（文章来源：新华财经） 经新华财经统计，10月27日，科创板589只个股平均涨幅1.13%，平均换手率3.34%，合计成交额2686亿 元，平均振幅为4.32%。 个股表现方面，星环科技涨16.47%，涨幅靠前；惠泰医疗跌13.44%，跌幅居首。 成交额方面，寒武纪成交额187.6亿元，位居首位；ST观典成交额811.0万元，位居末位。 换手率方面，艾森股份换手率为24.06%，位居首位；威高骨科换手率为0.34%，位居末位。 新华财经北京10月27日电 （胡晨曦）科创50指数10月27日早间高开后震荡下挫，早盘一度翻绿，午后 指数震荡上行，最终大幅收涨。至收盘时，科创50指数报1484.21点，涨幅1.50%，指数振幅为2.29%， 总成交额约1070亿元。 10月27日，科创综指全日收涨1.43%，收于1685.37点，总成交额2686亿元。 从盘面来看，科创板589只个股涨多跌少，高价股、低价股均多数上涨。细分领域来看，半导体股、专 用机械股表现强势，电气设备股、医疗保健股跌幅靠前。 ...

Group 1 - The Sci-Tech 50 Index opened lower by approximately 0.39% on September 11, initially dropping about 1.19% before rising to close with a gain of 5.32% at 1326.03 points, with a total trading volume of around 106 billion yuan [1] - The Sci-Tech Comprehensive Index also opened slightly lower but experienced a significant increase, closing up 4.40% at 1596.45 points, with a total trading volume of approximately 276.9 billion yuan, showing a notable increase compared to the previous trading day [1] - Nearly 90% of stocks on the Sci-Tech Board rose on that day, with semiconductor and component stocks leading the gains, including Haiguang Information and Tengjing Technology, which hit the daily limit of 20% and reached historical highs, boosting market sentiment [1] Group 2 - On September 11, excluding suspended stocks, the average increase for the remaining 588 stocks on the Sci-Tech Board was 2.79%, with an average turnover rate of 3.68% and a total trading volume of 276.9 billion yuan, while the average volatility was 5.86% [1] - Individual stock performance highlighted six stocks, including Tengjing Technology, Haiguang Information, and Xinxiang Micro, which reached approximately 20% limit up, while Yuekang Pharmaceutical saw a decline of 5.53%, the largest drop of the day [1] - In terms of trading volume, Hanwujing ranked first with a trading volume of 25.997 billion yuan, while *ST Guandian had the lowest trading volume at 837.66 million yuan [1] Group 3 - In terms of turnover rate, Jiayuan Technology had the highest turnover rate at 21.12%, while Longteng Optoelectronics had the lowest at 0.27% [2]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has significantly optimized the industry structure of the A-share market since its launch on July 22, 2019, with a total of 591 companies listed and a cumulative IPO fundraising of 927.156 billion yuan, leading to a total market capitalization exceeding 7 trillion yuan [1]. Group 1: IPO Performance - As of the sixth anniversary of the STAR Market, a total of 591 companies have been listed, with two companies delisted and two under delisting risk warnings [6]. - The top five underwriters by fundraising amount are Guotai Junan and Haitong Securities (213.777 billion yuan), CITIC Securities (167.069 billion yuan), CICC (130.254 billion yuan), and CITIC Jianzhong Securities (88.015 billion yuan) [5]. - Guotai Junan and Haitong Securities lead in the number of IPOs underwritten, with a total of 112, followed by CICC (70), CITIC Jianzhong (64), and Huatai Securities (56) [5]. Group 2: Company Quality and Issues - Minsheng Securities has faced significant challenges, with multiple IPO projects under its sponsorship encountering quality issues, leading to a C-class rating from the China Securities Association for two consecutive years [6]. - ST Yifei, a company sponsored by Minsheng Securities, was placed under special treatment due to internal control deficiencies, raising questions about the diligence of the underwriting process [7][8]. - The 2024 annual report of ST Yifei revealed a 75.94% decrease in net profit compared to 2023, with discrepancies between the preliminary earnings report and the actual results, prompting regulatory scrutiny [9].

A-Share Listing Overview - A-share market has stricter supervision and audits compared to Hong Kong and US stocks due to a higher proportion of retail investors with limited screening capabilities [1] - A-share listings have "invisible thresholds" that are much higher than the explicit requirements specified by exchanges [1] - A-share market offers a liquidity premium of 20% to 30% compared to Hong Kong stocks due to higher trading volume, leading to higher valuations [1] - A-share listing process involves three stages: application, review (by the exchange and the China Securities Regulatory Commission), and issuance [2] Listing Requirements and Preferences - Science and Technology Innovation Board requires a three-year revenue compound growth rate of over 25% or recent revenue exceeding 300 million yuan, along with R&D expense requirements [1] - A-share market favors companies needing funds for production (e g, professional equipment manufacturing, pharmaceutical manufacturing) or R&D (e g, software, information technology) [3] - Companies seeking A-share listing, especially on the Science and Technology Innovation Board, must align with national strategies, such as promoting science and technology innovation and hard technology [3] Insta360 (IArashi Vision Inc.) Case Study - Insta360's prospectus highlighted its alignment with the national strategy by showcasing its panoramic technology, anti-shake technology, and AI image processing technology [3] - Insta360 planned to use the raised funds (originally expecting 460 million yuan, ultimately raising 19 billion yuan) for building a production base (190 million yuan) and an R&D center (270 million yuan) [3] - Insta360's IPO issue price was 47 yuan, and the stock price rose by 285% at the opening [7][8] Regulatory Environment - China's capital market is shifting from increasing scale to improving quality, emphasizing profitability, dividend payouts, and stricter supervision following the new "Nine National Regulations" [13][14][15] - The registration system for A-shares, while aiming for transparency, still involves substantive review and is stricter compared to US and Hong Kong stocks [5] - Intermediary institutions (investment banks, law firms, accounting firms) play a crucial role in the listing process and bear significant responsibility for the accuracy and completeness of the disclosed information [2][4]

Group 1 - As of April 30, 2024, all 586 companies listed on the Sci-Tech Innovation Board reported a total operating revenue of approximately 1.42 trillion yuan, representing a year-on-year growth of 0.24% [1] - Nearly 70% of the companies achieved revenue growth, with an increase of 3.09 percentage points year-on-year; 54 companies saw revenue growth exceeding 50%, and 285 companies reached record high revenues [1] - The total net profit for the year was 47.523 billion yuan, with 50% of companies reporting net profit growth, an increase of 7.17 percentage points year-on-year; 30 companies doubled their profits, and 32 companies turned losses into profits [1] Group 2 - Several companies that were unprofitable at the time of listing showed positive development, with 54 unprofitable companies collectively achieving operating revenue of 174.479 billion yuan, a year-on-year increase of 24%; 26 companies had revenues exceeding 1 billion yuan [1] - The collective net loss for these unprofitable companies was 13.641 billion yuan, a reduction of 35.5% year-on-year; Tianyue Advanced and Tuojing Technology transitioned from years of consecutive losses to achieving net profits of over 100 million yuan and 600 million yuan, respectively, in 2024 [1] - As of now, 22 companies on the Sci-Tech Innovation Board have achieved profitability and "delisted from the U" status, with three companies, including Shenzhou Cell, Baili Tianheng, and Microelectronic Physiology, achieving this status in the current year [2] Group 3 - Among the 20 companies listed under the fifth set of standards, 18 have launched core products, while the remaining two have had their core product applications accepted; 16 companies reported revenues exceeding 1 billion yuan, with 4 companies surpassing 10 billion yuan [2] - Companies like Ailis and Shenzhou Cell have launched significant products that generated annual sales exceeding 1.5 billion yuan, achieving revenues of 3.5 billion yuan and 2.5 billion yuan, respectively, from previously having zero revenue before listing [2]