■ 张敏 2025年，A股市场交易活跃度持续提升。截至12月30日，全年累计成交金额达417.8万亿元，同比增长超 60%。在此之前，上证指数连续9个交易日上涨，引发市场广泛关注。 投资端改革同步深化，长期资金入市渠道进一步拓宽。截至今年三季度末，人身险公司和财产险公司投 资于股票和证券投资基金的余额合计达5.59万亿元，较年初大幅增长36.2%，在保险公司资金运用余额 中的占比提升至14.92%。此外，境外长线资金今年以来也持续买入A股股票。 在政策护航下，2025年，多个高科技领域迎来了从技术突破到产业落地的关键跨越，生动印证了市场正 在实践的科技叙事。 今年以来，以DeepSeek为代表的国产大模型取得关键突破，推动行业重心从技术攻坚转向真实场景落 地；机器人领域加速从"技术展示"到"商业闭环"的快速演进，以宇树科技为代表的企业不仅产品亮 相"惊艳全场"，更凭借亿元级商业订单，完成了从实验室到规模化赋能产业的进阶；国产创新药全年对 外授权(licence-out)金额突破1000亿元大关，凸显行业全球竞争力提升；商业航天领域，朱雀三号、长 征十二号甲先后发射，不仅实现了技术上的重大突破，更进一步推动可重 ...

■张敏 2025年，A股市场交易活跃度持续提升。截至12月30日，全年累计成交金额达417.8万亿元，同比增长超 60%。在此之前，上证指数连续9个交易日上涨，引发市场广泛关注。 在政策护航下，2025年，多个高科技领域迎来了从技术突破到产业落地的关键跨越，生动印证了市场正 在实践的科技叙事。 今年以来，以DeepSeek为代表的国产大模型取得关键突破，推动行业重心从技术攻坚转向真实场景落 地；机器人领域加速从"技术展示"到"商业闭环"的快速演进，以宇树科技为代表的企业不仅产品亮 相"惊艳全场"，更凭借亿元级商业订单，完成了从实验室到规模化赋能产业的进阶；国产创新药全年对 外授权(licence-out)金额突破1000亿元大关，凸显行业全球竞争力提升；商业航天领域，朱雀三号、长 征十二号甲先后发射，不仅实现了技术上的重大突破，更进一步推动可重复使用火箭技术从试验阶段迈 向工程化应用。 这些高新科技产业的崛起，不仅展现了各自鲜明的演进路径，更强劲拉动了上下游产业链的订单增长与 整体价值提升。 制度护航与产业突破形成合力，正深刻改变A股市场的整体生态。 这种变化最直观的体现是A股行业结构的优化。十年前，金融、地 ...

Core Insights - The article highlights the rapid development of Chinese technology companies, exemplified by YingShi Innovation's panoramic cameras and SiKan Technology's 3D scanners, showcasing their global presence and innovation capabilities [5][7][12] - The role of the securities industry, particularly CITIC Securities, is emphasized as a crucial facilitator in supporting these technology firms through comprehensive financial services, aiding their growth and market expansion [6][13][19] Company Highlights - YingShi Innovation has maintained the largest market share in the global panoramic camera market for six consecutive years, with over 70% of its revenue coming from international sales [11][12] - SiKan Technology became the first A-share listed company in the 3D scanning sector, raising 569 million yuan during its IPO, with a revenue growth of 17.70% year-on-year [11][12] - Both companies have leveraged capital market support to enhance their R&D capabilities and expand production capacity, with significant increases in their respective R&D investments [11][12] Industry Trends - The securities industry is increasingly returning to its investment banking roots, providing tailored financial solutions to technology firms, thus fostering a healthy cycle between technology, capital, and industry [7][13] - The capital market is evolving to better accommodate technology innovation, with a focus on supporting high-tech enterprises through various financing methods, including IPOs and bond issuances [14][15] - The growth of the Sci-Tech Innovation Board (STAR Market) is highlighted, with a significant number of companies in new-generation information technology and high-end equipment manufacturing, indicating a strong trend towards supporting innovative industries [14][18]

Core Viewpoint - The establishment of the Sci-Tech Growth Layer on the STAR Market represents a significant reform aimed at enhancing the inclusivity and adaptability of the capital market to support technological innovation [1][2]. Group 1: Sci-Tech Growth Layer Overview - The Sci-Tech Growth Layer is designed to serve technology companies that have made significant breakthroughs, possess strong commercial prospects, and have substantial ongoing R&D investments, even if they are currently unprofitable [1][2]. - As of now, 54 unprofitable companies have been listed on the STAR Market, with 22 of them achieving profitability post-listing. In 2024, these companies collectively generated a revenue of 174.48 billion yuan [1]. Group 2: Capital Market Adaptation - The creation of the Sci-Tech Growth Layer aims to inject capital into more hard-tech enterprises, addressing the uncertainty in performance and long profitability cycles of tech companies [2]. - The new evaluation paradigm prioritizes "technological value over short-term profitability," breaking traditional listing standards that hinder tech companies. This allows for a more targeted allocation of resources to high-growth companies with core technologies [2]. Group 3: Risk Management and Investor Protection - The reform employs a cautious strategy of "incremental pilot + old-new distinction," where all unprofitable tech companies are included in the Sci-Tech Growth Layer, with specific conditions for exiting the layer [3]. - The centralized management of unprofitable companies in the Sci-Tech Growth Layer provides a controlled environment for policy experimentation while implementing investor protection mechanisms to help investors better identify risks [3]. Group 4: Future Outlook - The reform requires a balance between tolerating "burning money for R&D" and preventing speculative risks, which will be crucial for assessing the success of the reform [4].