SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2026-03-11 02:11Core Viewpoint - The article emphasizes the transition of China's technological innovation from "single-point breakthroughs" to "system integration" during the 14th Five-Year Plan, highlighting the importance of technology as a foundational infrastructure that significantly alters production, lifestyle, and social governance [1] Group 1: Capital Market and Technological Innovation - The capital market should facilitate the securitization of new elements like data and technology to better support technological innovation [2] - It is essential to capitalize and securitize technological elements, allowing technology achievements to be monetized and providing diversified capital market services tailored to the needs of tech companies at different stages [2] - The capital market must explore market-based pricing mechanisms for data elements to promote orderly circulation and enhance the efficiency of resource integration through mergers and acquisitions [3] Group 2: Research Methodology Innovation - The capital market needs to innovate research methodologies to better serve technological self-reliance and strength, focusing on technology paths rather than just individual technological points [4] - Establishing a layered recognition capability for technology is crucial to improve the understanding and assessment of technological value in the securities market [5] Group 3: Technology Empowerment in Capital Markets - The capital market should embrace artificial intelligence to enhance operational quality and efficiency, including improving real-time monitoring of trading behaviors and risk exposure [6] - Financial institutions are encouraged to accelerate digital transformation to enhance service efficiency across investment, research, risk control, and operational management [6] - Attention must be paid to the risk linkage effects of technology investments to maintain market stability, especially regarding the volatility of tech sector investments and the risks associated with algorithmic trading [7]