今年以来，A股IPO市场呈现"受理激增、审核提速"等特征。数据显示，今年1至10月IPO受理量同比激 增超过400%，北交所成为申报主阵地，科创成长层也为市场注入新活力。 在政策与市场共振之下，券商投行积极调整架构、深耕产业。"我们对于IPO业务复苏的感受较为明 显。目前投行内IPO前期立项数量有所增加，部分企业客户对IPO的信心明显增强。"一位券商投行人士 说。 科创成长层注入新活力 年内北交所IPO审核节奏明显加快，申报热度持续攀升。 在兴业证券投行相关负责人看来，北交所之所以成为新增受理企业的核心阵地，源于其多重优势：首 先，北交所定位为服务创新型中小企业主阵地，对上市企业整体市值、收入等要求比沪深交易所低，形 成与沪深交易所的差异化竞争，这是北交所最大的优势。其次，在审核方面，北交所的速度快于沪深交 易所，从注册生效到上市只需要40天左右，时间是沪深交易所的一半。同时，北交所持续进行制度创 新，如直联审核机制、做市等，提升审核效率，畅通多层次资本市场联动，有效助力专精特新企业发 展。最后，近一年北交所的涨幅和交易量有明显提升，股东财富增值效应明显。 IPO受理量显著增长 投行人士感受市场暖意 Wind ...

Core Points - The first three companies have been registered in the Sci-Tech Innovation Board's growth layer, marking a significant step in the capital market's support for technological innovation and the development of new productive forces [1][4] - The establishment of the Sci-Tech Growth Layer aims to enhance the inclusiveness and adaptability of the capital market, allowing unprofitable technology companies to access funding [5][7] - The introduction of the "1+6" policy framework has successfully facilitated the inclusion of unprofitable companies, with a total of 35 companies now listed in the growth layer [5][6] Group 1: Market Developments - The three newly listed companies, He Yuan Bio-U, Xi'an Yicai-U, and Bibete-U, represent the first batch of new registrations in the Sci-Tech Growth Layer, which aims to support high-tech industries [1][6] - The total number of companies listed on the Sci-Tech Innovation Board has reached 592, indicating a growing market [5] - The Shanghai Stock Exchange has completed necessary preparations for the listing of these companies within four months, demonstrating efficient regulatory processes [6] Group 2: Regulatory Insights - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market [4][12] - Future plans include enhancing the regulatory framework to better identify quality tech companies and support emerging sectors such as artificial intelligence and aerospace [12] - The CSRC aims to improve corporate governance and increase investor returns while fostering a market environment conducive to long-term capital investment [12] Group 3: Company Perspectives - Company leaders express gratitude for the new policies that have opened doors to capital markets, enabling faster technology commercialization and industrial capacity enhancement [6][11] - The focus for these companies will be on increasing R&D investment and delivering performance to reward investors [11] - The transition from a profit-oriented to a future-oriented evaluation approach reflects a shift in how companies are assessed for their potential in the capital market [9]

Group 1 - The core viewpoint of the news is the emphasis on the achievements and future directions of China's financial industry during the "14th Five-Year Plan" period, focusing on enhancing market competitiveness and supporting high-quality development [1] - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, improving the adaptability and inclusiveness of market systems and regulations [1][4] - The CSRC highlighted the significant role of the capital market in supporting technological innovation, with over 90% of new listed companies being technology-related, and the market capitalization of the technology sector exceeding 25% of the total A-share market [2] Group 2 - During the "14th Five-Year Plan," listed companies have shown a stronger commitment to returning value to investors, with total dividends and buybacks reaching 10.6 trillion yuan, an increase of over 80% compared to the previous five years [4] - The A-share market has demonstrated enhanced resilience and risk resistance, with the Shanghai Composite Index's annualized volatility decreasing by 2.8 percentage points to 15.9% during the "14th Five-Year Plan" [4] - The regulatory environment has improved, with 2,214 administrative penalties for financial misconduct issued, totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five years [5]

Core Viewpoint - The Chinese securities regulatory authority emphasizes the need for comprehensive reform in investment and financing to enhance the adaptability and inclusiveness of foundational systems, market functions, and regulatory enforcement in the financial sector [1] Group 1: Financial Market Development - Major international financial markets are accelerating the innovation of capital market systems and product services to improve institutional inclusiveness and market operational efficiency [1] - The current environment necessitates the evolution of market development concepts and regulatory approaches to enhance market competitiveness and attractiveness [1] Group 2: Future Directions - The focus will be on maintaining stability while promoting progress, using comprehensive investment and financing reforms as a driving force [1] - There is a commitment to improving the adaptability and inclusiveness of foundational systems, market functions, and regulatory enforcement [1] - The goal is to facilitate more efficient resource allocation, allowing high-quality enterprises and various types of capital to better unleash vitality and realize value [1]