中泰证券【中泰研究丨晨会聚焦】策略徐驰：“科创板八条”：新一轮硬科技发展的新起点

Group 1 - The core viewpoint of the report emphasizes that the "Eight Measures for the Science and Technology Innovation Board" marks a new starting point for the development of hard technology, driven by increasing global technological competition and the need for China to enhance its manufacturing capabilities [3][4]. - The report highlights that the "Eight Measures" aim to deepen capital market reforms, support the development of new productive forces, and enhance the role of the Science and Technology Innovation Board in facilitating technological self-reliance and innovation [3][4]. - The report indicates that since 2019, many specialized and innovative enterprises have successfully listed on the Science and Technology Innovation Board, receiving direct financing support, which is crucial for the rapid development of hard technology startups [3][4]. Group 2 - The report notes that global capital markets are increasingly betting on technological innovation, particularly in the AI sector, with significant demand for AI technologies driving investment [3][4]. - It points out that while global capital is flowing into technology innovation, Chinese technology sectors, such as semiconductors, still have relatively low valuations compared to their global counterparts, presenting potential investment opportunities [3][4]. - The report suggests that the current investment environment favors technology stocks, particularly those involved in critical areas of domestic substitution, as the trend of de-globalization and technology competition intensifies [3][4]. Group 3 - The report provides insights into the June social financing data, indicating a total increase of 3.3 trillion yuan, which is lower than the previous year, reflecting a weak overall demand in the economy [9][10]. - It highlights that the structure of social financing shows a seasonal recovery in credit to households and enterprises, but effective demand remains insufficient, with new RMB loans amounting to 2.2 trillion yuan, a decrease compared to the previous year [9][10]. - The report also discusses the government bond financing, which continues to support social financing, with new government bond financing in June reaching 848.7 billion yuan, an increase from the previous year [9][10].