科创板跟投2025年5月报告 | 5月券商跟投浮亏比例创年内新低，科创板ETF规模超越A500ETF

Core Insights - As of May 30, 2025, there are 61 companies on the STAR Market with unexpired lock-up periods for sponsor institutions, of which 24 have reported floating losses, resulting in a floating loss ratio of 39.3%, marking a decrease of nearly 3 percentage points from the end of April, the lowest level this year [1][2] - The STAR Market ETF has seen significant inflows, reaching a scale of 205.8 billion yuan, surpassing the A500 ETF at 204.3 billion yuan, making it the second-largest broad-based ETF [1][8] Group 1: Floating Losses and Gains - The floating loss ratio for sponsor institutions has decreased from 41% at the end of February and 74% in August of the previous year, indicating a recovery trend in the market [2] - Seven STAR Market companies have floating gains exceeding 100 million yuan, with 中邮科技 (China Post Technology) leading with a floating gain of 177 million yuan, significantly impacting the performance of its sponsoring institutions [5][6] - The ratio of floating gains to investment amounts for 19 STAR Market projects has exceeded 1, with notable companies like 中邮科技, 华丰科技 (Huafeng Technology), and 先锋精科 (Pioneer Precision) showing ratios above 3 [6] Group 2: Market Performance and ETF Growth - Despite a decline in the STAR Market indices in May, individual stocks showed mixed performance, with some stocks like 爱科赛博 (Aikesaibo) and 佳驰科技 (Jiachi Technology) rising over 20% [7] - The STAR Market ETF has grown by 16% since the beginning of the year, reflecting strong market performance, while other ETFs like A500 and创业板 (ChiNext) have seen declines [8] - The STAR Market's strong performance is correlated with increased capital inflows through ETFs, indicating a positive market sentiment [8]