"The 'innovation dividend' reshapes valuation logic as foreign capital accelerates its embrace of China's hard technology."

Leading domestic storage chip company Changxin Technology has become a major holding in overseas storage chip-themed ETFs. The U.S. investment management firm Vanguard has launched an ETF tracking the Chinese semiconductor index. A series of recent events indicates that against the backdrop of global capital restructuring and asset repricing, China's capital market is undergoing a valuation adjustment driven by a shift from "market dividends" to "innovation dividends," with foreign investors gradually incorporating Chinese assets into their long-term allocation framework. Analysts believe that various measures for high-level opening-up of China's capital market, ranging from institutional breakthroughs to product innovation, and from relaxed access to regulatory collaboration, are being implemented progressively. In this process, the perception of overseas capital towards Chinese assets is shifting from short-term trading opportunities to long-term strategic allocation, with hard technology and high-end manufacturing expected to become key focus areas for foreign investment.