"Innovation Dividend" Reshapes Valuation Logic as Foreign Capital Accelerates Embrace of China's Hard Tech

CXMT, the leading domestic memory chip manufacturer, has become a heavyweight stock in overseas memory chip-themed ETFs, while US investment management firm VanEck has launched an ETF tracking the China Semiconductor Index... A series of recent events indicate that, against the backdrop of global capital restructuring and asset repricing, China's capital market is experiencing a round of valuation adjustments driven by a shift from "market dividend" to "innovation dividend," with overseas investors gradually incorporating Chinese assets into their long-term allocation frameworks.

Analysts believe that from institutional breakthroughs to product innovation, and from eased market access to regulatory coordination, various measures for the high-level opening up of China's capital market are being implemented one after another. In this process, overseas capital's perception of Chinese assets is shifting from short-term trading opportunities to long-term strategic allocation, with hard tech and high-end manufacturing expected to become key areas of sustained focus for foreign investment. (China Securities Journal)