本刊记者 郑扬波 6月18日，中国证监会主席吴清在2025陆家嘴论坛上宣布，加力推出进一步深化改革的"1+6"政策措施。 这一消息如巨石投入平静湖面，瞬间在财经圈激起千层浪，大家纷纷热议："科创成长层"到底是什么？为何要重启"未盈利企业"上市？这一系列政策又释 放了什么信号？ 先来说说"1"，即要在科创板设置"科创成长层"。啥是科创成长层？打个比方，"科创成长层"就像在科创板这所大学里新开了个"实验班"。"实验班"的企 业，都是技术有较大突破、商业前景广阔的"硬科技"企业。 同时，成功上市进入科创成长层的企业，监管层也会在其股票简称后统一加上"U"标识，并且提高了新注册未盈利科技型企业摘除特殊标识"U"的标准。 这就像一个显眼的"警示灯"，提醒投资者：这家科创企业上市时门槛较低，可能处于亏损状态，投资时需要更加谨慎。 从这些改革措施能明显看出，监管层正在引导市场，从单纯关注企业当下盈利状况，向学会评估企业未来价值转变。 以往，企业上市，盈利状况是至关重要的考量指标，未盈利企业想上市，难度堪比登天。但今后不同了，只要符合"科创成长层"的要求，即便还没赚钱， 也有机会上市，发行股票募集资金，获得更多融资机会。 再 ...

Group 1 - The core viewpoint of the article is the introduction of a new listing standard on the ChiNext board to support high-growth, unprofitable innovative companies, with a minimum market capitalization of 5 billion yuan and recent annual revenue of at least 300 million yuan [1][3]. - The new standard targets industries such as artificial intelligence, biomedicine, commercial aerospace, and low-altitude economy, emphasizing the need for strong R&D capabilities and market valuation recognition [2][3]. - The policy aims to address the financing challenges faced by high R&D investment companies and shift the capital market focus from profit-oriented to growth-oriented [3]. Group 2 - The third listing standard was established during the 2020 reform of the ChiNext board but has not been implemented until now, with no companies having listed under this standard previously [4]. - A notable case is the planned spin-off listing of XWDA Power Technology, a subsidiary of XWDA Electronics, which has shown significant revenue growth but has not yet turned a profit [4][5]. - The potential companies for future applications under the new standard are expected to have characteristics such as strong technical barriers, high capital recognition, and rapid revenue growth despite being unprofitable [6][9]. Group 3 - In the biomedicine sector, companies like Anji Sheng Bio and Weitai Rilong are highlighted as potential candidates, with significant funding and promising revenue projections [10][11]. - In the commercial aerospace and low-altitude economy sectors, companies like Blue Arrow Aerospace and Shide Technology are also identified, showcasing substantial growth potential despite current losses [13][14]. - In the artificial intelligence and chip sectors, companies like Meijia Technology are noted for their innovative solutions and expected revenue growth [16].

Core Viewpoint - Wuhan city is implementing a series of initiatives to accelerate the development of a nationally influential technology innovation center, focusing on capital cultivation and establishing a fault-tolerant mechanism for investments [1][2]. Group 1: Investment Initiatives - The city has established two government industry funds, Wuhan Fund and Jiangcheng Fund, targeting five key industries including optoelectronic information, new energy, and intelligent connected vehicles, as well as emerging industries like commercial aerospace and artificial intelligence [1]. - The goal is to create a fund cluster worth 300 billion to 500 billion yuan by attracting social capital [1]. Group 2: Investment Risk Management - The government investment funds will allow for a maximum loss of 100% for individual projects under seed and angel investments, with tolerances set at 80% and 60% for seed and angel funds respectively [2]. - A mechanism is in place to exempt government investment funds from liability if investments do not meet expectations due to force majeure [2]. Group 3: Fund Structure and Duration - The participation ratio of government investment funds in seed and angel funds has been increased to over 50%, with a maximum fund duration of 15 years [1]. - The total amount of government investment funds for establishing seed and angel funds or directly investing in technology innovation projects should not be less than 20% of the newly added investment amount for the year [1].

2025 年 6 月 20 日 分析师点评 市场数据 行业研究 【互联网传媒】美股 AI+云安全催化不断，AI 推理需求驱动网络安全蓬勃发展——美 股云计算行业跟踪报告（二）(买入) CrowdStrike 等传统龙头凭借持续的技术迭代强化竞争优势，而 Cloudflare、Rubrik、 Zscaler 凭借云原生+AI 原生架构实现增速领跑。建议重点关注具备 AI+云安全产品落 地能力的厂商，以把握企业数字化转型过程中网络安全领域的增量需求。推荐 CrowdStrike，建议关注 Rubrik、Cloudflare、Zscaler。 【建材】国内低轨星座建设加速，钙钛矿或成为降本突破口——低轨卫星行业研究系 列之一(增持) 我国政策高度重视商业航天产业建设，国内"星网"、"千帆"等星座计划已开始批 量发射卫星，低轨卫星发展节奏有望显著提速。与国际先进水平相比，我国商业航天 降本亟待突破，其中钙钛矿有望成为低轨卫星能源系统的降本突破口。上海港湾前瞻 性布局卫星领域以及钙钛矿相关业务，凭借先进的技术与可靠的产品，公司能源系统 产品已助力 15 颗卫星成功发射，40 余套卫星电源系统及太阳帆板与结构机构在轨稳 ...

"朱雀三号"是蓝箭航天研制的中国首款不锈钢液体运载火箭，其箭体采用的不锈钢材料具有耐高温性 能，在重复使用上具有显著优势。"'朱雀三号'火箭一级发动机在火箭回收后可不下箭检查，加注完成 即可再次飞行，成本相较一次性使用火箭可降低80%到90%。"6月18日，蓝箭航天副总裁张静茹在采访 活动现场告诉记者，目前，"朱雀三号"已经完成10公里级垂直起降飞行试验，即将在今年下半年首飞。 近年来，中国商业航天技术快速发展的同时，也在加速构建"航天+"产业生态。 "银河航天灵犀03星也是我国首款使用一体化成型技术的卫星。通过使用工业压铸技术，卫星叠放在一 起可以节约空间，提升火箭运载效率。"银河航天供应链与商务总监黄志德介绍，卫星研制牵引带动了 传统地面铸造、精密加工等企业，拉动其他领域技术发展，"航天+"擦出火花。 在十万级洁净空间的冷光下，自动焊机的"焊针"以毫伏级的精度吞吐着能量，在纤薄的柔性电池片上游 走；一旁的自动贴片机则以0.05毫米的微距精度，将电池片轻柔安放到柔性基板上。 6月17日，科技日报记者跟随"活力中国调研行"北京市主题采访团，走进北京银河航天方舟实验室，目 睹了柔性太阳翼的生产场景。 轻薄、柔软 ...

从前天开始，沃兰特航空合伙人兼高级副总裁黄小飞就一直忙着接待券商。短短两天，已有10多家券商团队来敲公司的门。 这源于中国证监会6月18日发布的《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》（下称《科创板意见》）。《科创板意见》以设置科创成长层为 抓手，重启未盈利企业适用科创板第五套标准上市并扩大适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业上市。 "我们非常关注相关的新举措。这一系列政策释放出一个积极信号：国家正在以更包容、更前瞻的制度安排，支持商业航天等战略性新兴产业的成长型企业登陆资本 市场。"时空道宇相关负责人说，过去很多商业航天企业虽然拥有核心技术，但由于暂未盈利，难以借助资本市场实现快速发展。第五套标准的重启，实质上是 从"看盈利"向"看创新、看潜力"转变，为像时空道宇这样深耕硬科技的企业打开了新的成长通道。 有商业航天企业相关人士向记者表示，在证监会相关实施细则明确后，公司将积极进行上市前的筹备工作。 沃兰特内部目前正在讨论是否在科创板上市。"科创板改革恰逢其时。"黄小飞告诉证券时报记者，"科创板第五套标准更加精准服务技术有较大突破、商业前景广 阔、持续研发投入大的优 ...

Core Viewpoint - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) aims to facilitate the listing of loss-making companies on the Sci-Tech Innovation Board (STAR Market), addressing the challenges faced by tech firms in securing funding and going public [2][4]. Group 1: Policy Overview - The "1+6" policy includes the establishment of a Sci-Tech Growth Layer on the STAR Market, allowing companies with losses or zero revenue to list [2][4]. - Currently, there are 30 companies marked with a "U" indicating they are in the Sci-Tech Growth Layer, which allows for listing despite losses [4]. - New regulations require companies registered after the new rules to meet stricter criteria to remove the "U" mark, compared to previous standards [6]. Group 2: Listing Standards - The first standard for listing requires companies to be profitable in the last two years with a total profit of at least 50 million yuan, or to have a profit and revenue of at least 100 million yuan in the last year [7]. - The fifth standard allows companies with losses and zero revenue to list, provided they have a market value of over 4 billion yuan and meet other specific criteria [9][10]. - Currently, 20 companies have utilized the fifth standard for listing, primarily in the biopharmaceutical sector [12][13]. Group 3: New Measures - The policy introduces six reform measures, including expanding the fifth standard to support more frontier technology sectors like artificial intelligence and commercial aerospace [8][17]. - A new mechanism for pre-IPO review is being piloted to protect sensitive information for high-quality tech companies [22][23]. - Companies can now raise funds from existing shareholders during the IPO process, which is beneficial for those lacking self-sustaining financial capabilities [24][25]. Group 4: Investment and Oversight - The introduction of a system for professional institutional investors aims to enhance the evaluation of companies that qualify for the fifth standard, ensuring better judgment on their future prospects [19][20]. - The CSRC emphasizes the need for strict regulatory measures to prevent fraudulent activities and protect investor rights, ensuring that companies meet multiple criteria for listing [28].

在科创板设置科创成长层有哪些考虑？中国证监会新闻发言人表示，根据证券法规定，证券交易所可以 根据证券品种、行业特点、公司规模等因素设立不同的市场层次。本次改革在科创板设置科创成长层， 重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前仍处于未盈利阶段的科技型企业。 6月18日，中国证监会正式印发《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》（下称 《科创板意见》），上海证券交易所就同步制订的2项配套业务规则——《科创板上市公司自律监管指 引第5号——科创成长层》《发行上市审核规则适用指引第7号——预先审阅》公开征求意见。 此次改革以增设"科创成长层"为抓手，重启未盈利企业适用科创板第五套标准上市。同时，扩大第五套 标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用。 试点引入资深专业机构投资者制度 有效识别优质科技型企业 本次改革设置科创板科创成长层的同时，围绕增强优质科技型企业制度包容性、适应性，提出一系列举 措。 其中，对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制度。有效识别优质科技 型企业。本次改革，拟借鉴境外市场有关做法，在科创板引入资深 ...

Core Insights - Beijing's commercial aerospace sector is experiencing unprecedented growth, with over 300 high-tech companies and a significant number of top 100 commercial aerospace firms, listed companies, and unicorns concentrated in the region [1][7]. Group 1: Company Achievements - Blue Arrow Aerospace has achieved a breakthrough in reusable rocket development, completing a 10-kilometer vertical landing test and planning 12 commercial rocket launches in 2024, which will account for about 20% of the national launch tasks [1]. - The "Zhuque-2" rocket developed by Blue Arrow Aerospace became the world's first liquid oxygen-methane rocket to successfully reach orbit, marking a significant advancement in China's liquid rocket sector [4]. - Star River Dynamics has successfully conducted 19 commercial launches, delivering a total of 81 satellites, making its "Gushenxing-1" rocket the most frequently launched private rocket in China [5]. Group 2: Technological Innovations - Blue Arrow Aerospace is focusing on developing the "Zhuque-3" rocket, which is designed to be low-cost, modular, and reusable, with a planned first flight in 2025. This rocket will utilize stainless steel for its structure, significantly reducing manufacturing costs and production cycles [6]. - Star River Dynamics is leveraging 3D printing technology to reduce engine manufacturing costs by up to 90%, enhancing the efficiency of its operations [5]. Group 3: Industry Landscape - The "South Arrow North Star" pattern is emerging in Beijing's aerospace sector, with the southern region focusing on rocket development and the northern region specializing in satellite manufacturing, creating a comprehensive industrial chain [7]. - Beijing is actively enhancing its aerospace industry by establishing dedicated zones such as "Rocket Street" and "Satellite Internet Industrial Park," aiming to attract more commercial aerospace enterprises and promote collaboration across various sectors [8].

6月18日，中国证监会发布《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》（以下简称 《科创板意见》），提出将设置科创板科创成长层。 同时，围绕增强优质科技型企业的制度包容性适应性，推出试点引入资深专业机构投资者制度；面向优质科技 型企业试点IPO预先审阅机制；扩大第五套标准适用范围；支持在审未盈利科技型企业面向老股东开展增资扩 股等活动；健全支持科创板上市公司发展的制度机制；健全科创板投资和融资相协调的市场功能等6项重磅改 革。 同日，上海证券交易所（以下简称上交所）就同步制订的2项配套业务规则公开征求意见，分别是《科创板上 市公司自律监管指引第5号——科创成长层》《发行上市审核规则适用指引第7号——预先审阅》。除此以外， 上交所还在研究制订修订相关的业务规则，后续将向市场发布。 设置科创板科创成长层 科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，目前仍处于未盈利阶段的科技型企 业。前期已上市的存量未盈利企业和新上市的未盈利企业，共同纳入科创成长层。 上交所也强调，科创成长层建设过程中，上交所将牢牢把握科创板"硬科技"定位和科创成长层定位，更好统筹 投融资动态平衡，把好发行上市入 ...