SMIC(SH:688981) Zheng Quan Shi Bao·2025-11-04 17:43Group 1 - The core idea of the article highlights the significant achievements and ongoing reforms of the Sci-Tech Innovation Board (STAR Market) in China over the past seven years, emphasizing its role in supporting "hard technology" enterprises and enhancing the capital market's inclusivity and adaptability [1][5][6] - As of now, there are 592 listed companies on the STAR Market, with a total of 934.6 billion yuan raised through IPOs and 208.8 billion yuan through refinancing, exceeding 1.1 trillion yuan in total [1] - The compound annual growth rates for revenue and net profit attributable to shareholders of STAR Market companies over the past five years are 18% and 9%, respectively, based on 2019 figures [1] Group 2 - The STAR Market's multi-dimensional and inclusive listing system has effectively supported the growth of hard technology enterprises, with 57 unprofitable companies now listed, of which 22 have achieved profitability [2] - The 35 companies in the STAR Market's growth tier reported a 35.09% year-on-year increase in revenue for the first three quarters, while net profit saw a reduction in losses by 57.24% [2] - The median R&D intensity for these companies stands at 44.34%, indicating a strong focus on innovation and development [2] Group 3 - The STAR Market has fostered a clustering effect in industries such as integrated circuits and biomedicine, creating a collaborative development matrix led by industry "chain masters" [3] - Over 120 companies in the integrated circuit sector are listed on the STAR Market, covering all aspects of the industry chain, which has enhanced the autonomy of China's integrated circuit industry [3] - For instance, the IPO of SMIC raised 53.2 billion yuan, supporting its innovation and expansion while also benefiting upstream and downstream enterprises in the semiconductor industry [3] Group 4 - The total R&D investment of STAR Market companies is projected to reach 168 billion yuan in 2024, which is over three times the net profit of the sector [4] - In the first three quarters of this year, R&D investment totaled 113.35 billion yuan, 2.6 times the net profit, with a year-on-year growth of 9.01% [4] - Approximately 30% of STAR Market companies have products or projects that are innovative within their industries, with over 80% targeting import substitution and self-sufficiency [4] Group 5 - The STAR Market has served as a "testing ground" for capital market reforms, implementing a series of institutional innovations in areas such as issuance, listing, trading, and mergers and acquisitions [5] - The experiences gained from the STAR Market's reforms have provided valuable insights for the reform of other markets, such as the ChiNext and main boards [5] - The implementation of the registration system on the STAR Market has accelerated the legislative process for the revised Securities Law, further enhancing the foundational systems of the capital market [5] Group 6 - The China Securities Regulatory Commission announced the continuation of the STAR Market's demonstration effect, introducing further reforms to support high-level technological self-reliance [6] - The establishment of the growth tier has improved financing channels for high-quality technology companies, providing a more suitable growth platform for "hard technology" firms [6] - The Shanghai Stock Exchange aims to enhance its role as a "testing ground" for the STAR Market, focusing on identifying high-quality technology enterprises and supporting emerging fields such as artificial intelligence and commercial aerospace [6]