For some time now, the A-share market has been under continuous pressure due to complex internal and external market factors, making it difficult to give full play to resource allocation, value discovery, wealth management and investment functions. No matter how the market evolves and develops, it always has its own laws. Seeing history clearly will help us discover the future. At present, broaden the horizons, calm thinking, help to accurately grasp the historical orientation of the A-share market, see the stock market supply and demand relationship of the marginal improvement, waiting for the active market series of initiatives to accumulate thick into the momentum, landing effect. Recently, the Securities Times launched a series of reports, “Discover the value of A-share investment”, through in-depth interviews and data mining, multi-angle presentation of the A-share market is undergoing positive changes, in order to cohesion of consensus, boost confidence, and jointly promote the A-share out of the doldrums, on the track of healthy and prosperous development. Please pay attention.

Science and technology innovation can give rise to new industries, new models, new momentum, is the core element of the development of new productivity. Enterprises are the “questioner”, “marker” and “answerer” of scientific and technological innovation. In recent years, China's listed companies have been attaching greater importance to scientific and technological innovation, and their investment in research and development has continued to grow, which not only improves their own technological level and enhances their competitiveness in the market, but also provides a source of impetus for the transformation and upgrading of China's economy and the transformation of old and new kinetic energies.

The capital market has become a gas pedal for China to cultivate and develop new quality productivity. Over the past five years, the cumulative R&D investment of A-share listed companies has amounted to 6.4 trillion yuan, which has accounted for half of the R&D investment of enterprises nationwide; and the number of patents has accounted for one-third of the number of patents nationwide. In the opinion of the interviewed experts, industries such as information technology, biotechnology, new energy, new materials, high-end manufacturing, and service industries play a key leading and driving role in promoting the transformation and upgrading of China's economic structure, and contain huge development opportunities.

Listed companies actively engaged in science and technology innovation

In a little-known scientific and technological “neck” in the field, high-end equipment monopolized by foreign enterprises for a long time is being broken.

“Wireless communication test instrument is the 'ruler' of the mobile information highway, the lack of 'ruler', 4G, 5G paving work will be difficult.” Wang Xiaolei, Financial Director and Secretary of the Board of Directors of CCTC (Shanghai) Technology Co., Ltd. introduced to the reporter that wireless communication testing instruments and equipment had been monopolized by foreign enterprises for a long time before.

Through continuous investment in R&D, CCTC has gradually mastered a number of core technologies such as ultra-high-speed baseband signal processing platform, multi-standard wireless communication physical layer protocol, millimeter-wave circuit design and testing, etc., which has gradually broken the monopoly of foreign enterprises and become the domestic leader in wireless communication test instrument industry.

Through continuous investment in R&D, CCTC has broken the international monopoly in the field of wireless communication test instruments, which epitomizes the commitment of Chinese listed companies to scientific and technological innovation. Many more listed companies have been fruitful in enhancing the resilience and security of China's industrial chain and supply chain. For example, through independent research and development in the field of high-purity metals, Jinchuan Group has produced ultra-high-purity copper, cobalt and nickel products that can be used in chips, breaking the monopoly of Japanese and American companies in this market.

All the above achievements are the embodiment of listed companies seizing the opportunities of national major strategies, researching and developing key core technologies, increasing capital investment, and empowering product innovation through technological innovation. In recent years, the scale and intensity of R&D investment by listed companies have been rising steadily. Data from China Association of Listed Companies show that the R&D investment of A-share companies in the first half of the year totaled about 750 billion yuan, an increase of 1.3% year-on-year, maintaining growth for many consecutive years. Strategic emerging industries, high-tech manufacturing industries, and computer, electronics, machinery and equipment industries show vigorous innovation vitality, R & D intensity of more than 5%.

Looking at a longer time cycle, continuous R&D investment has made listed companies the main force of scientific and technological innovation. By the end of 2023, over the past five years, the cumulative R&D investment of A-share listed companies amounted to 6.4 trillion yuan, which has accounted for half of the R&D investment of enterprises nationwide, and the number of patents accounted for one-third of the national patent number.

Equipment renewal provides a realization platform for technology

If R&D investment is a key factor for enterprises to enhance their competitiveness, which can promote technological innovation and realize product innovation, then equipment renewal provides a platform for the realization of these new technologies and products.

Beijing Northland Biotechnology Co., Ltd. is mainly engaged in the R&D, production and sales of gene therapy drugs, recombinant protein drugs and other innovative drugs and ophthalmic drugs. Li Yanwei, deputy general manager of the company, pointed out to the reporter that in order to expand the production capacity of ophthalmic drugs, the company has carried out the renovation of the production line of multi-dose eye drops this year and built a new production line of single-dose eye drops with an annual production capacity of 120 million pcs. The new production capacity will ensure stable market supply and generate more revenue, laying the foundation for the company's rapid development.

Large-scale equipment renewal in improving production efficiency, but also to the listed companies to create new market opportunities. Sany Heavy Industry, force poly thermal energy, swan shares, etc. are mentioned in the investor interactive platform, large-scale equipment renewal policy can help accelerate the replacement of old equipment, can stimulate the potential demand, the industrial sector rebound has a positive role in promoting. Tian Xuan, president of the National Financial Research Institute of Tsinghua University, pointed out in an interview with the Securities Times reporter that enterprises can effectively reduce the waste of resources and improve resource utilization by eliminating backward production capacity and introducing advanced and efficient new equipment, promoting the development of the industry in the direction of high-end and intelligent, and then promoting industrial upgrading and structural optimization, and promoting the high level of dynamic equilibrium between the supply side and the demand side.

It is worth mentioning that large-scale equipment renewal in driving investment growth has also shown strong pulling power. National Bureau of Statistics Investment Division Chief Statistician Luo Yifei recently said that all regions and departments to support large-scale equipment renewal, and actively promote the implementation of policies to show the effect of the growth of investment in equipment purchases to lead all investment. 1 to July, the purchase of equipment and equipment investment increased by 17.0% year-on-year growth rate than the total investment of 13.4 percentage points higher than that of all investment; pulling the total investment growth of 2.2 percentage points, an increase of 0.1 percentage points compared with the first half of the year. 0.1 percentage points.

“Superior students” continue to encode scientific and technological innovation

In recent years, in the enterprise independently increase R & D investment at the same time, the country has also increased efforts to build services for scientific and technological innovation policy system. In the first half of the year, the Ministry of Finance, the Ministry of Science and Technology issued the “central guidance of local scientific and technological development funds management approach” to guide the funds to support the major scientific and technological tasks, regional scientific and technological innovation system construction, scientific and technological innovation base construction, transfer of scientific and technological achievements, and free to explore the class of basic research. The People's Bank of China (PBOC), in conjunction with the Ministry of Science and Technology (MOST) and other departments, set up 500 billion yuan of science and technology innovation and technological transformation refinancing loans, of which 100 billion yuan of the quota was specifically used to support the first loans for start-up and growth stage science and technology-based SMEs.

Zhu Keli, executive director of the China Information Association and founding president of the National Research Institute of New Economy, pointed out to the reporter that the relevant policies provide clear guidance for scientific and technological innovation by strengthening the status of enterprises as the main body of scientific and technological innovation, and establishing a mechanism for fostering and growing scientific and technological leading enterprises. This helps to stimulate the innovation vitality of enterprises, promote their increased investment in research and development, and improve the ability of independent innovation.

Thanks to the two-way force of enterprises and policies, China's scientific and technological innovation to accelerate the blossoming. The latest data from the State Intellectual Property Office (SIPO) shows that in the first half of this year, China authorized 554,000 invention patents, up 28.0% year-on-year. As of June this year, China's domestic invention patents in force amounted to 4,425,000 pieces, and the proportion of invention patents whose right holders are enterprises increased to 72.8%, making enterprises more active in innovation. The number of high-value invention patents per 10,000 people reached 12.9, realizing the expected goal of the 14th Five-Year Plan ahead of schedule.

Scientific and technological innovation is the core element of developing new productivity. As the “top students” in enterprises, listed companies in recent years have continued to focus on the key areas and weak links in the construction of modernized industrial system, for integrated circuits, industrial mother machines, scientific research instruments and other areas of bottlenecks, and increase technological research and development; at the same time, aiming at the future of scientific and technological and industrial development of the commanding heights, accelerate the new generation of information technology, Artificial Intelligence, biotechnology, new energy, new materials and other areas of scientific and technological innovation, and cultivate the development of new industries and future industries.

Many listed companies have conveyed signals that they will continue to promote scientific and technological innovation and increase R&D investment. ZTE Corporation said that in 2024, the company will continue to strengthen its R&D capabilities, expand 5G-A innovation, application and practice, continue to strengthen the all-optical network, as well as arithmetic infrastructure, large model research and development, and other areas, and actively lay out cutting-edge technologies and value patents. Fuyao Glass has made it clear that it will continue to strengthen technological innovation, increase R&D investment, speed up R&D, promote product upgrading and upgrade, and enhance the core competitiveness of the enterprise by focusing on new materials, new processes, new technologies, and cross-field cooperation.

Looking ahead, Tian Xuan judged that, in the context of developing new quality productivity, industries such as information technology, biotechnology, new energy, new materials, high-end manufacturing and service industry are closely related to the country's long-term development strategy, with strong growth and innovativeness, and play a key leading role in promoting the transformation and upgrading of China's economic structure, which contains huge development opportunities.