四成企业"摘U" 硬核科技成就多个"DeepSeek时刻" 记者统计发现，科创板54家上市时未盈利企业高质量发展动能强劲，业绩持续改善，其中四成企业已实现盈利"摘U"。 新华财经上海9月15日电（记者 杜康）近日，上海证券交易所副总经理王泊在科创板迈向"新高地"暨"硬科硬客"2025年会上表示，对上交所以及科创板而 言，坚持金融服务实体经济的根本宗旨，提升支持科技创新的能级，充分发挥交易所资本市场枢纽功能，是科创板的重要使命。 目前，科创板主要设置五套上市标准，其中第二套至第五套均未设置净利润要求，为未盈利企业开辟了多元上市路径。记者获悉，截至目前，已有54家未盈 利企业受益于这四类富有"包容度"的上市条件，合计IPO募资超2000亿元，实现了研发实力向经营业绩和产业价值的有效转化，其中，以寒武纪、中芯国 际、百济神州、百利天恒等"链主型"龙头企业脱颖而出，手握"硬核技术"迎来高速成长。 谈及对科创板过往实践的体会，王泊着重提出以包容性改革破壁垒，坚持为未盈利硬科技企业打开"资本入口"。"改革的生命力在于回应时代发展的需求， 科创板从诞生之初就打破传统上市'盈利门槛'的思维定式，将'包容性'作为制度设计的核心 ...

Core Insights - The innovative drug sector is experiencing a significant resurgence, with the Oriental Red Medical Upgrade Fund achieving a year-to-date return of 82.35% as of August 22, 2025, significantly outperforming its benchmark [1] - The fund manager emphasizes the importance of understanding the fundamental changes in the market rather than relying on market fluctuations [1][2] - The launch of the Oriental Red Medical Innovation Mixed Fund (QDII) on September 10, 2023, indicates a continued focus on innovative drugs as a key investment area [2] Investment Strategy - The fund manager believes that the innovative drug market may see differentiation, with funds favoring truly innovative companies [2] - A long-term perspective is taken, with a focus on various sub-sectors such as ADC, dual antibodies, multi-antibodies, gene therapy, and innovative small molecules [2][3] - The manager employs a unique industry classification system, dividing the pharmaceutical sector into 18 sub-industries to better capture growth opportunities [3] Market Dynamics - The investment approach is influenced by policy cycles and growth rates, with a focus on sectors benefiting from government support [3][4] - The manager prefers to identify opportunities in sectors at the bottom of their cycles, emphasizing the importance of solid company operations even in challenging times [4] - A rigorous valuation methodology is applied, with different metrics used for various types of companies, including PE, PEG, and specific criteria for innovative drugs [5][6] Future Outlook - The year 2024 is seen as a critical turning point for innovative drug companies, with expectations for significant market developments in 2026-2027 [7] - Recent policy measures aimed at supporting high-quality development in innovative drugs are expected to enhance the industry's growth potential [8] - The manager anticipates a shift in market sentiment towards companies with genuine innovation and deep value as the market stabilizes [9]