Group 1 - The A-share market has seen a significant performance in technology stocks since 2025, with the Sci-Tech Innovation Board (STAR Market) becoming the core driver of this trend due to policy support and technological breakthroughs [1][2] - As of August 11, the STAR Market Composite Index has risen by 22% year-to-date, outperforming major indices like the CSI 300 and the Shanghai Composite Index [1] - The STAR Market has successfully crossed a total market capitalization of 7 trillion yuan, with over 589 listed companies, predominantly in emerging industries such as new-generation information technology and biomedicine [2] Group 2 - The STAR Market's focus on "hard technology" and high-growth potential has provided crucial support for the recent rise in technology stocks [2] - The AI sector has experienced significant capital expenditure growth, with the STAR AI and STAR Chip indices seeing cumulative gains of over 109% and 95% respectively since September 24 [2][5] - Companies like Cambricon and Haiguang Information have reported strong earnings, with Cambricon achieving profitability for two consecutive quarters and Haiguang's net profit exceeding 1 billion yuan for the first half of 2025 [3] Group 3 - The performance of innovative pharmaceutical companies on the STAR Market has also been a highlight, with significant milestones achieved in drug development and commercialization [4] - Notable achievements include a record $12.5 billion upfront payment for a PD-1/VEGF dual antibody candidate and multiple new drug approvals in May [4][5] - The STAR Innovative Drug Index has risen over 75% year-to-date, significantly outperforming the Shanghai Biomedicine Index [5] Group 4 - The STAR Market has implemented a series of reforms to enhance the adaptability of quality technology companies, including the establishment of a growth tier for unprofitable tech firms [7] - This initiative has improved liquidity for companies in the growth tier, with a 54% increase in average daily turnover compared to the previous year [7] Group 5 - The number and scale of STAR Market index products have seen significant growth, with over 32 indices established, attracting around 2 million investors [8][9] - The introduction of various indices, such as the STAR Private Enterprise Index, reflects the market's focus on the role of private and specialized enterprises in driving growth [9] - By mid-2025, the total allocation to STAR Market ETFs by long-term investors exceeded 40 billion yuan, indicating a strong interest in tracking the STAR 50 Index [10]

Group 1 - The core driving force of economic growth and industrial transformation is technological innovation, which has been recognized by the capital market as a significant trend [1] - Since 2025, the A-share market has seen a remarkable performance in technology stocks, with the Sci-Tech Innovation Board (STAR Market) becoming the main platform for this surge due to policy support and technological breakthroughs [1] - As of August 11, 2025, the STAR Market Composite Index has increased by 22% year-to-date, significantly outperforming broader indices such as the CSI 300 and the SSE 50 [1] Group 2 - The STAR Market has established itself as a pillar of the current technology stock rally, with the number of listed companies reaching 589 and total market capitalization exceeding 7 trillion yuan [2] - Over 80% of companies on the STAR Market are in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing, contributing to a robust industrial ecosystem [2] - The AI sector has seen significant capital expenditure growth, with the STAR AI and STAR Chip indices recording cumulative increases of over 109% and 95% respectively since September 24 of the previous year [2] Group 3 - The "KOT" valuation logic is gaining traction in the capital market, supported by the development advantages of "reform, innovation, going global, and mergers and acquisitions" [3] - The recent upward trend in STAR Market indices reflects the market's positive response to the "KOT" valuation logic, bolstered by a series of reforms aimed at enhancing the adaptability of quality technology enterprises [4] - The introduction of the "1+6" policy measures in June 2025 has created a growth layer for technology companies that have significant breakthroughs but are currently unprofitable, providing more investment opportunities [4]

Group 1 - The number and scale of Sci-Tech Innovation Board index products have experienced significant growth, providing abundant investment targets for "hard technology" and effectively promoting the coordinated development of the capital market [1] - Currently, there are 32 Sci-Tech Innovation Board indices, with over 200 million investors participating in the allocation, and more than 80 domestic Sci-Tech Innovation Board ETFs listed, totaling over 250 billion [1] - The quality of Sci-Tech Innovation Board index products has improved, with new indices aligning closely with the characteristics of technology innovation enterprises, serving as important investment channels for seizing opportunities in industrial upgrades [1] Group 2 - Benefiting from policy support and clear industry trends, index products represented by Sci-Tech Innovation Board ETFs have become important tools for guiding medium- to long-term capital into the market [2] - As of June 2025, the total allocation scale of medium- to long-term investors in Sci-Tech Innovation Board ETFs has exceeded 40 billion, with a particularly rapid increase in holdings by insurance and corporate annuities [2] - Medium- to long-term investors show strong willingness to allocate to ETFs tracking the Sci-Tech 50 index, with both the market value and number of accounts holding these ETFs achieving positive growth for five consecutive years [2]

Group 1 - The core driving force for economic growth and industrial transformation is technological innovation, with the Sci-Tech Innovation Board (STAR Market) emerging as a key platform for technology stocks since 2025, supported by policy and technological breakthroughs [1][2] - As of August 11, the STAR Market Composite Index has increased by 22% year-to-date, significantly outperforming broader indices like the CSI 300 and SSE 50, indicating strong market confidence in "hard technology" [1][2] - The STAR Market has seen a substantial increase in listed companies, reaching 589 with a total market capitalization exceeding 7 trillion yuan, with over 80% of companies in emerging industries such as new-generation information technology and biomedicine [2][3] Group 2 - The growth potential of "hard technology" companies on the STAR Market has been a crucial support for the recent rise in technology stocks, particularly in the AI sector, where domestic models like DeepSeek have driven significant capital expenditure growth [2][3] - The STAR Market's AI and chip indices have recorded cumulative increases of 109% and 95% respectively since September 2022, reflecting high market enthusiasm for these sectors [2][3] Group 3 - The performance of innovative pharmaceutical companies on the STAR Market has been a highlight in the technology stock rally, with significant milestones achieved in drug development and commercialization [4] - Notable achievements include a record-breaking $12.5 billion upfront payment for a PD-1/VEGF dual antibody candidate and the approval of multiple new drugs, showcasing the competitive strength of Chinese innovative drugs [4] Group 4 - The STAR Market has implemented a series of reforms to enhance the inclusivity and adaptability of quality technology companies, including the establishment of a growth tier for unprofitable tech firms, which has improved liquidity and investor engagement [5][6] - The introduction of 32 STAR Market indices has provided a diverse range of investment options, attracting approximately 200 million investors and significantly increasing the scale of STAR Market ETFs [7][8]

Core Viewpoint - The event "Entering Zhangjiang: Hard Technology Restructuring Traditional Manufacturing" highlights the integration of hard technology and traditional manufacturing in the Yangtze River Delta, aiming to boost industrial collaboration and innovation [1][7]. Group 1: Event Overview - The event was organized by various governmental and academic institutions, gathering over 80 leaders from listed companies and different sectors to discuss the fusion of hard technology and traditional manufacturing [1]. - Zhangjiang Science City is positioned as a core area for Shanghai's international innovation center, serving as a model for high-quality development in nearby regions like Nantong [3]. Group 2: Economic Insights - In 2022, listed companies in China achieved a total revenue of 72 trillion yuan and a net profit of 5.22 trillion yuan, with over 75% of companies being profitable [3]. - The capital market plays a crucial role in supporting innovation, with listed companies accounting for half of the national R&D investment and one-third of patents [3]. Group 3: Strategic Initiatives - Zhangjiang Science City plans to implement five major actions to enhance its innovation ecosystem, including optimizing technology layout and nurturing strategic technological forces [4]. - Rugao City aims to foster "cross-river integration" and "Shanghai-Rugao co-city" through initiatives focused on industrial collaboration, innovation synergy, capital empowerment, and open sharing [5]. Group 4: Future Directions - The launch of the "Listed Company Navigator" project aims to create an ecosystem for industrial empowerment, focusing on collaboration between listed companies and various stakeholders [6]. - The dialogue across sectors is seen as a blueprint for industrial collaboration in the Yangtze River Delta, emphasizing the importance of innovation in driving industrial transformation [7].

《报告》认为，准确把握"硬科技"的科学内涵，特点在"硬核"，本质是"科技"，落脚点是"关键核心技 术"。从内涵上判断，所谓"硬科技"是基于科学发现和技术发明基础之上，伴随着技术革命性突破引致 的原创性、颠覆性、前沿性、引领性科技创新所形成的关键核心技术，具有较高的技术门槛以及明确的 应用场景，有助于科学新发现、技术新发明、产业新方向、发展新理念实现从"0"到"1"的重大跨越，能 够催生新产业、新模式、新业态和新势能，是培育发展新质生产力的核心要素之一，更是衡量一个城市 核心竞争力最为关键的标志之一。 中国发展网讯 胡钊 记者皮泽红报道 8月7日，由广州市社会科学院发布的《广州蓝皮书：广州金融发展 报告（2025）》（以下简称《报告》）总报告《推动广州国有资本向"硬科技"新赛道集中，助力金融强 市建设实现新跨越——2024～2025年广州金融发展报告》（作者：广州市社会科学院课题组陈旭佳 等），就"硬科技"时代城市如何前瞻布局"硬科技"新赛道的逻辑理路与时代意涵进行深入分析。 从底层逻辑看，"硬科技"既是理论问题也是现实问题，既是科技命题也是产业命题。 "硬科技"是具有先发优势、领跑优势、技术优势的关键核心技术 ...

央广网北京8月11日消息（记者邢斯嘉 崔刚 吴琼）据中央广播电视总台中国之声《新闻和报纸摘 要》报道，资金短缺是科技企业初创期普遍面临的难题。全国首家以"硬科技"命名的专业支行，锚定初 创期、成长期的中小微科技企业，三年来贷款"贷"出了多个响当当的领域前沿。中国之声特别策划《中 国改革现场》本期推出《这家银行名叫"硬科技"》。 在陕西省汉中市汉核同位素药品研发生产基地厂房内，田海滨这位研发医用放射性同位素的科学 家，自企业2019年创立，终于获得了银行9000万元贷款支持。这笔钱意味着，他将可以进行多种医用同 位素国产化生产，为国内同位素药品生产厂家解决重要放射性原料"卡脖子"问题。 田海滨：传统银行我的设备抵押叫"非通用设备"，审批的时候"风控"过不去。但是浦发科技是看我 们的未来，抵押物评估之后，大概能占到它整个投资额的将近一半多；从商业化的几款合作、意向订 单、产能、明年达产之后市场的格局情况，足够支撑还款能力。 张明：我们尽调了几个月的时间，我们认为应该去很好地支持科技能力、产业能力有重大价值、重 大作用的、现在看起来比较弱小的企业，真正把它们扶持起来。 张明告诉记者，专业专营机制是生存之本，更是破解 ...

Core Viewpoint - Hong Kong is intensifying efforts in attracting investment and talent, with significant results emerging from initiatives led by the Hong Kong Investment Management Company and other government departments [1][2][3] Group 1: Investment Initiatives - The Hong Kong Investment Management Company has invested in over 100 projects, with more than 10 companies preparing to submit applications for listing in Hong Kong [1] - The company manages approximately HKD 62 billion, focusing on hard technology, life sciences, and renewable/green technology [1] - Each HKD 1 invested by the company has attracted over HKD 5 in long-term market funding from various institutions [1] Group 2: Talent and Enterprise Attraction - The Office for Attracting Key Enterprises has introduced 84 key enterprises in cutting-edge technology, expected to bring around HKD 50 billion in investment and create over 20,000 jobs [3] - The government emphasizes the synergy between attracting enterprises and talent, fostering a virtuous cycle of industry and talent development [3] Group 3: Collaborative Efforts - The government is promoting deep collaboration among government, industry, academia, research, and investment sectors to enhance Hong Kong's economic transformation [3][4] - Hong Kong's international application scenarios are attracting numerous domestic and foreign enterprises to test and apply their cutting-edge technologies [3][4]

Group 1 - The Hong Kong government has achieved significant results in attracting investment, with over 1.5 million local companies registered and more than 15,000 non-Hong Kong companies registered as of July 2023, both reaching historical highs [1] - The Investment Promotion Agency has assisted 1,333 companies in establishing or expanding their businesses in Hong Kong from January to July 2023, injecting HKD 174 billion in first-year direct investment and creating over 19,000 new jobs [1] Group 2 - The Office for Attracting Key Enterprises has successfully brought in 84 key enterprises in cutting-edge technology, expected to generate approximately HKD 50 billion in investment and create over 20,000 job opportunities in the coming years [3] - The upcoming fifth batch of key enterprises will include over ten companies, bringing the total number of enterprises attracted since the office's establishment in late 2022 to around 100, with many from overseas markets, including leading pharmaceutical companies [3] Group 3 - Hong Kong Investment Management Company plays a crucial role as the government's "patient capital," focusing on nurturing local startups and leveraging its international network to discover and invest in quality teams and enterprises from mainland China and abroad [4] - The company has invested in over 100 projects, with more than 10 companies already submitted or preparing to submit applications for listing in Hong Kong [4] - Each HKD 1 invested by the Hong Kong Investment Management Company has attracted over HKD 5 in market long-term funding, sourced from sovereign funds, pension funds, and various investment entities [4]

Core Viewpoint - The Central Political Bureau of the Communist Party of China emphasizes enhancing the attractiveness and inclusiveness of the domestic capital market, outlining a clear roadmap for capital market reforms in the second half of the year [1] Group 1: Market Stability - In July, the number of new A-share accounts reached 1.9636 million, a year-on-year increase of over 70% and a month-on-month increase of over 19%, indicating improved market attractiveness [1] - The implementation of policies aimed at guiding long-term funds into the market and enhancing investor protection is expected to continue, solidifying the foundation for market stability [1][2] - The "14th Five-Year Plan" period has seen accelerated construction of long-term mechanisms and enhanced policy coordination, contributing to a stable market environment [1] Group 2: Inclusive Investment Ecosystem - As of August 8, 2023, the A-share market has seen the addition of 1,427 new listed companies since 2021, with a significant concentration in technology and healthcare sectors [2] - The capital market is expected to foster a more inclusive investment ecosystem, particularly supporting technological innovation and high-quality economic development [3] - Policies will focus on enhancing financing services for technology companies throughout their lifecycle, with an emphasis on differentiated listing standards and broadening financing channels [3][4] Group 3: Investor Protection - The "Big Investor Protection" system is being continuously improved, with a focus on expanding channels for investor rights protection and enhancing the market environment for investors [5] - Authorities will intensify efforts to combat market manipulation, insider trading, and other illegal activities, sending a strong signal of zero tolerance towards violations [5][6] - The use of big data and technology will be leveraged to identify and combat fraudulent activities in the market, ensuring a safer investment environment for participants [6]