释放资本市场改革红利全方位赋能“双新”融合

Group 1 - The core viewpoint emphasizes the importance of capital markets in supporting the integration of technology, industry, and finance, particularly through innovative financial tools and policies aimed at enhancing the financing efficiency of "hard technology" enterprises [1][2] - In 2024, over 90% of new listings on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange will belong to strategic emerging industries or high-tech enterprises, with A-share listed companies' R&D investment reaching 1.88 trillion yuan, accounting for more than half of the total social R&D expenditure [1][2] - The increasing "tech" attribute of A-shares is highlighted, with listed companies becoming the main force in technological innovation, driven by deep structural changes in the capital market [1][2] Group 2 - A series of policies supporting high-quality development of venture capital and the capital market's service to technology enterprises have been introduced since 2024, including the "1+6" policy measures for deepening the reform of the Sci-Tech Innovation Board [2][3] - The Sci-Tech Innovation Board allows unprofitable technology innovation companies to list under the fifth standard, with 20 innovative biopharmaceutical companies having successfully listed since its inception [2][3] - Mergers and acquisitions are increasingly recognized as important tools for promoting deep integration of technological and industrial innovation, with a significant number of listed companies actively pursuing M&A to drive transformation and industry consolidation [3][4] Group 3 - The recent reforms in the merger and acquisition market aim to support listed companies in aligning with technological innovation and industrial upgrades, guiding resources towards new productive forces [3][4] - The revised "Major Asset Restructuring Management Measures" is expected to invigorate the M&A market, supporting corporate transformation and accelerating the development of new productive forces [3][4] - A multi-dimensional financing system, including private equity funds and technology bonds, is emerging to facilitate the integration of technology, capital, and industry elements [4][5] Group 4 - Approximately 90% of companies listed on the Sci-Tech Innovation Board received private equity investment prior to their listing, with efforts to broaden funding sources and optimize exit channels for private equity funds [4][5] - The issuance of over 200 technology bonds, with a total issuance scale exceeding 400 billion yuan, reflects the capital market's commitment to serving innovation [4][5] - The new policies and standards for the Sci-Tech Innovation Board and Growth Enterprise Market are designed to open financing channels for unprofitable innovative enterprises, while the M&A reforms aim to accelerate vertical and horizontal integration within industries [5]