Shang Hai Zheng Quan Bao·2025-06-17 19:32Group 1: Core Insights - The "Science and Technology Innovation Board Eight Articles" has significantly enhanced the inclusivity and support for high-quality, unprofitable technology enterprises in the capital market [2][6][3] - Companies like Tianyue Advanced and Baile Tianheng have successfully leveraged the policies to achieve rapid growth and innovation in their respective fields, such as silicon carbide substrates and innovative cancer therapies [1][2][3] - The implementation of the "Eight Articles" has led to successful mergers and acquisitions, exemplified by Puyuan Precision's acquisition of Nais Electronics, marking a significant milestone in the electronic measurement instrument industry [2][18] Group 2: Company Developments - Tianyue Advanced has become the first company globally to industrialize 2-inch to 8-inch silicon carbide substrates and plans to launch the world's first 12-inch silicon carbide substrate in November 2024 [1] - Baile Tianheng's new antibody-drug conjugate (ADC) has set a record for domestic innovative drug licensing, and the company has achieved a market capitalization exceeding 100 billion yuan, becoming the third innovative drug company in A-shares to reach this milestone [1][2] - China Communications Signal has successfully issued science and technology bonds in just 35 working days, showcasing the efficiency of the new financing tools [2][8] Group 3: Future Expectations - Companies express a strong desire for further improvements in the capital market, including more active trading on the Science and Technology Innovation Board and better support for long-term investments in "hard technology" [3][7][14] - There is a collective anticipation for the continued evolution of policies that will enhance the ability of companies to engage in mergers and acquisitions, thereby strengthening their competitive positions [2][15][17] - The focus on "hard technology" and the commitment to innovation are seen as critical for the future success of companies listed on the Science and Technology Innovation Board [7][14][17]