科创板第五套标准重启：市场热情高涨，两天22家企业IPO获受理

Group 1 - The core viewpoint of the news is the reopening of the listing channels for unprofitable innovative companies in the A-share market through the introduction of the third listing standard for the ChiNext and the fifth listing standard for the Sci-Tech Innovation Board [1][2] - The policy adjustments have led to a significant increase in IPO acceptance, with 20 companies accepted in the first week following the announcement, and 50% of these from the Beijing Stock Exchange [3][4] - The new regulations include strategic emerging industries such as artificial intelligence and commercial aerospace, indicating a regulatory focus on nurturing hard technology sectors [3] Group 2 - A total of 54 unprofitable companies have received financing support from the Sci-Tech Innovation Board, with a cumulative financing scale exceeding 200 billion yuan, and these companies have shown a revenue growth rate of 24% [4] - The case of He Yuan Bio, which is set to undergo IPO review, exemplifies the challenges faced by innovative pharmaceutical companies, as it has incurred losses exceeding 480 million yuan over the past three years [5] - The investment landscape for unprofitable companies is characterized by high R&D costs, market risks, and valuation volatility, necessitating investors to possess specialized knowledge and risk tolerance [5][6]