资本市场梯队建设进一步完善

Core Insights - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board" to enhance the inclusiveness and adaptability of the system, aimed at supporting technology-driven companies that are in the R&D phase and not yet profitable [1][2] - The first batch of 32 unprofitable companies has been directly admitted to the growth layer, showing a significant revenue growth of 37.79% year-on-year in the first half of 2025, despite a substantial reduction in net losses by 71.23 billion yuan [1] - The introduction of the fifth listing standard has allowed unprofitable technology companies to access the capital market, with the first company, Wuhan Heyuan Biotechnology Co., successfully passing the review [2] Summary by Sections Policy Changes - The new policy is not merely an adjustment but a timely support for tech companies facing specific economic cycles and market demands, allowing them to enter the capital market without waiting for profitability [1] - The fifth listing standard focuses on "market value + stage R&D results," catering to innovative companies that are not yet commercialized but have clear market prospects [2] Market Activity - The activity in the Sci-Tech Innovation Board has significantly increased, with trading volume growing by 339.56% year-on-year from June 18 to September 15, 2025, and an average turnover rate of 216.73% [3] - The establishment of the growth layer is expected to enhance the tiered structure of the capital market, leading to breakthroughs in various aspects such as refined stratification mechanisms and diversified listing standards [3]