支持优质未盈利企业上市，让投资者共享本土创新红利

Group 1 - The core viewpoint of the news is that the opening of the ChiNext board to high-quality unprofitable enterprises is a significant step towards building a more comprehensive institutional foundation for the national innovation-driven development strategy [1][4] - The China Securities Regulatory Commission (CSRC) announced reforms to deepen the Sci-Tech Innovation Board and ChiNext, introducing the "1+6" policy measures to accelerate the construction of a capital market ecosystem that supports comprehensive innovation [2][4] - The new listing standards recognize the separation of "value creation" and "value realization" in terms of timing, allowing unprofitable but promising companies to access capital markets while maintaining a certain level of entry barriers to avoid speculative bubbles [3][4] Group 2 - The traditional listing standards focused on profitability are deemed inadequate in the digital and knowledge economy era, where innovative companies often require significant upfront investment before achieving profitability [3][5] - The reform of the ChiNext board is seen as a response to the challenges faced by high-potential innovative companies, enabling them to secure funding during their critical growth phases [2][4] - The establishment of a complete capital chain covering the entire lifecycle of technology companies—from angel investment to public market financing—will foster the development of specialized "little giant" enterprises and unicorns, contributing to the creation of world-class innovation industry clusters [4][5] Group 3 - The reform reflects a shift in the financial system's focus from historical performance to future value creation capabilities, emphasizing professional judgment and risk diversification over collateral-based financing [5][6] - The public market's ability to distribute innovation risks among a broader investor base is more effective than relying solely on bank credit or a few institutional investors [5][6] - The ongoing transformation of the Chinese economy from scale and speed to quality and efficiency, and from factor input reliance to innovation-driven growth, is supported by these institutional innovations [6]