21社论丨企业重视研发投入，长期主义必会带来更多增量

Core Viewpoint - The article emphasizes the increasing importance of R&D investment among Chinese listed companies, indicating a structural shift in the growth engine of the Chinese economy from traditional drivers to innovation-driven growth [1][4]. Group 1: R&D Investment Trends - In the first half of the year, the total operating revenue of listed companies reached 35.01 trillion yuan, with a slight year-on-year growth of 0.16%, while R&D investment amounted to 745.69 billion yuan, growing by 2.68% [1]. - Many leading companies, especially in strategic emerging industries, have maintained double-digit growth in R&D expenses despite challenges such as demand fluctuations and rising costs [1][2]. - The focus on R&D is seen as a necessary shift for companies to build a "technological moat" and remain competitive globally, moving away from reliance on scale expansion and cost advantages [1][3]. Group 2: Market and Investor Perspectives - The article notes a change in investor valuation models, where traditional PE ratios are becoming less effective for evaluating high R&D investment tech companies. Investors are increasingly willing to pay a premium for companies that prioritize long-term technological leadership over short-term profits [2][3]. - This shift in perspective encourages a positive cycle for companies that commit to long-term R&D, providing them with essential capital support [3]. Group 3: Implications for the Chinese Economy - The collective increase in R&D investment among A-share listed companies is not just a strategy for individual growth but also contributes to national industrial upgrading and economic transformation [4]. - The article highlights the transition from "Made in China" to "Created in China," aiming for a more advantageous position in the global value chain [4].