Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully fostered high-quality development in China's capital market over the past six years, emphasizing innovation and the importance of "hard technology" in driving economic transformation [1][13]. Group 1: Market Development and Achievements - The STAR Market has grown from 25 initial companies to 589, generating an average of 2.5 patents per hour, particularly in sectors like semiconductors and biomedicine [1]. - The total IPO fundraising reached 925.7 billion yuan and 186.7 billion yuan in refinancing, exceeding 1.1 trillion yuan, significantly benefiting key strategic areas such as integrated circuits and biomedicine [3]. - The board has attracted 379 national-level "little giant" enterprises and 65 manufacturing "single champion" demonstration enterprises, accounting for 71% of the total companies listed [3]. Group 2: Institutional Innovations - The STAR Market has implemented over 20 key institutional rules to support technology innovation, including flexible listing standards and rapid refinancing mechanisms [7]. - The introduction of the "1+6" policy measures aims to enhance the board's inclusivity and adaptability for various types of hard technology enterprises [11][12]. Group 3: R&D and Innovation - In 2024, the total R&D investment of STAR Market companies reached 168 billion yuan, more than three times the net profit, with a median R&D investment ratio of 12.6% [4]. - Companies on the board have accumulated over 120,000 invention patents, with an average of 216 patents per company, showcasing a strong commitment to innovation [4]. Group 4: Talent and Collaboration - More than 60% of the founding teams of STAR Market companies are led by scientists, engineers, or industry experts, fostering a strong link between academia and industry [5]. - Nearly 30% of companies have core products aimed at achieving import substitution and self-control, indicating a focus on domestic innovation [5]. Group 5: Future Outlook - The STAR Market is positioned to continue its role as a "testbed" for reforms, with plans to attract more global innovation elements and support the development of new productive forces [13].

Core Viewpoint - The article emphasizes the significant role of the Science and Technology Innovation Board (STAR Market) in driving high-quality development in China's capital market, showcasing its achievements in fostering "hard technology" and innovation over the past six years [1][15]. Group 1: Institutional Framework and Market Dynamics - The STAR Market was established to address critical challenges and facilitate a virtuous cycle between technology, industry, and capital, with a focus on "hard technology" [3]. - A total of 54 companies listed without profitability have found success, with 22 of them turning profitable, highlighting the board's inclusive listing standards [4]. - The STAR Market has attracted over 1.1 trillion yuan in capital through IPOs and refinancing, significantly benefiting key strategic sectors like integrated circuits and biomedicine [5]. Group 2: Innovation and R&D Investment - In 2024, companies on the STAR Market invested a total of 168 billion yuan in R&D, which is more than three times their net profit, indicating a strong commitment to innovation [7]. - The cumulative number of invention patents from STAR Market companies exceeds 120,000, with an average of 216 patents per company, showcasing their innovative capabilities [7]. - Approximately 30% of companies have products or projects that are industry-first, and over 80% focus on achieving import substitution and self-sufficiency [8]. Group 3: Reform and Ecosystem Development - The STAR Market has implemented over 20 key institutional rules to create an optimal capital ecosystem for technological innovation, serving as a model for other markets [10]. - The introduction of the "1+6" policy measures aims to enhance the board's inclusivity and adaptability for various types of hard technology enterprises [14]. - The STAR Market has seen significant activity in mergers and acquisitions, with over 110 new industry mergers reported in the past year, reflecting a dynamic market environment [11]. Group 4: Future Outlook - The STAR Market is poised to further enhance its role in supporting technological self-reliance and the development of new productive forces, with ongoing reforms expected to attract more global innovation elements [15][16].