长城基金陶曙斌：“科特估” 逻辑深化，科创板长期投资价值凸显

Group 1 - The core narrative of the article emphasizes the acceleration of technological innovation and the pivotal role of the Sci-Tech Innovation Board (STAR Market) in the current market trend, with a year-to-date increase of 27.21% as of August 15, significantly outperforming other major indices [1][2] - The STAR Market has become a hub for core technology innovation enterprises, with 589 listed companies and a total market capitalization exceeding 9 trillion yuan, where over 80% are from emerging industries such as new-generation information technology and biomedicine [2][3] - The "hard technology" attributes of STAR Market companies align with the current "KOT" valuation logic, indicating a systematic enhancement of China's technological innovation capabilities and a re-evaluation of the value of technology industries by the capital market [2][3] Group 2 - Recent reforms have enhanced the adaptability of the STAR Market for high-quality technology enterprises, including the "KOT Eight Articles" and the "National Nine Articles," which aim to improve the new stock pricing mechanism and raise the evaluation standards for technology attributes [3] - The STAR Market Index, launched at the beginning of the year, aims to comprehensively reflect the performance of the STAR Market, covering all non-ST stocks and employing a total market capitalization weighting method [4] - The top five sectors in the STAR Market Index include electronics (41.1%), pharmaceuticals (18.1%), computers (9.3%), machinery (8.9%), and power equipment (8.7%), indicating a strong focus on strategic emerging fields such as semiconductors and artificial intelligence [4]