从年初DeepSeek的横空出世，到年末"国产GPU第一股"摩尔线程在科创板上市，越来越多的创新成果 从"实验室"走出来，创新势能向经济动能不断转化，科技创新贯穿全年成了街头巷尾谈论的"热词"。 科创企业具有高成长性，但存在研发投入大、经营不确定性大、盈利周期长等特征，与股权融资更为契 合，资本市场更应加大支持和服务力度，以投融资综合改革为牵引，全面推进新一轮资本市场改革。 如何让"科技之花"开得更艳，日前召开的中央经济工作会议要求，坚持创新驱动，加紧培育壮大新动 能，并明确提出"创新科技金融服务"，对金融助力科技创新指明了方向。 近年来，我国不断完善金融支持科技创新体系，推动科技和金融的双向奔赴，成效初现：科技型中小企 业贷款余额同比增速连续多年保持20%以上，科技贷款新增额占各项贷款新增额比重接近三成；科创债 规模突破1.7万亿元；A股科技板块市值占比超过1/4，新上市公司的科技含量不断提升。 也应看到，仍有不少科创企业"喊渴"，一些金融机构"喊难"，科技金融需要解决的难点依然突出。如科 创企业在生命周期的不同阶段需求有所不同，我国金融体系还未能提供与之相匹配、相适应的金融服务 和产品；又如一些处于初创期 ...

Group 1 - The article emphasizes the transformation of innovative achievements from laboratories to the market, highlighting the increasing importance of technological innovation in the economy throughout the year [1] - The Central Economic Work Conference has called for a focus on innovation-driven growth and the enhancement of financial services for technological innovation, indicating a clear direction for financial support [2] - There has been a significant increase in financial support for technology-driven SMEs, with a loan balance growth rate of over 20% year-on-year and technology loans accounting for nearly 30% of new loans [2] Group 2 - The article discusses the need for continuous optimization of financial services to improve loan rates for tech enterprises, advocating for a shift from traditional evaluation metrics to those that assess innovation capabilities and potential for technology transformation [3] - It suggests the promotion of an "innovation points system" to better evaluate tech companies and reduce information asymmetry, allowing financial institutions to create accurate profiles of these enterprises [3] - The article highlights the importance of capital markets in supporting tech enterprises, advocating for comprehensive reforms to enhance the service capabilities for the entire lifecycle of these companies [4] Group 3 - The implementation of the "merger and acquisition six guidelines" has led to a surge in M&A activities in the A-share market, particularly in the hard technology sector, although some M&A deals have been terminated, raising investor concerns [5] - The article stresses the need for a coordinated development of both the financing and investment sides, as well as the importance of a diversified and specialized wealth management industry [5] - It calls for the establishment of a regulatory framework that keeps pace with rapid financial innovation, enhancing monitoring and risk management capabilities to stabilize and invigorate the capital market [5]

Core Viewpoint - The article emphasizes the importance of innovation-driven financial services to support technological innovation and the growth of science and technology enterprises in China, highlighting recent achievements and ongoing challenges in the sector [1][2]. Group 1: Financial Support for Technological Innovation - The Central Economic Work Conference has called for strengthening innovation-driven growth and expanding new economic drivers, specifically mentioning "innovative financial services for technology" [1]. - China's financial support system for technological innovation has shown initial success, with loans to technology-based SMEs growing at over 20% year-on-year and accounting for nearly 30% of new loans [1]. - The scale of science and technology bonds has surpassed 1.7 trillion yuan, and the market capitalization of the A-share technology sector exceeds 25% [1]. Group 2: Challenges in Financial Services - Many science and technology enterprises still face difficulties in accessing financial services, particularly in different stages of their lifecycle, where the current financial system does not adequately match their needs [1][2]. - Start-up tech companies often lack operational data and credit history, making it challenging for financial institutions to assess their creditworthiness and repayment capacity [1][2]. Group 3: Innovation in Financial Services - There is a need for continuous innovation in financial services to enhance resource allocation efficiency and stimulate the vitality of tech enterprises [2]. - Financial institutions should optimize loan services for tech companies, focusing on evaluating innovation capabilities and potential for technology transfer rather than just company size [2]. - The promotion of an "innovation credit system" and the development of specialized financial products tailored to the needs of tech enterprises are essential [2]. Group 4: Capital Market Development - The capital market should enhance its inclusivity and adaptability to better support the growth of tech enterprises through improved listing and merger regulations [3]. - The implementation of the "merger six guidelines" has led to a wave of mergers in the A-share market, particularly in the hard tech sector, although some mergers have been terminated, raising investor concerns [3]. - There is a need for strong regulatory oversight to ensure transparency in the reasons behind failed mergers and to encourage companies to pursue innovation [3]. Group 5: Regulatory Framework and Market Stability - The rapid evolution of financial innovation necessitates the establishment of a corresponding regulatory framework to monitor and manage risks effectively [4]. - Strengthening risk monitoring and response mechanisms will enhance the stability and vibrancy of the capital market [4]. - Continuous institutional innovation is expected to drive product and model innovation, reducing financing costs for tech companies and facilitating the market entry of more "hard tech" products [4].

Core Viewpoint - The capital market in China needs a profound "ideological innovation" to break free from traditional evaluation systems and support the country's technological future through a comprehensive capital support ecosystem that includes "basic research - results transformation - industry incubation" [3]. Group 1: Capital Market Transformation - The capital market must shift from passive adaptation to active leadership, especially in the context of global technological competition and supply chain security challenges, to become a core engine for driving technological breakthroughs and industrial iterations [5]. - By optimizing the issuance and listing system, the market can better identify and support technology companies with strategic significance and core technologies [5]. - Mergers and acquisitions can facilitate resource integration and technological collaboration among tech companies, fostering internationally competitive tech leaders and industrial clusters [5]. Group 2: Supporting Technological Independence - The capital market can provide strong financial support, effective incentive mechanisms, and optimized resource allocation platforms to enhance the level of technological independence [6]. - Long-term capital can support tech companies in exploring innovative "uncharted territories," while equity incentives and market value management can stimulate innovation and retain top talent [6]. - A virtuous cycle of "innovation input - results transformation - value realization - reinvestment" can be established to boost technological independence [6]. Group 3: New Evaluation Logic - The capital market should adjust its service logic from focusing on company size and profitability to emphasizing technological barriers, R&D sustainability, and strategic value [7]. - A new evaluation system should be established that highlights technological attributes and long-term growth potential, moving away from traditional metrics [7]. - Financing support mechanisms should cover the entire innovation cycle, allowing for the listing of companies that may not yet be profitable but have advanced technology and significant R&D achievements [7]. Group 4: Private Equity and Long-term Investment - Improving the exit mechanisms for private equity investments can guide more social capital towards early-stage tech projects [8]. - A multi-tiered capital market system should be constructed to enhance the efficiency of capital allocation and risk adaptation [8]. - Long-term capital, such as insurance and pension funds, should increase their allocation to equity assets, particularly in basic research and common technology development platforms [8]. Group 5: Addressing Short-term Focus - The capital market needs to shift from an excessive focus on short-term performance to encouraging long-term value creation [11]. - Analysts should be guided to focus on long-term value factors such as R&D paths and core competitiveness rather than just financial metrics [11]. - A differentiated information disclosure system should be established to allow tech companies in R&D phases to have more flexible reporting requirements [11]. Group 6: Corporate Venture Capital (CVC) Advantages - CVC can provide comprehensive support to startups by integrating capital, technology, and market resources, enhancing the financing bargaining power of Chinese companies [13]. - Policies should be strengthened to promote CVC, including tax incentives and support for cross-border capital flows [13]. - CVC should be positioned as a systemic support for national technological competitiveness, enabling Chinese tech companies to form multi-dimensional advantages in global competition [14]. Group 7: Policy Stability for Innovation - Policy uncertainty is a major barrier to innovation, as it disrupts the cost-benefit models of innovation activities [16]. - A stable policy environment is essential for long-term R&D investments, particularly in foundational research and disruptive technology development [16]. - Policies should be institutionalized to provide clear guidelines and a buffer period for adjustments, ensuring a conducive environment for innovation [16]. Group 8: Systematic Reform of Capital Markets - A comprehensive capital support system should be established, focusing on basic research and technology commercialization [19]. - The financial support ecosystem for tech companies should cover their entire lifecycle, with an emphasis on "hard tech" [19]. - Long-term capital should be encouraged to participate in early-stage tech financing through innovative financial instruments [19].

2025年末的资本市场，苏州以全年新增10家A股上市公司，位居全国大中城市第一。当很多城市还在纠 结如何吸引资本时，作为常年在GDP榜单稳坐前排的"制造强市""工业三巨头"之一，苏州用优异的上市 公司成绩单证明，资本永远追着优质实体跑。 六成新增企业深耕硬科技，资本选苏州，就是选硬实力 翻看2025年苏州新增A股企业的名单，没有一家是靠概念炒作的"空中楼阁"，全是扎在实体经济里的硬 科技企业。 苏州A股新增数量的攀升登顶，核心支撑是实打实的产业根基。 ...

Core Insights - The 10th session of the Hard Technology Champion Enterprise Incubator was held in Shanghai, focusing on the transformation and commercialization of hard technology achievements [1] - The event was organized by Xi'an Zhongke Optical Machine Investment Holding Co., Ltd. and Zhongke Chuangxing Technology Investment Co., Ltd. [1] Group 1: Event Overview - The event gathered 69 entrepreneurs from the hard technology sector, selected from over 300 applicants, covering core areas of hard technology [1] - The Shanghai Songjiang District, as a key area for innovation in the Yangtze River Delta, has a strong industrial foundation and has been a leader in industrial output for four consecutive years [1] Group 2: Investment and Support - Xi'an Zhongke's chairman revealed that the company has invested in 591 enterprises with a fund size of 15.9 billion yuan, focusing on hard technology transformation and incubation [2] - The G60 Innovation Corridor has seen 224 hard technology enterprises incubated, with an investment scale of 3.058 billion yuan [2] Group 3: Educational and Networking Opportunities - A team of capital market experts provided mentorship on various topics, including financing strategies and mergers and acquisitions for hard technology companies [2] - Participants visited the G60 Curvature Engine Hard Technology Pilot Technology Park to understand the advantages of industrial clusters in areas like optical chips, AI, biomedicine, new energy, and new materials [2] Group 4: Future Developments - The G60 Curvature Engine Hard Technology Pilot Technology Park is under construction and is expected to be operational by 2027, focusing on AI, optoelectronics, and aerospace [3] - The 10 billion yuan Yangtze River Delta Hard Technology Fund and the 4 billion yuan Zhongke Chuangxing Shanghai Phase IV Fund will provide financial support for quality projects [3]

博原资本管理合伙人及CEO朱璘。受访者供图 开栏语 当时间的刻度指向2026，一个崭新的五年征程即将启幕。 此刻，我们立足承前启后的交汇点，"十四五"即将圆满收官。回顾2025年，在多重压力之下，中国经济 再次走过了"很不平凡"的一年，并展现出强大韧性和活力，成就奠定坚实基础。 刚刚闭幕的中央经济工作会议深刻指出，做好明年经济工作，要"坚持稳中求进工作总基调"，在政策取 向上，"要坚持稳中求进、提质增效"，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有效 提升和量的合理增长，保持社会和谐稳定，实现"十五五"良好开局。 启新程，当乘势而上，更须砥砺前行。站在"十五五"新程待启的关键时点，如何看待2026年的经济形 势？2026年经济工作怎么干？新京报贝壳财经推出《看2026：十五五·启新程》专题报道，汇聚监管部 门、知名学者和领军企业家，解读政策脉络，洞察趋势变化。2026，我们携手出发。 对企业而言，针对中央经济工作会议提出的持续扩大内需等议题会有哪些举措？2026年有哪些战略发展 目标？新京报贝壳财经记者就此采访了博原资本管理合伙人及CEO朱璘。 新京报贝壳财经：2026年，博原资本在业绩增长、产品 ...

Core Viewpoint - The article emphasizes the importance of rational, value, and long-term investment in the context of China's capital market reforms, particularly focusing on hard technology as a key driver for new productive forces and the opportunities and challenges it faces [1]. Group 1: Event Overview - The "Value and Investment" program, initiated by the Shanghai Stock Exchange and Yicai, aims to enhance the demonstration effect of state-owned enterprises and companies listed on the Sci-Tech Innovation Board, providing a professional platform for accurately conveying investment value [1]. - A roundtable discussion was held during the "2025 Yicai Capital Annual Conference," featuring industry leaders discussing the policy dividends supporting technological innovation and the pathways for hard technology industries to overcome challenges [1]. Group 2: Participants and Contributions - Key participants included Xu Runsheng, Assistant to the Chairman of Srei New Materials; Zhang Zhe, Deputy General Manager and Secretary of the Board of Haitian Ruisheng; Wang Bing, Partner and General Manager of Shanghai Headquarters at Dongfang Fuhai; and Liu Yang, Assistant Director of Shenwan Hongyuan Research Institute and Chief Analyst for TMT [1]. - The discussion aimed to build consensus on the collaborative efforts of policy, industry, and capital for high-quality industrial development [1].

Group 1 - The event aims to discuss the policy dividends supporting technological innovation in the capital market, the breakthrough paths for hard technology industries, and development opportunities [1] - The Shanghai Stock Exchange, in collaboration with Yicai Media, launched the "Value and Investment" initiative to promote rational, value, and long-term investment principles [1] - Hard technology is identified as a core engine for cultivating new productive forces, benefiting from the "14th Five-Year Plan" policy support and capital market institutional innovations, while facing challenges in technology, ecosystem building, and compliance competition [1] Group 2 - The 10th episode of the "Value and Investment" column will be presented in a roundtable format at the "2025 Yicai Capital Annual Conference" [1] - Key participants include executives from Sray New Materials, Haitai Ruisheng, and partners from Dongfang Fuhai and Shenwan Hongyuan Securities [1] - The event aims to build consensus on policy, industry, and capital collaboration for high-quality industrial development [1]

中信证券研报指出，2025年以来A股市场走出持续3年的"哑铃"格局，科创、创业板为代表的硬科技板 块成长性回升是其基本面基础。经过6至10月的系统性估值修复后，10月以来行业间走势分化加剧，而 截止Q3的业绩持续增长是大部分行业10月后表现韧性的基础。目前看，双创与科技板块预期盈利高于 当前实现水平，建议关注2026年的业绩兑现情况；与近似PB的行业相比，国防军工盈利水平仍有提升 空间；食品饮料与家电行业盈利性的差距逐渐缩小，但长期看或存在估值趋近的过程；大盘指数内新旧 经济增长动能切换的态势显著，总体盈利和价格波动的稳定是其配置价值的基础。2026年1月是2025年 年报业绩预告观测时间窗口，建议关注相关行业的业绩兑现情况。 ...