科创板再改革，谁最受益？券商迎“增量”业务

Core Viewpoint - The recent reform by the China Securities Regulatory Commission (CSRC) aims to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board (STAR Market) by establishing a new growth tier, introducing professional institutional investors, and expanding the applicability of the fifth listing standard [1][2]. Group 1: Reform Details - The reform includes the establishment of a Sci-Tech Growth Tier, pilot introduction of professional institutional investors, and a pilot pre-review mechanism for IPOs [1]. - The fifth listing standard allows unprofitable hard-tech companies to list with a projected market value threshold of 4 billion yuan, which has been a crucial pathway for such companies since the STAR Market's inception in 2019 [3]. - The CSRC aims to support high-quality unprofitable tech companies in issuing shares and to restore the applicability of the fifth listing standard [3]. Group 2: Impact on Securities Firms - The reform is expected to create more business opportunities for securities firms, particularly benefiting those with advantages in STAR Market sponsorship and underwriting [2]. - Analysts believe that the policy will enhance the capital market's ability to serve new productive forces, leading to improved resource allocation and increased financing for tech companies [4]. - The financing scale for the STAR Market and the ChiNext is currently at its lowest since 2019, with expected recovery following the policy implementation [3]. Group 3: Future Outlook - The reforms are anticipated to accelerate the listing and financing processes for tech companies, with a focus on improving the quality of listed companies and supporting technological innovation [4]. - Leading securities firms with strong client resources and professional service capabilities are expected to maintain their competitive edge in the evolving investment banking landscape [4].