策略跟踪报告：固本强基，推动资本市场高质量发展

Group 1 - The core focus of the report emphasizes three key tasks for the high-quality development of the capital market: actively embracing new productive forces, enhancing the investment value of listed companies, and ensuring investor protection throughout the regulatory process [17][42]. - The report highlights the need for the capital market to enhance service coverage and precision for new productive forces, grow patient capital, and address innovation inclusivity through institutional mechanisms [3][42]. - It stresses the importance of improving the investment value of listed companies, particularly through mergers and acquisitions, to support innovation and strengthen industry integration [4][42]. Group 2 - The report outlines eight measures for deepening the reform of the Sci-Tech Innovation Board, focusing on supporting "hard technology" enterprises and optimizing the issuance and underwriting system [20][39]. - It indicates that the new rules will enhance the inclusivity of the system, allowing high-quality, unprofitable technology companies to list on the Sci-Tech Innovation Board [39][42]. - The report suggests that the reforms are expected to boost investor sentiment, increase trading activity, and attract long-term capital into the market [42]. Group 3 - The report provides data on R&D expenditures across various sectors, indicating a significant increase in R&D spending, particularly in the Sci-Tech Innovation Board, which saw a growth rate of 22.53% in 2023 [36]. - It emphasizes the need for companies to meet stricter criteria for R&D investment, including a minimum of 5% of revenue or a cumulative R&D investment of over 80 million yuan in the last three years [8][39]. - The report also notes the increasing importance of patent holdings and revenue growth rates as criteria for companies seeking to enhance their market position [8][39].