中上协孙念瑞：上市公司“科技叙事”主线愈加鲜明，新质生产力加速成长

Core Insights - As of September 3, there are 5,427 listed companies in A-shares with a total market capitalization exceeding 110 trillion yuan, indicating a robust market environment supported by new policies and an enhanced focus on technology-driven narratives [1][2] - In the first half of the year, listed companies achieved revenues exceeding 35 trillion yuan, reflecting a slight year-on-year growth of 0.16%, with 60% of companies reporting revenue increases, particularly in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [1][2] - Net profits for listed companies reached 3 trillion yuan in the first half of the year, marking a year-on-year increase of 2.54%, with over 75% of companies reporting profitability, showcasing resilience in corporate performance [1][2] Sci-Tech Innovation Board Characteristics - The Sci-Tech Innovation Board is positioned as a core platform for hard technology, with companies investing significantly in R&D, exemplified by a projected net profit of 47 billion yuan and R&D expenditure of 168 billion yuan in 2024, where R&D investment is over three times the net profit [3][4] - The R&D intensity of the Sci-Tech Innovation Board remains between 10% and 11%, significantly higher than the Growth Enterprise Market and Beijing Stock Exchange, which both stand at 5%, and the overall market average of 2.3% [3][4] - The board has produced over 120,000 invention patents, averaging 216 patents per company, highlighting its role as a leader in technological innovation [4][5] Policy and Market Dynamics - The Sci-Tech Innovation Board serves as a testing ground for registration system reforms, with ongoing improvements in listing, mergers and acquisitions, and stock incentive policies, enhancing support for technology-driven enterprises [4][5] - The board has seen a surge in M&A activity, with 120 major asset restructuring announcements in the first half of the year, a 3.5-fold increase compared to the same period last year, indicating a vibrant M&A market [6] Shareholder Returns and Corporate Responsibility - There is a growing awareness among listed companies regarding shareholder returns, with total cash dividends expected to reach 2.4 trillion yuan in 2024, consistently exceeding 2 trillion yuan for three consecutive years [5][6] - Over 80% of companies on the Sci-Tech Innovation Board belong to strategic emerging industries, focusing on import substitution and self-sufficiency, positioning them as key players in driving technological innovation and fulfilling social responsibilities [5][6]