工信部印发《优质中小企业梯度培育管理办法》点评：培育和壮大未来产业的源头活水

Core Insights - The report discusses the Ministry of Industry and Information Technology's (MIIT) new "Management Measures for Gradual Cultivation of Quality SMEs," effective from April 1, 2026, aimed at enhancing the cultivation system for quality SMEs in China [1] - The revised measures deepen the planning for high-quality development of SMEs in China, with a focus on expanding the cultivation scope and improving quality standards [1] Group 1: Expansion of Cultivation Scope - The new measures introduce "technology-based SMEs" alongside "innovation-based SMEs," collectively referred to as "technology and innovation-based SMEs," to enhance the cultivation system [1] - This inclusion is expected to attract more cutting-edge technology SMEs, facilitating early investment in future industries [1] Group 2: Improvement of Quality Standards - The measures emphasize higher standards for recognition, particularly for backbone and key enterprises, including increased revenue thresholds and R&D expenditure requirements [1] - For example, "specialized, refined, distinctive, and innovative" SMEs must now have revenue exceeding 50 million and R&D expenses totaling at least 12 million over the past two years [1][3] - The quality evaluation system for these SMEs will be standardized, assessing five dimensions: specialization, refinement, distinctiveness, innovation capability, and growth potential [1][3] Group 3: Focus on Emerging and Future Industries - The report highlights the importance of nurturing emerging and future industries, as outlined in the 14th Five-Year Plan, which emphasizes the development of specialized and innovative SMEs and the cultivation of unicorn enterprises [1] - The revised measures also specify support areas for "specialized, refined, distinctive, and innovative" SMEs, including the transformation of traditional industries and the development of new and future industries [1] - The Beijing Stock Exchange (BSE) is identified as a key platform for these specialized SMEs, with 57.6% of its listed companies classified as "small giants," representing 60.6% of the total market value [1][11] Group 4: Investment Analysis - The report suggests that the quality of specialized and innovative enterprises is likely to improve post-revision, with a further concentration on future industries [1] - It recommends focusing on enterprises under review at the BSE and those listed on the New Third Board, highlighting specific companies such as Zhongke Instrument, Xianlin 3D, and Xinjuhong [1][12][13]