---
title: "\"Innovation Dividend\" Reshapes Valuation Logic as Foreign Capital Accelerates Embrace of China's Hard Tech"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/295855971.md"
description: "CXMT has become a heavyweight stock in overseas ETFs, and VanEck has launched a China Semiconductor Index ETF. This indicates that China's capital market is undergoing a valuation adjustment driven by an \"innovation dividend\" rather than a \"market dividend,\" with foreign investors accelerating the inclusion of Chinese assets in their long-term allocation frameworks, focusing particularly on hard tech and high-end manufacturing"
datetime: "2026-08-13T22:53:25.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/295855971.md)
  - [en](https://longbridge.com/en/news/295855971.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/295855971.md)
generator: "portal-rs"
---

# "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)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**