科创板“蝶变”

Core Insights - The Sci-Tech Innovation Board (STAR Market) has transformed from an experimental platform for institutional innovation to a hub for "hard tech" companies during the "14th Five-Year Plan" period, with significant growth in the number and market value of technology innovation companies [1][2]. Group 1: Market Growth and Financial Performance - As of October 26, 2025, the number of listed companies on the STAR Market reached 589, with total IPO fundraising of 925.7 billion yuan and refinancing of 186.7 billion yuan, exceeding 1.1 trillion yuan in total [2]. - The proportion of strategic emerging industries and new productivity development directions aligns closely with the STAR Market's focus, with over 80% of companies in new generation information technology, biomedicine, and high-end equipment manufacturing [2]. - R&D investment in the STAR Market companies increased from 640 billion yuan to 1.07 trillion yuan, a growth of 66%, accounting for nearly 40% of the national R&D investment [3]. Group 2: Institutional Innovations and Support - The STAR Market has introduced various institutional innovations during the "14th Five-Year Plan," enhancing inclusivity and providing tailored support for companies at different stages [4]. - A total of 376 new companies were listed on the STAR Market during this period, with 37 unprofitable companies achieving profitability post-listing, representing over 40% [5]. - The STAR Market has streamlined refinancing conditions and established a quick financing system, significantly improving financing convenience for companies [5]. Group 3: Talent and Investment Dynamics - The STAR Market has fostered a positive cycle of "technology-industry-capital," with over 60% of founding teams comprising scientists and engineers, and nearly 30% of actual controllers also serving as core technical personnel [7]. - Approximately 90% of STAR Market companies received venture capital investment before going public, indicating a strong trend towards early-stage investment in hard technology [7]. - The STAR Market has developed a comprehensive index system, with 29 indices and 161 products tracking these indices, totaling nearly 260 billion yuan in scale [7]. Group 4: Future Outlook - As the "14th Five-Year Plan" concludes, the capital market is expected to undergo deeper reforms, focusing on developing new productivity and addressing structural financing challenges for technology innovation enterprises [8]. - The upcoming "15th Five-Year Plan" will emphasize improving long-term capital arrangements and enhancing the investment patience of market-oriented institutions [8].