近日，上交所举办"聚焦上交所——科创板六周年"专题线上路演活动，来自美欧亚太等主要市场的近50 家机构参与。该活动旨在做好科创板改革"1+6"政策宣贯，增进国际投资者对科创板市场及代表性上市 公司的了解。据悉，本次活动就科创板最新发展情况、改革政策，以及科创板指数化投资情况等进行讲 解。4家科创板公司创始人、CEO与国际投资者深入交流，多方面展示科创板市场的投资机遇及中国资 产的潜力。另据记者统计，今年科创板一季报里，有30多家公司获得外资机构的入驻。（上证报） ...

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully integrated technology innovation with capital markets over the past six years, supporting 589 high-tech and strategic emerging enterprises with a total market capitalization exceeding 7 trillion yuan and raising over 1.1 trillion yuan in IPO and refinancing funds [1][3][11]. Group 1: Market Development and Achievements - The STAR Market has become the preferred listing venue for China's hard technology companies, with over 80% of listed companies focusing on import substitution and self-control [1][3]. - The board has seen significant R&D investment, with cumulative R&D expenditures exceeding 700 billion yuan from 2019 to 2024, and a median R&D investment-to-revenue ratio of 12.6%, far surpassing other boards [3][4]. - The STAR Market has facilitated the listing of various innovative companies, including 120 in integrated circuits and over 110 in biomedicine, contributing to a robust industrial ecosystem [3][4]. Group 2: Policy and Regulatory Changes - Recent reforms, including the introduction of the "1+6" policy measures, aim to enhance the STAR Market's support for hard technology enterprises while ensuring investor protection [2][11][12]. - The establishment of a growth tier within the STAR Market is designed to accommodate unprofitable technology companies, reflecting a more inclusive regulatory environment [11][12]. Group 3: Investment Landscape - The average price-to-earnings (P/E) ratio of STAR Market companies has shown fluctuations, peaking at 94.63 times in 2020 and stabilizing at 52.35 times by July 2025, indicating a recovery in valuations [7]. - Institutional investor participation has increased, with over 60% of holdings in the STAR Market attributed to professional institutions, and a notable rise in long-term capital investment [9][10]. Group 4: Future Outlook - The STAR Market is expected to continue evolving, with a focus on optimizing support mechanisms for technology enterprises and enhancing the valuation framework for long-term R&D companies [13]. - There is anticipation for more high-quality technology firms to list, fostering a virtuous cycle among technology, industry, and finance, which will contribute to high-quality economic development in China [13].

Group 1 - The Shanghai Stock Exchange held a seminar on the first anniversary of the "Star Market Eight Articles," focusing on the development of index investment in the Star Market and the construction of a high-quality ecosystem for long-term investment ETFs [1] - The Star Market currently has 29 indices and 80 ETFs listed, with a total scale exceeding 250 billion yuan, making it the segment with the highest proportion of index investment in A-shares, accounting for 8.3% of the total free-floating market value [1] - China Asset Management has developed a diverse range of ETF products for the Star Market, including the Sci-Tech 50 ETF, Sci-Tech 100 ETF, Sci-Tech 200 ETF, and Sci-Tech Composite Index ETF, all featuring a low management fee rate of 0.15% per year to reduce long-term holding costs for investors [1] Group 2 - As of June 12, 2025, the comprehensive index of the Star Market (000680) decreased by 0.06%, with mixed performance among constituent stocks [2] - The Sci-Tech Composite Index ETF (589000) fell by 0.32%, with the latest price at 0.95 yuan, while it experienced a significant growth of 1.568 billion yuan in scale over the past three months, ranking first among comparable funds [2]

Group 1 - The core viewpoint emphasizes the importance of guiding capital into the "hard technology" sector through the development of the STAR Market and ETF ecosystem [1][2][3] - The STAR Market has seen a significant increase in index-based investment, with 80 STAR Market ETFs listed and a total scale exceeding 250 billion yuan, making it the highest proportion of index investment in A-shares [2][4] - The introduction of various STAR Market indices and ETFs has diversified investment options, with the total scale of STAR Market wide-based ETFs surpassing 200 billion yuan [3][4] Group 2 - The "STAR Market Eight Articles" have led to a substantial increase in the number of STAR Market indices and ETFs, with 51 ETFs listed and 68 approved, nearly doubling the number of approvals and listings compared to before the articles were published [4] - Institutional representatives suggest optimizing the supporting mechanisms for STAR Market ETFs to enhance the investment ecosystem [5][6] - The STAR Market is positioned to attract more long-term capital from insurance and banking sectors, contributing to a healthier investment environment [2][6]