在6月18日开幕的2025陆家嘴论坛上，中国证监会主席吴清宣布，更好发挥科创板改革"试验田"作用， 将加力推出进一步深化改革的"1+6"政策措施，同时，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。多位机构人士和专家表示，此次证监会提出一系列举措，将加快构建更有利于支持全 面创新的资本市场生态，更好发挥多层次资本市场枢纽功能，有力促进"科技-资本-产业"良性循环。 ...

Group 1 - The core viewpoint emphasizes the importance of a financial service system that is more adaptable to technological innovation and industrial transformation, highlighting the significant role of capital markets in supporting both large tech giants and small innovative companies [1][3] - The China Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of its systems, with reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market as key strategies to create a more attractive and competitive market ecosystem [3][4] - The CSRC plans to implement a series of key measures to enhance capital market openness by optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [4] Group 2 - The CSRC will introduce a new "growth layer" on the Sci-Tech Innovation Board and restart the listing of unprofitable companies under the fifth set of standards, aiming to better serve high-quality tech firms with significant breakthroughs and strong commercial prospects [3] - Six innovative reform measures will be launched on the Sci-Tech Innovation Board, including the introduction of a professional institutional investor system and a pre-review mechanism for IPOs targeting quality tech companies [3] - The CSRC aims to facilitate smoother participation of global investors in China's capital market by enhancing the convenience of various foreign investment products, including the introduction of RMB foreign exchange futures [4]

科技创新是引领发展的第一动力。从历史视角来看，每一次工业革命都推动了生产力快速提升，同时也 重塑了全球创新版图和经济结构。金融作为实体经济的血脉，对科技创新的发展起到了至关重要的作 用。从实验室到市场，从初创到成长，金融始终作为科技创新背后的隐形推手贯穿于科技企业发展的全 过程。因此，厘清金融推动技术创新以及助力科技企业发展的理论逻辑，对于构建与科技创新相适配的 科技金融体制，完善投早、投小、投长期、投硬科技的支持政策，加快形成同新质生产力更相适应的生 产关系具有重要意义。 金融发展与工业革命 工业革命的爆发依赖于多种因素的共同作用，其中金融发展与创新起到了显著的作用。金融通过支持科 技创新，促进技术转化和应用，推动生产方式和经济形态变革与升级。 早期金融发展和机械化的崛起。18世纪60年代，第一次工业革命在英国率先爆发，这场革命通过机器替 代手工业，建立机械化生产模式，人类社会进入"机器时代"。在这个过程中，英国金融体系的逐步完善 为技术应用和工业化生产提供资本保障。 一是现代商业银行体系的建立。在工业革命之前，银行的业务主要集中在商贸活动和贵金属交易上，随 着工业化进程的推进，银行的业务逐渐扩展至工业投资 ...

证监会再推资本市场改革新政，多举措支持未盈利企业上市 设置科创成长层、试点IPO预先审阅机制、扩大第五套标准适用范围、在创业板正式启用第三套标准、 大力发展科创债等，资本市场迎来一揽子支持科技创新的举措。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，推动科技创新和产业创新融合发展，需要更 好发挥资本市场枢纽功能，证监会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，着力打造更具吸引力、竞争力的市场体系和产品服务矩阵。 吴清表示，新一轮科技革命和产业变革加速演进，对加快构建与之相适配的金融服务体系提出了新的更 高要求。目前还存在不少短板弱项，主要体现在"三个不完善"，一是适应创新规律的资本形成机制不完 善。二是满足科技企业全生命周期金融需求的产品服务体系不完善。三是对创新的激励约束机制不完 善。 同时，证监会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。 强化股债联动、壮大耐心资本 推出科创板改革"1+6"政策措施 近年来，我国资本市场发生深刻结构性变化，有力促进了科技、资本、产业良性循环。同时，资本市场 在有力服务科技创新和产业转型升级过程中，也反过来促进了自身结 ...

Core Viewpoint - The article discusses the recent announcement by the China Securities Regulatory Commission (CSRC) regarding the "1+6" policy measures aimed at enhancing the inclusivity and adaptability of the capital market, particularly focusing on the reintroduction of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board (STAR Market) [1][2]. Group 1: Reintroduction of the Fifth Listing Standard - The reintroduction of the fifth listing standard allows unprofitable companies to list on the STAR Market, breaking the rigid profit requirement traditionally seen in A-shares, thus supporting innovative companies with significant R&D investments and promising market prospects [3][4]. - As of June 18, 2023, 37 companies are planning to list under the fifth standard, with 20 already successfully listed, indicating a growing interest and potential for unprofitable tech firms [4][6]. - The CSRC aims to support high-tech companies with strong innovation capabilities and market potential, suggesting that the approval process for unprofitable companies may accelerate significantly in the coming years [5][6]. Group 2: Optimization of the Fifth Standard's Applicability - The core indicators for the fifth listing standard include a minimum expected market value of RMB 4 billion and the requirement for the main business or product to be approved by relevant authorities, with a focus on companies demonstrating significant market potential [8]. - There is a call for clearer guidelines on the applicability of the fifth standard, especially for sectors like artificial intelligence and commercial aerospace, to ensure a comprehensive multi-tiered capital market service system [8][9]. - Suggestions include raising the clinical trial requirements for pharmaceutical companies and introducing business development as a measure of commercial viability [9]. Group 3: Selecting Quality Unprofitable Companies - Evaluation of unprofitable companies should consider core technology, market potential, business model, and team strength, focusing on sustainable and disruptive technologies [12][13]. - The assessment of market potential should include the size and growth prospects of the target market, while the business model must clearly outline how value is created and profitability achieved [12][14]. - Financial health is crucial, with an emphasis on cash flow management and capital adaptability to support ongoing R&D and market expansion [15].

大力发展科创债，加快推出科创债ETF 积极推动社保基金、保险资金、产业资本参与私募股权投资 要点 推出科创板进一步深化改革"1+6"政策措施 设置科创板科创成长层 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 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 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 抓好"并购六条"和重大资产重组管理办法落地 在6月18日举行的2025陆家嘴论坛上，中国证监会主席吴清宣布，将在科创板推出深化改革的"1+6"政策 措施，核心举措包括：在科创板设置科创成长层；重启科创板第五套标准，并扩大适用范围；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。同时，他宣布，创业板将正式启用第三套标准，支持优质未盈利创新企业上市。 吴清强调，证监会将以深化科创板、创业板改革为抓手，以发展多元股权融资为重点，着力打造更具吸 引力、竞争力的市场体系和产品服务矩阵，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。 更好发挥科创板改革试验田作用 推出进一步深化改革"1 ...

Group 1 - The core viewpoint emphasizes the need for better integration of technological innovation and industrial innovation through the capital market's hub function [2][3] - The current technological revolution and industrial transformation are accelerating, with emerging technologies like AI and biotechnology driving global innovation [2] - There are existing shortcomings in the financial service system that need to be addressed, including the inadequacy of long-term capital and the need for a more comprehensive product service system for technology enterprises [2][5] Group 2 - China's capital market has undergone profound structural changes that promote a virtuous cycle among technology, capital, and industry [5][6] - The multi-tiered market system effectively covers technological innovation, with various boards and private equity playing significant roles in supporting tech enterprises [5] - The proportion of technology companies among A-share listed companies has increased significantly, indicating a growing focus on technology-driven growth [6] Group 3 - Further deepening of capital market reforms and opening up is essential to elevate the integration of technological and industrial innovation [7][8] - The Science and Technology Innovation Board (STAR Market) serves as a testing ground for reforms, with new measures being introduced to better support high-quality tech companies [8] - Strengthening the linkage between equity and debt financing is crucial for supporting technological innovation, with initiatives like the introduction of technology bonds and REITs [9] Group 4 - The focus is on nurturing patient capital and long-term investment to support technology enterprises, with efforts to streamline private equity investment processes [9][10] - Supporting technology-oriented listed companies to enhance their core competitiveness is a priority, with regulatory improvements aimed at facilitating mergers and acquisitions [10] - Building a more open and inclusive capital market ecosystem is vital, with plans to enhance foreign investment participation and optimize market access for international investors [11]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to enhance the role of the Sci-Tech Innovation Board (STAR Market) as a "testing ground" for reforms, introducing the "1+6" policy measures to improve the market ecosystem and support innovation-driven development [2][4]. Group 1: STAR Market Reforms - The CSRC will deepen reforms on the STAR Market by establishing a Sci-Tech Growth Tier and restarting the listing of unprofitable companies under the fifth set of standards, targeting high-quality tech firms with significant breakthroughs and R&D investments [2][3]. - Six new reform measures will be introduced, including the trial introduction of senior professional institutional investors, pre-IPO review mechanisms for quality tech firms, and expanding the applicability of the fifth set of standards to more frontier tech sectors [2]. Group 2: Support for Innovation - The current funding mechanisms for innovation are inadequate, with a lack of long-term and patient capital, indicating a significant role for the capital market in supporting both large tech giants and emerging innovative firms [4]. - The CSRC emphasizes the need for collaboration among investors, scientists, and entrepreneurs to foster a virtuous cycle between technology, capital, and industry [4]. Group 3: Financial Instruments and Market Access - The CSRC plans to enhance the synergy between equity and debt markets to support tech innovation, including the development of Sci-Tech bonds and the approval of the first two data center REITs in the country [6]. - There will be efforts to guide more long-term funds into tech investments and to make fund share transfer trials a regular practice, optimizing various exit channels for investors [7]. Group 4: Regulatory Measures - The CSRC will strengthen regulatory measures to combat illegal activities such as insider trading and market manipulation, ensuring that the listing process is a starting point for companies rather than an end goal [8]. - The commission will implement a series of measures to enhance the management of mergers and acquisitions, improving the flexibility and convenience of equity incentive programs for listed companies [8]. Group 5: Market Opening Initiatives - The CSRC will accelerate the implementation of key measures for capital market opening, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investors [9]. - Plans include the introduction of RMB foreign exchange futures to help manage exchange rate risks and the promotion of LNG futures and options to facilitate foreign participation in the Chinese market [9].

Group 1 - The 2025 Lujiazui Forum was held in Shanghai on June 18-19, focusing on financial openness and high-quality development amid global economic changes [1][3] - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the need to enhance the role of the Sci-Tech Innovation Board as a "testing ground" for reforms [1][4] Group 2 - The integration of technological and industrial innovation requires better utilization of the capital market's hub function, as highlighted by the rapid development of frontier technologies [4][5] - The capital market can provide comprehensive services from venture capital to public offerings, catering to different stages of enterprise development [5][6] Group 3 - Significant structural changes in China's capital market have facilitated a virtuous cycle among technology, capital, and industry, with a multi-tiered market system effectively covering tech innovation [6][7] - A-share listed companies' R&D investment reached 1.88 trillion yuan in 2024, accounting for over half of the total R&D expenditure in society [6][7] Group 4 - The CSRC plans to deepen capital market reforms and enhance the ecosystem to support comprehensive innovation, focusing on the Sci-Tech Innovation Board and the Growth Enterprise Market [8][10] - New measures include the introduction of a growth layer on the Sci-Tech Innovation Board and the support for unprofitable tech companies to list under specific standards [8][9] Group 5 - The CSRC aims to strengthen the synergy between equity and debt financing to better serve tech innovation, including the development of innovative bond products [9][10] - There is a focus on nurturing patient capital and long-term investments, encouraging participation from social security funds and insurance capital in private equity [9][10] Group 6 - The capital market will support technology-driven listed companies in enhancing their core competitiveness and operational performance, ensuring better returns for investors [10][11] - The CSRC is committed to creating a more open and inclusive capital market, facilitating foreign investment and enhancing the participation of global investors [10][11]

Group 1 - Tianhong Fund launched the Tianhong CSI A100 ETF on June 17, which is a passive index fund managed by Zhang Ge [1][3] - The fund aims to track the CSI A100 Index, which includes 100 large-cap, liquid, and representative companies, with a target tracking deviation of 0.2% and an annualized tracking error of 2% [3] - The fund has a minimum fundraising target of 200 million shares and an annual management fee of 0.15% based on the previous day's net asset value [3][4] Group 2 - Zhang Ge, the proposed fund manager, has 9 years of experience in the securities industry and currently manages 8 funds with a total scale exceeding 2 billion yuan [5][6] - The largest fund currently managed by Zhang Ge is the Tianhong Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive ETF, which has seen a decline of 6.75% since its inception on February 2025 [7] - The Tianhong North Securities 50 Component Index A, managed by Zhang Ge, achieved a year-to-date return of 29.57%, underperforming its benchmark by over 3 percentage points [8]