在行业探讨环节，4家科创板公司创始人与行业分析师深度对话，向国际投资者呈现出科创板在培育硬 科技创新方面的独特价值。企业家们表示，科创板为企业上市融资发展提供了强大助力，期待科创 板"1+6"政策措施等制度创新在服务科技企业发展和产业转型升级方面发挥更大作用。 下一步，上交所将在证监会统筹指导下，加快推动各项改革举措落地见效，着力打造更具吸引力、竞争 力的产品体系，继续做好国际投资者服务，对外讲好中国故事，持续提升外资参与上交所市场的深度与 广度，助力科创板企业高质量发展，推动全球投资者更好地分享中国创新发展机遇。 近日，上交所举办"聚焦上交所——科创板六周年"专题线上路演活动，来自美欧亚太等主要市场的近50 家机构参与。 路演活动中，上交所有关部门介绍了科创板六年来在服务科技创新和新质生产力发展，引导资本向"硬 科技"企业聚集等方面的成果，以及《关于深化科创板改革 服务科技创新和新质生产力发展的八条措 施》实施一年来，科创板指数化投资发展方面的突出成效。为进一步打通支持优质科技型企业发展的堵 点难点，今年6月，中国证监会宣布推出《关于在科创板设置科创成长层 增强制度包容性适应性的意 见》（即科创板"1+6" ...

Core Insights - The development of hard technology innovations, such as brain-computer interfaces (BCIs), requires patient capital that is willing to support long-term research and commercialization efforts, rather than expecting quick returns typical of the internet industry [1][3] - Notable investor Chen Tianqiao emphasizes that the BCI sector in China has seen significant investment growth and impactful results over the past four years, with Shanghai emerging as a global technology hub for BCIs [1][3] Investment Landscape - Shanghai-based JieTi Medical announced a B-round financing of 350 million yuan, which enabled the initiation of China's first invasive BCI clinical trial [3] - Another company, QiangNai Technology from Hangzhou, has raised over 200 million USD, significantly boosting the valuations of BCI firms [3] Investment Philosophy - Chen Tianqiao warns against treating BCIs merely as a profit-making opportunity, stressing that the hard technology sector cannot be evaluated using the short-cycle, quick-return models of the internet industry [3][4] - He argues that the BCI field requires long-term, stable support to navigate the lengthy processes of technology validation and market cultivation [3][4] Company Development - Brain Tiger Technology, founded with the goal of becoming China's equivalent to Neuralink, faces challenges due to the long development timelines, which can extend beyond 10 years [4] - The founder, Tao Hu, has transitioned from a prestigious academic career to fully commit to the startup, highlighting the dedication required for scientific entrepreneurship [4] Technological Advancements - Brain Tiger Technology has achieved breakthroughs in real-time language decoding and motor decoding, gaining attention from top scientific journals [4] - Chen Tianqiao emphasizes the need for a robust innovation ecosystem and technical platform to support scientific entrepreneurship, advocating for competition with established players like Neuralink [4]

Core Viewpoint - The 9th Equity Investment Golden Bull Award aims to promote "patient capital" and long-term value investment while exploring diversified exit paths for funds, reflecting the increasing strategic significance of the private equity and venture capital industry in the context of China's economic transformation and modernization efforts [1][2]. Group 1: Event Overview - The 9th Equity Investment Golden Bull Award evaluation was launched on July 15, organized by China Securities Journal, focusing on long-term value investment and hard technology innovation [1]. - The evaluation emphasizes the importance of private equity and venture capital as tools for direct financing and innovation capital formation, supported by recent government policies encouraging the growth of these sectors [1][2]. Group 2: Award Criteria and Focus - The award will continue to uphold principles of fairness, transparency, and credibility, with a focus on patient capital and long-term value investment, while addressing challenges in the private equity and venture capital industry [1][2]. - A new "State-owned Investment Institution Golden Bull Award" has been added to recognize the significant role of state-owned enterprises in the primary market, reflecting the evolving investment trends towards technology innovation [2]. Group 3: Evaluation Methodology - The evaluation process will combine quantitative and qualitative assessments, focusing primarily on quantitative data, and will comprehensively evaluate the entire investment process, including fundraising, investment, management, and exit strategies [3]. - The assessment will consider various factors such as the investment experience of management teams, stability, company influence, social responsibility, and corporate governance to determine award recipients [3].

Core Insights - The military industry is undergoing a significant transformation in investment logic, shifting from geopolitical factors to a dual-driven model of "hard technology innovation + industrial upgrading" [1] - Public funds are increasingly investing in aerospace ETF products, with the Huaxia Aerospace ETF (code: 159227) tracking the National Aerospace Industry Index, which focuses on core military companies and low-altitude economy concepts [1][5] Investment Logic - The military industry is moving away from traditional event-driven models to a sustainable growth logic, integrating the "14th Five-Year Plan" equipment mass production with new productivity [2] - The National Aerospace Industry Index covers key areas such as aviation equipment and military electronics, reflecting China's military technology strengths [2] - The C919 aircraft supply chain, including critical materials and core components, is included in the index, allowing it to benefit from domestic substitution and industrial upgrades [2] Index Characteristics - The National Aerospace Industry Index features a unique structure with 38% of its composition in small and medium-sized enterprises, which often exhibit higher performance elasticity [3] - The top ten holdings account for 54% of the index, including leading military enterprises like AVIC and Aero Engine Corporation, creating a balanced structure of "core pillars + innovative pioneers" [3] Industry Opportunities - The aerospace industry is experiencing three strategic growth opportunities: - International military trade has seen a 56.48% increase in export value over the past decade, with drones and precision-guided weapons gaining market share [4] - The low-altitude economy is projected to reach a trillion-level market by 2030, with local plans exceeding 3 trillion yuan for industry clusters [4] - The commercial space sector is growing rapidly, with satellite internet included in new infrastructure, benefiting companies involved in rocket and satellite manufacturing [4] Conclusion - The aerospace industry is entering a golden development period driven by policy support, technological innovation, and market demand [5] - The Aerospace ETF (159227) captures the underlying changes in the military industry and aligns with national strategic emerging industries, offering investors a new opportunity to share in the growth of the aerospace sector [5]