作为多层次资本市场的重要一环，北交所设立以来始终锚定"服务创新型中小企业"的定位。商庆军介绍，北交 所不断夯实发展基础、优化制度机制、提升服务功能、培育健康生态，市场发展呈现出良好态势，在赋能科技 创新方面取得了积极成效。 10月29日，证监会公众公司监管司一级巡视员商庆军在2025金融街论坛年会上表示，要完善北交所发行上 市机制，用好第四套未盈利企业上市标准，优化创新属性披露要求；充分发挥新三板"苗圃"作用，优化准 入制度、完善分层安排、激发市场活力，提升挂牌公司质量。进一步强化北交所与新三板"层层递进、上下 联动、头部反哺、底层助推"的发展格局，促进新三板与区域性股权市场的互联互通。 赋能科技创新，北交所量质齐升 总体来看，创新主体集聚效应凸显，创新投入持续加码。商庆军表示，北交所280家上市公司中，战略性新兴 产业、先进制造业企业超过八成，国家级专精特新"小巨人"企业占比53%。上市公司平均研发强度为4.5%，较 规上企业平均水平高2.86个百分点。 "投融资生态优化，市场活力显著提升。"商庆军表示，北交所上市公司经营发展情况整体良好，今年上半年超 八成企业实现盈利，净利润中位数约1500万元。上市公司 ...

Core Viewpoint - The speech emphasizes the importance of enhancing the investment value of listed companies and fostering a balanced market dynamic to support the innovation and development of small and medium-sized enterprises (SMEs) [1] Group 1: Market Regulation and Development - The need to normalize the issuance and listing process on the Beijing Stock Exchange is highlighted, along with the importance of improving the "full chain" regulatory arrangements for issuance [1] - There is a focus on optimizing the new stock issuance system and gradually expanding the market maker team to provide more participation opportunities and investment convenience [1] Group 2: Investment Attraction and Fund Management - The speech calls for actively guiding various types of medium- and long-term capital into the market and promoting the establishment of special funds at the local level to participate in market construction [1] - It emphasizes the importance of addressing bottlenecks in the "raising, investing, managing, and exiting" process of private equity funds to attract more patient capital that adheres to "long-termism" towards innovative SMEs [1]

Core Viewpoint - The speech emphasizes the importance of enhancing the multi-tiered capital market to support the innovation and development of small and medium-sized enterprises (SMEs) in China, particularly through the Beijing Stock Exchange (BSE) and the New Third Board (NTB) [3][4]. Group 1: Capital Market Development - The BSE and NTB should continuously study the characteristics and development patterns of innovative SMEs to improve the adaptability of institutional mechanisms and product services [3]. - The BSE aims to optimize the listing mechanism for unprofitable companies, enhancing disclosure requirements for innovation attributes to support technological innovation and traditional industry upgrades [3]. - The NTB is positioned as a "nursery" for SMEs, focusing on optimizing access systems and enhancing market vitality to improve the quality of listed companies [3]. Group 2: Market Coordination and Integration - There is a need to deepen coordination among multi-tiered markets, strengthening institutional connections to promote a development pattern where the BSE and NTB support each other [3]. - The integration of the NTB with regional equity markets is essential to provide seamless capital market services for innovative SMEs characterized by specialization and innovation [3]. Group 3: Investment Value and Long-term Capital - Emphasis is placed on cultivating patient capital and enhancing the investment value of listed companies, with a focus on normalizing the issuance and listing processes at the BSE [4]. - The need to optimize the new stock issuance system and expand the market maker team is highlighted to provide more participation opportunities and investment convenience [4]. - Encouraging various types of long-term funds to enter the market and promoting the establishment of special funds at the local level is crucial for building a robust professional investor base [4].

另一方面，充分发挥新三板"苗圃"作用，优化准入制度、完善分层安排、激发市场活力，突出培育、规 范、服务功能，提升挂牌公司质量。与此同时，要继续深化多层次市场间的协同，加强制度型对接，进 一步强化北交所与新三板"层层递进、上下联动、头部反哺、底层助推"的发展格局，促进新三板与区域 性股权市场的互联互通，为以"专精特新"为代表的创新型中小企业提供便捷、无缝的"接力式"资本市场 服务。 一方面，完善北交所发行上市机制，用好第四套未盈利企业上市标准，优化创新属性披露要求，既有力 支持前沿领域科技创新，突破"卡脖子"难题，又有效服务传统产业转型升级，助力"补链稳链强链"。 证监会公众公司监管司一级巡视员商庆军10月29日在2025金融街论坛年会上发表题为《深化改革创新优 化市场功能强化规范监管 以高质量金融服务助推中小企业创新发展》的主旨演讲。商庆军表示，发挥 多层次资本市场综合优势，坚持定位差异化和功能协同化。作为服务创新型中小企业的"主阵地"，北交 所和新三板需要持续深入研究此类企业的特点、发展规律和资本市场需求，不断提升制度机制和产品服 务的适配性。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the commitment to developing the Beijing Stock Exchange (BSE) as a platform for innovative small and medium-sized enterprises (SMEs) and enhancing the New Third Board's differentiated listing, information disclosure, and trading systems to support the multi-tiered capital market [1] Group 1 - The BSE has gathered 280 listed companies with a total market capitalization exceeding 865 billion yuan, with nearly 80% being SMEs and over half classified as national-level "specialized, refined, distinctive, and innovative" enterprises [1] - The New Third Board has 6,045 listed companies with a total share capital of 469.07 billion shares, showcasing distinct characteristics of specialized and innovative enterprises [1] - The BSE's focus on early-stage projects and flexible financing mechanisms has proven effective in nurturing innovative SMEs, as highlighted by the CSRC's implementation opinions promoting inclusive finance trials [1][2] Group 2 - The service capabilities of the BSE and New Third Board for innovative SMEs have significantly improved, creating a clustering effect in strategic emerging industries and advanced manufacturing, which are crucial for driving high-quality economic development in China [2] - The differentiated institutional design of the New Third Board, including a tiered structure, has successfully identified and nurtured a batch of hard-tech enterprises with specialized characteristics, addressing urgent capital needs while enhancing corporate governance and information disclosure [2] - The National Equities Exchange and Quotations (NEEQ) is deepening cooperation with the fourth board to establish green channel mechanisms, optimizing arrangements to facilitate rapid listing for quality enterprises [2] Group 3 - To strengthen the BSE and New Third Board's functions for SMEs, it is essential to continuously improve listing systems, deepen trading mechanism reforms, and diversify financing tools to solidify the BSE's position as an ideal platform for innovative SMEs [3] - Recommendations include enhancing basic systems for issuance and subscription, guiding more industrial and long-term capital towards quality innovative SMEs, and introducing financing support tools for private enterprises to stimulate the M&A market [3] - Further investment-side reforms are suggested to attract more patient capital, expand market maker ranges, and encourage long-term funds like insurance and annuities to enter the market, thereby increasing market liquidity and attractiveness [3]

正是基于沪深北三个交易所的定位与分工不同，所以在面对大量的IPO公司涌向北交所市场的时候，北交所在严审IPO之时，有必要对这三类IPO公司 说"不"。 不过，从北交所IPO市场目前的现状来看，从北交所的市场定位来看，以及从北交所与深沪交易所的市场分工来看，在严审IPO方面，北交所有必要对三类 IPO公司说"不"，以体现北交所不忘初心、牢记使命的准则。 从目前北交所IPO市场的现状来看，有大量的IPO公司涌向了北交所市场，其数量远超申请沪市或深市IPO公司的数量。这些涌向北交所的IPO公司，有的虽 然满足北交所上市条件，但却与北交所的市场定位并不相符。 毕竟北交所定位于服务创新型中小企业，服务对象"更早、更小、更新"，尤其是"专精特新"企业，重点支持先进制造业和现代服务业等领域。而上交所主板 突出"大盘蓝筹"特色，服务大型成熟企业；科创板则聚焦硬科技产业。深交所主板侧重成长型企业，创业板主要服务于高新技术和战略新兴产业。 据有关媒体报道，在严审IPO方面，北交所正在通过多轮递进式问询，对申报企业实施"穿透式"审查。据统计，8月以来，有18家北交所拟上市公司更新相关 动态，其中6家披露第二轮审核问询函，2家披露第 ...

Core Viewpoint - The Beijing Stock Exchange (BSE) has shown significant growth and potential in supporting innovative small and medium-sized enterprises (SMEs) in China, with a focus on optimizing liquidity, upgrading market structure, enhancing capital attractiveness, and improving corporate governance [1][6]. Group 1: BSE Achievements - As of September 2, 2025, the BSE has listed 274 companies with a total market capitalization exceeding 900 billion yuan, and the number of qualified investors has surpassed 9 million [2]. - Monthly trading volume has increased from approximately 20 billion yuan in 2022 to around 600 billion yuan currently, indicating a growing market activity [2]. - The BSE is transitioning to a new "920 code" system to enhance market recognition and sector identity for listed companies [2]. Group 2: Importance of Innovative SMEs - Innovative SMEs are crucial for China's economic development, yet they face multiple financing challenges due to their asset-light business models and the financial system's focus on collateral [3]. - The establishment of the BSE has created a pathway for SMEs to achieve technological breakthroughs and scale up, while also stimulating investment from venture capital and private equity funds [3]. Group 3: Market Structure and Regulations - Over 90% of companies listed on the BSE are high-tech firms, with more than half being recognized as national-level specialized and innovative "little giant" enterprises, forming five major industrial clusters [4]. - The BSE has implemented inclusive listing standards that accommodate both profitable and non-profitable companies, allowing SMEs to choose suitable listing criteria based on their development stage [4]. - Recent regulatory updates, such as the introduction of a "small and fast" review mechanism for mergers and acquisitions, aim to enhance the efficiency of corporate restructuring [4]. Group 4: Future Challenges and Opportunities - Despite the BSE's achievements, it still faces challenges such as low trading liquidity for some stocks and the need for improved valuation systems [5]. - The BSE is encouraged to introduce index funds and promote its securities in cross-market index funds to attract more institutional investment [5]. - The ongoing reforms reflect a commitment to better serve as a platform for innovative SMEs, with the goal of reaching a market capitalization of one trillion yuan [5].

Core Viewpoint - The Beijing Stock Exchange (BSE) has shown steady development over its four years, successfully serving as a platform for innovative small and medium-sized enterprises (SMEs) and contributing to the construction of a multi-tiered capital market system [3][6]. Market Performance - As of September 1, 2025, the BSE has 274 listed companies with a total market capitalization exceeding 900 billion yuan, representing an increase of over three times since its inception [4][5]. - The average revenue of BSE companies in the first half of the year was 336 million yuan, with a year-on-year growth of 6.01%. Approximately 82.12% of these companies reported profits [5][6]. - The number of qualified investors has grown by about 5 million since the exchange opened, reaching over 9 million [5][6]. IPO and New Listings - In the first half of the year, the BSE led the A-share market in IPO applications, with 115 out of 177 applications directed to the BSE, marking a 453% increase from the previous year [8][9]. - New stock offerings have attracted significant investor interest, with the recent listing of Hongyuan Co. drawing 678,100 investors and freezing a record 74.08 billion yuan in funds [10][11]. Market Liquidity and Index Performance - The North Index 50 has seen a nearly 40% increase, outperforming other major indices in the A-share market [11][12]. - The liquidity of the BSE has improved significantly, with increased trading volume and turnover rates, attracting long-term institutional investors [11][12]. Future Expectations and Reforms - There are high expectations for further reforms, particularly the implementation of the "Deep Reform 19 Measures" and the acceleration of the 920 code transition [12][13]. - Experts suggest enhancing the listing system, reducing implicit costs, and improving the efficiency of the review process to attract more quality SMEs [14][15].

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant growth in its fourth year, with the number of listed companies reaching 274 and a total market capitalization exceeding 900 billion yuan, reflecting a robust development momentum [1] Group 1: Market Growth and Development - As of September 1, the BSE has listed 274 companies, a 9.16% increase from 251 companies at the third anniversary [1] - The total market capitalization of the BSE has surpassed 911.65 billion yuan, indicating a thriving market environment [1] - High-tech enterprises constitute over 82% of the listed companies, with 149 national-level "little giant" enterprises, accounting for 54.38% [1] Group 2: Support for Innovation and SMEs - The BSE has designed four sets of listing standards to cater to the diverse types and stages of development of SMEs, allowing unprofitable companies to go public [2] - As of now, 262 companies, or 95.62%, have listed under the first set of standards, while the other three sets have 7, 1, and 4 companies respectively [2] - The total R&D expenditure of listed companies is projected to reach 8.594 billion yuan in 2024, representing 4.56% of total revenue, with an average R&D investment of 31.4816 million yuan per company [1] Group 3: Mergers and Acquisitions - The BSE has introduced new mechanisms for mergers and acquisitions, including a "small-scale rapid" review process and simplified procedures for restructuring [3] - These mechanisms aim to enhance resource allocation and support high-quality development for listed companies [3] - As of August 25, there have been 33 significant investment and acquisition events disclosed on the BSE [3] Group 4: Investment Attraction - The BSE has seen an increase in cash dividends, with 249 instances of annual cash dividends in 2024, and only 21.9% of companies not distributing dividends [4] - The number of public funds investing in BSE stocks has grown by 31.82% year-on-year, with 39 funds reported in the first half of 2025 [4] Group 5: Future Outlook - The BSE aims to continue its reform and innovation efforts to enhance market functions and improve services for SMEs [5] - The ongoing reforms are expected to bolster the BSE's role in supporting technological innovation and nurturing specialized enterprises [5]

Group 1 - The Beijing Stock Exchange (BSE) has achieved significant milestones in its four years, with 274 companies listed and a total market capitalization exceeding 900 billion yuan, with over 900 million qualified investors [1][2] - The BSE focuses on serving innovative small and medium-sized enterprises (SMEs), with a notable proportion of listed companies being national-level specialized and innovative "little giant" enterprises [1][2] - The BSE has established a multi-tiered capital market system, enhancing its appeal and facilitating the growth of SMEs through various listing standards, including provisions for unprofitable companies [2][3] Group 2 - The BSE has implemented a comprehensive service action plan to support specialized and innovative SMEs, aiming to enhance their quality and access to financial resources [3] - The average time for the BSE to complete the review process from acceptance to registration has significantly improved, with an average of 140 days and a minimum of 37 days [3] - The BSE has developed a dual-wheel development model, providing a financing platform for technology enterprises, with a total of 127 billion yuan in corporate bonds issued this year [3] Group 3 - The BSE has improved information disclosure quality and introduced a sustainable development report guideline to support green development among listed companies [4] - Over 80% of BSE-listed companies have implemented dividend distributions, totaling 5.967 billion yuan, indicating a commitment to investor returns [4] - The average daily trading volume on the BSE has increased nearly fourfold compared to the previous year, reaching approximately 29.151 billion yuan [4] Group 4 - The BSE has attracted various institutional investors, including public funds and insurance capital, optimizing the investor structure [5] - The North Certificate 50 Index has surpassed 100 billion yuan in scale, reflecting increased market recognition and demand for BSE-listed companies [6] - The introduction of the North Certificate Specialized and Innovative Index marks the BSE's entry into a dual-index investment era, with both indices reaching historical highs in August [6] Group 5 - The BSE is transitioning into a new phase of high-quality expansion, focusing on enhancing its attractiveness and competitiveness through further reforms [8] - Recommendations include the introduction of public convertible bonds and related ETFs to improve market liquidity and provide diverse financing options for listed companies [8] - The BSE aims to create a virtuous cycle of quality enterprise supply, improved market liquidity, and steady valuation increases through innovative institutional measures [9]