Core Viewpoint - Beijing's International Science and Technology Innovation Center has become a significant force in the global innovation network, with technological innovation reforms being a key variable for high-level openness [1] Group 1: Achievements in Innovation - The number of invention patents per ten thousand people reached 262.9, a year-on-year increase of 20.4%, marking the highest growth rate in the past five years [1] - The annual technical contract transaction volume exceeded 900 billion yuan, reaching 915.3 billion yuan, maintaining the top position in the country [1] - The number of unicorn companies in Beijing stands at 115, ranking first in the nation [1] - The total revenue of enterprises in the Zhongguancun National Independent Innovation Demonstration Zone reached 8.74 trillion yuan, ranking first among 178 national high-tech zones [1] Group 2: International Recognition and Rankings - Beijing ranks among the top global technology innovation clusters according to the World Intellectual Property Organization [1] - In the International Science and Technology Innovation Center Index, Beijing is ranked third globally [1] - The city has 431 individuals recognized as highly cited scientists, maintaining the top position in the global innovation city rankings for two consecutive years [1] - Beijing has consistently topped the "Nature Index - Research Cities" global rankings for several years [1] Group 3: Policy Innovations and Reforms - Zhongguancun has implemented 24 major reform measures, with 21 pilot policies fully promoted in the demonstration zone [2] - The "reporting and approval" policy for high-tech enterprises has been introduced, reducing the approval process by over 80%, benefiting more than 500 companies [2] - A "pay after use" model for scientific and technological achievements has been launched, encouraging innovation among small and medium-sized enterprises [2] - The number of foreign-funded R&D centers has increased, with 221 centers recognized [2] Group 4: Future Plans and International Cooperation - The city plans to deepen the implementation of the internationalization action plan for technological innovation, enhancing global scientific cooperation [2] - Six major actions will be promoted to expand international cooperation networks, improve platforms, and enhance the open innovation ecosystem [2] - The Zhongguancun Forum will be improved to consolidate international cooperation results and expand the international "circle of friends" [3]

Core Insights - The technology contract transaction volume in Luoyang has exceeded 15.962 billion, marking a year-on-year increase of 241.48%, surpassing the half-year target of 15 billion ahead of schedule [1] - Luoyang's technology bureau has implemented innovative strategies to enhance service and resource allocation, resulting in significant achievements in technology contract registration [1] - The bureau has established a dedicated service team for technology contract registration and has conducted over 40 training sessions to promote the importance of technology contracts and related policies [1] Group 1 - The technology contract transaction volume in Luoyang reached 15.962 billion, with a 241.48% year-on-year growth [1] - The city has successfully completed its half-year target of 15 billion ahead of schedule, indicating strong momentum in technological innovation [1] - The technology bureau has adopted a proactive approach by forming a specialized team to assist enterprises in navigating technology transactions [1] Group 2 - The bureau plans to increase investment in technological innovation and enhance the construction of innovation platforms to meet actual enterprise needs [2] - Efforts will focus on facilitating the transfer and transformation of technological achievements, aiming for high-quality development in the technology market [2]

【环球网财经综合报道】6月18日，随着中国证监会印发《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》，上海证券交 易所迅速响应，同步制订的两项配套业务规则——《科创板上市公司自律监管指引第5号——科创成长层》及《发行上市审核规则适用 指引第7号——预先审阅》公开征求意见，是为技术突破性强、商业前景广阔但暂未盈利的科技型企业提供更精准的制度支持。 《科创板上市公司自律监管指引第5号——科创成长层》拟从三方面建立配套机制：一是明确实施标准及程序，规定纳入和调出标准， 并就调出标准进行"新老划断"；二是强化风险揭示，科创成长层公司股票简称后增加标识"U"，投资者投资新注册企业需签署专项风险 揭示书；三是提升信息披露质量，要求相关公司在定期报告和临时报告中披露未盈利情况及相关风险，并压实中介机构持续督导责任。 新制订的《发行上市审核规则适用指引第7号——预先审阅》为那些因过早披露业务技术信息、上市计划可能对其生产经营造成重大不 利影响的发行人提供了缓冲机制。发行人可申请预先审阅，上交所将参照正式审核程序把关，但此程序非必经环节，也不构成对发行条 件的预先确认。 值得关注的是，上交所还在研究制订关于"资深专业机 ...

■谢若琳 另一方面，科创成长层彰显资本市场支持科技创新的政策导向。2024年以来，监管部门聚焦服务实体经 济特别是支持科技创新，先后发布实施"科技十六条""科创板八条""并购六条"，以及《关于资本市场做 好金融"五篇大文章"的实施意见》等政策文件，不断完善支持科技创新的制度体系和市场生态，形成资 本市场支持科技型企业发展的良好氛围。 科创成长层为增量制度改革提供更可控的"试验空间"，覆盖科技企业"初创—成长—成熟"全生命周期的 资本市场服务体系日趋完善，市场内在稳定性和吸引力进一步增强。 当然，改革之路从无坦途。科创成长层的成功落地，仍需直面几重挑战，如企业分层标准的科学界定， 需兼顾成长性与科技成色的真实度量；不同层级间的转板机制设计，须确保灵活与稳定间的平衡；投资 者保护工作更需同步强化，谨防风险在层级间无序传导。这要求监管智慧与市场实践在动态磨合中不断 校准。 "试验田"精神正是破解挑战的密钥。以科创成长层为新的支点，撬动一场更具系统性的生态革新，从包 容性制度到适应性服务，从融资端优化到投资端保护。让资本市场的土壤养分更足、阳光更充沛，中国 科创企业"成长的烦恼"便能转化为"蜕变的动力"。我们有理由相 ...

Group 1 - The Hubei Science and Technology Innovation Supply Chain Onshore Innovation Center's concept verification fund was officially launched with an initial amount of 100 million yuan, allowing single investments ranging from 2 million to 5 million yuan [3][6] - The industrial investment fund has an initial amount of 500 million yuan, with single investments ranging from 5 million to 50 million yuan, focusing on industries such as optoelectronic information and life health [3][6] - The establishment of the Guanggu Innovation and Entrepreneurship Investment Consortium was announced, with 11 companies signing agreements to foster a "early investment, small investment, future investment" atmosphere [3][6] Group 2 - The Hubei Science and Technology Innovation Investment Company was established in collaboration with the East Lake High-tech Zone and the Provincial Investment Group to enhance the construction of the science and technology supply chain platform [6] - The concept verification fund and the achievement transformation base's launch marks a new stage of collaborative development among the group, East Lake High-tech Zone, and Lihua Science and Technology [6] - The concept verification fund aims to focus on early-stage technology projects with originality and disruptive potential, facilitating the initial transformation of scientific achievements [7] Group 3 - Since June 2023, the East Lake High-tech Zone has built a science and technology supply chain platform, achieving significant results with over 17.76 million visits and 105,000 registered users [8] - The platform has successfully matched 16,000 innovation demands, resulting in a cooperation amount of 14.5 billion yuan [8] - The East Lake High-tech Zone plans to implement policies to support the establishment of venture capital funds and direct investment funds to enhance innovation and entrepreneurship [8]

Group 1 - The Zhengzhou Zhongyuan Science and Technology City Innovation Alliance has been officially established, marking a significant step in fostering innovation [1] - The alliance has successfully attracted 85 initial member units, including universities, research institutes, state-owned enterprises, key private enterprises, and financial institutions, achieving comprehensive coverage of the innovation chain [1]

6月18日，中国证监会印发了《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》（文内简 称《科创板意见》），与之同步，上海证券交易所（文内简称上交所）制定了2项配套业务规则，分别 是《科创板上市公司自律监管指引第5号——科创成长层》和《发行上市审核规则适用指引第7号——预 先审阅》，并公开征求意见，有关意见或建议可通过网站"公开征求意见"专栏提出，或以书面形式反馈 上交所。意见反馈截止时间为2025年6月25日。 上交所将《科创板意见》配套业务规则的征求意见稿挂网。图片来源：上交所 上交所相关负责人就业务规则制订情况答记者问时表示，下一步，上交所将按照中国证监会的统一部 署，尽快发布实施相关业务规则，推动相关改革举措落实落地，持续提升科创板服务科技创新能级。 哪些股票会被纳入科创成长层？ 中国证监会主席吴清率先在2025陆家嘴论坛上宣告了科创成长层的诞生。这一嵌套在科创板里的新事 物，体现了在新的形势下，构建以资本市场为枢纽的创新生态、提升创新资本形成效率的改革思路。 上交所相关负责人进一步解释道，科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入 大，目前仍处于未盈利阶段的科技型企业。前期 ...

Core Insights - Shanghai aims to become a world-class socialist modern metropolis by focusing on five strategic goals: international economic center, financial center, trade center, shipping center, and technology innovation center, with urban renewal playing a crucial role in enhancing the city's capabilities and competitiveness [1] - The Danning area has undergone a significant transformation over the past 20 years, serving as a model for urban development in Shanghai and globally [3][5] Urban Renewal and Development - The Danning area is strategically important within Shanghai's urban renewal process, featuring key regions like the Nanjing West Road commercial district and the Suhe Bay waterfront economic belt [1] - The establishment of Danning Lingstone Park marked a pivotal moment in Danning's development, becoming the core ecological engine for the area [3] - The integration of Danning into the Jing'an District in 2015 led to a qualitative leap in regional development, supported by an improved transportation network [5] Economic and Social Infrastructure - Danning has evolved into a significant consumption center in Shanghai, with high-quality medical services, educational resources, and cultural facilities enhancing its urban functionality [7] - The "ecology + commerce + public services" development model has transformed Danning from a single-function area into a vibrant urban district, exemplifying urban renewal [7] Industry and Innovation - Danning is focusing on a dual-chain drive of "technology innovation + cultural innovation," establishing two major industrial clusters: Danning Chuangxin Valley and Danning Digital Source [8] - As of 2024, Danning has 474 technology enterprises, with 141 high-tech companies, showcasing strong innovation vitality [10] - The North High-tech Park in Danning is a key driver for technology innovation, focusing on cloud computing, big data, artificial intelligence, and blockchain [10] Future Development Goals - Danning aims to create a "Central Park-style CBD" as part of its future development strategy, with a focus on optimizing space and enhancing economic density [12] - The "Strategic One Square Kilometer" project is set to revitalize underutilized industrial land, linking various resources and promoting new industries like cultural and esports [14] - The upcoming conference on June 19 will gather experts to summarize Danning's achievements and discuss future developments, positioning Danning as a model for urban renewal globally [15]

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation for high-quality development in the context of global economic changes, with a focus on the implementation of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) to enhance support for technology enterprises [1][2]. Group 1: Deepening the Reform of the Sci-Tech Innovation Board - The CSRC aims to enhance the inclusiveness and adaptability of the system by deepening reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market, leveraging the Sci-Tech Innovation Board as a "testing ground" [2]. - The "1" in the "1+6" policy refers to the establishment of a Sci-Tech Growth Tier and the resumption of the fifth set of standards for unprofitable companies to list on the Sci-Tech Innovation Board, targeting high-quality tech enterprises with significant breakthroughs and substantial R&D investments [2]. - The "6" includes six specific reform measures, such as introducing a professional institutional investor system for applicable companies, expanding the fifth set of standards to cover more frontier technology sectors, and improving the refinancing system for Sci-Tech Innovation Board companies [2]. Group 2: Guiding Long-term Capital to Invest in Technology Enterprises - The CSRC will support the development of more technology innovation indices and public funds focused on Sci-Tech themes to attract long-term capital into technology investments [4]. - The introduction of long-term capital is seen as a key measure for deepening capital market reforms, aiming to reshape the market structure and promote long-term value investment [4]. - The focus will be on enhancing the regulatory framework for listed companies and fostering a more stable investment environment through the participation of social security funds, insurance funds, and industrial capital in private equity investments [4]. Group 3: Other Initiatives and Innovations - The CSRC plans to strengthen the linkage between equity and debt to support technological innovation, including the development of Sci-Tech bonds and related financial products [6]. - The commission will also promote the regularization of fund share transfer business and optimize mechanisms for physical stock distribution and reverse-linked products [6]. - New measures will be implemented to simplify the review process for mergers and acquisitions, enhancing the flexibility and convenience of equity incentive programs for listed companies [7].

作 者丨胡光旗 编 辑丨洪晓文 2025年陆家嘴论坛开幕式上，中国人民银行行长潘功胜宣布八项金融开放举措，分别涉及金 融监管、数字金融、结构性货币政策工具创新以及支持跨境贸易等多方面。本次央行公布的 金融政策，体现出央行在货币政策方面的进一步考量，挖掘结构性货币政策工具支持实体经 济发展特别是推动外贸稳定发展方面的潜力。以本次金融政策推出为契机，结构性货币政策 工具创新"先试先行"的思路也得到了进一步贯彻和实践。 首先，央行8项金融开放政策中，涉及金融监管的政策被放在首位，表明央行对银行系统的跨 市场交易可能出现的潜在风险给予了高度关注。央行将设立银行间市场交易报告库。高频汇 集并系统分析银行间债券、货币、衍生品、黄金、票据等各金融子市场交易数据。目前，我 国金融体系仍旧以银行为主导，银行系统的安全涉及整体金融稳定，是央行宏观审慎的重点 关注环节。当前，在银行业净息差持续缩窄，传统存贷业务盈利空间受到影响的大背景下， 商业银行调整资产负债结构、谋求多元化资产配置，增厚资产端收益的行为成为普遍现象。 与这种动机相对应，商业银行已广泛涉足于债券、票据、黄金以及货币市场工具。而更加广 泛和多元的投资，则也可能会增加 ...