Core Viewpoint - The revised "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies" focus on environmental issues, enhancing the practical capabilities of listed companies in environmental protection and resource utilization, contributing to a low-carbon sustainable market ecosystem [1][2]. Group 1: Regulatory Framework - The new "National Nine Articles" emphasizes the need to improve the sustainable information disclosure system for listed companies [1]. - The revised guidelines, effective from May 1, 2024, provide detailed guidance for companies in preparing ESG reports without imposing additional mandatory disclosure requirements [2]. Group 2: Specific Guidelines - The newly added guidelines include "Pollutant Emission," "Energy Utilization," and "Water Resource Utilization," which outline risk and opportunity identification, accounting processes, and disclosure points [2]. - These guidelines address common risks such as capacity restrictions due to pollutant emission controls and opportunities like cost reduction through new pollution prevention technologies [2]. Group 3: Industry Impact - The establishment of a sustainable development rule system is expected to enhance the quality of sustainable information disclosure and highlight the investment value of high-quality companies [2]. - As of June 30, 2023, 1,869 listed companies disclosed sustainable reports, achieving an overall disclosure rate of 34.72%, an increase of approximately 10 percentage points compared to the previous two years [3]. Group 4: Disclosure Quality - The quality of disclosure has improved, with 99.25% of companies reporting quantitative indicators, and 62.07% disclosing climate-related risks and opportunities [4]. - The proportion of companies with improved MSCI ESG ratings reached 32% by the end of 2024, with the share of companies rated AAA and AA increasing from 0% five years ago to 7.2% [4].

Core Viewpoint - The Chinese capital market has undergone significant transformation over the past year, moving away from short-term trading mindsets towards a long-term development logic driven by systematic reforms in asset, funding, and institutional aspects [2][3]. Group 1: Market Positioning and Reform Focus - The fundamental shift in understanding the capital market's role as a hub for the economy and modern finance emphasizes its function in wealth management rather than merely financing [3]. - The past year's reforms have concentrated on three main areas: structural transformation of listed companies, improvement of market liquidity, and institutional platform reforms [3][4]. Group 2: Structural Transformation of Listed Companies - The reforms aim to enhance the competitiveness of enterprises by promoting high-tech and innovative companies to become the market's main players, thereby supporting China's industrial upgrade [3][4]. Group 3: Market Liquidity Improvement - There has been a historical focus on supply-side reforms, neglecting the importance of demand-side liquidity; sufficient liquidity is essential for accurate asset pricing and effective value discovery [4]. - The expansion of insurance capital, characterized as "patient capital" and "long-term capital," is crucial for market growth, and regulatory adjustments are being made to facilitate its entry into the market [4]. Group 4: Institutional Platform Reforms - The reforms led by the China Securities Regulatory Commission (CSRC) focus on enhancing market transparency, ensuring fair rules, and strengthening deterrents against illegal activities [4][5]. - A dual penalty mechanism combining criminal and civil penalties is being established to replace the previous administrative penalty model, with systematic adjustments to various market operation rules [5].

Group 1 - The core viewpoint emphasizes the continuous deepening of capital market reforms by the China Securities Regulatory Commission (CSRC) to support the development of technology innovation enterprises [1] - The CSRC has implemented various policies, including the "National Nine Articles," to promote long-term capital inflow into the market and enhance the regulatory framework for technology innovation [1][2] - The focus is on creating a favorable capital market ecosystem that encourages long-term investments, particularly from insurance funds and pension funds, to support technology innovation [2] Group 2 - The financing side has seen reforms in issuance and listing processes, making it easier for technology innovation enterprises to go public without the requirement of sustained profitability [3] - The number of significant asset restructurings among technology innovation enterprises has increased since the introduction of the "Six Merger Articles," indicating a more active merger and acquisition environment [3] - The capital market's investment and financing reforms are gradually enhancing the support system for technology innovation, fostering a virtuous cycle among technology, industry, and finance [3] Group 3 - Public funds are recognized as a crucial force in supporting technology innovation, with the CSRC promoting the development of equity funds and guiding the industry towards a return-oriented approach [4] - As of August this year, the scale of public fund management and equity funds has significantly increased compared to the beginning of the year, contributing to a stable capital market and the growth of residents' wealth [4] - The positive cycle of capital market stability and technology innovation development is accelerating [4] Group 4 - Private equity and venture capital funds are identified as key drivers of technology innovation, providing essential funding and facilitating resource integration through mergers and acquisitions [5] - The CSRC has been actively reforming the private equity and venture capital sector to optimize the ecosystem and enhance the support for technology innovation [5] - Over 90% of companies listed on the Sci-Tech Innovation Board and more than half on the Growth Enterprise Market have received capital support from private equity and venture capital funds, indicating a strong investment trend in early-stage and hard technology [5]

文/深圳证券交易所上市审核中心经理 高振翔 IPO非公开审核缩短了发行人信息公开时间，降低了商业秘密泄露的风险 和发行上市的不确定性，成为美国等市场的通行做法。本文在梳理IPO非 公开审核制度的内涵与依据基础上，比较分析了美国IPO秘密递交制度和 我国香港地区IPO秘密申报制度的异同，探析了近期我国资本市场推出的 预先审阅制度的优化方向。 IPO非公开审核制度是指发行人以非公开方式向证券监管机构递交发行上市申请，接受证券监管机构的非公开审核，直至正式启动IPO申报或证券发行 前，才公开披露其发行上市文件的制度安排。IPO非公开审核缩短了发行人信息公开时间，降低了商业秘密泄露的风险和发行上市的不确定性，成为美国 等市场的通行做法。本文在梳理IPO非公开审核制度的内涵与依据基础上，比较分析了美国IPO秘密递交制度和我国香港地区IPO秘密申报制度的异同，探 析了近期我国资本市场推出的预先审阅制度的优化方向。 IPO非公开审核制度的内涵与依据 基本内涵 制度本质：通过保密方式改进发行人信息披露质量 一是削弱市场监督。公开透明的发行上市审核机制对于约束发行人行为、改进信息披露质量具有重要意义，但IPO非公开审核客观上延 ...

Core Viewpoint - The Chinese government is actively promoting financial support for technological innovation during the "14th Five-Year Plan" period, focusing on collaboration between financial and technological sectors to enhance the development of a robust technology finance system [3][4][5]. Group 1: Policy Initiatives - A comprehensive policy framework has been established to support high-quality development in technology finance, including the issuance of the "Several Policy Measures to Accelerate the Construction of a Technology Finance System" by seven ministries [3]. - The National Venture Capital Guidance Fund is being set up to attract nearly 1 trillion yuan in local and social capital, with agreements signed exceeding 380 billion yuan [3][4]. Group 2: Financial Support Mechanisms - The scale of re-loans for technological innovation and technological transformation has increased to 800 billion yuan, with a reduced interest rate of 1.5%, enhancing the accessibility of loans for technology-oriented SMEs [4]. - A total of 3.46 trillion yuan in loans has been provided to technology-oriented SMEs, reflecting a year-on-year growth of 22.9%, significantly outpacing the growth of other loan categories [4]. Group 3: Capital Market Enhancements - The establishment of a "green channel" mechanism in the capital market aims to facilitate financing for leading technology enterprises through listings, mergers, and bond issuances [4]. - The introduction of the "Technology Board" in the bond market provides long-term, low-interest financing options for technology companies, with over 288 entities issuing more than 600 billion yuan in technology innovation bonds [4]. Group 4: Collaborative Efforts - A cross-departmental mechanism has been established to coordinate technology finance efforts, with pilot programs initiated in 13 key regions to promote high-quality development in technology finance [5]. - Ongoing efforts will focus on aligning financial support with the needs of technological innovation, ensuring effective policy implementation [6].

Core Viewpoint - The Chinese government is emphasizing the importance of financial support for technological innovation during the "14th Five-Year Plan" period, highlighting a collaborative approach between the Ministry of Science and Technology and financial institutions to foster high-quality development in technology finance [1][2]. Group 1: Policy Initiatives - The government is guiding venture capital to invest early, in smaller amounts, for the long term, and specifically in hard technology [2]. - As of June, the loan balance for technology-based small and medium-sized enterprises reached 3.46 trillion yuan, a year-on-year increase of 22.9%, which is 16% higher than the growth rate of other types of loans [2]. - The capital market's ability to support technological innovation is being enhanced through mechanisms like the "green channel" for key technology enterprises to facilitate financing, mergers, and bond issuance [2]. Group 2: Implementation and Future Plans - A nationwide coordinated approach to promote technology finance has been established, with a cross-departmental mechanism to enhance collaboration [2]. - The Ministry of Science and Technology is implementing innovative policies to encourage local governments and financial institutions to engage in distinctive innovation practices [3]. - Future efforts will focus on solidifying policy implementation to provide robust financial support for achieving high-level technological self-reliance [3].

Group 1 - The event "Hua Shang Yi Qi Wang Banquet" was created to connect Chinese entrepreneurs and promote communication among them [3][5] - The banquet serves as a platform to support small and medium-sized enterprises (SMEs) in overcoming challenges such as resource scarcity and market expansion difficulties [5] - Various industry leaders shared their experiences and insights, highlighting the importance of innovation and collaboration in the current economic landscape [5][7] Group 2 - The banquet will be held weekly on Wednesday evenings, aiming to continuously innovate service models and provide high-quality support for Chinese entrepreneurs [9] - The event is positioned as a bridge connecting global Chinese businesses, contributing to the revitalization of the Chinese nation [9] - The atmosphere of the banquet fosters networking opportunities, allowing entrepreneurs to find like-minded partners and establish cooperation intentions [7][9]

Group 1: Northern Metropolis Development - The Northern Metropolis concept was first introduced in the 2021 policy report, covering an area of approximately 300 square kilometers, aimed at becoming an economic engine driven by innovation and technology [2] - The Chief Executive emphasized the region's strategic importance, as it borders Shenzhen and accounts for about one-third of Hong Kong's future population, presenting significant economic value and development potential [2] - A "Northern Metropolis Development Committee" will be established to accelerate development, with the Chief Executive as the chair, and three working groups focusing on operational models, university city planning, and overall project management [2][3] Group 2: Financial Market Development - The Hong Kong stock market has shown strong performance, with the Hang Seng Index rising over 20% since the beginning of the year and IPO fundraising exceeding HKD 130 billion, a nearly sixfold increase year-on-year [6] - The policy report outlines plans to assist mainland tech companies in raising funds in Hong Kong and to optimize listing regulations, including exploring the shortening of the stock settlement cycle to T+1 [6][7] - The report also aims to attract more overseas companies to list in Hong Kong, leveraging the unique connectivity mechanisms with mainland China [6] Group 3: Housing and Living Standards - The government plans to increase public housing supply to 189,000 units over the next five years, reducing the average waiting time for public housing from 6.1 years to a target of 4.5 years by 2026-27 [11] - There will be a shift in housing policy from rental to ownership, with increased support for home ownership programs and adjustments to eligibility criteria for public housing residents [11][12] - The report proposes to lower the investment threshold for residential properties, allowing high-net-worth individuals more options in the housing market, which is expected to stimulate demand [12]

Core Insights - The Hong Kong Banking Association and the Hong Kong General Chamber of Commerce organized a joint overseas delegation to Vietnam, consisting of over 40 representatives from the banking sector and local businesses from Hong Kong [1] - The delegation visited various senior officials and business leaders in Vietnam, including the Ministry of Finance, the State Bank of Vietnam, and the Vietnam Chamber of Commerce and Industry, to discuss cross-border cooperation opportunities [1] - The Hong Kong Monetary Authority's Chief Executive, Eddie Yue, highlighted Hong Kong's unique advantages in supporting Greater China enterprises to expand into the Vietnamese market and assisting Vietnamese companies in going global [1] - The Banking Association's Chairperson, Anna Choi, noted that Vietnam is Hong Kong's second-largest trading partner in ASEAN, and the Hong Kong banking sector can meet local financial institutions' and businesses' needs for fintech [1] - The Chairperson of the Hong Kong General Chamber of Commerce, Lin Shih-Hao, emphasized that Vietnam serves as an important gateway to the ASEAN market, aiming to connect Hong Kong's industrial strength and financial expertise with Vietnam's development opportunities [1] Industry and Company Summary - The delegation's visit to Vietnam included discussions on trade investment, banking, capital markets, green finance, and fintech, indicating a broad scope for future collaboration [1] - The focus on green bonds and project financing highlights the growing importance of sustainable finance in the region [1] - The collaboration aims to enhance cross-border trade and investment, leveraging Hong Kong's experience to support local Vietnamese enterprises [1]

Group 1 - The US capital market remains active and resilient despite ongoing risks and challenges, with market indices consistently reaching new highs, including the Dow Jones approaching the 50,000 mark [1] - The Federal Reserve's quantitative easing (QE) measures since the 2008-2009 financial crisis have significantly boosted the stock market, with the S&P 500 index rising from approximately 676 points in March 2009 to nearly 6,500 points by 2025, reflecting a substantial increase [2] - The emphasis on capital market development is crucial for China's economic transformation, with a focus on "productive finance" to support real economic activities and promote growth, employment, and technological advancement [3][4] Group 2 - The concept of "productive finance" is defined as a financial model that directly or indirectly supports real economic activities, aiming to enhance overall economic vitality rather than merely seeking short-term financial gains [3][4] - China's economy is entering a "bond economy" phase, necessitating reliance on a robust capital market and financial tools to manage and offset debt, rather than conventional administrative methods [4] - The reform of state-owned enterprises (SOEs) should pivot towards becoming productive finance groups, focusing on asset preservation and value enhancement while supporting the development of the real economy and technology [5][6]