The 申斤宏源证券 SHENWAN HONGYUAN SECURITIES 解锁科创板新地图 "科创成长层"开通攻略在此! 科创成长层从哪儿来? 2025年7月13日上海证券交易所正式发布《科创板上市公 司自律监管指引第5号—科创成长层》等业务指引或指南，标 志着科创板科创成长层正式落地,科创成长层旨在支持上市时 未盈利但前景广阔的科技企业发展。 科创成长层指尖开通指南 情形一 已开通科创板交易权限 (一) 申请权限开通前20个交易日证券账户及资金账户内 的资产日均不低于人民币50万元（不包括通过融资融券融入的 资金和证券); 若您已开通科创板交易权限且风险承受能力测评结果为C4 (积极型) (含)以上,在签署科创成长层风险揭示书后方可 交易2025年7月13日新规发布后新上市的科创成长层股票或存 托凭证,若未签署仅可以交易2025年7月13日新规发布前已上 士かっつけた旦十月にはないというのであげたけど、 中的32多仔重木盆村的科则以下层反宗以仔托元此。 参与路径 申财有道APP/大赢家APP 首页 科创成长层 业务开通 业务办理 以申财有道为例: 业务办理首页 科创成长层 科创成长层 I 热门业务 账户 ...

Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies, with specific guidelines for investors to participate in trading these stocks [5][19]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a new phase for unprofitable technology enterprises [5]. - This layer is designed to enhance inclusivity for technology companies with significant growth potential that are not yet profitable [9][17]. Group 2: Participation Guidelines - Investors who already have STAR Market trading permissions and meet a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations [7][11]. - For investors without STAR Market trading permissions, they must first meet the basic requirements and open trading permissions before signing the risk disclosure document for the Growth Layer [11][12]. - The requirements for individual investors to open STAR Market trading permissions include maintaining an average asset of at least 500,000 RMB over the past 20 trading days and having at least 24 months of trading experience [12]. Group 3: Trading Process - The trading process for the Growth Layer can be initiated through specific apps, such as the "Shen Cai You Dao" app, where users can navigate to the relevant sections to open permissions and manage their accounts [9][14]. - New stocks listed under the Growth Layer will have a "U" identifier to indicate their unprofitable status, while existing stocks will be labeled accordingly to differentiate between new and existing listings [17].

Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies, enhancing inclusivity for such firms in the market [5][19]. Summary by Sections Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a significant step in supporting the development of technology enterprises that are not yet profitable but have strong growth potential [5]. Access Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7][11]. - For those who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in trading [11]. Eligibility Requirements for Individual Investors - To open trading permissions for the STAR Market, individual investors must meet several criteria, including: 1. An average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days (excluding funds and securities borrowed through margin trading) [12]. 2. At least 24 months of experience in securities trading [12]. 3. A strong understanding of the risks associated with STAR Market stocks, demonstrated by passing a knowledge test [12]. 4. A risk tolerance assessment result of C4 (active) or above [12]. Trading Process - Investors can access the "Science and Technology Innovation Growth Layer" through specific apps, such as the Shen Cai You Dao APP or Da Ying Jia APP, and must follow the outlined steps to open trading permissions [9][14]. Identification of Growth Layer Stocks - Stocks of companies listed in the Growth Layer will have a "U" identifier to indicate their unprofitable status. New registered stocks will be labeled with "成" for new registrations, while existing stocks will be marked with "成1" [17].

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The Science and Technology Innovation Growth Layer was officially launched on July 13, 2025, by the Shanghai Stock Exchange, with the goal of fostering the development of unprofitable technology enterprises with significant growth potential [5]. - This layer is designed to enhance the inclusivity for technology companies that are not yet profitable but have strong future prospects [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and possess a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on July 13, 2025, after signing a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the trading of stocks or depositary receipts in the Growth Layer [11][12]. Group 3: Eligibility Criteria for Individual Investors - To qualify for trading permissions on the STAR Market, individual investors must have an average asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must also have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Identification and Labeling of Stocks - Stocks in the Science and Technology Innovation Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing listings [17].

Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies, with specific guidelines for investors to participate in trading these stocks [5][19]. Group 1: Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a new phase for unprofitable technology enterprises [5]. - This layer is designed to enhance inclusivity for technology companies with significant growth potential that are not yet profitable [9][17]. Group 2: Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations [7][11]. - For investors without STAR Market trading permissions, they must first meet the basic requirements and open trading permissions before signing the risk disclosure document for the Growth Layer [11][12]. Group 3: Eligibility Criteria - To open trading permissions for the STAR Market, investors must have an average asset of at least 500,000 RMB in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Stock Identification - Stocks from the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between them [17].

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The Science and Technology Innovation Growth Layer was officially launched on July 13, 2025, by the Shanghai Stock Exchange, with the goal of fostering the development of unprofitable technology enterprises with significant growth potential [5]. - This layer is designed to enhance the inclusivity for technology companies that are not yet profitable but have promising prospects [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and possess a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on July 13, 2025, after signing a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in trading [11][12]. Group 3: Eligibility Requirements for Individual Investors - Individual investors must have an average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities borrowed through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Identification and Labeling of Stocks - Stocks of companies listed on the Science and Technology Innovation Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registrations labeled as "成" and existing stocks labeled as "成1" [17].