【深度】禾元生物上会，科创投资“起跑”

Group 1 - The core viewpoint of the articles is that recent reforms by the China Securities Regulatory Commission (CSRC) are revitalizing the capital market, particularly for hard technology and unprofitable companies, by reintroducing listing standards that enhance inclusivity and adaptability [2][4][5] - The CSRC announced the reactivation of the fifth set of standards for the Sci-Tech Innovation Board (STAR Market) and the introduction of a third set of financial standards for the ChiNext board, aimed at supporting high-quality unprofitable tech companies to go public [2][3] - Market participants express renewed confidence in investing in previously overlooked sectors, with a consensus that the reintroduction of these rules sends a positive signal for the listing of hard tech and unprofitable companies in the A-share market [2][4] Group 2 - The first company to utilize the newly reintroduced fifth set of standards, He Yuan Biological, is set to have its IPO meeting on July 1, marking a significant milestone after a two-year hiatus [3] - Investment banks are actively adjusting their strategies to focus on emerging sectors, particularly in artificial intelligence, commercial aerospace, and low-altitude economy, as they anticipate a surge in IPO applications from tech companies that were previously hesitant [4][5] - The expansion of applicable standards is seen as a gradual process, with expectations that it will eventually encompass a broader range of emerging industries, thereby enhancing the growth trajectory of these companies [5][6] Group 3 - The reactivation of the fifth set of listing standards is viewed as a significant support for high-growth unprofitable tech companies, with expectations that it will improve exit channels and optimize the investment environment [8][9] - Investment firms are increasingly focusing on the market size, technological leadership, and future alignment of unprofitable companies with market demands as key criteria for evaluation [5][9] - The policy changes are expected to foster a positive ecosystem for investment in unprofitable tech companies, encouraging a new wave of listings and investments in innovative sectors [8][9]