LJZ(SH:600663) Zhong Guo Ji Jin Bao·2025-06-22 13:40Core Views - The 2025 Lujiazui Forum announced a series of financial policy measures aimed at enhancing the integration of technology, capital, and industry, with a focus on supporting innovative enterprises and improving the financing environment for hard technology companies [1][3][4]. Policy Innovations - The establishment of a "Science and Technology Innovation Growth Layer" on the Sci-Tech Innovation Board, which allows unprofitable companies to meet listing standards, is a significant innovation aimed at alleviating financing difficulties for cutting-edge technology firms [3][4]. - Long-term capital cultivation initiatives are designed to encourage participation from social security funds, insurance capital, and industrial capital in private equity investments, thereby improving the financing ecosystem for hard technology enterprises [4][6]. - Enhanced regulatory oversight of listed companies aims to improve the quality of listings and promote mergers and acquisitions, which is expected to boost investor confidence and resource allocation efficiency in the capital market [4][7]. Market Impact - The policies are anticipated to create structural opportunities in the stock and bond markets, particularly benefiting sectors such as technology, digital finance, and cross-border trade [9][17]. - The introduction of a pre-IPO review mechanism and differentiated information disclosure requirements for Sci-Tech Innovation Board companies is expected to enhance liquidity and attract more quality tech firms [8][9]. - The financial measures announced, including the establishment of a digital RMB international operation center, are likely to enhance the internationalization of the RMB and improve the competitiveness of China's financial markets [10][11]. Sectoral Opportunities - The policies are expected to favor sectors such as green finance, consumer finance, and cross-border trade, with specific emphasis on renewable energy and technology-driven industries [17][18]. - The relaxation of listing requirements for unprofitable hard technology companies is likely to lead to increased valuations in sectors like artificial intelligence and semiconductors [17][18]. - The collaboration between Shanghai and Hong Kong in digital and offshore finance is projected to enhance the global competitiveness of the financial centers and support the internationalization of the RMB [14][15].