国信证券：科创牛的规律和展望

Group 1 - The core viewpoint of the article highlights the significant performance of the Sci-Tech Innovation Board (STAR Market), with the STAR 50 Index rising from 988.93 points to 1364.60 points, a cumulative increase of 37.99% year-to-date, outperforming the overall A-share index which rose 22.52% during the same period [1] - The STAR Market has shown a trend of strong fluctuations and excess returns, driven by the listing of more companies with core technologies and strong innovation capabilities, enhancing the overall quality and attractiveness of the market [1][29] - The demand for domestic substitution of key core technologies will continue to be strong, providing substantial growth opportunities for companies listed on the STAR Market amid global industrial chain restructuring and a focus on domestic circulation [1][29] Group 2 - The first bull market from March to July 2020 saw the STAR 50 Index surge from approximately 1029.75 points to 1721.98 points, a remarkable increase of 67.22%, indicating the STAR Market's leading position and strong momentum during that period [5] - The second bull market from March to July 2021 resulted in the STAR 50 Index rising from about 1219.71 points to 1610.77 points, achieving a growth of 32.06%, demonstrating the unique appeal of the STAR Market in the field of technological innovation [7] - The first bull market was characterized by a focus on hard technology sectors, with the pharmaceutical and biotechnology industries leading with an average increase of 126.43%, while the electronics sector followed with a 79.53% average increase [12] Group 3 - The second bull market displayed a structural differentiation, with the power equipment and electronics sectors dominating, achieving average increases of 62.45% and 51.95% respectively, reflecting the market's enthusiasm for advanced manufacturing [14] - The investment logic evolved from a focus on high growth and high valuation in the first bull market to a more rational approach emphasizing performance and the balance between growth and value in the second bull market [18][27] - The STAR Market's attractiveness continues to grow, as evidenced by its consistent outperformance compared to the ChiNext Index and the Shanghai Composite Index during both bull markets [28]