科创板开板六周年：588家公司融资超万亿，机构持仓占比超六成

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become the highest proportion of index investment in A-shares, with a total of 588 listed companies and a market capitalization exceeding 6.8 trillion yuan [1][6] - The STAR Market has raised over 1 trillion yuan in total financing, with 9,232 billion yuan from IPOs and 1,831 billion yuan from refinancing [2][3] - The board focuses on six strategic emerging industries, aligning with the development needs of new productive forces [2] Financing and Investment - The STAR Market has attracted a diverse range of companies, including 54 unprofitable firms and 8 with special equity structures, demonstrating its inclusive listing conditions [2] - The total amount of financing from STAR Market companies reached over 1 trillion yuan, with significant contributions from the integrated circuit and biomedicine sectors [2][3] - As of the first quarter of 2025, institutional investors accounted for over 60% of holdings in the STAR Market, with an increase in foreign institutional and long-term fund investments [1][7] R&D Investment - R&D expenditure for STAR Market companies reached 168.08 billion yuan in 2024, more than 2.5 times their net profit, with a median R&D intensity of 12.6% [3] - The number of R&D personnel in STAR Market companies has reached 240,000, accounting for nearly 30% of total employees [3] - STAR Market companies have seen significant growth in overseas revenue, totaling 430.36 billion yuan in 2024, with 173 companies experiencing over 30% growth [3] Mergers and Acquisitions - The STAR Market has seen a surge in M&A activity, with 106 new transactions announced since the implementation of the "STAR Eight Rules," with an estimated transaction value exceeding 140 billion yuan [4][5] - Notable innovative cases include the first directed convertible bond restructuring and various significant acquisitions, indicating a trend towards market-oriented mechanisms [5][6] Index and ETF Development - The STAR Market has established a comprehensive index and ETF product system, with 80 STAR Market ETFs listed and a total scale exceeding 250 billion yuan [6][7] - The number of STAR Market indices has reached 29, with a significant increase in the number of approved and listed ETFs since the introduction of the "STAR Eight Rules" [6][7] - Long-term capital has shown a preference for leading technology companies, with 79 STAR Market companies being heavily invested by social security funds [7]