● 本报记者 黄一灵 作为支持企业优化资本结构的政策工具之一，再融资持续将资金精准引导向国家战略支持的高科技和新 兴产业，服务实体经济高质量发展。 2025年以来，再融资市场量质齐升，活力迸发。以沪市为例，Wind数据显示，截至12月25日发稿，沪 市上市公司股权融资（包含再融资、发行股份购买资产等）募集资金超8000亿元，涉及沪市公司超百 家，相比2024年同期均显著增长。 据介绍，上市公司再融资简易程序具有小额快速的便捷性，可较大幅度提升再融资效率。在市场看来， 简易程序的再融资金额较小，既能较好地满足上市公司必要的融资需求，又能兼顾二级市场稳定。 2025年12月，智明达发行新股上市交易，这是科创板首单适用"轻资产、高研发投入"标准的再融资简易 程序项目。具体来看，智明达通过再融资简易程序募集资金超2亿元，用于无人装备及商业航天嵌入式 计算机研发、产业化建设项目和补充流动资金，助力公司加速新领域新产品的研发，该项目的落地也是 再融资便利度提升的又一生动体现。 "如果没有简易程序，公司很有可能要到明年才能完成发行。简易程序大幅缩短了项目的审核时间，极 大地解决了公司融资紧迫性的问题。同时，简易程序预先发行 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of deepening reforms to stimulate the vitality of the multi-level capital market, particularly focusing on supporting high-quality, unprofitable innovative enterprises to list on the ChiNext board [1][4]. Group 1: Market Overview - As of now, the number of companies listed on the ChiNext board has reached 1,382, with a total market capitalization exceeding 13 trillion yuan [1][7]. - The CSRC's recent meeting highlighted the complex internal and external environment of the capital market, but also pointed out the certainty of high-quality economic development and asset valuation recovery in China [1]. Group 2: Reforms and Standards - The CSRC announced the implementation of a third set of standards for unprofitable innovative enterprises to list on the ChiNext board, with the first application being accepted from Dapu Microelectronics [1][3]. - The Shenzhen Stock Exchange (SZSE) has clarified the standards for refinancing applicable to ChiNext listed companies, focusing on "light assets and high R&D investment" [2][5]. - The newly released guidelines specify that companies meeting the "light asset" criteria must have no more than 20% of total assets in fixed assets and related categories, while "high R&D investment" companies must have an average R&D expenditure of at least 15% of revenue over the last three years [5][6]. Group 3: Industry Impact - The introduction of standards for unprofitable innovative enterprises is expected to enhance the inclusivity and adaptability of the ChiNext board, attracting more advanced production factors to the technology sector [3][4]. - The ChiNext board has become a crucial platform for supporting technological innovation, with over 60% of listed companies in strategic emerging industries, indicating a strong demand for financing to accelerate innovation [6][7]. - The median R&D investment for ChiNext listed companies from 2022 to 2024 was 209 million yuan, with a median R&D investment ratio of 6.47%, highlighting the need for higher standards to ensure innovation quality [7]. Group 4: Index and Quality Enhancement - The SZSE has revised the ChiNext Composite Index to enhance its representational quality by introducing mechanisms for monthly removal of stocks under risk warning and those with poor ESG ratings [8]. - The revised index now includes 1,316 sample stocks, covering 95% of ChiNext listed companies and 98% of total market capitalization, thereby improving the index's quality and attractiveness to investors [8].