Mei Ri Jing Ji Xin Wen·2025-10-28 14:03Core Viewpoint - The recent statement by the Chairman of the China Securities Regulatory Commission, Wu Qing, regarding the reform of the ChiNext board has reignited market expectations for this innovative sector, indicating a new phase of reform aimed at better aligning listing standards with the characteristics of emerging industries and future technologies [1][4]. Group 1: Reform Background and Impact - The ChiNext board underwent a significant reform in June 2020, introducing a registration system that emphasized information disclosure and allowed for more flexible trading rules, which led to a surge in market performance [2][3]. - From August 24, 2020, to August 23, 2021, the ChiNext index rose by 25.12%, significantly outperforming the Shanghai Composite Index (2.85%) and the Shenzhen Component Index (7.85%), with numerous stocks doubling in price [3]. - The number of companies listed on the ChiNext reached 1,384 by August 24, 2025, with a total market capitalization of 16.52 trillion yuan, reflecting the capital market's increasing support for emerging enterprises [4]. Group 2: Growth and Market Dynamics - The ChiNext has evolved into a key platform for emerging industries, with significant growth phases observed during the mobile internet era (2013-2015) and the subsequent rise of sectors like renewable energy, innovative pharmaceuticals, and semiconductors (2019-2021) [5][6]. - Recent trends indicate a shift in investment focus from individual stocks to sector-based strategies, with substantial inflows into exchange-traded funds (ETFs) since June 2025, suggesting a potential for continued valuation recovery in the ChiNext [6].