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【e公司观察】如何看待未盈利企业的投资价值?
Sou Hu Cai Jing· 2025-06-25 23:50
Core Viewpoint - The Shanghai Stock Exchange will review the IPO application of He Yuan Bio on July 1, marking the first company to apply under the newly reinstated fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board since the announcement by the CSRC Chairman on June 18 [1] Group 1: Policy Changes - The third listing standard for the ChiNext board has also been officially implemented, supporting high-quality unprofitable innovative companies to go public [1] - These policy directions aim to provide listing opportunities and facilitate financing channels for companies with strong technological innovation capabilities and high growth potential [1] Group 2: Market Trends - As of now, there are 54 unprofitable companies listed on the Sci-Tech Innovation Board, with 20 of them utilizing the fifth listing standard, primarily listed between 2020 and 2022 [1] - The market has shown a significant divergence in value judgment regarding unprofitable companies, especially as the fifth listing standard entered a substantive pause in the second half of 2023 [1] Group 3: Investment Insights - Among the 20 companies that applied the fifth listing standard, 9 have shown a compound annual growth rate of over 40% in revenue over the past three years, indicating strong market capture and high product recognition [2] - In 2023, 19 of these companies outperformed the Sci-Tech 50 Index, with 14 companies seeing stock price increases of over 20%, and 6 exceeding 50% [2] - Institutional investors are increasingly recognizing the growth potential and investment value of these unprofitable companies, with 17 out of 20 companies having fund shareholders and 4 being held by social security funds [2] Group 4: Future Opportunities - The investment logic for high-quality unprofitable companies is becoming clearer with the return to a more inclusive policy direction [2] - Sectors such as pharmaceuticals, artificial intelligence, commercial aviation, and low-altitude economy are expected to receive capital market support, helping leading companies seize development opportunities and accelerate their maturity [2]
给“硬科技”更多准入机会
Jing Ji Ri Bao· 2025-06-25 21:58
Core Viewpoint - The introduction of the "1+6" policy measures by the China Securities Regulatory Commission aims to break the barriers for high-quality, unprofitable technology companies to access the capital market, reflecting a shift from focusing solely on profitability to recognizing potential growth [1][2]. Group 1: Policy Changes - The new measures include the establishment of a growth tier for the Sci-Tech Innovation Board and the reintroduction of the fifth listing standard for unprofitable companies [1]. - The third listing standard will also be officially implemented on the Growth Enterprise Market to support high-quality, unprofitable innovative companies [1]. Group 2: Market Evolution - The shift from "looking at profits" to "looking at potential" is a significant innovation in capital market system construction, aligning with the evolving industrial landscape and the need for diverse listing standards [2]. - Emerging industries such as artificial intelligence, commercial aerospace, and low-altitude economy are rapidly developing, necessitating patient capital support for technology companies that require long investment cycles [2]. Group 3: Implications for Companies - Breaking down the barriers for unprofitable companies to list is crucial for technology firms to leverage capital market resources, accelerate the transformation of technological achievements, and convert "technological fantasies" into real productivity [3]. - The growth of companies in fields like artificial intelligence and quantum communication will drive the upgrade of industries towards higher-end, intelligent, and green development [3]. Group 4: Investor Protection Measures - To mitigate risks associated with unprofitable technology companies, regulatory measures include the introduction of experienced institutional investors to help assess company value and the implementation of special identifiers for newly registered unprofitable tech companies [3]. - These measures aim to ensure that investors are aware of the risks associated with investing in early-stage companies and to promote rational decision-making [3]. Group 5: Early Results - Since the implementation of the fifth listing standard, over 20 unprofitable companies on the Sci-Tech Innovation Board have achieved profitability and successfully removed their special identifiers [4]. - The focus is on maintaining quality control while balancing market vitality and risk management, fostering a healthy ecosystem for startups, growth companies, and mature enterprises [4].
这一职业平均年薪34.2万元!大佬建议这样选专业→
第一财经· 2025-06-25 15:52
2025.06. 25 根据智联招聘发布数据,低空经济、具身智能、智能制造、芯片领域等新兴和未来产业的职位招聘增 速较高,无人机工程师、机器人调试工程师、算法工程师、机械工程师、半导体工艺工程师、半导体 设备工程师等职业的招聘职位数同比增速均在30%以上。 低空经济、商业航天等硬科技产业链条长、分工精细,报考相关专业需要厘清产业链条,考虑自身兴 趣与产业链中各环节的匹配度。以低空经济为例,eVTOL (electric Vertical Take-off and Landing, 电动垂直起降航空器)只是其中的一个细分领域。 "整条产业链可划分为上游、中游和下游,每个领域有不同的侧重。"天际线eVTOL创始人罗科迪所 说的"上游",指的是包括研发设计、基础原材料、核心组件与零部件生产等环节所在的行业。他所在 的主机厂商一般被视作为行业中游,而下游则偏应用,通常是一些运营服务商和飞行保障商。罗科迪 建议,如果是对技术方向感兴趣,可以报考航空类的专业,如果想要涉及一些商业相关的领域,也可 以考虑工商管理、市场等方面的专业。 他向记者指出,不同环节对人才的需求存在差异。"整个行业既需要纯技术人才,也需要技术与商业 ...
A股晚间热点 | 高层发声!欢迎各国企业来华投资兴业
智通财经网· 2025-06-25 14:46
Group 1 - Chinese Premier Li Qiang expressed that China will continue to welcome foreign enterprises to invest and operate in the country, aiming for mutual benefits and technological cooperation [1] - Vice Premier He Lifeng emphasized the need to expand domestic demand and boost consumption to promote high-quality economic development, while also exploring new models for real estate development [2] - Shenzhen's municipal government announced measures to gradually relax or eliminate restrictions on service trade under cross-border delivery and overseas consumption models, aiming to enhance the service sector's openness [3] Group 2 - Chen Guo, Chief Strategist at Dongfang Wealth Securities, indicated that the revaluation of Chinese assets has just begun, driven by the stability of the RMB and the acceleration of the engineer dividend [4] - Guotai Junan International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to include virtual asset trading services, leading to a significant surge in its stock price [5] - A surge in foreign investment interest was noted, with many foreign institutions focusing on companies in the electronics, machinery, computer, and automotive sectors, reflecting optimism for the Chinese stock market in the medium to long term [6] Group 3 - Xiaomi is set to unveil its first AI glasses, joining other tech giants like Meta, Apple, and Samsung in the growing market, which is projected to reach nearly 300 million units and over 190 billion yuan [12] - The low-altitude economy is gaining attention, with Chengdu introducing policies to support its development [12] - AI medical imaging has made breakthroughs, enabling the early detection of stomach cancer up to 10 months in advance [16]
县域经济比拼升级,这个2万亿城市力推川版“八小龙”
Di Yi Cai Jing· 2025-06-25 11:44
域经济实力的差距成为成都与东部城市竞争的一个关键弱项,但这也给成都提供了一个可期的潜力空 间。 经济规模站上2万亿之后,成都把县域经济发展作为向上突破的增长新空间。 6月24日,成都市召开县市新城高质量发展大会,专门针对八个远郊县市推出强有力政策措施,打造支 撑全域高质量发展的"八小龙"。6月25日,成都市政府新闻办召开成都市县市新城高质量发展新闻发布 会,发布了相关政策及多部门的支持措施。 县域实力与东部差距明显 成都所谓的县市新城是指简阳、都江堰、彭州、邛崃、崇州、金堂、大邑、蒲江等八个县市,在成都市 域范围内处于远郊,此前在成都圈层体系中与中心城区和近郊区相对应,被称为三圈层,其面积占全市 约2/3、人口约1/4、经济总量约1/6。 在此次大会上,成都市推出了《成都市推动县市新城高质量发展实施方案》,致力用三到五年时间,推 动县市新城在经济规模、园区能级、城镇化质量、综合承载力等方面稳步提升,形成强县引领、竞相争 先、协同共进的县域经济高质量发展新格局。 杨文学认为,未来一段时期内,成都市高质量发展的潜力和主要承载空间在县域。推动县域迈向更高层 级发展,关键是完善顶层设计,构建差异化发展格局,支持一批县 ...
“硬科技”高薪与高门槛并存,大佬支招如何选专业
Di Yi Cai Jing· 2025-06-25 11:25
Group 1 - The "hard technology" industries, represented by low-altitude economy, commercial aerospace, and embodied intelligence, are rapidly emerging, attracting significant attention from students and parents regarding relevant majors and job opportunities [1][2] - The demand for high-level talent in these new industries is significantly increasing, with job recruitment growth rates in fields such as low-altitude economy, embodied intelligence, and smart manufacturing exceeding 30% year-on-year for positions like drone engineers and algorithm engineers [1][2] Group 2 - The low-altitude economy can be divided into upstream, midstream, and downstream sectors, each requiring different skill sets and educational backgrounds, with a focus on both technical and business-oriented talent [2][3] - The Ministry of Education has introduced new undergraduate programs, including Low Altitude Technology and Engineering, to meet the growing demand for skilled professionals in these emerging fields [2] Group 3 - In the commercial aerospace sector, companies have stringent hiring standards, often requiring master's degrees and favoring graduates from specific institutions known for their strength in aerospace and military engineering [3][4] - The commercial aerospace industry is projected to see over 110,000 new companies by 2024, with satellite design and manufacturing engineers earning an average annual salary of 287,000 yuan, and chief engineers in liquid rocket engines earning a median salary of 820,000 yuan [4][7] Group 4 - Different roles within the aerospace sector have varying preferences for educational backgrounds, with specific majors being favored for roles in rocket design, satellite navigation, and manufacturing processes [7][8] - Practical experience and comprehensive skills are emphasized as critical for success in the hard technology fields, with recommendations for students to engage in hands-on projects during their studies [7][8]
制造成长周报(第19期):杭州召开国际人形机器人展览会 蚂蚁集团首次投资灵巧手
Xin Lang Cai Jing· 2025-06-25 11:09
Industry Dynamics - The humanoid robot sector is experiencing significant developments, with various companies announcing new projects and partnerships, including Midea's successful deployment of its self-developed humanoid robot in factories and the release of the Star Motion Q5 intelligent robot [1] - The 3D printing equipment production in May saw a year-on-year increase of 40% [1] Government News - The China Securities Regulatory Commission (CSRC) announced support for companies in cutting-edge technology sectors to apply the fifth set of listing standards on the Sci-Tech Innovation Board [2] - Several strategic partnerships were formed in the humanoid robot sector, including Demar Technology's agreement with Zhiyuan Robotics and Qinan Co.'s investment in Moxian Technology [2] Key Focus Stocks - The week highlights key stocks such as Longxi Co., Jindi Co., Yirui Technology, Yingliu Co., and Dingyang Technology [3] Investment Insights 1. Humanoid Robots: Focus on value and positioning, emphasizing suppliers with strong capabilities and identifying incremental opportunities in the market, particularly in components like joint modules, dexterous hands, reducers, and motors [4] 2. AI Infrastructure: Continued growth in capital expenditure for data centers driven by AI demand, with key beneficiaries including Hanzhong Precision, Ice Wheel Environment, and Yingliu Co. [4] 3. Low-altitude Economy: Rapid advancements in the low-altitude economy, with a focus on core components such as engines and motors, highlighting companies like Yingliu Co. and Zongshen Power [5] 4. 3D Printing: As an additive manufacturing technology, 3D printing is expected to open market opportunities across various sectors, with key players including Bolite and Huazhou High-Tech [5] 5. Nuclear Fusion: Progress in nuclear fusion energy is seen as a long-term direction for energy transformation, with companies like Yingliu Co. and Jiangsu Shentong being highlighted [5]
长三角G60科创走廊成立低空经济协同创新等三大联盟 激活协同发展动能
Zheng Quan Shi Bao Wang· 2025-06-25 10:13
Group 1: Establishment of Alliances - The Long Triangle G60 Science and Technology Corridor has established multiple alliances, including the Low Altitude Economy Collaborative Innovation Alliance and the Enterprise Outbound Service Alliance [1] - The Low Altitude Economy Collaborative Innovation Alliance aims to create a cross-regional collaborative innovation platform to promote technological and industrial innovation in the low-altitude field [1] - The alliance will focus on building an industrial innovation ecosystem, establishing low-altitude standards, and enhancing cooperation between industry, academia, and research [1] Group 2: Outbound Service Initiatives - The Long Triangle G60 Science and Technology Corridor has initiated a survey to assess outbound service needs, revealing that 34.17% of enterprises plan to expand their business in the next three years, with Southeast Asia being the primary target market for 65% of them [2] - The newly formed Enterprise Outbound Service Alliance aims to support enterprises in their cross-border development by leveraging the advantages of Shanghai and the nine G60 cities [2] - The alliance will facilitate resource integration and provide comprehensive outbound services to enhance the international competitiveness of G60 enterprises [2] Group 3: Integrated Circuit Testing Base - The Chuangxin Integrated Circuit Design and Manufacturing Pilot Base, built by Zhejiang Chuangxin Integrated Circuit Co., covers approximately 50 acres with a construction area of 60,000 square meters and has established a complete 12-inch CMOS process line [3] - The pilot base began operations in May 2022, providing chip process verification and equipment validation services, and has developed a low-power 55nm basic process platform that meets industry standards [3] - The core device performance of the chips developed at the base is at the international advanced process level [3]
十万亿级别,低空经济就是下一个“互联网+”?|低空观察家
Sou Hu Cai Jing· 2025-06-25 09:56
Core Viewpoint - The establishment of the Low Altitude Economy Development Office by the National Development and Reform Commission marks a new phase in China's strategic planning for the low altitude economy, which is expected to reshape both the economy and daily life [1][8]. Group 1: Current Status and Challenges - The low altitude economy is heavily reliant on battery technology, with current flying devices limited to approximately 20 minutes of flight time due to battery capacity constraints [1]. - The lack of comprehensive legal and regulatory frameworks poses significant challenges for the development of low altitude manned flying vehicles, with safety being a critical concern [3]. - The low altitude economy is primarily composed of drones (approximately 85%) and general aviation (about 15%), with private enterprises playing a crucial role in its development [9]. Group 2: Reform Directions and Economic Empowerment - The Low Altitude Economy Development Office aims to establish a national coordination mechanism to streamline management and improve policy efficiency, thereby reducing institutional costs [7]. - A unified regulatory framework is being developed to enhance organizational efficiency and strengthen international influence in the low altitude sector [7]. - The low altitude economy is projected to contribute an additional 1-1.5 percentage points to GDP by 2035, becoming a significant driver of economic growth in China [8]. Group 3: Innovation and Market Dynamics - The entrepreneurial spirit of private drone companies is vital for the resilience and innovation within the low altitude economy, as these companies are often more agile and responsive to market demands [12]. - The low altitude economy is characterized by a long industrial chain and a wide radiation scope, making it a promising sector to address structural challenges in China's economy [8]. - The development of a comprehensive innovation ecosystem is essential for enhancing the self-sufficiency of the industry and fostering sustainable growth [7].
午后爆发!科创50指数ETF(588870)涨超1%冲击三连阳!科创“1+6”政策有何深远影响?机构深度解读
Xin Lang Cai Jing· 2025-06-25 06:48
Group 1 - The A-share market is experiencing a collective rise, with the Sci-Tech 50 Index ETF (588870) showing a significant increase of 1.59%, aiming for a third consecutive day of gains, and a turnover rate nearing 15% [1] - The net inflow into the Sci-Tech 50 Index ETF over the past 60 days has exceeded 130 million, with a year-to-date share growth rate of over 25%, leading its peers [1] - Most constituent stocks of the Sci-Tech 50 Index ETF have risen, with notable increases including a more than 5% rise in Human-Machine, over 2% in SMIC and Kingsoft Office, and over 1% in several others [3] Group 2 - The recent reform in the Sci-Tech Board, which includes the introduction of a growth layer, aims to enhance the inclusivity and adaptability of the system, expanding the scope of the fifth listing standard to cover cutting-edge technology sectors [4] - The core indicators of the new listing standard include a minimum expected market value of 4 billion and the requirement for R&D achievements to be approved by relevant national departments [4] - The reform is expected to provide substantial support for capital operations in emerging industries, broadening financing channels for leading companies in sectors like commercial aerospace and low-altitude economy [4][5] Group 3 - The Shanghai Stock Exchange has quickly responded to the policy release by advancing supporting rules, which include establishing a growth layer and a pilot pre-review mechanism for IPOs [5] - The "1 + 6" reform package introduced at the Lujiazui Forum is anticipated to elevate the reform efforts in the capital market, with expectations for continued support for private technology enterprises [5][6] - The anticipated increase in market activity and support for private enterprises is expected to benefit technology leaders with financing needs, as well as the brokerage sector due to enhanced trading activity [6] Group 4 - The Sci-Tech 50 Index ETF (588870) tracks the top 50 stocks in the Sci-Tech Board, covering sectors such as electronics, pharmaceuticals, power equipment, and computers [6] - The management fee rate for the Sci-Tech 50 Index ETF is as low as 0.15%, and the custody fee rate is as low as 0.05%, making it the lowest in the market [7]