硬科技突围：产业攻坚、资本加持，共建科创生态圈

Core Viewpoint - The article discusses the opportunities and challenges faced by hard technology companies in the context of the new technological revolution and industrial transformation, emphasizing the importance of capital market support for technological innovation and the collaborative efforts needed among various stakeholders [1][5]. Group 1: Hard Technology Development - Hard technology is seen as a core engine for cultivating new productive forces, benefiting from policy support and capital market innovations during the "14th Five-Year Plan" period [1]. - The capital market is increasingly supportive of technology innovation, with policies aimed at enhancing inclusivity and adaptability, allowing for more flexible mergers and acquisitions [5][6]. - Companies like Srei New Materials and Hai Tian Rui Sheng are actively exploring opportunities in high-growth sectors such as aerospace, medical imaging, and AI, leveraging their technological capabilities to drive industry upgrades [9][10]. Group 2: Investment Strategies - Investment institutions are focusing on long-term capital and risk-sharing mechanisms to build a healthy ecosystem for hard technology, emphasizing the importance of patience and collaboration [3][4]. - The investment strategy involves targeting sectors with long-term growth potential, such as GPUs, while balancing investments between early-stage and mature projects to ensure both short-term returns and long-term value [11][15]. - The selection of investment projects is based on criteria such as product strength, market penetration, and the quality of management teams, with a focus on sustainable growth rather than short-term gains [12][16]. Group 3: Challenges and Solutions - Companies face challenges such as varying technology iteration speeds, stringent customer certification standards, and competition from international high-end material firms [13][14]. - To address these challenges, companies are developing comprehensive systems for commercial culture, collaborative research, and operational adaptability to align with current political and economic trends [14][15]. - The need for high-quality data and compliance in international operations is highlighted, with a focus on deep collaboration with industry experts to ensure the creation of valuable data sets [10][15].