Core Viewpoint - "Hard technology" has become a strategic support for national competitiveness and a key engine for high-quality development in China, particularly in the context of the ongoing US-China technology competition and the deep restructuring of global supply chains [1][21]. Summary by Categories Growth Potential Ranking - The "2025 China Hard Technology Listed Company Value List" has been launched, focusing on the A-share and Hong Kong stock markets' information technology sector, evaluating companies based on growth potential, technological innovation, investment value, and ESG performance [1][23]. - The first sub-list, the Growth Potential List, identifies the top 30 high-growth companies from 1,326 listed information technology companies, covering key technology areas such as semiconductors, artificial intelligence, information security, and IT hardware [1][21]. Key Trends - **Trend 1: Accelerated Self-Control in Semiconductors** The self-control process of the semiconductor industry is accelerating, with domestic companies developing key equipment and materials to build local supply chain resilience. Many companies in the top 30 growth potential list are from the semiconductor sector, indicating strong growth potential under the backdrop of domestic substitution policies [24][25]. - **Trend 2: Continuous Increase in R&D Investment** R&D investment intensity is on the rise, particularly in the semiconductor field, where the average R&D expense accounts for 24% of revenue among the top 30 companies. This high-intensity R&D model is driving the industrialization of core technologies and fostering innovative technology routes such as AI chips and integrated computing [28][30]. - **Trend 3: Scene-Driven Technology Application Efficiency** Companies are leveraging scene-driven approaches to enhance technology application efficiency, transitioning from a "catch-up" development model to "leading" innovation. For instance, Horizon Robotics has captured over 40% of the market share in China's OEM advanced driver assistance systems [31][32]. - **Trend 4: Accelerated Release of Data Element Value** The value of data elements is being rapidly released, with companies like Haitai Ruisheng and Kirin Security focusing on data value release through various development paths, contributing to the rapid growth of China's digital economy [34][35][36]. - **Trend 5: Significant Regional Cluster and Industry Chain Synergy** There is a notable regional cluster effect among hard technology companies, particularly in cities like Shenzhen, Beijing, and Shanghai, which are forming high-concentration industrial belts. This cluster effect enhances industry chain synergy and supports rapid growth of related enterprises [39][42]. Company Highlights - **Top Companies in Semiconductor Sector** Companies such as Changchuan Technology and Loxin Technology are leading in semiconductor testing equipment and IoT chip design, respectively, showcasing strong growth and innovation capabilities [16][30]. - **Emerging Players in AI and IoT** Companies like Horizon Robotics and Loxin Technology are making significant strides in AI and IoT, with products that cater to smart driving and home automation, respectively [31][32]. - **Software and Data Services** Kirin Security and Kingsoft are leveraging their core products to drive growth in the software and data services sector, with significant revenue increases reported [35][36].