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class="flex items-center gap-4 h-7 mb-2 @[500px]:mb-0"><span id="ffk9zkyj" class="text-black/40 text-[12px]">2026-05-27 18:43:00</span><div id="ffk9zkyj" class="flex text-black/40 text-[12px]">來源：<a target="_blank" class="text-[#36F]">證券時報網(wǎng)</a></div></div><div id="ffk9zkyj" class="flex items-center gap-3 h-7"><div id="ffk9zkyj" class="flex h-full gap-2 items-center"><span id="ffk9zkyj" class="text-xs text-black/40 leading-4">分享</span><div id="ffk9zkyj" class="flex items-center gap-3"><div id="ffk9zkyj" class="ThemeDescriptionTooltip_tooltipWrapper__Y_LlB"><button class="transition-opacity hover:opacity-80 bg-white outline-none"><img alt="wechat" loading="lazy" width="28" height="28" decoding="async" data-nimg="1" style="color:transparent" src="http://s.thsi.cn/cd/news-p-fe-app-news-flow-home/newsDetail/_next/static/media/wx1.52541d4c.svg"/></button></div><button class="transition-opacity hover:opacity-80 bg-white outline-none" data-state="closed" data-slot="tooltip-trigger"><img 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id="ffk9zkyj" class="text-xs font-medium leading-4 truncate text-[#25252580]">思特威-W</span><span id="ffk9zkyj" class="text-xs font-medium leading-4 flex items-center justify-center min-w-[42px]" style="color:#999999">--</span></div><div id="ffk9zkyj" class="max-w-[140px] h-6 flex whitespace-nowrap items-center gap-2 px-2 py-1 bg-[#2525250A] rounded-[2px] cursor-pointer hover:bg-[#25252514] transition-colors"><span id="ffk9zkyj" class="text-xs font-medium leading-4 truncate text-[#25252580]">松發(fā)股份</span><span id="ffk9zkyj" class="text-xs font-medium leading-4 flex items-center justify-center min-w-[42px]" style="color:#999999">--</span></div><div id="ffk9zkyj" class="max-w-[140px] h-6 flex whitespace-nowrap items-center gap-2 px-2 py-1 bg-[#2525250A] rounded-[2px] cursor-pointer hover:bg-[#25252514] transition-colors"><span id="ffk9zkyj" class="text-xs font-medium leading-4 truncate text-[#25252580]">周期</span><span id="ffk9zkyj" class="text-xs font-medium leading-4 flex items-center justify-center min-w-[42px]" style="color:#999999">--</span></div><div id="ffk9zkyj" class="max-w-[140px] h-6 flex whitespace-nowrap items-center gap-2 px-2 py-1 bg-[#2525250A] rounded-[2px] cursor-pointer hover:bg-[#25252514] transition-colors"><span id="ffk9zkyj" class="text-xs font-medium leading-4 truncate text-[#25252580]">信維通信</span><span id="ffk9zkyj" class="text-xs font-medium leading-4 flex items-center justify-center min-w-[42px]" style="color:#999999">--</span></div><div id="ffk9zkyj" class="max-w-[140px] h-6 flex whitespace-nowrap items-center gap-2 px-2 py-1 bg-[#2525250A] rounded-[2px] cursor-pointer hover:bg-[#25252514] transition-colors"><span id="ffk9zkyj" class="text-xs font-medium leading-4 truncate text-[#25252580]">中微公司</span><span id="ffk9zkyj" class="text-xs font-medium leading-4 flex items-center justify-center min-w-[42px]" style="color:#999999">--</span></div><div id="ffk9zkyj" class="max-w-[140px] h-6 flex whitespace-nowrap items-center gap-2 px-2 py-1 bg-[#2525250A] rounded-[2px] cursor-pointer hover:bg-[#25252514] transition-colors"><span id="ffk9zkyj" class="text-xs font-medium leading-4 truncate text-[#25252580]">創(chuàng)世紀</span><span id="ffk9zkyj" class="text-xs font-medium leading-4 flex items-center justify-center min-w-[42px]" style="color:#999999">--</span></div><a class="h-6 flex whitespace-nowrap items-center px-2 py-1 bg-[#2525250A] rounded-[2px] text-xs font-medium leading-4 text-[#25252580] cursor-pointer hover:bg-[#25252514] transition-colors" target="_blank" rel="noopener noreferrer">查看股票機會，下載客戶端</a></div></div></div><div id="ffk9zkyj" class="h-full text-[15px] leading-[34px]"><div id="ffk9zkyj" class="news-content article-content" id="" style="position:relative"><div id="ffk9zkyj" class="news-content-parsed"><p>硬科技企業(yè)再融資正走向“快車道”。</p><p>農(nóng)歷新年后，滬深北交易所同步推出優(yōu)化再融資一攬子措施。短短一個季度，制度紅利便已落地為可量化的速度——科創(chuàng)板公司<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">思特威（688213）</a></span>從受理到提交注冊僅用15個工作日。</p><p>業(yè)內(nèi)人士認為，監(jiān)管審核理念的深層變革，既是監(jiān)管服務(wù)新質(zhì)生產(chǎn)力的精準落子，也是券商投行在“科技金融”賽道上的一次集體趕考。頭部機構(gòu)憑借產(chǎn)業(yè)理解與快速響應(yīng)能力，正拉開新一輪格局分化的序幕。</p><h2><strong>審核周期從“年月”到“工作日”</strong></h2><p>5月19日，<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">思特威（688213）</a></span>32億元再融資項目提交注冊，從4月24日受理到報會僅用25天、15個工作日，成為上交所優(yōu)化再融資措施后的首單落地項目。同一周，<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">信維通信（300136）</a></span>60億元再融資21個工作日過會，<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">松發(fā)股份（603268）</a></span>70億元項目用時40個工作日。而在再融資簡易程序通道，<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">中微公司（688012）</a></span>配套融資從受理到審核通過僅間隔2個工作日，刷新了科創(chuàng)板并購重組審核速度。</p><p>這些案例并非孤例。券商中國記者根據(jù)數(shù)據(jù)不完全統(tǒng)計，5月以來已有5家上市公司再融資獲得交易所審核通過。</p><p>值得注意的是，提速并非“普降甘霖”——數(shù)據(jù)顯示，不少2025年受理的項目（如<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">創(chuàng)世紀（300083）</a></span>193個工作日、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">立新能源（001258）</a></span>186個工作日）依然經(jīng)歷了漫長的等待，還有多家2025年受理的項目至今未獲推進。審核<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">周期（883436）</a></span>的分化，清晰地劃出了一條分界線：監(jiān)管資源正在向“優(yōu)質(zhì)科技創(chuàng)新企業(yè)”集中傾斜。</p><p>2026年2月9日，上交所推出優(yōu)化再融資一攬子措施，其中特別強調(diào)“進一步支持優(yōu)質(zhì)上市公司創(chuàng)新發(fā)展、更好適應(yīng)科技創(chuàng)新企業(yè)再融資需求、提升再融資靈活性、便利度”等審核要求。</p><p>隨后深交所將“輕資產(chǎn)、高研發(fā)投入”認定標準從創(chuàng)業(yè)板拓展至主板，允許突破30%的補流比例限制用于研發(fā)投入。<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">江波龍（301308）</a></span>37億元再融資項目正是這一新政的首單落地——其非資本性支出占比達60.83%，近三年累計研發(fā)投入25.52億元，而資本性支出形成的實物資產(chǎn)僅占12.82%。這種“輕資產(chǎn)、高研發(fā)投入”的結(jié)構(gòu)，恰是監(jiān)管層眼中值得給予“加速度”的典型畫像，審核提速的核心邏輯在于“扶優(yōu)扶科”。</p><p><span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">中信建投（601066）</a></span>人士認為，<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">江波龍（301308）</a></span>本次融資系深交所適用“輕資產(chǎn)、高研發(fā)投入”政策的再融資項目，是深交所落實好優(yōu)化再融資一攬子措施和創(chuàng)業(yè)板改革各項政策的典型案例，也是券商服務(wù)中國存儲產(chǎn)業(yè)健康、高質(zhì)量發(fā)展的又一代表性案例。</p><h2><strong>再融資生態(tài)分化：快車道VS排隊候場</strong></h2><p>值得一提的是，在科創(chuàng)企業(yè)再融資走向“快車道”之下，還有大批傳統(tǒng)的融資項目仍在排隊候場，再融資生態(tài)分化明顯。</p><p><span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">思特威（688213）</a></span>再融資15個工作日通關(guān)固然亮眼，但上述表格中另一組數(shù)據(jù)同樣值得關(guān)注：<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">皖維高新（600063）</a></span>、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">新瀚新材（301076）</a></span>、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">英可瑞（300713）</a></span>、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">精智達（688627）</a></span>等多家公司同樣于2026年4月獲得受理，至今仍未披露上會公告。而更早于2025年受理的<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">福賽科技（301529）</a></span>、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">博匯股份（300839）</a></span>、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">望變電氣（603191）</a></span>等，至今仍在審核流程中徘徊。</p><p>業(yè)內(nèi)人士認為，這種“冰火兩重天”的局面，折射出再融資審核的深層變化：行政性的“排隊時間”正在被市場化的“質(zhì)量篩選”取代。審核效率的提升，并不意味著審核標準的放松——恰恰相反，監(jiān)管問詢函的關(guān)注點更加聚焦：募投項目的必要性、效益測算的謹慎性、融資規(guī)模的合理性，成為交易所反復(fù)追問的核心。<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">思特威（688213）</a></span>在問詢回復(fù)中用了大量篇幅論證研發(fā)投入與產(chǎn)能消化的匹配關(guān)系，<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">江波龍（301308）</a></span>則詳細拆解了自研主控芯片與國產(chǎn)存儲晶圓出海的戰(zhàn)略邏輯。</p><p>更深層次的變化在于，監(jiān)管正在用“分類審核”替代“一刀切”。對于符合國家戰(zhàn)略、具備核心技術(shù)、財務(wù)表現(xiàn)優(yōu)異的科創(chuàng)企業(yè)，開放“綠色通道”；而對于募投方向不明、研發(fā)投入薄弱、業(yè)績波動較大的項目，即便受理時間更早，也難獲快速放行。這種差異化的資源配置，屬于資本市場服務(wù)新質(zhì)生產(chǎn)力的一次精準校準。</p><p>有券商業(yè)內(nèi)人士分析，過去再融資審核像是一條單車道，大家按順序排隊；現(xiàn)在變成了多車道，優(yōu)質(zhì)科創(chuàng)企業(yè)有了快車道，但這并不意味著其他車道被堵死，而是監(jiān)管意圖更加清晰——讓有限的審核資源流向最能產(chǎn)生創(chuàng)新效益的地方。</p><h2><strong>券商格局洗牌：頭部機構(gòu)領(lǐng)跑，投行專業(yè)能力成關(guān)鍵</strong></h2><p>再融資審核提速的另一面，是券商投行在“科技金融”賽道上的貼身肉搏。</p><p>從表格中主承銷商的分布來看，<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">中信建投（601066）</a></span>、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">中信證券（HK6030）</a></span>、華泰聯(lián)合、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">國泰海通（HK2611）</a></span>、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">中金公司（HK3908）</a></span>等頭部機構(gòu)占據(jù)了絕對主導(dǎo)地位。<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">思特威（688213）</a></span>、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">江波龍（301308）</a></span>兩個標志性項目的保薦人均為<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">中信建投（601066）</a></span>，其2025年已完成再融資項目21家、主承銷金額超721億元，分列行業(yè)第3、第5位。<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">中微公司（688012）</a></span>2個工作日過審的簡易重組項目則由<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">中信證券（HK6030）</a></span>保薦。</p><p>這種格局并非偶然。科創(chuàng)企業(yè)再融資對投行的要求，已從傳統(tǒng)的“材料制作+通道申報”升級為“產(chǎn)業(yè)理解+政策研判+快速響應(yīng)”的綜合能力。</p><p>據(jù)<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">中信建投（601066）</a></span>人士介紹，以<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">思特威（688213）</a></span>為例，其作為IPO保薦機構(gòu)，在持續(xù)督導(dǎo)期間持續(xù)跟蹤公司發(fā)展，政策落地后迅速與<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">思特威（688213）</a></span>溝通再融資方案并進場工作。這種“貼身服務(wù)”的背后，是對<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">半導(dǎo)體（881121）</a></span>行業(yè)景氣<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">周期（883436）</a></span>、技術(shù)迭代路徑的深刻理解與跟蹤，加上扎實的盡調(diào)工作，獲得客戶認可和交易所支持。</p><p>在表格中，中小券商也偶有亮相——甬興證券、世紀證券、<span><a rel="noopener noreferrer" target="_blank" class="link-wrapper link-blue " style="word-break:break-all;cursor:pointer;color:#36F">國聯(lián)民生（HK1456）</a></span>等出現(xiàn)在部分項目的承銷商名單中，但多集中在規(guī)模較小或補充流動性的項目上。頭部機構(gòu)在復(fù)雜科創(chuàng)項目上的資源整合能力和經(jīng)驗壁壘，正在拉大行業(yè)的分化。</p><p>券商業(yè)內(nèi)人士認為，在監(jiān)管層以制度創(chuàng)新鋪就“快車道”，旨在更好支持科技創(chuàng)新，進一步鼓勵企業(yè)加大研發(fā)投入，提高募集資金使用效率，促進科技型上市公司做優(yōu)做強，服務(wù)新質(zhì)生產(chǎn)力發(fā)展。而券商作為連接資本與創(chuàng)新的關(guān)鍵中介，繼續(xù)加大力度服務(wù)好科創(chuàng)企業(yè)做大做強，亦是深刻踐行中央決策部署、扎實寫好“科技金融”大文章的要求。</p></div></div></div><span id="ffk9zkyj" class="text-xs text-black/84 leading-[18px]">免責聲明：<span id="ffk9zkyj" class="text-black/40">風(fēng)險提示：本文內(nèi)容僅供參考，不代表同花順觀點。同花順各類信息服務(wù)基于人工智能算法，如有出入請以證監(jiān)會指定上市公司信息披露平臺為準。如有投資者據(jù)此操作，風(fēng)險自擔，同花順對此不承擔任何責任。</span></span></div></div><div id="ffk9zkyj" class="h-[1px] bg-black/8"></div><div id="ffk9zkyj" class="relative rounded-[6px] overflow-hidden w-full h-[100px] hidden" aria-hidden="true"><div style="height:100%;width:100%"><div>加載中...</div></div></div><div id="ffk9zkyj" class="flex 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href=\"#*f:688012:sc*#\"\u003e中微公司\u003c/a\u003e配套融資從受理到審核通過僅間隔2個工作日，刷新了科創(chuàng)板并購重組審核速度。\u003c/p\u003e\u003cp\u003e這些案例并非孤例。券商中國記者根據(jù)數(shù)據(jù)不完全統(tǒng)計，5月以來已有5家上市公司再融資獲得交易所審核通過。\u003c/p\u003e\u003cp\u003e值得注意的是，提速并非“普降甘霖”——數(shù)據(jù)顯示，不少2025年受理的項目（如\u003ca data-code=\"300083\" data-position=\"stock.12\" data-marketid=\"33\" data-type=\"stock\" href=\"#*f:300083:sc*#\"\u003e創(chuàng)世紀\u003c/a\u003e193個工作日、\u003ca data-code=\"001258\" data-position=\"stock.14\" data-marketid=\"33\" data-type=\"stock\" href=\"#*f:001258:sc*#\"\u003e立新能源\u003c/a\u003e186個工作日）依然經(jīng)歷了漫長的等待，還有多家2025年受理的項目至今未獲推進。審核\u003ca data-code=\"883436\" data-position=\"stock.6\" data-marketid=\"48\" data-type=\"stock\" href=\"#*f:883436:sc*#\"\u003e周期\u003c/a\u003e的分化，清晰地劃出了一條分界線：監(jiān)管資源正在向“優(yōu)質(zhì)科技創(chuàng)新企業(yè)”集中傾斜。\u003c/p\u003e\u003cp\u003e2026年2月9日，上交所推出優(yōu)化再融資一攬子措施，其中特別強調(diào)“進一步支持優(yōu)質(zhì)上市公司創(chuàng)新發(fā)展、更好適應(yīng)科技創(chuàng)新企業(yè)再融資需求、提升再融資靈活性、便利度”等審核要求。\u003c/p\u003e\u003cp\u003e隨后深交所將“輕資產(chǎn)、高研發(fā)投入”認定標準從創(chuàng)業(yè)板拓展至主板，允許突破30%的補流比例限制用于研發(fā)投入。\u003ca data-code=\"301308\" data-position=\"stock.16\" data-marketid=\"33\" data-type=\"stock\" href=\"#*f:301308:sc*#\"\u003e江波龍\u003c/a\u003e37億元再融資項目正是這一新政的首單落地——其非資本性支出占比達60.83%，近三年累計研發(fā)投入25.52億元，而資本性支出形成的實物資產(chǎn)僅占12.82%。這種“輕資產(chǎn)、高研發(fā)投入”的結(jié)構(gòu)，恰是監(jiān)管層眼中值得給予“加速度”的典型畫像，審核提速的核心邏輯在于“扶優(yōu)扶科”。\u003c/p\u003e\u003cp\u003e\u003ca data-code=\"601066\" data-position=\"stock.18\" data-marketid=\"17\" data-type=\"stock\" href=\"#*f:601066:sc*#\"\u003e中信建投\u003c/a\u003e人士認為，\u003ca data-code=\"301308\" data-position=\"stock.16\" data-marketid=\"33\" data-type=\"stock\" 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href=\"#*f:300713:sc*#\"\u003e英可瑞\u003c/a\u003e、\u003ca data-code=\"688627\" data-position=\"stock.24\" data-marketid=\"17\" data-type=\"stock\" href=\"#*f:688627:sc*#\"\u003e精智達\u003c/a\u003e等多家公司同樣于2026年4月獲得受理，至今仍未披露上會公告。而更早于2025年受理的\u003ca data-code=\"301529\" data-position=\"stock.30\" data-marketid=\"33\" data-type=\"stock\" href=\"#*f:301529:sc*#\"\u003e福賽科技\u003c/a\u003e、\u003ca data-code=\"300839\" data-position=\"stock.26\" data-marketid=\"33\" data-type=\"stock\" href=\"#*f:300839:sc*#\"\u003e博匯股份\u003c/a\u003e、\u003ca data-code=\"603191\" data-position=\"stock.32\" data-marketid=\"17\" data-type=\"stock\" href=\"#*f:603191:sc*#\"\u003e望變電氣\u003c/a\u003e等，至今仍在審核流程中徘徊。\u003c/p\u003e\u003cp\u003e業(yè)內(nèi)人士認為，這種“冰火兩重天”的局面，折射出再融資審核的深層變化：行政性的“排隊時間”正在被市場化的“質(zhì)量篩選”取代。審核效率的提升，并不意味著審核標準的放松——恰恰相反，監(jiān)管問詢函的關(guān)注點更加聚焦：募投項目的必要性、效益測算的謹慎性、融資規(guī)模的合理性，成為交易所反復(fù)追問的核心。\u003ca data-code=\"688213\" data-position=\"stock.2\" data-marketid=\"17\" data-type=\"stock\" href=\"#*f:688213:sc*#\"\u003e思特威\u003c/a\u003e在問詢回復(fù)中用了大量篇幅論證研發(fā)投入與產(chǎn)能消化的匹配關(guān)系，\u003ca data-code=\"301308\" data-position=\"stock.16\" data-marketid=\"33\" data-type=\"stock\" href=\"#*f:301308:sc*#\"\u003e江波龍\u003c/a\u003e則詳細拆解了自研主控芯片與國產(chǎn)存儲晶圓出海的戰(zhàn)略邏輯。\u003c/p\u003e\u003cp\u003e更深層次的變化在于，監(jiān)管正在用“分類審核”替代“一刀切”。對于符合國家戰(zhàn)略、具備核心技術(shù)、財務(wù)表現(xiàn)優(yōu)異的科創(chuàng)企業(yè)，開放“綠色通道”；而對于募投方向不明、研發(fā)投入薄弱、業(yè)績波動較大的項目，即便受理時間更早，也難獲快速放行。這種差異化的資源配置，屬于資本市場服務(wù)新質(zhì)生產(chǎn)力的一次精準校準。\u003c/p\u003e\u003cp\u003e有券商業(yè)內(nèi)人士分析，過去再融資審核像是一條單車道，大家按順序排隊；現(xiàn)在變成了多車道，優(yōu)質(zhì)科創(chuàng)企業(yè)有了快車道，但這并不意味著其他車道被堵死，而是監(jiān)管意圖更加清晰——讓有限的審核資源流向最能產(chǎn)生創(chuàng)新效益的地方。\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e券商格局洗牌：頭部機構(gòu)領(lǐng)跑，投行專業(yè)能力成關(guān)鍵\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e再融資審核提速的另一面，是券商投行在“科技金融”賽道上的貼身肉搏。\u003c/p\u003e\u003cp\u003e從表格中主承銷商的分布來看，\u003ca data-code=\"601066\" data-position=\"stock.18\" data-marketid=\"17\" data-type=\"stock\" href=\"#*f:601066:sc*#\"\u003e中信建投\u003c/a\u003e、\u003ca data-code=\"HK6030\" data-position=\"stock.34\" data-marketid=\"177\" data-type=\"stock\" href=\"#*f:HK6030:sc*#\"\u003e中信證券\u003c/a\u003e、華泰聯(lián)合、\u003ca data-code=\"HK2611\" data-position=\"stock.38\" data-marketid=\"177\" data-type=\"stock\" href=\"#*f:HK2611:sc*#\"\u003e國泰海通\u003c/a\u003e、\u003ca data-code=\"HK3908\" data-position=\"stock.36\" data-marketid=\"177\" data-type=\"stock\" href=\"#*f:HK3908:sc*#\"\u003e中金公司\u003c/a\u003e等頭部機構(gòu)占據(jù)了絕對主導(dǎo)地位。\u003ca data-code=\"688213\" data-position=\"stock.2\" data-marketid=\"17\" data-type=\"stock\" href=\"#*f:688213:sc*#\"\u003e思特威\u003c/a\u003e、\u003ca data-code=\"301308\" data-position=\"stock.16\" data-marketid=\"33\" data-type=\"stock\" href=\"#*f:301308:sc*#\"\u003e江波龍\u003c/a\u003e兩個標志性項目的保薦人均為\u003ca data-code=\"601066\" data-position=\"stock.18\" data-marketid=\"17\" data-type=\"stock\" 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