2025 IPO包容向新：科创不息，未来已来

Group 1 - The core viewpoint of the article highlights the increasing trend of companies in the hard technology sector, such as He Yuan Bio, Xi'an Yicai, and Bibete, listing on the A-share market, marking a new phase in capital market support for technological innovation [1] - The A-share IPO market is showing signs of recovery since 2025, driven by stable regulations, optimized review processes, and improved market expectations, which is particularly beneficial for long-cycle, high-investment biotech companies [1][2] - The introduction of the "1+6" reform measures in 2025 has expanded the applicability of the fifth set of standards to companies with hard-core technology, encouraging more long-term capital to enter the biotech sector [2] Group 2 - The current global technology competition centers around AI, commercial aerospace, and low-altitude economy, which are crucial for China's development of "new quality productivity" [3] - The shift in A-share listing standards from historical financial performance to future value creation encourages companies to invest in R&D without the pressure of immediate profitability [3] - The role of underwriting institutions is evolving from compliance gatekeepers to value discoverers and growth companions for enterprises, necessitating a shift in team composition to include professionals from diverse scientific backgrounds [3] Group 3 - Looking ahead to 2026, IPO issuance is expected to gradually return to a new normal, focusing on strategic emerging industries such as commercial aerospace, AI, robotics, semiconductors, new energy, and biomedicine [4] - The development of direct financing through equity and bonds is a key task outlined in the "14th Five-Year Plan," aimed at enhancing the inclusivity and adaptability of capital market systems [5] - The expectation for 2026 is a more regulated, inclusive, and vibrant capital market [5]