XZB(SH:603040) Zheng Quan Shi Bao·2025-10-30 00:45Core Insights - The ChiNext board has evolved from an "innovation testing ground" to a "source of innovation power" supporting China's modernization efforts over its 16 years of operation [1] - The China Securities Regulatory Commission (CSRC) has announced the launch of reforms aimed at deepening the ChiNext board, which is crucial for fostering new productive forces and establishing a self-reliant industrial system amid global competition [1][2] Group 1 - The ChiNext board currently has approximately 90% of its companies in high-tech sectors, with nearly 70% belonging to strategic emerging industries, serving as a vital financing platform and a key hub connecting innovation, industry, and capital chains [1] - The reform aims to establish listing standards that better align with the characteristics of emerging fields and future industries, potentially broadening the growth pathways for new industries, business models, and technologies [2] - The historical context of capital market development in China shows that each institutional breakthrough, from the Sci-Tech Innovation Board to the ChiNext reforms, is closely tied to national development priorities, highlighting the unique advantages and vitality of China's capital markets [2] Group 2 - The reforms are expected to create a more inclusive institutional environment that nurtures innovation and entrepreneurship, while efficient capital allocation will drive the industrial chain towards higher-end development [2] - The ChiNext reform is a profound response to the questions of "who development is for and who it relies on," and a firm answer to "how to serve Chinese-style modernization" [2] - The capital market is positioned to become a "core engine" for promoting technological self-reliance and leading high-quality development, providing sustained momentum for the stability and long-term growth of the Chinese economy [2]