SIASUN(SZ:300024) Xin Lang Cai Jing·2025-05-12 02:35Core Viewpoint - The article highlights the significant growth and investment opportunities in the hard technology sector, particularly focusing on the Sci-Tech 100 ETF, which aligns with national policies promoting early, small, long-term investments in hard technology [5][10][16]. Group 1: Market Trends and Performance - The Sci-Tech 100 ETF has seen a notable increase in its component stocks, with companies like Huazhu Gaoke and Plittech rising over 8%, while the pharmaceutical sector faced declines, with Maiwei Biotech dropping over 15% [1]. - The Sci-Tech 100 index, which tracks small-cap hard technology companies, has an average market capitalization of 20 billion, with most components valued under 30 billion [5][10]. - The index's component stocks are expected to achieve a net profit of 30.1 billion in 2025, reflecting a 232% year-on-year growth, indicating strong growth potential [10][14]. Group 2: Policy Support and Innovation - The Chinese government is emphasizing technological innovation as a key driver for economic growth, with policies aimed at enhancing research and development tax deductions and providing financial support for tech startups [2][3]. - Recent policies have increased the tax deduction rate for R&D expenses to 100%, and up to 120% for critical sectors like integrated circuits, fostering a conducive environment for innovation [2][3]. - The establishment of the National Venture Capital Guidance Fund aims to mobilize nearly 1 trillion in local and social capital towards technology enterprises, supporting early-stage investments [3][4]. Group 3: Sectoral Insights - The semiconductor industry is witnessing a rise in domestic production capabilities, with the localization rate increasing from 10.2% in 2010 to 16.7% recently, projected to reach 21.2% by 2026 [7]. - The biopharmaceutical sector is entering a new growth phase, driven by supportive policies and the commercialization of innovative drugs, with companies like Baijie Shenzhou expected to turn profitable by 2025 [9]. - In the high-end equipment sector, there are significant structural growth opportunities, particularly in emerging industries like large aircraft and low-altitude economy, which are entering substantial development phases [9]. Group 4: Investment Sentiment - The technology sector has seen a surge in public fund investments, with a 10.69% increase in the Sci-Tech 100 index in the first quarter, reflecting strong market confidence in hard technology [14][16]. - Public funds are increasingly allocating resources towards hard technology sectors, particularly semiconductors, indicating a long-term bullish sentiment [14][16].