科创板深化改革稳步落地。7月13日，上海证券交易所发布施行《上海证券交易所科创板上市公司自律 监管指引第5号——科创成长层》等5项配套业务规则。 其中，《科创成长层指引》将规范科创板科创成长层上市公司日常监管。当日，上交所方面在答记者问 时表示，这次改革没有针对未盈利企业纳入科创成长层设置额外的上市门槛，存量32家未盈利企业将自 指引发布实施之日起进入科创成长层，新注册的未盈利企业将自上市之日起进入。 设立科创板并试点注册制六年来，改革效应不断放大。特别是"科创板八条"发布实施一年来，科创板改 革"再出发"，服务科技创新和新质生产力发展的能力持续增强。今年6月18日，中国证监会发布《科创 板意见》，进一步发挥科创板"试验田"作用，设置科创成长层，在促进投融资平衡的基础上更好发挥支 持科技创新功能作用。 《科创成长层指引》细化落实《科创板意见》要求，明确科创成长层的具体定位、纳入调出条件、信息 披露要求等。指引共12条，主要包括5方面内容。 明确定位 精准支持 明确科创成长层定位。根据指引，科创成长层精准支持技术实现较大突破、商业前景广阔、持续研发投 入大、上市时处于未盈利阶段的科技型企业。 规定范围：存量+增 ...

上交所发布通知称， 为了落实《中国证监会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》），规范科创板科创成长层上市公司日常监管，保护投资者合法权益， 更好服务科技创新和新质生产力发展，上海证券交易所（以下简称本所）起草了《上海证券交易所科创 板上市公司自律监管指引第5号——科创成长层》（以下简称《科创成长层指引》），现将有关情况说 明如下。 一、起草背景 设立科创板并试点注册制六年来，在中国证监会的领导下，本所坚守科创板板块定位，深化各项制度机 制创新，改革效应不断放大。特别是，"科创板八条"发布实施一年来，科创板改革"再出发"，服务科技 创新和新质生产力发展的能力持续增强。2025年6月18日，中国证监会发布《科创板意见》，进一步 发挥科创板"试验田"作用，设置科创成长层，在促进投融资平衡的基础上更好发挥支持科技创新功能作 用。《科创成长层指引》细化落实《科创板意见》要求，明确科创成长层的具体定位、纳入调出条件、 信息披露要求等。 二、主要内容 《科创成长层指引》共12条，主要包括5方面内容，具体如下： 一是明确科创成长层定位，科创成长层精准支持技术实现较大突破、商业前景 ...

其中提出，加强投资者适当性管理。本次改革没有对个人投资者参与科创成长层股票交易新增 投资交易门槛， 仍为具备"50万元资产＋2年经验"的资金门槛和投资经验即可。 上交所正式发布《科创板上市公司自律监管指引第5号——科创成长层》等配套业务规则。 另外，按照《科创板意见》要求， 投资者投资科创成长层新注册的未盈利科技型企业之前需 要签署专门风险揭示书。 ...

Group 1 - A-shares have broken through the 3500-point mark, a level not seen since January 24, 2022, indicating a potential bull market phase [1][2] - Historically, A-shares have only broken through 3500 points from the bottom four times, with the previous three occurrences being in bull markets [1] - The real estate sector is showing signs of recovery, driven by rumors of solutions to real estate issues, which may support market sentiment [1][2] Group 2 - Supply-side reforms are crucial in addressing internal competition, which will impact domestic demand and technological innovation [1] - The technology sector is experiencing positive changes, with companies like Zhiyuan Robotics planning a reverse merger and Changxin Storage starting its listing guidance, potentially boosting the industry chain and market risk appetite [1] - Recent news includes a 2% increase in pension for retirees and several companies releasing impressive earnings forecasts, indicating positive economic signals [1]

13只科创板股大宗交易平台今日发生交易，合计成交2.56亿元。 证券时报·数据宝统计显示，7月11日共有13只科创板股发生大宗交易，合计成交26笔，累计成交量 1393.65万股，成交额合计2.56亿元。 统计显示，成交金额最多的是威腾电气，今日大宗交易成交量为233.52万股，成交金额6351.84万元；其 次是汇成股份、昀冢科技，今日大宗交易金额分别为5727.15万元、2382.63万元。 折溢价情况来看，今日出现大宗交易的科创板股中，大宗交易成交价格相对收盘价折价率居前的有威迈 斯、达梦数据、复洁环保等，折价率分别为25.02%、21.16%、19.12%。溢价率居前的有汇成股份，溢 价率为0.93%。 股价表现方面，今日科创50指数上涨1.48%，科创板股中，今日上涨的有402只，占68.25%，今日发生 大宗交易的科创板股平均上涨3.58%，其中，涨幅居前的为益方生物、奥浦迈、威迈斯等，涨幅分别为 18.04%、13.45%、6.71%，跌幅居前的有昀冢科技、汇成股份、海目星等，分别下跌1.89%、0.92%、 0.16%。 资金流向方面，今日发生大宗交易的科创板股中，有6股获主力资金净流入，净流 ...

Key Insights - The report indicates that the A-share market is expected to experience a seasonal rebound in July, driven by policy and performance factors, with a stable upward trend anticipated [3][2][1] - The focus for July is on three main lines: consumption, technology, and dividends, with growth sectors like technology expected to have good development prospects and investment opportunities [3][2][1] - The construction industry is seeing a recovery in activity, with a business activity index of 52.8% in June, indicating expansion, while fixed asset investment growth is slowing [5][6] - Infrastructure investment remains high, with broad infrastructure investment growth at 10.44% year-on-year for the first five months of the year, although narrow infrastructure investment growth is at 5.6% [6][9] - The real estate sector is under pressure, with a 10.7% year-on-year decline in development investment for the first five months, but policy measures are expected to improve market confidence [7][9] - The floating rate bond market is developing, with a current market size of approximately 495.9 billion yuan, accounting for about 0.3% of the total bond market [13][12] - The banking sector is benefiting from a supportive monetary policy environment, with expectations of continued easing and structural policy tools to support key areas like technology and consumption [20][21][23]

中国经济网北京7月2日讯（记者 韩艺嘉 华青剑）2025年前6月，上交所、深交所及北交所共计新增51家 上市企业，合计募集资金373.00亿元。其中科创板有7家企业上市，合计募资56.19亿元。 数据来源：同花顺iFinD | 代码 | 名称 | 上市日期 | 实际募资 | 承销保荐 费用(万 | 首发主承销商 | 企业适用 | | --- | --- | --- | --- | --- | --- | --- | | | | | （亿元） | 元) | | 上市标准 | | 688775.SH | 影石 | 2025/6/11 | 19.3807 | 15,834.75 | 中信证券股份有限公司，高盛（中国）证券 | 标准1 | | | 创新 | | | | 有限责任公司，中国国际金融股份有限公司 | | | 688755.SH | 汉邦 | 2025/5/16 | 5.0094 | 3,728.91 | 中信证券股份有限公司 | 标准1 | | | 科技 | | | | | | | 688757.SH | 胜科 | 2025/3/25 | 3.6621 | 4,394.48 | 华泰联合证券有限责任公司 ...

图看懂《上海证券交易所 科创板上市公司自律监管指引第5号 科创成长层(征求意见稿)》 科创成长层是科创板的组成部分,发行上市等基础 制度保持不变,存量未盈利企业摘"U"条件保持不 变。投资者投资科创板成长层的资金门槛保持不变,投 资新注册的科创成长层企业需要签署专项风险揭示书, 但投资存量未盈利企业则不受影响。 主要制度安排 ● 纳入餐件 Part 1 1 新注册的上市时未盈利的科创板 公司,自上市之日起纳入科创成长层。 6 存量的上市后尚未首次实现盈利 的科创板公司,自指引发布实施之日起 纳入科创成长层。 调 H 条件 科创成长晨建立了层次调整机制,并实行"新 老划断"安排。 为落实《中国证监会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》,更大力度支持科技企业 高水平发展,6月18日起,上海证券交易所就配套规则向 市场公开征求意见。为帮助广大投资者更好地理解相关规 则的制定情况,我们将推出系列图文对规则进行介绍。本 期,我们为大家划重点的规则是《上海证券交易所科创板 上市公司自律监管指引第5号 -- 科创成长层(征求意见 稿】》,欢迎阅读并提出您的宝贵意见! C 上海 登 系 交 易 所 | 上 ...

Group 1: Market Performance - A-shares experienced a significant rebound on June 25, with the Shanghai Composite Index reaching a new high for the year, and the ChiNext Index rising over 3% [1][3] - The total market capitalization of A-shares reached 99.93 trillion yuan, marking a historical peak [1] - Over 3,900 stocks in the A-share market rose, with a trading volume of 1.64 trillion yuan on the same day [1][3] Group 2: Institutional Research and Preferences - In June, 836 listed companies received institutional research, with nearly 70% of these companies showing positive returns [2] - The electronics sector was the most favored by institutions, with 94 companies receiving research, particularly in PCB, AI applications, and semiconductor chips [2] - The pharmaceutical and biotech sectors also attracted significant institutional interest, especially in the CXO (contract research organization) segment [2] Group 3: Foreign Investment Sentiment - Global market risk appetite has improved, leading to a surge in Chinese assets, with foreign institutions expressing optimism about the Chinese stock market [3] - Key factors for this optimism include resilient macroeconomic conditions, improving corporate profits, and supportive incremental policies [3] - As of June 25, 21 companies had provided earnings forecasts for the first half of 2025, with 15 expecting positive net profit growth [3] Group 4: Cross-Border Business Development - Domestic securities firms are establishing cross-border business collaboration platforms and forming specialized teams for Hong Kong stock market expansion [4] - The Hong Kong Stock Exchange has introduced measures to facilitate A-share companies listing in Hong Kong, leading to a quicker review process [4] Group 5: Virtual Asset Trading - Guotai Junan International received approval to upgrade its trading license to include virtual asset trading, resulting in a significant stock price increase [5] - The approval has led to a surge in the Hong Kong Chinese brokerage index, with other firms also actively applying for similar licenses [5] Group 6: Short Drama Industry Growth - The short drama industry has seen explosive growth, with the interactive game index for short dramas rising 5.72% this year, outperforming the broader market [8] - Several listed companies in this sector have experienced stock price increases exceeding 40% [8] - Major internet companies are intensifying competition in the short drama space, with notable initiatives from Tencent, Xiaohongshu, and Bilibili [8]

分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 权益市场回顾： 中东地缘政治局势恶化影响风险偏好，上周（2025年6月16日至2025年6月20日）市场窄幅震 荡整理后调整回落，成交量萎缩至万亿附近。板块上银行指数一路走高，多只银行股创历史新高，概念题材上 稳定币、油气方向表现突出，超跌的AI、机器人板块略有反弹，前期领涨的创新药和新消费板块调整幅度较 大。短期市场箱体震荡格局逻辑未发生本质变化，主线短暂熄火后，市场或将呈现行业板块快速轮动的震荡格 局。 权益市场观察： 银行和微盘走势分化；AH股溢价率与美元同步回升；政策纠偏下白酒情绪回暖。 公募基金市场动态： 科创板ETF将被纳入基金投顾配置范围。 主动权益基金指数表现跟踪 主动股基优选指数：上周收跌1.63%，成立以来累计录得12.23%的超额收益。 价值股基优选指数：上周收跌1.28%，成立以来累计录得-4.94%的超额收益。 均衡股基优选指数：上周收跌1.73%，成立以来累计录得4.09%的超额收益。 成长股基优选指数：上周收跌2.47%，成立以来累计录得14.33%的超额收益。 ...