Group 1 - The core viewpoint of the article highlights that Chip Origin Co., Ltd. has resumed trading with a significant opening increase of over 8%, following the announcement of a record-high new orders amounting to 1.205 billion from July 1 to September 11 [1] - As of September 11, Chip Origin holds a 2.68% share in the Sci-Tech Innovation 50 Index [1] - The Sci-Tech Innovation 50 ETF (588000) tracks the Sci-Tech Innovation 50 Index, which has a composition of 68.77% in the electronics sector and 9.85% in the pharmaceutical and biotechnology sector, totaling 78.62%, aligning well with the development directions of cutting-edge industries such as artificial intelligence and robotics [1] Group 2 - The article suggests that the current position of the Sci-Tech Innovation 50 Index remains near the baseline, and based on the historical performance of the ChiNext Index, there is potential for future growth [1] - Investors optimistic about the long-term development prospects of China's hard technology are encouraged to maintain their focus on this sector [1] - Related ETF mentioned is the Sci-Tech Innovation 50 ETF (588000) [1]

王泊表示，这不是简单的政策调整，而是在特定的经济周期和市场需求下，为技术突破型企业送上 的"及时雨"，让处于研发攻坚期、暂未盈利但手握"硬核技术"的企业，不用等"盈利答卷"就能拿到"资 本入场券"，努力打通硬科技与资本市场对接的"最后一公里"。 二是以适应性举措强支持，为科技型企业持续发展量身定制"成长工具箱"。科创板始终紧扣科技企 业"轻资产、高研发、重整合"的发展规律，围绕不同阶段需求推出适应性改革，不断优化完善并购重 组、再融资、股权激励等制度供给，作为助力企业"强研发、聚产业"的核心抓手，让资本与科技发展节 奏同频共振。为促进解决产业整合"成本高、效率低"难题，去年科创板推出"科八条"改革的35项举措， 包括股份对价分期支付机制、并购重组简易程序等一系列制度创新，有力推动了科技型企业并购市场的 活跃程度。板块新披露并购交易达134单，披露金额超400亿元，数量超过以往5年之和。 三是以全链条服务促发展，始终赋能科创板企业加速成长创造"DeepSeek时刻"。作为资本市场枢纽，上 交所始终以把服务送到需要的地方为初心，将触角延伸到企业发展各环节，综合化、全周期地陪伴科创 企业从"幼苗"长成"参天树"，形 ...

Group 1 - The market experienced a significant surge, with the ChiNext index rising by 5%, indicating a strong momentum in the technology sector [1][4] - Total trading volume in the two markets reached 2.46 trillion, equivalent to the GDP of Shanghai, highlighting substantial capital inflow into the stock market [3] - Key sectors driving this growth include AI computing, satellite communication, and semiconductors, with Industrial Fulian's market value approaching 1 trillion after a 20% increase over two days [3] Group 2 - The recent approval of satellite communication licenses for major telecom operators is expected to create new market opportunities, with projections of over 10 million users by 2030 [3] - Institutional investors are actively increasing their positions in AI computing ETFs, with a net inflow of 207 million over the past 10 days, indicating confidence in the long-term growth of the technology sector [3][4] - The current environment is characterized by supportive policies, increased funding, and technological breakthroughs, presenting a favorable investment opportunity for long-term investors in hard technology [4]

王泊介绍，第一是"现场办监管"，把"问题清单"变成"成果清单"，让服务精准对接企业"急难愁盼"；第二是"按需做培 训"，通过定制化培训"解渴"，产业型交流"抱团"，帮助企业破解技术瓶颈、链接合作资源；第三是"主动解疑惑"，针对企业日 常在规则适用、信披实务等方面提出的问题，举一反三，主动研究解答、推广典型案例，开设公众号专门解答、发布多本专题 一本通，帮助企业用好股权激励、并购重组等创新制度。 本报记者 田鹏 近日，上海证券交易所副总经理王泊在"硬科硬客"新质生产力行业沙龙2025年会上表示，对上交所以及科创板而言，坚持 金融服务实体经济的根本宗旨，提升支持科技创新的能级，充分发挥交易所资本市场枢纽功能，是科创板的重要使命。 王泊表示，这不是简单的政策调整，而是在特定的经济周期和市场需求下，为技术突破型企业送上的"及时雨"，让处于研 发攻坚期、暂未盈利但手握"硬核技术"的企业，不用等"盈利答卷"就能拿到"资本入场券"，努力打通硬科技与资本市场对接 的"最后一公里"。 二是以适应性举措强支持，为科技型企业持续发展量身定制"成长工具箱"。科创板始终紧扣科技企业"轻资产、高研发、 重整合"的发展规律，围绕不同阶段需 ...

9月10日，"硬科硬客"2025年会在上海举行。上海证券交易所副总经理王泊出席活动并发表主旨演讲。 他在发言中透露，科创板已汇聚589家上市公司，总市值突破9万亿元，培育出一个又一个"DeepSeek时 刻"，展现出强劲的科创实力。 六年耕耘，铸就硬科技集聚高地 自2019年诞生以来，科创板始终肩负服务科技创新、推动经济高质量发展的重要使命。六年间，这块资 本市场的"试验田"已稳步成长为科技创新的"示范田"，持续强化"硬科技"特色。 王泊介绍，在产业布局方面，科创板已形成显著的"链群式"发展格局。集成电路领域集聚120家企业， 实现全产业链覆盖，占A股同行业公司数量六成以上，成为"自主可控"战略的重要力量。生物医药领域 共有113家企业聚焦癌症、艾滋病等重大疾病治疗，使科创板成为继美股、港股之后全球生物医药企业 的重要上市地，正逐步实现从"跟跑"到"领跑"的转变。高端装备领域亦有超百家企业提供核心设备，为 产业智能化升级奠定坚实基础。 科创板的"硬实力"离不开持续的高强度研发投入。2025年上半年，科创板企业研发投入总额达841亿 元，是净利润的2.8倍；研发投入占比中位数高达12.61%，在全A股市场中独占 ...

Core Viewpoint - The Science and Technology Innovation Board (STAR Market) has successfully gathered 589 listed companies with a total market capitalization exceeding 9 trillion yuan, showcasing its strong capabilities in hard technology [2][4]. Group 1: Development and Achievements - Since its inception in 2019, the STAR Market has evolved into a demonstration area for technological innovation, focusing on "hard technology" characteristics [4]. - The STAR Market has formed a significant "chain-group" development pattern, with 120 companies in the integrated circuit sector covering over 60% of the A-share industry, and 113 companies in biomedicine focusing on major diseases, making it a key listing venue globally [4]. - In the first half of 2025, STAR Market companies invested a total of 84.1 billion yuan in R&D, which is 2.8 times their net profit, with a median R&D investment ratio of 12.61%, the highest in the A-share market [4]. Group 2: Financing and Investment - The STAR Market emphasizes the synergy between investment and financing, allowing funds to flow effectively while enabling investors to share in the returns [5]. - The STAR Market has initiated a "quality improvement and efficiency enhancement" action plan, and its indices cover all fields, with over 280 billion yuan in tracking product scale, making it the highest proportion of index investment in A-shares [6]. Group 3: Inclusive Policies - The STAR Market's vitality stems from its inclusive institutional design, allowing unprofitable companies and those with special equity structures to access the capital market [8]. - The newly introduced "1+6" policy has established a "growth layer" and restarted the fifth set of listing standards, supporting cutting-edge fields like artificial intelligence and commercial aerospace [8]. - Since the "1+6" policy was launched, 15 IPO applications have been accepted, including 4 from unprofitable companies, with existing growth layer companies showing a 37.79% increase in revenue [8][9]. Group 4: Support for Enterprises - The STAR Market has tailored a "growth toolbox" to enhance support for technology companies throughout their lifecycle, with 35 measures proposed in the "K8 Reform" to improve merger and acquisition efficiency [9]. - Since the implementation of the "K8 Reform," 134 new merger transactions have been disclosed, with a total transaction amount exceeding 40 billion yuan [9]. Group 5: Comprehensive Services - The Shanghai Stock Exchange has developed a comprehensive service model to support the growth of STAR Market companies, including on-site supervision, customized training, and proactive problem-solving [11]. - STAR Market companies have achieved significant milestones, such as breakthroughs in drug development and equipment independence, contributing to the overall innovation landscape [12].

Core Viewpoint - The Shanghai Stock Exchange emphasizes its commitment to serving the real economy and enhancing support for technological innovation through the STAR Market, which has evolved from a testing ground to a demonstration platform for hard technology [1][4]. Group 1: STAR Market Development - The STAR Market has gathered 589 listed companies with a total market capitalization exceeding 9 trillion yuan [1]. - Over the past six years, the STAR Market has continuously injected capital into enterprises through IPOs and refinancing, acting as a catalyst for hard technology to transition from laboratories to the market [1][2]. Group 2: Inclusive Reforms - The STAR Market has implemented inclusive reforms to break down barriers, allowing unprofitable hard technology companies to access capital without waiting for profitability [2]. - The introduction of the "1+6" policy this year has specifically targeted emerging fields such as artificial intelligence and commercial aerospace, creating a tailored listing pathway for these sectors [1][2]. Group 3: Supportive Measures - The STAR Market has developed a "toolbox" for growth tailored to the needs of technology companies, focusing on their unique characteristics such as light assets and high R&D [2]. - Recent reforms, including the "科八条" initiative, have introduced 35 measures to enhance mergers and acquisitions, resulting in 134 disclosed transactions worth over 40 billion yuan, surpassing the total of the previous five years [2][3]. Group 4: Comprehensive Services - The Shanghai Stock Exchange aims to provide full-chain services to support the growth of STAR Market companies, ensuring that services are delivered where needed [3]. - Key initiatives include on-site regulatory support, customized training, and proactive problem-solving to assist companies in navigating challenges [3]. Group 5: Ecosystem Development - The STAR Market focuses on creating a virtuous cycle of investment and financing, ensuring that funds are directed towards tangible projects while allowing investors to share in the returns [3][4]. - The commitment to continuous reform and service enhancement aims to facilitate a smooth interaction between technology, capital, and industry, contributing to high-quality development and technological self-reliance [4].

最新发声。 9月10日，上交所副总经理王泊在 "硬科硬客"新质生产力行业沙龙2025年会上透露，自科创板深化改 革"1+6"政策发布以来，科创板已新增受理15家企业IPO申请，其中4家系未盈利企业、1家适用第五套标 准。与此同时，32家科创成长层存量企业展现良好发展动能，今年上半年营收同比增长37.79%，净利润 大幅减亏71.23亿元。 科创板开市六年多来，始终坚守"硬科技"定位，推动板块从资本市场服务科创的"试验田"成长为"示范 田"。截至目前，科创板已汇聚589家上市公司，A股总市值超9万亿元。从产业布局看，科创板已形成"链 群式"发展格局，比如，集成电路领域120家企业实现全链条覆盖，占A股同行业公司数量超六成；在创新 能力方面，科创板更是持续领跑，今年上半年板块整体研发投入超841亿元，是净利润的2.8倍，研发投入 占比中位数达12.61%。 王泊表示，科创板以包容性改革破壁垒，坚持为未盈利硬科技企业打开"资本入口"。自诞生之初就打破传 统上市"盈利门槛"的思维定式，推出"多元上市标准"，首次允许未盈利企业、红筹企业、特殊股权架构企 业登陆A股，为科创企业开辟了针对性的上市通道。今年新改革的"1+6 ...

Core Insights - As of September 3, there are 5,427 listed companies in A-shares with a total market capitalization exceeding 110 trillion yuan, indicating a robust market environment supported by new policies and an enhanced focus on technology-driven narratives [1][2] - In the first half of the year, listed companies achieved revenues exceeding 35 trillion yuan, reflecting a slight year-on-year growth of 0.16%, with 60% of companies reporting revenue increases, particularly in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [1][2] - Net profits for listed companies reached 3 trillion yuan in the first half of the year, marking a year-on-year increase of 2.54%, with over 75% of companies reporting profitability, showcasing resilience in corporate performance [1][2] Sci-Tech Innovation Board Characteristics - The Sci-Tech Innovation Board is positioned as a core platform for hard technology, with companies investing significantly in R&D, exemplified by a projected net profit of 47 billion yuan and R&D expenditure of 168 billion yuan in 2024, where R&D investment is over three times the net profit [3][4] - The R&D intensity of the Sci-Tech Innovation Board remains between 10% and 11%, significantly higher than the Growth Enterprise Market and Beijing Stock Exchange, which both stand at 5%, and the overall market average of 2.3% [3][4] - The board has produced over 120,000 invention patents, averaging 216 patents per company, highlighting its role as a leader in technological innovation [4][5] Policy and Market Dynamics - The Sci-Tech Innovation Board serves as a testing ground for registration system reforms, with ongoing improvements in listing, mergers and acquisitions, and stock incentive policies, enhancing support for technology-driven enterprises [4][5] - The board has seen a surge in M&A activity, with 120 major asset restructuring announcements in the first half of the year, a 3.5-fold increase compared to the same period last year, indicating a vibrant M&A market [6] Shareholder Returns and Corporate Responsibility - There is a growing awareness among listed companies regarding shareholder returns, with total cash dividends expected to reach 2.4 trillion yuan in 2024, consistently exceeding 2 trillion yuan for three consecutive years [5][6] - Over 80% of companies on the Sci-Tech Innovation Board belong to strategic emerging industries, focusing on import substitution and self-sufficiency, positioning them as key players in driving technological innovation and fulfilling social responsibilities [5][6]

Core Insights - The "Hard Science and Hard Customers" initiative serves as a bridge between hard technology and active capital, facilitating the connection between the industrial chain and the innovation chain, as emphasized by the Shanghai Stock Exchange's Vice General Manager Wang Bo [1][3] - The growth of "Hard Science and Hard Customers" reflects the six-year development of the Sci-Tech Innovation Board, evolving from a testing ground for capital market services to a demonstration area for technological innovation [2][4] Summary by Sections Program Overview - "Hard Science and Hard Customers" is a high-end interview program co-created by the Shanghai Stock Exchange and China Business Journal, focusing on the development of hard technology and influential figures in the industry [2] - Since its launch in November 2023, the program has hosted 15 themed salons, covering key industries such as innovative pharmaceuticals, semiconductor equipment, and low-altitude economy [3] Industry Impact - The Sci-Tech Innovation Board has gathered 589 listed companies with a total market capitalization exceeding 9 trillion yuan, continuously injecting capital into enterprises through IPOs and refinancing [4] - The board has established a "chain-group" development pattern, with 120 companies in the integrated circuit sector covering the entire industry chain, representing over 60% of A-share companies in the same field [4] Innovation and R&D - The overall R&D investment of the board exceeded 84.1 billion yuan in the first half of 2025, which is 2.8 times the net profit, with a median R&D investment ratio of 12.61% [5] - The board boasts 240,000 R&D personnel and 130,000 invention patents, making it the highest density of R&D in the capital market [5]