Group 1 - The A-share IPO market is experiencing a significant recovery, with a total of 55 companies successfully listed and raising 59.504 billion yuan this year, marking an increase in both quantity and fundraising compared to the same period last year [3][4] - The number of IPOs accepted by the three major exchanges has increased by 361% year-on-year, with 180 IPOs accepted this year compared to 39 last year [3][4] - The number of companies that terminated their IPO applications has decreased by approximately 74.68%, with 78 companies withdrawing this year compared to 308 last year [3][4] Group 2 - The North Exchange has become a preferred platform for innovative small and medium-sized enterprises, with 116 out of the 180 newly accepted IPO projects coming from this exchange, accounting for 64.44% [4][5] - The top three industries for A-share IPOs in terms of quantity and fundraising are industrial, technology, and materials, which together account for 86% of the total IPO quantity and 89% of the total fundraising in the first half of the year [5][6] - The A-share IPO market is increasingly focusing on strategic sectors, with a significant number of applications from hard technology fields such as artificial intelligence, robotics, semiconductors, and new energy [5][6] Group 3 - The recent changes in the IPO market reflect a broader trend of deepening reforms in the capital market, with policies aimed at supporting technology-driven enterprises and enhancing market inclusivity [7][8] - The introduction of new listing standards and policies, such as the reactivation of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board, is expected to attract more capital towards technology innovation [7][8] - The overall capital market is witnessing a structural improvement, with an increase in long-term funds entering the market, which is expected to enhance market stability and support enterprise growth [8][9]

封面新闻记者 罗石芊 徐湘东 伍雪梅 伍勇 7月18日，2025年凉山彝族火把节重大产业链招商引资项目集中签约仪式在四川西昌举行。现场，凉山州共签约项目83个，总投资额889.81亿元，其中， 26个代表项目上台签约。此次签约项目涵盖钒钛、稀土、航空航天和低空经济、清洁能源、生物医药等10个产业链，将为凉山州构建更具特色优势的现代 化产业体系注入新动能。 从6月25日至7月25日，以"激情火把节•共筑新未来"为主题的2025年凉山彝族火把节重大产业链招商引资活动在凉山开展。为期一个月的活动中，除了重 大产业链招商引资项目集中签约仪式外，还举行了钒钛、航空航天和低空经济、文化旅游3条产业链投资合作机遇发布会。同时，为充分借助火把节关注 度和节日人气，凉山州17县（市）深入开展形式多样的招商系列行动，累计外出招商超百次，推动70个在谈项目落地，完成"每链3项目、每县3项目"签约 目标。 签约仪式 图据主办方 活动现场 图据主办方 凉山州相关负责人表示，这一系列招商活动，全面展示凉山的资源优势、产业基础、投资环境和发展潜力。凉山州将进一步加强产业招商，促进文化与经 济深度融合发展，推动一批项目签约落地。 今年以来， ...

从CAR-T疗法（嵌合抗原受体T细胞免疫疗法）到RNA疗法（包括mRNA、siRNA、环状RNA等），上 海正在逐年积累起细胞与基因治疗（CGT）药物研发制造服务领域的能力。 "过往有很多基因编辑技术，需要将DNA双链完全切断，由于接好的双链可能有约有一半组织需要修 复，因此其效率偏低，且容易产生细胞凋亡和癌细胞扩增的风险。现在，我们原创的碱基编辑技术既不 切断双链，又能同时防止基因编辑做错误位点的编辑，从而实现更精准的治疗。" 日前，沪上科创企业正序生物就自主研发的碱基编辑技术与丹纳赫旗下的思拓凡在"细胞与基因治疗工 艺开发"这一领域达成合作，正序生物首席执行官牟晓盾在合作仪式后告诉第一财经。 牟晓盾称，公司已通过碱基编辑技术在全球范围内已治愈了近20例β-地中海贫血症和镰刀型细胞贫血患 者。谈及科学家团队与CXO（医药研发生产服务外包组织）的合作，牟晓盾表示，思拓凡有丰富的LNP （脂质纳米颗粒）与AAV载体库以及符合国际标准的GMP生产平台，"这使得企业能加速完成碱基编辑 技术下药物的体内递送系统，缩短药物的上市周期。" CGT领域的CXO服务方应如何真正为技术方增效降本？丹纳赫中国首席科学官方焯告诉记 ...

Group 1 - The Sci-Tech Innovation Board (STAR Market) has five listing standards, with the first requiring profitability and a minimum market value of 1 billion yuan [1][9]. - The second standard allows for losses if the company has a market value of at least 1.5 billion yuan and revenue of 200 million yuan in the last year, with over 15% of revenue invested in R&D over the past three years [2][3]. - The third standard requires a market value of 2 billion yuan and revenue of 300 million yuan in the last year, along with a net cash flow of 100 million yuan over the past three years [4][9]. - The fourth standard mandates a market value of 3 billion yuan and revenue of 300 million yuan in the last year, without cash flow requirements [5][6]. - The fifth standard does not require profitability, revenue, or cash flow, but mandates a market value of at least 4 billion yuan and approval for core products by relevant authorities [7][8]. Group 2 - Since the launch of the STAR Market, 20 companies have listed under the fifth standard, all in the biopharmaceutical sector [9]. - The fifth standard's listing has been paused since the second half of 2023 due to a lack of data for assessment, but plans to restart it were announced for June 2025 [10]. - The introduction of seasoned professional institutional investors is a key innovation to help assess companies that are unprofitable and have no revenue [10][11]. Group 3 - The STAR Market emphasizes "hard technology" and only accepts technology companies with significant technical content for listing [16]. - Industries such as real estate, finance, and investment are prohibited from listing on the STAR Market [17][18]. - The STAR Market encourages seven specific industries, including new generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, biomedicine, and other fields aligned with its positioning [19][20][21][22][23]. Group 4 - Companies must meet specific technical requirements to qualify as "hard technology," including R&D investment ratios, R&D personnel ratios, and patent counts [24][25][26]. - Companies can also qualify if they have core technologies recognized by national authorities or have received significant national awards [28]. Group 5 - In addition to industry, performance, and technical requirements, companies must have a sound management structure and no issues with equity [34].

青年创投，即时代之潮。智能浪潮奔涌之际，中国青年创投探索者正不断向世界展现创新活力。每年 夏天，这些探索者相聚在创业邦新青年创投大会，带来技术、投资的最新趋势，也分享他们创投路上 的别样风景。 今年的新青年创投大会于 7月18日在杭州拱墅举办。本次大会由杭州市拱墅区人民政府指导 、 创业 邦主办 、 杭州大运河数智未来城联合主办，汇聚 2025热门赛道"领潮"创业先锋与投资人，携手科 创狠路同行者The North Face（北面）、独家IT合作伙伴腾讯云、数据支持睿兽分析，链接青年科创 力量与城市产业生态，共赴未来新征程。 大会现场 "2025新青年创投榜" 正式揭晓，榜单数据显示 AI正在深度重塑创新生态。今年上榜的30 位青年创业者：他们所创立企业平均成立4年，1/3聚焦人工智能领域，地区集中在北上广、江浙等； 企业平均估值达16亿元，总估值461亿元，50%的企业已步入独角兽或未来独角兽行列；企业平均融 资总额近4亿元，平均融资4次，2025年已有15家企业成功完成最新一轮融资。上榜的40位青年投资 人：72.5%关注智能制造、67.5%关注人工智能；早期和成长期依旧是他们的重点关注阶段，72.5% ...

Core Viewpoint - The establishment of the Sci-Tech Innovation Board (STAR Market) has provided a favorable development platform for China's technology innovation enterprises, supported by policies and a more inclusive financing environment [1][3]. Group 1: Support for Sci-Tech Enterprises - Sci-Tech enterprises face challenges such as long R&D cycles, high funding requirements, and significant failure risks, necessitating support from policies, funding, and technology [3]. - The STAR Market has evolved to provide precise support for listed Sci-Tech enterprises, showcasing positive development trends [3]. - Companies like Boryung Pharmaceutical have transitioned from complex generic drug production to innovative drug R&D, benefiting from the financial support provided by the STAR Market [4]. Group 2: Capital Empowerment and Innovation - Boryung Pharmaceutical has invested a total of 1.2 billion yuan in R&D over six years, with key innovative drugs entering critical clinical phases [4]. - Haoyuan Pharmaceutical has rapidly developed its drug R&D center and production base after listing on the STAR Market, enhancing its service capabilities for the innovative drug industry [4]. Group 3: AI Technology and Innovation - The rapid development of AI technology, particularly in vertical applications, is empowering innovation across various industries [5]. - AI models are adept at solving complex nonlinear problems, helping to overcome innovation bottlenecks in fields like biomedicine and materials science [5]. - The China Securities Index Company has been enhancing the STAR Market index system to guide social capital towards key supported areas, promoting high-quality development of Sci-Tech companies [5][6]. Group 4: Future Developments and Market Dynamics - The STAR Market is set to undergo institutional upgrades with the introduction of the "1+6" policy, improving financing channels for Sci-Tech enterprises [8]. - The deepening reforms aim to enhance inclusivity for hard-tech companies, particularly in biomedicine and high-end equipment sectors [8]. - The integration of AI technology is expected to reduce investment risks and enhance innovation capabilities in the biopharmaceutical sector, leading to higher returns on investment [9]. Group 5: Global Recognition and Competitive Advantage - China's overall innovation capability is gaining global recognition, with a significant increase in domestic biopharmaceutical intellectual property cases being exported [9]. - As China's Sci-Tech strength continues to grow, the capital market's risk appetite for innovative drug companies is expected to shift positively, further enhancing competitiveness in the global market [9].

AI基金平安医疗健康混合A（003032）披露2025年二季报，第二季度基金利润2.1亿元，加权平均基金份额本期利润0.5108元。报告期内，基金净值增长率为 21.53%，截至二季度末，基金规模为9.66亿元。 该基金属于偏股混合型基金，长期投资于医药医疗股票。截至7月17日，单位净值为2.876元。基金经理是周思聪，目前管理4只基金。其中，截至7月17日， 平安医药精选股票A近一年复权单位净值增长率最高，达103.36%；平安医疗健康混合A最低，为84.73%。 基金管理人在二季报中表示，本报告期内，以子行业的景气度为投资的重要策略，在商业模式、竞争力和业绩的多维度比较中寻找具有估值性价比的优秀公 司，重点布局了创新药方向。未来仍然看好以创新药、创新医疗器械为代表的成长型的医药子行业。 截至7月17日，平安医疗健康混合A近三个月复权单位净值增长率为43.84%，位于同类可比基金9/138；近半年复权单位净值增长率为85.59%，位于同类可比 基金7/138；近一年复权单位净值增长率为84.73%，位于同类可比基金5/133；近三年复权单位净值增长率为48.57%，位于同类可比基金12/106。 截至7月1 ...

证券代码：688202 证券简称：美迪西 公告编号：2025-042 上海美迪西生物医药股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： ? 股东持有的基本情况 截至本公告披露日，上海美迪西生物医药股份有限公司（以下简称"公司"） 股东林长青先生持有公司股份 5,473,654 股，占公司总股本的 4.07%，与其一致 行动人陈国兴先生合计持有公司股份10,348,808股，占公司总股本的 7.70%。 上述股份来源于公司 IPO 前取得的股份以及公司实施资本公积金转增股本， 林长青的股份已于 2022 年 11 月 7 日起解禁上市流通。 ? 减持计划的主要内容 因股东自身资金需求，公司股东林长青拟通过集中竞价或大宗交易的方式减 持合计不超过所持公司股票 2,000,000 股，即不超过公司总股本的 1.49%，自减 持计划披露之日起 15 个交易日后的 3 个月内（根据中国证监会及上海证券交易 所规定禁止减持的期间除外）实施。 上述股份减持价格按减持实施时的 ...

图片来源：视觉中国 蓝鲸新闻7月18日讯（记者 李丹萍）随着市场认知的不断提升，以及新《证券法》、新《公司法》陆续实施的推动，A股上市公司的董责险热度持续攀升。 据蓝鲸新闻记者不完全统计，截至2025年7月18日，2025年共有300余家上市公司对外披露投保计划，与去年同期相比基本持平。 若从业内数据来看，据平安产险不完整统计，我国A股上市公司的董责险投保率已从2019年底的不足8%（约3800家上市公司为基数），提升至2025年5月底 的28.4%（约5380家上市公司为基数），已投保A股上市公司数量由2019年的约300家提升至2025年5月底的超过1500家，已实现渗透率的大幅增长。不过， 与海外成熟市场相比仍有较大的提升空间。 总的来看，影响因素包括整体风险意识不足，经济环境带来的降本增效压力，以及部分企业股权集中度较高，大股东或实际控制人对公司经营决策把控力度 较强，部分董事的投保需求被忽视。 记者不完全梳理，今年以来，已有超过300家上市公司披露了拟购买董责险的公告，数量与去年同期基本持平。从上市公司公告来看，董责险的保险期限一 般为一年，多数保费为数十万元，常见的保单限额为5千万元或1亿元。 某 ...

科创板设立六年以来，凭借高度创新的市场机制及包容的融资环境，为中国科技创新企业提供了更为优良的发展平台。随着"科创板八条"、"1+6" 政策等陆 续推出，以及一揽子更具包容性和适应性的配套制度持续落地，优质科技型企业发展的难点堵点有望陆续疏通，科创板将为我国经济转型和新质生产力的发 展持续注入充足动能。 上海证券交易所与第一财经联合策划推出的《价值与投资》栏目，2025年第二期节目以"科创板六周年：资本助新，产业焕新"为主题，邀请科创板上市公司 董事长、上海交通大学教授、中证指数公司代表，详细解析资本助力下，科创企业持续发展壮大，并以科技创新为产业赋能的历程。 多方助力科创企业跨越成长周期 "正是有了科创板提供的种种金融支持，大大增强了企业的抗风险能力，博瑞医药得以在创新药研发方面持续快速推进。"袁建栋说。 在资本的有力支持下，博瑞医药六年累计研发投入达到12亿元，目前已有四条在研创新药管线，其中最重要的创新药物BGM0504注射液已进入III期临床， 公司正迎来创新药产品商业化前的关键时刻。 皓元医药董事长兼总经理郑保富介绍称，作为服务创新药产业链条的CRO企业，皓元医药成功登陆科创板后也迎来了快速发展的机 ...