SMIC(SH:688981) Xin Lang Ji Jin·2025-11-19 01:01Group 1: Core Insights - The overall performance of the Sci-Tech Innovation Board (STAR Market) shows a total revenue of 1.11 trillion yuan, with a year-on-year growth of 7.9%, and a net profit of 49.27 billion yuan, up 8.9% year-on-year for the first three quarters [1] - The quarterly net profit of STAR Market companies has seen a significant year-on-year increase of 75%, indicating a strong recovery momentum [1] - R&D investment by STAR Market companies reached 119.74 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading all A-share sectors [1] Group 2: Industry Trends - The STAR Market focuses on hard technology, particularly in sectors such as electronic chips, emerging software, biomedicine, and intelligent manufacturing, reflecting the rise of advanced manufacturing in China [2] - The top five industries on the STAR Market are electronics, biomedicine, power equipment, computers, and machinery, collectively accounting for 88.6% of the market capitalization [4] - The recent performance of the STAR Market has shown mixed results, with the chip sector experiencing a pullback while biomedicine and new materials sectors rebounded [3] Group 3: Fund Flows and ETF Insights - There was a net inflow of 4.79 billion yuan into ETFs tracking STAR Market indices in the past week, although there has been a net outflow of 95.41 billion yuan year-to-date [4] - The Sci-Tech Chip ETF and Sci-Tech Information ETF are highlighted as long-term investment opportunities in the hard technology sector [2][4]