从 “赚快钱” 到 “做生态” 上市公司投资硬科技新打法

Group 1 - The era of extensive capital investment has ended, transitioning to a focus on "value drip irrigation" and "ecological co-construction" in the capital market, shifting from "incremental expansion" to "stock optimization" [1] - Listed companies are becoming not only platforms for the transformation of technological innovation but also leaders in hard technology investment and value co-creation [1][2] - The core of value co-creation involves three dimensions: the long-term perspective of industrial capital, the integration of capabilities from listed companies, and the shared risk through flexible capital cooperation structures [1] Group 2 - The deepening of the registration system reform and the reshaping of the valuation system in the primary and secondary markets are accelerating the trend of capital moving from virtual to real [2] - By December 31, 2025, there will be 5,470 listed companies in the domestic stock market, with a total market value exceeding 119 trillion yuan [2] - Listed companies are evolving from passive financial investors to strategic, proactive investors and collaborative partners in the innovation ecosystem [2] Group 3 - The prosperity of the innovation ecosystem requires collaboration among government, enterprises, capital, and research institutions, with listed companies playing a crucial role as resource integrators and innovation leaders [3] - The Zhangjiang Science City is building a complete innovation ecosystem that includes basic research, technology breakthroughs, commercialization of results, technology finance, and talent support [3] Group 4 - Commercial banks are transitioning from mere fund providers to comprehensive service integrators for technology finance, focusing on empowering the entire industrial chain [4] - The investment and acquisition strategies of listed companies are increasingly seen as optimal paths for quickly addressing technological shortcomings and achieving scale expansion [6] Group 5 - The investment landscape for innovative drugs is recovering, but with caution due to previous high valuations and investment cooling periods, presenting opportunities in lower-valued projects [7] - Institutional investors are encouraged to act as "strategic coaches," providing resources and market access to help innovative companies navigate challenges [7][8]