Core Viewpoint - The establishment of the Sci-Tech Innovation Board (STAR Market) has significantly advanced the capital market's support for technological innovation in China, marking a major institutional innovation with the implementation of the registration system [1][2][3]. Group 1: Development and Achievements - Over the past six years, the STAR Market has raised over 1.1 trillion yuan through IPOs and refinancing, supporting 589 companies with a total market capitalization exceeding 7 trillion yuan [5][6]. - The board has seen the emergence of 8 companies with a market value exceeding 100 billion yuan, including SMIC and BeiGene, and 192 companies with a market value over 10 billion yuan [7]. - In 2024, more than 60% of companies on the board have introduced cash dividend plans totaling 38.8 billion yuan, with 290 companies having a dividend payout ratio exceeding 30% [9]. Group 2: Focus on Hard Technology - The STAR Market has become the preferred venue for "hard technology" companies, with over 80% of listed firms in strategic emerging industries such as information technology and biomedicine [11]. - The semiconductor sector has 120 companies along the industry chain, with SMIC as the leading player, while the biopharmaceutical sector has seen companies like Elysium and Zhenhua Cell grow significantly post-listing [11]. - The total R&D expenditure for the board in 2024 is projected to be 168 billion yuan, with a median R&D intensity of 12.6%, significantly higher than that of the main A-share market [11][12]. Group 3: Inclusivity and Policy Enhancements - The STAR Market has established a flexible listing standard that accommodates the unique development patterns of technology companies, allowing for 54 unprofitable companies and various special share structures [15][16]. - Recent reforms introduced by the CSRC aim to enhance inclusivity, including the establishment of a growth tier and the introduction of new measures to support unprofitable tech companies [18][19]. - Notable companies such as Changxin Storage and Yushu Technology are now seeking to initiate their listing processes, reflecting increased confidence among domestic tech firms [19].

Core Viewpoint - The recovery in industrial and automotive demand is expected to improve wafer foundry capacity utilization, with leading fabs likely to achieve performance growth due to the established trend of localized production [1][2]. Group 1: Industry Outlook and Investment Recommendations - As downstream industries in industrial and automotive sectors begin to replenish inventory, demand for BCD Analog is anticipated to grow, leading to an expected increase in wafer foundry capacity utilization in Q2 and the second half of the year [1]. - According to TrendForce, the capacity utilization rate for mature processes is projected to slightly increase to over 75% as terminal markets such as smartphones, PCs, and servers are expected to recover year-on-year growth by 2025 [1]. - In Q1, SMIC reported a 4.1% increase in overall capacity utilization, reaching over 90% for both 8-inch and 12-inch wafers, indicating a positive trend in capacity utilization [1]. Group 2: Capacity Expansion and Local Production Trends - SMIC is expected to increase its 12-inch wafer capacity by approximately 50,000 pieces annually, with capital expenditure for 2025 projected to remain around $7.5 billion, consistent with the previous year [2]. - Advanced packaging capacity, led by fabs, is becoming scarce, as advanced packaging relies on chip manufacturing capabilities that are the strong suit of fabs rather than traditional packaging factories [2]. - The integration of advanced packaging services into fabs is creating ecological barriers, as high-performance chip design and packaging are becoming increasingly intertwined [2].

Group 1: Event Overview - The "2025 China Sci-Tech Innovation Leaders Summit and the 6th Anniversary Forum of the Sci-Tech Innovation Board" will be held on July 25 in Shanghai, focusing on themes of "source innovation and industry leadership" [1] - The summit will include keynote speeches, high-level dialogues, and roundtable discussions on hot topics such as mergers and acquisitions and overseas expansion, aiming to promote the deep integration of technological innovation and capital markets [1] Group 2: Sci-Tech Innovation Board Performance - As of now, there are 589 listed companies on the Sci-Tech Innovation Board, with a total IPO financing amount of approximately 925.7 billion and a total market value exceeding 7 trillion [2] - The board has seen significant R&D investment, with a cumulative amount of 168.1 billion in 2024, which is more than three times the net profit attributable to the parent company [2] - The three strategic emerging industries—new generation information technology, biomedicine, and high-end equipment manufacturing—account for over 80% of the board's market value [2] Group 3: Market Trends and Investment Opportunities - The current trend of de-globalization and the urgent need for self-sufficiency have heightened the necessity for the development of new productive forces, with the Sci-Tech Innovation Board focusing on hard technology sectors such as electronic chips and biomedicine [3] - Investment directions represented by Sci-Tech Chip ETF (588290), Sci-Tech Information ETF (588260), and Sci-Tech 50 ETF Index Fund (588280) are worth long-term attention [3] Group 4: Recent Market Performance - The overall performance of the Sci-Tech Innovation Board has seen an increase, with the Sci-Tech 50 Index rising by 1.32%, the Sci-Tech Information Index by 0.88%, and the Sci-Tech Chip Index by 0.12% over the past week [4] - The top five industries on the Sci-Tech Innovation Board—electronics, biomedicine, computers, power equipment, and machinery—account for 87.2% of the board's total market value [5] Group 5: Sector Insights - In the new generation information technology sector, AI hardware, particularly optical modules, has seen a collective surge, driven by strong mid-year performance and increased global demand for AI computing power [7] - The high-end equipment manufacturing sector is experiencing significant growth, with industrial robot exports increasing by 61.5% year-on-year, and forklift sales up by 23.1% [8] - The innovative drug market is also on the rise, with the industry transitioning from "follower" to "leader," and 2025 expected to be a pivotal year for the emergence of blockbuster drugs [8]

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully fostered high-quality development in China's capital market over the past six years, emphasizing innovation and the importance of "hard technology" in driving economic transformation [1][13]. Group 1: Market Development and Achievements - The STAR Market has grown from 25 initial companies to 589, generating an average of 2.5 patents per hour, particularly in sectors like semiconductors and biomedicine [1]. - The total IPO fundraising reached 925.7 billion yuan and 186.7 billion yuan in refinancing, exceeding 1.1 trillion yuan, significantly benefiting key strategic areas such as integrated circuits and biomedicine [3]. - The board has attracted 379 national-level "little giant" enterprises and 65 manufacturing "single champion" demonstration enterprises, accounting for 71% of the total companies listed [3]. Group 2: Institutional Innovations - The STAR Market has implemented over 20 key institutional rules to support technology innovation, including flexible listing standards and rapid refinancing mechanisms [7]. - The introduction of the "1+6" policy measures aims to enhance the board's inclusivity and adaptability for various types of hard technology enterprises [11][12]. Group 3: R&D and Innovation - In 2024, the total R&D investment of STAR Market companies reached 168 billion yuan, more than three times the net profit, with a median R&D investment ratio of 12.6% [4]. - Companies on the board have accumulated over 120,000 invention patents, with an average of 216 patents per company, showcasing a strong commitment to innovation [4]. Group 4: Talent and Collaboration - More than 60% of the founding teams of STAR Market companies are led by scientists, engineers, or industry experts, fostering a strong link between academia and industry [5]. - Nearly 30% of companies have core products aimed at achieving import substitution and self-control, indicating a focus on domestic innovation [5]. Group 5: Future Outlook - The STAR Market is positioned to continue its role as a "testbed" for reforms, with plans to attract more global innovation elements and support the development of new productive forces [13].

Group 1 - The core viewpoint of the article highlights the significant achievements of the Sci-Tech Innovation Board (STAR Market) in its six years, emphasizing its role as a "reform testbed" that has fostered the integration of technology and capital in China [1][3][21] - The STAR Market has nurtured nearly 600 innovative companies across key sectors such as semiconductors, biomedicine, new energy, and artificial intelligence, marking a historical transition of China's industrial chain from "catching up" to "leading" [3][11][21] - Over 60 companies on the STAR Market have launched globally innovative products, with 30% of companies having products or projects that are first-of-their-kind, showcasing the board's impact on fostering "hard technology" industries [6][21] Group 2 - The STAR Market has become a crucial platform for capital market reforms, with a focus on "hard technology," and has seen a significant increase in the number of institutional investors participating [21][27] - The introduction of various ETFs related to the STAR Market has provided investors with diversified investment tools, enhancing market liquidity and activity [6][8][21] - The STAR Market's reforms, including the registration system and the establishment of a growth tier, have improved the accessibility of capital for innovative companies, particularly in high-tech sectors [18][21][25] Group 3 - The article notes that the STAR Market has successfully transformed from a "testbed" for innovation to a "main battlefield" for China's technological self-reliance, with a focus on nurturing world-class tech companies [16][31] - The board's policies have led to a significant increase in R&D investment across the market, with a notable rise in the number of companies achieving breakthroughs in critical technologies [13][18][27] - Looking ahead, the STAR Market is expected to continue its role in supporting the development of high-quality tech enterprises and enhancing the synergy between technology, industry, and finance [19][31][34]

金十图示：2025年07月22日（周二）全球主要科技与互联网公司市值变化 | 台棋电 | 12388 | + -0.64% | 238.85 | | --- | --- | --- | --- | | 特斯拉 | 10580 | + -0.35% | 328.49 | | 甲骨文 | 6840 | + -0.78% | 243.54 | | 腾讯 | 6053 | ↑ 0.92% | 66.64 | | 奈飞 | 5248 | ↑ 1.99% | 1233.27 | | SAP SAP | 3623 | 1 0.42% | 307.27 | | O Palantir | 3582 | + -1.13% | 151.79 | | 三星 | 3197 | -0.96% | 48.48 | | ASML 阿斯麦 | 2914 | + -2.03% | 719.68 | | 阿里巴巴 | 2869 | 1 0.03% | 120.27 | | co 思科 | 2706 | 1 0.43% | 68.34 | | IEM IBM | 2646 | + -0.41% | 284.71 | | AMD | 2545 | 1 ...

每日根据市值计算出前50名公司,美元港元按照当日汇率中间价折算 @ JIN10.COM D. 金十数据 | 一个交易工具 | 25 | | 唯品会 | 81.2 | | | --- | --- | --- | --- | --- | | 26 | | 新东方 | 76.42 | | | 27 | | 万国数据 | 73.76 | 11 | | 28 | | 巨人网络 | 65.67 | 2 t | | 29 | 00 | 美图公司 | 65.04 | 4 1 | | 30 | | 同程旅行 | 64.41 | 14 | | 31 | | 好未来 | 63.98 | 1 t | | 32 | | 中国软件 | 61.59 | 2 1 | | 33 | | 深信服 | 60.28 | 3 + | | 34 | KUNLUN | 昆仑万维 | 59.8 | 11 | | 35 | начал | 润和软件 | 58.29 | 21 | | 36 | | 奇富科技 | 56.45 | 2 t | | 37 | 第二章 | 恺英网络 | 54.8 | 3 1 | | 38 | | 拓维信息 | 54.61 | 11 | ...

Core Viewpoint - The article celebrates the sixth anniversary of the Sci-Tech Innovation Board (STAR Market), highlighting its role as a "reform testbed" that has successfully integrated technology and capital, fostering a vibrant ecosystem for innovation in China [1][4]. Group 1: Development and Achievements - Over the past six years, the STAR Market has nurtured nearly 600 innovative companies, creating a robust ecosystem covering key sectors such as semiconductors, biomedicine, new energy, and artificial intelligence [4][8]. - The STAR Market has witnessed a significant transformation in China's industrial chain, evolving from "catching up" to "leading" in various sectors, with the STAR 50 Index reflecting this industrial upgrade [4][8]. - More than 60 companies on the STAR Market have launched globally innovative products, with 30% of companies having products or projects that are first-of-their-kind [8][20]. Group 2: Investment Opportunities - The growth of STAR Market-related ETFs has provided investors with efficient tools for participating in investment opportunities, enhancing market liquidity and activity [8][9]. - As of July 20, 2023, the total scale of STAR Market ETFs exceeded 260 billion yuan, accounting for about 9% of domestic A-share ETFs, indicating a strong interest in technology-themed investments [13][14]. - The article emphasizes the optimistic outlook for the technology growth sector in the A-share market, driven by advancements in artificial intelligence, innovative pharmaceuticals, and the overall recovery of market risk appetite [14][40]. Group 3: Future Prospects - The STAR Market is expected to cultivate more global industry leaders and witness original breakthroughs, particularly in the context of increasing global competition in technology [5][21]. - The introduction of the "1+6" reform policies is seen as timely, aligning with the emergence of strategic companies in key technology sectors, which may drive strong momentum for the STAR Market [21][37]. - The article suggests that the STAR Market will continue to deepen reforms and support the development of world-class Chinese technology companies, contributing to the country's goal of achieving high-level technological self-reliance [46][48].

Core Viewpoint - The article emphasizes the significant role of the Science and Technology Innovation Board (STAR Market) in driving high-quality development in China's capital market, showcasing its achievements in fostering "hard technology" and innovation over the past six years [1][15]. Group 1: Institutional Framework and Market Dynamics - The STAR Market was established to address critical challenges and facilitate a virtuous cycle between technology, industry, and capital, with a focus on "hard technology" [3]. - A total of 54 companies listed without profitability have found success, with 22 of them turning profitable, highlighting the board's inclusive listing standards [4]. - The STAR Market has attracted over 1.1 trillion yuan in capital through IPOs and refinancing, significantly benefiting key strategic sectors like integrated circuits and biomedicine [5]. Group 2: Innovation and R&D Investment - In 2024, companies on the STAR Market invested a total of 168 billion yuan in R&D, which is more than three times their net profit, indicating a strong commitment to innovation [7]. - The cumulative number of invention patents from STAR Market companies exceeds 120,000, with an average of 216 patents per company, showcasing their innovative capabilities [7]. - Approximately 30% of companies have products or projects that are industry-first, and over 80% focus on achieving import substitution and self-sufficiency [8]. Group 3: Reform and Ecosystem Development - The STAR Market has implemented over 20 key institutional rules to create an optimal capital ecosystem for technological innovation, serving as a model for other markets [10]. - The introduction of the "1+6" policy measures aims to enhance the board's inclusivity and adaptability for various types of hard technology enterprises [14]. - The STAR Market has seen significant activity in mergers and acquisitions, with over 110 new industry mergers reported in the past year, reflecting a dynamic market environment [11]. Group 4: Future Outlook - The STAR Market is poised to further enhance its role in supporting technological self-reliance and the development of new productive forces, with ongoing reforms expected to attract more global innovation elements [15][16].

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 1.3% and a transaction volume of 410 million yuan [3] - As of July 21, the ETF's latest scale reached 31.565 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count is 20.644 billion shares, also a six-month high and leading among comparable funds [3] - Over the past 10 days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 3.097 billion yuan [3] - The leveraged funds are actively investing, with a net financing amount of 23.377 million yuan this month and a latest financing balance of 1.855 billion yuan [3] - The ETF's net value has increased by 28.75% over the past two years, ranking 271 out of 2237 index equity funds, placing it in the top 12.11% [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being 4 months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Insights - Meta's founder Mark Zuckerberg announced plans for Meta to become the first to invest in a 1GW computing power supercluster laboratory, with expansion plans to 5GW in the coming years [4] - NVIDIA's CEO Jensen Huang announced two significant developments during his visit to China: approval for H20 chip sales to China and the launch of a custom RTX PRO GPU for the Chinese market [4] - Tianfeng Securities projects optimistic growth for the global semiconductor industry through 2025, driven by AI and ongoing domestic substitution efforts [4] - The second quarter showed strong performance forecasts across various semiconductor segments, with expectations for a robust third quarter [4] - The top ten weighted stocks in the Sci-Tech Chip Index as of June 30, 2025, include SMIC, Haiguang Information, and Cambricon, collectively accounting for 57.76% of the index [4]