telecommunications, and infrastructure, with a notable presence in the UK [4][6]. - The decision to divest from overseas ports may reflect a shift in focus towards more lucrative sectors such as AI and technology, as indicated by market trends [21][23]. - The family has a history of strategic asset management, having previously avoided losses during real estate downturns by selling off properties at opportune times [19]. Group 3: Market Implications - The sale of overseas assets by Li Ka-shing has drawn significant attention from international media, highlighting the potential shifts in global port control dynamics [10][13]. - Observers speculate that the divestment may be a response to geopolitical tensions and the complexities of managing port operations in volatile regions [19][21]. - The liquidity generated from these sales could provide opportunities for reinvestment in emerging sectors, aligning with current economic trends [21][23].