A股大消息！“特急”文件，来了！

Core Viewpoint - The article discusses the recent requirements set by China Securities Depository and Clearing Corporation Limited for brokerages to report the signing status of risk disclosure documents for the Sci-Tech Innovation Board's growth tier, aimed at enhancing investor suitability management and protecting investor rights [1][2]. Group 1: Regulatory Requirements - China Securities Depository and Clearing Corporation Limited has mandated that starting from September 22, 2025, brokerages must categorize accounts of investors who have signed the risk disclosure document for the growth tier as "C" [1]. - For new ordinary investors who have not signed the risk disclosure document, their accounts will be categorized as "K," indicating they cannot invest in newly registered growth tier stocks [1]. - Existing investors' accounts will be uniformly marked as "K" after the end of trading on September 19, 2025, if they have not signed the risk disclosure document [1]. Group 2: Risk Disclosure and Investor Education - On July 13, the Shanghai Stock Exchange released mandatory clauses for the risk disclosure document for growth tier stocks, aimed at helping investors understand the risks associated with investing in unprofitable companies [2]. - Brokerages are required to inform ordinary investors of the risks before they can participate in the subscription or trading of new growth tier stocks, and must obtain a signed risk disclosure document [2]. - Brokerages are encouraged to utilize multiple channels for risk education, including SMS, phone calls, and pop-up notifications in trading software, to ensure investors are well-informed about the risks [2]. Group 3: Implementation by Brokerages - Several brokerages have already integrated a "Open Growth Tier" section in their apps, allowing investors to sign the risk disclosure document and gain trading permissions for the growth tier [3]. - Brokerage advisors are actively reminding clients with existing Sci-Tech Innovation Board permissions to sign the new agreement to trade growth tier stocks [3].