中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 01 房地产 Industry 2025下半年展望 | 房地产：信心、耐心与决心 >>点击图片查看全文<< 我们认为房地产市场"止跌回稳"是一个循序渐进的过程，可大体分为三个阶段，分别对应"住房交易量"、"房价"、"房地产投资"三类指标的企稳回 升；其中，步入正循环的核心点是供需结构改变带来的房价预期向上，或应成为市场耐心跟踪关注的关键转折信号。政策端促成"止跌回稳"仍需更大 决心，推进实体市场供需结构调整的措施落地和防范化解企业端衍生风险的措施补充是短期关键。我们此前在2025年度策略《 房地产：迈向止跌回 稳 》中提出三种政策强度情景；考虑到年初以来政策进展和市场表现、房地产政策约束条件的突破仍须时间、市场供需结构较历史上景气周期仍有 差距，我们认为对于房地产基本面磨底期的持续时长做充分估计，2025年演绎"中政策"情景的概率较大，其中仅销量表现由于926政策效果持续时长 超预期或略好于"中政策"情景。而一旦供需结构调整带动价格预期转为积极，我们认为总住房销量修复至历史合理水平对应的上行空间十分可观， 一、二手房占比结构的再平衡也意味着新房交 ...

Group 1 - The company has announced the cancellation of a special account for raised funds, transferring the remaining balance of RMB 3,962.27 to its general account for daily operational liquidity [4][6] - The total amount raised from the initial public offering (IPO) was RMB 186,463.34 million, with a net amount of RMB 159,551.73 million after deducting issuance costs [2][3] - The company had established a special account for the management and storage of raised funds, in compliance with regulatory requirements and signed a tripartite supervision agreement with the sponsor and the bank [3][4] Group 2 - The cancellation of the special account was conducted to streamline bank account management and reduce administrative costs [4] - The company has completed the necessary procedures for the cancellation of the special account, which also terminates the related supervision agreement [4][6] - The raised funds were subject to specific management protocols to protect investor interests, as outlined in various regulatory documents [3]

2019年6月13日，上海证券交易所科创板正式开板。六年过去，科创板一直坚守"硬科技"定位，在服务 国家创新驱动发展战略、助力企业成长、推动科技创新等方面交出了一份亮眼的成绩单。截至2025年6 月13日，科创板上市公司已达588家，为资本市场高水平科技自立自强和新质生产力发展贡献了积极力 量。 在业绩表现上，科创板上市公司营收持续走高，部分企业年度收入突破千亿元大关。在研发投入方面， 科创板上市公司更是不遗余力，展现出非凡的创新活力。2022年至2024年，全市场科创板上市公司的研 发投入分别为1373.97亿元、1581.52亿元和1679.89亿元。此外，科创板在首次公开募股和并购重组方面 不断深化改革。站在新的历史节点，科创板将持续书写新篇章。 市场活力充分展现 在业绩表现上，近三年科创板上市公司营收持续走高，2022年至2024年，营业收入分别达到13489.92亿 元、14204.62亿元和14260.71亿元，展现出稳健的上升态势。其中，部分企业更是凭借强劲的经营实 力，年度收入突破千亿元大关，成为行业内的佼佼者，为科创板的业绩增色不少。 以晶科能源为例，其近三年业绩一路高歌猛进，2022年营业 ...

| 行业类 V | 当前价 # | 涨跌幅 * | 成交量 ÷ | | 总市值 = 年初至今 = | 0 | | --- | --- | --- | --- | --- | --- | --- | | 全球航空业E ... | 21.87 | -0.55 (-2.45%) | 62.05万股 | 6889.05万 | -13.73% | 를 … | | US JETS | | | | | | | | 区域银行ET ... | 56.56 | ↓ -1.22 (-2.11%) | 240.97万股 | 47.20亿 | -5.66% | ( ) *** | | us KRE | | | | | | | | 银行业ETF - ... | 53.16 | -1.05 (-1.94%) | 11.08万股 | 41.15亿 | -3.48% | () *** | | us KBE | | | | | | | | 金融业ETF --- | 50.09 | -0.92 (-1.79%) | 509.25万股 | 557.47 亿 | +4.01% | U " | | us XLF | | | | | | | | 半导体E ...

Fundraising Overview - The company successfully raised a net amount of RMB 26,911.62 million after deducting issuance costs from the initial public offering of 21,666,668 shares [1] - The funds have been fully received and verified by Tianzhi International Accounting Firm [1] Fund Management and Usage - The company has established a special account for the management and storage of the raised funds, in compliance with relevant regulations and internal management policies [1] - A tripartite supervision agreement has been signed with the sponsoring institution and the bank to ensure proper management of the funds [1] Fund Account Status - The company has detailed the status of its fundraising special accounts, including various projects such as online marketing network construction, offline service network upgrades, and research center construction [1] - Specific accounts have been opened at banks like Ping An Bank and Industrial and Commercial Bank of China for different projects [1] Account Cancellation - The company has canceled a fundraising special account with a balance of RMB 3,962.27, transferring the remaining funds to its general account for daily operational liquidity [2] - The cancellation of the account has been completed, and the corresponding regulatory agreement has also been terminated [2]

Core Viewpoint - A research team from the University of Washington and the Brotman Baty Institute has developed a "claw machine"-like technology for the rapid and automated classification of embryoid bodies, providing critical support for studying individual differences in early embryonic development and the mechanisms of genetic diseases [1][2]. Group 1: Technology Development - The newly developed automated sorting system integrates microscopy, cameras, and robotic micro-manipulation technology, featuring a detachable micro-structure called "micro-raft" for the growth of embryoid bodies [2]. - The system operates like a high-precision "claw machine," autonomously scanning large arrays of "micro-rafts," identifying the characteristics of embryoid bodies, and physically sorting them based on preset criteria, enhancing precision and efficiency [2]. Group 2: Research Implications - The embryoid body model can reveal early developmental abnormalities similar to human diseases, previously clarifying how Huntington's disease manifests genetic traits in early embryos, even before traditional clinical symptoms appear [2]. - The new platform can sort unique embryoid bodies exhibiting subtle phenotypic differences, maintaining sample integrity and paving the way for subsequent live-cell imaging or genetic sequencing [2].

Group 1 - Suzhou is enhancing its employment-friendly city construction to promote high-quality development and employment expansion, having been recognized as the best city for employment promotion for five consecutive years [1] - The city has established 348 local employment service stations, helping over 9,000 individuals from disadvantaged groups find jobs [2] - The local government is focusing on providing precise employment services, including matching job seekers with local recruitment needs and offering free accommodation for out-of-town job seekers [2] Group 2 - Major projects in Suzhou are expected to create over 30,000 new jobs, with more than 200 significant projects being completed since the beginning of 2024 [4] - The city is integrating industry, education, and research to enhance employment opportunities along the industrial chain, including the development of a low-altitude economy and tailored skill training programs [4] - A new training model combining job needs, skill training, and employment services is being implemented to cultivate skilled workers in emerging sectors like drone technology [4][6] Group 3 - Suzhou is launching a summer skill training program to utilize the teaching downtime in schools, aiming to enhance the practical skills of young individuals [6] - The focus on improving employment skills is seen as essential for maintaining the dynamism of the local economy and ensuring the continuous evolution of industry and talent [6]

Group 1: Event Overview - The 11th China (Shanghai) International Technology Import and Export Fair was held from June 11 to June 13, focusing on "hard technology" and future industries, showcasing nearly a hundred breakthrough achievements in fields like brain-machine interfaces, embodied intelligence, quantum technology, and synthetic biology [1][2] - The event highlighted significant innovations such as the world's first sound tweezers single-cell sorting technology and the debut of self-developed lunar soil fiber technology and equipment, indicating a promising future for the technology industry [1][2] Group 2: Innovations in Lunar Technology - East China University of Science and Technology showcased the "in-situ preparation of lunar soil fiber modular equipment," which is included in China's lunar base construction plan, utilizing lunar soil from the Chang'e 5 mission to create fibers for lunar base construction [2] - The technology aims to convert lunar soil into high-performance fibers, enabling local resource utilization and meeting the material performance needs for lunar base construction [2] Group 3: Advancements in Biotechnology - The Soundpen CB system developed by Oubino Biotechnology employs non-contact, label-free acoustic tweezers to manipulate cells with precision, significantly enhancing experimental efficiency by minimizing cell damage [3] - The event also featured brain-machine interface technologies that allow patients with central nervous system injuries to control exoskeletons for rehabilitation, demonstrating practical applications in hospitals and rehabilitation centers [5][6] Group 4: Robotics and Automation - The fair showcased various robots, including a six-legged robot designed for Antarctic research, which can assist in transporting materials and ensuring safety by detecting cracks in the ice [3][4] - Nanjing University presented a multimodal interactive robot capable of intelligent dialogue and music synchronization, which is already in mass production and available in North America [4] Group 5: 3D Printing in Pharmaceuticals - The company San Diego demonstrated its 3D printing technology for pharmaceuticals, achieving continuous and large-scale production of printed drugs, with an annual capacity of 75 million to 300 million tablets [6] - Lepu Medical introduced the MemoSorb biodegradable occluder series, the first of its kind globally, providing innovative treatment solutions for congenital heart disease and stroke prevention [6]

就A股市场来看，A股上半年共有50家企业实现首发上市，上 市企业以中小规模企业为主，合计筹资超过371亿元，IPO数 量和筹资额实现双增长，均同比上升14%。 作者：姜鑫 封图：图虫创意 "2025上半年，未有IPO破发，IPO平均首日回报达到220%，与2024上半年的136%相比，同比大幅上升。" 2025年6月12日，在《中国内地和香港IPO市场》报告（下称"报告"）发布现场，安永北京主管合伙人杨淑娟如是介绍了上半年A股IPO（首次公开募 股）发行情况。 报告显示，2025年上半年，中国内地和香港地区IPO活动在全球中的占比上升。其中，香港IPO活动表现抢眼，筹资额占全球总筹资额的24%，与A股 合计占全球总筹资额的33%。同时，得益于宁德时代等大型IPO推动，港交所以140亿美元募资规模登顶全球。 全球市场IPO数量和融资规模 A股IPO平均首日回报达到220% 就A股市场来看，A股上半年共有50家企业实现首发上市，上市企业以中小规模企业为主，合计筹资超过371亿元，IPO数量和筹资额实现双增长，均同 比上升14%。 报告显示，从行业来看，工业、科技和材料领域的IPO数量和筹资额分居前三位。汽车行业作 ...

Group 1: Global IPO Activity - In the first half of 2025, the proportion of IPO fundraising from mainland China and Hong Kong rose to 33% of the global total, with Hong Kong accounting for 24% of global fundraising [1][6] - The global IPO market is expected to see around 500 companies listed, with total fundraising of $57.5 billion, reflecting a 9% increase in fundraising despite an 11% decrease in the number of IPOs compared to the previous year [1] Group 2: A-Share Market Performance - A total of 50 companies went public in the A-share market in the first half of 2025, raising over 37.1 billion RMB, marking a 14% increase in both the number of IPOs and the total fundraising amount year-on-year [4] - The industrial, technology, and materials sectors led in both the number and amount of IPOs, with over 30% of the listed companies belonging to the automotive industry [4] Group 3: Regional Contributions to A-Share IPOs - The Yangtze River Delta and Pearl River Delta regions are the main contributors to A-share listings, with Jiangsu, Zhejiang, Guangdong, and Anhui being the top four provinces, collectively accounting for 90% of the total IPOs [5] - In terms of fundraising, Zhejiang, Guangdong, Jiangsu, Heilongjiang, and Anhui accounted for 78% of the total amount raised [5] Group 4: Hong Kong IPO Market Recovery - Approximately 40 companies are expected to go public in Hong Kong in the first half of 2025, raising around 108.7 billion HKD, with a 33% increase in the number of IPOs and a 711% increase in fundraising compared to the previous year [6] - The average fundraising amount for Hong Kong IPOs has increased more than fivefold year-on-year, making it the second-highest in the last decade, only after the same period in 2021 [6] Group 5: Focus on Technology and Innovation - The launch of the "Tech Company Special Line" in May 2025 indicates a shift in the Hong Kong market towards technology innovation, facilitating the listing of high-potential tech companies [7] - The A-share market is expected to adopt a "new normal" in IPO issuance, focusing on high-quality tech companies that meet listing criteria, with macroeconomic conditions and market funds influencing the IPO rhythm [8] Group 6: Future Outlook for IPO Markets - The North Exchange is becoming a key player in IPO applications, reflecting its support for specialized small and medium enterprises, with expectations for expansion into emerging industries like artificial intelligence and cultural creativity [8] - The enthusiasm for companies from the A-share market to list in Hong Kong is expected to continue, driven by the establishment of the "Tech Company Special Line" and the return of Chinese companies to the U.S. market [8]