《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 the significant interaction between China's technology industry and capital markets, predicting a breakthrough year in 2025 for this dual engagement [4]. Group 1: Technology and Capital Market Trends - The year 2025 is expected to witness a structural bull market in the technology sector, driven by continuous policy support and economic recovery, leading to a more inclusive market rally [4]. - The "technology bull" is identified as a key theme for the Chinese capital market in 2025, particularly in the fields of semiconductors, embodied intelligence, artificial intelligence, and innovative pharmaceuticals [4]. Group 2: Semiconductor Industry Performance - The semiconductor industry in China reported a revenue of 479.38 billion yuan and a net profit of 41.35 billion yuan in the first three quarters of 2025, marking year-on-year growth rates of 11.49% and 52.98%, respectively [5]. - 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 [5]. Group 3: Embodied Intelligence and AI Developments - The embodied intelligence sector is transitioning from laboratory research to industrial application, with significant orders being secured, indicating a full-chain advancement in the industry [5]. - Investment logic in the artificial intelligence sector is shifting from "imagination premium" to "monetization capability," with 709 investment events recorded in the first 11 months of 2025, representing 136% of the total for 2024 [6]. Group 4: Innovative Pharmaceuticals Growth - The innovative pharmaceuticals sector is experiencing a significant surge, with the Hong Kong innovative drug index rising over 100%, and eight companies in A-share and Hong Kong markets reaching a market capitalization of over 100 billion yuan [9]. - The report emphasizes the importance of high-level interaction between technology and capital, suggesting that artificial intelligence could drive the next technological revolution [9].