Core Viewpoint - The establishment of the Science and Technology Innovation Board (STAR Market) Growth Layer is a significant step towards enhancing the inclusivity and adaptability of China's capital market, providing a tailored platform for early-stage technology innovation companies, especially those that are unprofitable but have substantial growth potential [2][5][6]. Summary by Sections Introduction of the Growth Layer - The Shanghai Stock Exchange has officially implemented the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Growth Layer," marking the formal launch of the Growth Layer [1]. Key Features of the Growth Layer - The Growth Layer is designed to support technology companies that have made significant technological breakthroughs, possess broad commercial prospects, and are in the stage of continuous R&D investment while being unprofitable at the time of listing [3]. - It includes both existing unprofitable companies on the STAR Market and newly registered companies that are unprofitable at the time of listing [3]. - The criteria for companies to be removed from the Growth Layer are differentiated for existing and new companies, with existing companies being removed upon their first profitability after listing, while new companies must meet the STAR Market's primary listing standards [3][4]. Information Disclosure and Risk Management - Companies in the Growth Layer are required to disclose the reasons for their unprofitability and related risks in their annual reports, and they must promptly report any significant negative events [4]. - Special risk identification measures will be implemented for stocks in the Growth Layer, including a unique identifier "U" to indicate their status, and investors must sign a risk disclosure agreement before trading [4]. Market Reactions and Implications - The establishment of the Growth Layer is viewed positively by market participants, enhancing the capital market's ability to serve the real economy and providing a more suitable platform for technology innovation companies at different development stages [5]. - The new policies are expected to attract more technology companies to the STAR Market, expanding its coverage and creating a more diverse market environment [5]. - The Growth Layer is seen as a crucial component in building a multi-tiered capital market that supports technological innovation, balancing development and safety for unprofitable companies [5][6].

Group 1 - The introduction of the Sci-Tech Innovation Bond ETF has significantly enhanced the liquidity of Sci-Tech bonds, utilizing a T+0 trading mechanism and innovative redemption models to address traditional liquidity issues in credit bond trading [1][2] - The influx of capital into the Sci-Tech bond market is expected to increase trading frequency and market activity, creating a vibrant trading atmosphere that allows investors to adjust their portfolios more effectively [2] - The Sci-Tech Innovation Bond ETF has broadened financing channels for Sci-Tech enterprises by creating a "debt-equity linkage" mechanism, facilitating low-cost financing and enabling efficient capital flow within the technology innovation chain [2][3] Group 2 - The launch of the Sci-Tech Innovation Bond ETF fills a gap in the public fund market for "Sci-Tech" on-site bond funds, enriching the existing investment tools in the bond market and catering to diverse investor risk preferences [2] - The successful introduction of the Sci-Tech Innovation Bond ETF demonstrates the agility and creativity of China's financial system in supporting new productive forces, providing replicable experiences for building a resilient and dynamic modern financial market [3] - The positive cycle of "policy guidance - market response - industry benefit" is expected to continuously inject capital momentum into China's technological self-reliance and high-quality economic development [3]

Group 1 - The Shanghai Stock Exchange (SSE) is committed to implementing the China Securities Regulatory Commission (CSRC) directives and advancing the "Science and Technology Innovation Board" (STAR Market) reforms, including the new policies and business rules [2][3] - The newly established "Science and Technology Growth Layer" aims to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3][4] - The SSE has introduced a pre-review mechanism for Initial Public Offerings (IPOs) to enhance the quality and efficiency of the review process for high-quality technology enterprises [4][5] Group 2 - The "Science and Technology Growth Layer" will not impose additional listing thresholds for unprofitable companies, allowing existing unprofitable firms to transition into this layer immediately upon the guideline's implementation [3][4] - The new guidelines specify that the exit conditions for existing companies remain unchanged, while new unprofitable companies will have stricter exit criteria based on profitability and revenue metrics [3][4] - The SSE has implemented a special identifier "U" for stocks in the Science and Technology Growth Layer to help investors distinguish between existing and newly registered stocks [4][6] Group 3 - The "Senior Professional Institutional Investor" guidelines have been released, which detail the criteria for institutional investors participating in the STAR Market, emphasizing their professional judgment capabilities [7][8] - Institutional investors must maintain a significant stake in the issuing company for at least 24 months prior to the IPO application, ensuring they do not engage in sudden investments [7][8] - The introduction of senior professional institutional investors is expected to enhance the accountability and credibility of investments in technology firms, aiding regulatory bodies in identifying companies with genuine growth potential [8]

中经实习记者 孙汝祥 记者 夏欣 北京报道 "这次改革没有针对未盈利企业纳入科创成长层设置额外的上市门槛，存量32家未盈利企业将自指引发 布实施之日起进入科创成长层，新注册的未盈利企业将自上市之日起进入。"上交所相关负责人指出。 7月13日，《上海证券交易所科创板上市公司自律监管指引第5号——科创成长层》（以下简称"《科创 成长层指引》"）正式发布并施行。 自当日起，科创板存量32家未盈利企业将进入科创成长层，新注册的未盈利企业将自上市之日起进入。 "存量公司受益明确，增量公司面临更高挑战。"资深专家在接受记者采访时表示，科创成长层在调出标 准、投资者适当性管理两方面实施新老划断，利好存量未盈利企业，有利于改革的稳步推进。 存量32家未盈利企业入成长层 此前的6月18日，证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》（以下简 称"《科创板意见》"）明确了在科创板设置科创成长层的基本要求。《科创成长层指引》则从业务规则 的角度对有关要求加以细化。 上交所相关负责人表示，上交所将坚守科创成长层定位，突出更好支持优质未盈利科技型企业这个改革 重点，把好准入关。 Wind数据显示，截至目前，科创板 ...

Core Insights - The economic strength of the top 100 districts in mainland China has become a focal point, with Shanghai's Pudong New Area leading the list due to its outstanding economic performance and a GDP significantly ahead of others [1][2] - All districts on the list have a GDP exceeding 160 billion RMB, highlighting their robust economic capabilities and exceptional performance [1][2] - The top districts are not only economically significant locally but also play a crucial role in the national economic landscape, showcasing unique industrial advantages in various sectors [2][3] Group 1 - Shanghai Pudong New Area is recognized as the most developed region in mainland China, excelling in finance, trade, and technology, which drives its rapid economic growth [1][2] - Pudong is home to numerous well-known domestic and international company headquarters and important financial infrastructure, such as the Shanghai Stock Exchange, solidifying its core position in the financial sector [1] - The region also stands out in technological innovation, attracting high-tech enterprises and talent, which continuously fuels its economic development [1] Group 2 - Other districts on the list, such as Shenzhen's Nanshan District, Guangzhou's Tianhe District, and Beijing's Haidian District, demonstrate strong economic capabilities in high-tech industries, modern services, and technological innovation, respectively [2] - The distribution of these top districts spans from the developed eastern coastal areas to emerging economic zones in the central and western regions, indicating a broad geographic representation [2] - The increasing number of top districts in the central and western regions, such as Chengdu's Wuhou District and Wuhan's Jianghan District, reflects a positive trend in regional economic coordination and development [2][3] Group 3 - Overall, the economic strength of the top 100 districts in mainland China is significant, showcasing not only impressive total economic output but also strong competitiveness in industrial structure optimization, technological innovation, and green development [3] - With the ongoing implementation of the national regional coordinated development strategy, these districts are expected to continue leading the way in promoting high-quality national economic growth [3] - The emergence of more regional economies will enrich the economic landscape of mainland China, laying a solid foundation for sustainable economic development [3]

构筑一流营商环境和制度集成创新发展的体系机制。"十四五"期间，紧紧围绕制约创新发展的现实问题 及其深层次原因，海南自贸港在人才、科技创新体系、营商环境、创新协同合作等领域制度集成创新持 续破题。首先，营造一流营商环境，推动制度集成创新。持续营造市场化、法治化、国际化一流营商环 境。优化经营主体生存发展的土壤，培育和激发市场活力、增强发展内生动力。其次，筑牢创新发展人 才支撑。充分利用政策优势，聚焦"4+3+3"主导产业、"五个图强"等新质生产力领域，分梯次组织实施 人才培养项目。建立高层次、多形式的国际化技能人才队伍培养体系，强化人才培养顶层设计和统筹协 调。建立"平台+项目+人才"的创新人才培养新机制，提升高端化产业、高科技园区、高层次平台、高 能级企业主体的育才功能。最后，完善科技创新体系建设。企业是经济活动的主体，也是科技创新活动 的主体。完善科技型中小企业梯次培育机制，积极开展科技型领军企业认定工作，带动高新技术企业、 科技型中小企业协同创新发展；加大科技金融支持力度。进一步加大财政对科技创新资金投入的力度， 优化经费投入结构，加大并完善重点领域的R&D经费投入强度和投入机制。 "十四五"期间，海南自 ...

Group 1 - The 2025 High-tech Transfer and Transformation Conference and the Second Suzhou International Science and Technology Innovation Conference opened with the theme "Gathering Global Wisdom to Build an Entrepreneurial Paradise" [1] - The "100 Billion Talent Fund" and "Major Industrial Development Fund" were launched, with 40 technology projects landing in Suzhou [1] - The "100 Billion Talent Fund" has a total scale of 10 billion yuan, with an initial phase of 2.5 billion yuan and a duration of 15 years, focusing on key talent and hard technology [1] Group 2 - The "Several Policy Measures for Accelerating the Integration of Technological Innovation and Industrial Innovation" were released, aiming to enhance the supply of technological innovation and talent in Suzhou [2] - Support for establishing key laboratories and high-level research institutes, with funding up to 200 million yuan and 20 million yuan respectively [2] - Financial support for new top talents and teams in Suzhou can reach up to 100 million yuan and 30 million yuan [2] Group 3 - Suzhou will strengthen the cultivation of innovative enterprises and provide up to 100 million yuan for newly established global R&D centers [3] - Incentives for enterprises to increase technological innovation investment, with support for newly approved national and provincial innovation centers reaching up to 50 million yuan and 10 million yuan respectively [3] - The implementation of "Science and Technology Innovation Index Benefits" will provide policy-based rewards of up to 30 million yuan [3] Group 4 - The "2025 Suzhou Key Technology Global 'Challenge' List" was released, featuring 45 key technology demands with a total investment of 5.412 billion yuan [4] - The list covers all industrial clusters of Suzhou's "1030" plan, focusing on technology upgrades and green innovation [4] - Successful projects from the list will receive up to 10 million yuan in support, based on 50% of the challenge amount [4]

Core Viewpoint - The article discusses the release of the "Several Policy Measures for Accelerating the Integration of Technological Innovation and Industrial Innovation Development" aimed at enhancing Suzhou's innovation influence and developing new productive forces through 15 specific policy measures across five dimensions [1] Group 1: Enhancing High-Quality Technological Innovation Supply - Suzhou aims to enhance the supply of technological innovation by supporting the establishment of key laboratories with funding up to 200 million yuan and 20 million yuan respectively [2] - The city will support the construction of several high-level research institutes and provide funding for various scientific research projects, with maximum support reaching 5 million yuan, 6 million yuan, and 10 million yuan [2] - Global "challenge" initiatives will be organized with a maximum support of 10 million yuan for key technology breakthroughs and major scientific achievements [2] Group 2: Improving Integration Development Effectiveness - The policy measures focus on building a modern industrial innovation system, with rewards of 5% for manufacturing enterprises investing over 50 million yuan in equipment [3] - New service industry leaders will receive up to 1 million yuan in support, and strategic emerging industries will be cultivated to create advanced industrial clusters [3] - Support for artificial intelligence and data integration development projects can reach up to 100 million yuan [3] Group 3: Enhancing Enterprise Technological Innovation Capability - Suzhou will establish a nurturing system for innovative enterprises, providing up to 100 million yuan for newly built global R&D centers [4] - Enterprises leading national major scientific projects will receive support of up to 20 million yuan [4] - The city aims to support at least 90% of municipal industrial technology innovation projects led by enterprises each year [4] Group 4: Promoting Efficient Transformation of Technological Achievements - A high-level platform for technology transfer will be established, with support for the construction of technology transfer centers and service platforms up to 20 million yuan [5] - The city encourages "dual employment" between universities and enterprises, supporting technology talent exchanges [5] - Financial institutions are encouraged to develop insurance products for technology transfer, with support for premiums up to 300,000 yuan [5] Group 5: Building an Open and Shared Innovation Ecosystem - Suzhou will enhance its technology finance service system, providing risk compensation of up to 10 million yuan for financial institutions supporting technology enterprises [6] - Support for high-value patent cultivation projects will be provided, with each project receiving 500,000 yuan [6] - New national and provincial "Belt and Road" joint laboratories will receive funding support of up to 10 million yuan and 2 million yuan respectively [6][7]

Core Viewpoint - The article highlights the launch of 36 collaborative projects in Chongqing aimed at building the Western Land-Sea New Corridor, with a total investment exceeding 70 billion yuan and an intended investment attraction of 40 billion yuan [1]. Group 1: Project Overview - The projects span various sectors including new materials research and manufacturing, commercial asset revitalization, and financial capital innovation [3]. - There are three equity cooperation projects with a total investment of 12.4 billion yuan and an intended investment of 3.3 billion yuan, focusing on high-end real estate development and health care [3]. - Seven investment attraction projects amount to 52.5 billion yuan with an intended investment of 36.2 billion yuan, covering cultural tourism, logistics, and integrated services [3]. Group 2: Specific Projects - The Chongqing Liangjiang Investment Group's Liangjiang International Tourism Resort project aims to attract 18 billion yuan for an international high-end cultural tourism theme park [4]. - The Chongqing Airport Group's core area of the Chongqing Airport Economic Demonstration Zone project plans to attract 14 billion yuan to create a comprehensive air service demonstration zone [4]. - The logistics industry investment project in the Chongqing Airport Economic Demonstration Zone aims to attract 4.2 billion yuan to develop a leading high-end aviation logistics ecosystem [4]. Group 3: Business Cooperation and Asset Revitalization - Five business cooperation projects have a total investment of 300 million yuan and an intended investment of 100 million yuan, focusing on commercial management and logistics [4]. - There are 21 asset revitalization projects with a total investment of 6.6 billion yuan, covering commercial real estate and digital healthcare [5]. - The Chongqing Xinhua Publishing Group is leasing a premium commercial building in Chongqing's Three Gorges Square [5]. Group 4: International Collaboration - The collaboration with Malaysia aims to enhance logistics efficiency by sharing warehouse resources and reducing cross-border transfer costs [7]. - The initiative includes building specialized cold chain channels and overseas warehouses for high-demand products [7]. - The Chongqing State-owned Assets Supervision and Administration Commission plans to enhance the multi-modal transport system and promote international market expansion for state-owned enterprises [7].

交流会上，香港投资推广署与西安高新区管委会签署合作备忘录，携手支持陕西科创企业拓展国际 市场。 根据合作备忘录，西安高新区管委会将鼓励区内企业把香港作为拓展海外业务的基地；香港投资推 广署将提供香港营商环境和政策信息，以及企业在港投资和运营所需支持。此次签署合作备忘录标志着 双方将建立稳定协作机制，发挥香港国际金融中心的独特优势与西安高新区的创新优势，帮助陕西企业 连接全球资源、抢占国际市场先机。 7月8日，"陕港携手 助企出海"——香港优势助力陕西科技企业走出去交流会在西安举行。此次活 动由香港投资推广署、省政府港澳事务办公室、省科学技术协会联合主办，旨在搭建合作平台，推动陕 西科技企业"出海"拓市场。活动吸引陕西企业、机构代表190余人参会。 香港特区政府驻成都经济贸易办事处主任袁嘉诺指表示，香港和陕西均重视创科产业发展。期待通 过深度对接，将香港在税制、金融、全球网络等方面的优势与陕西的产业根基和创新活力相结合，实 现"双向奔赴"。 省政府港澳事务办公室主任姚红娟表示，将积极推动陕港两地在经贸投资、科技创新等领域的合作 交流，助力两地企业把握机遇、优势互补。 活动中，来自香港交易所、汇丰银行、德勤税务等 ...