SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-08-20 02:11Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies, with specific guidelines for investors to participate in trading these stocks [5][19]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a new phase for unprofitable technology enterprises [5]. - This layer is designed to enhance inclusivity for technology companies with significant growth potential that are not yet profitable [9][17]. Group 2: Participation Guidelines - Investors who already have STAR Market trading permissions and meet a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations [7][11]. - For investors without STAR Market trading permissions, they must first meet the basic requirements and open trading permissions before signing the risk disclosure document for the Growth Layer [11][12]. - The requirements for individual investors to open STAR Market trading permissions include maintaining an average asset of at least 500,000 RMB over the past 20 trading days and having at least 24 months of trading experience [12]. Group 3: Trading Process - The trading process for the Growth Layer can be initiated through specific apps, such as the "Shen Cai You Dao" app, where users can navigate to the relevant sections to open permissions and manage their accounts [9][14]. - New stocks listed under the Growth Layer will have a "U" identifier to indicate their unprofitable status, while existing stocks will be labeled accordingly to differentiate between new and existing listings [17].