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

华尔街见闻
2026.08.13 22:53
国产存储芯片龙头长鑫科技成为海外存储芯片主题 ETF 的重仓股，美国投资管理公司范达公司推出跟踪中国半导体指数的 ETF……近期发生的一系列事件表明，在全球资本重构与资产再定价的背景下，中国资本市场正经历一轮由 “市场红利” 向 “创新红利” 驱动的估值调整，境外投资者正逐步将中国资产纳入长期配置框架。 分析人士认为，从制度突破到产品创新，从准入放宽到监管协同，中国资本市场高水平对外开放的各项举措正陆续落地。在此过程中，海外资本对中国资产的认知从短期交易机会向长期战略配置转变，硬科技与高端制造领域有望成为外资持续关注的重点方向。（中证报）
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