科创板开市满六周年，从改革“试验田”迈向科创“新高地”

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully integrated technology innovation with capital markets over the past six years, supporting 589 high-tech and strategic emerging enterprises with a total market capitalization exceeding 7 trillion yuan and raising over 1.1 trillion yuan in IPO and refinancing funds [1][3][11]. Group 1: Market Development and Achievements - The STAR Market has become the preferred listing venue for China's hard technology companies, with over 80% of listed companies focusing on import substitution and self-control [1][3]. - The board has seen significant R&D investment, with cumulative R&D expenditures exceeding 700 billion yuan from 2019 to 2024, and a median R&D investment-to-revenue ratio of 12.6%, far surpassing other boards [3][4]. - The STAR Market has facilitated the listing of various innovative companies, including 120 in integrated circuits and over 110 in biomedicine, contributing to a robust industrial ecosystem [3][4]. Group 2: Policy and Regulatory Changes - Recent reforms, including the introduction of the "1+6" policy measures, aim to enhance the STAR Market's support for hard technology enterprises while ensuring investor protection [2][11][12]. - The establishment of a growth tier within the STAR Market is designed to accommodate unprofitable technology companies, reflecting a more inclusive regulatory environment [11][12]. Group 3: Investment Landscape - The average price-to-earnings (P/E) ratio of STAR Market companies has shown fluctuations, peaking at 94.63 times in 2020 and stabilizing at 52.35 times by July 2025, indicating a recovery in valuations [7]. - Institutional investor participation has increased, with over 60% of holdings in the STAR Market attributed to professional institutions, and a notable rise in long-term capital investment [9][10]. Group 4: Future Outlook - The STAR Market is expected to continue evolving, with a focus on optimizing support mechanisms for technology enterprises and enhancing the valuation framework for long-term R&D companies [13]. - There is anticipation for more high-quality technology firms to list, fostering a virtuous cycle among technology, industry, and finance, which will contribute to high-quality economic development in China [13].