第一财经·2026-01-05 03:04Core Viewpoint - The article discusses the significant changes in China's capital market and "hard technology" development since the establishment of the Sci-Tech Innovation Board (STAR Market) over seven years ago, highlighting its role in supporting technological innovation and providing a favorable investment environment [3]. Group 1: Overview of the Sci-Tech Innovation Board - As of January 5, 2026, the number of listed companies on the Sci-Tech Innovation Board reached 600, with a total market capitalization exceeding 10 trillion yuan, and IPO and refinancing funds raised exceeding 1.1 trillion yuan [3][5]. - Over 80% of the listed companies are from emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing, with an average R&D intensity maintained above 10% [3][5]. - The Sci-Tech Innovation Board has over 100 listed ETFs, with a total scale of over 310 billion yuan for related index tracking products [3]. Group 2: Impact on Companies - Companies listed on the Sci-Tech Innovation Board have experienced significant growth, with a compound annual growth rate (CAGR) of 19% in revenue and 8% in net profit over the past five years [5][6]. - The board has facilitated a balanced match between policy supply and industry demand, helping companies like Zhongwei achieve multi-channel financing and enhance market recognition [4][8]. - The board's inclusive and adaptive system has allowed companies to overcome uncertainties in technology innovation and capital returns, providing solid support for national strategic goals [4][6]. Group 3: Characteristics of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board exhibits "three highs and one strong" characteristics: high "new" content, high "science" content, high "gold" content, and strong institutional adaptability [7]. - The board has introduced innovative systems and continuously optimized them, serving as a "testbed" for capital market reforms [7]. - Companies like Ailis have benefited from the board's inclusive policies, achieving rapid development post-listing [7]. Group 4: Sector-Specific Developments - The semiconductor industry has become a core focus, with 127 listed companies on the Sci-Tech Innovation Board, accounting for 60% of the total A-share semiconductor companies [11]. - These semiconductor companies have a combined market value of 5 trillion yuan, with a revenue increase of 25% year-on-year in the first three quarters of 2025 [11][12]. - The board has supported semiconductor companies through direct financing, high-quality mergers and acquisitions, and talent retention strategies [12]. Group 5: Biomedicine Sector Growth - The Sci-Tech Innovation Board has become a major listing venue for biomedicine, with nearly 120 companies and a total market value of 1.75 trillion yuan [13]. - The board has implemented policies to support unprofitable biotech companies, enhancing their financing flexibility [13][14]. - Biomedicine companies listed on the board have significantly contributed to the development of innovative drugs, with 14% of new drugs approved in China originating from these companies [14][15].