"轻资产、高研发投入"标准已经成为科创板再融资主要方式。自"轻资产、高研发投入"标准发布以来， 科创板14家企业采用该标准申报再融资，拟融资额合计351.2亿元，占2025年科创板受理企业的比例分 别为38%、76%。 上交所支持科创成长层企业融资发展，助力高成长性"硬科技"企业破解发展瓶颈。截至目前科创成长层 共有38家企业，已有中科寒武纪科技股份有限公司（以下简称"寒武纪"）、迪哲（江苏）医药股份有限 公司（以下简称"迪哲医药"）、奥比中光科技集团股份有限公司等3家企业申请适用"轻资产、高研发投 入"标准再融资。其中，寒武纪和迪哲医药已完成发行，实际募资57.81亿元。 高效率审核 市场获得感显著提升 再融资项目审核效率的提升并未降低审核质量，更聚焦于企业核心业务、研发能力、募投项目可行性等 关键维度，既保障了募集资金投向符合国家战略和产业政策，又为企业创新发展提供了灵活空间。同 时，申报项目集中在战略性新兴产业领域，其中不乏集成电路IP设计、半导体设备研发制造等轻资产类 核心环节，体现了资本市场服务实体经济、支持科技创新的精准导向。 轻资产高研发 科创板试点注册制以来，截至2025年12月19日，累计2 ...

Core Viewpoint - The Shanghai Stock Exchange has issued regulatory warnings to CITIC Securities and Guotou Securities due to their failure to report disciplinary actions from other exchanges, which affected their eligibility for refinancing classification review mechanisms [1][2]. Group 1: Regulatory Actions - CITIC Securities was found to have issued verification opinions that did not align with actual circumstances, as they had received disciplinary actions from other exchanges in the past year, making them ineligible for refinancing classification review [2][3]. - Guotou Securities faced similar issues, also being ineligible for refinancing classification review due to recent disciplinary actions from other exchanges [2][3]. Group 2: Background of Violations - Previous disciplinary actions against CITIC Securities included written warnings from the Shenzhen Stock Exchange for violations during the sponsorship of initial public offerings (IPOs) [4]. - Guotou Securities also received written warnings for violations in their role as sponsors for IPOs [4]. Group 3: Specific Projects - The regulatory warnings are linked to specific refinancing projects, including Guotou Electric Power and China Nuclear Power, both of which had their refinancing applications processed without proper inquiry responses [5][8][11]. - The financing amounts for these projects were 7 billion yuan for Guotou Electric Power and 14 billion yuan for China Nuclear Power, both of which have received effective registration status [8][11].