五年规划回眸与展望（二）：资本市场持续赋能，中国科创破浪前行

Group 1 - The report highlights that during the "14th Five-Year Plan" period, China's innovation has accelerated, with the knowledge-intensive manufacturing industry's value added accounting for 34% of the global total, which is 1.9 times the global GDP share as of 2022 [3][5] - China's R&D investment remains the second highest globally, with an intensity of 2.68%, approaching the OECD average, and the "three new" economy's value added is projected to reach a historic high of 18% of GDP in 2024 [3][5] - The capital market plays a crucial role in supporting technological innovation and industrial transformation, with a multi-tiered capital market structure continuously evolving to meet the financing needs of tech enterprises [6][10] Group 2 - The report indicates that the market capitalization of the technology sector in A-shares has increased significantly, with the combined market value of the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange accounting for over 27% as of September 2025, up 9 percentage points from the end of 2020 [16][19] - In terms of financing, technology innovation enterprises have become the main force in IPOs, with approximately 1.6 trillion yuan raised in total A-share IPOs during the "14th Five-Year Plan" period, and strategic emerging industry companies accounting for 75% of this financing [19][22] - The report notes that A-share listed companies' R&D investment reached 1.88 trillion yuan in 2024, representing over half of the total social R&D investment, with the Sci-Tech Innovation Board companies showing a research intensity of 11.9%, significantly higher than the overall A-share level [22][26] Group 3 - The future outlook suggests that reforms in the "two innovation boards" will continue, with an emphasis on enhancing the capital market's role in supporting technological innovation and industrial transformation [29][30] - The report emphasizes the need for further reforms to improve the adaptability of the multi-tiered market system to technological innovation and industrial transformation, including optimizing listing standards and enhancing merger and acquisition activities [30][31] - It is anticipated that the "technology narrative" logic in the A-share market will be further strengthened, leading to increased investment value as more tech enterprises emerge [32]