2025年是"十四五"规划收官之年。 回望这五年，科创板从制度创新的"试验田"到"硬科技"企业聚集地，在"十四五"期间完成了一次关键蜕 变。 近日，上交所发布"十四五"改革发展情况回顾，一组数据清晰勾勒出科创板的五年蜕变：沪市科技创新 公司数量占比从32%升至41%，市值占比从27%升至32%，新上市公司中近七成为科技创新企业。 "十四五"时期，监管层全力推进"科创板八条""科创成长层1+6"等改革政策落实落地。 从集成电路到生物医药，从高端装备到人工智能，科创板重点产业链已形成示范和集聚效应，正成为培 育新质生产力的重要土壤。 含"科"量不断提升 今年11月5日，科创板将迎来宣布设立七周年。 作为服务国家高水平科技自立自强、培育新质生产力的重要阵地，五年来，一批技术领军企业在科创板 汇聚成势。 截至2025年10月26日，科创板上市公司数量合计达到589家，IPO募集资金9257亿元，再融资募集资金 1867亿元，合计超1.1万亿元。 科创板重点服务的性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。 以集成电路为例，科创板集成电路上市公司约120家， ...

Core Viewpoint - The "2025 China Sci-Tech Leaders Conference and the 6th Anniversary of the Sci-Tech Innovation Board" highlighted the integration of technology innovation and capital markets, emphasizing the role of the Sci-Tech Innovation Board in supporting China's technological advancements and industrial upgrades [2][5][22]. Group 1: Conference Overview - The conference featured 9 keynote speeches, 2 roundtable discussions, and various forums, attracting over 80 leaders from listed companies and nearly 1,000 attendees [2]. - Keynote speeches addressed topics such as semiconductor technology, AI, and innovative pharmaceuticals, showcasing the diverse fields of innovation [7][9][10]. Group 2: Government and Institutional Support - The Shanghai Municipal Government emphasized the importance of the Songjiang District in advancing manufacturing and technology innovation, focusing on high-end equipment and new-generation information technology [4]. - The Shanghai Stock Exchange reiterated its commitment to supporting "hard technology" and enhancing the "technology-industry-capital" cycle to align with national strategic needs [5]. Group 3: Industry Insights - Industry leaders discussed the challenges and opportunities in the semiconductor sector, highlighting the need for internationalization and innovation in the face of global competition [9]. - The conference revealed structural issues within the Sci-Tech Innovation Board, such as market capitalization dispersion and low delisting rates, which need to be addressed for better resource allocation [7]. Group 4: Mergers and Acquisitions - A roundtable discussion on mergers and acquisitions highlighted the evolving landscape, with a focus on strategic growth and industry chain restructuring rather than merely increasing market capitalization [13][15]. - The current M&A environment is characterized by a buyer's market for listed companies, emphasizing the importance of synergies and realistic valuations [15]. Group 5: International Expansion - Discussions on international expansion revealed a shift from cost advantages to technological advantages, with companies focusing on ecosystem outputs and proactive participation in standard-setting [17]. - The need for data security and software safety in overseas markets was underscored, as companies adapt to geopolitical challenges [17]. Group 6: Industry Collaboration - The conference facilitated connections between technology and capital demands, with a focus on high-barrier technology fields such as semiconductors and medical devices [21]. - The establishment of the "Best ESG Sci-Tech Innovation Board Listed Company" award aims to provide a reference for evaluating ESG performance in the industry [21]. Group 7: Future Outlook - The Sci-Tech Innovation Board has seen significant growth, with 589 listed companies and a total market capitalization exceeding 7.5 trillion yuan, positioning it as a key player in China's technological innovation landscape [22].