Anchoring new kinetic productivity, the capital market has reached a new level with a "scientific and technological content."

According to data from Wind Information, as of December 25th, a total of 111 companies have successfully listed on the A-share market since 2025, raising a total of 1253.24 billion yuan in initial public offerings. Among them, 102 companies belong to strategic emerging industries, covering fields such as new generation information technology, new materials, and high-end equipment manufacturing. At the same time, there have been over 200 major asset restructuring disclosures by listed companies in Shanghai and Shenzhen this year, with targets mainly concentrated in key sectors such as semiconductors, information technology, and high-end equipment manufacturing. Looking ahead to 2026, experts interviewed by reporters generally believe that, on one hand, it is necessary to build a new pattern of multilevel capital market connectivity, create a "pyramid"-style service system covering the entire lifecycle of enterprises, and provide precise financial support for innovators. On the other hand, it is necessary to further deepen the registration system reform, focus on the core aspects of information disclosure, strengthen the responsibilities of all parties, improve the market-driven constraint mechanism linking IPO pricing with secondary market valuations, and fully leverage the decisive role of the market in resource allocation.