Group 1 - The core viewpoint is that the capital market is becoming a crucial force in promoting China's technological revolution, particularly through the Sci-Tech Innovation Board (STAR Market) which supports "hard tech" companies [1][2][3] - The STAR Market has seen significant IPO activity, with companies like Moer Technology and Muxi Co. achieving market capitalizations over 300 billion yuan, indicating a robust environment for tech firms [2][3] - The total R&D investment of STAR Market companies reached 119.745 billion yuan in the first three quarters of 2025, which is 2.4 times the net profit of the sector, showcasing a strong commitment to innovation [3] Group 2 - A series of reform measures have been introduced in 2025 to enhance support for technological innovation, including the "1+6" policy framework and the establishment of a "Tech Board" in the bond market [4][5] - The "1+6" policy aims to create a more efficient financing channel for tech companies, particularly those in the R&D phase that have not yet achieved profitability [4] - The capital market is evolving from merely a financing channel to a core strategic platform for national innovation, with a significant portion of fundraising directed towards the STAR Market and the Growth Enterprise Market [6]
资本市场持续深化改革 服务科技创新成效显现
Jin Rong Shi Bao·2025-12-24 02:42