Core Insights - The Science and Technology Innovation Board (STAR Market) has successfully gathered 592 listed companies by October 2025, with a cumulative IPO fundraising scale of 934.6 billion yuan and total financing exceeding 1.1 trillion yuan, becoming a key force in nurturing new productive forces and upgrading the modern industrial system [1][2] - Over the past five years, STAR Market companies have shown strong growth, with a compound annual growth rate of 18% in operating income and 9% in net profit attributable to shareholders, indicating robust growth potential [2][3] - The STAR Market has established a virtuous cycle ecosystem of "technology - industry - capital," effectively promoting the efficient allocation of innovative resources and attracting talent and investment [6][8] Group 1: Financial Performance - By October 2025, the STAR Market has raised a total of 934.6 billion yuan through IPOs, with total financing surpassing 1.1 trillion yuan [1] - The compound annual growth rates for operating income and net profit attributable to shareholders for STAR Market companies are 18% and 9%, respectively, since 2019 [2] - In the integrated circuit sector, 119 disclosed companies reported a revenue growth of 27% and a net profit growth of 83% year-on-year for the first three quarters of 2025 [3] Group 2: Industry Focus and Innovation - The STAR Market has maintained a focus on "hard technology," with over 80% of listed companies in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [3] - The STAR Market has seen significant advancements in key technologies, with companies like He Yuan Bio and Guo Dun Quantum achieving breakthroughs in innovative drugs and semiconductor technologies [4] - As of 2025, STAR Market companies have formed over 130,000 invention patents, with an average of 230 patents per company, showcasing a strong emphasis on innovation [4][5] Group 3: Ecosystem and Market Dynamics - The STAR Market has successfully attracted over 60% of its founding teams from scientific and engineering backgrounds, fostering a culture of innovation [6] - Approximately 90% of STAR Market companies received venture capital investment before going public, indicating strong investor confidence [6] - The STAR Market has developed a comprehensive index system with 33 indices, and the total scale of STAR Market-related index tracking products exceeds 330 billion yuan [6][7] Group 4: Regulatory and Institutional Innovations - The STAR Market has pioneered various institutional innovations, including multi-dimensional listing standards and a small-scale rapid financing mechanism, providing valuable lessons for other market segments [8] - Recent reforms, such as the "1+6" initiative, have further enhanced the inclusivity of the STAR Market, allowing for the expansion of standards to cover cutting-edge fields like artificial intelligence [8] - The Shanghai Stock Exchange aims to leverage the STAR Market's role as a "testing ground" to better identify high-quality technology enterprises and support their listing [9]

Group 1 - The event "Scientists Meet Investors" showcased innovative technologies from three technology companies in materials science, plasma medicine, and AI healthcare, demonstrating the integration of academic research and market needs [1][2][3] - Xi'an Qinguang Zhichai Technology Co., Ltd. presented a "long-life heavy anti-corrosion technology integrated solution," which enhances metal protection in extreme environments and has a lifespan increase of 5-10 times, with applications in marine engineering and chemical facilities [1][2] - West Xi'an Cold Plasma Technology Co., Ltd. focuses on low-temperature plasma technology for medical applications, achieving rapid sterilization and targeting difficult skin conditions, with plans to expand into human health products and AI diagnostic systems [2][3] Group 2 - Shandong Shuying Intelligent Medical Technology Co., Ltd. introduced an "AI-enabled minimally invasive imaging solution," which improves surgical precision and efficiency through real-time analysis of surgical images, with ongoing clinical trials in multiple hospitals [2][3] - The event highlighted the potential for collaboration between scientists and investors to drive innovation in the "hard technology" industry, emphasizing the importance of transforming academic achievements into practical applications [3]

Group 1 - The A-share market saw all three major indices turn positive on November 5, with the Sci-Tech 50 ETF (588000) continuing its upward trend, rising by 0.5% [1] - The photovoltaic equipment sector experienced significant gains, with companies like Arctech reaching a trading limit and setting new highs, while Trina Solar surged over 13% [1] - As of the report, the trading volume of the Sci-Tech 50 ETF (588000) exceeded 3.1 billion yuan, making it the top performer among similar products [1] Group 2 - A major breakthrough in perovskite photovoltaic technology was announced on November 3, with a Zhejiang-based company releasing the world's largest commercial perovskite solar module [1] - Trina Solar's subsidiary signed a memorandum for a 5GWh grid-level battery energy storage system, indicating a positive trend in order fulfillment [1] - Dongwu Securities highlighted that the commercialization of perovskite technology enhances industry barriers and drives demand for equipment upgrades, benefiting upstream companies in the supply chain [1] Group 3 - The Sci-Tech 50 ETF (588000) tracks the Sci-Tech 50 Index, with 69.3% of its holdings in the electronics sector and 5.17% in the computer sector, totaling 74.47%, aligning well with the development of cutting-edge industries like AI and robotics [2] - The ETF also covers various sub-sectors, including medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [2] - Investors optimistic about the long-term prospects of China's hard technology are encouraged to maintain their focus on this ETF [2]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has celebrated its seventh anniversary, having been established to support "hard technology" companies and deepen institutional reforms [1] - 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 revenue and net profit of STAR Market companies have shown strong growth, with compound annual growth rates of 18% and 9% respectively over the past five years [1] Group 1: Institutional Support for Hard Technology - The STAR Market has created a multi-dimensional and inclusive listing system that supports the development of new productive forces, as evidenced by the recent listings of unprofitable companies [3] - Currently, there are 57 unprofitable companies listed on the STAR Market, with 22 of them achieving profitability [3] - The 35 companies in the STAR Market's growth tier reported a 35.09% year-on-year increase in revenue, while their net profit saw a reduction in losses by 57.24% [3] Group 2: Industry Cluster Effects - The STAR Market has fostered a demonstration and clustering effect in industries such as integrated circuits and biomedicine, creating a collaborative development matrix [6] - Over 120 integrated circuit companies are listed on the STAR Market, covering all aspects of the industry chain, which enhances the autonomy of China's integrated circuit sector [6] - Leading companies like SMIC have raised significant funds through IPOs, which not only support their own R&D but also drive the development of upstream and downstream enterprises [6] Group 3: R&D Investment and Innovation - The total R&D investment of STAR Market companies is projected to reach 168 billion yuan in 2024, which is over three times their net profit [7] - In the first three quarters of this year, R&D investment totaled 113.35 billion yuan, 2.6 times the net profit, with a year-on-year growth of 9.01% [7] - A significant number of STAR Market companies rank first globally or nationally in their respective fields, with over 30% of products or projects being innovative [7] Group 4: Capital Market Reforms - The STAR Market has served as a "testing ground" for capital market reforms, providing replicable experiences for other markets [9] - The implementation of the "1+6" reform measures aims to further enhance the STAR Market's role in supporting new productive forces and advancing high-level technological self-reliance [9] - The establishment of the growth tier has improved financing channels for high-quality technology companies, facilitating their growth [9]

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]

登录新浪财经APP 搜索【信披】查看更多考评等级 科创板科创成长层首批新注册企业上市仪式现场。（资料图片） 10月28日，科创板迎来科创成长层首批3家新注册企业上市，资本市场包容度、适应性进一步提升。目 前，科创板已汇聚592家科技企业，总市值超9万亿元，已成为中国"硬科技"企业上市"首选地"。 中信证券全球投资银行委员会主任孙毅表示，此次科创板科创成长层迎来首批新注册企业，是全面注册 制走深走实的关键一步。科创板科创成长层以"更包容的上市标准、更契合的监管逻辑、更完善的发行 机制"，为处于成长期、研发投入高、科创属性强的"硬科技"企业量身打造了资本市场新赛道。 中国证监会副主席李超表示，科创板改革"试验田"作用日益显现，引领带动全市场基础制度持续完善， 有力支持了一批集成电路、生物医药等领域高科技企业，服务科技创新的强劲势能正加快集聚。 有力支持科技创新 自2018年11月份宣布设立科创板并试点注册制以来，科创板从无到有、从小到大，市场保持稳健发展， 市场功能稳步发挥，服务科技创新和新质生产力发展迈出新的坚实步伐。 坚守"硬科技"定位。截至10月28日，科创板支持新一代信息技术、生物医药、高端装备、新能源、 ...

Core Insights - The launch of the first three new registered companies in the Sci-Tech Innovation Board's growth layer marks a significant enhancement in the capital market's inclusivity and adaptability [1][2][3] - The Sci-Tech Innovation Board has gathered 592 technology companies with a total market capitalization exceeding 9 trillion yuan, establishing itself as the preferred listing venue for "hard tech" companies in China [1][4] - A series of policy measures, including the "New National Nine Articles" and the "1+6" policies, have aligned the growth paths of "hard tech" companies with the support cycles of the capital market, injecting new vitality into the support for technological innovation [1][2][5] Policy and Market Developments - The China Securities Regulatory Commission (CSRC) introduced the "1+6" policy on June 18, 2023, which includes the establishment of a growth layer on the Sci-Tech Innovation Board aimed at supporting technology companies that are not yet profitable but have significant breakthroughs and commercial prospects [2][3] - The three newly listed companies—He Yuan Bio, Xi'an Yicai, and Bibet—are the first to be registered under this growth layer, optimizing listing standards and enhancing financing channels for high-investment sectors like artificial intelligence and innovative pharmaceuticals [2][3][4] - Since the establishment of the Sci-Tech Innovation Board in November 2018, it has supported the listing of 592 companies in high-tech and strategic emerging industries, raising over 1.1 trillion yuan through IPOs and refinancing [4][5] Financial Performance and R&D Investment - In 2024, the total R&D investment of companies on the Sci-Tech Innovation Board is projected to reach 168.1 billion yuan, which is more than three times the net profit of the board, reflecting a year-on-year growth of 6.4% [5] - By the first half of 2025, R&D investment is expected to reach 84.1 billion yuan, exceeding net profit by 2.8 times, with a median R&D investment as a percentage of revenue at 12.6% [5] Future Directions and Regulatory Enhancements - The Shanghai Stock Exchange plans to enhance its role as a "testbed" for reforms, focusing on identifying high-quality technology companies and supporting sectors like artificial intelligence and commercial aerospace [7] - The CSRC emphasizes the need for continuous improvement in the capital market's inclusivity and adaptability, aiming to deepen reforms in areas such as issuance, underwriting, and mergers and acquisitions [6][7] - There is a strong focus on investor protection and the development of patient and long-term capital to improve market attractiveness and competitiveness [7]

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has evolved into a preferred platform for "hard technology" companies in China, supporting high-level technological self-reliance and innovation since its establishment seven years ago [1][2]. Group 1: Growth and Development of STAR Market - The STAR Market has seen over 590 companies listed, raising more than 900 billion yuan through IPOs, including various special types of enterprises [2][3]. - The STAR Market has become the primary domestic financing platform for many technology companies that previously could not meet profitability requirements for listing abroad [3][4]. - The introduction of the "1+6" reform policy has led to the establishment of the Sci-Tech Growth Layer, allowing more companies to access capital markets [4][6]. Group 2: Financial Performance and R&D Investment - Companies in the Sci-Tech Growth Layer reported a 35.1% year-on-year increase in revenue, while net profit losses decreased by 45.4%, with a median R&D intensity of 44.3% [5]. - The STAR Market has facilitated significant financing activities, with 18 new IPO applications and nearly 150 industry mergers and acquisitions since the "1+6" policy was introduced [6]. Group 3: Support for Emerging Industries - The STAR Market is expanding its support for emerging industries, including artificial intelligence and commercial aerospace, by allowing more companies to meet the fifth set of listing standards [7]. - The expansion of the fifth set of standards is expected to attract more technology-driven companies to the STAR Market, enhancing their access to long-term funding [7].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has evolved into a preferred platform for "hard technology" companies in China, supporting their listing and financing needs since its establishment seven years ago [1][2] - The board has seen over 590 companies listed, raising more than 900 billion yuan, including various types of enterprises that previously struggled to meet profitability requirements [2][3] - Recent reforms, including the introduction of the "1+6" policy, have enhanced the board's inclusivity and adaptability, allowing more companies, especially those in emerging industries, to access capital [3][4] Group 1: Growth and Development - The STAR Market has become a key driver for the growth of strategic emerging industries, with a focus on sectors like integrated circuits, where over 120 companies are listed [2][4] - The board's reforms have led to a significant increase in IPO applications and mergers, with nearly 150 new transactions reported since the "STAR Market Eight Articles" policy was introduced [4][5] - Companies listed on the STAR Market have shown improved innovation capabilities, with a median R&D intensity of 44.3% among the newly registered firms [3] Group 2: Financial Performance - In the first three quarters of the year, companies in the STAR Market's growth layer reported a 35.1% increase in revenue while reducing net losses by 45.4% [3] - The STAR Market has successfully attracted long-term capital, with over 100 ETFs listed and a total index product scale exceeding 330 billion yuan [5] - The board's supportive measures for sectors like artificial intelligence and commercial aerospace are expected to further enhance its appeal to technology-driven enterprises [5]

Group 1 - The core idea of the article highlights the significant achievements and ongoing reforms of the Sci-Tech Innovation Board (STAR Market) in China over the past seven years, emphasizing its role in supporting "hard technology" enterprises and enhancing the capital market's inclusivity and adaptability [1][5][6] - As of now, there are 592 listed companies on the STAR Market, with a total of 934.6 billion yuan raised 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 attributable to shareholders of STAR Market companies over the past five years are 18% and 9%, respectively, based on 2019 figures [1] Group 2 - The STAR Market's multi-dimensional and inclusive listing system has effectively supported the growth of hard technology enterprises, with 57 unprofitable companies now listed, of which 22 have achieved profitability [2] - The 35 companies in the STAR Market's growth tier reported a 35.09% year-on-year increase in revenue for the first three quarters, while net profit saw a reduction in losses by 57.24% [2] - The median R&D intensity for these companies stands at 44.34%, indicating a strong focus on innovation and development [2] Group 3 - The STAR Market has fostered a clustering effect in industries such as integrated circuits and biomedicine, creating a collaborative development matrix led by industry "chain masters" [3] - Over 120 companies in the integrated circuit sector are listed on the STAR Market, covering all aspects of the industry chain, which has enhanced the autonomy of China's integrated circuit industry [3] - For instance, the IPO of SMIC raised 53.2 billion yuan, supporting its innovation and expansion while also benefiting upstream and downstream enterprises in the semiconductor industry [3] Group 4 - The total R&D investment of STAR Market companies is projected to reach 168 billion yuan in 2024, which is over three times the net profit of the sector [4] - In the first three quarters of this year, R&D investment totaled 113.35 billion yuan, 2.6 times the net profit, with a year-on-year growth of 9.01% [4] - Approximately 30% of STAR Market companies have products or projects that are innovative within their industries, with over 80% targeting import substitution and self-sufficiency [4] Group 5 - The STAR Market has served as a "testing ground" for capital market reforms, implementing a series of institutional innovations in areas such as issuance, listing, trading, and mergers and acquisitions [5] - The experiences gained from the STAR Market's reforms have provided valuable insights for the reform of other markets, such as the ChiNext and main boards [5] - The implementation of the registration system on the STAR Market has accelerated the legislative process for the revised Securities Law, further enhancing the foundational systems of the capital market [5] Group 6 - The China Securities Regulatory Commission announced the continuation of the STAR Market's demonstration effect, introducing further reforms to support high-level technological self-reliance [6] - The establishment of the growth tier has improved financing channels for high-quality technology companies, providing a more suitable growth platform for "hard technology" firms [6] - The Shanghai Stock Exchange aims to enhance its role as a "testing ground" for the STAR Market, focusing on identifying high-quality technology enterprises and supporting emerging fields such as artificial intelligence and commercial aerospace [6]