In recent years, China’s capital markets have significantly increased their support for technology-driven and innovative enterprises, markedly elevating their ‘tech intensity’—a term referring to the proportion and quality of tech-focused companies, strategic emerging industries, and hard-tech projects within the market. With the deepening implementation of registration-based reforms on the STAR Market and ChiNext, a growing number of firms with core technologies and high R&D investment have successfully accessed public capital markets. This trend has not only improved the composition of listed companies but also enhanced the innovation orientation and capacity of capital markets to serve the real economy. As of 2024, the STAR Market alone hosts over 500 listed companies, most of which operate in critical sectors such as integrated circuits, biopharmaceuticals, and high-end equipment, with R&D intensity consistently above market averages. Additionally, the Beijing Stock Exchange focuses on specialized, sophisticated, distinctive, and innovative (‘Zhuan Jing Te Xin’) SMEs, further broadening financing channels for tech-oriented businesses. Regulators are also guiding capital toward genuinely innovative enterprises through measures like enhanced disclosure requirements and stronger investor protections. Overall, the rising ‘tech intensity’ of China’s capital markets signals an accelerating shift toward an innovation-driven financial system, providing robust support for the nation’s goal of achieving high-level technological self-reliance.
近年来，中国资本市场对科技创新企业的支持力度持续加大，“含科量”显著提升。所谓“含科量”，是指资本市场中科技型企业、战略性新兴产业以及硬科技项目的比重和质量。随着科创板、创业板注册制改革深入推进，越来越多拥有核心技术、高研发投入的科技企业成功登陆资本市场。这不仅优化了上市公司结构，也增强了资本市场的创新属性和服务实体经济的能力。数据显示，截至2024年，科创板上市公司已超500家，其中多数集中在集成电路、生物医药、高端装备等关键领域，研发强度普遍高于市场平均水平。此外，北交所聚焦“专精特新”中小企业，进一步拓宽了科技型企业的融资渠道。监管层也通过完善信息披露、强化投资者保护等举措，引导资金向真正具备创新能力的企业聚集。总体来看，资本市场“含科量”的跃升，标志着我国金融体系正加速向创新驱动转型，为实现高水平科技自立自强提供有力支撑。
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