21社论丨培育耐心资本，激活创投与科创的良性循环

Core Viewpoint - The Chinese capital market is undergoing a significant transformation towards high-quality development, emphasizing the need for improved inclusivity and adaptability in its systems [1] Group 1: Market Dynamics - The recent IPO of Moore Threads, known as the "first domestic GPU stock," achieved a remarkable opening price of 650 CNY per share, representing a 468.78% increase from its issue price of 114.28 CNY, with a total market capitalization exceeding 300 billion CNY [1] - The rapid process of Moore Threads' IPO, taking only 88 days from acceptance to approval, highlights the capital market's support for hard technology enterprises [2] Group 2: Investment Environment - The capital market is increasingly recognizing and supporting technology companies that possess core technologies, moving beyond a focus on short-term profits to valuing technological advancements and future industry development [2] - A more inclusive and efficient IPO market is essential for directing social capital towards technological innovation, ensuring that upstream patient capital can be mobilized effectively [3] Group 3: Future Outlook - The successful listing of Moore Threads is expected to generate substantial returns for early-stage investors, fostering confidence and encouraging further investment in nascent technology projects [3] - As reforms in the capital market deepen, it is anticipated that more hard technology companies will thrive, contributing to China's economic transformation and achieving high-level technological self-reliance [3]