王泊还在前述场合透露，自科创板"1+6"政策发布以来，科创板新增受理15家企业IPO申请，其中4 家为未盈利企业，1家适用第五套标准。 从问询重点来看，未盈利企业在科创板IPO过程中，除回答募投项目合理性、收入确认方法合规性 等常规问题外，还需面对更具针对性的问询，包括持续亏损原因、预计实现盈利的时间及可行性、核心 技术与知识产权风险等。 中国证监会发布的《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》）即将满三个月。 上交所副总经理王泊9月10日在出席"硬科硬客"新质生产力行业沙龙2025年会时表示，这不是简单 的政策调整，而是在特定的经济周期和市场需求下，为技术突破型企业送上的"及时雨"，让处于研发攻 坚期、暂未盈利但手握"硬核技术"的企业，不用等"盈利答卷"就能拿到"资本入场券"，努力打通硬科技 与资本市场对接的"最后一公里"。 首批32家存量未盈利企业直接入科创成长层。这些企业普遍处于研发密集期，具有较高的技术壁垒 和市场潜力，并展现出良好的发展动能。2025年上半年，上述企业合计营收同比增长37.79%，合计净 利润大幅减亏71.23亿元。 沙利文大中华区执行总监周 ...

Core Insights - The Science and Technology Innovation Board (STAR Market) is experiencing a "small peak" in merger and acquisition (M&A) disclosures, with 15 new deals reported since August, totaling over 2.4 billion yuan [1] Group 1: M&A Activity - Since the release of the "Eight Articles of STAR Market," there have been 134 newly disclosed M&A transactions, including 35 equity/convertible bond deals and 9 major cash transactions [1] - In 2025, the STAR Market has disclosed 73 new M&A transactions, comprising 24 equity/convertible bond deals and 7 major cash transactions [1] Group 2: Target Diversity - The diversity of transaction targets is increasing, with a total of 39 deals involving the acquisition of unprofitable targets and 8 deals related to companies that have withdrawn their IPO applications [1]

Group 1 - The stock of World (沃尔德) reached its daily limit increase on September 8, with a price of 35.42 yuan and a trading volume of 208 million yuan, reflecting a turnover rate of 4.11% and a fluctuation of 17.01% [1] - Among the stocks listed on the Sci-Tech Innovation Board, 376 stocks were reported to have increased, with 5 stocks rising over 10%, including World, which increased by 19.99% [1] - Conversely, 202 stocks experienced declines, with significant drops from Yuanjie Technology, Dongxin Co., and Shengyi Electronics, which fell by 10.27%, 9.43%, and 7.72% respectively [1] Group 2 - On the funding side, World saw a net inflow of 20.93 million yuan in the previous trading day, but a net outflow of 55 million yuan over the past 5 days [2] - As of September 5, the margin trading balance for World was 182 million yuan, with a financing balance of 182 million yuan, which increased by 11.66 million yuan, a growth of 6.84% [2] - The semi-annual report released on August 26 indicated that World achieved an operating income of 335 million yuan in the first half of the year, a year-on-year increase of 6.09%, while net profit was 43.62 million yuan, a year-on-year decrease of 19.57% [2]

Group 1 - The core viewpoint of the news highlights the significant stock performance of Tengjing Technology on the STAR Market, with a notable increase in share price and trading volume [2] - As of September 5, Tengjing Technology's stock price reached 92.77 yuan, with a trading volume of 1.42 billion yuan and a turnover rate of 12.98% [2] - Among STAR Market stocks, 533 stocks were reported to be rising, with 12 stocks showing an increase of over 10%, including Tengjing Technology, which rose by 20% [2] Group 2 - In terms of capital flow, Tengjing Technology experienced a net outflow of 1.4 million yuan on the previous trading day, but a net inflow of 205 million yuan over the past five days [3] - The latest margin trading data shows that as of September 4, the margin balance for Tengjing Technology was 473 million yuan, with an increase of 12.49 million yuan, representing a growth of 2.72% [3] - The company's semi-annual report released on August 30 indicated that it achieved an operating income of 263 million yuan in the first half of the year, reflecting a year-on-year growth of 24.29%, and a net profit of 36.59 million yuan, up 11.47% year-on-year [3]

Group 1 - The core point of the news is the significant stock performance of Yuchen Intelligent on the STAR Market, with a notable increase in its stock price and trading volume [1] - As of September 5, Yuchen Intelligent's stock price reached 47.50 yuan, with a trading volume of 1.25 billion yuan and a turnover rate of 10.56% [1] - Among STAR Market stocks, 535 stocks were reported to be rising, with 11 stocks having an increase of over 10%, including Yuchen Intelligent, which rose by 20.01% [1] Group 2 - In terms of capital flow, Yuchen Intelligent experienced a net outflow of 2.11 million yuan in the previous trading day, with a total net outflow of 11.96 million yuan over the past five days [2] - The latest margin trading data shows that as of September 4, the margin balance for Yuchen Intelligent was 29.44 million yuan, with a decrease of 1.74 million yuan, representing a decline of 5.58% [2] - The company's semi-annual report released on August 28 indicated that it achieved an operating income of 312 million yuan in the first half of the year, a year-on-year increase of 7.05%, but reported a net loss of 54.89 million yuan, a year-on-year decline of 21.27% [2]

Group 1 - The ChiNext 100 Index fell by 4.3%, the ChiNext Composite Index decreased by 4.4%, the Shanghai ChiNext 50 Index dropped by 5.4%, and the Shanghai ChiNext Growth Index declined by 7.4% [1] - Zhongtai Securities indicated that short-term volatility in the ChiNext market is amplified, but the mid-term main line remains unchanged, with recent outflows from both ETFs and institutional funds [1] - The expectation of a new "14th Five-Year Plan" focusing on "new quality productivity" in October suggests that the mid-term logic for the technology sector remains solid, and any adjustments in September should be viewed as strategic opportunities for mid-term investments in technology [1]

Core Insights - The total margin balance of the STAR Market on September 3 was 228.939 billion yuan, a decrease of 1.9 billion yuan from the previous trading day [1] - The financing balance was 228.159 billion yuan, down by 1.892 billion yuan, while the securities lending balance was 0.78 billion yuan, a decrease of 0.08 billion yuan [1] Individual Stock Performance - On September 3, 258 stocks in the STAR Market experienced net financing inflows, with 10 stocks having net inflows exceeding 30 million yuan [1] - Dongxin Technology topped the list with a net financing inflow of 263 million yuan, followed by Baiji Shenzhou, Airo Energy, Yuanjie Technology, and Shijia Photon, all with net inflows exceeding 50 million yuan [1]

Core Viewpoint - The stock of Haibo Sichuang has experienced significant price movement, with a notable increase in trading volume and a strong performance compared to other stocks in the Sci-Tech Innovation Board [2][3] Group 1: Stock Performance - As of September 3, Haibo Sichuang's stock price reached 148.08 yuan, with a trading volume of 576 million yuan and a turnover rate of 10.87%, showing a price fluctuation of 19.51% [2] - Among the stocks on the Sci-Tech Innovation Board, 203 stocks were up, with 9 stocks rising over 10%, including Haibo Sichuang, which increased by 20.00% [2] Group 2: Fund Flow - On the previous trading day, Haibo Sichuang saw a net inflow of main funds amounting to 12.40 million yuan, with a total net inflow of 60.69 million yuan over the past five days [3] - The latest margin trading data shows a total margin balance of 192 million yuan, with a financing balance of 192 million yuan, reflecting a decrease of 1.01 million yuan or 0.52% from the previous trading day [3] Group 3: Financial Performance - The company reported a revenue of 4.522 billion yuan for the first half of the year, representing a year-on-year growth of 22.66%, and a net profit of 316 million yuan, which is a 12.05% increase year-on-year [3] Group 4: Analyst Ratings - In the past month, Haibo Sichuang received buy ratings from two institutions, with Ping An Securities giving a recommendation rating and CICC estimating a target price of 153.00 yuan [3]

Wind统计显示，9月2日，科创板两融余额合计2308.39亿元，较上一交易日减少0.67亿元。其中，融资 余额合计2300.51亿元，较上一交易日减少0.68亿元；融券余额合计7.88亿元，较上一交易日增加0.01亿 元。 （文章来源：证券时报网） 从个股来看，9月2日有305只科创板个股获融资净买入，净买入金额在5000万元以上的有18股。其中， 百济神州获融资净买入额居首，净买入3.52亿元；融资净买入金额居前的还有华虹公司、绿的谐波、上 纬新材、凌云光等股，净买入金额均超1亿元。 ...

Group 1 - The stock of Hangke Technology reached the daily limit on September 1, with a price of 30.89 yuan and a trading volume of 9.65 billion yuan, reflecting a turnover rate of 5.50% and a fluctuation of 15.03% [2] - Among the stocks on the Sci-Tech Innovation Board, 313 stocks were up, with 5 stocks rising more than 10%, including Hangke Technology, while 268 stocks were down, with significant declines in Tongyi Zhong, Huaguang New Materials, and Zhengfan Technology, which fell by 11.72%, 11.50%, and 10.04% respectively [2] Group 2 - On the funding side, Hangke Technology saw a net inflow of 57.50 million yuan from main funds on the previous trading day, with a net inflow of 32.89 million yuan over the past five days [3] - As of August 29, the margin trading balance for Hangke Technology was 275 million yuan, with a financing balance of 274 million yuan, an increase of 29.56 million yuan or 12.10% from the previous trading day, and a securities lending balance of 867,500 yuan, which increased by 30.12% [3] - The company's semi-annual report released on August 29 showed that it achieved an operating income of 1.97 billion yuan in the first half of the year, a year-on-year increase of 4.19%, and a net profit of 288 million yuan, up 6.92% year-on-year [3] - In terms of institutional ratings, Hangke Technology received buy ratings from two institutions in the past month, with Dongwu Securities giving a buy rating on August 30 and CICC providing an outperform industry rating with a target price of 26.00 yuan on August 29 [3]