科创板今天（22日）迎来开市6周年。6年来，科创板以注册制改革为抓手，支持优质科技企业上市， IPO与再融资募集资金合计超1.1万亿元。记者从上海证券交易所了解到，截至7月22日，科创板累计支 持589家公司上市，IPO募集资金9257亿元，再融资募集资金1867亿元，总市值超过7万亿元。开市6年 来，科创板成为国内"硬科技"企业上市的首选地。上市公司高度聚集于高新技术产业和战略性新兴产 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。 (央视新闻) ...

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].

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 Viewpoint - The article emphasizes the significant progress and future potential of the Sci-Tech Innovation Board (STAR Market) in China, highlighting its role in fostering technological innovation and serving as a new high ground for new quality productivity development [1][2]. Group 1: Market Development and Structure - The STAR Market has evolved from a "testing ground" to a "demonstration site," with over 80% of listed companies in emerging industries such as new generation information technology, biomedicine, and high-end equipment manufacturing [1]. - The board has created a matrix industry cluster led by "chain masters" in key industries like integrated circuits and new energy, promoting collaborative development among upstream and downstream enterprises [1]. Group 2: Policy and Institutional Reforms - Recent reforms, including the "1+6" policy measures, aim to enhance the STAR Market's demonstration effect and further deepen capital market reforms [1][2]. - The establishment of a Sci-Tech Growth Tier within the STAR Market is designed to better serve technology-driven companies that are in the early stages of development and may not yet be profitable [3]. Group 3: Investment Ecosystem and Long-term Capital - The STAR Market is focused on building a long-term investment ecosystem, with over 60% of companies announcing cash dividend plans for 2024, totaling 38.8 billion yuan, and more than 290 companies having a cash dividend ratio exceeding 30% [2]. - The article highlights the need for a more attractive and competitive product offering in the capital market to align with the rapid technological advancements and diverse needs of tech companies [2][3]. Group 4: Future Directions and Support for Innovation - Continuous optimization of the STAR Market's listing standards and evaluation criteria is essential to support comprehensive innovation and provide more options for companies [3]. - The article advocates for enhancing financial services throughout the lifecycle of technology companies and encouraging social capital to invest early and in hard technology [3].

Group 1 - The Science and Technology Innovation Board (STAR Market) has reached its sixth anniversary, with the number of listed companies increasing to 589 from the initial 25 [1] - Over 80% of STAR Market companies are in emerging industries such as new generation information technology, biomedicine, and high-end equipment manufacturing [1] - In 2024, the total R&D investment of STAR Market companies is expected to reach 168 billion yuan, with 379 companies recognized as national "specialized and innovative" enterprises [1] Group 2 - STAR Market has created a more open, inclusive, and efficient capital market environment, significantly enhancing the governance, innovation, competitiveness, and operational capabilities of listed companies [2] - The board has become a vital force in promoting high-quality development in key industries through its commitment to innovation-driven development [2] Group 3 - Future reforms on the STAR Market will focus on nurturing core technological breakthroughs and supporting the development of new productive forces, providing essential support for high-quality development of quality technology enterprises [3] - The recent regulatory reforms aim to further clarify the direction of STAR Market in serving "hard technology" enterprises, expanding opportunities for technology companies to leverage the capital market [3]

Core Viewpoint - The July Purchasing Managers' Index (PMI) for strategic emerging industries shows a seasonal decline but has turned positive year-on-year, indicating resilience in industrial prosperity despite a slight month-on-month decrease [1][5][6]. Group 1: PMI Overview - The July EPMI decreased by 1.1 points to 46.8, with only the new materials sector remaining in the expansion zone among seven sub-industries, reflecting a reduction in the number of expanding sectors [1][5][9]. - The absolute prosperity level is 0.7 points higher than the same period last year, marking a transition from negative to positive year-on-year growth [1][8]. Group 2: Sub-Indicators Analysis - In July, production, product orders, and export orders in emerging industries fell by 1.3, 1.5, and 2.2 points respectively, with export orders declining for two consecutive months [2][9]. - The production-to-demand ratio remained stable at 2.2, fluctuating within a narrow range for five months [2][12]. - Financing conditions improved, with the difficulty of obtaining loans decreasing by 1.4 points in July [2][14]. - A notable positive signal is the stabilization of sales prices, which increased by 1.7 points, while purchase prices continued to decline [2][14]. Group 3: Sector-Specific Insights - The new materials sector has shown a continuous increase in prosperity for three months, with a July index above 50, indicating strong performance compared to other sectors [3][17]. - High-end equipment manufacturing and energy-saving environmental protection sectors maintained resilience, while the biotechnology and new energy vehicle sectors saw a decline in prosperity [3][17]. - Export orders for biotechnology and new energy vehicles fell significantly, by 17.7 and 10.1 points respectively [3][20]. Group 4: Market Implications - The EPMI data suggests a generally positive impact on the market, with the month-on-month decline being anticipated and the year-on-year increase indicating a slope lower than seasonal averages [4][22]. - The shift in key industry sales price indices from decline to increase reflects the effectiveness of "anti-involution" policies in stabilizing nominal growth [4][22].

Core Viewpoint - The article discusses the rapid development of specialized and innovative small and medium-sized enterprises (SMEs) in China, highlighting their significant role in driving new industrialization and productivity growth. It emphasizes the establishment of the Shanghai Stock Exchange's specialized and innovative index to reflect the performance of these companies in the market [7][9][11]. Group 1: Background and Importance - In recent years, China's SMEs have accelerated their development in specialization and innovation, showcasing strong innovative vitality [8]. - Specialized and innovative enterprises, characterized by being "small but specialized," are crucial for promoting new industrialization and developing new productivity [9]. - The average market capitalization of A-share specialized and innovative "little giant" companies is approximately 6.7 billion, with average operating revenue around 1.3 billion [9][10]. Group 2: Index Development - The Shanghai Stock Exchange and China Securities Index Company launched the specialized and innovative index, selecting 50 larger companies from the Sci-Tech Innovation Board as sample stocks [16]. - The sample companies account for 47.7% of the total market capitalization and 41.9% of the R&D expenditure of all specialized and innovative securities [16]. - The average R&D intensity of the sample companies is 21.2%, indicating a strong focus on innovation [25]. Group 3: Performance Metrics - As of July 15, 2025, the specialized and innovative index consists of 50 stocks with a total market capitalization ranging from 9.3 billion to 317.7 billion, covering 18% of the Sci-Tech Innovation Board [22]. - The index's sample companies achieved operating revenue of 101.9 billion in 2024, reflecting a year-on-year growth of 35.9%, and a net profit of 13.1 billion, with a growth of 22.5% [25]. - The top ten sample companies account for 42.7% of the index's total weight, with the leading company, Haimei Information, holding a weight of 9.9% [26].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has achieved significant milestones in its six years, supporting technological innovation and fostering a vibrant ecosystem for "hard tech" companies [1][4][15] Group 1: Achievements and Innovations - STAR Market companies have consistently invested over 10% of their revenue in R&D, leading to a rapid pace of technological advancement [1] - Recent breakthroughs include the completion of Phase III clinical trials for a new cancer drug by Bai Li Tian Heng and FDA approval for a new drug by Di Zhe Pharmaceutical [2][3] - As of March 2024, STAR Market companies collectively applied for 29,41 patents, with over 80% being invention patents, showcasing their commitment to innovation [5] Group 2: Market Dynamics and Growth - The STAR Market has become a preferred platform for "hard tech" companies, with over 589 listed companies raising more than 1.1 trillion yuan through IPOs and refinancing [9] - Approximately 30% of STAR Market companies have products or projects that are industry-first, and over 80% focus on import substitution and self-sufficiency [6] - The market has seen a significant increase in the number of companies focusing on emerging industries such as AI, biotechnology, and high-end manufacturing, which now account for over 80% of listed firms [7] Group 3: Institutional Support and Reforms - The STAR Market serves as a "testbed" for capital market reforms, with various innovative mechanisms introduced to support the growth of tech companies [8][10] - Recent reforms include the establishment of a growth tier for unprofitable companies and the introduction of new standards to facilitate financing for innovative firms [14][15] - The market's structure encourages a healthy cycle of technology, industry, and capital, promoting collaboration among various stakeholders [11]

Group 1 - The core viewpoint of the article is the establishment of the Guangxi Industrial Venture Capital Fund, which aims to support industrial innovation and development in Guangxi with a total scale of 5 billion yuan and an initial scale of 2 billion yuan [1] - The fund is the first venture capital mother fund in Guangxi focusing on the industrial sector, with Guangxi Guiding Fund Company and Guangxi Investment Group as limited partners, and Guangxi Investment Dingxin Fund Company as the general partner and fund manager [1] - The fund adopts a "1+N" mother-son fund model, focusing on technology innovation and the cultivation of new productive forces, targeting early-stage and growth-stage technology enterprises in the industrial sector [1] Group 2 - The fund will primarily support emerging industries such as new generation information technology, new energy vehicles, renewable energy and storage, biomedicine, and new materials, as well as future industries like artificial intelligence and life sciences [1] - Guangxi Investment Group plans to implement the fund in accordance with the directives of the local government, aiming to attract more social capital for venture investment and promote high-quality industrial development in Guangxi [1]