On October 30, 2025, the ChiNext board will celebrate its 16th anniversary of opening. Starting from 28 pioneers in 2009, to October 29th of this year, 1389 innovative pioneers have gathered in a formation with a total market value exceeding 17 trillion yuan. This capital oasis, which carries the responsibility of serving economic transformation and nurturing future industries, has grown from an experimental field for institutional innovation to a demonstration field for nurturing new quality productivity. On October 27th, Wu Qing, Chairman of the China Securities Regulatory Commission, stated at the 2025 Financial Street Forum Annual Meeting: "We will launch the implementation of deepening the reform of the ChiNext board, set listing standards that are more in line with the characteristics of innovative and entrepreneurial enterprises in emerging fields and future industries, and provide more accurate and inclusive financial services for new industries, new formats, and new technologies." Standing at a new starting point, the ChiNext board will continue to embrace innovation with a more open attitude, stimulate potential with more flexible mechanisms, and continue to write a new chapter of deep integration between capital and the real economy in the era of serving technological self-reliance and promoting high-quality development. In the late 1990s, the tide of China's economic transformation surged, and the trend from traditional industry driven to innovation driven became increasingly clear. A group of dynamic technology companies have emerged from the ground, holding innovative technologies and dreaming of scaling up, but generally facing growth bottlenecks such as narrow financing channels and insufficient capital supply. The establishment of the ChiNext board is in response to the needs of this era and has become an important bridge connecting innovative elements and financial resources. For the past sixteen years, the ChiNext board has always adhered to the internal development logic of innovative and growth oriented enterprises, focusing on their typical characteristics of "high research and development, fast growth", and continuously promoting institutional exploration and adaptive reforms; At the same time, with capital as the lifeblood and diversified financing tools for precise drip irrigation, we empower enterprises from technological breakthroughs to market development, helping countless innovative "seedlings" grow strong and become industry "pillars", truly realizing the symbiosis and co prosperity of capital and scientific and technological innovation enterprises. Specifically, in terms of institutional safeguards, the ChiNext board has explored investor suitability management and established a unique delisting system for ChiNext since its opening, designated a "safe development zone" for innovative enterprises, implemented the registration system reform of "incremental+stock" synchronous promotion in 2020, simplified the review process, optimized information disclosure requirements, and enabled eligible innovative enterprises to connect with the capital market faster. In June of this year, the third set of listing standards was officially launched to support high-quality non-profit innovative enterprises to go public - a series of institutional innovations have progressed layer by layer, not only building a "protective net" for enterprise development, but also empowering their innovation vitality. As the first beneficiary of the third set of listing standards for the ChiNext board, Shenzhen Dapu Microelectronics Co., Ltd.'s ChiNext IPO application was officially accepted by the Shenzhen Stock Exchange in June this year. The relevant person in charge of the company stated that the IPO plans to raise 1.878 billion yuan, mainly for the research and industrialization projects of next-generation control chips and enterprise level SSDs (solid state drives), as well as the enterprise level SSD module mass production testing base project. If institutional innovation has paved the "fast lane" for the development of enterprises, then the surging capital flow is the core engine driving the enterprise forward. Over the past sixteen years, the ChiNext board has leveraged diversified capital tools to form a strong financial momentum, and has carried out precise drip irrigation based on the characteristics of different growth stages of enterprises. The person in charge of Nanjing Kent Composite Materials Co., Ltd. stated in an interview with reporters that listing on the ChiNext board has brought profound changes to the company from multiple dimensions. Firstly, going public provides a solid financial guarantee for fundraising projects, significantly expanding business scale, optimizing product structure, and enhancing market position. Secondly, in the face of the current scattered competition pattern in the industry, our company can fully utilize the platform and tools of the capital market, actively seek cooperation and integration opportunities that are in line with long-term strategies, and draw on international experience to promote industry concentration. Finally, becoming a public company itself is a governance upgrade, which prompts us to rely on external supervision and market forces to continuously improve management mechanisms and governance structures, thereby laying a solid foundation for high-quality development. Thanks to the synergistic empowerment of institutions and capital, high growth has become the most distinctive label of companies on the ChiNext board. Looking back at the beginning of the ChiNext board, there was no company whose annual revenue exceeded 3 billion yuan or net profit exceeded 500 million yuan. However, as of 2024, there have been 240 companies whose revenue has exceeded 3 billion yuan, and 91 companies whose net profit attributable to the parent company has exceeded 500 million yuan, achieving a historic leap in overall scale. From the perspective of growth momentum, the growth momentum of ChiNext companies is more significant. Based on the 2024 annual report data (excluding companies listed in 2024 and 2025), there are over 600 companies with revenue growth exceeding 100% after listing, of which over 100 companies have revenue growth exceeding 10 times; There are around 300 companies with net profit growth exceeding 100%, of which over 30 have seen a net profit increase of more than 10 times. This series of data not only confirms the growth resilience of ChiNext companies, but also demonstrates the powerful nurturing function of the capital market for innovative entities. Over the past 16 years, the ChiNext board has not only helped numerous innovative "seedlings" grow strong and become industry "pillars", but also guided by the original intention of "innovation, creativity, and new technology, new industry, new format, and new model". Through the progressive practice of anchoring the new industry track, promoting the synergy of new formats, and empowering the landing of new models, it has formed a mutually empowering industrial ecology and created a solid force to support China's economic transformation and upgrading. Firstly, anchor the new industry track and select the right direction to gather "stars" in groups. The ChiNext actively serves the three key areas of advanced manufacturing, digital economy, and green and low-carbon, and focuses on supporting relevant enterprises to achieve technological breakthroughs and strategic layouts in key areas through mergers and acquisitions, allowing dispersed innovation forces to gather in high-value areas and form a large-scale industrial "star cluster". Data shows that as of October 29th, the number of enterprises in the three major industrial clusters mentioned above has accounted for 48.09% of the total ChiNext board, with a total market value accounting for over 55.35%. This means that one out of every two ChiNext companies comes from core emerging industries, and one out of every two yuan market value is concentrated in the strategic track. Secondly, promote collaboration among new business models and connect the chain of "stars" into a "chain". In response to the pain points of the upstream and downstream industries fighting independently, the ChiNext breaks down barriers through a collaborative mechanism, connecting the "star clusters" into a complete industrial chain, and turning dispersed operations into collaborative breakthroughs. Taking the new energy industry chain as an example, according to the reporter's analysis, in the field of power batteries, a complete chain covering "materials battery cells power battery pack electronic control" has been formed, from upstream positive electrode material enterprises (such as Rongbai Technology) and negative electrode material enterprises (such as Putailai), to midstream battery manufacturing enterprises (such as CATL and EVE Energy), and then to downstream new energy automotive parts enterprises (such as Huichuan Technology). Dong Zhongyun, Chief Economist of AVIC Securities, told reporters that the coordinated development of these industrial chains presents the following characteristics: on the one hand, leaders drive and promote the benign interaction of the entire industrial chain, jointly improving quality, reducing costs and increasing efficiency. The technological breakthroughs of CATL have promoted the coordinated upgrading of upstream lithium mining, midstream battery manufacturing, and downstream new energy vehicle applications, reshaping the competitive landscape of the new energy industry and forming a trillion yuan industrial cluster. On the other hand, resource integration can be achieved through mergers and acquisitions, industrial funds, etc., to integrate upstream and downstream industrial chains and enhance competitiveness. Finally, empowering the implementation of new models, sharing resources and gathering "chains" to become "flames". In response to the pain point of "information asymmetry" between enterprise resource demand and supply, the Shenzhen Stock Exchange has created an online and offline integrated service platform, such as jointly building the "Shenzhen Online Industrial Technology Research Institute" with government departments, creating a digital platform that integrates demand release, achievement display, and resource matching, enabling precise matching of technology, achievements, demand and other resources, and accelerating the gathering of "chains" into "fires". From "selecting tracks" to "connecting chains" and then to "creating models", the ChiNext board has anchored the positioning of the "three innovations and four new" sector, completed the leap of industrial resources from dispersion to synergy, and built a mutually empowering industrial ecology. This force is becoming a solid pillar supporting China's economic transformation and upgrading. According to data, as of October 29th, about 90% of the companies listed on the ChiNext board are high-tech entrepreneurs, and nearly 70% of the companies belong to strategic emerging industries; The trend of cluster development in advantageous industries such as new generation information technology, new energy, biology, new materials, and high-end equipment manufacturing is evident, with a total market value of over 10.79 trillion yuan for related companies, accounting for 63.47% of the sector. Yan Xiang, Chief Economist of Fangzheng Securities, told reporters that the ChiNext board has become an important carrier for cultivating new quality productivity, and further efforts should be made in the future. On the one hand, we will deepen institutional innovation and expand the scope of application of the third set of unprofitable listing standards, covering cutting-edge fields such as artificial intelligence and low altitude economy; On the other hand, relying on existing industrial clusters, improving the mechanism of mergers and acquisitions, supporting leading enterprises to integrate upstream and downstream resources, and driving the coordinated development of small and medium-sized enterprises. Multi dimensional efforts are necessary to enable the ChiNext board to better play its role as the "future board of China" and continuously inject momentum into economic transformation and upgrading. Over the past 16 years, the Growth Enterprise Market (GEM) has not only cultivated enterprise growth at the micro level and aggregated industrial potential at the meso level, but also successfully guided social capital to gather in high value-added fields by continuously deepening investment side reforms, optimizing the structure of capital supply, reducing the cost of connecting capital with science and technology innovation enterprises, injecting long-term momentum into technological self-reliance and industrial structure upgrading, and becoming a key hub for opening up the virtuous cycle of "technology industry finance". In response to the pain points of "strong short-term speculative tendency, low proportion of long-term funds, and difficulty in financing for scientific and technological innovation enterprises" in the early capital market, the ChiNext board has made efforts from three aspects: investor structure, trading mechanism, and supporting policies, to systematically reshape the investment ecosystem. Specifically, one is to anchor the core goal of "long-term capital entering the market" and continue to promote the institutionalization of investor structure. By optimizing the lock up period return mechanism for long-term funds such as social security funds, insurance funds, and pension funds (holding for at least 3 years can enjoy weighted voting rights and preferential dividend tax rates), long-term investment risks can be reduced. The second is to deepen the innovation of trading mechanisms and improve the efficiency of capital allocation. If the coverage of the market maker system is further relaxed, and a combination mechanism of "fixed price trading after hours+block trading optimization" is introduced to reduce the impact of large transactions by institutional investors on stock prices. The third is to create a "theme product matrix" and lower the threshold for ordinary investors to participate. Data shows that since its release on June 1, 2010, the ChiNext Index has gradually become a core indicator reflecting China's economic transformation and upgrading, as well as the development of innovative and entrepreneurial enterprises. At present, the ETF size tracking the ChiNext Index in the entire market has reached 187.35 billion yuan, the ETF size tracking the ChiNext 50 Index has reached 37.379 billion yuan, and the total size of the "Chuang" series ETFs has reached 254.272 billion yuan. Thanks to the deepening of this series of reforms, the trading volume and activity of the ChiNext board have continued to increase, and the structure has been continuously optimized. As of October 29th, the number of investors has exceeded 50 million. The effectiveness of the investment side reform is ultimately reflected in the precise concentration of funds towards the field of science and technology innovation. Relying on institutional guidance and product innovation, the ChiNext board has formed a configuration logic of "funds following technology and industries", making capital truly an "incubator" for new quality productivity. Overall, in the past sixteen years, the ChiNext board has cultivated a group of startups that have gone from being startups to leaders, from catching up to running parallel, and even leading the way, with institutional guarantees and capital flow