未盈利企业上市，历来是市场关注的焦点。 在6月18日召开的2025陆家嘴论坛上，中国证监会主席吴清表示，将聚焦提升制度的包容性和适应性， 以深化科创板、创业板改革为抓手，更好发挥科创板"试验田"作用，加力推出进一步深化改革 的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资 本市场生态。 21世纪经济报道记者 崔文静 张赛男 实习生张长荣 北京、上海报道 吴清提出的"1+6"政策，意味着什么？系列政策利好背后，哪些企业将更多受益？将对资本市场带来哪 些影响？ 一、重启未盈利企业适用科创板第五套标准上市，意味着什么？ 科创板创立之初，率先确立多元包容的上市标准，打破A股对企业盈利门槛的刚性约束，中芯国际、百 利天恒等新质生产力领域的行业领军企业得以在境内上市。第五套上市标准开创境内资本市场允许无收 入、未盈利企业上市先河，仅对市值、主要业务或产品的研发进展、市场空间等提出要求，为艾力斯、 神州细胞等一批具备核心研发实力、亟需突破资金瓶颈的创新药企业提供融资支持。 具体来看"1+6"政策措施，"1"是在科创板设置科创成长层，并且重启未盈利企业适用于科创板第五套标 准上市 ...

文/梧桐小新 6月18日，证监会主席吴清在2025年陆家嘴论坛上表示，将继续充分发挥科创板示范效应，加力推出进一步 深化改革的1+6政策措施。 "1"即 在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市 ，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质科技企业，同时在强化信息披露和风险揭示、加强投资 者适当性管理等方面做出专门安排。 "6"即 在科创板创新推出6项改革措施 ，包括对于适用科创板第五套标准的企业，试点引入资深专业机构投 资者制度； 面向优质科技企业试点IPO预先审阅机制；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； 支持在审未盈利科技企业面向老股东开展增资扩股等活动； 完善科创板公司再融资制度和战略投资者认定标准；增加科创板投资产品和风险管理工具等。 同时，也将 在创业板正式启用第三套标准，支持优质未盈利创新企业上市。 附：吴清主席在2025陆家嘴论坛开幕式上的主旨演讲 尊敬的吉宁书记、小川副主席、龚正市长， 尊敬的王江副主任、功胜行长、云泽局长、海峰副部长、鹤新局长， 各位境内外来宾，女士们、先生们： 大家上午好！很 ...

Core Insights - The article highlights the rapid advancements in artificial intelligence (AI) and commercial aerospace in Haidian District, Beijing, showcasing various innovative technologies and their applications [1][2][3][4][5][6][8][9][10][12][14][15]. AI Development - Haidian has become a hub for AI innovation, with over 1,300 AI companies, including 15 unicorns, leveraging strong research capabilities and a robust talent pool [2][3]. - The region boasts 14 national key laboratories in AI and 1.23 million AI scholars, with 21 out of 37 local universities offering AI undergraduate programs [3][6]. - The establishment of new research institutions, such as the Zhiyuan Research Institute, has facilitated the rapid transition of research outcomes into practical applications [5][10]. Ecosystem and Infrastructure - Haidian has developed a comprehensive AI ecosystem, integrating algorithms, computing power, and data services, with 87 registered large models and a national access rate exceeding 86% [6]. - The Beijing AI public computing power platform has aggregated over 80,000 P of green computing power, supporting startups with high-performance computing resources [5][6]. - A high-end data labeling demonstration base and an AI data operation platform have been established to enhance data availability across various sectors [5][6]. Commercial Aerospace - The district has seen significant growth in the commercial aerospace sector, with nearly 200 companies and a complete industrial chain ecosystem [8][9]. - The successful launch of satellites, including the Tianqi constellation, exemplifies Haidian's capabilities in this field [8][9]. - The establishment of patient capital, including the Zhongguancun Science City Technology Growth Fund, has been crucial in supporting long-term investments in aerospace ventures [10][11]. Application and Innovation - The article emphasizes the importance of practical applications for future industries, with examples such as AI-powered robots in pharmacies and energy-efficient charging stations [12][14][15]. - The introduction of innovative urban scenarios, such as AI-driven traffic management and hydrogen energy applications, showcases Haidian's commitment to integrating new technologies into everyday life [14][15]. - The district aims to establish itself as a national leader in future industries by 2027 and a global leader by 2030, focusing on general AI, embodied intelligence, and satellite internet [15].

Core Insights - Beijing is recognized as the "Unicorn City" with 115 unicorn companies and a total valuation of $594.9 billion, maintaining the highest number and valuation in the country for five consecutive years [1][2] Group 1: Unicorn Companies Growth - The number of unicorn companies in Beijing increased from 93 in 2020 to 115 in 2024, with 23 new unicorns added in 2024 [2] - Among the new unicorns, 13 are from future industry sectors such as general artificial intelligence, smart transportation, cell therapy, commercial aerospace, metaverse, new energy storage, and hydrogen energy [2] - 71.3% of Beijing's unicorn companies are in hard technology, showing a growth of 28.3% since 2020, with an average annual growth rate of 7% [2] Group 2: Technological Innovations - Beijing has achieved several international leading innovations in fields like artificial intelligence, commercial aerospace, and integrated circuits, including the world's first autonomous intelligent agent capable of simulating human operations on mobile phones and computers [2] - The first successful continuous launch of a liquid oxygen-methane rocket and the world's first RISC-V edge computing chip are notable achievements [2] Group 3: International Expansion - Unicorn companies are becoming new engines for global economic activation, with companies like Galaxy Space exploring low-orbit satellite internet applications in Thailand [3] - A collaboration with Thai operators aims to advance low-orbit satellite communication technology and explore various satellite application scenarios [3] Group 4: Autonomous Driving Innovations - Yushi Technology has developed the world's first airport-compliant autonomous towing vehicle, which began large-scale operations at Hong Kong International Airport in 2023 [4] - The technology has expanded to other locations, including Hamad International Airport in Qatar, showcasing its global applicability [4] Group 5: Supportive Policies and Services - Beijing has implemented the "Unicorn Ten Measures" to support the development of unicorn companies, focusing on listing services, spatial guarantees, and talent settlement [5] - A dual management service team has been established to address the daily needs of unicorn companies, resolving nearly 300 demands annually [6] - The city emphasizes "accompanying" innovation cultivation for unicorn companies, with 38 unicorns having gone public in the past five years [6]

Core Viewpoint - The Hubei Provincial Government Investment Guidance Fund has released guidelines for the application of co-investment funds and the selection of management institutions to effectively guide social capital into innovation and entrepreneurship, supporting the province's economic transformation and high-quality development [1] Group 1: Types of Funds - Key areas for fund establishment include: - Robotics and Artificial Intelligence Fund with a total scale of 10 billion, focusing on AI chips, intelligent software, and other core technologies [2] - Life and Health Industry Fund with a total scale of 10 billion, aimed at innovative drug development and biomedicine [2] - Agricultural Industry Development Fund with a scale of 10 billion, targeting modern seed industry and agricultural microbiology [2] - Modern Chemical Industry Fund with a scale of 3-5 billion, focusing on fine chemicals and new chemical materials [2] - Commercial Aerospace Development Fund with a scale of 2 billion, supporting rocket satellite development and space infrastructure [3] - Service Trade Fund, aiming to establish a sub-fund for digital trade and technology services [3] - Other emerging and future industries, focusing on new energy, quantum technology, and new materials [3] Group 2: Regional Funds - The strategy emphasizes regional collaboration, guiding the establishment of funds in cities like Xiangyang, Yichang, and Xianning, focusing on local industry characteristics and resources [4] Group 3: Market-oriented Funds - The initiative aims to attract national social security funds and national-level funds, establishing AIC funds in collaboration with state-owned banks and platforms [6] - The focus is on leveraging existing industry mother funds to attract external venture capital institutions to invest in Hubei [6]

Group 1 - The report highlights ten investment themes focusing on advanced manufacturing, emerging technologies, and structural improvements, indicating a favorable environment for thematic investments in the second half of 2025 [1][4][10] - The report emphasizes the shift in investor perception towards a "transformation bull market" in China's stock market, driven by declining discount rates and a reduction in opportunity costs for equity investments [10][11] - The low-altitude economy is entering a "manned era," with the first operational certificates for manned civil unmanned aerial vehicles issued, indicating significant growth potential in this sector [2][34] Group 2 - The low-altitude economy market is projected to exceed 1 trillion yuan by 2026, with a growth rate of 33.8% year-on-year in 2023, driven by the manufacturing of low-altitude aircraft and operational services [36][40] - The commercial aerospace sector is expected to see a significant increase in satellite launch demand, with multiple satellite constellations entering a dense networking phase, highlighting a substantial gap in launch capacity [41][49] - The deep-sea technology sector is being prioritized under the "Marine Power" strategy, with a focus on developing key technologies and equipment, aiming to enhance China's capabilities in deep-sea resource exploration and utilization [55][64] Group 3 - The semiconductor industry is identified as a critical battleground in the technology competition, with a focus on domestic advancements in lithography technology and the promotion of mergers and acquisitions to strengthen the supply chain [3][64] - The report recommends investing in leading semiconductor equipment and materials companies, as well as domestic computing power industry chains, to capitalize on the growing demand for advanced semiconductor technologies [3][64] - The intelligent driving sector is experiencing accelerated penetration, with the report suggesting investments in key components such as intelligent driving chips, cameras, and lidar systems, as well as smart transportation software and hardware companies [3][64]

Core Insights - Beijing is recognized as the "Unicorn City" with 115 unicorn companies and a total valuation of $594.9 billion, maintaining the highest number and valuation in the country for five consecutive years [1] - In 2024, Beijing welcomed 23 new unicorn companies, with 13 emerging from future industry sectors such as general artificial intelligence, smart transportation, cell therapy, commercial aerospace, metaverse, new energy storage, and hydrogen energy [1] - The majority of Beijing's unicorn companies are characterized by "hardcore technology," with 71.3% classified as hard tech, reflecting a 28.3% increase since 2020 and an average annual growth rate of 7% [1] Industry Development - Unicorn companies in Beijing are actively exploring new application scenarios, including AI-assisted diagnostic imaging systems in community hospitals and autonomous driving services [2] - The commercial aerospace sector has achieved communication network testing in Thailand through low-orbit broadband satellite internet [2] - Beijing's success as a fertile ground for unicorn development is attributed to its adherence to the growth principles of "ecology-based, innovation-driven, capital-supported, and market-oriented" [2] Supportive Ecosystem - Beijing has implemented the "Unicorn Ten Measures" to provide extensive support for unicorn companies, including tax incentives, land use policies, and talent settlement programs [2] - A dual "government + market" service team has been established to address the daily needs of unicorn companies, resolving nearly 300 requests annually [3] - Over the past five years, 38 unicorn companies have gone public, supported by a long-term focus on "accompanying" innovation cultivation and the establishment of over 500 incubation institutions [3]

Core Viewpoint - Chengdu is set to host the "Invest in Chengdu" Global Investment Conference from June 18, 2025, focusing on collaboration, innovation, and future development, with significant participation from global enterprises and investment opportunities [1][2]. Investment Growth - Chengdu has seen rapid investment growth in 2023, with 497 major industrial projects introduced from January to May, marking a 182% year-on-year increase. Foreign investment reached $6.56 billion from January to April, up 58.89%, ranking first among central and western cities [1]. Global Collaboration - The conference will establish a global industrial cooperation platform, focusing on emerging industries such as commercial aerospace, artificial intelligence, and biomedicine, aiming to sign significant projects that fill industry gaps and capture new market opportunities [2][3]. Fund Initiatives - Chengdu plans to launch a chain master fund action plan with a total scale of 60 billion yuan, promoting local supply chain integration and enhancing the investment environment through innovative capital models [3]. Business Environment - Chengdu is committed to improving its business environment with 70 new policy measures aimed at attracting and retaining businesses, emphasizing a responsive and supportive approach to enterprise needs [4][6]. Economic Performance - In the first quarter of 2023, Chengdu's GDP grew by 6.0%, with private sector value added increasing by 6.2%. Fixed asset investment rose by 7.9%, with private investment up by 10.6% from January to April [6]. International Market Expansion - Chengdu is exploring new models for cross-border e-commerce and enhancing its cultural industries, such as gaming and film, to expand its international market presence [6].

Core Insights - Arrow Yuan Technology has achieved a significant technological breakthrough with the successful flight recovery test of its "Yuanxing-1" verification rocket, marking an important advancement in reusable liquid launch vehicle technology in China [2] - The successful sea recovery test lays a solid foundation for the future development of full-scale reusable rockets and provides a new technical pathway for low-cost, high-frequency access to space, showcasing significant industry leadership value and commercial prospects [2] - The Hainan Free Trade Port Construction Investment Fund, through its sub-fund Hainan and Cheng Aerospace Private Equity Investment Fund, has played a crucial role in supporting Arrow Yuan Technology, demonstrating the fund's commitment to investing in cutting-edge technology sectors and supporting national strategic emerging industries [2][3] Company and Industry Developments - Arrow Yuan Technology is focusing on building a comprehensive "assembly-testing-launch-recovery" industrial chain centered around the Wenchang International Space City, leveraging Hainan's low-latitude launch advantages and free trade port policies [2] - The Hainan Free Trade Port Construction Investment Fund aims to continue its investment strategy by focusing on the development of leading industries, utilizing its capital leverage and resource integration advantages to attract and cultivate high-quality industrial projects in Hainan [3] - The fund's investment strategy is aligned with the national strategy for the development of the commercial aerospace industry, emphasizing the importance of core technological innovation capabilities in the aerospace sector [3]

央视网消息：《科技金融新引擎》我们走进商业航天。航天，堪称当今世界最前沿、最复杂的高精尖技术集成领域，它汇聚了多学科的顶尖成果。 一枚商业火箭从设计到发射，需要攻克数千项技术难关。然而，在这片布满荆棘的领域中，不少民营航天企业却如勇敢的开拓者，凭借着对技术的执着 追求和创新精神，在重重困难中不断突破。它们背后究竟藏着怎样的"破局密码"？记者走进一家商业火箭企业，探寻它们发展背后的奥秘。 记者一走进星河动力的北京总部，就看到不大的实验室里布满了火箭的电器设备，工作人员围在一起，激烈地讨论着刚刚完成的实验数据，复盘查找问 题。公司负责人告诉记者，他们正紧张研制即将8月底首次发射的谷神星二号。 民营企业造火箭，在许多人眼中或许是"天方夜谭"。但在公司创始人刘百奇看来，公司从创立之初就将"创新"二字刻进企业基因，力求探寻一条低成本 的商业火箭发射之路。 星河动力航天创始人 首席执行官 刘百奇：传统的这样的发动机制造周期很长，造价也很高，大约是6个月的时间，我们现在采用这种3D打印成型的方 案，基本上生产周期缩短到一个月以内，它的造价成本是只有六七万块钱，将近原来的十分之一，重量还减轻了一半。 只有几斤重的发动机、只有 ...