The high-end equipment manufacturing industry is a strategic emerging industry led by high-tech, located at the high end of the value chain and at the core of the industrial chain. It determines the comprehensive competitiveness of the entire industrial chain and is the backbone of the modern industrial system, as well as the engine for promoting industrial transformation and upgrading. This year's newly listed279In the company, over 90% come from strategic emerging industries, with high-end manufacturing becoming one of the distribution areas.39Total funds raised by enterprises423100 million yuan.
What are the reasons why the capital market has been strongly encouraging high-end equipment manufacturing enterprises to go public for financing in recent years? How can high-end equipment manufacturing enterprises make effective use of various financing tools available in the capital market?AListed companies in the high-end equipment manufacturing sector face issues such as a relatively small number, low market value, and the need to further improve development quality. How should the capital market further enhance its service quality and efficiency? Frost & SullivanFrost & Sullivan,Mr. Lu Jing, Partner and Managing Director of Frost & Sullivan's Greater China Region, was interviewed by Securities Daily to discuss the future development of high-end equipment manufacturing enterprises in the capital market.
Securities Daily
Since the beginning of this year, capital has accelerated its flow towards the field of technological innovation. A number of listed companies with significant influence and strong innovation capabilities have emerged in the high-end equipment manufacturing industry, leading to the optimization and upgrading of the industry.
windInformation data shows that since the beginning of this year, there have been37Home high-end equipment manufacturing company listingAEquity, mainly concentrated in the ChiNext and STAR Market sectors, widely covering industries such as mechanical equipment, national defense industry, and power equipment. The total amount of raised funds423Yuan, ranking among the top in the nine strategic emerging industries.
"As a leading enterprise in high-end equipment manufacturing, listed companies need to leverage the capital market platform and flexibly use various tools of the capital market to develop and grow themselves." Xu Shaomei, Deputy General Manager and Secretary of the Board of Directors of Guoci Materials, told the Securities Daily reporter. On one hand, it is necessary to establish and improve the equity incentive system to attract high-end talents, enhance independent innovation capabilities, and boost the core competitiveness of the enterprise. On the other hand, it is essential to broaden direct financing channels, increase investment in research and development, provide guarantees for technological innovation, promote the autonomous control of the industrial chain, and drive the high-quality development of manufacturing.
The "Mass Entrepreneurship and Innovation" sector brings together high-performing enterprises
Lead the high-quality development of industries
In recent years, the capital market has continuously increased its efforts in supporting direct financing for high-end equipment manufacturing and facilitating technological innovation, achieving remarkable results.
"At present, our country is at a critical period of economic structural transformation and upgrading. It is necessary to give full play to the role of capital markets, promote the coordinated development of direct and indirect financing, guide funds towards emerging industries such as high-end equipment manufacturing, meet the financing needs of relevant science and technology innovation enterprises at different stages of development, and further implement the innovation-driven development strategy," said Wang Weijia, general manager of Beijing Sunshine Tianhong Asset Management Company, to the Securities Daily reporter.
As the main battlefield for capital markets to support the innovation-driven development strategy, the ChiNext and STAR Market have gathered a group of high-end equipment manufacturing enterprises, leading the high-quality development of industries.
In terms of the ChiNext, data from the Shenzhen Stock Exchange show that as of this year8At the end of the month, the ChiNext has gathered a group of high-end equipment manufacturing companies that are deeply involved in multiple sub-sectors such as intelligent manufacturing equipment, aviation equipment, satellites and applications, industrial robots, rail transit equipment, and offshore engineering equipment.114Home, with total market value exceeding1trillion yuan.2019Year-end2021In [year], the average operating revenue growth rates of companies in the high-end equipment manufacturing industry on the ChiNext were20.47%,11.71%,25.52%, with a compound annual growth rate for the period15.78%In terms of the Sci-tech Innovation Board (STAR Market), public data shows that there are currently over a hundred companies in the high-end equipment manufacturing sector on the STAR Market, with fundraising exceeding one trillion yuan.
As a high-end manufacturing company in China for semi-trailers and special-purpose vehicles, CIMC Vehicles has reaped many benefits after listing on the ChiNext. "Over the past year, CIMC Vehicles has further improved its governance structure. Leveraging the capital market platform, through the implementation of fundraising projects, the company has further built a high-end manufacturing system, promoting the automation, intelligence, and digitization of production," said Li Guiping, CEO and President of CIMC Vehicles, in an interview with a reporter from Securities Daily.
Promote the innovation-driven development of industries
Accelerate the transformation and upgrading of manufacturing
High-end equipment manufacturing is a strategic emerging industry that leads with high-tech, occupies the high end of the value chain and is at the core of the industrial chain. It determines the comprehensive competitiveness of the entire industrial chain and serves as an engine for promoting industrial transformation and upgrading.
The capital market's role in supporting the development of high-end equipment manufacturing is of great strategic significance. It is conducive to promoting innovation-driven development and digital transformation of high-end equipment manufacturing, facilitating the autonomous control of industrial chains and supply chains, and accelerating the transformation and upgrading of manufacturing.
"The high-quality development of our economy and the transformation and upgrading of manufacturing require multi-faceted service support from the capital market." Chen Li, chief economist and director of the research institute at Sichuan Finance Securities, said in an interview with a reporter from Securities Daily that currently, China's traditional mid- to low-end manufacturing has seen a decline in comparative advantages in production factors such as labor costs and natural resources. In contrast, neighboring countries have obvious cost advantages, which are forcing China's manufacturing industry to accelerate its transformation and upgrading. As the pace of industrial upgrading continues to accelerate, it also requires the assistance of the capital market. If financingIf the supply cannot keep up in a timely manner, high-end equipment manufacturing will not be able to make breakthrough progress, which will also restrict the long-term development of the manufacturing industry.
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"Currently, a new round of technological revolution and industrial reform is entering a new phase. The capital market's support for high-end equipment manufacturing companies is mainly reflected in providing them with low-cost medium- to long-term funds using financial instruments and market platforms, thereby enhancing the competitiveness and innovation capabilities of these companies, overcoming bottlenecks, further promoting the transformation and upgrading of manufacturing, and improving the competitiveness of China's economic development," said Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, to the Securities Daily reporter.
Give full play to multi-level advantages
Improve the quality and efficiency of capital market services
Currently, listed companies in China's high-end equipment manufacturing industry still face issues such as a small number of companies, low market value, and the need to improve development quality. Listed companies need to fully utilize various market tools to strengthen themselves, and the service quality and efficiency of the capital market also need to be further enhanced.
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"At present, most manufacturing enterprises rely on the banking system for indirect financing. Manufacturing enterprises have a longer capital turnover time and prefer to3Year to5Medium- and long-term financing for the year. At the same time, the financial support system that complements the rapid development of high-end equipment manufacturing companies is not perfect. Some high-quality high-end equipment manufacturing companies face difficulties in financing and can rely on the capital market to raise funds directly through various methods such as initial public offerings, additional share issues, and rights issues." Lu Jing said.
Chen Li believes that by leveraging the market's resource allocation function, the capital market can screen out high-quality listed companies in the high-end equipment manufacturing industry, optimize various market sectors, form a 'stepped' multi-level market system, establish a development model corresponding to the levels of enterprise development in the capital market, and continuously improve the quality of services provided to companies in the high-end equipment manufacturing industry.
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Lu Jing stated that the capital market should improve its service matrix and enhance its service capabilities, encourage more high-quality high-end equipment manufacturing companies to carry out investment and financing activities, and provide comprehensive high-quality services for enterprises. It is necessary to fully leverage the resource allocation function of the capital market to help enterprises develop sustainably, healthily, and rapidly, and to promote the industry into a new stage of high-quality development.
*This article is reprinted from Securities Daily, reporter Xing Meng , Original title: The capital market boosts the innovation-driven development of high-end equipment manufacturing “mass entrepreneurship and innovation” sectors, with a prominent agglomeration effect. ">
