Top Ten Incremental Information from the Economic Themed Press Conference on March 6

Summary Point 1: What major engineering projects are there during the "14th Five-Year Plan" period? The "14th Five-Year Plan" Outline (Draft) proposes 109 major engineering projects, including 28 projects leading the development of new productive forces, 23 projects for building a modern infrastructure system, 9 projects promoting urban-rural integration, 25 projects ensuring and improving people's livelihoods, 18 projects promoting green and low-carbon transformation, and 6 projects for security assurance in key areas. Key projects include: (1) Yaxia Hydropower, "Shagehuang" New Energy Base, offshore wind power bases, and a series of major energy projects with investments exceeding one trillion yuan; (2) projects in key industries for energy conservation and carbon reduction in the "dual carbon" field; (3) a series of major transportation projects such as the new channel for the Three Gorges waterway and the southern section of the Beijing-Guangzhou high-speed railway; (4) a series of future industry projects such as large-scale artificial intelligence computing clusters, satellite internet, and controllable nuclear fusion; (5) major projects in education, healthcare, elderly care, and support for disadvantaged and left-behind children. Overall, this includes both traditional infrastructure projects and energy, environmental protection, and livelihood projects, with a higher proportion of new industry projects, aiming to guide investment in both "quantity" and "quality." Point 2: The "six networks" and key area construction will be the main focus for expanding effective investment in 2026. The National Development and Reform Commission stated that this year's expansion of effective investment will mainly focus on promoting the 109 major engineering projects of the "14th Five-Year Plan," especially the "six networks" (water network, power grid, computing network, new communication network, urban underground pipeline network, logistics network) and key areas (comprehensive three-dimensional transportation facilities, consumption, low-altitude, "artificial intelligence +" infrastructure, and public service facilities), with an estimated total investment scale exceeding 7 trillion yuan. The "stabilization of fixed asset investment" is one of the key increments for domestic demand in 2026, and the clarity of these focuses makes the stabilization of investment more tangible.** Point 3: Details of the 100 billion yuan "fiscal and financial coordination to promote domestic demand policy tool" mentioned in the government work report have been released. (1) Policy measures include "loan interest subsidies, financing guarantees, risk compensation, etc."; (2) Details of cross-departmental collaboration mainly involve "finance establishing mechanisms and providing funds, finance providing liquidity, and departments like industry and information technology proposing project lists, forming a transmission chain of fiscal guidance, financial amplification, and market operation"; (3) Policy tools include a total of 6 policies under "4+2," with 4 policies specifically supporting private investment and 2 policies supporting resident consumption; (4) The four policies supporting private investment include the special guarantee plan for private investment, interest subsidies for loans to small and micro enterprises (1.5 percentage points), interest subsidies for equipment upgrade loans (1.5 percentage points), and the risk-sharing mechanism for private enterprise bonds; (5) The two policies supporting resident consumption include optimizing and upgrading personal consumption loan interest subsidies (removing restrictions in the consumption field, raising the interest subsidy cap, expanding to new consumption scenarios such as online consumption credit), and interest subsidies for loans to service industry entities (loan cap expanded 10 times to 10 million yuan, with each enterprise eligible for a maximum interest subsidy of 100,000 yuan). In simple terms, the collaborative tools focus on supporting private investment and resident consumption as part of a comprehensive plan to boost domestic demand. Key Point Four: The three major policy directions for boosting consumption are the “6+3” special policies supporting service consumption, expanding openness in the service sector, and clearing unreasonable restrictions. The Ministry of Commerce pointed out that the “6” in service consumption “6+3” includes “transportation, housekeeping, online audio-visual, travel, automotive aftermarket, and inbound consumption,” while the “3” includes “performances, sports events, and experiential services.” Subsequent special support policies will be improved to directly benefit consumers and operators; expanding openness in the service sector mainly includes “value-added telecommunications, biotechnology, wholly foreign-owned hospitals, etc.” From the above policies, the main idea of promoting service consumption is to encourage new fields and scenarios, releasing incremental elasticity. Key Point Five: The industrial policy map clarifies the “six major emerging pillar industries” and “six major future industries.” The National Development and Reform Commission pointed out that the six major emerging pillar industries include “integrated circuits, aerospace, biomedicine, low-altitude economy, new energy storage, and intelligent robots,” with a total output value of nearly 60 trillion yuan by 2025, expected to expand to over 100 trillion yuan by 2030. From this data, it can be seen that during the 14th Five-Year Plan period, the transformation of new and old driving forces in China will accelerate further, and the second growth curve of new industries will take shape. Key Point Six: The Beidou large-scale application project and the “Artificial Intelligence +” initiative are key focuses of the new pillar industries. In cultivating and expanding new pillar industries, the National Development and Reform Commission emphasized that it will continue to implement the Beidou large-scale application project and the “Artificial Intelligence +” initiative, aiming for the Beidou industry scale to exceed 10 trillion yuan within five years, and for the scale of AI-related industries to grow to over 10 trillion yuan by the end of the 14th Five-Year Plan. We understand that both Beidou and artificial intelligence belong to scenario-based technologies with broad space, and the figures of “10 trillion Beidou applications” and “10 trillion AI+” indicate that two major infrastructure-level industrial chains are being built during the 14th Five-Year Plan period ** Key Point Seven: A national-level merger and acquisition fund will be established to provide "elemental support" for innovation. The National Development and Reform Commission pointed out that after the establishment of the national venture capital guidance fund in2025**, a national-level merger and acquisition fund will be established in2026to smooth the exit channels for venture capital, with an expected leverage of over1 trillionin funds. We understand that establishing a merger and acquisition fund can address the "exit difficulty" of venture capital, invigorating the venture capital market; it can also enhance industry concentration and optimize the competitive environment in some new fields.** Key Point Eight: Support the Central Huijin Investment Ltd. to play a role similar to a "stabilization fund." Regarding maintaining financial market stability, the central bank stated that in2026**, it will work with the China Securities Regulatory Commission to implement structural monetary policy tools that support the capital market, and support Central Huijin Investment Ltd. to play a role similar to a "stabilization fund." Additionally, researching the establishment of a liquidity support mechanism for non-bank institutions under specific circumstances is also a significant measure. We understand that these three will form a more complete liquidity support framework for the capital market.** Key Point Nine: Actively support high-quality innovative and entrepreneurial enterprises in new consumption and modern service industries to issue and list on the Growth Enterprise Market. The China Securities Regulatory Commission proposed that the overall plan for deepening the reform of the Growth Enterprise Market has basically taken shape, with one of the key focuses being "to establish a more precise and inclusive listing standard," particularly emphasizing "actively supporting high-quality innovative and entrepreneurial enterprises in new consumption and modern service industries to issue and list on the Growth Enterprise Market." We understand that in theAIera, in addition to hard technology, model innovation and business format innovation are equally important; they will provide support for technological innovation at the scenario and application ends. Deepening the reform of the Growth Enterprise Market and more broadly supporting new industries and business formats will further expand the inclusiveness and adaptability of the capital market, enhancing its ability to serve new productive forces. Key Point Ten: Optimize the refinancing mechanism, highlighting the "supporting the excellent and the scientific" orientation. In optimizing the refinancing system rules, first, optimize the identification standards for strategic investors; second, introduce shelf offerings; third, improve the lock-in pricing mechanism for fixed increases. In further highlighting the "supporting the excellent and the scientific" orientation, the current identification standards for "light assets and high R&D investment" on the Sci-Tech Innovation Board and the Growth Enterprise Market will be further expanded to the main board, supporting high-quality technology innovation enterprises in refinancing. We understand that this is an important part of the "continuous deepening of comprehensive reforms in capital market investment and financing," and expanding the "light assets and high R&D investment" standards to the main board means that the capital market's value discovery function is shifting towards forward-looking indicators such as R&D intensity and technological barriers, guiding social capital to pay more attention to the long-term innovation capabilities of enterprises. Main Text On March 6, the economic theme press conference of the Fourth Session of the 14th National People's Congress was held, where five ministries including the National Development and Reform Commission, Ministry of Finance, Ministry of Commerce, People's Bank of China, and China Securities Regulatory Commission answered questions from domestic and foreign reporters regarding development reform, fiscal budget, commerce, and financial securities issues.[1] Key Point One: What major engineering projects are planned during the "14th Five-Year Plan" period? The "14th Five-Year Plan" Outline (Draft) proposes109major projects, including28that lead the development of new productive forces and23that build a modern infrastructure system. Promoting urban-rural integration development with 9 items, ensuring and improving people's livelihoods with 25 items, promoting green and low-carbon transformation with 18 items, and ensuring safety in key areas with 6 items. Key projects include: (1) Yaxia Hydropower, "Shagehuang" New Energy Base, offshore wind power base, and a series of major energy projects with investments exceeding one trillion yuan; (2) energy-saving and carbon reduction projects in key industries and the "dual carbon" field; (3) a series of major transportation projects such as the new shipping channel of the Three Gorges and the new channel of the southern section of the Beijing-Guangzhou High-Speed Railway; (4) a series of future industry projects such as large-scale artificial intelligence computing clusters, satellite internet, and controllable nuclear fusion; (5) major projects in education, healthcare, elderly care, and care for disadvantaged and left-behind children. Overall, this includes traditional infrastructure projects, energy-related, environmental protection, and livelihood projects, with a higher proportion of new industry projects, aiming to guide both the "quantity" and "quality" of investment. The "14th Five-Year" Plan Outline (Draft) proposes 109 major projects, which include significant projects that reach the sky and the sea, as well as livelihood projects that concern everyone's daily necessities. Specifically, there are 6 aspects, including: 28 items leading the development of new productive forces, 23 items constructing a modern infrastructure system, 9 items promoting urban-rural integration development, 25 items ensuring and improving people's livelihoods, 18 items promoting green and low-carbon transformation, and 6 items ensuring safety in key areas. First, considering long-term layout, we will implement a number of strategic projects. We will continue to promote a series of major energy projects with investments exceeding one trillion yuan, such as Yaxia Hydropower, "Shagehuang" New Energy Base, and offshore wind power base, to ensure the country's modernization and the happiness of the people; implement energy-saving and carbon reduction projects in key industries, which are very important, requiring both increases and reductions. We will also promote a series of major transportation projects such as the new shipping channel of the Three Gorges and the new channel of the southern section of the Beijing-Guangzhou High-Speed Railway, basically completing the main channels of the "eight vertical and eight horizontal" high-speed railway and the national expressway network, fully connecting the highway backbone channels in China's land border areas, reducing social logistics costs, supporting convenient travel for the people, and better promoting the integration of investment in goods and investment in people. Second, considering future development, we will promote a number of leading future industry projects. As I mentioned earlier, we will lay out a series of new industries and new tracks, and the "14th Five-Year" will also promote a series of major projects such as large-scale artificial intelligence computing clusters, satellite internet, and controllable nuclear fusion. Third, considering the actual needs of thousands of households, we will implement a number of warm and rewarding livelihood projects. In response to the social livelihood issues that everyone is concerned about, we will implement a number of significant systematic projects and cluster projects in education, healthcare, elderly care, and care for disadvantaged and left-behind children, increasing the proportion of government investment in livelihood projects, and continuously improving the level of public services Key Point 2: The "Six Networks" and key area construction will be the main focus for expanding effective investment in 2026. The National Development and Reform Commission (NDRC) stated that this year, the expansion of effective investment will mainly target the promotion of 109 major projects in the "14th Five-Year Plan," especially the "Six Networks" (water network, power grid, computing network, new communication network, urban underground pipeline network, logistics network) and key areas (comprehensive three-dimensional transportation facilities, consumption, low-altitude, "artificial intelligence +", education and medical infrastructure, and public service facilities), with an estimated total investment scale exceeding 7 trillion yuan. The "stabilization and recovery" of fixed asset investment is one of the key increments for domestic demand in 2026, and the clarity of the aforementioned focus makes the investment recovery more tangible. Regarding how China will achieve the growth target of 4.5%-5% this year, the NDRC stated, "This year's work focus is on consumption and investment. In terms of investment, we will coordinate resources and continue to promote the construction of 'two heavies' and other work. In terms of the main body, we will further increase government investment scale, stimulate private investment vitality, and promote joint efforts between state-owned and private enterprises. In terms of direction, we will promote the 109 major projects and initiatives of the '14th Five-Year Plan' and carry out a series of actions to expand effective investment. For example, we will promote the construction of the 'Six Networks' and key areas, continuously improving production conditions and living environments. The 'Six Networks' refer to the water network, power grid, computing network, new communication network, urban underground pipeline network, and logistics network, while key areas include comprehensive three-dimensional transportation facilities, consumption, low-altitude, 'artificial intelligence +', education and medical infrastructure, and public service facilities. This year, the preliminary estimate for investment in these areas will exceed 7 trillion yuan." Key Point 3: Details of the 100 billion yuan "Fiscal and Financial Coordination to Promote Domestic Demand Policy Tool" mentioned in the government work report have been announced. (1) Policy measures include "loan interest subsidies, financing guarantees, risk compensation, etc."; (2) Details of cross-departmental collaboration mainly involve "the finance department establishing mechanisms and providing funds, the financial sector providing liquidity, and departments like industry and information technology proposing project lists, forming a transmission chain of fiscal guidance, financial amplification, and market operation"; (3) Policy tools include a total of "4+2" six policies, with four specifically supporting private investment and two supporting resident consumption; (4) The four policies supporting private investment include a special guarantee plan for private investment, interest subsidies for loans to small and micro enterprises (1.5 percentage points), interest subsidies for equipment renewal loans (1.5 percentage points), and a risk-sharing mechanism for private enterprise bonds; (5) The two policies supporting resident consumption include optimizing and upgrading personal consumption loan interest subsidies (removing restrictions in the consumption field, raising the interest subsidy cap, and expanding to new consumption scenarios such as online consumption credit) and interest subsidies for loans to service industry operating entities (loan cap expanded tenfold to 10 million yuan, with each enterprise eligible for a maximum interest subsidy of 100,000 yuan). Simply put, collaborative tools focus on supporting private investment and resident consumption as part of a comprehensive plan to boost domestic demand. Currently, China's economy is generally moving towards a new and better direction, but the contradiction of "strong supply and weak demand" remains prominent, with insufficient vitality in resident consumption and weak growth in private investment. To address this issue, this year the central government has specifically allocated 100 billion yuan to launch a package of six fiscal and financial collaborative policies to promote domestic demand, with four aimed at supporting private investment and two at supporting resident consumption. This package of policies comprehensively utilizes tools such as loan interest subsidies, financing guarantees, and risk compensation, with the key being to leverage the synergistic effects of multiple policies in finance, industry, and other areas. The finance sector establishes mechanisms and provides funds, the financial sector offers liquidity, and departments like industry and information technology propose project lists, forming a transmission chain of fiscal guidance, financial amplification, and market operation, thereby mobilizing larger-scale social resources to flow into key areas for expanding domestic demand. First, empower consumers with more choices. The personal consumption loan interest subsidy policy from last year has been optimized and upgraded, shifting from government "meal preparation" to consumers autonomously "ordering." First, restrictions in the consumption sector have been lifted. For everyday consumption by the public, whether it is goods or services, large items or small items, online or offline, as long as there is genuine consumption, the government will provide a 1% loan interest subsidy. Second, the upper limit for single loan interest subsidies has been increased. Consumers can enjoy a maximum interest subsidy of 3,000 yuan for each consumption loan from financial institutions, corresponding to a loan amount of 300,000 yuan, better meeting the demand for large purchases such as cars and home renovations. Third, new consumption scenarios and models are being expanded. Close to public consumption habits, online consumption credit such as Huabei and Weili Dai, as well as credit card installment services and automotive finance, can all enjoy interest subsidies. Second, fiscal funds enhance credit and reduce costs for enterprises. The central government is putting real money into building a multi-tiered financing support system, substantially lowering the financing thresholds and costs for private enterprises. First, a special guarantee plan for private investment has been established. The upper limit for guarantees and the risk-sharing ratio have been increased to specifically address the prominent issues of small and micro enterprises lacking guarantees and collateral. Second, three interest subsidy policies are being implemented. For loans to small and micro enterprises and equipment renewal loans, the government provides a 1.5% interest subsidy, and eligible fixed asset loans are included in the subsidy range. For loans to service industry entities, the upper limit has been expanded tenfold to 10 million yuan, with each enterprise able to enjoy a maximum interest subsidy of 100,000 yuan. Third, a risk-sharing mechanism for private enterprise bonds has been established. The central government has specifically allocated funds to provide credit enhancement support for private enterprises issuing bonds, improving the capital market's recognition and acceptance of private enterprise bonds. Key Point Four: The "6+3" special policy to support service consumption, the expansion of openness in the service sector, and the elimination of unreasonable restrictions are the three major policy directions to boost consumption. The Ministry of Commerce pointed out that the "6" in service consumption "6+3" includes "transportation, housekeeping, online audio-visual, travel, automotive aftermarket, and inbound consumption," while the "3" includes "performances, sports events, and experiential services." Subsequent special support policies will be improved to directly benefit consumers and operators The expansion of the service sector mainly includes "value-added telecommunications, biotechnology, wholly foreign-owned hospitals, etc." From the above policies, the main idea of promoting service consumption is to encourage some new fields and new scenarios, releasing incremental elasticity.** Regarding how to promote service consumption through the "in-depth implementation of special actions to boost consumption," the Ministry of Commerce stated, "In January of this year, the State Council issued the 'Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption,' which clarified the '6+3' work focus. The '6' refers to key areas such as transportation, housekeeping, online audio-visual, travel and accommodation, the automotive aftermarket, and inbound consumption, as well as three potential areas: performances, sports events, and experiential services. We will work with relevant departments to focus on these key areas, improve special support policies, and directly benefit consumers and operators. At the same time, we will continue to promote 'opening up to the outside world and relaxing restrictions internally' in the service consumption sector, expanding market access and open areas with a focus on the service industry, and promoting the effective implementation of pilot projects in areas such as value-added telecommunications, biotechnology, and wholly foreign-owned hospitals; cleaning up unreasonable restrictions in the domestic service sector and expanding the supply of high-quality services." Key Point Five: The industrial policy map for the "six major emerging pillar industries" and "six major future industries" has been clarified. The National Development and Reform Commission pointed out that the six major emerging pillar industries include "integrated circuits, aerospace, biomedicine, low-altitude economy, new energy storage, and intelligent robotics," with a total output value of nearly 60 trillion by 2025 and expected to expand to over 100 trillion by 2030. From this data, it can be seen that during the "14th Five-Year Plan" period, the transformation of new and old kinetic energy in China will further accelerate, and the second growth curve of new industries will take shape.** The focus will be on building six major emerging pillar industries and six major future industries. The six major emerging pillar industries include integrated circuits, aerospace, biomedicine, low-altitude economy, new energy storage, and intelligent robotics. Preliminary estimates suggest that the output value of these six industries will approach 60 trillion by 2025, and it is expected to double or more by 2030, expanding to over 100 trillion. The six major future industries include quantum technology, biological manufacturing, green hydrogen energy and nuclear fusion energy, brain-computer interfaces, embodied intelligence, and the now-emerging 6G. These industries are on the "eve" of technological breakthroughs, and the future industries of today may become the emerging pillar industries of tomorrow. Key Point Six: The Beidou large-scale application project and the "Artificial Intelligence +" initiative are key to the new pillar industries. In cultivating and expanding new pillar industries, the National Development and Reform Commission has emphasized the continued implementation of the Beidou large-scale application project and the "Artificial Intelligence +" initiative, aiming for the Beidou industry scale to exceed 1 trillion within 5 years, and for the scale of the artificial intelligence-related industry to grow to over 10 trillion **by the end of the "14th Five-Year Plan." We understand that both Beidou and artificial intelligence belong to scenario-based technology fields with broad space, and the figures of "1 trillion Beidou applications" and "10 trillion AI+" mean that two major infrastructure-level industrial chains are being built during the "14th Five-Year Plan." ** Strengthening the modern industrial system is also a key direction for achieving economic growth goals. "We will coordinate the promotion of technological innovation and industrial innovation, deeply integrate advanced manufacturing and modern service industries, and accelerate the renewal of old driving forces and the growth of new driving forces. Cultivating and expanding new pillars means implementing industrial innovation projects and increasing support for emerging and future industries. For example, the BeiDou system may seem far away, but it is actually very close, as seen in commonly used mobile phone navigation, emergency rescue, offshore operations, etc., all of which utilize BeiDou services. We will continue to implement the BeiDou large-scale application project, aiming to push the BeiDou industry scale to exceed 1 trillion within five years. Furthermore, we will deepen the 'Artificial Intelligence +' initiative, empowering various industries and serving countless households, with the scale of AI-related industries expected to grow to over 10 trillion by the end of the 14th Five-Year Plan." Key Point Seven: A national-level merger and acquisition fund will be established to provide "factor guarantees" for supporting innovation. The National Development and Reform Commission pointed out that after the establishment of the national venture capital guidance fund in 2025, a national-level merger and acquisition fund will be established in 2026 to smooth the exit channels for venture capital, with an expected leverage of funds exceeding 10 trillion. We understand that establishing a merger and acquisition fund can solve the "exit difficulty" problem of venture capital, invigorating the venture capital market; it can also enhance industry concentration and optimize the competitive environment in some new fields. To further support innovation, we established the national venture capital guidance fund last year; this year, we will work with the Ministry of Finance, the People's Bank of China, and other departments to establish a national-level merger and acquisition fund, further smoothing the exit channels for venture capital and improving the turnover efficiency of venture capital. This is expected to leverage various types of funds exceeding 1 trillion. Key Point Eight: Support the Central Huijin Investment Ltd. to play a role similar to a "stabilization fund." Regarding maintaining financial market stability, the central bank stated that in 2026, it will work with the China Securities Regulatory Commission to implement structural monetary policy tools to support the capital market and support Central Huijin Investment Ltd. to play a role similar to a "stabilization fund." Additionally, researching the establishment of a liquidity support mechanism for non-bank institutions under specific circumstances is also a significant measure. We understand that these three will form a more complete liquidity support framework for the capital market. In maintaining the stable operation of the financial market, the central bank stated, "In terms of the capital market, we will work with the China Securities Regulatory Commission to implement structural monetary policy tools to support the capital market and support Central Huijin Investment Ltd. to play a role similar to a 'stabilization fund,' enhancing the inherent stability and vitality of the capital market. At the same time, we are also researching the establishment of a liquidity support mechanism for non-bank institutions under specific circumstances." Key Point Nine: Actively support high-quality innovative and entrepreneurial enterprises in new consumption and modern service industries to issue and list on the Growth Enterprise Market. The China Securities Regulatory Commission proposed that the overall plan for deepening the reform of the Growth Enterprise Market has basically taken shape, with one of the key focuses being "to establish a more precise and inclusive set of listing standards," particularly emphasizing "actively supporting high-quality innovative and entrepreneurial enterprises in new consumption and modern service industries to issue and list on the Growth Enterprise Market." We understand that in the AI era, in addition to hard technology, model innovation and business format innovation are equally important, as they will provide support for technological innovation at the scene and application ends. Deepening the reform of the Growth Enterprise Market and more broadly supporting new industries and new business formats will further expand the inclusiveness and adaptability of the capital market Further enhance the ability to serve new quality productivity. Deepen the reform of the ChiNext board. The overall consideration is to further highlight the functional positioning of the ChiNext board and better support the high-quality development of the real economy, including emerging industries and future industries. First, expand the inclusiveness and coverage of the system. Establish a more precise and inclusive set of listing standards to strongly support the development of new industries, new business formats, and new technology enterprises. Actively support high-quality innovative and entrepreneurial enterprises in new consumption and modern service industries to issue and list on the ChiNext board. Second, replicate and promote the beneficial experiences of the Sci-Tech Innovation Board reform to the ChiNext board. The focus is to introduce IPO pre-review for high-quality innovative enterprises that meet the conditions on the ChiNext board, especially those that have breakthroughs in key core technologies, allow qualified enterprises under review to increase capital and expand shares for existing shareholders, and optimize new stock issuance pricing and other reform measures. Third, comprehensively promote the improvement of the quality of listed companies on the ChiNext board. Establish and improve the institutional mechanism from recommending listings, selection and review to full-process supervision, better serving local economic and private economic development. Currently, the overall plan for deepening the reform of the ChiNext board has basically taken shape and will be further improved and implemented at an opportune time. Key Point Ten: Optimize the refinancing mechanism, highlighting the "supporting excellence and science" orientation. In optimizing the refinancing system rules, first, optimize the identification standards for strategic investors; second, introduce shelf offerings; third, improve the locked price mechanism for private placements; in further highlighting the "supporting excellence and science" orientation, expand the current identification standards of "light assets, high R&D investment" from the Sci-Tech Innovation Board and ChiNext board to the main board, supporting high-quality technology innovation enterprises in refinancing. We understand that this is an important part of the "continuous deepening of comprehensive reform of capital market investment and financing," and expanding the "light assets, high R&D investment" standard to the main board means that the capital market's value discovery function is shifting towards forward-looking indicators such as R&D intensity and technological barriers, guiding social capital to pay more attention to the long-term innovation capabilities of enterprises. Optimize the refinancing mechanism. Refinancing is an important system to support listed companies in becoming better and stronger, promoting the formation of innovative capital and the cultivation of innovative momentum, and is also an important function of the capital market. Before the Spring Festival, the three exchanges in Shanghai, Shenzhen, and Beijing have introduced a series of measures to optimize refinancing, and we will further optimize the refinancing review and registration mechanism at the institutional rule level, focusing on improving convenience. First, further enhance the inclusiveness and adaptability of the institutional rules. This mainly includes: optimizing the identification standards for strategic investors, facilitating the participation of medium- and long-term funds such as social security, insurance, and public funds; introducing shelf offerings to guide rational financing and effective financing; improving the locked price mechanism for private placements to push the stock private placement price closer to the market price, better balancing the interests of listed companies and investors; further optimizing the simplified procedures for refinancing, etc. Second, further highlight the "supporting excellence and science" orientation. For high-quality listed companies with standardized governance and operations and high market recognition, significantly improve review efficiency. Further expand the current identification standards of "light assets, high R&D investment" from the Sci-Tech Innovation Board and ChiNext board to the main board, implement measures to relax the refinancing replenishment limit for R&D investment, shorten the refinancing interval, and better support high-quality technology innovation enterprises in refinancing. Third, further strengthen refinancing supervision. Strengthen the full-process supervision from proposal disclosure, application acceptance, review and registration to the use of raised funds, increase law enforcement efforts, and severely punish illegal activities such as "deceptive" refinancing and unauthorized changes in the use of raised funds according to law, effectively protecting the legitimate rights and interests of investors Source: Guo Lei Macro Tea House Risk Warning and Disclaimer The market has risks, and investment requires caution. 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