刚刚！吴清，重磅发声！证监会再推新政！

Core Viewpoint - The 2025 Lujiazui Forum focuses on "Financial Openness and Cooperation in the Context of Global Economic Changes and High-Quality Development" with key speeches from top financial officials in China [1] Group 1: Policy Measures and Reforms - The China Securities Regulatory Commission (CSRC) announced the "1+6" policy measures to deepen reforms in the Sci-Tech Innovation Board and Growth Enterprise Market, aiming to enhance the inclusiveness and adaptability of the system [2] - The "1" refers to the establishment of a growth tier in the Sci-Tech Innovation Board and the reintroduction of the fifth listing standard for unprofitable companies, targeting high-quality tech firms with significant breakthroughs and ongoing R&D investments [2] - The "6" includes six specific reform measures such as introducing a professional institutional investor system, pre-IPO review mechanisms for quality tech firms, and expanding the fifth standard's applicability to more frontier tech sectors [2] Group 2: Investment and Capital Market Development - The CSRC aims to guide more medium- and long-term funds into technology enterprise investments by developing more technology innovation indices and public fund products [3] - The commission emphasizes that listing is a starting point, not an end, and financing is a tool, not a goal, indicating a focus on improving the regulatory framework for listed companies [4] - The approval of the first two data center REITs in China is part of efforts to enhance the synergy between equity and debt in supporting tech innovation [5] Group 3: Long-term Capital and Market Dynamics - The CSRC is pushing for the regularization of fund share transfer trials and optimizing mechanisms for physical stock distribution and "reverse linkage" to facilitate diverse exit channels [6] - The current global tech innovation landscape is described as entering a period of intense activity, with a shift from isolated breakthroughs to systematic integration and market application [7] - The commission is working on implementing new measures for mergers and acquisitions, including phased payment mechanisms and simplified review processes to enhance corporate competitiveness and performance [8] Group 4: Capital Market's Role in Innovation - There is a strong emphasis on cultivating patient and long-term capital, focusing on the entire cycle of private equity funds [10] - The capital market in China is seen as a crucial facilitator of a virtuous cycle among technology, capital, and industry, with significant structural changes supporting innovation-driven development [11] - The capital market's unique mechanisms for risk-sharing and benefit-sharing are highlighted as essential for supporting both large tech giants and smaller innovative firms [12]