Dongwu Securities' Lu Zhe: "1+6" system provides accurate support for hard technology enterprises.

Lu Zhe, chief economist of Dongwu Securities, said that the "1+6" policy measures announced by Wu Qing, chairman of the China Securities Regulatory Commission, at the 2025 Lujiazui Forum to deepen capital market reforms are in line with the "1+N" system of the capital market. A series of systematic and coordinated measures deeply reflect the firm determination of the regulatory authorities to promote the service of the capital market for the country's innovation-driven development strategy, and enhance the quality and efficiency of services to the real economy. This injects strong momentum into the construction of a more inclusive, adaptive, and vibrant modern Chinese capital market and has milestone positive significance. The Sci-Tech Innovation Board, as an incremental reform carrier, can promote the improvement of the adaptability of the entire market system. For example, the Sci-Tech Innovation Board and other sectors complement each other, avoiding high-quality enterprises flowing out due to profit thresholds; non-profitable enterprises can pass through the high-risk R&D period in the growth layer, and once profitable, they can transfer to the main board or the Sci-Tech Innovation Board, forming a multi-level support chain for the entire lifecycle of the capital market; combined with the IPO pre-review mechanism, the time for high-quality enterprises to go public may be further compressed. From the perspective of investor composition, the policy clearly guides "patient capital" to enter through professional institutions, providing 5-10 years of R&D cycle support for enterprises, alleviating the financial pressure in the early stages of a company's establishment and growth. After companies go public, the long-term investment of professional investors can stabilize the secondary market, reduce stock price fluctuations caused by speculative capital, and provide long-term stability for the capital market. It is expected to greatly boost the confidence of sci-tech enterprises and venture capital institutions, attract more global innovation elements to converge in China, and create richer and more standardized opportunities for investors to share the dividends of Chinese technological innovation.