《科技与资本双子星》报告发布：硬科技企业加速IPO，产业资本形成良性循环

Core Insights - The report titled "Technology and Capital Twin Stars" highlights 2025 as a breakthrough year for the interaction between China's technology industry and capital markets, showcasing significant investments and market movements in various sectors [5][11]. Group 1: Technology and Capital Interaction - The report indicates that the structural bull market in the technology growth sector is solidifying, with policies and economic recovery driving a broader market rally expected to transition from a structural bull market to a comprehensive bull market by 2026 [5][6]. - Key sectors such as semiconductors, embodied intelligence, artificial intelligence, and innovative pharmaceuticals are identified as focal points for capital investment, with a strong emphasis on the entire process from laboratory to IPO [5][6]. Group 2: Semiconductor Industry - The semiconductor industry is highlighted as the core engine of the current "technology bull," with revenue reaching 479.38 billion yuan and a net profit increase of 52.98% year-on-year in the first three quarters of 2025 [6]. - The implementation of the "1+6" policy on the Sci-Tech Innovation Board has facilitated smoother financing channels for hard tech companies, with over half of the recent IPO applicants being from the semiconductor sector [6]. Group 3: Embodied Intelligence and AI - The embodied intelligence sector is experiencing significant advancements, transitioning from laboratory development to industrial application, with a focus on achieving mass production driven by real demand [6][7]. - Investment logic in the artificial intelligence sector is shifting from "imagination premium" to "monetization capability," with a notable increase in investment events, reaching approximately 709 in the first 11 months of 2025, which is 136% of the total for 2024 [7][11]. Group 4: Innovative Pharmaceuticals - The innovative pharmaceuticals sector is witnessing a surge, with companies like BeiGene and others gaining recognition for their technological strength and international strategies, leading to a significant rise in stock indices [11]. - The report notes that the number of innovative pharmaceutical companies with a market value exceeding 100 billion yuan has reached eight in both A-shares and Hong Kong stocks [11]. Group 5: Long-term Investment and Market Dynamics - The report emphasizes the importance of cultivating long-term investors and creating a resilient capital market to support technological innovation, which is seen as crucial for the economic transformation of China [11]. - The interaction between technology innovation and capital markets is viewed as a reflection of the broader economic structural transformation, with a slow bull market in capital markets anticipated to align with the upward trajectory of the Chinese economy [11].