证监会主席：科创板新设科创成长层，扩大第五套标准适用范围；创业板启用第三套标准

Core Viewpoint - The article emphasizes the importance of capital market reforms in China, particularly through the Sci-Tech Innovation Board (STAR Market) and the Growth Enterprise Market (GEM), to support high-quality development and innovation in technology and industry [3][10]. Group 1: Sci-Tech Innovation Board Reforms - The China Securities Regulatory Commission (CSRC) will enhance the STAR Market by establishing a growth layer and restarting the listing of unprofitable companies under the fifth set of standards, targeting high-quality tech firms with significant breakthroughs and commercial prospects [1][11]. - Six new reform measures will be introduced on the STAR Market, including the introduction of professional institutional investors, pre-review mechanisms for IPOs, and expanding the applicability of the fifth set of standards to more frontier tech sectors like AI and commercial aerospace [1][11]. Group 2: Growth Enterprise Market Initiatives - The CSRC will officially implement a third set of standards on the GEM to support high-quality unprofitable innovative companies in their listing efforts [2][11]. Group 3: Capital Market's Role in Innovation - The capital market is seen as a crucial hub for integrating technology and industry innovation, with a need for a more adaptable financial service system to meet the evolving demands of tech enterprises [4][6]. - The article highlights the significant role of listed companies in driving technological innovation, with A-share listed companies' R&D investment reaching 1.88 trillion yuan, accounting for over half of the total social R&D expenditure [7][8]. Group 4: Structural Changes in Capital Market - The capital market in China has undergone profound structural changes, effectively promoting a virtuous cycle among technology, capital, and industry [7][9]. - The proportion of technology companies among A-share listed firms with a market value exceeding 100 billion yuan has increased from 12% to 27% over the past decade, indicating a growing concentration in sectors like integrated circuits and biomedicine [8][9]. Group 5: Future Directions for Capital Market Reform - The CSRC aims to deepen capital market reforms to enhance inclusivity and adaptability, focusing on the STAR Market and GEM as key areas for development [10][12]. - There will be a push to cultivate patient and long-term capital, encouraging participation from social security funds and insurance capital in private equity investments [12][13].