6年来，作为主要服务于符合国家战略、突破关键核心技术的"硬科技"企业重要力量，科创板已成为资 本市场支持新质生产力发展的生动实践。 回顾科创板的设立历程，2019年7月22日，上海证券交易所科创板首批公司上市仪式在上海举办，科创 板首批25家公司鸣锣上市。此后，科创板企业便在这片"试验田"中茁壮成长。 2020年4月29日，随着光云科技在上交所科创板首发上市交易，科创板迎来了第100家上市公司。2020年 7月22日，科创板开市一周年之际，已有140家企业在科创板上市，总市值约2.8万亿元。同时，2019年 科创板企业合计投入研发金额117亿元，2500余项专利，其中，发明专利1100余项，科创板"试验田"中 已经结出第一批科技的"果实"。 2021年，科创板开市两周年时，科创板上市公司已超310家，募资金额超3800亿元，总市值超4.7万亿 元。在这些公司中，新一代信息技术上市公司占比35.2％，生物医药占比23.3％，高端装备制造占比 16.3％，三大行业公司占比接近75％。同时，业绩实现大幅增长。科创板公司2021年共计实现营业收入 8344.54亿元，同比增长36.86%；实现归母净利润948.41亿 ...

Group 1: Drone Industry Development - Tibet Chuangbo Aviation Technology Co., Ltd. has established a presence in Shannan, Tibet, focusing on the development of drones tailored for the high-altitude environment, addressing the strong demand for drone applications in the region [2][3] - The company has made significant technological breakthroughs in flight control algorithms, power systems, and communication interference resistance, achieving international leadership in these areas [2] - A complete drone industry chain has been established locally, covering research and design, parts production, assembly testing, and after-sales service [2] Group 2: Low-altitude Economy Growth - The company is actively promoting the growth of the local low-altitude economy by attracting supporting enterprises, such as Tianjin 764 Communication Navigation Technology Co., Ltd., to set up operations nearby [3] - Training programs for local talent in drone technology are being provided, with a focus on engaging the local Tibetan population, who show strong interest and learning capabilities [3] Group 3: Intelligent Computing Center Development - The establishment of the "Yajiang No. 1" intelligent computing center, with a planned computing power of 2000P, aims to create a large-scale computing engine in Tibet [4][5] - The center benefits from the region's low-temperature, low-oxygen, low-sulfur, and low-humidity environment, which enhances server stability and longevity, alongside abundant clean energy for sustainable operations [4] - The intelligent computing center is expected to support various industries, including AI model training, and will facilitate data processing for local enterprises like Tibet Chuangbo Aviation [5]

Group 1 - The Science and Technology Innovation Board (STAR Market) has celebrated its 6th anniversary, currently hosting 589 listed companies with a total market capitalization exceeding 7 trillion yuan, marking a significant growth in "hard technology" [1] - 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, and more than 60% of companies possess over 850 products and technologies that meet international advanced standards [1] - The STAR Market has produced 35 companies ranked first globally in their respective fields, 124 companies ranked first nationally, and 196 companies ranked among the top five globally or nationally [1] Group 2 - The STAR Market has accumulated over 120,000 invention patents, with an average of 216 patents per company, and 138 projects led or participated in by 81 STAR Market companies have received major national science and technology awards [1] - The high research and development (R&D) investment has contributed to these achievements, with an average R&D intensity of over 10% since its inception, and R&D investment reaching 168.1 billion yuan in 2024, more than three times the net profit attributable to shareholders for that year, reflecting a year-on-year growth of 6.4% [1] - The median R&D investment as a percentage of operating revenue stands at 12.6%, consistently leading other sectors in the A-share market [1] Group 3 - The breakthroughs in "hard technology" are supported by the continuous improvement of the capital market's inclusive system, including the pilot registration system and reforms related to IPOs, refinancing, and mergers and acquisitions [2] - The STAR Market has raised over 1.1 trillion yuan through IPOs and refinancing, establishing itself as the preferred financing destination for "hard technology" enterprises [2] - More than 80% of the companies on the STAR Market are from emerging industries such as new generation information technology, biomedicine, and high-end equipment manufacturing, creating demonstration and clustering effects in key industrial chains like integrated circuits, biomedicine, and new energy [2]

Core Viewpoint - The article highlights the six-year anniversary of the Sci-Tech Innovation Board (STAR Market), emphasizing its commitment to "hard technology" and its role as a "testing ground" for capital market reforms, showcasing significant growth and development in the sector since its inception in 2019 [1]. Group 1: Hard Technology Focus - The STAR Market supports high-tech industries such as new generation information technology, biomedicine, high-end equipment, new energy, new materials, and energy conservation and environmental protection [2][3]. - A total of 589 companies have been listed on the STAR Market, with a combined market capitalization exceeding 7 trillion yuan, and IPO fundraising reaching 925.7 billion yuan [3]. Group 2: Company Performance and Growth - From 2019 to 2024, the compound annual growth rate (CAGR) for operating revenue and net profit attributable to shareholders of STAR Market companies is projected to be 19% and 9%, respectively [8]. - The total R&D investment by STAR Market companies from 2019 to 2024 is expected to reach 709 billion yuan, with 2024 alone seeing an investment of 168.1 billion yuan, which is over three times the net profit for that year [10][12]. Group 3: Innovation and R&D Achievements - Over 30% of STAR Market companies have products or projects that are innovative within their industries, and more than 80% of core products aim for import substitution and self-control [13]. - STAR Market companies have collectively formed over 120,000 invention patents, averaging 216 patents per company, with some companies like SMIC and Xinke Mobile exceeding 10,000 patents [13]. Group 4: Investment and Market Dynamics - Approximately 90% of companies listed on the STAR Market received investment from venture capital institutions before going public, with an average investment of about 930 million yuan per company [24]. - Since the introduction of the "STAR Market Eight Articles" in June 2024, there have been over 110 new industry mergers and acquisitions, with disclosed transaction amounts exceeding 140 billion yuan [21]. Group 5: Shareholder Returns - From 2019 to 2024, the total annual dividends distributed by STAR Market companies reached 176.8 billion yuan, with over 60% of companies implementing annual cash dividend plans [27].

Core Viewpoint - The article emphasizes the significant role of the Sci-Tech Innovation Board (STAR Market) in fostering "hard technology" companies, highlighting its achievements over the past six years, including the establishment of 589 listed companies with a total market capitalization exceeding 7 trillion yuan, and its ongoing reforms aimed at enhancing the capital market's support for technological innovation [1][11][15]. Group 1: Development and Achievements - The STAR Market has maintained its focus on "hard technology," serving as a "testbed" for reforms and facilitating the growth of companies in sectors like integrated circuits, biomedicine, and new energy [1][7]. - As of July 21, the STAR Market has 589 listed companies with a total market value of over 7 trillion yuan, and it has raised 1.1 trillion yuan through IPOs and refinancing [11][16]. - The board has successfully attracted a significant number of companies, with over 70% of IPO applications in the first half of the year targeting the STAR Market [6]. Group 2: Institutional Innovations - The STAR Market has implemented a series of groundbreaking institutional innovations across various aspects such as issuance, listing, trading, and mergers and acquisitions, enhancing its appeal to technology firms [23][24]. - Recent reforms include the introduction of a "growth layer" and the expansion of the fifth listing standard to cover industries like artificial intelligence and commercial aerospace, reflecting a commitment to supporting "hard technology" [24][26]. Group 3: Investment Trends - The STAR Market has shifted investment focus towards "hard technology," with nearly 90% of companies receiving venture capital support before going public [19][18]. - The market has seen a significant increase in institutional investor participation, with over 60% of holdings in the STAR Market attributed to institutional investors, indicating growing confidence in the sector [21]. Group 4: Future Outlook - The ongoing reforms are expected to further enhance the STAR Market's ability to support technological innovation and long-term value creation, positioning it as a key player in the capital market [26][28]. - The emphasis on long-term investment and the need for patient capital is highlighted, as the nature of technology innovation often involves high risks and long return cycles [28][29].

Core Viewpoint - Changying Tong plans to acquire 100% equity of Wuhan Shengyisheng Optoelectronics for 158 million yuan to enhance its capabilities in optical fiber gyroscope photon chip processing and to capture the growing market demand in the optical communication sector [1][2] Group 1: Acquisition Details - The acquisition is a strategic move for Changying Tong to upgrade its optical fiber gyroscope business and expand its application in the optical communication field [2] - The Shanghai Stock Exchange has accepted the transaction and issued an inquiry letter requiring explanations on 11 aspects, including the purpose and necessity of the acquisition [2][3] Group 2: Financial Performance - For the first half of 2025, Changying Tong expects revenue between 173 million to 211 million yuan, a year-on-year increase of 26.35% to 54.43%, and a net profit of 26.12 million to 31.92 million yuan, an increase of 72.12% to 110.33% [1][5] - The company has signed a performance guarantee agreement with the original shareholders of Shengyisheng Optoelectronics, ensuring minimum net profits for the years 2025, 2026, and 2027 [5] Group 3: Industry Position and Collaboration - Changying Tong is recognized as a national-level specialized and innovative "little giant" enterprise in the optical fiber gyroscope sector, having been listed on the Sci-Tech Innovation Board in 2022 [2] - Shengyisheng Optoelectronics, established in 2016, is a leading provider of optical device solutions in the optical communication field and has a strong customer demand, having turned profitable [4][6] - The collaboration between Changying Tong and Shengyisheng Optoelectronics has already addressed industry challenges, particularly in the processing technology of optical fibers and chips [3][6]

Group 1 - The core idea of the article highlights the significant achievements of the Sci-Tech Innovation Board (STAR Market) since its establishment, emphasizing its role in supporting "hard technology" enterprises and facilitating the registration-based reform in China's capital market [1][2] - As of July 21, 2025, the STAR Market has 589 listed companies with a total market capitalization of approximately 7.4 trillion yuan, having raised over 1.1 trillion yuan in total through IPOs and refinancing [1] - The STAR Market has become a vital platform for the development of new productive forces, with a focus on strategic emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing, which account for over 80% of the listed companies [2] Group 2 - The compound annual growth rates for revenue and net profit attributable to shareholders of STAR Market companies are 19% and 9%, respectively, since 2019 [2] - Among the 54 unprofitable companies at the time of listing, 22 have achieved profitability post-listing, and 19 out of 20 companies listed under the fifth set of standards have received approval for their self-developed drugs/vaccines [2] - In 2024, STAR Market companies' total R&D investment reached 168 billion yuan, more than three times their net profit, with a median R&D investment-to-revenue ratio of 12.6%, leading all A-share sectors [2]

Core Insights - Union Medical has established itself as a leader in the high-end medical equipment industry, focusing on core technology research and development, and has achieved significant market share in China and abroad [1][2][3] Company Overview - Founded in 2011, Union Medical specializes in high-performance medical imaging equipment, radiation therapy products, life science instruments, and digital healthcare solutions [1][2] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in August 2022, raising over 10 billion yuan to support its R&D efforts [1][2] Market Position - Union Medical ranks first in the domestic market share for imaging products (excluding ultrasound and DSA) as of 2024, with overseas business revenue increasing by over 35% year-on-year [1][2] - The company has filed over 9,300 patent applications, with more than 80% being invention patents, and has received regulatory approvals for over 140 products [2] Technological Innovation - The company has developed a complete self-research system covering key components such as magnets, RF amplifiers, and detectors, and has made significant breakthroughs in core technologies [2][4] - In 2024, Union Medical's R&D investment reached 2.26 billion yuan, accounting for 21.95% of its total revenue [3][4] AI Integration - Union Medical has over 20 AI-enabled medical devices approved by the FDA, positioning it as a leader in the industry [4][5] - The company aims to integrate AI with cloud platforms and big data to enhance decision-making processes across the entire patient care continuum [5] Global Expansion - Union Medical has established a global presence, with operations in over 85 countries and regions, and has set up regional headquarters and R&D centers in key markets [6][7] - In 2024, the company's overseas revenue reached 2.27 billion yuan, accounting for 22% of total revenue, reflecting its successful international strategy [6][7] Future Outlook - The company plans to continue building localized business teams and expanding its service network in key countries to enhance its global influence in the high-end medical equipment sector [7]

Group 1 - The establishment of the Sci-Tech Innovation Board (STAR Market) has provided a nurturing environment for "hard technology" companies, fostering innovation and high-quality development over the past six years [1][13] - Companies like Haiguang Information have significantly improved their governance, innovation, and competitiveness, benefiting from the STAR Market's supportive policies and funding environment [2] - The STAR Market has enhanced the capital market's inclusivity and support for high-quality development of unprofitable technology companies, as demonstrated by companies like Baili Tianheng [3] Group 2 - The STAR Market has been a crucial engine for China's innovation-driven development strategy, injecting vitality into the sci-tech industry [4] - Companies such as United Imaging Healthcare have experienced increased brand influence, easier financing, and more flexible talent incentives due to their listing on the STAR Market [5] - The STAR Market's inclusive policies have allowed companies like Yingshi Innovation to focus on technological breakthroughs and international expansion [6] Group 3 - China Communications Construction Company has effectively utilized the STAR Market's financing mechanisms to support its technological innovation and industry upgrades [7] - JinkoSolar has leveraged the STAR Market to enhance its strategic foundation for global development and technological innovation [8] - The STAR Market has played a significant role in supporting the growth of hard technology enterprises, as highlighted by various companies' experiences [9] Group 4 - Companies like Tuojing Technology have overcome development bottlenecks and achieved profitability within a year of listing on the STAR Market, demonstrating the platform's effectiveness [10] - Zhongkong Technology has gained substantial funding support for its research and development in AI and robotics, solidifying its leading position in industrial automation [11] - Kaisa Biotech has utilized the STAR Market to enhance its capital support for technological innovation in biomanufacturing [12] Group 5 - The STAR Market has become the preferred listing venue for hard technology companies, attracting industry leaders and hidden champions [14] - Companies are optimistic about the STAR Market's future reforms, which are expected to further support the growth of innovative technology firms [15]

六年来，科创板始终坚守"硬科技"定位，充分发挥改革"试验田"功能，在探索中蹚出了一条从无到有、 由小及强的跨越式发展之路。截至7月21日，科创板上市公司达589家，总市值超7万亿元，浇灌滋养着 集成电路、生物医药、新能源等领域的一批批硬科技新苗茁壮成长。 站在科创板开市六周年的新起点，"1+6"改革措施正在加速落地见效。随着改革效能持续释放，示范效 应不断凸显，科创板将进一步成为资本市场培育新质生产力的"主阵地"。 制度沃土： 硬科技企业加速成长 7月18日，证监会官网信息显示，宇树科技启动A股IPO辅导。据业内人士透露，科创板大概率成为宇树 科技上市首选。 这不是个案。仅7月18日一天，两家拟采用科创板第五套标准上市的企业同时传出消息：禾元生物IPO 注册生效，北芯生命IPO申请过会。同日，未来材料、恒坤新材和节卡股份三家企业也更新科创板IPO 进展。在今年上半年上交所受理的IPO中，拟在科创板上市的企业占比逾七成。 作为资本市场服务"硬科技"的核心阵地，科创板自诞生之日起即锚定"硬科技"定位，构建起多元包容的 发行上市制度，致力于成为科创企业成长壮大的"沃土"。 "科创板设立的最大意义，是打通了科技企业正 ...