“智能制造产业链”有望成为新支柱！广发证券沈明高最新发声

Core Viewpoint - The core challenge of technological financial innovation is transitioning from singular breakthroughs to scalable development, necessitating a financial ecosystem that can support a modern industrial system and foster globally competitive tech companies [2][4]. Group 1: Challenges and Solutions - The key challenge for technological financial innovation is achieving scalable support for new productive forces, which is critical for the next five years [4]. - Five major challenges include the non-standardization of technology, unprofitability of tech companies, light asset models, high uncertainty, and long cycles, which traditional financial services struggle to address [4][5]. - The concept of "technology capital" is proposed, which should provide additional value such as technological and market understanding alongside financial support [5]. Group 2: Industry Insights - The "smart manufacturing industry chain" is identified as a potential new pillar to replace real estate, with significant spillover effects expected in the next 5-10 years [2][9]. - The need to enhance pricing capabilities for unprofitable companies is emphasized, with a stark contrast noted between the U.S. and China regarding the percentage of unprofitable companies at the time of IPO [9]. Group 3: Future Pathways - Artificial intelligence is defined as a "general technology" leading the fourth industrial revolution, with a critical window for adoption in the next 5-10 years [6][7]. - A "risk-sharing mechanism" is proposed to address unmet investment needs for early-stage tech companies, suggesting that local governments could establish subordinate funds to absorb initial losses [10].