证监会“1+6”政策措施或带来哪些影响？

Core Insights - The report highlights the introduction of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) aimed at enhancing the inclusiveness and adaptability of the capital market, particularly through reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [1][7] - The "1" refers to the establishment of a Sci-Tech Growth Tier on the Sci-Tech Innovation Board and the reintroduction of the fifth listing standard for unprofitable companies, while the "6" encompasses six innovative reform measures [1][8] Group 1: Policy Impact - Continuous capital market policy efforts are expected to promote resource allocation towards new industries, new business models, and new technologies, with a significant focus on supporting technological development [5][9] - The new policies aim to upgrade the financing structure to support "hard technology" and new productivity, enhancing the capital market's inclusiveness and adaptability for high-quality tech enterprises with substantial breakthroughs and ongoing R&D investments [5][10] - The introduction of senior professional institutional investors is expected to optimize the investor structure on the Sci-Tech Innovation Board, improving price stability and enhancing trading depth [5][11] Group 2: Financing Mechanisms - The report emphasizes the importance of stock-bond linkage and the acceleration of asset securitization to create new financing avenues for technology companies, reducing reliance on equity financing [5][12] - The development of Sci-Tech bonds and the introduction of various bond products, such as convertible bonds, are expected to lower the financing barriers for high-tech enterprises [5][13] - The approval of the first batch of data center REITs indicates a forthcoming acceleration in the development of technology asset securitization [5][12] Group 3: Long-term Capital and Market Dynamics - The report discusses the need to cultivate patient capital and long-term funding mechanisms to enhance the international attractiveness of China's capital market [5][14] - The comprehensive support for technology enterprises throughout their lifecycle is expected to create a complete investment and financing ecosystem, facilitating seed funding, additional financing through stock and bond markets, and diversified exit mechanisms [5][14] - The report anticipates that the capital market will remain active throughout 2025, benefiting brokerage firms as various capital market policies are implemented [5][15]