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透过数据看“十四五”答卷：资本赋能 硬科技加速成长
Zheng Quan Shi Bao·2025-06-25 18:16

Core Viewpoint - The article discusses the significant role of the capital market in supporting the development of hard technology during China's "14th Five-Year Plan" period, highlighting the increase in IPO fundraising and R&D investment in the dual innovation sector. Group 1: IPO Fundraising and Financing - In recent years, the dual innovation sector has seen substantial IPO fundraising, with 2023 reaching 266.19 billion yuan, accounting for 74.66% of total fundraising, and 2024 projected at 37.74 billion yuan, representing 56.03% [1] - The total amount raised through IPOs in the dual innovation sector from 2021 to 2024 exceeded 1 trillion yuan, with a significant increase in the proportion of hard technology companies [8] - Six companies have raised over 10 billion yuan in IPOs, indicating strong market interest in hard technology [8] Group 2: R&D Investment and Innovation - R&D expenditure in the dual innovation sector reached 372.43 billion yuan in 2024, marking a 4.37% year-on-year increase, with a research intensity of 6.82% [5][9] - The total number of patents in the dual innovation sector exceeded 500,000 by the end of 2024, reflecting a nearly 50% increase since 2020 [10] - Major companies like CATL and BeiGene have significantly increased their R&D spending, with CATL spending over 18.6 billion yuan in the previous year [9][10] Group 3: Financial Performance and Market Position - The total operating revenue of the hard technology sector grew from 840 billion yuan in 2015 to 5.46 trillion yuan in 2024, with a revenue growth rate of 5.91% in 2023 and 1.88% in 2024 [12] - The dual innovation sector's weighted return on net assets approached 9% in 2024, significantly higher than the overall A-share market [12] - Companies like CATL have become global leaders, with a market share of 37.9% in the power battery sector and 36.5% in the energy storage sector by 2024 [13] Group 4: Future Outlook - The capital market's support for hard technology is expected to strengthen, facilitating innovation and high-quality economic development as the multi-tiered capital market system continues to improve [14]