7月13日，《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》正式发布并施 行。科创板存量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。 本次改革未对个人投资者参与新注册科创成长层股票交易新增门槛，资金门槛和投资经验仍为具 备"50万元资产＋2年经验"，仅需额外签署《科创成长层风险揭示书》。 国泰海通证券表示，科创成长层交易权限开通，需要满足两个条件：①已开通科创板交易权限；② 签署《科创成长层风险揭示书》。 目前，科创板权限的开通条件如下：①申请权限开通前20个交易日证券账户及资金账户内的资产日 均不低于人民币50万元（不包括该投资者通过融资融券融入的资金和证券）；②近20个交易日内最少有 3天资产满足50万元及以上；③证券交易经验不低于24个月。 相较于投资科创板股票来说，通过ETF投资科创板，是普通投资者参与硬科技浪潮的高效工具。其 核心优势主要体现在以下几个方面： 门槛更低：科创板股票需50万资产+2年经验，ETF几百元即可买入，无资金和经验门槛，覆盖更多 投资者。 分散风险：科创板个股因技术、研发等因素波动大，ET通过一篮子股票组合，降低 ...

科创板100ETF跟踪的是科创100指数，单日涨跌幅可达20%。该指数由中证指数有限公司编制，从科创 板市场中选取市值规模较大、流动性较好的100只证券作为指数样本，以反映科创板中具有代表性上市 公司的整体表现。科创100指数的成分股覆盖信息技术、医药卫生等多个新兴行业，重点聚焦具有核心 技术创新能力的优质企业，充分体现了科创板服务国家创新驱动发展战略的定位。 没有股票账户的投资者可关注国泰上证科创板100ETF发起联接C（019867），国泰上证科创板100ETF 发起联接A（019866）。 申万宏源证券指出，科创板深化改革细则增强了资本市场对科技创新和新质生产力发展的制度包容性， 科创成长层的设置彰显支持科技创新的政策导向，未盈利企业上市通道开启，预期后续会有更多未盈利 科创企业申报IPO。截至7月14日，共13家未盈利企业正在排队IPO，科创板、创业板分别12家、1家， 其中3家科创板未盈利排队企业已过会并报送证监会注册。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考， ...

Group 1 - The core viewpoint of the article highlights the upward trend in the Shanghai and Shenzhen stock markets, particularly driven by the technology sector and communication stocks [1] - Galaxy Securities anticipates that the AI computing power industry chain will continue to recover in the second half of the year, presenting new investment opportunities [1] - Specific sub-sectors showing potential include operators, optical communication, satellite internet, and quantum technology [1] Group 2 - The dual innovation sector is expected to have high elasticity in a bull market scenario, with a price fluctuation limit of 20%, making it a leading indicator in A-share rebound trends [1] - Investors without stock accounts are advised to consider the Guotai CSI Science and Technology Innovation 100 ETF linked C (019867) and linked A (019866) [1]

科创板100ETF（588120）涨超1%，改革举措或增强板块包容性。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投指出，2025年陆家嘴论坛上，证监会提出在科创板设置科创成长层，并重启未盈利企业适 用第五套标准上市，同时推出6项改革措施，包括扩大第五套标准适用范围，支持人工智能、商业航 天、低空经济等更多前沿科技领域企业上市。科创成长层将重点服务技术有较大突破、商业前景广阔、 持续研发投入大的未盈利科技企业。此次改革后，人工智能、商业航天、低空经济等前沿技术领域的未 盈利企业将获得更多上市支持，有助于聚集更全面的前沿行业。此外，创业板也将启用第三套标准，支 持优质未盈利创新企业上市。 科创板100ETF（588120）跟踪的是科创100指数（000698），该指数由中证指数有限公司编制，从 科创板中选取市值大、流动性好的100只股票作为样本股。指数成分股 ...

Group 1 - The core viewpoint of the article highlights the upward movement of the Sci-Tech Innovation Board, with the Sci-Tech Innovation Board 100 ETF (588120) rising over 1.6%, emphasizing the importance of the N-shaped pricing rhythm in capturing opportunities within the technology industry [1] - The Shanghai Stock Exchange revised the listing rules for the Sci-Tech Innovation Board on April 29, optimizing corporate governance structures and enhancing investor protection mechanisms [1] - The Sci-Tech Innovation Board's 2024 annual performance briefing launched a "Hot Industry Week" on April 28, focusing on sectors such as artificial intelligence and low-altitude economy through collective roadshows [1] Group 2 - Guotai Junan Securities pointed out that the current core of technology investment lies in grasping the N-shaped pricing rhythm under the internal movement laws of the industry, indicating a low win-rate but high payout characteristic of tech investments [1] - The industry is entering a phase similar to the explosive growth of new energy vehicles in 2020, with an increase in domestic production rates driving market capitalization restructuring [1] - AI computing power is benefiting from the expansion of capital expenditures by major companies, with significant room for domestic substitution [1] Group 3 - The Sci-Tech Innovation Board 100 ETF (code: 588120) tracks the Sci-Tech 100 Index (code: 000698), which selects 100 stocks from the Sci-Tech Innovation Board that have large market capitalizations and good liquidity [2] - The Sci-Tech 100 Index covers high-tech industries such as information technology, healthcare, and new materials, reflecting the overall performance of innovative and high-growth companies in the Sci-Tech Innovation Board market [2] - Investors without stock accounts can consider the Guotai CSI Sci-Tech Innovation Board 100 ETF linked C (019867) and linked A (019866) [2]