12月17日，沐曦股份正式登陆科创板，上市首日涨幅高达693%，市场投资热情高涨。此外，本月初， 同为半导体领域明星企业的摩尔线程，上市首日涨幅也超400%。今年以来，一批来自新一代信息技 术、新材料等战略性新兴产业领域的硬科技企业登陆A股市场，且多家公司股价在上市首日涨幅达数 倍，引发市场关注。 硬科技资产"走红"A股市场的现象，反映出国家创新驱动发展战略与产业转型升级方向，正在加速转化 为清晰的市场共识。这不只是资本对单一企业的追捧，更彰显了市场对中国硬科技自主创新能力与长期 成长价值的信心，也意味着资本正以前瞻性视角，重估核心技术在未来经济格局中的战略地位。 在笔者看来，中国硬科技资产"走红"A股市场，主要缘于三大核心驱动力： ■邢萌 其二，资本市场生态日趋成熟，制度创新红利释放，市场价值发现能力增强，推动优质科技资产实现合 理定价。 近年来，资本市场全面深化改革向纵深推进，科创板"1+6"改革举措加快落地，为高研发投入、长周期 回报的硬科技企业提供更加包容的上市融资通道，进一步加大对前沿科技领域的支持力度。在此形势 下，险企、公募基金等机构投资者加大中长期资金入市力度，进一步提升了市场的价值发现与定价 ...

Core Points - The third National Skills Competition is being held in Zhengzhou, featuring 3,420 participants from 35 delegations across the country, marking it as the largest and most comprehensive national vocational skills event in China [2][3] Group 1: Event Overview - The competition is organized by the Ministry of Human Resources and Social Security and hosted by the Henan Provincial Government, with support from various local and industry bodies [2] - The event includes 106 competition projects, with over 50% focusing on intelligent manufacturing, high-end equipment, digital technology, and new energy, aligning with national innovation strategies [3] Group 2: Participation and Demographics - A total of 3,420 competitors and 3,275 judges are participating, showcasing a diverse range of skills from both young talents and experienced professionals [5] - The average age of participants is 24, with 77% under 30 years old, indicating a strong presence of younger competitors [5] - High-education participants include 13 PhDs, 286 Master's, and 843 Bachelor's degree holders, making up 33% of all competitors, particularly in advanced technology fields [5] Group 3: Competition Structure and Activities - The competition adopts a "competition-exhibition-performance" model over five days, featuring 106 projects across 28 exhibition halls [6] - Special activities include a national achievements exhibition, skills training experiences, and a forum aimed at enhancing skill awareness among the public, especially youth [6]

Core Viewpoint - The introduction of the "Science and Technology Innovation Bonds" (referred to as "Sci-Tech Bonds") is a significant initiative by the exchange bond market to support the national innovation-driven development strategy and industrial transformation [1][2] Group 1: Importance of Sci-Tech Bonds - The establishment of a market mechanism for Sci-Tech Bonds is crucial for promoting a high-level circulation of "technology-industry-finance" and better serving the national innovation-driven development strategy [1] - The number of technology innovation enterprises in China is increasing, playing a vital role in the transition from old to new growth drivers, thus providing strong support for high-quality economic development [1] Group 2: Challenges Faced by Enterprises - Despite the growth of technology innovation enterprises, they still face funding shortages during their development or transformation processes [1] - The timely introduction of Sci-Tech Bonds has alleviated the funding challenges faced by these enterprises, acting as a beneficial support mechanism [1] Group 3: Flexibility and Efficiency of Fund Utilization - The funds raised through Sci-Tech Bonds can be utilized flexibly for various purposes, including R&D investment, project construction, mergers and acquisitions, operations, and equity contributions [2] - Sci-Tech Bonds allow for the replacement of prior investments, enhancing the efficiency of fund utilization and enabling precise support for the technology innovation sector [2] Group 4: Impact on Technology Innovation - By addressing the funding difficulties of enterprises, Sci-Tech Bonds effectively guide various financial resources towards the technology innovation sector, thereby energizing the development of Sci-Tech enterprises [2] - The issuance of Sci-Tech Bonds is becoming an important means to promote technological innovation and high-quality economic development, with significant growth potential and prospects [2]

Core Viewpoint - The Shenzhen Municipal Science and Technology Innovation Bureau and the Shenzhen Municipal Finance Bureau have released the "Management Measures for Central Guidance Funds for Local Science and Technology Development," aligning with national policies to enhance funding usage and project support methods [1][2]. Group 1: Management Measures Overview - The "Management Measures" consists of seven chapters and 33 articles, covering general principles, management responsibilities, support directions, project organization, fund usage, budget performance, and supervision [1][2]. - Central guidance funds are intended to support Shenzhen in implementing national innovation-driven development strategies and optimizing the regional innovation environment [1]. Group 2: Funding Support and Usage - The revised funding support methods include direct subsidies, post-subsidies, and reward-based subsidies for major technology tasks, regional innovation system construction, and basic research [2]. - For technology achievement transfer and transformation, funding will utilize risk compensation, post-subsidies, and venture capital guidance [2]. - The science and technology department can delegate project management and fund supervision to affiliated institutions as needed [2]. Group 3: Fund Management Regulations - The "Management Measures" implements a "negative list" management approach to regulate fund usage [3].

Core Insights - Shenzhen Venture Capital (深创投) aims to create an "Innovation Triangle" to explore new pathways for technology transfer, emphasizing the importance of collaboration between academia, industry, and investment [1][2][3] Group 1: Technology Transfer in the Greater Bay Area - The Greater Bay Area is identified as the optimal testing ground for technology transfer, benefiting from multiple trillion-level industrial clusters and a conducive environment for artificial intelligence development [1] - The region's combination of traditional and emerging industries facilitates the rapid application of new technologies, materials, and processes developed by universities and research institutions [1] Group 2: Role of Venture Capital - Venture capital is highlighted as the best partner for technology transfer, effectively bridging the gap between early-stage innovations and market readiness, despite the high risks and long cycles involved [2] - The Greater Bay Area is a hub for venture capital, leading the nation in fund size and investment volume, which has significantly supported the commercialization of advanced technologies [2] Group 3: Contribution of Universities and Research Institutions - Universities and research institutions in the Greater Bay Area are crucial sources of technology transfer, with their output being characterized by originality and market adaptability [2] - The region's high marketization and active open economy create a favorable environment for these institutions to drive both innovation and market application [2] Group 4: Importance of the Technology Manager Academy - The establishment of the Technology Manager Academy at Shenzhen Technology University is significant for cultivating specialized international talent in technology transfer, enhancing the overall efficiency of the innovation system [3] - This initiative aims to facilitate the movement of technology from laboratories to markets, aligning with national innovation-driven development strategies [3]