科创板，七周年！

Group 1: Core Insights - The Sci-Tech Innovation Board (STAR Market) has been established for seven years, focusing on "hard technology" and continuously innovating its institutional mechanisms to enhance the capital market's role in fostering new productive forces [1][9] - As of now, there are 592 listed companies on the STAR Market, raising a total of 934.6 billion yuan 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 of STAR Market companies over the past five years are 18% and 9%, respectively, based on 2019 figures [1] Group 2: Institutional Support for Growth - The STAR Market's multi-dimensional and inclusive listing system has significantly supported the development of hard technology enterprises, with 57 unprofitable companies now listed, of which 22 have turned profitable [3] - The median R&D intensity of 35 STAR Market companies in the growth tier reached 44.34%, with their revenue increasing by 35.09% year-on-year in the first three quarters [3][7] - The STAR Market has facilitated the listing of companies like Zejing Pharmaceutical, which transitioned from zero revenue at IPO to 5.93 billion yuan in revenue in the first three quarters of this year [3] Group 3: Industry Cluster Effects - The STAR Market has seen the emergence of industry clusters, particularly in integrated circuits and biomedicine, with over 120 listed companies in the integrated circuit sector alone [5] - Leading companies like SMIC have raised 53.2 billion yuan through their IPOs, driving the collaborative development of upstream and downstream enterprises in the semiconductor industry [6] Group 4: R&D Investment and Innovation - In 2024, the total R&D investment of STAR Market companies is projected to reach 168 billion yuan, more than three times their net profit, indicating a strong commitment to innovation [7] - The continuous increase in R&D investment has led to significant technological breakthroughs, with 35 STAR Market companies ranking first globally in their respective segments [7] Group 5: Capital Market Reforms - The STAR Market has served as a "testing ground" for capital market reforms, providing replicable experiences for other markets and contributing to the improvement of foundational systems [9] - The introduction of the "1+6" reform measures aims to further enhance the STAR Market's role in supporting high-level technological self-reliance and innovation [9]