According to the CITIC Construction Investment Securities Research Report, China's science and technology policy is moving from catch-up innovation, innovation, and safety to a stage of closed-loop industrial research centered on self-reliance and self-improvement at a high level of technology. The focus of science and technology policy will revolve around national capacity building, giving priority to complementing weak links such as computing power, data, basic software, key materials, industrial machines, and high-end instruments, and then transforming R&D results into iterable industrial capabilities through enterprise-led industry-university-research integration, pilot verification, and technology finance. At the index level, the focus is on five dimensions: intensity of R&D investment, weight of basic research, quality of innovation, efficiency of transformation of results, and degree of autonomy and controllability of key core technologies. Currently, China's total R&D investment has entered the world's first tier, but the proportion of basic research, companies' participation in basic research, patent industrialization rate, and key engineering capabilities are still limiting factors. At the level of policy tools, the supply side focuses on capacity building, the demand side emphasizes scenario creation, the institutional environment forms positive incentives, and forms synergy through a new national system. Looking forward to the future, hard technology investment will shift from policy-themed transactions to order verification and industrial fulfillment, and safety, intelligence, and transformation capabilities are expected to become the main focus of policy and market concerns during the “15th Five-Year Plan” period.

According to the CITIC Construction Investment Securities Research Report, China's science and technology policy is moving from catch-up innovation, innovation, and safety to a stage of closed-loop industrial research centered on self-reliance and self-improvement at a high level of technology. The focus of science and technology policy will revolve around national capacity building, giving priority to complementing weak links such as computing power, data, basic software, key materials, industrial machines, and high-end instruments, and then transforming R&D results into iterable industrial capabilities through enterprise-led industry-university-research integration, pilot verification, and technology finance. At the index level, the focus is on five dimensions: intensity of R&D investment, weight of basic research, quality of innovation, efficiency of transformation of results, and degree of autonomy and controllability of key core technologies. Currently, China's total R&D investment has entered the world's first tier, but the proportion of basic research, companies' participation in basic research, patent industrialization rate, and key engineering capabilities are still limiting factors. At the level of policy tools, the supply side focuses on capacity building, the demand side emphasizes scenario creation, the institutional environment forms positive incentives, and forms synergy through a new national system. Looking forward to the future, hard technology investment will shift from policy-themed transactions to order verification and industrial fulfillment, and safety, intelligence, and transformation capabilities are expected to become the main focus of policy and market concerns during the “15th Five-Year Plan” period.