Core Viewpoint - The low-altitude economy is emerging as a new competitive arena for global cities, driven by breakthroughs in digital twin technology, drone technology, and BeiDou navigation systems [1][3]. Group 1: Development of Low-Altitude Economy - The low-altitude economy is included in China's "14th Five-Year Plan" for strategic emerging industries, with an expected market size exceeding 3.5 trillion yuan by 2035, becoming a core driver in smart cities, three-dimensional transportation, and green energy [3]. - To address the challenges of policy implementation, weak industrial collaboration, and mismatched talent supply and demand, Huazhong University of Science and Technology has launched the "Low-Altitude Economy Navigator Program" [3]. - The program aims to cultivate interdisciplinary talents with policy vision, technical skills, and innovative thinking to help China seize the global high ground in the low-altitude economy [3]. Group 2: Training Program Details - The "Low-Altitude Economy and Future Urban Development" advanced training course is designed for three main groups: local government officials, entrepreneurs in the low-altitude industry chain, and university faculty and students [5]. - The training will take place at Huazhong University from August 25 to 28, 2025, with a registration deadline of August 15, 2025 [8]. - Participants who complete the course and pass assessments will receive a non-degree continuing education certificate from Huazhong University [8].

6月18日，中国证监会发布《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》），提出将设置科创板科创成长层。 同时，围绕增强优质科技型企业的制度包容性适应性，推出试点引入资深专业机构投资者制度；面向优质科技 型企业试点IPO预先审阅机制；扩大第五套标准适用范围；支持在审未盈利科技型企业面向老股东开展增资扩 股等活动；健全支持科创板上市公司发展的制度机制；健全科创板投资和融资相协调的市场功能等6项重磅改 革。 同日，上海证券交易所（以下简称上交所）就同步制订的2项配套业务规则公开征求意见，分别是《科创板上 市公司自律监管指引第5号——科创成长层》《发行上市审核规则适用指引第7号——预先审阅》。除此以外， 上交所还在研究制订修订相关的业务规则，后续将向市场发布。 设置科创板科创成长层 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。 上交所也强调，科创成长层建设过程中，上交所将牢牢把握科创板"硬科技"定位和科创成长层定位，更好统筹 投融资动态平衡，把好发行上市入 ...

6月18日，中国证监会发布《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》)，以设置科创成长层为抓手，重启未盈利企业适用科创板第五套标准上市，推出一揽 子更具包容性、适应性的制度改革。 上交所同步新制定2项配套业务规则并向市场公开征求意见。此外，上交所还在研究制定修订相关的业 务规则，后续将向市场发布。 当前，各方对资本市场支持服务科技创新寄予更高期待，科技型企业对资本市场也提出了更加多样化的 需求。中国证监会新闻发言人表示，《科创板意见》在抓好"科创板八条"落地实施基础上研究制定，进 一步深化科创板改革，持续提升科创板服务科技创新发展质效。 为何要在科创板内再设置科创成长层呢？中国证监会新闻发言人回应称，一是有利于进一步彰显资本市 场支持科技创新的政策导向，稳定市场预期；二是有利于为增量制度改革提供更可控的"试验空间"，可 以试点一些更具包容性的政策举措；三是有利于对未盈利科技型企业集中管理，便于投资者更好识别风 险，更好保护投资者合法权益。 "更加注重企业科技创新能力，允许符合科创板定位、尚未盈利或存在累计未弥补亏损的企业在科创板 上市"，是设立科创板并试点注册制的标志性 ...

2025.06. 19 本文字数：3738，阅读时长大约6分钟 作者 | 第一财经 周艾琳 黄思瑜 2025陆家嘴论坛于6月18日至19日在上海举办，主题为"全球经济变局中的金融开放合作与高质量发 展"。 在论坛的"开幕式暨全体大会一"期间，多位金融监管部门一把手分别发表演讲，传递重磅政策信号， 包括：中国人民银行行长潘功胜，中国人民银行副行长、国家外汇局局长朱鹤新，金融监管总局局长 李云泽，中国证监会主席吴清。 论坛首日，一揽子利好政策陆续公布，充分展现出深化改革、服务实体经济的决心。比如，朱鹤新提 及开展绿色外债政策试点、新发QDII投资额度等；吴清表示将在科创板创新推出6项改革措施，包括 对于适用科创板第五套标准的企业，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，扩大第五套标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业 适用。 陆家嘴论坛在上海举办之际，为贯彻落实党的二十届三中全会"加快建设上海国际金融中心"和中央金 融工作会议"增强上海国际金融中心的竞争力和影响力"的部署要求，近日，中央金融委员会印发《关 于支持加快建设上海国际金融中心的意见》（下称《意 ...

Group 1 - The 2025 "Invest Chengdu" Global Investment Conference was held, showcasing Chengdu's strong appeal to global investors compared to the previous year [3][4] - Six overseas investment promotion activities were organized in Germany, Sweden, the UK, France, Australia, and Austria, highlighting Chengdu's international vision [5][6] - The first Chengdu Metropolitan Area Investment Guide was released, detailing the industrial advantages, resource factors, and policy systems of Chengdu and its surrounding cities [5][6] Group 2 - The "Chain Leader Fund Action Plan" was introduced with a total scale of 60 billion yuan, aiming to establish 12 chain leader funds by 2030 [6][7] - Chengdu's investment policy package for 2025 was unveiled, featuring a significant focus on the "Chain Leader Fund Action Plan" [6][7] - A comprehensive investment system covering the entire lifecycle of enterprises was established, with a fund scale exceeding 170 billion yuan [6][7] Group 3 - The conference featured six focused industry matchmaking activities, enhancing the professionalism and success rate of investment negotiations [9] - A total of 16 major industrial projects were signed on-site, with a signing amount exceeding 82.53 billion yuan, covering emerging industries such as commercial aerospace and artificial intelligence [9][10] - Specific projects included a 31 billion yuan investment by Sichuan Energy Development Group for its headquarters and several subsidiaries, and a 15 billion yuan investment by New Media Group for a global micro-short drama headquarters in Chengdu [10]

Group 1 - The recent reforms in the Sci-Tech Innovation Board are expected to enhance the "capital-technology-industry" cycle, providing better exit channels for early investors and identifying high-value targets for secondary market investors [1][2] - The new policies are seen as a boost for strategic emerging industries such as artificial intelligence and low-altitude economy, encouraging early-stage investments in projects that may not be immediately profitable but have growth potential [1][2] - The reforms aim to address the challenges faced by the primary market, particularly the difficulties in the "capital raising-investment management-exit" chain, which have affected investor confidence and project financing [1][3] Group 2 - The concept of "patient capital" is highlighted, suggesting that long-term investment in unprofitable companies aligned with national strategic needs can yield greater returns [2] - The new policies are expected to improve the investment and financing ecosystem for sectors like low-altitude economy and commercial aerospace, which have long development cycles and high technical barriers [3] - Strict institutional screening and regulatory measures are deemed necessary to prevent speculation and valuation bubbles, ensuring that quality enterprises benefit from the new policies [3][4] Group 3 - The reforms are anticipated to enhance the attractiveness and vitality of the capital market, optimize resource allocation, and broaden financing channels for venture capital firms [4] - The reintroduction of the fifth set of listing standards on the Sci-Tech Innovation Board is expected to support quality enterprises in the biopharmaceutical and artificial intelligence sectors, encouraging more entrepreneurs and investors in these fields [4] - Establishing a market ecology that allows for orderly entry and exit is essential for nurturing new technology giants in the capital market [4]

6月18日上午，中国证监会主席吴清在2025陆家嘴论坛上宣布，将在科创板推出深化改革的"1+6"政策措 施，更加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业。 风险资本在我国过去数十年的科技产业发展中起到重要的作用。但在2023~2024年期间，由于美联储提 高利率以及全球经济衰退风险加剧，流入我国的美元风险资本减少。与此同时，国内IPO节奏阶段性收 紧，一些企业赴美上市定价过低，港股市场中小股票流动性不足，在一定程度上影响了部分创投机构通 过IPO退出与资金回流，国内风险投资活动有所减少。 但是，在我国当前经济发展阶段，以人工智能、生物科技、商业航天、低空经济等为代表的前沿技术与 新兴产业蓬勃发展，技术突破正向市场应用加快转化，这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。因此，及时重启第五套上市标准并扩大适用范围，积极吸引包括社保基金、保险资金、 产业资本等在内的各类社会资本参与私募股权投资，才能更好促进科技创新和产业创新融合发展，实现 科技、资本、产业良性循环。 我国诸多初创企业在互联网革命期间最终成长为巨头，比如高盛最近推出的中国十大民营上市公司中有 一半是互联网公司 ...

Core Viewpoint - Guangzhou is actively promoting investment in its development zones, particularly in Huangpu District, showcasing a strong commitment to attracting foreign investment and fostering a favorable business environment [1][3]. Investment and Economic Development - From January to May, Guangzhou Development Zone and Huangpu District signed 170 quality projects with a total investment of 933 billion yuan, including one project worth over 100 billion yuan and six projects worth over 10 billion yuan [1][8]. - The actual foreign investment reached approximately 8.69 billion USD, accounting for 47% of the city's total, indicating a robust investment climate [1][8]. Strategic Focus Areas - The region is focusing on emerging and future industries, implementing chain-based and targeted investment strategies to enhance industrial development [4][6]. - Key sectors include low-altitude economy, aerospace, artificial intelligence, robotics, smart connected vehicles, and biomedicine, with significant projects already established [4][6][9]. Foreign Investment Attraction - As of May, 134 new foreign enterprises were established in the area, marking a nearly 20% increase year-on-year, with the region maintaining its position as the top area for foreign investment in Guangzhou [8][9]. - Major foreign projects include investments from companies like Thermo Fisher, Schneider, and Zeiss, contributing to the expansion of existing operations [8]. Business Environment and Policy Support - The development zone has created a business-friendly environment characterized by supportive policies, including a maximum subsidy of 100 million yuan for individual projects [8][9]. - The establishment of a 5 billion yuan innovation fund and a comprehensive investment and financing system aims to enhance the region's attractiveness to investors [9].

21世纪经济报道记者崔文静 北京报道第五套标准扩容、试点IPO预先审阅机制……在6月18日举行的 2025陆家嘴论坛上，证监会主席吴清宣布资本市场领域系列重要政策。 其中，最受瞩目的是科创板改革新政——"1+6"政策组合拳。这被一些业内人士视为2024年"科创板八 条"基础上的升级版本，内容更全、力度更大。 何为"1+6"？ 综合吴清主席及证监会、上交所6月18日发布的系列政策，"1"是指在科创板设置科创成长层，并且重启 未盈利企业适用于科创板第五套标准上市。 科创成长层将汇集科创板的全部未盈利企业，包括已经上市、尚未盈利的上市公司。这些位于科创成长 层的企业，将被冠以统一的标识——股票简称后添加"U"。 "6"则指六项具体措施，具体包括： 一是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。 监管鼓励发行人自主认定资深专业机构投资者，但不做强制要求。 三是扩大第五套标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用。 四是支持在审未盈利科技企业面向老股东开展增资扩股等活动，用于持续研发等用途，专款专用。 五是健全支持科创板上市公司发展的制度机制。鼓励吸收合并上市不满3年 ...

作为资本市场支持科技创新的前沿阵地与制度"试验田"，科创板肩负重任。但需正视的是，先进技术研 发面临周期漫长、投入高昂、结果高度不确定等挑战，投资风险显著高于一般企业，亟需投资者与企业 协同分担。在此背景下，政策的可预期性与稳定性对企业决策而言至关重要。此次设置科创成长层，无 疑为具备上市潜力的科创企业点亮了清晰的资本化道路。以IPO预先审阅机制为例，其将有效消除企业 对商业秘密过早泄露的顾虑；对于获得明星机构投资的企业，合理披露相关信息也有助于提升上市成功 率。随着资本化路径日益明晰，企业上市需求将被充分激发，进而为资本市场注入源源不断的优质资 产。 每经评论员 杜恒峰 不过，《意见》虽已发布，后续仍有诸多细节亟待明确。以新纳入的人工智能、商业航天、低空经济等 行业为例，如何精准界定"技术有较大突破、商业前景广阔"尚无统一标准，不同行业特性决定了评判指 标难以一概而论。可以预见，《意见》落地后，各行业首例IPO企业将成为标杆，其示范效应值得市场 翘首以盼。 6月18日，中国证监会发布《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 《意见》）。《意见》核心内容为，设置科创成长层，重点服务技 ...