For some time now,influenced by complex market factors both domestically and internationally,the A-share market has been under continuous pressure,making it difficult for resource allocation,value discovery,wealth management,and investment functions to be fully realized.Regardless of how the market evolves and develops,it always follows its own inherent laws.Gaining clarity on history can aid in foreseeing the future.At present,broadening one's perspective and thinking calmly can help accurately grasp the historical position of the A-share market,discern the marginal improvement in the supply-demand relationship of the stock market,and patiently wait for a series of measures to invigorate the market to accumulate momentum and take effect.Recently,the Securities Times has launched a series of reports titled "Discovering the Investment Value of A-shares," which,through in-depth interviews and data mining,present the positive changes occurring in the A-share market from multiple angles.The aim is to build consensus,boost confidence,and jointly promote the A-share market to emerge from its doldrums and embark on a path of healthy and prosperous development.Please pay close attention.

Technological innovation can give rise to new industries,models,and drivers of growth,and is a core element in the development of new quality productive forces.Companies are the "question setters," "graders," and "answerers" of technological innovation.In recent years,the emphasis that Chinese listed companies place on technological innovation has been continuously increasing,with R&D investment growing steadily,which not only significantly enhances the technological level and market competitiveness of the listed companies themselves but also provides a continuous driving force for the economic transformation and upgrading,as well as the conversion of old and new drivers in China.

The capital market has become an accelerator for China in cultivating and developing new quality productive forces.Over the past five years,the cumulative R&D investment of A-share listed companies has reached 6.4 trillion yuan,accounting for half of the national corporate R&D investment; the number of patents accounts for one-third of the national total.In the view of interviewed experts,industries such as information technology,biotechnology,new energy,new materials,high-end manufacturing,and services play a key leading and driving role in promoting the transformation and upgrading of China's economic structure,containing tremendous development opportunities.

Listed companies are actively engaged in technological innovation.In the little-known fields of technological "bottlenecks," the long-standing monopoly of high-end equipment by foreign companies is being broken.

"Wireless communication test instruments are the 'rulers' of the mobile information superhighway; without 'rulers,' the deployment of 4G and 5G would be extremely difficult," Wang Xiaolei,the CFO and Secretary of the Board of Directors of Chuangyuan Xinke (Shanghai) Technology Co.,Ltd.,introduced to the reporter,explaining that wireless communication test instrument equipment had long been monopolized by foreign companies.

Through continuous R&D investment,Chuangyuan Xinke has gradually mastered several core technologies,including ultra-high-speed baseband signal processing platforms,multi-mode wireless communication physical layer protocols,millimeter-wave circuit design,and testing,gradually breaking the monopoly of foreign companies and becoming the domestic leader in the industry of wireless communication test instruments.

Chuangyuan Xinke's continuous R&D investment to break international monopolies in the field of wireless communication test instruments is a microcosm of Chinese listed companies' commitment to technological innovation.There are also many other listed companies that have made significant achievements in enhancing the resilience and security level of China's industrial and supply chains.For example,Jinchuan Group,through independent research and development in the field of high-purity metals,has produced ultra-high-purity copper,cobalt,and nickel products for chips,breaking the monopoly of Japanese and American companies in that market.

These achievements are a reflection of listed companies seizing major national strategic opportunities,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 steadily increasing.Data from the China Listed Companies Association shows that in the first half of the year,the total R&D investment of A-share companies was about 750 billion yuan,a year-on-year increase of 1.3%,maintaining growth for many years in a row.Strategic emerging industries,high-tech manufacturing,and industries such as computers,electronics,and mechanical equipment have shown vigorous innovative vitality,with R&D intensity reaching over 5%.

Looking at a longer time frame,sustained R&D investment has made listed companies the main force in technological innovation.As of the end of 2023,over the past five years,the cumulative R&D investment of A-share listed companies has reached 6.4 trillion yuan,accounting for half of the national corporate R&D investment,with the number of patents accounting for one-third of the national total.Equipment upgrades provide a platform for technology implementation

If R&D investment is a key factor for enterprises to enhance their competitiveness,driving technological innovation and achieving product innovation,then equipment upgrades provide a platform for these new technologies and products to be realized.

Beijing Norland Biotech Co.,Ltd.is mainly engaged in the research and development,production,and sales of innovative drugs such as gene therapy drugs and recombinant protein drugs,as well as ophthalmic drugs.The deputy general manager of the company,Li Yanwei,pointed out to the reporter that in order to expand the production capacity of ophthalmic drugs,this year,the company has carried out the transformation of the multi-dose eye drop production line and has built a new single-dose eye drop production line with an annual production capacity of 120 million units.The additional production capacity will ensure a stable market supply and will also generate more revenue,laying the foundation for the company's rapid development.

Large-scale equipment upgrades not only improve production efficiency but also create new market opportunities for listed companies.Sany Heavy Industry,Li Ju Thermal Energy,and Swan Shares all mentioned on the investor interaction platform that large-scale equipment upgrade policies help to accelerate the replacement of old equipment,stimulate potential demand,and have a positive role in promoting the recovery of the industrial sector.Tian Xuan,Dean of the National Institute of Financial Research at Tsinghua University,pointed out in an interview with the Securities Times that by eliminating backward production capacity and introducing advanced and efficient new equipment,enterprises can effectively reduce resource waste,improve resource utilization,promote the industry to develop towards high-end and intelligent directions,and thus promote industrial upgrading and structural optimization,and promote a high-level dynamic balance between the supply and demand sides.

It is worth mentioning that large-scale equipment upgrades also show strong pulling power in driving investment growth.Luo Yifei,the chief statistician of the Investment Department of the National Bureau of Statistics,recently stated that various regions and departments are strengthening support for large-scale equipment upgrades,actively promoting the implementation of policies,and leading all investments with equipment purchase investment growth.From January to July,the investment in equipment,tools,and instruments increased by 17.0% year-on-year,which is 13.4 percentage points higher than the growth rate of all investments; it has driven the growth of all investments by 2.2 percentage points,an increase of 0.1 percentage points compared to the first half of the year.

"Top students" continue to increase investment in technological innovation

In recent years,while enterprises have increased their own R&D investment,the state has also strengthened the construction of a policy system that serves technological innovation.In the first half of the year,the Ministry of Finance and the Ministry of Science and Technology issued the "Central Guidance on Local Science and Technology Development Fund Management Measures," guiding funds to support major scientific and technological tasks,regional science and technology innovation system construction,science and technology innovation base construction,scientific and technological achievement transformation,and free exploration of basic research.The People's Bank of China,in conjunction with the Ministry of Science and Technology and other departments,established a 500 billion yuan re-lending for technological innovation and technical transformation,of which 100 billion yuan is specifically for supporting the first loans of science and technology SMEs in the early and growth stages.

Zhu Keli,the executive director of the China Information Industry Association and the founding dean of the National Research Institute of the New Economy,pointed out to the reporter that the relevant policies provide a clear direction for technological innovation by strengthening the main position of enterprises in technological innovation and establishing mechanisms to cultivate and strengthen leading technology enterprises.This helps to stimulate the vitality of enterprise innovation,promote their increased R&D investment,and improve their independent innovation capabilities.

Thanks to the joint efforts of enterprises and policies,China's technological innovation has accelerated and yielded results.The latest data from the National Intellectual Property Administration shows that in the first half of this year,China authorized 554,000 invention patents,a year-on-year increase of 28.0%.As of June this year,the number of valid domestic invention patents in China reached 4.425 million,and the proportion of invention patents owned by enterprises increased to 72.8%,indicating that enterprise innovation is more active.The number of high-value invention patents per 10,000 people reached 12.9,achieving the expected target of the national "14th Five-Year Plan" ahead of schedule.

Technological innovation is the core element of developing new quality productive forces.As the "top students" among enterprises,listed companies have continued to focus on key areas and weak links in the construction of modern industrial systems in recent years,increasing R&D efforts in bottleneck areas such as integrated circuits,industrial mother machines,and scientific research instruments; at the same time,they have aimed at the commanding heights of future technology and industrial development,accelerating technological innovation in fields such as new generation information technology,artificial intelligence,biotechnology,new energy,and new materials,and cultivating the development of emerging industries and future industries.Many listed companies have signaled their intention to continue promoting technological innovation and increasing investment in research and development.ZTE Corporation has stated that in 2024,the company will continue to enhance its R&D capabilities,expand innovation,applications,and practices in 5G-A,and persistently strengthen areas such as all-optical networks,computing infrastructure,and large model development,actively positioning itself in cutting-edge technologies and valuable patents.Fuyao Glass has made it clear that it will continue to strengthen technological innovation around new materials,new processes,new technologies,and cross-domain collaboration,increase R&D investment,accelerate R&D speed,promote product upgrades and replacements,and enhance the core competitiveness of the enterprise.

Looking to the future,Tian Xuan has judged that against the backdrop of developing new quality productive forces,industries such as information technology,biotechnology,new energy,new materials,high-end manufacturing,and the service sector are closely related to the country's long-term development strategy.They possess strong growth and innovation potential and play a key leading and driving role in promoting the transformation and upgrading of China's economic structure,containing tremendous development opportunities.