科创板破解未盈利企业融资难题，券商踏破eVTOL企业门槛

Core Viewpoint - The introduction of the "Science and Technology Innovation Board Opinions" by the China Securities Regulatory Commission (CSRC) aims to enhance the inclusivity and adaptability of the capital market for low-altitude economy enterprises, providing them with new financing opportunities during their technology development phase [1][2]. Group 1: Policy Changes - The CSRC has established a "Science and Technology Growth Layer" and restarted the application of the fifth set of listing standards for unprofitable companies, introducing six more inclusive reform measures to support high-quality technology enterprises [2][4]. - The new policies are expected to attract investment in sectors like artificial intelligence, commercial aerospace, and low-altitude economy, thereby expanding the scope of the fifth set of standards [2][8]. Group 2: Industry Impact - The establishment of the Science and Technology Growth Layer is particularly significant for technology-driven companies like Volant Aviation, which, despite not being profitable, has made substantial technological breakthroughs and has a promising commercial outlook [4][5]. - The low-altitude economy is viewed as a burgeoning market with a potential worth trillions, but companies in this sector face challenges such as high initial investment and long development cycles [8][11]. Group 3: Market Reactions - Following the announcement of the new policies, numerous brokerage firms and investment institutions have actively engaged with low-altitude economy companies, indicating a surge in interest and potential investment opportunities [5][6]. - The new regulations are expected to create a favorable environment for eVTOL (electric Vertical Take-Off and Landing) companies, which are currently in the technology development and certification stages [9][11]. Group 4: Future Outlook - The long-term prospects for eVTOL companies are optimistic, as the new capital market policies are anticipated to facilitate a more effective flow of funds towards enterprises with core technologies and growth potential [11]. - The industry is at a critical juncture where policy support, capital assistance, and technological advancements can converge to position China favorably in the global advanced air mobility market [11].