科创板“试验田”如何重塑创新生态

Core Insights - The Science and Technology Innovation Board (STAR Market) has reached 600 listed companies by the end of 2025, with a total market capitalization exceeding 10 trillion yuan and total fundraising surpassing 1.1 trillion yuan, reflecting China's commitment to supporting technological innovation [1][2] - The STAR Market emphasizes "hard technology," focusing on sectors such as new-generation information technology, biomedicine, and high-end equipment, allowing unprofitable companies and those with special equity structures to list, thus reshaping the pathways for tech companies to access capital markets [1][2] - The STAR Market has established a positive feedback loop where listing injects growth momentum into companies, investors share in the innovation dividends, and the market continues to attract quality assets, showcasing the effective empowerment of the real economy by the capital market [3] Industry Characteristics - Companies listed on the STAR Market invest an average of over 10% of their revenue in R&D, significantly higher than other market segments, and have accumulated over 130,000 invention patents, indicating a strong focus on technological advancement [2] - The STAR Market's institutional inclusivity allows for a broader range of innovative entities to access domestic capital markets, accommodating unprofitable tech firms and those with unique equity structures [2] Market Dynamics - The STAR Market has become a key platform for domestic tech companies to list and for global capital allocation, supported by a relatively market-oriented pricing mechanism and flexible trading systems [3] - Recent initiatives, such as the launch of the National Venture Capital Guidance Fund, signify the ongoing enhancement of the equity investment support system, contributing to a multi-layered technology finance ecosystem [3] Challenges and Recommendations - There is a need to increase the proportion of patient capital in the tech innovation sector, as a significant amount of market capital still seeks short-term returns [4] - The valuation system for STAR Market companies requires improvement, as traditional valuation methods may not apply effectively to companies with cutting-edge technologies and new business models [4] - Diversifying exit channels for companies, enhancing regional and industry coverage, and strengthening support for basic research are essential for fostering a balanced and robust tech innovation environment [4][5]