Core Viewpoint - The recent launch of the "1+6" new policy for the Sci-Tech Innovation Board (STAR Market) by the China Securities Regulatory Commission (CSRC) has garnered significant market attention, particularly the reintroduction and expansion of the fifth listing standard, which opens up opportunities for high-quality unprofitable companies to go public [1][3][4] Group 1: Policy Changes and Implications - The fifth listing standard has been expanded to cover cutting-edge fields such as artificial intelligence, commercial aerospace, and low-altitude economy, enhancing the inclusivity and adaptability of the capital market for hard-tech companies [3][4] - The introduction of a new "U" label for unprofitable companies in the newly established Sci-Tech Growth Layer aims to improve transparency and help investors better identify and assess risks associated with these companies [9][10] - The new policy encourages collaboration between companies and experienced institutional investors, which is expected to enhance the identification and support of high-quality unprofitable enterprises [5][6] Group 2: Market Dynamics and Investor Considerations - The involvement of seasoned institutional investors is designed to provide a more accurate assessment of companies' innovation potential beyond just financial metrics, thereby guiding capital towards promising unprofitable firms [5][6] - The policy may lead to a situation where companies seek to partner with institutional investors primarily to meet listing requirements, potentially resulting in superficial collaborations rather than genuine partnerships [7][8] - The establishment of differentiated exit standards for companies in the Sci-Tech Growth Layer aims to ensure that only those with sustainable growth and profitability can transition out, thereby enhancing market quality [11][12] Group 3: IPO Pre-Review Mechanism - The newly introduced IPO pre-review mechanism allows companies to identify and address potential issues before formal submission, which could shorten the review cycle and increase the likelihood of successful listings [14][15] - This mechanism is particularly suited for strategic emerging industries with clear core technology projects that have significant implications for national and industry development [15] - However, the pre-review process may not fully uncover all issues, and there are concerns about the lack of transparency and potential information asymmetry in the market [16][17][18]

国泰海通晨报 2025 年 06 月 24 日 [Table_Summary] 1、我们提出了有别于市场的研究框架，并在过往到验证。基于此，我们认为猪价在未来或先稳 后降，并在年末降至低位。产能去化是行业当前主题，关注价格、政策、疫病的催化。考虑当前 行业趋势及估值低位，重点推荐生猪养殖板块，推荐牧原股份、温氏股份、巨星农牧、神农集团， 相关标的德康农牧。 国泰海通证券股份有限公司 研究所 [汤蔚翔 Table_Authors] 电话：021-38676666 登记编号：S0880511010007 2、经济、资金和供需演绎下的债市下行空间。 3、离岛免税销售降幅明显收窄、客单价强势反弹，数据修复迹象逐步确立。叠加封关政策推进、 "即买即退"落地与对美加税背景，免税行业迎来配置新窗口。 [Table_ImportantInfo] 今日重点推荐 行业专题研究：农业《猪周期：产能去化的趋势与节奏》 2025-06-20 林逸丹（分析师）021-38676666、王艳君（分析师）021-38676666、巩健（分析师）021-38676666 年初至今价格极致稳定的背后。年初至今价格十分平稳，代表了供需在这一价格水 ...

眉山未来产业基金正式启动，基金规模为5亿元，由眉山市产业引导基金、四川省科技创新投资集团和彭 山区共同发起设立，主要投资低空经济、新型储能、生物制造等前沿产业领域。当前，眉山市依托交通 区位优势、优越的空域条件、丰富的旅游资源，成功跻身四川省低空经济试点城市。 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 此次未来基金的设立，正是锚定低空经济赛道，抢抓低空经济产业密集创新和高速增长的战略机遇，基 金将聚焦空域试点、低空制造业和人才培养三大领域，助力低空经济产业项目在眉落地生根，打造西南 地区低空制造协同配套高地，加快提升我市低空经济竞争力。 未来，眉山产投私募基金公司将进一步发挥基金撬动作用，引导更多社会资本支持眉山战略性新兴行业 和未来产业发展，持续培育壮大新兴产业和加快布局未来产业，推动低空经济等未来产业在眉山实现技 术突破、应用场景拓展和产业集群发展。 来源：眉山投资控股集团 对接需求请扫码 每日｜荐读 ...

Core Insights - Guangdong is leveraging technological innovation to drive the development of a modern industrial system, aiming to enhance its international competitiveness and support high-quality growth [1][2][3] Innovation-Driven Development - Guangdong has formed nine trillion-yuan industrial clusters, with a focus on advanced manufacturing as the backbone of its modern industrial system [2] - The province is actively promoting industrial technology innovation and has established a leadership group for the innovation and development of artificial intelligence and robotics [2] - The low-altitude economy in Guangdong has reached over 100 billion yuan, with the province accounting for 95% of the national market share in consumer drones and 54% in industrial drones [2] Technological Advancements - Guangdong is enhancing its foundational research and tackling key core technologies, with over one-third of provincial innovation funds directed towards basic research [3] - The province is implementing major technology projects to address "bottleneck" technologies and has achieved significant breakthroughs in core software and chip technology [3] Talent Development - Guangdong has conducted over 4,000 recruitment events this year, attracting more than 60,000 university graduates to support the development of new productive forces [4][5] - The province has established 348 modern industrial colleges across 51 universities, with a total of 214,000 students in graduate programs, leading the nation in talent cultivation [5] Financial Support for Innovation - Since 2022, Guangdong has signed comprehensive strategic cooperation agreements with 23 national financial institutions, facilitating 233 specific cooperation projects worth a total of 1.31 trillion yuan [5] - The province has developed a modern technology financial system to support innovation, with over 5.27 billion yuan in financing already realized [5][6]

央广网深圳6月24日消息（记者 常迪 荣冀晴）我国首部专门关于民营经济发展的基础性法律《中华人民共和国民营经济促进 法》自5月20日起施行，该法从公平竞争、投融资促进、科技创新等多个维度精准发力，既保障民营经济组织平等参与市场 竞争、合法权益不受侵害，又引导企业规范经营、履行社会责任。对此，记者采访了深圳市发展和改革委员会及深圳多家民 营企业负责人，了解他们对该法出台后的看法与期待。 政策保障 助力民营企业稳健发展 民营经济一直是深圳的一张"靓丽名片"，贡献了全市约40%的固定资产投资、50%以上的税收、近60%的增加值、70%以上 的进出口额、90%以上的就业、90%以上的商事主体。 "为了进一步巩固和提升深圳民营经济的发展态势，深圳市发展改革委认真贯彻落实《民营经济促进法》，结合深圳实际， 扎实做好法律贯彻实施工作，统筹推进全市民营经济发展。"深圳市发展改革委相关负责人表示，在加强立法精神和重点内 容的宣传解读的基础上，深圳市着力从制度层面为民营企业提供根本保障；严格执行全国统一大市场和公平竞争审查规定， 规范公共资源交易活动；推出"提振消费"39条工作措施，助力民营经济组织解决拖欠企业账款问题、积极搭建 ...

哈铁快运股份公司副总经理奥拉佐夫表示，物流正成为国家间及合作伙伴间信任的关键要素，构建新型 基础设施解决方案尤为重要。哈铁快运愿意和中方通过创新技术实现电商物流与供应链管理的整合。 新华社阿斯塔纳6月23日电（记者江宥林）首届中哈高端产业交流合作推介会22日在哈萨克斯坦首都阿 斯塔纳举行。中国和哈萨克斯坦政府、企业、媒体代表等汇聚一堂，共话人工智能、跨境电商等高端产 业交流合作新机遇。 哈萨克斯坦贸易和一体化部副部长努苏波夫表示，数字转型在确保经济稳定增长中起到重要作用。他相 信，哈中在该领域的积极合作不仅可以巩固两国经济联系，还能为技术持续发展指明新方向。 "一带一路"国际智库合作委员会秘书长刘刚表示，中哈合作正站在新的历史起点上。他希望双方以本次 推介会为契机，携手探索更多合作可能，书写共建"一带一路"高质量发展的新篇章。 哈萨克斯坦邮政国际业务发展总监纳扎尔巴耶娃表示，中国不仅是大型贸易伙伴，也是关键创新中心， 和中方电子商务平台、物流企业、基础设施建设伙伴开展合作具有长期性和战略性。 北京保京启航科技产业有限公司董事、总经理李康超期待，通过此次活动，能与哈方开展电子商务产业 基础设施建设、跨境结算交易 ...

继去年宣布推出"科创板八条"后，证监会主席吴清又一次在陆家嘴论坛为科创板发声。 他分享的数据显示，2024年，科创板全年研发投入总额1681亿元，超过净利润2.5倍，同比增长6.4%， 全年新增发明专利两万项，6年累计形成发明专利超过12万项。同时持续推动科创债提质扩量，科创债 增至1.1万亿元，占公司债比例由5.2%提升到9.2%。 从活跃并购重组市场，支持新旧动能转换上看，2024年，沪市披露各类资产重组方案700余单，其中重 大资产重组60单，同比增长50%，7成并购标的属于半导体、新能源等新兴产业领域，今年以来披露的 资产重组方案341单，同比增长25%，其中重大资产重组49单，同比增加206%。 聚焦提升制度的包容性和适应性，在科创板设置科创成长层也被认为是深化科创板改革的抓手。上海证 券交易所有关负责人在6月18日答记者问时介绍，科创成长层重点服务技术有较大突破、商业前景广 阔、持续研发投入大，目前仍处于未盈利阶段的科技型企业。前期已上市的存量未盈利企业和新上市的 未盈利企业，共同纳入科创成长层。 该负责人尤其强调，科创成长层建设过程中，上海证券交易所将牢牢把握科创板"硬科技"定位和科创成 长层定 ...

Core Insights - The "Investment Chengdu" Global Investment Conference held from June 18 to 20, 2025, attracted nearly 400 guests from global Fortune 500 companies and industry leaders, focusing on "Cooperation, Innovation, Future" [1][3] - Chengdu announced a significant initiative with a total scale of 60 billion yuan for a chain master fund action plan, aiming to establish 12 chain master funds by the end of 2030, targeting key industries such as integrated circuits, high-end software, and aerospace [1][3] - The conference resulted in the signing of 16 major industrial projects on the opening day, totaling 82.53 billion yuan, with a cumulative signing of 310 projects [1][3] Investment Opportunities - The conference highlighted the signing of projects in emerging industries, including commercial aerospace, artificial intelligence, and advanced energy, showcasing high innovation content and development potential [3][4] - Sichuan Energy Development Group is investing 31 billion yuan to establish a headquarters and several sub-projects, focusing on technology transfer in semiconductor equipment and clean energy [3][4] - New Media Group plans to invest 15 billion yuan in Chengdu to build a global micro-short drama headquarters, establishing the world's first micro-short drama industry model [4] Policy Support - The "Investment Chengdu" policy package was launched, providing comprehensive support across 11 areas, including industry funds and talent introduction [4][6] - Key policy highlights include a full lifecycle fund investment system and substantial financial support for innovative teams and manufacturing projects [4][6] Regional Collaboration - The first "Chengdu Urban Circle Investment Guide" was released, showcasing the investment environment and opportunities in Chengdu and surrounding cities [6][7] - The Chengdu urban circle, recognized as a national-level urban circle, reported a GDP of 739.31 billion yuan in Q1 2025, with a growth rate of 6.2% [6][7] Industry Focus - The conference featured six key industry forums, including aerospace and artificial intelligence, aimed at promoting precise connections between upstream and downstream enterprises [7][9] - A low-altitude economy fund of 3 billion yuan was established to support projects in low-altitude applications and technology [9][10] - Chengdu's aerospace industry has formed a scale exceeding 100 billion yuan, with over 1,000 operating entities, focusing on commercial aerospace and drone technology [11]

Group 1 - The core viewpoint is that Guangdong province is focusing on developing a robust low-altitude economy, with a scale exceeding 1 trillion yuan and over 15,000 related enterprises [1] - The provincial government has established a specialized task force to promote high-quality development in the low-altitude economy, emphasizing airspace reform, infrastructure, industrial layout, and application scenarios [1] - Guangdong has implemented the "Action Plan for Promoting High-Quality Development of the Low-Altitude Economy (2024-2026)", creating a "1+N" policy system for low-altitude economic development across cities like Guangzhou, Shenzhen, and Zhuhai [1] Group 2 - Guangdong leads globally in low-altitude manufacturing, housing 30% of the national industrial chain enterprises, with a 95% market share in consumer drones and 54% in industrial drones [2] - The province has established over 11,000 5G-A base stations and has opened more than 700 drone flight routes, facilitating nearly 800,000 drone logistics flights annually [2] - By 2026, Guangdong aims to achieve a market scale exceeding 300 billion yuan in the low-altitude economy, with a focus on safety, innovation, and a seamless operational management mechanism [2]

Group 1 - The article highlights the development of the low-altitude economy in Tianhe District, Guangzhou, which is integrated into the district's strategic emerging industries, focusing on R&D, manufacturing, and talent introduction [1] - Tianhe Technology Park has gathered 36 companies related to the low-altitude economy, with an expected revenue exceeding 5 billion yuan in 2024, forming a development chain that includes upstream chip manufacturing, navigation systems, midstream drones, eVTOL, and downstream applications such as low-altitude inspection and agricultural protection [1] Group 2 - The Tianhe District's disciplinary inspection and supervision commission is enhancing the soft power of the business environment through a collaborative supervision mechanism, addressing 18 issues that hinder project progress [2] - The Yihang Yiqiao Smart Innovation Center, a 500 million yuan investment project, is crucial for advancing autonomous flight technology, and the local government is actively resolving construction delays caused by municipal roadworks [2] Group 3 - The Tianhe District's disciplinary commission has established a "Direct Connection" supervision platform to focus on project approval, resource allocation, and business environment, promoting a clear relationship between government and businesses [3] - Recent improvements in business registration processes have been noted, eliminating the need for in-person visits and intermediaries, enhancing convenience for entrepreneurs in the low-altitude economy sector [3] - The disciplinary commission has addressed six cases of "micro-corruption" in government service windows, promoting efficient services for companies in the low-altitude economy [3]