Core Insights - The report discusses the implementation of the "1+6" reform package for the Sci-Tech Innovation Board, aimed at enhancing the inclusiveness and adaptability of the capital market for technology innovation and new productive forces [4] - The introduction of the Sci-Tech Growth Layer allows for the inclusion of unprofitable companies without additional listing thresholds, with 32 existing unprofitable companies now classified under this layer [4][5] - The pre-review mechanism is designed to improve the quality and efficiency of IPO reviews, allowing companies to apply for pre-review under specific circumstances [4] - The criteria for recognizing senior professional institutional investors have been established, which will not constitute a listing condition but will serve as a reference for companies applying under the fifth listing standard [4][7] Summary by Sections Sci-Tech Growth Layer - The reform clarifies the calculation criteria for exit standards and introduces new identification indicators for the growth layer [4] - Existing unprofitable companies will be labeled as "成 1" and new unprofitable companies will be labeled as "成" upon listing [4] - The exit conditions for existing companies remain unchanged, while new companies must meet the first set of listing standards to exit [4] Pre-Review Mechanism - The pre-review is not mandatory for all companies but is available for those that can justify the need due to potential adverse impacts from early disclosure [4] - Companies must prepare documents according to IPO standards for the pre-review process, which aims to enhance the quality of IPO applications [4] Senior Professional Institutional Investors - The criteria for these investors include having a sound governance structure, significant asset management scale, and a good track record [7] - Investors must have invested in at least five Sci-Tech companies listed on the Sci-Tech Innovation Board or ten on major exchanges in the last five years [7] - The recognition of these investors will help identify companies with growth potential and attract more financial capital [4][7] Market Expectations - The report anticipates a slight acceleration in the pace of new stock issuances in the second half of 2025, with expectations of 41-81 new listings raising between 443-787 billion yuan [4] - The expected first-day price increase for new stocks is projected to be between 140%-180% [4]

Core Points - The "1+6" policy measures for the Science and Technology Innovation Board (STAR Market) have been implemented to enhance the inclusiveness and adaptability of the system, aiming to better serve technological innovation and new productivity development [1][6] - The introduction of the "Science and Technology Growth Layer" will allow unprofitable technology companies to list under the fifth set of standards, with 32 existing unprofitable companies expected to be the first to enter this layer [2][5] Group 1: Policy Measures - The "Science and Technology Growth Layer" is designed to support technology companies with significant breakthroughs and large R&D investments, even if they are currently unprofitable [2][3] - Specific requirements for the new layer include enhanced information disclosure, risk warnings, and investor suitability management [2][3] - The reform includes six key measures, such as introducing a system for experienced professional institutional investors and a pre-review mechanism for IPOs [3][4] Group 2: Investor Protection - The reform emphasizes risk disclosure and investor protection, including a special identifier "U" for stocks of companies in the growth layer and requirements for regular disclosure of reasons for unprofitability [3][7] - Measures to enhance investor understanding and experience include maintaining existing thresholds for investment and conditions for removing the "U" identifier [3][6] Group 3: Market Stability and Quality - The reform aims to enhance the STAR Market's inclusiveness and adaptability while maintaining strict entry standards for listings, ensuring high-quality development [6][7] - The introduction of professional institutional investors is intended to improve the identification of quality technology companies, while the pre-review mechanism aims to protect sensitive information during the IPO process [4][5] - The regulatory framework will focus on preventing risks and ensuring compliance, with strict measures against fraudulent activities and financial misconduct [7]

Group 1 - The securities sector is experiencing a strong performance, with the CSI Securities Company Index rising over 3% and the Securities ETF Index Fund (516200) increasing by 4.09% as of June 25 [1][2] - Major stocks such as Guosheng Jinkong and Xiangcai Shares hit the 10% daily limit, while Tianfeng Securities and Xinda Securities also saw gains [1] - On June 24, the Securities ETF Index Fund (516200) recorded a net inflow of funds, indicating positive market sentiment [2] Group 2 - Guotai Junan International Holdings, a subsidiary of Guotai Haitong Group, received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, allowing clients to trade cryptocurrencies directly [2] - Ping An Securities highlighted that the capital market and securities industry reforms are advancing, enhancing market ecology and internal stability, with leading brokerages expected to benefit from high-quality development policies [2] - Donghai Securities noted a divergence between the brokerage and insurance sectors, with reforms in the Sci-Tech Innovation Board aimed at improving listing efficiency and compliance for unprofitable tech companies [3]