Core Insights - The article discusses the progress and impact of the regional equity market's "specialized, refined, characteristic, and innovative" boards in China, highlighting their role in supporting small and medium enterprises (SMEs) and fostering new productive forces in the economy [1][8]. Group 1: Overview of Specialized Boards - As of September 2023, 26 specialized boards have been established, serving 15,600 enterprises, including 1,298 national-level "little giant" enterprises and 9,197 specialized and innovative SMEs [1]. - The boards have become a "nursery" for gathering specialized and innovative SMEs, effectively facilitating financing and nurturing companies for potential listing [1]. Group 2: Regional Developments and Industry Focus - Various regions, including Jiangsu, Tianjin, Hebei, and Henan, have implemented specific measures to support the development of specialized boards, guiding eligible enterprises to list and providing specialized services [2]. - The Beijing specialized board has registered 974 enterprises, with 185 classified as national-level "little giants," indicating a strong focus on strategic emerging industries and future industries [2]. Group 3: Enterprise Characteristics and Performance - The Hunan specialized board has 297 listed enterprises, all of which are provincial-level specialized and innovative enterprises, with 39 recognized as national-level "little giants" [3]. - Specialized board enterprises exhibit strong innovation and operational capabilities, with an average revenue of 86.42 million yuan in 2024, and over 20% of these enterprises generating revenues exceeding 100 million yuan [3]. Group 4: Comprehensive Service System - A comprehensive service system has been established, involving government, financial institutions, universities, and stock exchanges to address core pain points faced by specialized and innovative SMEs [4][5]. - Various financing solutions, including private equity, convertible bonds, and specialized credit products, have been developed to meet the diverse financing needs of these enterprises [5]. Group 5: Pathway to Listing - A tiered cultivation system has been created to provide differentiated services based on the development stages of enterprises, facilitating their path to listing [6]. - The introduction of a mechanism for rapid access to the New Third Board has significantly improved the efficiency of enterprise listings, with 186 enterprises having utilized this green channel as of September 2023 [6][7]. Group 6: Challenges and Future Directions - Despite progress, the coverage and depth of services provided by specialized boards remain limited, with only 5.6% of eligible enterprises in Beijing having accessed these services [8][9]. - Future efforts will focus on expanding service coverage, enhancing service precision, and fostering collaboration between specialized boards and higher-level capital markets to create a robust ecosystem for nurturing new productive forces [9].

Core Viewpoint - The establishment of regional equity markets' "specialized, refined, distinctive, and innovative" boards has significantly contributed to the growth of small and medium-sized enterprises (SMEs) in China, enhancing their financing capabilities and preparing them for public listings [1][11]. Group 1: Development and Impact of Specialized Boards - Over the past three years, 26 regional equity markets have established specialized boards, serving a total of 15,600 enterprises, including 1,298 national-level "little giant" enterprises and 9,197 specialized and innovative SMEs [1][3]. - The specialized boards have become a "nursery" for gathering specialized and innovative SMEs, effectively facilitating financing and nurturing public listing opportunities [1][11]. - The boards have demonstrated a strong alignment with strategic emerging industries, with a significant concentration of enterprises in information technology, healthcare, advanced manufacturing, and intelligent equipment [3][4]. Group 2: Service Ecosystem and Support Mechanisms - A comprehensive service ecosystem has been established, involving government, financial institutions, universities, and stock exchanges, providing a full-chain service system to address the core pain points of SMEs [5][6]. - Various financing solutions, including private equity, convertible bonds, and specialized credit products, have been developed to meet the diverse financing needs of specialized and innovative enterprises [6][7]. - Specific initiatives, such as financing reward policies and exclusive debt financing products, have been introduced to incentivize and support enterprises within the specialized boards [6][10]. Group 3: Pathways to Public Listing - The specialized boards serve as important platforms for the standardized cultivation of enterprises aiming for public listings, with a structured nurturing system that includes incubation, standardization, and cultivation layers [8][9]. - A new mechanism for connecting regional equity markets with the New Third Board has been established, significantly improving the efficiency of enterprises seeking to go public [9][10]. - As of September, 1,098 enterprises are in the pipeline for public listings, indicating a robust potential for future growth [10]. Group 4: Challenges and Future Directions - Despite the progress, the coverage of specialized board services remains limited, with only 5.6% of eligible enterprises in Beijing currently participating [11]. - There is a need to enhance the depth and precision of services provided to enterprises, focusing on tailored support rather than generic solutions [11][12]. - Future efforts should include increasing awareness of specialized boards, diversifying service offerings, and improving the overall service framework to better support the unique characteristics of specialized and innovative enterprises [12].