Core Viewpoint - The 2025 Lujiazui Forum will be held in Shanghai, coinciding with positive signals from multiple Sci-Tech Innovation Board companies, showcasing steady performance growth, breakthroughs in core technologies, and frequent buybacks to boost market confidence [1] Group 1: Business Performance Highlights - The integrated circuit industry is thriving, with companies reporting strong performance due to the recovery of the terminal consumer market. For instance, Beijing Jingyi Automation Equipment Technology Co., Ltd. expects revenue between 690 million to 720 million yuan for the first half of 2025, a year-on-year increase of 36.54% to 42.48% [2] - Ningbo YSIC Electronics Co., Ltd. anticipates a revenue growth of 16.60% to 28.88% for the first half of 2025, driven by improved delivery capabilities and rising utilization rates in advanced packaging product lines [2] - Xiamen Xatu New Energy Materials Co., Ltd. reported a sales volume of approximately 47,600 tons for new energy materials in the first five months, a year-on-year increase of about 20.95%. The demand for lithium cobalt oxide also surged, with sales reaching approximately 22,300 tons, up about 53% [3] - Hefei Chip Microelectronics Equipment Co., Ltd. signed seven equipment purchase contracts totaling 146 million yuan, demonstrating strong product competitiveness [3] Group 2: R&D Achievements - The Sci-Tech Innovation Board has effectively implemented reforms to support technological innovation and new productive forces, resulting in over 120,000 invention patents accumulated by the end of 2024, with more than 20,000 new patents in 2024 alone [4] - 109 companies have been recognized as "single champion" enterprises in manufacturing, reflecting the highest development levels in specific sectors [4] - Several biopharmaceutical companies have announced significant R&D progress, including Suzhou Zejing Biopharmaceutical Co., Ltd., which received approval for clinical trials of its drugs for advanced small cell lung cancer [5] Group 3: Buyback and Stake Increase Actions - Sci-Tech Innovation Board companies are actively implementing buyback and dividend strategies to enhance shareholder value and stabilize market expectations. On June 17, eight companies announced buyback plans with a total upper limit of 762 million yuan [6] - Approximately 60% of Sci-Tech Innovation Board companies have conducted share buybacks since listing, totaling over 40 billion yuan. In 2024, more than 440 companies proposed buyback and stake increase plans, with a total upper limit exceeding 37 billion yuan [6] - Notable buyback actions include Hefei Jinghe Integrated Circuit Co., Ltd., which has repurchased shares totaling 890 million yuan, and several companies have announced plans to cancel repurchased shares to enhance shareholder returns [6][7]

Group 1 - The innovative drug sector has become a hot investment area, with approximately 30 new pharmaceutical-themed funds reported in the second quarter, matching the total for the entire year of 2024 [1] - The valuation of the pharmaceutical industry is considered high but not in a bubble phase, with potential for continued value increase as clinical data improves [1] - Dividend-themed funds are gaining traction as safe-haven investments, with several ETFs reaching record high shares, indicating their growing allocation value [1] Group 2 - Active equity funds are experiencing significant net value fluctuations, indicating that fund managers are beginning to build positions, with some funds ending their issuance early due to favorable entry points [2] - Multiple companies have announced share buyback plans, with a total buyback amount of 71.71 billion yuan this year, reflecting a commitment to shareholder value [2] Group 3 - Hong Kong's IPO financing has surged over 500% year-on-year, totaling 779.88 billion HKD, driven by favorable policies and market conditions [3] - The production of 3D printing equipment has increased by 40% year-on-year, outpacing other sectors, attributed to rising demand and improved technology [3] Group 4 - A new stringent battery safety regulation will shift the focus from energy density to safety performance, impacting major battery manufacturers like CATL and BYD [4] - The payment industry is witnessing a concentration of market share among larger players, while smaller firms face market exit and regulatory challenges [4] Group 5 - Chinese scientists have made advancements in developing an efficient "artificial leaf" for solar hydrogen production, enhancing the efficiency of water-splitting reactions [5] - JD.com plans to apply for stablecoin licenses in major currency countries to reduce cross-border payment costs significantly [5] Group 6 - Yunda Express has faced penalties related to a fraud case, with 58 franchise outlets fined or suspended for regulatory violations [6] - Baoneng Auto has denied rumors of dissolution, asserting that operations are normal and new vehicles are set to launch [7] Group 7 - Fuwai Group has passed the Hong Kong Stock Exchange hearing, aiming for an IPO after previous unsuccessful attempts, with significant losses reported [7] - Anshun Xixiu Industrial Investment has been listed as an executor due to a rental contract liability amounting to 212.6 million yuan [8] Group 8 - Tianwei Video has completed the acquisition of a 70% stake in Tianqing Digital for 84.28 million yuan, integrating it into its financial reports [9] - Weichuang Electric has set an inquiry transfer price of 38.79 yuan per share, with significant interest from institutional investors [10] Group 9 - Baoxin Technology's subsidiary's planned acquisition of a 40% stake in Jiangsu Yingsu has been halted due to the counterparty's unilateral termination [11]

Core Viewpoint - The article discusses the progress and impact of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" (referred to as "Sci-Tech Board Eight Measures") one year after its release, highlighting the support for unprofitable technology companies in the capital market [1][3][4]. Group 1: Progress of Unprofitable Companies on the Sci-Tech Board - Since the release of the "Sci-Tech Board Eight Measures," four unprofitable companies have successfully submitted their IPO applications to the Shanghai Stock Exchange [4]. - The recent acceptance of the IPO application from Zhaoxin Integrated, a leading domestic CPU manufacturer, marks another milestone in the orderly progress of unprofitable companies on the Sci-Tech Board [3][4]. - The regulatory body has emphasized the importance of identifying the "scientific content" of unprofitable companies to ensure they meet the listing criteria [4]. Group 2: Institutional Support for Sci-Tech Enterprises - The regulatory authorities have improved supporting systems for unprofitable technology companies, including the introduction of the "light asset, high R&D investment" recognition standard [6]. - As of now, nine companies have disclosed refinancing plans under this standard, raising nearly 25 billion yuan, with six being unprofitable at the time of listing [6]. - The first successful refinancing case under this standard was achieved by Dize Pharmaceutical, which highlights the importance of this recognition for ongoing R&D projects [6]. Group 3: Mergers and Acquisitions Involving Unprofitable Companies - The "Sci-Tech Board Eight Measures" also support acquisitions of quality unprofitable "hard tech" companies, with 28 transactions reported since the policy's implementation [7]. - Notable transactions include the acquisition of minority stakes by Hu Silicon Industry for 7.04 billion yuan and by ChipLink Integrated for 5.897 billion yuan [7]. Group 4: Performance of Unprofitable Companies - By May 2025, the Sci-Tech Board had supported 54 unprofitable companies, with 21 in the biopharmaceutical sector and 18 in integrated circuits [9]. - These companies collectively achieved total revenue exceeding 170 billion yuan, a year-on-year growth of 24%, while their net profit loss decreased by 36% [9]. - 22 of these companies have turned profitable post-IPO, representing 41% of the total unprofitable companies listed [9]. Group 5: R&D Investment Trends - In 2024, the 54 unprofitable companies on the Sci-Tech Board invested a total of 45.944 billion yuan in R&D, marking a year-on-year increase of 5.86% [10]. - The median R&D investment as a percentage of revenue was 37.74%, significantly higher than the board's median of 12.64% [10]. - The ongoing implementation of the "Sci-Tech Board Eight Measures" is expected to facilitate more unprofitable companies with core technologies to overcome capital constraints and contribute to the national innovation landscape [10].

重点关注 ·2025陆家嘴论坛18日开幕中央金融管理部门将发布若干重大金融政策 ·5月外汇市场运行平稳非银行部门跨境资金净流入330亿美元外资增持境内股票较上月进一步增加 ·外媒称特朗普正越来越有意动用美国军事资产空袭伊朗核设施国际原油结算价涨超4% 美股下跌 国内要闻 ·国内大模型独角兽MiniMax发布世界上第一个开源的大规模混合架构的推理模型MiniMax-M1，这也 是"MiniMaxWeek"系列发布活动的首个对外发布。据MiniMax介绍，M1在面向生产力的复杂场景中能 力是开源模型中的最好一档，超过国内的闭源模型，接近海外的最领先模型，同时又有业内最高的性价 比。MiniMax宣布将连续五天发布重要更新，第一弹是开源首个推理模型MiniMax-M1，其多项基准测 试比肩DeepSeek-R1、Qwen3等开源模型，接近海外的最领先模型，但算力成本仅约53万美元。（新华 财经） ·国家发展改革委发布消息称，国内汽油价格和柴油价格分别上调260元／吨和255元／吨。折合升价， 92号汽油上调0.20元，95号汽油和0号柴油均上调0.22元。本次油价上调落地之后，驾车出行成本将有所 增加。按照油箱容量 ...

"我们将依托'关心助企'服务品牌广泛宣传解读，帮助企业用足用好相关措施，将南京海关政策'大 礼包'充实到园区产业、企业高质量发展'工具箱'中，为助力打造开放创新的世界一流高科技园区贡献海 关力量。"园区海关综合业务处处长王俊波说。 据介绍，《措施》第一部分"支持改革先行先试，打造开放创新高地"旨在整合园区口岸功能、实现 机场资源共享、提高商品检验效能、促进保税检测维修增量扩面；第二部分"聚焦重点产业行业，培育 新质生产力"旨在针对集成电路、生物医药全产业链集中施策，提升综保区平台创新能级，为跨境电商 新业态开辟新通道；第三部分"实施精准赋能施策，优化口岸营商环境"旨在为园区外贸企业释放"普惠 红利"，通过自动审批、远程查验、容错轻罚等监管全链条创新，提升园区通关效率，降低企业合规成 本；第四部分"深化关地协同协作，提升服务发展水平"旨在构建关政企三方互信协作机制，实现关地共 建、资源共用、成果共享，形成可持续、可拓展、可迭代的长效措施。 政策"大礼包"定向发力，园区高质量发展后劲加码。昨天（6月17日），《南京海关支持苏州工业 园区高质量发展若干措施》宣讲暨园区海关"关心助企"政策解读会举办。《措施》是南京海 ...

Core Viewpoint - The implementation of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" has significantly enhanced the support for unprofitable technology companies, facilitating their listing and financing opportunities on the Sci-Tech Innovation Board [1][2][3]. Group 1: Unprofitable Companies and IPOs - Since the release of the "Eight Measures," four unprofitable companies have successfully submitted their IPO applications to the Shanghai Stock Exchange [3][6]. - The recent acceptance of the IPO application from Zhaoxin Integrated, a leading domestic CPU manufacturer, marks another step forward in the orderly progress of unprofitable companies' IPOs on the Sci-Tech Innovation Board [2][3]. Group 2: Policy Enhancements and Standards - The China Securities Regulatory Commission (CSRC) has emphasized the importance of focusing on sectors with active technological innovation and has improved the evaluation standards for the Sci-Tech attributes of companies [3][4]. - In 2024, the R&D investment threshold for companies will be raised from 60 million to 80 million yuan, and the requirement for invention patents will increase to seven, emphasizing the need for industrialization capabilities [3][4]. Group 3: Support for R&D and Financing - The Shanghai Stock Exchange has introduced a "light asset, high R&D investment" standard to enhance transparency and predictability in refinancing for technology companies, with nine companies already disclosing refinancing plans totaling nearly 25 billion yuan [4][6]. - Dize Pharmaceutical became the first company to successfully complete refinancing under the new standard, highlighting the importance of this policy for sustaining R&D investments [4]. Group 4: Performance of Unprofitable Companies - As of May 2025, the Sci-Tech Innovation Board has supported 54 unprofitable companies, with a total revenue exceeding 170 billion yuan, reflecting a 24% year-on-year growth [6]. - Among these companies, 22 have achieved their first profit post-IPO, indicating a significant improvement in operational efficiency [6]. Group 5: Future Outlook - The continued implementation of the "Eight Measures" is expected to enable more unprofitable companies with core technologies to overcome capital constraints, thereby enhancing China's strategic position in the new technological revolution [7].

Market Overview - As of June 15, 2025, there are 267 companies listed on the Beijing Stock Exchange (BSE), with a total share capital of 37.331 billion shares and a circulating share capital of 23.848 billion shares [2] - For the week of June 9 to June 15, the BSE recorded a trading volume of 7.448 billion shares, a week-on-week increase of 63.81%, and a trading value of 1630.50 billion yuan, up 64.09% from the previous week [3] Index Performance - The BSE 50 Index fell by 3.11% to 1382.74 points during the same week, with 10 stocks rising, none remaining flat, and 35 stocks declining [3] - The top performer was Air China Ocean (833171), which increased by 24.44%, while the largest decline was seen in Binhang Technology (839493), which dropped by 12.60% [3] New Listings and Applications - One company successfully listed on the BSE during the week, bringing the total to 267 [6] - There are currently 83 companies awaiting approval, with 15 under review, 57 in inquiry, and 10 submitted for registration [5] Company Highlights - **Jiaoda Iron Development Co., Ltd. (920027)**: Listed on May 13, 2025, with a first-day trading surge of 295.91%, closing at 31.90 yuan, a 262.09% increase. The company focuses on intelligent products and equipment for rail transit [8][9] - **Sanxie Electric Co., Ltd. (873669)**: Passed the listing committee meeting on June 9, 2025, aiming to raise 1.59 billion yuan for expansion and R&D projects [12][13] - **New Hengtai New Materials Co., Ltd. (874327)**: Received listing application acceptance on June 10, 2025, with plans to raise 3.80 billion yuan for new material projects [15][16] - **Koleidi Medical Equipment Co., Ltd. (873414)**: Listed application accepted on June 12, 2025, seeking to raise 2.99 billion yuan for product development and production [17][18] - **Ying's Holdings Group Co., Ltd. (874431)**: Received listing application acceptance on June 13, 2025, with plans to raise 3.34 billion yuan for various projects [19][20] Financial Performance - **Jiaoda Iron Development**: Reported revenues of 2.35 billion yuan, 2.73 billion yuan, and 3.35 billion yuan from 2022 to 2024, with net profits of 337.99 million yuan, 476.56 million yuan, and 533.92 million yuan respectively [9] - **Sanxie Electric**: Expected to achieve revenue of 2.35 billion to 2.48 billion yuan in the first half of 2025, with a net profit forecast of 28.80 million to 30.50 million yuan [13] - **New Hengtai**: Achieved revenues of 5.30 billion yuan, 6.79 billion yuan, and 7.74 billion yuan from 2022 to 2024, with net profits of 450.00 million yuan, 1.01 billion yuan, and 917.64 million yuan respectively [16] - **Koleidi Medical**: Reported revenues of 2.33 billion yuan, 2.38 billion yuan, and 2.85 billion yuan from 2022 to 2024, with net profits of 693.67 million yuan, 599.18 million yuan, and 672.15 million yuan respectively [18] - **Ying's Holdings**: Reported revenues of 12.96 billion yuan, 17.58 billion yuan, and 19.74 billion yuan from 2022 to 2024, with net profits of 1.17 billion yuan, 2.20 billion yuan, and 2.11 billion yuan respectively [20][21]

宝馨科技（002514）公告，公司子公司浙江影速集成电路设备制造有限公司原计划以3.2亿元收购江苏 影速科技有限公司持有的江苏影速集成电路装备股份有限公司40%股权。近日，公司收到交易对手方江 苏影速科技有限公司的单方面终止交易的告知函，要求终止本次交易。公司正在与交易对手方积极沟 通，待双方就收购事项最终达成一致意见后，将及时召开会议审议并公告。 ...

今日聚焦 2、国芯科技：抗量子密码卡新产品内部测试成功 已向多家客户送样 国芯科技(688262.SH)公告称，公司研发的抗量子密码卡新产品CCUPHPQ01于近日在公司内部测试中获 得成功。公司研制的抗量子密码卡CCUPHPQ01是一款基于抗量子密码算法与经典国密算法相结合，以 公司自主设计研发的CCP1080T安全芯片为主控芯片，外加一颗国产FPGA芯片而设计完成的高性能密 码安全产品。目前，公司已向多家客户送样，多家客户已在基于抗量子密码卡新产品CCUPHPQ01进行 信息安全产品的应用开发。 3、拉卡拉：本次H股上市能否通过审议、备案和审核程序并最终实施具有较大不确定性 拉卡拉(300773.SZ)发布异动公告，公司经过自查，不存在违反公平信息披露的情形。公司正在与相关 中介机构就本次H股上市的具体推进工作进行商讨，待具体方案确定后，本次H股上市工作尚需提交公 司董事会和股东大会审议，并经中国人民银行批准、中国证券监督管理委员会备案和香港联交所等监管 机构审核。本次H股上市能否通过审议、备案和审核程序并最终实施具有较大不确定性，敬请投资者注 意投资风险。 4、3连板金牛化工：近期公司甲醇销售价格没有较 ...

Group 1 - The core point of the article is that the National Integrated Circuit Industry Investment Fund Phase II has reduced its shareholding in the company to 6.99% from 7.35% through a centralized bidding transaction, selling a total of 1.45 million shares [1] Group 2 - As of June 17, 2025, the company's major shareholder, the National Integrated Circuit Industry Investment Fund Phase II, has decreased its stake in the company [1] - The reduction in shareholding indicates a shift in the investment strategy of the fund, which may impact the company's stock performance [1] - The total share capital of the company is not specified, but the reduction in percentage points is noted [1]