In recent years, as the state places greater emphasis on technological innovation, listed companies have significantly increased their focus on scientific and technological elements in industrial investment (“industrial-tech investment”). The “tech intensity”—a measure reflecting a company’s R&D investment, core technologies, patent portfolio, high-end talent pool, and ability to commercialize scientific achievements—has become a key indicator of high-quality corporate development. An increasing number of listed firms are shifting their investment priorities from traditional capacity expansion toward technology-driven projects. They are strengthening their technological moats and innovation ecosystems through acquisitions of tech companies, establishing R&D platforms, and participating in incubation of cutting-edge technologies. This not only enhances their core competitiveness but also propels the entire industrial chain toward higher-end, intelligent, and greener transformation. Regulatory authorities have introduced supportive policies to encourage investment in “hard tech,” including capital market reforms such as the STAR Market and the Beijing Stock Exchange, which provide easier financing access for high-tech-intensity enterprises. Going forward, listed companies with high tech intensity are well-positioned to seize opportunities in the new wave of technological revolution and industrial transformation, achieving sustainable growth.
近年来，随着国家对科技创新的高度重视，上市公司在产业投资（产投）中对科技要素的重视程度显著提升，“含‘科’量”成为衡量企业高质量发展的重要指标。所谓“含‘科’量”，是指企业在研发投入、核心技术、专利数量、高端人才储备以及科技成果转化能力等方面的综合体现。越来越多的上市公司将产投重点从传统产能扩张转向科技驱动型项目，通过并购科技企业、设立研发平台、参与前沿技术孵化等方式，强化自身技术壁垒和创新生态。这不仅有助于提升企业的核心竞争力，也推动了产业链整体向高端化、智能化、绿色化转型。监管层亦出台多项政策鼓励“硬科技”投资，如科创板、北交所等资本市场改革举措，为高“含‘科’量”企业提供融资便利。未来，具备高“含‘科’量”的上市公司有望在新一轮科技革命和产业变革中占据先机，实现可持续增长。
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