Core Viewpoint - The article emphasizes the ongoing empowerment of technological innovation by the capital market, highlighting significant collaborations and funding that drive high-quality development in China's tech sector [1]. Group 1: Capital Market Empowerment - The strategic partnership between BaiLi TianHeng and BMS, involving an upfront payment of $800 million and a potential total deal value of up to $8.4 billion, sets a record in the global ADC field, marking a transition for Chinese innovative drugs from "China New" to "Global New" [1]. - Since the 14th Five-Year Plan, capital market reforms centered around the Sci-Tech Innovation Board and the Growth Enterprise Market have created a virtuous cycle of "technological breakthroughs—capital empowerment—industrial upgrades," injecting strong momentum into the cultivation of new productive forces [1][4]. - The capital market has significantly supported BaiLi TianHeng's R&D efforts, with a total of 3.764 billion yuan raised in a follow-up A-share issuance planned for accelerating innovative drug development [4]. Group 2: Institutional Innovation - The A-share market has seen an increase in technology content, with over 90% of newly listed companies being tech-oriented or having high technological content [5]. - The market capitalization of the technology sector now accounts for over 25% of the A-share market, with the number of tech companies in the top 50 by market cap rising from 18 to 24 since the end of the 13th Five-Year Plan [5]. Group 3: Industry Integration - The integration of technology and industry is accelerating, with traditional enterprises upgrading from "1 to N" through deep technological integration, exemplified by Midea's smart manufacturing initiatives [7][8]. - Companies like Huichuan Technology have leveraged capital market support to expand their technological capabilities, achieving significant market share in various sectors [9]. Group 4: Future Pathways - The capital market's role in empowering technological innovation is expected to shift from "broad coverage" to "deep penetration," focusing on nurturing new productive forces and becoming a strategic hub for "technological breakthroughs—industrial upgrades—high-quality economic development" [11]. - The ongoing technological revolution in areas such as AI and biomedicine is reshaping the integration of technology, industry, and finance, with calls for policies that encourage genuine innovation and support foundational research in life sciences [11].