SMIC(SH:688981) Guo Ji Jin Rong Bao·2025-07-22 10:48Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) and the pilot registration system marks a significant institutional innovation aimed at supporting technological innovation in the capital market [2][7] - Over the past six years, the STAR Market has facilitated the listing of high-quality technology companies, raising over 1.1 trillion yuan through IPOs and refinancing [7] - The STAR Market has become the preferred venue for "hard technology" companies, with over 80% of listed firms in strategic emerging industries [8] Group 1: Market Performance - As of July 22, 2024, the STAR Market has supported 589 companies to go public, raising 9,257 billion yuan through IPOs and 1,867 billion yuan through refinancing, with a total market capitalization exceeding 70 trillion yuan [7] - The market 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] Group 2: Investor Returns - In 2024, over 60% of companies on the STAR Market introduced cash dividend plans totaling 38.8 billion yuan, with 290 companies having a dividend payout ratio exceeding 30% [7] - 509 companies have disclosed plans for share buybacks or increases, with a total amount nearing 38 billion yuan, indicating strong confidence in long-term value [7] Group 3: Industry Focus - The STAR Market primarily focuses on six strategic emerging industries, with the electronics and biomedicine sectors being the largest, accounting for 146 and 109 companies respectively [8] - The integrated circuit sector has 120 companies along the value chain, with 35 companies holding the global number one position in their respective sub-segments [8] Group 4: R&D Investment - The total R&D expenditure for the STAR Market in 2024 is projected to be 168 billion yuan, with a median R&D revenue ratio of 12.6%, significantly higher than the A-share main board [8] - 107 companies have maintained an R&D intensity exceeding 20% for three consecutive years, leading to over 120,000 invention patents filed [8] Group 5: Talent Pool - Nearly 30% of the workforce in STAR Market companies are R&D personnel, with over 60% of founding teams comprising scientists or engineers [9] Group 6: Inclusivity and Policy Reforms - The STAR Market has established a set of inclusive listing standards that break traditional profitability thresholds, with 54 unprofitable companies and various special share structures already listed [10][11] - Recent reforms include the introduction of a growth tier and measures to support unprofitable companies, enhancing the market's inclusivity and encouraging more technology firms to pursue listings [13][14]