证监会最新发声，关于北交所和新三板

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to enhance the listing mechanism of the Beijing Stock Exchange (BSE) and the New Third Board (NTB) to better support innovative small and medium-sized enterprises (SMEs) in the context of the evolving global economy [2][3]. Group 1: Development Mechanisms - The BSE will improve its listing mechanism by utilizing the fourth set of listing standards for unprofitable enterprises and optimizing the disclosure requirements for innovation attributes [4][5]. - The NTB will play a nurturing role by optimizing its access system and enhancing its tiered structure to stimulate market vitality and improve the quality of listed companies [4][5]. - There will be a focus on creating a synergistic development pattern between the BSE and NTB, promoting interconnectivity with regional equity markets to provide seamless capital market services for innovative SMEs [4][5]. Group 2: Long-term Support for Innovation - Long-term patient capital is crucial for innovative SMEs, and efforts will be made to enhance the investment value of listed companies [5]. - The BSE will maintain a regular listing process and improve the regulatory framework for the entire issuance chain, ensuring accountability at all levels [5]. - There will be initiatives to attract various types of medium- and long-term funds into the market, encouraging local governments to establish special funds to support market development [5]. Group 3: Strengthening Regulation - The BSE is in a critical phase of establishing foundational regulations and promoting a healthy market environment, with a focus on enhancing the quality of listed companies [6][7]. - Key regulatory points include strengthening information disclosure, encouraging companies to focus on core business and R&D, and promoting shareholder returns [7]. - Strict enforcement against fraudulent activities and financial misconduct will be prioritized to protect investors' rights and maintain market integrity [7]. Group 4: Collaborative Efforts - The CSRC will enhance collaboration with various governmental departments to promote the formation of innovative capital and support high-quality SMEs aligned with national strategic needs [8]. - There will be a focus on central-local cooperation to facilitate information sharing among innovative enterprises and ensure precise policy alignment with industry demands [8]. - The BSE aims to deepen its international cooperation, engaging with foreign regulatory bodies and institutions to enhance its global presence [8].