[Interpretation of IPO Industry Distribution] Manufacturing Hardcore Hard Technology and Specialized New Leading Review Preferences (as of July 31, 2026)

★ Disclaimer: This article only objectively states public information and does not constitute any investment advice.

1. Overview of the industry distribution of enterprises under review

According to statistics from the Prospective Industry Research Institute, as of July 31, 2026, among the 435 companies under review, the manufacturing industry occupies the absolute main force, with a total of 246 companies in the five major industries of computer communication electronic equipment, special equipment, general equipment, electrical machinery, and automobile manufacturing., contributing more than 56% of the queue volume.

2. Industry characteristics by sector-sector positioning and mapping industry attributes

Industry distribution and sector positioning are highly coupled: Science and Technology Innovation Board focuses on hard technology tracks such as special equipment, electronic equipment, and medicine, and accommodates a large number of unprofitable companies (36 companies, accounting for 50%); the GEM is dominated by growth-oriented innovative companies such as electronic equipment, benefiting from the fourth set of listing standards; the Beijing Stock Exchange gathers specialized and new small and medium-sized manufacturing companies such as electrical machinery and automobile manufacturing, and is highly correlated with County industrial clusters; the main board industry is balanced, covering mature manufacturing, consumption and energy utilities.

3. Proportion of strategic emerging industries

According to statistics from the Prospective Industry Research Institute (as of August 21, 2026, 100 listed companies during the year), 96 of them belong to strategic emerging industries, from the new generation information technology industry (25 companies), new materials industry (20 companies), There are a total of 65 companies in the high-end equipment manufacturing industry (20 companies), highlighting the capital market's precise service to "new quality productivity". At the review end, high-end manufacturing fields such as electronic equipment, special equipment, general equipment, electrical machinery, and automobile manufacturing are also the main players in the queue, and the policy orientation is highly consistent with the industrial direction.

4. Review preferences and policy orientation

4.1 Institutional supply: Three major reforms broaden channels for innovative enterprises

The supporting reform of the registration system in 2026 has directly shaped the industry declaration structure: First, the fourth set of listing standards on the GEM will be implemented in April, relaxing profit indicators, focusing on assessing revenue growth and core technical barriers, and adapting to high growth and early profits. Limited innovative enterprises; second, the scope of application of the fifth set of standards on the Science and Technology Innovation Board has been expanded to large artificial intelligence model enterprises, unprofitable hard technology (such as computing chips and humanoid robots) have been more inclusive; third, the Beijing Stock Exchange has optimized the small-scale rapid review mechanism and opened a green channel for specialized, innovative enterprises raising less than 300 million yuan.

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4.2 Review preferences: Support the best and limit the worst, and consolidate intermediaries

While opening the door wider, the degree of refinement of audit inquiries has been improved-no longer just focusing on financial data, but focusing on verifying business independence, core technology authenticity, and related party transaction compliance. This explains why the number of companies that have already reached the inquiry stage (217): although some companies meet the profit standards, they are stuck in the inquiry stage due to their business dependence on a single customer and core patent flaws. The overall meeting passing rate remained high (over 96% during the year), and supervision paid equal attention to "supporting high-quality innovative enterprises" and "controlling the quality of listed companies at the source".

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4.3 Unprofitable companies 'sector carrying

Unprofitable enterprises are mainly concentrated in the Science and Technology Innovation Board (36, accounting for 50%) and the GEM (10), reflecting the two sectors 'tolerance of R & D driven enterprises such as hard technology and cutting-edge biology. Although such enterprises are under pressure in the short term, they have core technical barriers and strategic value. They are the core source of "new quality productivity" listed supply. They are also the focus of inquiries on R & D expenses and pipeline commercialization prospects during the review.

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5. Summary and Outlook

The industry distribution of enterprises under review at the end of July 2026 clearly shows the characteristics of "manufacturing hard core, hard technology and specialization and innovation leadership". The five major high-end manufacturing industries, including electronic equipment and special equipment, together account for 56% of the total, and strategic emerging industries have become the main force for listing. Under the joint effect of the three major reforms of the GEM, the expansion of the fifth set of the Science and Technology Innovation Board, and the small-scale rapid development of the Beijing Stock Exchange, the listing channels for innovative companies have continued to expand, and the review end has been guided by the idea of "supporting the best, limiting the inferior, and consolidating intermediaries". Steady improvement of the quality of listed companies. In the second half of the year, hard technology companies represented by semiconductors, humanoid robots, and commercial aerospace are expected to land in a concentrated manner, and the structural characteristics of industry distribution will be further strengthened.

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★ Data sources and disclaimers ★

Disclaimer: The content of this article objectively states public information and does not constitute any investment advice.

Data sources: Beijing Stock Exchange/Shanghai Stock Exchange/Shenzhen Stock Exchange announcements, China Securities Regulatory Commission, prospectus and issuance announcement and other public channels.

Report produced by: Prospective Industry Research Institute.

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★ About the Prospective Industry Research Institute ★

The Prospective Industry Research Institute was established in 1998 and is headquartered in Shenzhen and has professional research centers in Beijing, Hangzhou, Chengdu and other places. Prospective is the earliest technology-based think tank in China focusing on industrial big data and IPO consulting, and is also the current leader in the research field of domestic IPO market segments. Based on the data cited in the prospectus of companies and listed companies that have successfully participated in meetings over the years, the Prospective Industry Research Institute has been the leading market share consultant for IPO industry research and feasibility research of fundraising projects for many consecutive years.

Prospective mainly provides professional IPO consulting services, refinancing consulting services and M & A consulting services to companies planning to be listed and listed companies. Specific contents include: A-share IPO market segment research (in-depth support for the "Business and Technology" chapter of the prospectus), feasibility study of IPO fundraising projects, feasibility study of refinancing fundraising projects (additional issuance, convertible bonds), due diligence and feasibility study of M & A targets, Hong Kong stock IPO industry consultant, commercial due diligence, post-investment project management evaluation, etc.

As of 2026, the Prospective Industry Research Institute has successfully provided IPO consulting services to more than 1200 companies, and its professional data has been cited in more than 8000 listing documents. Serving customers comprehensively covers major industries such as new generation information technology, biomedicine, high-end equipment manufacturing, new materials, new energy, energy conservation and environmental protection, and TMT.

Prospective is a consulting company with big data heritage and industry depth. Business consulting: 400-639-9936, 150-1360-1266

If you quote the data of this article in the prospectus or the company's annual report, please contact the Prospective Industry Research Institute at 400-068-7188.

Forward-looking Economist

Prospective Industry Research Institute is a leader in industrial consulting in China, specializing in providing solutions in industrial planning, industrial declaration, industrial upgrading and transformation, industrial park planning, feasibility reports and other fields to sweep away attention. Related reading RELEVANT [Quick Report of IPO Review Results] All five companies attended the meeting last week, with hard technology and advanced manufacturing playing the leading role (Week 34 of 2026)

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