Core Viewpoint - The article discusses a significant escalation in military actions between Russia and Ukraine, highlighting the use of drones and missiles in recent attacks, and the impact on air travel in Moscow and St. Petersburg [1][2]. Summary by Sections Military Actions - Russian defense forces reported shooting down over 100 Ukrainian drones in various regions, including Moscow, during a recent 24-hour period [1]. - Ukraine's air force stated that Russia launched a large-scale attack using 426 drones and 24 missiles, marking the most extensive assault in the past week [1]. Impact on Air Travel - Due to the military actions, Moscow and St. Petersburg airports implemented air traffic control measures, resulting in 118 flight cancellations and 203 delays [1]. - A total of 59 flights were diverted to backup airports around Moscow within the same timeframe [1]. Defense Responses - As of the morning of the 21st, Ukrainian air defense intercepted 200 drones and most missiles, with 203 drones failing to hit their targets due to electronic warfare measures [2]. - Three locations in Ukraine were attacked by 23 drones, with 12 sites affected by debris from intercepted drones or missiles [2].

Group 1 - The core viewpoint of the news highlights that the hard technology sector is experiencing a cyclical turning point, with significant growth expected in various industries such as electronics, biotechnology, and intelligent manufacturing [1] - The electronic core industry accounts for 44.07% of the market capitalization, followed by the biotechnology industry at 15.92% and intelligent manufacturing equipment at 9.15% [1] - The semiconductor industry is entering a new upgrade cycle driven by AI, with increased demand due to the convergence of cloud and edge computing, as well as high-performance computing [1] Group 2 - The innovative drug industry is projected to achieve a breakthrough through License-out overseas, with a transaction scale expected to reach $51.9 billion in 2024, indicating a continuous growth trend [1] - Revenue growth rates for 2024 are forecasted at 17.39% for the electronic core industry, 28.44% for the artificial intelligence industry, and 32.36% for the biopharmaceutical industry, with significant profit expectations for the biopharmaceutical sector [1] - The R&D intensity of the Sci-Tech Innovation Board remains stable at a high level of 11%, with total R&D investment expected to reach 154.68 billion yuan in 2024, emphasizing the characteristics of innovation-driven development [1]

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully fostered high-quality development in China's capital market over the past six years, emphasizing innovation and the importance of "hard technology" in driving economic transformation [1][13]. Group 1: Market Development and Achievements - The STAR Market has grown from 25 initial companies to 589, generating an average of 2.5 patents per hour, particularly in sectors like semiconductors and biomedicine [1]. - The total IPO fundraising reached 925.7 billion yuan and 186.7 billion yuan in refinancing, exceeding 1.1 trillion yuan, significantly benefiting key strategic areas such as integrated circuits and biomedicine [3]. - The board has attracted 379 national-level "little giant" enterprises and 65 manufacturing "single champion" demonstration enterprises, accounting for 71% of the total companies listed [3]. Group 2: Institutional Innovations - The STAR Market has implemented over 20 key institutional rules to support technology innovation, including flexible listing standards and rapid refinancing mechanisms [7]. - The introduction of the "1+6" policy measures aims to enhance the board's inclusivity and adaptability for various types of hard technology enterprises [11][12]. Group 3: R&D and Innovation - In 2024, the total R&D investment of STAR Market companies reached 168 billion yuan, more than three times the net profit, with a median R&D investment ratio of 12.6% [4]. - Companies on the board have accumulated over 120,000 invention patents, with an average of 216 patents per company, showcasing a strong commitment to innovation [4]. Group 4: Talent and Collaboration - More than 60% of the founding teams of STAR Market companies are led by scientists, engineers, or industry experts, fostering a strong link between academia and industry [5]. - Nearly 30% of companies have core products aimed at achieving import substitution and self-control, indicating a focus on domestic innovation [5]. Group 5: Future Outlook - The STAR Market is positioned to continue its role as a "testbed" for reforms, with plans to attract more global innovation elements and support the development of new productive forces [13].

Group 1 - The core viewpoint of the article highlights the significant achievements of the Sci-Tech Innovation Board (STAR Market) in its six years, emphasizing its role as a "reform testbed" that has fostered the integration of technology and capital in China [1][3][21] - The STAR Market has nurtured nearly 600 innovative companies across key sectors such as semiconductors, biomedicine, new energy, and artificial intelligence, marking a historical transition of China's industrial chain from "catching up" to "leading" [3][11][21] - Over 60 companies on the STAR Market have launched globally innovative products, with 30% of companies having products or projects that are first-of-their-kind, showcasing the board's impact on fostering "hard technology" industries [6][21] Group 2 - The STAR Market has become a crucial platform for capital market reforms, with a focus on "hard technology," and has seen a significant increase in the number of institutional investors participating [21][27] - The introduction of various ETFs related to the STAR Market has provided investors with diversified investment tools, enhancing market liquidity and activity [6][8][21] - The STAR Market's reforms, including the registration system and the establishment of a growth tier, have improved the accessibility of capital for innovative companies, particularly in high-tech sectors [18][21][25] Group 3 - The article notes that the STAR Market has successfully transformed from a "testbed" for innovation to a "main battlefield" for China's technological self-reliance, with a focus on nurturing world-class tech companies [16][31] - The board's policies have led to a significant increase in R&D investment across the market, with a notable rise in the number of companies achieving breakthroughs in critical technologies [13][18][27] - Looking ahead, the STAR Market is expected to continue its role in supporting the development of high-quality tech enterprises and enhancing the synergy between technology, industry, and finance [19][31][34]

2025年7月22日，科创板迎来开市六周岁的生日。 作为我国资本市场改革的"试验田"和科技创新的核心枢纽，科创板六年来持续推动制度创新与产业升 级，成为全球瞩目的"硬科技"企业聚集地。 截至2025年7月22日，科创板上市公司达到589家。 科创板重点服务的战略新兴产业与新质生产力发展方向高度契合，新一代信息技术、生物医药、高端装 备制造等新兴产业公司占比超八成。经过六年的培育，科创板在集成电路、生物医药、新能源等重点产 业链形成示范和集聚效应，推动构建以行业"链主"为引领、上下游企业协同发展的矩阵式产业集群。 六年多来，上交所坚守科创板板块定位，深化各项制度机制创新，改革效应不断放大。特别是"科创板 八条"发布实施一年来，科创板改革"再出发"，服务科技创新和新质生产力发展的能力持续增强。 六年耕耘，科创板持续引领制度创新。 今年6月，"1+6"政策措施发布，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全 面创新的资本市场生态，揭开科创板新一轮改革序幕。 中信建投（601066）证券董事总经理董军峰在受访时表示，在科创板迈入"六年之期"的当口，设立"科 创成长层"及配套六项改革，标志着我国资本 ...

Core Viewpoint - The article emphasizes the significant achievements and ongoing evolution of the Sci-Tech Innovation Board (STAR Market) in China over the past six years, highlighting its role as a key driver for technological innovation and economic development in the country [1]. Group 1: Achievements of the Sci-Tech Innovation Board - As of June 2025, the STAR Market has successfully gathered over 580 high-quality technology companies, with a cumulative IPO financing scale exceeding 900 billion yuan, making it a crucial engine for the development of new productive forces in China [3][9][15]. - The STAR Market has become a primary platform for nurturing new productive forces, with over 80% of listed companies in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [5][9]. - The introduction of the STAR Market has led to significant capital market reforms, with the total market value of listed companies surpassing 8 trillion yuan and cumulative fundraising exceeding 1 trillion yuan [9][19]. Group 2: Institutional Innovations and Future Outlook - The STAR Market has implemented various institutional innovations, including the establishment of a growth tier to support unprofitable technology companies, enhancing the market's inclusivity and adaptability [12][24]. - The introduction of the "1+6" policy measures aims to further improve the STAR Market's support for technology innovation, optimizing the review mechanism and enhancing investor protection [10][24]. - Looking ahead, the STAR Market is expected to attract more international long-term capital and continue to play a pivotal role in the integration of technology, industry, and finance, contributing to high-quality economic development in China [10][11][19].

Core Viewpoint - The article celebrates the sixth anniversary of the Sci-Tech Innovation Board (STAR Market), highlighting its role as a "reform testbed" that has successfully integrated technology and capital, fostering a vibrant ecosystem for innovation in China [1][4]. Group 1: Development and Achievements - Over the past six years, the STAR Market has nurtured nearly 600 innovative companies, creating a robust ecosystem covering key sectors such as semiconductors, biomedicine, new energy, and artificial intelligence [4][8]. - The STAR Market has witnessed a significant transformation in China's industrial chain, evolving from "catching up" to "leading" in various sectors, with the STAR 50 Index reflecting this industrial upgrade [4][8]. - More than 60 companies on the STAR Market have launched globally innovative products, with 30% of companies having products or projects that are first-of-their-kind [8][20]. Group 2: Investment Opportunities - The growth of STAR Market-related ETFs has provided investors with efficient tools for participating in investment opportunities, enhancing market liquidity and activity [8][9]. - As of July 20, 2023, the total scale of STAR Market ETFs exceeded 260 billion yuan, accounting for about 9% of domestic A-share ETFs, indicating a strong interest in technology-themed investments [13][14]. - The article emphasizes the optimistic outlook for the technology growth sector in the A-share market, driven by advancements in artificial intelligence, innovative pharmaceuticals, and the overall recovery of market risk appetite [14][40]. Group 3: Future Prospects - The STAR Market is expected to cultivate more global industry leaders and witness original breakthroughs, particularly in the context of increasing global competition in technology [5][21]. - The introduction of the "1+6" reform policies is seen as timely, aligning with the emergence of strategic companies in key technology sectors, which may drive strong momentum for the STAR Market [21][37]. - The article suggests that the STAR Market will continue to deepen reforms and support the development of world-class Chinese technology companies, contributing to the country's goal of achieving high-level technological self-reliance [46][48].

Core Viewpoint - The article emphasizes the significant role of the Science and Technology Innovation Board (STAR Market) in driving high-quality development in China's capital market, showcasing its achievements in fostering "hard technology" and innovation over the past six years [1][15]. Group 1: Institutional Framework and Market Dynamics - The STAR Market was established to address critical challenges and facilitate a virtuous cycle between technology, industry, and capital, with a focus on "hard technology" [3]. - A total of 54 companies listed without profitability have found success, with 22 of them turning profitable, highlighting the board's inclusive listing standards [4]. - The STAR Market has attracted over 1.1 trillion yuan in capital through IPOs and refinancing, significantly benefiting key strategic sectors like integrated circuits and biomedicine [5]. Group 2: Innovation and R&D Investment - In 2024, companies on the STAR Market invested a total of 168 billion yuan in R&D, which is more than three times their net profit, indicating a strong commitment to innovation [7]. - The cumulative number of invention patents from STAR Market companies exceeds 120,000, with an average of 216 patents per company, showcasing their innovative capabilities [7]. - Approximately 30% of companies have products or projects that are industry-first, and over 80% focus on achieving import substitution and self-sufficiency [8]. Group 3: Reform and Ecosystem Development - The STAR Market has implemented over 20 key institutional rules to create an optimal capital ecosystem for technological innovation, serving as a model for other markets [10]. - The introduction of the "1+6" policy measures aims to enhance the board's inclusivity and adaptability for various types of hard technology enterprises [14]. - The STAR Market has seen significant activity in mergers and acquisitions, with over 110 new industry mergers reported in the past year, reflecting a dynamic market environment [11]. Group 4: Future Outlook - The STAR Market is poised to further enhance its role in supporting technological self-reliance and the development of new productive forces, with ongoing reforms expected to attract more global innovation elements [15][16].

21世纪经济报道记者张赛男上海报道 2025年7月22日，科创板迎来开市六周年。 作为我国资本市场改革的"试验田"和科技创新的核心枢纽，科创板六年来持续推动制度创新与产业升 级，成为全球瞩目的"硬科技"企业聚集地。 遥想科创板开市之初，2019年7月22日，25家首批科创板公司在上海证券交易所挂牌上市，标志着科创 板的正式启动。六年来，科创板砥砺前行，持续发展壮大。截至2025年7月22日，科创板上市公司达到 589家。 作为中国资本市场注册制改革的"试验田",科创 板以鲜明的"硬科技"底色为锚点,以与时俱进的 监管理念为指引,以持续完善的制度体系为支撑, 正稳步引领中国资本市场改革向深向实推进。 国金证券 | 党委书记、董事长 国云 相信未来,科创板市场在支持"硬科技"发展、推 动经济创新转型中将继续发挥积极作用!科创板将 成为培育新质生产力的"主阵地",持续为中国经 济高质量发展赓续动能! 华泰联合 | 党委书记、董事长 江萬 值此科创板开市六周年之际，21世纪经济报道特别邀请了多位券商高管，共话科创板，寄语新未来。 中国硬科技企业上市首选地 中金公司 | 党委书记、董事长、管理委员会主席 陈亮 技企业绽 ...

Group 1: Monetary Policy and Market Dynamics - The People's Bank of China announced that the Loan Prime Rate (LPR) remains unchanged at 3.0% for 1-year and 3.5% for 5-year loans, indicating a stable monetary policy in line with market expectations, but there is still potential for future rate cuts [1] - In June, there was a positive trend towards the "liquefaction" of corporate and household deposits, suggesting a shift towards more liquid forms of savings, which may help lower financing costs for banks and support the real economy [2] Group 2: Investment Trends and Market Stability - Central Huijin significantly increased its holdings in major ETFs, investing over 200 billion yuan in the second quarter, which is seen as a stabilizing force in the market during periods of volatility [3][4] - The public fund industry reached a record high of 34 trillion yuan in assets under management by the end of the second quarter, reflecting increased investor confidence and the need for high-quality development in the industry [5] Group 3: Sector Performance and Opportunities - The launch of the Yarlung Tsangpo River hydropower project has led to a surge in related A-share sectors, with the hydropower concept index rising by 12.52%, indicating strong market interest and investment opportunities in this area [6] - The Science and Technology Innovation Board (STAR Market) has seen significant growth, with 589 listed companies and a total market capitalization exceeding 7 trillion yuan, highlighting its role in fostering innovation in hard technology sectors [9] Group 4: Fund Flows and Stock Preferences - Nearly 1,800 public funds increased their positions in Hong Kong stocks in the second quarter, with significant investments in high-growth sectors like innovative pharmaceuticals and high-dividend sectors like banking [10] Group 5: Commodity and Industry Insights - Platinum prices have surged over 52% this year due to supply constraints, with a current price of 342.02 yuan per gram, driven by reduced mining output and potential demand from the hydrogen energy sector [11] - The wind power industry is experiencing a recovery, with 7 out of 12 listed companies in the sector forecasting positive earnings, attributed to supportive policies and the acceleration of energy structure transformation [12]