中国证监会发布的《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简称《科创 板意见》）即将满三个月。 上交所副总经理王泊9月10日在出席"硬科硬客"新质生产力行业沙龙2025年会时表示，这不是简单的政 策调整，而是在特定的经济周期和市场需求下，为技术突破型企业送上的"及时雨"，让处于研发攻坚 期、暂未盈利但手握"硬核技术"的企业，不用等"盈利答卷"就能拿到"资本入场券"，努力打通硬科技与 资本市场对接的"最后一公里"。 对于科创板"1+6"政策落地后新增第五套IPO项目正式上市的时间，业内预计未来几个月内有可能出 现。 银河证券非银金融分析师张琦认为，科创成长层正式落地，其核心价值在于为国家科技自立自强战略提 供了强有力的资本市场制度支撑。 近3个月以来，科创板市场活跃度明显提升。数据显示，2025年6月18日至9月15日期间，科创板成交额 同比增长339.56%，平均换手率为216.73%，较2024年同期提升了116.73个百分点。 天风证券（601162）首席策略分析师、政策研究院院长吴开达表示，随着科创板成长层揭开面纱，我国 资本市场梯队建设进一步完善，预计未来或从精细化分层机制、上市 ...

Core Viewpoint - The Sci-Tech Innovation Board's "Growth Layer" aims to support technology-driven companies that have significant breakthroughs, broad commercial prospects, and substantial R&D investments but are not yet profitable [2][3]. Group 1: Target Companies - The Growth Layer includes technology companies that are not yet profitable but have the potential to become future "tech giants" [3]. - Companies in the Growth Layer are characterized by high R&D investments and significant technological advancements [2]. Group 2: Upgrade Conditions - To exit the Growth Layer and upgrade to the Sci-Tech Innovation Board, companies must meet one of two conditions: either achieve profitability for two consecutive years with a cumulative net profit of 50 million or achieve profitability in the most recent year with a revenue of 100 million [4][5]. - The existing unprofitable companies will continue to follow the previous criteria for exiting the Growth Layer until the new policy is implemented [7]. Group 3: Policy Implications - The Growth Layer serves as a "testing ground" for new policies that can later be applied to other market segments, providing a controlled environment for reform [9][10]. - The establishment of a dedicated "observation zone" for unprofitable tech companies allows for better risk identification and investor protection [10]. Group 4: Investment Opportunities - Potential investment opportunities exist in emerging industries such as artificial intelligence, commercial aerospace, and low-altitude economy, but careful evaluation of company prospects is necessary [12]. - The introduction of experienced institutional investors in the Growth Layer can help identify high-quality tech companies, providing insights for potential investments [13]. - Companies nearing profitability or meeting revenue standards may present opportunities for investment as they are expected to exit the Growth Layer [14].

Core Points - The Shanghai Stock Exchange officially launched the "Science and Technology Innovation Board Growth Layer" on July 13, allowing 32 existing unprofitable companies to enter this new tier immediately, while newly registered unprofitable companies will enter upon listing [1][8] - Several major securities firms, including Guotai Junan and Guojin Securities, have quickly implemented system upgrades to facilitate trading in the new growth layer, with functionalities available to investors starting July 14 [4][11] - The investment threshold for individual investors remains unchanged, requiring a minimum asset of 500,000 RMB and two years of trading experience, along with signing a risk disclosure document [5][6] Group 1 - The introduction of the growth layer aims to enhance the inclusivity and adaptability of the capital market, particularly benefiting technology companies facing financing challenges [12] - The growth layer will include both existing and newly registered unprofitable companies, with specific labels added to distinguish between them in trading systems [10] - The establishment of the growth layer is seen as a significant institutional innovation for capital markets, providing more investment opportunities and potentially stabilizing market expectations [12] Group 2 - The Shanghai Stock Exchange has mandated that securities firms report the signing status of the risk disclosure documents for the growth layer, enhancing investor suitability management [7] - The first company to register under the new growth layer is Heyuan Biotechnology, which is awaiting IPO approval [10] - The growth layer is expected to attract more institutional investors, which could help reduce irrational market fluctuations and improve pricing efficiency [12]

Core Insights - The launch of the "Science and Technology Innovation Board Growth Layer" aims to provide a tailored platform for unprofitable high-quality technology companies, facilitating their access to capital markets and addressing the challenges of financing [3][6][11] Policy Overview - The introduction of the fifth set of listing standards allows unprofitable companies with a market value threshold of 4 billion RMB to list, particularly benefiting sectors like chips, AI, and low-altitude economy [2][4] - A pilot program for professional institutional investor pricing will enhance valuation accuracy for unprofitable companies, reducing risks for retail investors [2][4] - The pre-IPO review process allows for confidential submission of materials, expediting the listing process while protecting business secrets [2][4] - Companies in the review process can raise funds from existing shareholders, ensuring continuity in R&D funding [2][4] - The optimization of refinancing and strategic investment recognition simplifies processes and encourages ongoing technological innovation post-listing [2][4] - New risk management tools, including ETFs and options, are introduced to attract long-term capital from insurance and pension funds [2][4] Growth Layer Characteristics - The Growth Layer is designed for unprofitable technology companies in critical R&D phases, requiring substantial funding for development and market expansion [3][4] - The entry conditions for the Growth Layer include all unprofitable technology companies, with specific exit criteria based on profitability and revenue thresholds [8][9] Market Impact - The Growth Layer is expected to fundamentally reshape the market structure and capital efficiency of the Science and Technology Innovation Board, benefiting technology companies and investors alike [6][11] - It addresses the financing challenges faced by unprofitable technology firms, enabling them to accelerate technological iterations and market expansion [7][11] - The introduction of the Growth Layer will enhance the overall revenue growth of indices, while also increasing volatility due to the high-risk nature of unprofitable companies [20][22] Index Fund Implications - The inclusion of Growth Layer companies will lead to a more balanced industry distribution within the indices, shifting towards more cutting-edge technology sectors [18][20] - The anticipated high growth of these companies will contribute to the overall performance of the indices, but will also introduce higher volatility [19][22] - Investors are encouraged to adopt a "core + satellite" strategy to balance risk and return, focusing on both stable and high-growth assets [21][22]

Core Viewpoint - The article discusses the new requirements for investors wishing to participate in the subscription and trading of newly registered stocks in the Sci-Tech Innovation Board's growth tier, emphasizing the necessity of signing a risk disclosure agreement. Group 1: Trading Permissions and Requirements - Several brokerage apps, including Guojin Securities, now support online activation of trading permissions for the Sci-Tech Innovation Board's growth tier, requiring investors to sign a risk disclosure agreement [2] - The threshold for opening trading permissions in the growth tier remains consistent with the Sci-Tech Innovation Board, requiring an asset of 500,000 and two years of investment experience [7] - Investors must sign the "Sci-Tech Innovation Board Stock Investor Risk Disclosure Agreement" to open trading permissions, and an additional "Growth Tier Risk Disclosure Agreement" is required for participating in new registered stocks [7][10] Group 2: Regulatory Developments - The China Securities Regulatory Commission has accepted the IPO registration application of Heyuan Bio, which is expected to be the first stock in the newly registered growth tier [9] - The Shanghai Stock Exchange issued the "Mandatory Clauses for the Risk Disclosure Agreement for Stocks of Sci-Tech Innovation Board Growth Tier Enterprises" on July 13, requiring brokerages to inform investors of risks before they can participate in new stock subscriptions [10] - Existing investors trading stocks that were listed before this notice and have not yet achieved profitability do not need to sign the new risk disclosure agreement [11] Group 3: Investor Education and Risk Management - The exchange emphasizes the importance of comprehensive risk education for investors, urging brokerages to utilize multiple channels to inform investors about the risks associated with trading in the growth tier [11][12] - Brokerages are expected to coordinate and prepare their technical systems to facilitate the signing of the risk disclosure agreements in an orderly manner [12]

Group 1 - The core point of the news is the reintroduction of the fifth listing standard for the Sci-Tech Innovation Board, allowing companies with no profits or revenue to go public, particularly benefiting special industries [1][3][4] - The fifth listing standard requires a minimum market value of 4 billion yuan, and companies must have significant market potential and approved core products for certain industries, such as biomedicine [4][5] - The new regulations expand the eligible industries for the fifth standard to include artificial intelligence, commercial aerospace, and low-altitude economy, aiming to accelerate the establishment of typical cases [9][10] Group 2 - The introduction of a system for qualified professional institutional investors is part of the new regulations, which will help assess the reliability of companies applying under the fifth standard [10][11][17] - A pre-review mechanism has been established to protect sensitive information for technology companies, allowing them to apply for confidentiality during the listing process [18][19][20] - The establishment of a Sci-Tech Growth Layer is part of the new regulations, with specific criteria for companies to enter this layer, indicated by a "U" in their stock abbreviation [23][25][29]