【年内科创板一路领涨】

Core Viewpoint - The recent performance of the STAR Market (科创板) has outpaced other sectors, driven by industrial prosperity and capital allocation, with expectations for continued structural strength despite potential short-term volatility [1][2]. Group 1: Market Performance - As of August 28, the STAR 200, STAR 100, and STAR 50 indices have increased by 51.01%, 43.47%, and 31.71% respectively year-to-date, leading all sector indices [1]. - The STAR Market is characterized as a "technology bull" market, significantly outperforming other sectors due to its focus on technology innovation [1][3]. Group 2: Industry Drivers - The surge in the STAR Market is attributed to high demand in "hard technology" sectors, particularly driven by the explosion in AI computing power, which has positively impacted sub-sectors like computing chips and optical modules [1][2]. - The STAR Market includes leading companies in chip design and development, such as Cambrian (寒武纪) and Haiguang Information (海光信息), which are benefiting from a strong domestic demand for high-end chips [2]. Group 3: Capital and Policy Support - There has been a significant increase in capital allocation towards the STAR Market, with daily turnover and trading volume rising, and the STAR Market ETF surpassing 250 billion yuan [2]. - Continuous policy and institutional benefits are being released, enhancing market confidence in the "hard technology" ecosystem [2]. Group 4: Future Outlook - The STAR Market is expected to maintain its structural strength, supported by accelerating industrial fundamentals and abundant capital, with over 10 trillion yuan of potential funds anticipated to enter the market [4]. - However, there are concerns regarding valuation pressures, as the overall PE ratio for the STAR Market exceeds 62 times, indicating potential volatility due to high valuations [5].