“1+6”，重磅来了！

Core Viewpoint - The launch of the "1+6" policy for the Sci-Tech Innovation Board aims to break the capital bottleneck and support "hard technology" companies, particularly those that are not yet profitable, by establishing a growth layer and optimizing listing standards [1][2][3] Group 1: Policy and Market Impact - The "1+6" policy is a significant step in supporting technology-driven companies, addressing the financing challenges faced by unprofitable firms in sectors like artificial intelligence, commercial aerospace, and biomedicine [2][3] - The establishment of the growth layer and the expansion of the fifth set of IPO standards are designed to facilitate the listing of high-growth, innovative companies [4][5] - The new regulations are expected to enhance the capital market's role in supporting new productive forces and align with national innovation-driven development strategies [2][3] Group 2: Investment Opportunities - The Sci-Tech Innovation Board is positioned to attract investments in sectors such as semiconductors, AI, and biomedicine, which are experiencing significant growth due to technological advancements and market demand [6][7][8] - The introduction of professional institutional investors is anticipated to improve resource allocation and reduce risks associated with low-growth companies [5][8] - The growth layer is expected to create a more inclusive financing environment for technology innovation companies, enhancing the investment landscape [3][4] Group 3: Fund Management Adjustments - Fund managers are adjusting their investment strategies to focus on long-term research and development rather than short-term financial metrics, aligning with the characteristics of growth layer companies [11][12] - The new standards will require funds to enhance their risk management frameworks to accommodate the high volatility associated with growth layer enterprises [13][14] - Public funds are expected to increase their focus on early to mid-stage technology companies, refining their pricing methods to better assess these firms [11][12] Group 4: Broker and Market Readiness - Brokers are actively preparing to implement the new rules, enhancing their systems to support the trading of growth layer stocks [20][21] - The launch of the growth layer is projected to bring significant growth to brokerage firms' investment banking businesses, with many firms expanding their "hard technology" project reserves [19][22] - Brokers are also focusing on educating investors about the risks associated with investing in unprofitable companies within the growth layer [21][22]