LJZ(SH:600663) Mei Ri Jing Ji Xin Wen·2025-06-18 09:20Core Viewpoint - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing announced significant reforms at the 2025 Lujiazui Forum, focusing on enhancing capital market functions and promoting the integration of technological and industrial innovation [1][3]. Group 1: Capital Market Reforms - The CSRC will restart the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board (STAR Market) and officially implement the third standard on the ChiNext board to support high-quality unprofitable innovative enterprises [1][5]. - The fifth listing standard emphasizes that companies do not need to meet revenue or net profit requirements but must have approved core products and significant market potential [2][4]. - As of now, 20 companies have successfully listed on the STAR Market under the fifth standard, raising a total of 42.871 billion yuan, with these companies achieving a combined revenue of 14.338 billion yuan in 2024, reflecting a year-on-year growth of 44.45% [2]. Group 2: Policy Measures - The "1+6" policy measures include establishing a Sci-Tech Growth Layer on the STAR Market and expanding the fifth standard's applicability to more sectors, including artificial intelligence and commercial aerospace [4]. - Six specific reform measures will be introduced, such as trialing a pre-IPO review mechanism for quality tech companies and enhancing the refinancing system for STAR Market companies [4]. Group 3: Market Reactions and Future Outlook - Following Wu Qing's speech, the STAR Market saw a notable increase, with the Sci-Tech 50 Index rising by 0.53% on June 18 [6]. - According to China International Capital Corporation (CICC), there are still opportunities for capital allocation and valuation improvement in the sci-tech sector, with the potential for overseas capital to return to China's stock market [7]. - CICC highlighted that the current valuations of sci-tech companies remain attractive, with the forward P/E ratios for the ChiNext Index and Sci-Tech 50 Index at 21.6x and 50.7x, respectively [7].