Core Insights - The establishment of the "Science and Technology Innovation Growth Layer" aims to bridge the gap between "technological breakthroughs" and "capital infusion" for high R&D, currently unprofitable "hard tech" entities [2][3] - The growth layer has seen significant activity, with 32 companies transitioning into it and 18 new applications submitted, indicating a robust influx of new enterprises [3][4] Group 1: Company Developments - Cambrian, a domestic AI chip company, has successfully raised 3.985 billion yuan through a private placement, enhancing its long-term competitiveness in the smart chip industry [1][2] - The rapid IPO process of Moore Threads, taking only 88 days from acceptance to approval, highlights the efficiency of the new growth layer for unprofitable tech firms [1][2] - Cambrian has achieved profitability for four consecutive quarters, demonstrating the effectiveness of the supportive policies for unprofitable yet technologically advanced companies [2][6] Group 2: Industry Trends - The growth layer is designed to support the development of the new generation of information technology industries, instilling confidence in market participants to invest in hard tech [2][4] - Companies in the growth layer are making significant technological advancements, such as ChipLink becoming a major player in automotive-grade IGBT production and Cambrian deepening collaborations in AI infrastructure [5][6] - The growth layer is fostering a more inclusive capital ecosystem, with reforms aimed at enhancing the attractiveness and support for hard tech enterprises [7][8]

Group 1 - The core point of the article highlights the emergence of the "Science and Technology Innovation Growth Layer" in the Chinese capital market, which aims to support high R&D, unprofitable "hard technology" companies, providing them with a platform to connect technological advancements with capital [1][2] - The establishment of the Science and Technology Innovation Growth Layer is a response to the development patterns of hard technology and global tech competition, enhancing market confidence in deepening investments in hard technology [2][3] - Companies like Cambricon Technologies (寒武纪) have benefited from this new layer, securing 3.985 billion yuan in funding for hardware and software development, which enhances their long-term competitiveness in the smart chip industry [1][2] Group 2 - The Science and Technology Innovation Growth Layer has attracted 32 companies to transition into it, with 18 new applications submitted since the introduction of the "1+6" policy, indicating a growing interest and participation in this sector [3] - The layer is designed to address key core technology issues, enabling technological empowerment of the real economy, with a focus on domestic alternatives in the new generation of information technology [4][5] - Companies in the semiconductor manufacturing sector, such as Chipone Technology (芯联), have become significant players, penetrating over 90% of domestic new energy vehicle manufacturers [5][6] Group 3 - Several companies are focusing on long-term R&D investments to seize future growth opportunities, such as Efort Intelligent Equipment (埃夫特) in the industrial robotics sector, which is developing core components for robotic movement [7] - The introduction of the fifth set of standards for listing on the Science and Technology Innovation Board aims to expand the scope for high-quality companies in artificial intelligence, commercial aerospace, and low-altitude economy sectors [8] - The new pre-review mechanism for core enterprises in the information industry is crucial for protecting business secrets and avoiding negative impacts from premature disclosures, especially amid increasing global tech competition [8]

Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" aims to bridge the gap between high R&D, temporarily unprofitable "hard technology" entities and capital markets, providing timely support for the new generation of information technology industry [3][4]. Group 1: Company Developments - A domestic AI chip company, previously in a long-term loss state, has raised 3.985 billion yuan through a private placement to enhance its competitiveness in the smart chip industry [1]. - The company, Cambrian, has completed two rounds of refinancing totaling over 8.2 billion yuan since its IPO, allowing it to address urgent development needs [3]. - The "Science and Technology Innovation Growth Layer" has attracted 32 companies, with 18 new applications submitted after the introduction of the "1+6" policy [4]. Group 2: Technological Advancements - Companies in the growth layer are focusing on solving key core technology issues, contributing to the development of the real economy [6]. - In the semiconductor manufacturing sector, ChipLink has become one of China's largest production bases for automotive-grade IGBTs, penetrating over 90% of domestic new energy vehicle manufacturers [7]. - Cambrian is deepening technical cooperation with leading companies in the AI field, integrating into the domestic AI infrastructure [7]. Group 3: Market Confidence and Future Outlook - The growth layer has instilled confidence in the market to continue investing in hard technology, paving the way for the future development of the new generation of information technology [3]. - Companies like Efort and Orbbec are actively investing in long-term R&D to seize opportunities in emerging markets, such as industrial robotics and 3D vision products [10]. - The introduction of more inclusive policies and reforms aims to cultivate a capital ecosystem that aligns with the development of hard technology enterprises [11][12].