● 本报记者 黄灵灵 黄一灵 为提高对科技创新企业的包容性、适应性，沪深交易所在总结前期科创板、创业板"轻资产、高研发投 入"认定标准试点的基础上，研究推出主板上市公司"轻资产、高研发投入"认定标准。 近年来，主板公司主动跟进前沿科技研发，产业不断转型升级。从目前主板上市公司行业分布来看，部 分上市公司亦涉及新一代信息技术、高端装备制造、生物医药、新材料等战略性新兴产业领域，已集聚 一批具有核心技术能力的上市公司。此类公司具有固定资产占比较低，无形资产比重较高，研发费用持 续增加且占营业收入比例显著高于行业平均水平等特征，经营发展、转型升级与技术迭代、产品创新密 切相关，需要长期、大量、稳定资金支持。 在主板研究推出"轻资产、高研发投入"认定标准，有助于提升募集资金使用的针对性和实效性，更好服 务主板科技型企业，推动传统产业转型升级与新质生产力培育协同发展。 具体来看，主板上市公司"轻资产"认定标准为实物资产占总资产比重不高于20%；"高研发投入"认定标 准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计研发投入不低于3亿元且最 近三年平均研发投入占营业收入比例不低于5%。 有助于上市公司合 ...

Group 1 - Lianqi Technology (澜起科技) debuted on the Hong Kong Stock Exchange on February 9, 2023, with a closing price of HKD 175 per share, marking a 63.72% increase on its first day of trading [1] - The company focuses on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure, with IPO proceeds aimed at R&D, commercialization, strategic investments, and general corporate purposes [1] - The strong market response reflects the company's technological barriers and the benefits of its sector, aligning with the demand for computing infrastructure upgrades [1] Group 2 - Tongcheng New Materials (彤程新材) has submitted a listing application to the Hong Kong Stock Exchange, with Cathay Pacific Securities as the exclusive sponsor [2] - The company is a leading comprehensive new materials service provider in China, focusing on advanced chemical products, including electronic materials and biodegradable materials [2] - The listing is expected to enhance R&D investment and global production capacity expansion, leveraging its first-mover advantage in domestic photolithography resin [2] Group 3 - China Nuclear International (中核国际) announced a positive earnings forecast, expecting revenue to reach at least HKD 2.46 billion and gross profit to increase to at least HKD 260 million in 2025 [3] - This represents a significant increase from the 2024 expected revenue of approximately HKD 1.841 billion and gross profit of HKD 234 million, driven by increased uranium trading volumes [3] - The company's growth is supported by its unique position within the China National Nuclear Corporation and the rigid demand from domestic nuclear power expansion [3] Group 4 - Hong Kong Telecommunications (香港电讯) reported a 5% year-on-year increase in total revenue for 2025, reaching HKD 36.553 billion [4] - EBITDA grew by 4% to HKD 14.234 billion, while profit attributable to shareholders increased by 4% to HKD 5.286 billion [4] - The steady growth is attributed to robust performance in 5G and data services, reinforcing its position as a leading utility provider in Hong Kong [4] Group 5 - The Hang Seng Index closed at 27,027.16, up 1.76% on February 9, 2023 [5] - The Hang Seng Tech Index rose by 1.34% to 5,417.60, while the Hang Seng Composite Index increased by 1.52% to 9,168.33 [5]

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI, epoxy resin, and conductive adhesives are identified as key growth areas, with significant market size and growth forecasts provided [8]. Investment Opportunities - The article outlines various advanced packaging materials and their respective market sizes, including: - PSPI: $528 million in 2023, expected to grow significantly [8]. - Conductive adhesives: projected to reach $3 billion by 2026 [8]. - Chip bonding materials: expected to grow from approximately $485 million in 2023 to $684 million by 2029 [8]. - The investment landscape is characterized by a shift towards domestic production, with numerous Chinese companies emerging as competitors to established foreign firms [7][8]. Industry Trends - The article emphasizes the trend of domestic substitution in advanced materials, particularly in sectors heavily reliant on imports from countries like Japan [7][8]. - It highlights the importance of innovation and R&D in maintaining competitive advantages within the industry [7][8]. Strategic Insights - Investment strategies vary across different stages of company development, from seed rounds to pre-IPO phases, with specific focus areas for investors at each stage [10]. - The article suggests that companies in the growth phase with established sales channels and increasing revenue present lower risk and higher return potential for investors [10].

同时，调整优质上市公司募投资金投向要求，支持优质上市公司将募集资金用于与主营业务有协同整合 效应的新产业、新业态、新技术领域，投向第二增长曲线业务。 加大对优质上市公司支持力度 此次优化再融资一揽子措施，重心之一是加大对优质上市公司支持力度。包括对经营治理、信息披露规 范，具有代表性与市场认可度的优质上市公司，优化再融资审核，进一步提高再融资效率。但交易所也 强调，在此过程中，将坚持优中选优、宁缺毋滥。 2月9日，沪深北交易所同步推出优化再融资一揽子措施，重点加大对优质上市公司支持力度，提高对科 技创新企业的包容性适应性，以更好服务科技创新和新质生产力发展。 "支持优质上市公司将募集资金投向与主营业务有协同整合效应的新产业、新业态、新技术领域，用于 符合新质生产力发展方向的第二增长曲线业务，进一步提高再融资制度对支持新质生产力的包容性、适 应性。" 再融资是资本市场投融资功能的重要组成部分，在支持上市公司做优做强、促进资源优化配置等方面发 挥着重要作用。 明确未盈利企业融资间隔期为6个月 另外，此次一揽子措施中优化了再融资间隔期要求，提高对科技创新企业的包容性、适应性。包括优化 按照未盈利标准上市且尚未盈利的 ...

此外，沪深交易所还同步就主板上市公司"轻资产、高研发投入"认定标准公开征求意见，拟允许符合条件的上市公司将募集资金补流超过30% 的部分，用于与主营业务相关的研发投入。 来源：21世纪经济报道 21世纪经济报道记者 杨坪 深圳报道 A股市场再融资政策再获"松绑"。 2月9日晚，沪深北交易所宣布优化再融资一揽子措施（以下简称《再融资措施》）。为更好适应科创企业再融资需求，沪深北交易所优化再融 资间隔期要求，按照未盈利标准上市且尚未盈利的科技型上市公司再融资，前次募集资金基本使用完毕或未改变募集资金投向的，融资间隔期 调整为不少于6个月。 同时，对存在破发情形、但运作规范的上市公司实施差异化安排，在目前仅能够锁价定增的基础上，交易所允许其通过竞价定增、发行可转债 等方式募集资金用于主营业务。 在此时优化相关科创企业的再融资规则，恰逢其时。 沪深交易所明确，对于按照未盈利标准上市且尚未盈利的创业板公司，如前次募集资金基本使用完毕或者未改变募集资金投向，将其启动新一 轮再融资的间隔期从十八个月缩减为六个月，为这类公司长期持续发展提供有力支持。因其他原因连续亏损的企业，融资间隔期仍不得低于十 八个月。 此外，实践中，部 ...

一度因陷入重整投资人风波而中止的杉杉集团重组，在二次投资人遴选结束以后，终于迎来了新的重整 中标者。 2月8日，杉杉股份（600884.SH）公告称，2月6日，公司控股股东杉杉集团及其全资子公司朋泽贸易 （合称"债务人"）、杉杉集团管理人与通过遴选的重整投资人安徽皖维集团、宁波金资签署《重整投资 协议》。 根据该协议，安徽省国资企业安徽皖维集团牵头，联合安徽海螺集团和宁波金融资产管理公司组成联合 体，对杉杉集团及朋泽贸易投入不超过71.56亿元，换得控制21.88%杉杉股份的部分股票和表决权。 具体安排上，13.50%的杉杉股份股票将以直接收购方式从重整资产包中转让给皖维集团，该部分耗资 约49亿元。 而剩余8.38%股票，则将在短期维持与上述13.50%一致行动关系的基础上，以信托资产的方式运作及部 分减持，并用于破产计划债权人债务偿付。 值得注意的是，由于皖维集团收购13.50%的杉杉股份股票的对价高达16.42元/股，其较去年首次重整遴 选最终进入债权人投票环节的价格11.5元/股高出43.5%，且相关股票设置了长达36个月以上的锁定期， 该方案也获得了资本市场的积极反馈。 他表示，此前被叫停的方案并未 ...

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges announced a package of measures to optimize refinancing, including the introduction of a "light asset, high R&D investment" recognition standard for main board listed companies, which reflects the ongoing reform and support for technology innovation in China's capital market [1][4]. Group 1: Introduction of Standards - The "light asset, high R&D investment" recognition standard was first established in the Sci-Tech Innovation Board and is now being expanded to the main board, indicating the role of the Sci-Tech Innovation Board as a model for capital market reform [2][3]. - As of now, 14 companies on the Sci-Tech Innovation Board have utilized this standard for refinancing, with a total intended financing of 35.12 billion yuan, representing 37% of the number of companies accepted and 76% of the intended financing amount for 2025 [2][3]. Group 2: Characteristics of Recognized Companies - Companies recognized under this standard typically have a low proportion of fixed assets, a high proportion of intangible assets, and a significant ongoing investment in R&D that exceeds the industry average [3]. - The introduction of the main board standard aims to enhance the effectiveness of fundraising by allowing a higher proportion of funds to be directed towards core R&D activities, thus better serving technology-oriented enterprises [3][4]. Group 3: Refinancing Interval Optimization - The Shanghai Stock Exchange announced an optimization of the refinancing interval for unprofitable technology companies, allowing them to initiate refinancing procedures six months after the previous fundraising if the funds have been fully utilized [4][5]. - This change is intended to provide a "safety net" for technology companies, enabling them to manage their financing schedules more effectively and support their R&D and business development [5][6]. Group 4: Market Response and Implications - The new measures are seen as a shift from "special privileges" to "universal support" for technology innovation, indicating a systematic construction of a foundational institutional framework that is more aligned with technological and innovative needs [4][6]. - The policies aim to create a more flexible and nuanced approach to evaluating companies, recognizing the diverse stages and forms of innovation activities, and fostering a supportive environment for long-term technological development [7].

Group 1 - The core viewpoint of the article highlights that AI is revolutionizing material discovery and development, particularly through the AI for Science (AI4S) paradigm, which enhances modeling, simulation, and prediction in advanced materials research [1] - The new materials ETF, Guotai (159761), has seen a rise of over 2% on February 9, indicating positive market sentiment towards the new materials sector [1] - AI-driven new materials are expected to become a key application and investment direction within AI4S, with a focus on "AI prediction + automated experiments," significantly shortening traditional R&D cycles by a factor of ten [1] Group 2 - The Guotai new materials ETF tracks the new materials index (H30597), which focuses on companies involved in advanced basic materials, strategic materials, and cutting-edge new materials, reflecting the overall performance of listed companies engaged in material innovation in high-tech fields such as energy conservation, information technology, and biomedicine [1] - Future applications of AI in materials science are anticipated to extend from perovskite solar cells to higher value areas such as solid-state battery electrolytes, high-temperature superconductors, and semiconductor photoresists [1] - AI not only accelerates material discovery but also drives industrialization through digital process optimization, positioning itself as a core engine for upgrading the manufacturing industry [1]

2026年2月9日，金固股份（002488.SZ）正式披露，公司具身智能事业部近期取得重大业务突破，基于独家自主研发的阿凡达铌微合金等新材料开 发的机器人结构件，成功斩获头部机器人企业多个量产订单，这一里程碑式进展标志着公司新材料技术在具身智能机器人领域的应用正式迈入商 业化落地新阶段，也彰显了其在机器人核心零部件材料领域的核心竞争力。 据悉，为全面布局具身智能这一前沿赛道，金固股份于2025年9月正式成立全资子公司——杭州金固具身智能科技有限公司，并同步组建具身智能 事业部，聚焦具身智能机器人（涵盖人形机器人、四足机器人、服务机器人等）核心结构件的研发、生产与销售，依托公司在新材料领域的技术 积淀，全力开拓机器人产业链新增长点。此次斩获的头部机器人企业量产订单，正是公司战略布局落地的重要成果，也印证了市场对其技术实力 与产品竞争力的高度认可。 本次订单合作的核心竞争力源于金固股份独有的阿凡达铌微合金新材料技术。据了解，该自主研发的革命性材料具备强度高、韧性好、成本低、 碳排放量低的综合优势，经阿凡达工艺处理后，材料强度最高可达2000MPa，约为钛合金的2倍、铝合金的5倍，可有效实现机器人结构件的减 重、降 ...

2月9日，沪深北交易所推出优化再融资一揽子措施。 要点概览： 支持优质上市公司将募集资金用于与主营业务有协同整合效应的新产业（300832）、新业态、新技术领 域，投向第二增长曲线业务 研究推出沪深主板"轻资产、高研发投入"认定标准 明确科创板、创业板未盈利企业再融资间隔期为6个月 沪深北交易所存在破发情形的上市公司，可以通过定增、发行可转债等方式合理融资，募集资金需投向 主营业务 对以取得上市公司控制权为目的的锁价定增加强监管 在总结前期科创板、创业板"轻资产、高研发投入"认定标准试点的基础上，基于主板公司类型多元化的 实际情况，沪深交易所推出主板标准，放宽募集资金补流比例限制，允许超比例的部分定向用于主业研 发。 为何要在沪深主板推出？记者了解到，近年来，主板公司主动跟进前沿科技研发，产业不断转型升级。 从目前主板上市公司行业分布来看，亦涉及新一代信息技术、高端装备制造、生物医药、新材料等战略 性新兴产业领域，已集聚一批具有核心技术能力的上市公司。此类公司具有固定资产占比较低、无形资 产比重较高、研发费用持续投入且占营业收入比例显著高于行业平均水平等特征，其经营发展、转型升 级与持续性技术迭代、产品创新密 ...