科创板为中国经济注入新动能

Core Insights - The revenue of companies listed on the Sci-Tech Innovation Board (STAR Market) is expected to exceed 1 trillion yuan for the first time in 2022, with net profits projected to surpass 100 billion yuan, reflecting a vibrant growth in technology innovation enterprises [1] - The overall performance of STAR Market companies showed steady growth in 2022, with total revenue reaching 1.21 trillion yuan, a 29% year-on-year increase, and net profits totaling 114.4 billion yuan, an 8% increase [2] Group 1: Innovation and Growth - Innovation is identified as the main driver of performance growth for STAR Market companies, with R&D expenditures reaching 82.2 billion yuan in the first three quarters of 2022, a 48.9% increase year-on-year, and expected to exceed 100 billion yuan for the full year [2] - Specific examples of product innovation include Shenzhou Cell's development of a domestic recombinant human coagulation factor VIII for hemophilia, which increased the company's revenue from 100 million yuan to 1 billion yuan [2] - Technical innovation is also highlighted, with YN Energy's introduction of new products leading to a doubling of net profits [3] Group 2: Structural Optimization - The STAR Market promotes the development of strategic emerging industries by optimizing industrial structures, supporting the coordinated development of upstream and downstream sectors [4][5] - In 2022, 250 STAR Market companies were recognized as national "specialized, refined, and innovative" small giant enterprises, accounting for 49% of the total number of STAR Market companies, with a combined revenue of 347.76 billion yuan, a 35% increase [6] Group 3: Green Transition - The STAR Market supports the green transition of China's energy system, with competitive advantages in sectors like photovoltaics and wind power becoming increasingly evident [7] - For instance, the cash cost of high-purity polysilicon has decreased from 69.53 yuan per kilogram in Q1 2022 to 52.02 yuan [7] Group 4: Investment and Market Confidence - STAR Market companies are showing strong investment and expansion momentum, with fixed asset investments reaching 146.94 billion yuan in the first three quarters of 2022, a 45.88% increase year-on-year [8] - The total funds raised by STAR Market companies in 2022 exceeded 70 billion yuan, enhancing their capacity for investment and expansion [8] - The inflow of capital into the STAR Market, particularly through the STAR 50 ETF, reflects growing investor confidence, with net inflows of 59.2 billion yuan in 2022, accounting for over 20% of net inflows into the Shanghai market [9]