以下文章来源于数星星的星哥 ，作者singsing2020 数星星的星哥 . 前医药投资人，曾经的新能源投资人，现在看AI的小王 对于一级投资人来说，这个'新五套'的潜在投资机会有哪些呢？ 其实政策也指出了，就是下面的"6"。 本期导读： 科创板'新五套'标准重启，人工智能、商业航天、低空经济迎来IPO新机遇。 来源丨数星星的星哥 本期推荐阅读5分钟 一大早，就被"1+6"的新闻刷屏了。 很多同行惊呼，一级市场又要好起来了！ 这里星哥就简单聊两句，分析下政策背后的意图和潜在的投资机会。 具体来 看，"1"指的是在科创板设置 科创成长层 ， 重启科创板第五套标准 ，以便更加精准服务 技术有较大突破、持续研发投入大、商业前景广阔 的优质科创企业，在强化信息披露、加强投资 者适当性管理方面作出安排。 星哥认为：这里重启的第五套标准（我们姑且叫'新五套'）和之前的五套标准（我们叫'老五套'） 应该会有很大的区别。 这里需要注意的第一个是这个" 科创成长层" ：这个成长层针对的应该是后面定义的 技术有较大突 破、持续研发投入大、商业前景广阔的一批企业 ，而这些企业可能处于收入规模较小，盈利能力 偏弱，或者还未盈利的状态 ...

IPO迎利好！ 来源丨上证报、证监会发布 本期推荐阅读5分钟 据上证报：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》 为深入贯彻党的二十届三中全会精神，认真落实中央金融工作会议、中央经济工作会议和《国务 院关于加强监管防范风险推动资本市场高质量发展的若干意见》部署要求，深化资本市场投融资 综合改革，增强科创板制度包容性、适应性，更好服务科技创新和新质生产力发展，中国证监会 制定了《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》）。 《科创板意见》在持续抓好"科创板八条"落地实施的基础上，以设置专门层次为抓手，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，着力打通支持 优质科技型企业发展的堵点难点，同时进一步加强投资者合法权益保护。一方面，设置科创板科 创成长层，在科创成长层的定位、企业入层和调出条件、强化信息披露和风险揭示、增加投资者 适当性管理等方面明确具体要求。另一方面，围绕增强优质科技型企业的制度包容性适应性，推 出6项改革举措，主要包括：一是对于适用科创板第五套上市标准的企业，试点引入资深专业机 构投资 ...

Group 1 - The "Investment Chengdu" Global Investment Conference highlighted significant projects, including the signing of the "Star Calculation Plan" global headquarters and major funding for the aviation industry [1] - Chengdu Investment Group's investment of 1 billion yuan in the aviation engine company aims to enhance local industry capabilities and support the development of high-end aviation equipment [1] - The group has implemented over 60 major industrial projects, attracting a total investment of approximately 400 billion yuan, contributing to the modernization of the local industrial system [1][6] Group 2 - The electronic information industry is a key focus for Chengdu, with efforts to attract major companies in the semiconductor sector to address challenges in chip production [2] - Chengdu Investment Group has successfully established a Micro-LED production line, marking a significant advancement in next-generation display technology [2] - The group is actively involved in national funds to support major projects, with over 10 billion yuan expected to be reinvested in Chengdu [2] Group 3 - The equipment manufacturing sector is crucial for the economy, with Chengdu Investment Group supporting local companies in the aerospace industry and promoting the development of high-end power equipment [3] - A new manufacturing center for turbine and engine core equipment is under construction, expected to produce 100 units annually and generate over 5 billion yuan in annual output [3] Group 4 - Chengdu Investment Group is driving the green transformation of industries, focusing on lithium battery production and clean energy initiatives [5] - The group has attracted leading companies in the battery sector and is investing in hydrogen energy projects to support the development of a world-class lithium battery industry [5] Group 5 - Chengdu Investment Group has invested in various innovative projects in the low-altitude and commercial space sectors, enhancing the city's competitiveness in these emerging industries [5] - The successful launch of the world's first space computing constellation by Guoxing Aerospace signifies Chengdu's advancements in commercial space [4][5] Group 6 - The group is focused on nurturing long-term capital and has plans to establish a third phase of its industrial fund to support major industrial projects [6] - Chengdu Investment Group aims to optimize the local industrial system, promoting collaboration across various sectors and enhancing the overall economic landscape [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability," aiming to better support technology innovation and improve the capital market's service capabilities for tech enterprises [1][2]. Summary by Sections Background of the "Sci-Tech Innovation Board Opinions" - The issuance of the "Sci-Tech Innovation Board Opinions" aligns with the directives from the 20th National Congress and the Central Financial Work Conference, emphasizing the need for a financial system that supports technological innovation [2][3]. Overall Reform Approach and Principles - The reform aims to comprehensively implement the central government's decisions on capital market support for technology innovation, focusing on creating a dedicated layer for growth-oriented tech companies, particularly those that are currently unprofitable [5]. - Key principles include: - Target and problem orientation to facilitate the integration of technology and industry innovation [5]. - Focus on key areas and comprehensive measures to support high-quality tech enterprises [5]. - Emphasis on stability and pilot programs to balance reform and risk management [5]. Considerations for Setting Up a Growth Layer - The establishment of a growth layer on the Sci-Tech Innovation Board is designed to serve tech companies with significant breakthroughs and large ongoing R&D investments, even if they are currently unprofitable [6]. - This initiative aims to enhance the capital market's support for tech innovation, stabilize market expectations, and provide a controlled environment for testing more inclusive policies [6]. Investor Protection Measures - The reform includes specific measures to strengthen the protection of small and medium investors, such as: - Designating a special identifier "U" for stocks of companies in the growth layer [7][8]. - Requiring regular disclosures from unprofitable companies regarding their financial status and risks [8]. - Enhancing risk assessment processes by securities firms and ensuring investors are well-informed [8]. Policies to Enhance Inclusiveness and Adaptability - Six key policy measures have been introduced to enhance the inclusiveness and adaptability for quality tech enterprises, including: - Introducing a professional institutional investor system to better identify quality tech firms [9]. - Implementing a pre-review mechanism for IPOs to protect sensitive information [10]. - Expanding the applicability of the fifth listing standard to more frontier technology sectors [11][12]. Implementation of the "Sci-Tech Innovation Board Opinions" - The CSRC is committed to ensuring the effective implementation of the "Sci-Tech Innovation Board Opinions" by balancing risk management and promoting high-quality development [13]. - Efforts will include enhancing communication with market participants and conducting investor education to foster a supportive environment for tech innovation [13].

Group 1: Core Insights - The article highlights a significant increase in the issuance of leveraged inverse ETFs in the US, with 22 new products launched last week, including 8 leveraged inverse products, primarily focused on single stocks [1][2] - Notable new products include leveraged ETFs linked to MicroStrategy, Upstart, Archer Aviation, Mercado Libre, Boeing, and a 2x leveraged inverse product tied to the Nasdaq 100 Mega Index [1] - FundX launched a future-themed fund targeting small to mid-cap companies expected to lead future trends, similar to ARK's disruptive innovation investment philosophy [2] Group 2: ETF Market Dynamics - The US ETF market saw continued inflows into Bitcoin and gold ETFs, while stock ETFs experienced slight outflows [3][5] - A notable migration of funds occurred from BlackRock's IVV to Vanguard's S&P 500 ETF, with IVV seeing outflows exceeding $20 billion [5][7] - The top inflow products included Vanguard's S&P 500 ETF (VOO) with $145.09 million, while iShares' IVV faced the largest outflow of $226.58 million [6] Group 3: Performance of Alternative Products - The performance of alternative ETFs has varied significantly this year due to global macro uncertainties, with long/short equity and futures products underperforming, while State Street's multi-asset products performed well [8] - The top three holdings of State Street's multi-asset product include commodities, global infrastructure, and global natural resources ETFs [8] Group 4: Fund Flow Trends - Recent data from the Investment Company Institute (ICI) indicates that US domestic equity funds experienced a significant outflow of approximately $16.9 billion, more than double the previous week, while bond products saw inflows nearing $10 billion [9]

Group 1 - The "Investment Chengdu" Global Investment Conference held on June 18, 2025, saw significant project signings, with Chengdu Industrial Investment Group achieving notable partnerships in the "Star Computing Plan" global headquarters and engine projects [1] - The "Star Computing Plan" aims to establish a chain fund that will enhance the satellite internet and application industry ecosystem in Chengdu, marking a significant step in the city's industrial development [4][5] - Chengdu Industrial Investment Group has been actively investing in strategic emerging industries, with the Heavy Industry Fund supporting various innovative projects, including flying cars and reusable rocket production bases [4][5] Group 2 - Since its establishment in December 2020, the Heavy Industry Fund has invested in over 110 companies, focusing on "invisible champions" and specialized small giants within the industry [5] - The fund has successfully attracted and nurtured over 20 leading enterprises, with a total investment of nearly 30 billion yuan, driving industry investments exceeding 220 billion yuan [7] - The recent investment of 1 billion yuan in the aviation industry project reflects a deepening of central-local strategic cooperation, aimed at enhancing local leading enterprises and upgrading the aviation supply chain [8]

未盈利企业上市，历来是市场关注的焦点。 在6月18日召开的2025陆家嘴论坛上，中国证监会主席吴清表示，将聚焦提升制度的包容性和适应性， 以深化科创板、创业板改革为抓手，更好发挥科创板"试验田"作用，加力推出进一步深化改革 的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资 本市场生态。 21世纪经济报道记者 崔文静 张赛男 实习生张长荣 北京、上海报道 吴清提出的"1+6"政策，意味着什么？系列政策利好背后，哪些企业将更多受益？将对资本市场带来哪 些影响？ 一、重启未盈利企业适用科创板第五套标准上市，意味着什么？ 科创板创立之初，率先确立多元包容的上市标准，打破A股对企业盈利门槛的刚性约束，中芯国际、百 利天恒等新质生产力领域的行业领军企业得以在境内上市。第五套上市标准开创境内资本市场允许无收 入、未盈利企业上市先河，仅对市值、主要业务或产品的研发进展、市场空间等提出要求，为艾力斯、 神州细胞等一批具备核心研发实力、亟需突破资金瓶颈的创新药企业提供融资支持。 具体来看"1+6"政策措施，"1"是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 ...

[Table_Main] 行业研究|工业 证券研究报告 [Table_Summary] 报告要点： 周度行情回顾 2025 年 6 月 8 日至 6 月 13 日,上证综指下跌 0.25%,深证成指下跌 0.60%,创业板指上涨 0.22%。其中申万机械设备下跌 1.17%，相较沪 深 300 指数跑输 0.91pct,在 31 个申万一级行业中排名第 21。细分子 行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动化设备 分别涨-1.89%/-0.58%/-0.24%/-1.52%/-0.98%。 重点板块跟踪 低空经济板块：四川省出台意见支持成都低空经济基础设施建设，成 都市将出台加快提升低空飞行能力培育低空经济市场的若干政策措 施；辽宁省致力于构建低空通信与感知于一体的数字低空基础设施网 络，推动低空交通场景开发与应用；北京市延庆区科学技术和经济信 息化局制定了《北京市延庆区低空飞行服务管理办法（试行）》，6 月 10 日至 6 月 18 日面向社会公开征求意见；海南省政府召开低空经济 专题会议：以安全为首要前提，以试点为创新牵引，研究海南低空经 济发展事宜。各省份对于低空经济行业的基础设施建 ...

文/梧桐小新 6月18日，证监会主席吴清在2025年陆家嘴论坛上表示，将继续充分发挥科创板示范效应，加力推出进一步 深化改革的1+6政策措施。 "1"即 在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市 ，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，同时在强化信息披露和风险揭示、加强投资 者适当性管理等方面做出专门安排。 "6"即 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，试点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； 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； 完善科创板公司再融资制度和战略投资者认定标准；增加科创板投资产品和风险管理工具等。 同时，也将 在创业板正式启用第三套标准，支持优质未盈利创新企业上市。 附：吴清主席在2025陆家嘴论坛开幕式上的主旨演讲 尊敬的吉宁书记、小川副主席、龚正市长， 尊敬的王江副主任、功胜行长、云泽局长、海峰副部长、鹤新局长， 各位境内外来宾，女士们、先生们： 大家上午好！很 ...

Group 1 - Ordos City is focusing on industries such as new energy equipment manufacturing, coal machinery manufacturing, intelligent connected vehicles, smart equipment, and low-altitude economy, actively promoting modern equipment manufacturing industry development [1][2] - In the new energy equipment manufacturing sector, Ordos aims to develop a complete industrial chain by introducing key components like separators, membranes, inverters, and advanced technologies such as perovskite stacked technology and solid-state batteries [1][2] - The coal machinery manufacturing industry is leveraging Ordos's annual coal production capacity of 1 billion tons, aiming to create a comprehensive ecosystem that includes research, production, and technical services [1][2] Group 2 - The intelligent connected vehicle industry is being developed through initiatives like the national intelligent transportation pilot city, attracting industries related to autonomous heavy-duty trucks and supporting systems [1][2] - In the intelligent equipment sector, Ordos is utilizing its digital industry foundation and location advantages to attract projects in electronic information, mining intelligent equipment, and robotics [2][3] - The low-altitude economy is being expanded by integrating low-altitude applications with energy and tourism, focusing on the manufacturing of new energy aircraft and electric vertical take-off and landing vehicles [2][3] Group 3 - Ordos is constructing the world's first zero-carbon industrial park and has released the first global zero-carbon industrial standards, promoting green electricity initiatives [3] - The city has a significant number of heavy-duty and mining trucks, which supports the development of intelligent transportation and connected vehicle applications [3] - Ordos has been recognized for its favorable business environment, ranking first in Inner Mongolia's business environment assessments for five consecutive years [3][4]