“1+6”政策红利释放，如何掘金硬科技赛道？

Group 1: Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index declining, while the Shenzhen Component Index rose by 0.45% and the ChiNext Index increased by over 1% [1] - The Sci-Tech 100 Index, focusing on "hard technology" and biopharmaceuticals, demonstrated strong performance with most constituent stocks rising, including notable gains from companies like ShenZhou Cell and LaiSi Information [1][2] - The Sci-Tech 100 Index ETF (588030) has seen a cumulative increase of over 40% in the past year and over 11% year-to-date as of July 2 [1] Group 2: Sci-Tech 100 Index Overview - The Sci-Tech 100 Index serves as a representative of growth style in the hard technology era, focusing on small to mid-cap growth technology companies [2] - The index consists of 100 securities selected from the Sci-Tech Board, with 70% of the constituent stocks having a market capitalization below 20 billion yuan, indicating a differentiated positioning compared to the Sci-Tech 50 [2] Group 3: Policy and Technology Drivers - The "1+6" policy announced at the Lujiazui Forum in 2025 is a key catalyst for the index, allowing unprofitable tech companies to go public, benefiting biopharmaceutical and semiconductor firms [3] - The median R&D intensity of constituent companies in the index is 16.1%, significantly higher than the overall level of the Sci-Tech Board, driving technological breakthroughs [3] Group 4: Market Performance - The Sci-Tech 100 Index exhibits high volatility and high return characteristics, particularly during periods of technological innovation [4] - The index ETF reached a maximum increase of 24% following the launch of the domestic model DeepSeek-R1 in February 2025 [4] Group 5: Core Industry Analysis - The Sci-Tech 100 Index is heavily focused on hard technology sectors, with biopharmaceuticals (30%), semiconductors (28.7%), and new energy (17%) collectively accounting for over 75% of the index [6] - The index's balanced industry distribution reduces the risk of cyclical fluctuations compared to the Sci-Tech 50, which has a higher concentration in semiconductors [6] Group 6: Biopharmaceuticals - The biopharmaceutical sector is experiencing a dual boost from fundamentals and policies, with companies like BeiGene reporting a 50.17% year-on-year revenue increase in Q1 2025 [7] - The sector is expected to enter a period of recovery with significant valuation upside, as it has returned to the 40th percentile of the past decade's valuations [7] Group 7: Semiconductors - The semiconductor industry is showing signs of recovery after a prolonged downturn, with a 12.6% year-on-year revenue growth in Q1 2025 [8] - Domestic companies are making progress in equipment localization, although the localization rate for critical processes remains below 15% [8] Group 8: Sci-Tech 100 Index ETF (588030) - The Sci-Tech 100 Index ETF (588030) leads the market with a scale of 6.322 billion yuan as of July 1, 2025, making it the preferred tool for investors in the growth sector [9] - The ETF covers a diverse range of sectors, including semiconductors (18.6%), biopharmaceuticals (30.6%), and new energy (19.7%), with a high average R&D investment of over 15% [9][10]