《向“新”提质 第一财经•科创板六周年全景报告》发布（附链接）

Core Insights - The report marks the sixth anniversary of the Sci-Tech Innovation Board (STAR Market) and highlights its growth and reforms over the past six years [1] - The STAR Market has introduced innovative systems and reforms, serving as a "testbed" for market reforms [1][3] - The "1+6" policy measures have been launched to deepen reforms on the STAR Market [3] Group 1: Market Performance - As of July 22, 2025, the STAR Market has accepted nearly 1,000 IPO applications, with 589 companies listed, raising over 1.1 trillion yuan in total [2][6] - The cumulative R&D investment has exceeded 700 billion yuan, with a significant increase in R&D intensity [2][13] - The STAR Market has seen a diversification in stock prices, with an overall increase in market valuation over the past two years [2][21] Group 2: Industry Distribution - The listed companies are primarily concentrated in six strategic emerging industries, with the new generation information technology sector leading with 228 companies [11] - Jiangsu, Shanghai, and Guangdong are the top three regions for listed companies, with stable rankings for Beijing and Zhejiang [11] Group 3: Financial Metrics - The average R&D investment for STAR Market companies reached 1.681 billion yuan in 2024, significantly higher than other A-share markets [13] - The average gross profit margin for STAR Market companies was 40% in 2024, outperforming other A-share sectors [15] - Cumulative dividends over six years reached 176.8 billion yuan, with institutional investors holding over 60% of shares [18][25] Group 4: Reform Measures - The "1+6" policy includes the establishment of a Sci-Tech Growth Layer to support unprofitable tech companies with significant R&D investments [3][4] - New measures aim to expand the application of the fifth listing standard to more frontier technology sectors [4] - A pre-review mechanism for IPOs has been introduced to streamline the process for high-quality tech companies [5] Group 5: Investment Trends - The STAR Market has become a major hub for mergers and acquisitions, with over 110 new deals and transaction amounts exceeding 140 billion yuan in the past year [23] - Index investment has gained momentum, with the scale of index tracking products reaching nearly 250 billion yuan [23] - More than 60% of STAR Market companies have implemented cash dividend plans, with a record number of companies distributing dividends in 2024 [25]