推动已在港交所上市的辖区企业按照政策规定在深交所上市，深圳再发声。 此外，《方案》还提出"按照主板、创业板、科创板、北交所、新三板等多层次资本市场对在库企业分层 分类服务"、"聚焦提高产业链供应链质量，支持企业开展产业上下游并购重组"、"设立并购重组专项母基 金，吸引头部券商机构、辖区大型上市公司参与出资，共同做好并购重组资金支持"等。 7月2日，深圳市龙华区发布《龙华区促进上市培育服务工作三年行动方案》（简称《方案》）。《方案》 提到围绕龙华区"1+2+3"现代化产业体系布局，完善上市培育服务体系，拓宽企业融资渠道，加大并购重 组支持力度，推进"小升规、规做精、优上市"，推动上市及拟上市公司成为经济社会高质量发展中坚力 量。 值得注意的是，《方案》表示要调动社会力量参与上市培育，"进一步加深同专业金融研究机构合作力 度，便利企业境内外上市政策咨询，协调跨境金融机构为企业出海提供金融银团服务，推动已在港交所上 市的辖区企业按照政策规定在深交所上市。" 刚过去的6月，中共中央办公厅、国务院办公厅印发的《关于深入推进深圳综合改革试点 深化改革创新扩 大开放的意见》就提到，"允许在香港联合交易所上市的粤港澳大湾区企 ...

Core Viewpoint - The establishment of Nanjing Kongdi Shuzhi Phase I Industrial Investment Fund Partnership (Limited Partnership) marks a significant move in the private equity investment sector, with a registered capital of 900 million RMB, focusing on various emerging industries [1][2]. Group 1: Fund Overview - The fund is executed by Nanjing Yida Equity Investment Management Partnership (Limited Partnership) and has a strong backing from notable contributors such as Nanjing Zijin Industrial Investment Co., Ltd., Sujiao Science and Technology, and Nanjing Kongdi Shuzhi Industrial Development Co., Ltd. [1][2] - Sujiao Science and Technology has committed 135 million RMB of its own funds to the establishment of the fund, indicating a deep strategic engagement in the industrial investment sector [1][2]. Group 2: Investment Focus - The fund's investment strategy is broad yet targeted, concentrating on sectors such as low-altitude economy, intelligent connected vehicles, new energy, new infrastructure, smart logistics, aerospace, semiconductors, and new materials [1][2]. - These sectors are seen as representing future industrial development trends, offering substantial market potential and growth opportunities [1][2]. Group 3: Market Implications - The establishment of the fund is expected to provide robust capital support to enterprises within the relevant industrial chains, facilitating technological innovation and industrial upgrades [2][3]. - The collaboration among the fund's contributors is viewed as a strategic alignment to explore new development opportunities and accelerate the growth of related industrial chains [3].

文/Ian 近阶段，部分新三板企业调整策略，将原定的创业板上市计划转向北交所；同时，一批冲击创业板、科创板或主板IPO未果的企业 也纷纷转战北交所。该趋势的核心驱动因素在于北交所精准定位于服务"专精特新"及战略性新兴产业、传统产业升级企业，其设定 的盈利与成长标准更契合轻资产、高研发投入中小企业的特性，相较创业板和科创板展现出更具包容性的差异化上市门槛。此外， 北交所以更快的平均审核速度显著提升了融资效率，加之监管层明确表态提高市场准入包容度，释放出强有力的政策支持信号，使 其成为当前创新型中小企业寻求资本化的首选平台。 当前IPO排队数据的反弹，特别是北交所的突出表现，显示资本市场服务实体经济、支持科技创新的功能得到有效发挥。随着审核 进度的有序推进，预计下半年A股IPO市场将保持活跃态势，为实体经济注入更多源头活水。 附：在审企业情况表 数据显示，截至2025年6月30日，A股IPO在审企业数量迎来回升，合计达321家，扭转了此前阶段性下滑的趋势。这一数据传递出企 业上市信心恢复、资本市场融资功能稳步增强的积极信号。这321家中，申报创业板、科创板、主板、北交所的分别为34家、37家、 59家、191家。 ...

Group 1 - Two companies withdrew their IPO applications during the week of June 23 to June 29, 2025, including one from the Shenzhen Main Board and one from the ChiNext Board [1] - The companies that withdrew their applications are Zhejiang Changcheng Mixing Equipment Co., Ltd. from the ChiNext Board and Kaiyuan Securities Co., Ltd. from the Main Board [2] Group 2 - Zhejiang Changcheng Mixing Equipment Co., Ltd. specializes in the research, production, sales, and service of mixing equipment, customizing products based on customer needs [3] - As of December 31, 2022, the total assets of Zhejiang Changcheng were 1.069 billion, with a net profit of 108.46 million for the year [4] - The company has experienced a decline in net profit from 131 million in 2023 to an expected 118 million in 2024, indicating uncertainty in future growth [4][5] Group 3 - Kaiyuan Securities Co., Ltd. offers a range of services including securities brokerage, investment consulting, and asset management [6] - The total assets of Kaiyuan Securities as of June 30, 2024, were approximately 55.20 billion, with a net profit of 28.30 million for the first half of 2024 [7] - The company faced six regulatory penalties during the reporting period, which may have hindered its IPO progress [7]

近年来，贵州证监局致力于推动贵州辖区企业用好用足资本市场政策、工具，积极争取各类金融资源向 重要产业基地、科技创新领域聚集，服务地方经济高质量发展。推动将债券市场高质量发展、引导企业 发行科创债纳入《贵州省推动资本市场高质量发展实施方案》，加强债券创新品种培训宣传和推广，积 极引导符合条件的科技创新企业、私募股权投资机构和创业投资机构、金融机构等发行科技创新债支持 科技创新领域发展。 新华财经贵阳7月1日电（记者肖艳）记者从贵州证监局获悉，贵州省国有资本运营有限责任公司（以下 简称贵州资本公司）6月30日在上海证券交易所发行科技创新公司债券，规模3亿元，期限3年，这是该 省发行的首单交易所科技创新公司债。 （文章来源：新华财经） 科技创新公司债是资本市场支持科技创新企业融资的重要工具，旨在引导资金精准流向高新技术产业、 战略性新兴产业以及传统产业转型升级领域。今年5月，中国人民银行、中国证监会联合发布《关于支 持发行科技创新债券有关事宜的公告》，进一步丰富科技创新债券产品体系、完善科技创新债券配套支 持机制，拓宽科技创新企业利用债券市场融资渠道，激发科技创新动力和市场活力，助力培育新质生产 力。 据介绍，此次 ...

Core Insights - The manufacturing PMI for June is at 49.7%, indicating a slight expansion in the manufacturing sector, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 from the previous month [2][3] - The non-manufacturing business activity index is at 50.5%, showing continued expansion in the non-manufacturing sector [4][6] - The comprehensive PMI output index is at 50.7%, reflecting an overall acceleration in production and business activities [6] Manufacturing Sector - The manufacturing PMI increased to 49.7%, with production and new orders indices at 51.0% and 50.2%, respectively, indicating improved production activities and market demand [2][3] - The purchasing volume index rose to 50.2%, up by 2.6 percentage points, suggesting enhanced procurement willingness among enterprises [2] - Price indices for major raw materials and factory prices improved, with indices at 48.4% and 46.2%, respectively, influenced by rising international oil prices [2] Key Industries - Key industries such as equipment manufacturing, high-tech manufacturing, and consumer goods continue to expand, with PMIs at 51.4%, 50.9%, and 50.4%, respectively [3] - The construction sector shows a significant recovery, with the business activity index at 52.8%, indicating robust infrastructure project progress [4][5] Market Expectations - The service sector's business activity expectation index is at 56.0%, indicating optimism among service enterprises regarding future development [5] - The construction industry's business activity expectation index rose to 53.9%, reflecting increased confidence among construction firms [5] Overall Economic Outlook - The overall economic activity is expected to improve as policy effects continue to manifest, with investment and consumption-related demands likely to be released [7]

Economic Resilience - In the first half of the year, the Chinese economy demonstrated resilience amid complex domestic and international conditions, supported by a series of proactive policy measures [1] - The manufacturing PMI and composite PMI both showed a rebound for two consecutive months in June, indicating a gradual stabilization and improvement in the economy [1] Manufacturing Sector - The manufacturing PMI in June was 49.7%, up 0.2 percentage points from the previous month, marking a continuous recovery in the economic climate [1] - Production activities in June accelerated despite it being a traditional off-peak season, showing a seasonal anomaly [1] - The purchasing volume index rose significantly by 2.6 percentage points to 50.2%, while raw material inventory increased by 0.6 percentage points to 48%, the highest level this year [1] - The new orders index rose by 0.4 percentage points to 50.2%, indicating an overall improvement in market demand [1] Key Industries - The three major industries—equipment manufacturing, high-tech manufacturing, and consumer goods—maintained good expansion momentum, with PMIs of 51.4%, 50.9%, and 50.4% respectively, all remaining in the expansion zone for two consecutive months [2] - Equipment manufacturing showed particularly active production and demand, driving collaborative development across related industries [2] - The high-tech manufacturing sector provided strong support for economic transformation and high-quality development [2] - The consumer goods sector's steady expansion reflected improving consumer confidence and recovering market demand [2] Construction Sector - The construction business activity index rose to 52.8%, an increase of 1.8 percentage points from the previous month, indicating a significant improvement in the sector's climate [2] - The positive trend was supported by government policies and funding guarantees, including the issuance of long-term special bonds and local government special bonds [2] Service Sector - The service sector maintained steady expansion, with a business activity index of 50.1%, despite a slight decline due to seasonal factors [3] - Certain service industries, such as telecommunications, financial services, and insurance, remained robust with business activity indices above 60% [3] - The service sector's business activity expectations index remained high, reflecting optimism about future market developments [3] Fiscal and Monetary Policies - The issuance of new special bonds accelerated significantly in June, focusing on key areas to support economic growth [4] - The first round of interest rate cuts and reserve requirement ratio reductions for the year has been fully implemented, alleviating pressure on the banking system and reducing financing costs [4] - The central bank and other departments are expected to introduce more incremental policies to further promote high-quality economic development [4] Real Estate Support - The central and local governments are increasing support for the real estate sector, with measures aimed at stabilizing the market and optimizing existing policies [5] - More special bond funds are expected to be allocated to areas such as shantytown renovation and old community upgrades to improve living conditions [5]

三大重点行业继续扩张。装备制造业、高技术制造业和消费品行业PMI分别为51.4%、50.9%和50.4%， 均连续两个月位于扩张区间。其中，装备制造业生产指数和新订单指数均高于53.0%，相关行业产需两 端较为活跃。高耗能行业PMI为47.8%，比上月上升0.8个百分点，景气水平有所改善。 产需指数均位于扩张区间。生产指数和新订单指数分别为51.0%和50.2%，比上月上升0.3和0.4个百分 点，制造业生产活动加快，市场需求有所改善。从行业看，食品及酒饮料精制茶、专用设备等行业生产 指数和新订单指数连续两个月位于扩张区间，相关行业产需释放较快；非金属矿物制品、黑色金属冶炼 及压延加工等行业两个指数继续低于临界点，市场活跃度仍显不足。在产需回升的带动下，企业采购意 愿增强，采购量指数为50.2%，比上月上升2.6个百分点。 价格指数回升。主要原材料购进价格指数和出厂价格指数分别为48.4%和46.2%，均比上月上升1.5个百 分点，制造业市场价格总体水平有所改善。从行业看，受近期国际原油价格上涨等因素影响，石油煤炭 及其他燃料加工业主要原材料购进价格指数和出厂价格指数明显回升；此外，由于铁矿石等原材料价格 继 ...

东方金诚宏观研究 稳增长政策效应显现叠加贸易局势缓和，6 月宏观经济景气度延续回升 ———— 2025 年 6 月 PMI 数据点评 王青 闫骏 冯琳 事件：根据国家统计局公布的数据，2025 年 6 月，中国制造业采购经理指数（PMI）为 49.7%，比 5 月上升 0.2 个百分点；6 月非制造业商务活动指数为 50.5%，比 5 月上升 0.2 个百分点，其中，建筑 业商务活动指数为 52.8%，比 5 月上升 1.8 个百分点，服务业 PMI 指数为 50.1%，比 5 月下降 0.1 个百 分点；6 月综合 PMI 产出指数为 50.7%，比 5 月上升 0.3 个百分点。 6 月 PMI 数据要点解读如下： 6 月制造业 PMI 指数上升 0.2 个百分点，基本符合市场预期。历史数据显示，6 月制造业 PMI 指数 季节性规律并不明显，由此，当月制造业 PMI 指数走势主要受外部环境、宏观政策及经济基本面牵 动。6 月制造业 PMI 指数回升，背后主要有两个原因：一是稳增长政策效应持续体现。4 月 25 日中央 政治局会议部署"加强超常规逆周期调节"，"加紧实施更加积极有为的宏观政策"，其中，5 ...

2025 年 6 月 30 日 总量研究 外部扰动减弱，内生动能修复 ——2025 年 6 月 PMI 点评 作者 分析师：高瑞东 执业证书编号：S0930520120002 010-56513066 gaoruidong@ebscn.com 分析师：刘星辰 执业证书编号：S0930522030001 021-52523880 liuxc@ebscn.com 相关研报 "抢出口"带动制造业 PMI 回暖——2025 年 5 月 PMI 点评（2025-05-31） 经济新动能加快释放——2025 年 3 月 PMI 点评（2025-03-31） 2 月制造业 PMI"开门红"——2025 年 2 月 PMI 点评（2025-03-01） 1 月制造业 PMI 为何回落？——2025 年 1 月 PMI 点评（2025-01-27） PMI 数据显示逆周期政策正在见效——2024 年 12 月 PMI 点评（2024-12-31） 为何 PMI 能连续超预期？——2024 年 11 月 PMI 点评兼光大宏观周报（2024-11-30） 政策效果正在显现，PMI 逆季节性回升—— 2024 年 10 月 PMI ...