Sou Hu Cai Jing·2025-12-12 06:00Group 1 - The investment logic in the A-share market is undergoing a profound transformation, shifting from model innovation and traffic economy to fundamental technological innovation, with hard technology and new materials reshaping the value orientation of China's capital market [2] - The China Securities Regulatory Commission (CSRC) has implemented measures such as establishing the Sci-Tech Innovation Board and optimizing listing standards to facilitate the rapid access of technology-driven enterprises to the capital market [2] - Companies like Duxin Environmental Protection, a leader in the polyvinyl alcohol new materials sector, are accelerating their IPO processes, highlighting the strategic importance of the new materials industry in building a modern industrial system [2] Group 2 - The current A-share market presents an unprecedented friendly environment for hard technology and new materials companies, with a significant tilt in listing reviews towards these sectors and a substantial reduction in review cycles [3] - In the semiconductor industry, over 15 companies have successfully listed on the Sci-Tech Innovation Board in 2023, with an average review time reduced by more than 40% compared to traditional industries [3] - The average first-day increase for hard technology companies on the Sci-Tech Innovation Board has reached 87%, significantly surpassing the average levels of the main board and the ChiNext, indicating a notable valuation premium for technology-leading enterprises [3] Group 3 - Despite the opportunities, challenges exist for hard technology and new materials companies, including the risk of technological iteration, which poses a threat to maintaining a competitive edge in rapidly evolving fields like AI chips and advanced semiconductor materials [4] - Intellectual property disputes are on the rise as Chinese companies engage more in cutting-edge technology, with significant lawsuits potentially disrupting IPO processes [4] - Balancing R&D investment with profitability expectations remains a critical challenge for decision-makers, as regulatory bodies offer greater tolerance for profitability in hard technology firms [4] Group 4 - The current preference of the A-share market for hard technology and new materials is not coincidental, as major economies globally are increasing capital support for key technology sectors [5] - China is providing "ammunition" for innovative enterprises through capital market reforms during this critical policy window, which has a clear time sensitivity [6] - For growing hard technology and new materials companies, now may be the best time to enter the capital market to secure funding for R&D and capacity expansion while establishing a leading position before the industry landscape solidifies [6]