Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a significant driver of structural trends in A-shares since 2025, focusing on high-growth sectors such as integrated circuits, artificial intelligence, biomedicine, and high-end equipment [1][2] - The STAR 200 Index, which includes 200 small-cap stocks with good liquidity, highlights the potential of small-cap "dark horses" in the market, with a median market capitalization of 8.225 billion and 67.5% of its constituents having market caps below 10 billion [2] - The STAR Market has evolved from a "testing ground" to a "new highland" for innovation, with small-cap companies increasingly contributing to its composition and showing strong development potential and long-term investment value [1] Industry Summary - As of August 30, 2024, there are 361 listed companies on the STAR Market with a total market value below 10 billion, representing 61% of all listed companies, and these firms collectively invested 36.1 billion in R&D, with an average of nearly 29% of their workforce in R&D roles [1] - The STAR 200 Index is characterized by its high research intensity and innovation capability, making it a key asset for investors looking to capitalize on China's future core technological strengths and the benefits of economic transformation [2] - The STAR 200 Index has demonstrated high return elasticity and impressive performance, with a growth of over 115% in the past year as of August 30 [2]
建信基金：布局未来核心科技 看好科创200中长期发展前景
Zhong Zheng Wang·2025-09-05 05:53