Zhong Guo Jing Ying Bao·2025-09-11 14:01Group 1 - The core viewpoint emphasizes that the activation of scientific and technological innovation in China has led to a revaluation of assets, increasing enthusiasm among domestic and foreign investors for participation in both primary and secondary markets [1][3] - The Sci-Tech Innovation Board (STAR Market) has shown significant performance, with the Sci-Tech 50 Index rising by 28% and the Sci-Tech Chip Index by 35% in August 2025, indicating that technological innovation is driving overall market investment sentiment [1][3] - The development of the STAR Market is summarized as having a high starting point, rapid growth, and substantial results, aligning with the strategic goal of achieving high-level technological self-reliance by 2035 [3][4] Group 2 - The STAR Market has undergone continuous institutional improvements, from the pilot registration system in 2019 to the recent establishment of the "Sci-Tech Growth Tier," enhancing its service capabilities [3][4] - The STAR Market is extending its focus from strategic emerging industries to "new quality" enterprises, while the investment system is becoming increasingly diversified, with a growing scale of ETFs [3][4] - The integration of research, investment banking, and investment practices at companies like GF Securities is crucial for supporting technological innovation enterprises, highlighting the importance of linking domestic and foreign resources for innovation development [4]