解码“科特估”：中国科技股投资逻辑质变

Core Insights - The recent introduction of favorable policies for the Sci-Tech Innovation Board, including the "1+6" policy, has significantly boosted the confidence of quality tech companies in going public [4][5] - The valuation of the Sci-Tech Innovation Board has surged by 154% over the past 13 months, reaching 195.66 times as of June 23, compared to 76.95 times on June 1, 2024 [1] - The "Kote Valuation" system emphasizes technology innovation, R&D investment, and future growth potential, marking a shift from traditional profit-based valuation methods [1][4] Group 1: Policy and Market Dynamics - The "Kote Valuation" system is designed to assess tech companies based on their innovation capabilities and market potential, moving away from traditional financial metrics [4][5] - The implementation of policies such as tax incentives and government procurement is aimed at enhancing R&D investment and improving the efficiency of industry chain integration [5][11] - The capital market is responding by expanding financial products like Sci-Tech bonds and ETFs, which increases liquidity and reduces financing costs for tech companies [5][11] Group 2: Valuation Logic Transformation - The valuation logic for tech stocks is evolving from a focus on short-term profits to a more comprehensive assessment of technological barriers and strategic industry positioning [5][6] - The emphasis on R&D intensity, patent quality, and market share reflects a broader recognition of the core competitiveness of tech companies [8][9] - The introduction of a new growth tier on the Sci-Tech Innovation Board aims to support unprofitable companies with significant technological advancements and market potential [8] Group 3: International Competitive Landscape - The "Kote Valuation" system is reshaping China's strategic positioning in the global value chain, particularly in response to ongoing U.S.-China trade tensions [6] - By linking domestic production rates with the market value of tech companies, the capital market is fostering innovation and enabling companies to transition from reactive to proactive roles in technology development [6] - This shift is crucial for enhancing China's global technological influence and transitioning from "Made in China" to "Intelligent Manufacturing in China" [6]