中国硬科技资产何以“走红”A股市场

Core Viewpoint - The surge in hard technology assets on the A-share market reflects a growing market consensus on China's independent innovation capabilities and long-term growth value, driven by national strategic directions and policy guidance [1][2]. Group 1: Market Trends - Muxi Co., Ltd. officially listed on the Sci-Tech Innovation Board on December 17, with a first-day increase of 693%, indicating high market enthusiasm [1]. - Other semiconductor companies, such as Moer Thread, also experienced significant first-day gains, exceeding 400% [1]. - A number of hard technology companies from strategic emerging industries have entered the A-share market this year, with many seeing their stock prices multiply on the first day [1]. Group 2: Driving Forces - The rise of hard technology assets aligns with national strategic directions and policy guidance, emphasizing the importance of core technology innovation for ensuring national industrial chain security [2]. - The Chinese government has set clear goals for technological self-reliance and innovation, focusing on new-generation information technology, new energy, and new materials during the 14th Five-Year Plan [2]. - The capital market ecosystem is maturing, with institutional investors increasing their long-term market participation, enhancing the ability to discover and price quality technology assets [3]. Group 3: Valuation Logic - The valuation logic for technology assets is undergoing structural changes, with a shift from past profitability to future technological influence, reflecting a forward-looking approach by capital [4]. - This revaluation is not detached from the fundamentals of companies but aims to optimize the allocation of innovative resources within the capital market [4]. - The ongoing comprehensive reforms in the capital market are expected to further guide funds towards hard technology companies with core technologies and independent innovation capabilities [4].