Sorting through the 2026 semi-annual reports of A-share companies, one trend is becoming more and more clear: technology premiums are replacing scale effects and have become a core variable in the profitability of listed companies. Against the backdrop of the explosion of AI computing power, the “15th Five-Year Plan” investment expectations heating up, and the acceleration of innovative drugs going overseas, enterprises that have mastered key technologies, built patent barriers, and have a full-life cycle cost advantage are showing higher gross profit margins and stronger ability to obtain orders. Zhan Yubo, deputy director of the Institute of Economics of the Shanghai Academy of Social Sciences, said in an interview with reporters that the above changes reflect a shift in the development stage and development logic of related industries, which will force enterprises to continue to increase investment in R&D, push the hard technology industry to a higher value-added link, and consolidate the long-term development foundation of high-end manufacturing.

Sorting through the 2026 semi-annual reports of A-share companies, one trend is becoming more and more clear: technology premiums are replacing scale effects and have become a core variable in the profitability of listed companies. Against the backdrop of the explosion of AI computing power, the “15th Five-Year Plan” investment expectations heating up, and the acceleration of innovative drugs going overseas, enterprises that have mastered key technologies, built patent barriers, and have a full-life cycle cost advantage are showing higher gross profit margins and stronger ability to obtain orders. Zhan Yubo, deputy director of the Institute of Economics of the Shanghai Academy of Social Sciences, said in an interview with reporters that the above changes reflect a shift in the development stage and development logic of related industries, which will force enterprises to continue to increase investment in R&D, push the hard technology industry to a higher value-added link, and consolidate the long-term development foundation of high-end manufacturing.