科创板开市六年持续深化制度创新 589家公司融资1.12万亿总市值7.35万亿

Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) marks a milestone in China's capital market reform, serving as a "testbed" for the registration system and focusing on "hard technology" [1][2][3] - Over six years, the STAR Market has achieved a total market capitalization of 7.35 trillion yuan and raised 1.12 trillion yuan in financing, demonstrating its role in supporting technological innovation [1][3] Group 1: Market Performance - As of July 18, 2024, the STAR Market has 589 listed companies with a total share capital of 231.395 billion shares and an average price-to-earnings ratio of 52.35 times [3] - The total financing amount for STAR Market companies reached 1.12 trillion yuan, with initial public offerings (IPOs) contributing 864.964 billion yuan [3] Group 2: Financial Metrics - In 2024, STAR Market companies achieved total operating revenue of 1.42 trillion yuan and net profits of 475.23 billion yuan, with research and development (R&D) expenditures totaling 168.078 billion yuan, which is 2.5 times the net profit [2][4] - The median R&D expenditure as a percentage of operating revenue was 12.6%, leading all A-share sectors [4] Group 3: Innovation and Development - The STAR Market has gathered 240,000 R&D personnel, accounting for nearly 30% of total employees, and has generated over 120,000 invention patents [5] - 138 projects led or participated in by STAR Market companies have received national science and technology awards, with over 60% of companies recognized as national-level specialized and innovative enterprises [5] Group 4: Institutional Investment and Market Structure - By the first quarter of 2025, the number of active accounts held by professional institutional investors on the STAR Market exceeded 77,000, with institutional investors holding over 60% of the total market capitalization [7] - Recent reforms have introduced differentiated listing standards and improved the market's inclusivity, allowing for diverse paths for technology companies at different development stages [6][7] Group 5: Future Outlook - The STAR Market continues to deepen reforms, with new guidelines aimed at enhancing the quality of IPO reviews and supporting high-quality technology enterprises [7] - The board is positioned to play a significant role in fostering new productive forces and supporting technological self-reliance in the future [7]