The "1+6" policy of the Science and Technology Innovation Board has been implemented, changing the competitive landscape of securities investment banks.

The China Securities Regulatory Commission recently released the "Opinions on Establishing a Science and Technology Innovation Growth Board on the Sci-Tech Innovation Board to Enhance System Inclusiveness and Adaptability", introducing a package of more inclusive and adaptive institutional reforms. Many securities industry professionals, in interviews with China Securities Journal reporters, stated that the introduction of the new policies for the Sci-Tech Innovation Board will have a profound impact on the industry competition landscape, with securities investment banking business transitioning from being "channel-focused" to "value-creation-focused". In the future, the core competitive strength of investment banking business will mainly be reflected in industry knowledge and full-cycle service capabilities, with leading comprehensive securities firms and small to medium securities firms specializing in specific industries being the most likely to seize opportunities.