Group 1 - The core viewpoint of the article highlights the anxiety surrounding the recent IPO acceleration policy announced at the Lujiazui Forum, particularly in light of the 44% decline in the new stock index over the past four years, which has served as a lesson in risk for investors [1][2] - The fear of IPO expansion is rooted in the stark contrast between the slight decline of the Shenzhen Composite Index and the significant drop of 44% in the new stock index since 2020, indicating that the burden of the past four years of IPO activity has fallen on secondary market investors [2] - Interestingly, new stocks often perform exceptionally well in the initial phase of IPO reboots, akin to promotional sales in retail, suggesting that initial enthusiasm can lead to temporary price increases before stabilizing [4] Group 2 - A contrarian perspective suggests that after adjustments in IPO pacing, new market hotspots tend to emerge within three months, driven by the natural flow of new capital seeking investment opportunities [5] - The article emphasizes the importance of understanding institutional behavior through quantitative data, which serves as a direct communication tool for engaging with the market [7] - Observations indicate that stocks with potential often show active institutional behavior at lower levels during periods of volatility, suggesting a calculated approach by institutional investors before significant price movements occur [9] Group 3 - A notable trend in the current market is the increase in institutional lock-up behavior despite overall index adjustments, indicating that large funds are preparing for the next market rally [10] - The essence of investing is framed as a probability game, where the use of quantitative tools can help mitigate information asymmetry, allowing investors to better understand institutional strategies and uncover potential opportunities amidst perceived market risks [12]

Group 1 - The core viewpoint emphasizes the need for better integration of technology innovation and industrial innovation through the capital market's hub function, which is crucial for the high-quality development of the capital market [1][2][4] - The capital market is seen as a vital component in supporting the transformation and upgrading of technology and industry, with recent reforms aimed at optimizing the system and product supply to attract resources to innovation [4][6] - The integration of technology, capital, and industry is highlighted as a significant theme for current and future capital market reforms, which is essential for fostering a virtuous cycle among these elements [4][5] Group 2 - The Chinese Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of the financial service system to better support technology and industrial innovation [2][6] - Key measures include leveraging the Sci-Tech Innovation Board as a testing ground for reforms, promoting long-term capital, and creating a more open and inclusive capital market ecosystem [6][7] - Recent initiatives include the introduction of a new tier for the Sci-Tech Innovation Board to accommodate unprofitable companies and expanding listing standards to cover emerging industries like artificial intelligence and commercial aerospace [7][8]

中新网北京6月18日电(记者 谢艺观)自2019年6月正式开板以来，科创板已走过6个年头。6年来，科创板 快速成长，市场建设初具规模，市场功能稳步发挥。 为更好发挥科创板改革"试验田"作用，在18日举行的2025陆家嘴论坛开幕式上，证监会主席吴清预告， 将加力推出进一步深化改革的"1+6"政策措施，引发大众关注。 同日下午，证监会发布《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》)，在专家看来，这将有利于加快构建支持科技创新的资本市场生态。 图自证监会官网。 "1"即设置科创成长层 据中国证监会新闻发言人介绍，《科创板意见》是为主动适应境内外经济金融形势变化和科技型企业现 实需求，以在科创板设置专门层次为抓手，重启未盈利企业适用科创板第五套标准上市，推出的一揽子 更具包容性、适应性的制度改革。 设置科创成长层，重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前仍处于未盈利阶 段的科技型企业。 数据显示，科创板开板6年来，已有54家未盈利企业成功登陆科创板。2024年，这54家企业共实现营业 收入1744.79亿元，其中26家企业营业收入突破10亿元。 根据《科创 ...

要点 ○ 推出科创板进一步深化改革"1+6"政策措施 ○ 设置科创板科创成长层 ○ 试点引入资深专业机构投资者制度 ○ 面向优质科技企业试点IPO预先审阅机制 ○ 创业板正式启用第三套标准，支持优质未盈利创新企业上市 ○ 重启未盈利企业适用科创板第五套标准上市并扩大适用范围 吴清强调，证监会将以深化科创板、创业板改革为抓手，以发展多元股权融资为重点，着力打 造更具吸引力、竞争力的市场体系和产品服务矩阵，统筹推进投融资综合改革和投资者权益保 护，加快构建更有利于支持全面创新的资本市场生态。 更好发挥科创板改革试验田作用 推出进一步深化改革"1+6"政策措施 吴清表示，将更好发挥科创板改革"试验田"作用，加力推出进一步深化改革的"1+6"政策措 施。 其中，"1"即在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市，更 加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业。同时，在强化 信息披露和风险揭示、加强投资者适当性管理等方面做出专门安排。 ○ 大力发展科创债，加快推出科创债ETF ○ 积极推动社保基金、保险资金、产业资本参与私募股权投资 ○ 抓好"并购六条"和重大资产重组管 ...

Group 1 - The China Securities Regulatory Commission (CSRC) emphasized the importance of multi-tiered capital markets in promoting the integration of technological and industrial innovation, particularly through the Sci-Tech Innovation Board (STAR Market) [1] - The introduction of the "1+6" policy measures aims to enhance the STAR Market's role as a testing ground for reforms, including the establishment of a growth tier for innovative companies and the resumption of listing standards for unprofitable enterprises [1] - The Shanghai Stock Exchange highlighted that the new growth tier will help stabilize market expectations, provide a controlled environment for incremental reforms, and facilitate better risk management for investors in unprofitable tech firms [1] Group 2 - As of June 18, the Sci-Tech Innovation Index has reached 569 sample stocks, covering 97% of the market capitalization of the STAR Market, including over 200 stocks not previously included in the scale index [2] - The Huaxia Sci-Tech Innovation Index ETF and its linked funds are actively tracking the Sci-Tech Innovation Index, currently ranking among the top in terms of scale and trading volume, with the highest average daily trading volume in the past week [2]

在6月18日开幕的2025陆家嘴论坛上，中国证监会主席吴清宣布，更好发挥科创板改革"试验田"作用， 将加力推出进一步深化改革的"1+6"政策措施，同时，将在创业板正式启用第三套标准，支持优质未盈 利创新企业上市。多位机构人士和专家表示，此次证监会提出一系列举措，将加快构建更有利于支持全 面创新的资本市场生态，更好发挥多层次资本市场枢纽功能，有力促进"科技-资本-产业"良性循环。 ...

来源：金融界 天眼查App显示，近日，深圳市盛弘产业控股有限公司成立，法定代表人为陈立志，注册资本1000万人 民币，由深圳市诺德产业管理有限公司全资持股。 经营范围含新材料技术推广服务；新材料技术研发；以自有资金从事投资活动；国内贸易代理；金属制 品研发；金属制品销售；金属材料销售；金属矿石销售；有色金属合金销售；高性能有色金属及合金材 料销售；新型金属功能材料销售；专用化学产品销售（不含危险化学品）；化工产品销售（不含许可类 化工产品）；互联网销售（除销售需要许可的商品）；人工智能硬件销售；智能机器人销售；信息咨询 服务（不含许可类信息咨询服务）；信息技术咨询服务；食品进出口；国内货物运输代理；国内集装箱 货物运输代理；货物进出口；技术进出口；进出口代理；国际货物运输代理；航空国际货物运输代理； 海上国际货物运输代理；陆路国际货物运输代理。（除依法须经批准的项目外，凭营业执照依法自主开 展经营活动） 无 企业名称深圳市盛弘产业控股有限公司法定代表人陈立志注册资本1000万人民币国标行业金融业>资本 市场服务>其他资本市场服务地址深圳市福田区梅林街道梅亭社区广夏路1号创智云中心A栋1102-C企业 类型有限 ...

Group 1 - The core viewpoint emphasizes the importance of a financial service system that is more adaptable to technological innovation and industrial transformation, highlighting the significant role of capital markets in supporting both large tech giants and small innovative companies [1][3] - The China Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of its systems, with reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market as key strategies to create a more attractive and competitive market ecosystem [3][4] - The CSRC plans to implement a series of key measures to enhance capital market openness by optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [4] Group 2 - The CSRC will introduce a new "growth layer" on the Sci-Tech Innovation Board and restart the listing of unprofitable companies under the fifth set of standards, aiming to better serve high-quality tech firms with significant breakthroughs and strong commercial prospects [3] - Six innovative reform measures will be launched on the Sci-Tech Innovation Board, including the introduction of a professional institutional investor system and a pre-review mechanism for IPOs targeting quality tech companies [3] - The CSRC aims to facilitate smoother participation of global investors in China's capital market by enhancing the convenience of various foreign investment products, including the introduction of RMB foreign exchange futures [4]

科技创新是引领发展的第一动力。从历史视角来看，每一次工业革命都推动了生产力快速提升，同时也 重塑了全球创新版图和经济结构。金融作为实体经济的血脉，对科技创新的发展起到了至关重要的作 用。从实验室到市场，从初创到成长，金融始终作为科技创新背后的隐形推手贯穿于科技企业发展的全 过程。因此，厘清金融推动技术创新以及助力科技企业发展的理论逻辑，对于构建与科技创新相适配的 科技金融体制，完善投早、投小、投长期、投硬科技的支持政策，加快形成同新质生产力更相适应的生 产关系具有重要意义。 金融发展与工业革命 工业革命的爆发依赖于多种因素的共同作用，其中金融发展与创新起到了显著的作用。金融通过支持科 技创新，促进技术转化和应用，推动生产方式和经济形态变革与升级。 早期金融发展和机械化的崛起。18世纪60年代，第一次工业革命在英国率先爆发，这场革命通过机器替 代手工业，建立机械化生产模式，人类社会进入"机器时代"。在这个过程中，英国金融体系的逐步完善 为技术应用和工业化生产提供资本保障。 一是现代商业银行体系的建立。在工业革命之前，银行的业务主要集中在商贸活动和贵金属交易上，随 着工业化进程的推进，银行的业务逐渐扩展至工业投资 ...

证监会再推资本市场改革新政，多举措支持未盈利企业上市 设置科创成长层、试点IPO预先审阅机制、扩大第五套标准适用范围、在创业板正式启用第三套标准、 大力发展科创债等，资本市场迎来一揽子支持科技创新的举措。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，推动科技创新和产业创新融合发展，需要更 好发挥资本市场枢纽功能，证监会将聚焦提升制度的包容性和适应性，以深化科创板、创业板改革为抓 手，着力打造更具吸引力、竞争力的市场体系和产品服务矩阵。 吴清表示，新一轮科技革命和产业变革加速演进，对加快构建与之相适配的金融服务体系提出了新的更 高要求。目前还存在不少短板弱项，主要体现在"三个不完善"，一是适应创新规律的资本形成机制不完 善。二是满足科技企业全生命周期金融需求的产品服务体系不完善。三是对创新的激励约束机制不完 善。 同时，证监会也将在创业板正式启用第三套标准，支持优质未盈利创新企业上市。 强化股债联动、壮大耐心资本 推出科创板改革"1+6"政策措施 近年来，我国资本市场发生深刻结构性变化，有力促进了科技、资本、产业良性循环。同时，资本市场 在有力服务科技创新和产业转型升级过程中，也反过来促进了自身结 ...