解锁科创板新地图：“科创成长层”开通攻略在此！

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The "Science and Technology Innovation Growth Layer" was officially launched on July 13, 2025, by the Shanghai Stock Exchange, designed to support technology enterprises that are not yet profitable but have significant growth potential [5]. - This layer enhances the inclusivity for technology companies with bright prospects, allowing them to access capital markets more easily [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on the growth layer, provided they sign a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the growth layer [11][12]. Group 3: Requirements for Individual Investors - Individual investors must have an average asset of no less than 500,000 RMB in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test on STAR Market trading risks [12]. Group 4: Identification and Labeling of Growth Layer Stocks - Stocks from the growth layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing growth layer stocks [17].