A股，迎新！

Core Viewpoint - The establishment of the Sci-Tech Innovation Board's Growth Layer marks a significant step in capital market support for technological innovation and new productivity development in China [1][3]. Group 1: New Registrations and Market Performance - Three new companies, He Yuan Bio, Xi'an Yicai, and Biobetter, have officially listed on the Sci-Tech Innovation Board, all of which are unprofitable firms in the biopharmaceutical and semiconductor materials sectors [1]. - Upon opening, the stocks experienced significant increases: N Yicai surged by 361%, N He Yuan by 202%, and N Biobetter by 175%, although they later experienced a pullback, with N Biobetter and N Yicai triggering trading halts [1][2]. Group 2: Policy and Regulatory Framework - The China Securities Regulatory Commission (CSRC) announced the "1+6" policy on June 18, aimed at establishing the Growth Layer to support technology companies with substantial breakthroughs and promising commercial prospects, despite being unprofitable [2]. - The Shanghai Stock Exchange (SSE) has implemented rules for the Growth Layer, with 32 existing companies included on the day of the announcement [2]. Group 3: Future Directions and Market Development - SSE Chairman Qiu Yong emphasized the need to enhance the identification of quality tech companies and support sectors like artificial intelligence and commercial aerospace, while also improving market attractiveness and competitiveness [2][3]. - CSRC Vice Chairman Li Chao noted that the reforms are progressing smoothly and are expected to enhance the capital market's functionality in coordinating investment and financing [3].