洞见 | 申万宏源证券总经理张剑：深化科创板创业板改革 为拓展投行服务开辟新空间

Core Viewpoint - The article discusses how the securities industry can better serve the real economy and foster new productive forces in the context of deepening capital market reforms and accelerating technological innovation, highlighting the unique advantages and challenges of China's capital market in supporting technological innovation [2]. Group 1: Advantages of China's Capital Market - China possesses a wealth of globally leading technology enterprises in strategic emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing, providing abundant service targets for the capital market [2]. - The inclusiveness of capital market systems has significantly improved, with the establishment of the Sci-Tech Innovation Board and the stepwise promotion of the registration system allowing unprofitable companies and those with special equity structures to go public, thus providing differentiated listing paths for tech enterprises at various development stages [2]. - Integrated institutional reforms emphasize the importance of serving technological innovation, with regulatory bodies working to create a comprehensive financial service ecosystem that injects continuous capital into technological innovation [2]. Group 2: Challenges Facing the Capital Market - There is insufficient valuation and pricing capability for new assets, as traditional valuation methods struggle to assess highly uncertain and rapidly evolving tech enterprises, leading to a lack of mature valuation standards [5]. - The supply of patient capital is inadequate to meet the long-term demands of innovation, with a mismatch between the high-risk, long-cycle nature of technological innovation and the short-term focus of current market funding structures [5]. Group 3: Opportunities for Securities Industry Development - Recent reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market have clarified the differentiated positioning of multi-tiered capital markets, enhancing the service capacity of the capital market for technological innovation and opening new avenues for the securities industry [6]. - There is an expansion of investment banking service space, with new listing standards creating conditions for tech enterprises to go public and increasing demand for refinancing and mergers and acquisitions, prompting a shift from single IPO services to comprehensive service offerings [6]. - Securities firms are expected to enhance their professional research capabilities, focusing on deep research in industries such as artificial intelligence, robotics, biomedicine, and new energy, while improving their ability to identify and evaluate hard tech enterprises [6]. Group 4: Policy Recommendations - It is recommended to improve the policy framework supporting tech enterprises, establishing a multi-dimensional valuation and pricing system that encourages the development of valuation standards suitable for different types of enterprises at various life cycles [7]. - The securities industry should deepen its involvement in the transformation of technological achievements by innovating service models and participating in the establishment of technology transformation funds [7]. - There is a need to cultivate specialized technology investment institutions, encouraging securities firms to establish dedicated technology investment teams and enhancing their professional judgment and investment management capabilities [7].