10月27日，中国证监会主席吴清在2025金融街论坛上表示，纵深推进板块改革，增强多层次市场体系的 包容性和覆盖面。明天科创板科创成长层将迎来首批新注册企业上市，试点引入资深专业机构投资者、 预先审阅等已经实施，改革效应正加快显现。 中经记者 郭婧婷 北京报道 （编辑：罗辑 审核：夏欣 校对：颜京宁） ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：李悦 ） 证监会主席吴清10月27日在2025金融街论坛年会上表示，纵深推进板块改革，增强多层次市场体系的包 容性和覆盖面。明天科创板科创成长层将迎来首批新注册企业上市，试点引入资深专业机构投资者、预 先审阅等已经实施，改革效应正加快显现。 ...

Core Points - Three companies, Bibit (688759.SH), Heyuan Bio (688765.SH), and Xi'an Yicai (688783.SH), are set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, marking the first batch of new listings since the launch of the Sci-Tech Growth Tier [1] - As of now, a total of 7.58 million investor accounts have opened trading permissions for the Sci-Tech Growth Tier, representing 126% of the active accounts among existing investors [1] - Following the release of the "1+6" policy reform for the Sci-Tech Board in June, 26 new companies have been accepted for listing, with 8 of them being unprofitable [1] - The first IPO application under the fifth set of listing standards, submitted by professional institutional investor Tianomaibo, was accepted on July 31 [1] - On September 26, the second IPO project under the restarted fifth set of listing standards, Anshi Bio, was accepted [1] - Companies such as Beixin Life, unprofitable company Moer Thread, and Angrui Micro have submitted registration on July 25, September 26, and October 15, respectively, under the fifth set of standards [1] - Unprofitable company Muxi Co. passed the listing committee review on October 24 [1]

（编辑 何帆） 本报讯 （记者毛艺融）10月27日，《证券日报》记者获悉，目前，共计758万个投资者账户开通了科创成长层交易权限， 占存量投资者活跃账户的126%。在加快推进科创成长层交易权限开通的同时，上交所持续做好投资者适当性管理和投资者教 育工作。截至9月底，制作科创板改革"1+6"标准宣讲课件并组织营业部宣讲200余场，实现了108家会员投资者适当性管理宣导 全覆盖。 ...

Group 1 - The core viewpoint of the article highlights the recent developments in the STAR Market following the implementation of the "1+6" reform policy, which has led to an increase in IPO applications from various companies, including those that are not yet profitable [1] - In June, 26 new companies were accepted for listing on the STAR Market, with 8 of them being unprofitable [1] - The first IPO application under the new fifth set of listing standards was submitted by Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. on July 31 [1] Group 2 - On September 26, the second IPO project under the restarted fifth set of listing standards was accepted, involving Beijing Anshi Biotechnology Co., Ltd. [1] - Several companies have submitted registration under the fifth set of standards, including Shenzhen Beixin Life Technology Co., Ltd. and unprofitable companies like Moer Thread Intelligent Technology (Beijing) Co., Ltd. and Beijing Angrui Microelectronics Technology Co., Ltd. [1] - Unprofitable company Muxi Integrated Circuit (Shanghai) Co., Ltd. passed the listing committee review on October 24 [1]

Core Points - The first batch of new registered stocks is entering the Sci-Tech Innovation Growth Layer, including companies like He Yuan Bio, Xi'an Yicai, and Bibet, which are currently issuing and preparing for listing [1][2] - The issuance prices for these companies are 29.06 CNY/share, 8.62 CNY/share, and 17.78 CNY/share, raising approximately 25.99 billion CNY, 46.36 billion CNY, and 16 billion CNY respectively [1][2] - As of now, 32 unprofitable listed companies have entered the growth layer, with a total loss reduction of 71.23 billion CNY in the first half of 2025 [1][6] Company Summaries - He Yuan Bio, which applied for listing under the fifth set of standards, has projected revenues of 13.40 million CNY in 2022, 24.26 million CNY in 2023, and 25.22 million CNY in 2024, with net losses of 144 million CNY, 187 million CNY, and 151 million CNY respectively [2][3] - Bibet, also a biopharmaceutical company, has not yet achieved drug approval or sales revenue, with projected net losses of 188 million CNY, 173 million CNY, and 55.99 million CNY from 2022 to 2025 [3] - Xi'an Yicai, a silicon wafer company, has reported revenues of 1.05 billion CNY, 1.47 billion CNY, and 2.12 billion CNY from 2022 to 2025, with net losses of 412 million CNY, 578 million CNY, and 738 million CNY respectively [3] Industry Insights - The growth layer companies are primarily distributed across new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [4] - The revenue growth rate for growth layer companies has averaged 27.87% annually since 2019, outperforming the overall sector by nearly 4 percentage points [6][7] - In 2024, the total R&D investment of 32 growth layer companies reached 30.6 billion CNY, with a median R&D investment to revenue ratio of 65.40%, leading the Sci-Tech Innovation Board [7]

Core Viewpoint - The introduction of the agreed lock-up method for the first three new stocks in the growth tier of the Sci-Tech Innovation Board marks a significant change in the A-share market, allowing for more flexible arrangements for unprofitable companies in terms of lock-up periods and ratios [1][5]. Group 1: New Issuance Mechanism - The first three new stocks on the Sci-Tech Innovation Board are adopting an agreed lock-up method for offline subscription, which is a first in the A-share market [1][2]. - This new method is part of the implementation of the "Eight Measures" aimed at enhancing the issuance and underwriting system for unprofitable companies [5][6]. Group 2: Lock-up Periods and Ratios - The agreed lock-up method includes three tiers of lock-up periods and ratios for investors: - Tier 1: 60% lock-up for 9 months - Tier 2: 45% lock-up for 6 months - Tier 3: 25% lock-up for 6 months [3][4]. - A-class investors can choose from different lock-up tiers, while B-class investors are limited to the lowest tier [3][4]. Group 3: Implications for Investors - The new rules require that the allocation ratio for offline investors with higher lock-up ratios and longer periods must not be lower than that of other investors [4][6]. - The changes are expected to lead to a higher allocation ratio for A-class investors, particularly if they predominantly choose Tier 2 during the inquiry process [4].

Core Viewpoint - The introduction of the agreed lock-up method for the first three new stocks in the growth tier of the Sci-Tech Innovation Board marks a significant change in the A-share market, aimed at enhancing the lock-up ratio and period for unprofitable companies, thereby increasing the allocation ratio for institutional investors [1][6]. Summary by Sections New Lock-up Method - The new agreed lock-up method is introduced alongside traditional methods, allowing for more flexible arrangements for unprofitable companies in terms of lock-up and allocation [2]. - This method is expected to raise the requirements for underwriters' pricing and sales capabilities [2]. Details of the First Three Stocks - The first three companies to adopt this method include Xi'an Yicai, which announced different lock-up ratios and periods for its offline issuance [3]. - The lock-up tiers are set as follows: - Tier 1: 60% lock-up for 9 months - Tier 2: 45% lock-up for 6 months - Tier 3: 25% lock-up for 6 months [4]. Investor Participation - Class A investors can choose from different lock-up tiers, while Class B investors are limited to the lowest tier [5]. - The lock-up period starts from the date the stocks are listed on the Shanghai Stock Exchange, with no restrictions on other allocated shares [5]. Implications of New Regulations - The new regulations are part of the broader reforms initiated by the China Securities Regulatory Commission to enhance the issuance and underwriting system for unprofitable companies [6]. - The adjustments to the rules aim to increase the allocation ratio for long-term investors and provide a more structured approach to the lock-up arrangements [6].

Core Viewpoint - The Chinese capital market is undergoing institutional innovation to broaden financing channels for high-quality, unprofitable technology companies that align with national strategic directions, significantly impacting both companies and investors in the primary and secondary markets [1][3]. Summary by Sections IPO Developments - On September 26, 2023, the first domestic GPU company, Moer Thread, successfully passed the IPO review by the Shanghai Stock Exchange, marking a rapid progression from application acceptance to IPO in less than three months [2]. - The company has reported negative net profits for the past three years but showed signs of reduced losses by mid-2025 [2]. - The "8·27" policy introduced in August 2023 initially halted the IPO process for unprofitable companies, but subsequent reforms have revived the market for these firms [2][3]. Policy Changes and Impact - On June 18, 2025, the China Securities Regulatory Commission announced the "1+6" policy, which includes the reactivation of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board [3]. - Since the announcement, seven unprofitable companies have had their IPO applications accepted, indicating a significant acceleration in the IPO process for these firms [5][6]. - By September 22, 2025, three unprofitable tech companies had completed their IPO registrations under the new policy [6]. Market Trends - The current shift in A-share IPO policies indicates a transition from a strict tightening phase to a more selective opening for unprofitable hard-tech companies [3][10]. - The focus has shifted from financial metrics to core technology and market potential, reflecting a more forward-looking approach in the regulatory framework [10][12]. - The market is witnessing a notable increase in the number of unprofitable companies seeking IPOs, with a total of 54 unprofitable firms having gone public since the establishment of the Sci-Tech Innovation Board [8]. Future Outlook - The re-opening of the IPO window for unprofitable tech companies is expected to alleviate financing challenges and enhance investor confidence in early-stage technology projects [15][16]. - The regulatory environment is anticipated to remain stable and predictable, which is crucial for supporting the long-term development of technology enterprises [17]. - The capital market's valuation system is shifting towards a technology-driven model, which is expected to provide more value to companies aligned with high-quality development and national strategic needs [16].

Group 1 - The recently released documents indicate a connection between the late Jeffrey Epstein and billionaire Elon Musk during the final years of Epstein's life [12] - A document suggests that Musk had planned to visit Epstein's private island in December 2014, although the arrangement's status was questioned [12] - Musk and other involved parties have not yet responded to requests for comments regarding these revelations [12] Group 2 - The Hong Kong High Court dismissed a legal appeal from Zong Fuli regarding a previously issued injunction and disclosure order, but allowed a temporary stay on the disclosure order pending further appeal [17] - The court ruled that Zong Fuli must pay the costs associated with this application [17] Group 3 - Morgan Stanley increased its stake in Alibaba from 6.81% to 12.29% as of September 22, with an average share price of 159.2641 HKD [18] - This increase in stake reflects Morgan Stanley's positive outlook on Alibaba's future development [19] Group 4 - Xiaomi's legal department reported that it has assisted some car owners in legal actions against online attacks, filing 35 lawsuits to protect consumer rights [16] - The company has evaluated over 16,465 public opinion leads and monitored 231 online accounts for malicious activities [16] Group 5 - The People's Bank of China emphasized the importance of using various financial tools to maintain market stability and support sectors like technology innovation and small businesses [4] - The central bank aims to enhance the capital strength of banks and implement structural monetary policies effectively [4]