今日视点：中国硬科技资产何以“走红”A股市场

Core Insights - The surge of hard technology assets in the A-share market reflects a clear market consensus on China's innovation-driven development strategy and industrial transformation, showcasing confidence in the country's independent innovation capabilities and long-term growth value [1][2] Group 1: Drivers of Hard Technology Asset Popularity - The rise of hard technology assets aligns with national strategic directions and policy guidance, as leading technology companies leverage core technological innovation capabilities and strategic resource allocation to ensure growth beyond economic cycles [2][8] - The capital market ecosystem is maturing, with institutional innovations enhancing the market's ability to discover and price high-quality technology assets [3][9] Group 2: Market Reforms and Support - Recent reforms in the capital market, particularly the implementation of the "1+6" reform measures on the Sci-Tech Innovation Board, provide a more inclusive financing channel for hard technology companies, increasing support for cutting-edge technology sectors [3][9] - Institutional investors, including insurance companies and public funds, are increasing their long-term capital investments, enhancing the market's value discovery and pricing capabilities [3][9] Group 3: Valuation Logic and Future Outlook - The valuation logic for technology assets is undergoing structural changes, with a shift from past profitability to future technological influence, indicating a forward-looking approach by capital [4][10] - As comprehensive reforms in the capital market continue, there is an expectation for further optimization of market mechanisms to direct funds towards hard technology companies with core technologies and independent innovation capabilities [11]