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]

Group 1 - The semiconductor materials ETF (562590) closely tracks the CSI Semiconductor Materials and Equipment Theme Index, which includes 40 listed companies in the semiconductor materials and equipment sectors [2] - As of June 17, the semiconductor materials ETF has seen a significant increase in scale, with the latest share reaching 317 million, marking a three-month high [1] - The index encompasses hard-tech companies in the semiconductor equipment and materials sub-sectors, highlighting the importance of domestic substitution in these fields [2] Group 2 - The CSI Semiconductor Materials and Equipment Theme Index (931743) rose by 0.15%, with notable increases in constituent stocks such as ChipSource Microelectronics (+3.43%) and Shengmei Shanghai (+2.15%) [1] - The semiconductor materials ETF has experienced a net inflow of 1.0352 million yuan recently, indicating strong investor interest [1] - The outlook for the A-share market is optimistic, with four main investment themes identified: consumption, technology, industry, and dividends, driven by domestic demand and technological breakthroughs [2]

近日，自治区政府办公厅印发《广西提振消费专项行动实施方案》，围绕促进城乡居民增收、保障 消费能力、优化服务消费、升级大宗消费、提升消费品质、优化消费环境、减少消费限制等方面部署七 大行动，以30条举措打通从"有钱花"到"敢花钱"的消费链条。 鼓起"钱袋子"，让消费有底气 在落实休息休假方面，《方案》明确，要抓好带薪休假制度落实，鼓励弹性错峰休假，实施劳动用 工法治"体检"，切实保障劳动者休息休假权益。 提升消费意愿离不开坚实的保障后盾，《方案》织密保障网，缓解百姓后顾之忧：建立实施生育补 贴制度，将灵活就业人员、农民工、新就业形态人员纳入生育保险覆盖范围； 全面强化儿科医疗服 务，2025年全区二、三级公立综合医院均提供儿科服务，儿童疾病高发期将增开午间、夜间门诊，确保 儿科门诊急诊"应开尽开"。 安全、放心、便利的消费环境是促进消费活动实现的重要保障。广西将实施优化消费环境三年行 动，开展"促消费惠民生""守护消费"和千乡万村保权益促消费行动。在国内主流平台发布"广西放心消 费"地图。2025年，"广西放心消费"地图标注商家将达2000家以上。 此外，适当提高城乡居民基础养老金和城乡居民基本医疗保险财政补助 ...

Group 1 - The 11th Guangzhou International Investment Conference will be held on June 26-27, featuring over 800 registered guests, including executives from Fortune 500 and Chinese 500 companies, as well as representatives from emerging sectors like AI and new energy storage [2][3] - The conference will include a closed-door meeting with about 30 key enterprise leaders, enhancing the traditional one-on-one meeting format to foster deeper discussions on technology development and future cooperation [3] - The event will showcase Guangzhou's industrial development through various activities, including thematic inspections focusing on smart unmanned systems, biomedicine, intelligent connected vehicles, and digital economy [4][6] Group 2 - From January to April, Guangzhou attracted 625 new industrial investment projects with a total expected investment of 161.5 billion, with over 50% of the investment in the manufacturing sector [7] - The city has established key industry offices to promote high-quality development in strategic sectors such as intelligent connected vehicles, biomedicine, and integrated circuits, achieving double-digit growth in industrial investment for three consecutive years [7][8] - The Haizhu District has developed a billion-level digital economy cluster, with significant projects from major companies like Ant Group and Douyin, and aims to sign 400 new projects this year [9][10]