Shenwan Hongyuan Securities·2025-06-18 15:16Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market performance [22]. Core Viewpoints - The report highlights the introduction of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) aimed at deepening the reform of the Sci-Tech Innovation Board and the Growth Enterprise Market to better support technological innovation and industrial transformation [3][4]. - The policy includes the establishment of a Sci-Tech Growth Tier and the reintroduction of the fifth set of listing standards for unprofitable companies, which is expected to provide a more precise service to high-quality tech enterprises with significant R&D investments and promising commercial prospects [4][5]. - The report anticipates that the implementation of these reforms will accelerate the listing and financing of tech innovation companies, thereby restoring the financing scale of the Sci-Tech Innovation Board and the Growth Enterprise Market, which is currently at its lowest level since 2019 [5][6]. Summary by Sections Policy Measures - The "1+6" policy includes six specific reform measures aimed at enhancing the capital market's support for innovative enterprises, such as introducing a pre-IPO review mechanism for quality tech companies and expanding the application scope of the fifth set of standards to more frontier technology sectors [4][6]. Market Impact - The report suggests that the reforms will enhance market inclusivity and adaptability, allowing more potential but unprofitable innovative companies to access capital markets, thus expanding the service range of the capital market [6]. - It is expected that these reforms will promote the deep integration of technological innovation and capital, providing sufficient funding support for tech innovation enterprises and accelerating the transformation of technological achievements into productive forces [6]. Investment Recommendations - The report recommends three investment lines: 1. Strong comprehensive institutions benefiting from an optimized industry competitive landscape, such as GF Securities, CITIC Securities, and Guotai Junan [6]. 2. Brokerages with significant earnings elasticity, including Eastmoney and China Merchants Securities [6]. 3. Companies with strong international business competitiveness, such as China Galaxy and CICC [6].