Group 1: Market Stability and Reform - The capital market is crucial for national development and economic flow, serving the mission of building a "financial power" [1] - The "14th Five-Year Plan" emphasizes the need for capital markets to fulfill their role in financing the real economy, making high-quality development timely [1] - Internal stability must be reinforced through mergers and acquisitions to enhance the quality of listed companies [1] Group 2: Investment Opportunities - Focus on sectors benefiting from the reform of the Science and Technology Innovation Board, particularly in chips, artificial intelligence, and communications [1] - Opportunities for mergers and acquisitions are highlighted against the backdrop of high-quality development of listed companies [1] - Long-term capital is expected to favor high-dividend stocks such as banks, coal, and public utilities [1] Group 3: International Investment Trends - Over $150 billion of international funds flowed into emerging markets in the first nine months of the year, indicating a growing interest in Chinese assets [2] - The quality of Chinese assets is being re-evaluated, with northbound capital inflows reflecting global investor confidence [2] - The optimization of the Qualified Foreign Institutional Investor (QFII) system aims to lower barriers for foreign investment [11] Group 4: Regulatory and Risk Management - The meeting emphasized the importance of risk prevention and regulatory enforcement to maintain a healthy capital market environment [11] - Continuous efforts to protect the rights of small and medium investors are crucial for sustainable market development [11]

Core Viewpoint - The article emphasizes the importance of adapting China's financial market to the evolving global landscape and technological innovations, highlighting the need for reforms to enhance market inclusivity, stability, and investor protection [3][4]. Group 1: Economic and Market Context - The past five years have seen China's capital market withstand multiple risks and challenges, achieving reasonable quantitative growth and effective qualitative improvements, thereby supporting the broader economic and social development [3]. - The external environment for China's capital market is expected to face complex changes, presenting both new challenges and opportunities, with over $150 billion of international funds flowing into emerging markets in the first nine months of the year [3][4]. Group 2: Reform and Development Strategies - The article outlines a multi-faceted approach to deepen reforms in the capital market, including enhancing the inclusivity and coverage of the multi-tiered market system, with specific measures for the Sci-Tech Innovation Board and the Growth Enterprise Market [5]. - There is a focus on solidifying the internal foundation of market stability by promoting high-quality listed companies and expanding channels for mergers and acquisitions, while also encouraging long-term investments through public fund reforms [6]. Group 3: Opening Up and Investor Protection - The introduction of the "Qualified Foreign Investor System Optimization Work Plan" aims to enhance the investment environment for foreign investors by streamlining access and improving operational efficiency [6]. - Strengthening investor rights protection is a priority, with measures to enhance risk prevention and regulatory enforcement against market manipulation and fraud, alongside initiatives to improve the trading environment for small investors [7].

Group 1 - The Shanghai Stock Exchange has officially released the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" to deepen the reform of the Sci-Tech Innovation Board [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the implementation of the guidelines [1] - New unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing, while the delisting conditions for existing companies remain unchanged, requiring the first profit after listing [1] Group 2 - The stock abbreviation for the Sci-Tech Growth Tier will now include a special identifier "U" to help investors distinguish between existing and newly registered stocks [2] - The guidelines emphasize risk-oriented information disclosure, requiring companies to disclose risks related to unprofitability and technology development in their annual reports and interim announcements [2] - There are no new trading thresholds for individual investors, maintaining the existing requirement of "500,000 yuan in assets + 2 years of experience" [2] Group 3 - The IPO pre-review mechanism for high-quality technology companies is an important innovation aimed at improving the quality of application documents and the overall efficiency of the stock issuance and listing review process [3] - The Shanghai Stock Exchange will focus on accurately grasping applicable scenarios, improving application document quality, standardizing pre-review procedures, and enhancing information disclosure management [3]

文/梧桐小编 7月13日，上交所发布《科创板上市公司自律监管指引第5号——科创成长层》等配套业务规则，包括《科创板上市公司自律监管指引第5号——科创成长层》、 《发行上市审核规则适用指引第7号——预先审阅》、《发行上市审核规则适用指引第8号——资深专业机构投资者》等3项业务指引，以及修订的《会员管理业务 指南第2号——风险揭示书必备条款》和《证券交易业务指南第6号——证券特殊标识》等2项业务指南。这些规则自发布之日起实施。上交所相关负责人就业务规 则制定修订情况答记者问。 征求意见期间，上交所共收到各类市场主体反馈的意见建议40余条。上交所对收到的意见建议逐一作了认真研究，对合理化建议予以吸收采纳，包括进一步明确预 先审阅机制的适用情形、明确科创成长层调出标准中有关指标的计算口径等。对于市场主体反馈的规则理解方面的问题，上交所将通过多种形式加大宣传力度，做 好解释说明；对于涉及其他制度规则的意见建议，后续将在有关规则修订时认真参考研究。 市场各方高度关注本次设置科创板科创成长层，上交所将如何稳妥有序推进这项改革落地？ 答：《科创板意见》明确了在科创板设置科创成长层的基本要求，《科创成长层指引》从业务规则的角度 ...

6月18日，中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简称 《科创板意见》），提出将设置科创板科创成长层。 同时，围绕增强优质科技型企业的制度包容性适应性，推出试点引入资深专业机构投资者制度；面向优质科技 型企业试点IPO预先审阅机制；扩大第五套标准适用范围；支持在审未盈利科技型企业面向老股东开展增资扩 股等活动；健全支持科创板上市公司发展的制度机制；健全科创板投资和融资相协调的市场功能等6项重磅改 革。 同日，上海证券交易所（以下简称上交所）就同步制订的2项配套业务规则公开征求意见，分别是《科创板上 市公司自律监管指引第5号——科创成长层》《发行上市审核规则适用指引第7号——预先审阅》。除此以外， 上交所还在研究制订修订相关的业务规则，后续将向市场发布。 设置科创板科创成长层 科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，目前仍处于未盈利阶段的科技型企 业。前期已上市的存量未盈利企业和新上市的未盈利企业，共同纳入科创成长层。 上交所也强调，科创成长层建设过程中，上交所将牢牢把握科创板"硬科技"定位和科创成长层定位，更好统筹 投融资动态平衡，把好发行上市入 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability," aiming to deepen capital market reforms and better serve technological innovation and new productivity development [1][10]. Summary by Sections Background of the Opinions - The issuance of the "Opinions" aligns with the directives from the 20th National Congress and various central financial meetings, emphasizing the need for a financial system that supports comprehensive innovation [8][10]. - The CSRC has previously implemented several policies to enhance the institutional framework supporting technological innovation, including the "Sixteen Policies for Technology" and the "Eight Policies for the Sci-Tech Innovation Board" [8][10]. Key Reforms Introduced - The establishment of a dedicated growth tier within the Sci-Tech Innovation Board aims to support technology companies that are currently unprofitable but have significant potential [12]. - Six major reform measures have been introduced to enhance the inclusiveness and adaptability of the system for high-quality technology companies [15][17]. Specific Reform Measures 1. Introduction of a professional institutional investor system for companies applying under the fifth listing standard of the Sci-Tech Innovation Board [15][16]. 2. Pilot pre-IPO review mechanism for quality technology companies to improve communication and service efficiency [15][16]. 3. Expansion of the fifth listing standard to include more frontier technology sectors such as artificial intelligence and commercial aerospace [15][17]. 4. Support for unprofitable technology companies to conduct capital increases targeting existing shareholders [15][17]. 5. Improvement of institutional mechanisms supporting the development of listed companies on the Sci-Tech Innovation Board [15][17]. 6. Coordination of investment and financing functions within the market [15][17]. Investor Protection Measures - The reform includes specific measures to enhance investor protection, such as special identification for stocks of companies in the growth tier and requirements for regular disclosures regarding unprofitability [13][15]. - Emphasis on risk disclosure and investor education to ensure that investors are well-informed about the risks associated with investing in these companies [13][15]. Implementation and Future Steps - The CSRC will work closely with the Shanghai Stock Exchange and relevant market participants to ensure the effective implementation of these reforms [6][18]. - Continuous monitoring and risk management will be prioritized to maintain market stability while promoting high-quality development [18].