科创板迎开门红！上交所团队守护试验田结硕果

Core Viewpoint - The A-share market experienced a strong start in 2026, with major indices rising collectively, particularly the Sci-Tech Innovation Board, which saw a gain of 3.61% [1] Group 1: Market Performance and Reforms - The Sci-Tech Innovation Board has become increasingly prominent as a "testbed" for capital market reforms, with the introduction of the "1+6" reform measures enhancing its focus on "hard technology" [1] - The board welcomed its 600th listed company, a semiconductor equipment firm that has successfully achieved domestic substitution for critical hardware [1] - The Sci-Tech Innovation Board's index rose over 46% last year, outperforming most broad-based indices, indicating strong market performance [5] Group 2: Support for Hard Technology Companies - The introduction of the fifth set of listing standards has opened doors for unprofitable but technically capable companies to access capital markets [2] - The recent acceptance of the IPO application for Blue Arrow Aerospace, dubbed the "first commercial rocket stock" in China, exemplifies the benefits of these new listing standards [2] - Companies in the commercial aerospace sector are at a critical juncture, requiring capital market support for scaling up operations [2] Group 3: Financing and Growth Opportunities - The ability to access capital markets significantly accelerates the growth and market capture of companies, as evidenced by the experiences of several biotech firms on the Sci-Tech Innovation Board [2] - Shanghai Ailis Pharmaceutical Technology Co., which achieved profitability two years after listing, highlights the importance of timely financing in the competitive pharmaceutical market [3] - Among the 60 companies listed on the Sci-Tech Innovation Board that were unprofitable at the time of listing, 22 have since turned profitable, with others showing a 62% reduction in net profit losses [3] Group 4: Regulatory Oversight and Investor Protection - Regulatory bodies emphasize the importance of timely and accurate disclosure of clinical and R&D progress to maintain market fairness and transparency [4] - The regulatory framework is designed to help companies efficiently acquire essential resources such as funding, talent, and quality assets for growth [3]