Group 1 - The core viewpoint of the articles highlights the increasing attention on 10 unprofitable companies that are queuing for IPOs, with 9 applying for the Sci-Tech Innovation Board and 1 for the Beijing Stock Exchange [1][3] - Among the 10 companies, 6 have been waiting for over 2 years for their IPO applications to be processed, with Guangzhou Bibetter Pharmaceutical Co., Ltd. being the longest at nearly 3 years [1][3] - The regulatory environment is becoming more supportive of high-quality unprofitable tech companies seeking to go public, as indicated by recent statements from the China Securities Regulatory Commission [3][5] Group 2 - Out of the 10 companies, 7 are from the biotechnology sector, with 5 applying under the fifth set of standards for the Sci-Tech Innovation Board [2][5] - The fifth set of standards for the Sci-Tech Innovation Board does not impose revenue requirements but has a market capitalization requirement of at least 4 billion RMB [6][7] - The companies applying under the fifth set of standards include Bibetter, Hengrun Da Sheng, Sizhe Rui, Heyuan Biotechnology, and Beixin Life [7][8] Group 3 - Bibetter has not generated sales revenue as of the end of 2020 and reported a net loss of 188 million RMB in 2022 [4] - Hengrun Da Sheng also has not achieved main business revenue and reported a net loss of 284 million RMB for the fiscal year 2023 [4] - The IPO applications of other companies like Sizhe Rui and Heyuan Biotechnology were also accepted in 2022, indicating a trend of unprofitable companies seeking IPOs [4][5] Group 4 - The regulatory framework for unprofitable companies is still evolving, with a focus on those possessing key technologies and significant market potential [7][8] - The approval criteria for other tech sectors under the fifth set of standards remain unclear, particularly for industries outside of pharmaceuticals and medical devices [8]

Core Viewpoint - The "Innovation and Entrepreneurship Investment Conference" in Shenzhen successfully showcased the integration of technology innovation and capital, promoting collaboration among various stakeholders in the tech industry [1][15]. Group 1: Event Overview - The conference, held on May 23, marked the ninth National Science and Technology Workers Day and featured a model of "results display + industry promotion + capital connection" [1]. - Since its inception in 2020, the conference has attracted 24,864 quality projects across strategic emerging industries such as AI, biomedicine, and new energy vehicles [3]. Group 2: Focus Areas and Achievements - This year's conference focused on five cutting-edge sectors: new generation information technology, high-end equipment manufacturing, green low-carbon & new materials, biomedicine, and digital economy, with over 80% of participating projects from outside Shenzhen [3]. - Notable projects included the "Laser Proton Knife" from Beijing Ruidekang Technology and a "Multimodal 3D Generative AI Model" from Eluo Technology, which were presented through immersive roadshows [3]. Group 3: Collaboration and Support - The conference emphasized collaboration between the China Association for Science and Technology and the Shenzhen Science and Technology Association to enhance support for tech workers [5]. - Local government representatives promoted their regions' industrial positioning and policy advantages, showcasing benchmark projects in the five key sectors [7]. Group 4: Future Plans - The conference announced a 2025 work plan focusing on grassroots empowerment and regional collaboration, aiming to collect 500 quality projects with at least 70% from outside the city [14]. - The Shenzhen Association for Science and Technology and other local organizations will continue to facilitate project matching and provide comprehensive support throughout the project lifecycle [14].

Core Viewpoint - The EPMI for May, which reflects the economic climate of strategic emerging industries, increased by 1.6 points to 51.0, indicating a slight rebound beyond seasonal expectations due to recent financial policies and positive developments in US-China trade talks [1][4][5]. Group 1: Economic Indicators - The EPMI's May reading of 51.0 is the third lowest for the same period historically, only better than May 2022 and May 2023 [7]. - The production, product orders, and export orders indices increased by 1.8, 2.9, and 10.8 points respectively, indicating a recovery in demand [2][8]. - The employment index saw a slight increase of 1.1 points, while the investment activities in emerging industries remained cautious, with R&D and new product launches declining by 2.1 and 0.1 points respectively [2][12]. Group 2: Sector Performance - New generation information technology, new materials, high-end equipment, and energy-saving and environmental protection sectors showed improved performance, largely driven by external demand and domestic policy support [14][15]. - The export orders for high-end equipment rose by 13.2 points, while energy-saving and environmental protection saw a 22.7-point increase, indicating strong sectoral recovery [15]. - Conversely, the biological industry experienced a decline in export orders, continuing a downward trend from April [14][15]. Group 3: Policy Implications - The government is expected to continue implementing policies to stimulate demand and address market distortions, as indicated by recent statements from the National Development and Reform Commission [15]. - The focus on completing the 'two重' construction project list by the end of June suggests a proactive approach to economic recovery [15].

广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 4 月 EPMI （战略新兴行业 PMI ）环比下行 10.2 个点至 49.4 。从季节性特征看，本月环比降幅为 2014 年有这一数据以来同期最大；绝对景气 水平亦降至同期次低，仅高于 2022 年 4 月。中观景气面同步收缩， 7 大细分行业中 3 个位于景气扩张区间，较 3 月减少 4 个。 第二， 分项指标看，产需均有所下行，出口订单下滑幅度较大。（ 1 ）生产、产品订货、出口订货指标环比分别下行 16.1 、 15.4 和 17.6 个点，出口 订货指标绝对水平降至 40 以下；（ 2 ）生产跟随订单主动收缩，显示企业对需求变化有充分预期。供需关系相对稳定，产需比例为 2.6 ，好于 2023 年 和 2024 年的平均水平；（ 3 ）两大价格指标转降，购进价格和销售价格环比分别下行 4.8 和 4.4 个点；（ 4 ）就业指标环比下行 5.9 个点，单月环比 降幅为 2023 年以来最大，我们此前在报告《风险计提之后：偶发冲回与积极对冲》中指出，目前我国外贸直接和间接带动就业人员数估计在 1 ...

Core Viewpoint - The April EPMI (Emerging Industry PMI) decreased by 10.2 points to 49.4, marking the largest decline for this month since 2014, with the absolute level being the second lowest for the same period, only higher than April 2022 [1][6][5]. Summary by Sections EPMI Overview - The April EPMI stands at 49.4, down 10.2 points, indicating a significant contraction in emerging industries [6][5]. - Among seven major sub-industries, only three are in the expansion zone, a decrease of four from March [1][7]. Sub-Indicators Analysis - Production, product orders, and export orders fell by 16.1, 15.4, and 17.6 points respectively, with export orders dropping below 40 [2][7]. - The production-to-demand ratio is at 2.6, better than the averages for 2023 and 2024 [2][7]. - Price indicators have also declined, with purchase prices and sales prices down by 4.8 and 4.4 points respectively [2][8]. - Employment indicators fell by 5.9 points, the largest monthly decline in 2023, with foreign trade estimated to support around 170 million jobs, accounting for 24% of total employment [2][7]. - Loan difficulty decreased by 3.3 points, indicating a more relaxed monetary policy environment [2][9]. Manufacturing PMI Outlook - The manufacturing PMI is likely to slow down in April, typically a peak season for industry, but historically shows a slight decline compared to March [3][9]. - High-frequency data indicates a slowdown in industries related to external demand, while domestic demand sectors like steel and coke show stronger operating rates [3][10]. Sector Performance - The energy-saving and environmental protection, as well as the biotechnology sectors, experienced relatively smaller declines, indicating their lower correlation with external demand [3][10]. - The new generation information technology, new energy vehicles, and new energy sectors are leading with a prosperity index above 50, driven by trends in artificial intelligence and supportive policies [3][11]. Policy Response - The EPMI data reflects external demand impacts, prompting policy attention, with the State Council emphasizing the need for counter-cyclical adjustments [4][12]. - A special long-term bond issuance of 1.3 trillion yuan is set to accelerate fiscal progress, with expectations for policy measures to stabilize growth in the upcoming months [4][12].