科创综指运行近一年：涨幅超48%，撬动中长线资金抢滩硬科技

Core Insights - The STAR Market Composite Index (科创综指) has significantly increased by 48.35% since its launch on January 20, 2025, outperforming major broad market indices [1][4][5] - The index currently includes 576 sample stocks, covering 96% of the STAR Market companies, with a market capitalization coverage exceeding 91% [3][4] - The total market capitalization of the STAR Market has reached 11.14 trillion yuan, with the 576 stocks in the index accounting for 10.18 trillion yuan, or 91.38% of the total [3][5] Index Performance and Structure - The STAR Market Composite Index has a diverse representation across various sectors, with 202 stocks from the industrial sector, 199 from information technology, and 107 from healthcare [3] - The index's top ten stocks represent 27.5% of its total market capitalization, with ten stocks exceeding 100 billion yuan in market value [3][4] - The index has been supported by improved industry fundamentals, policy benefits, and active capital inflows, reflecting a shift from emotional recovery to trend-driven growth [4][5] Investment Products and Ecosystem - As of December 24, 2025, 45 fund managers have launched 77 STAR Market Composite Index funds, with a total scale of 27 billion yuan [6] - The average return of these products since their launch has been 42%, indicating strong investor interest and confidence in the index [6] - The index serves as a convenient investment tool for institutional investors, allowing them to efficiently allocate capital to the "hard technology" sector [6][7] Future Development and Optimization - Experts suggest that the STAR Market Composite Index should continuously optimize its dynamic adjustment and maintenance mechanisms to reflect the latest developments in the hard technology sector [2][7] - There is a need to enhance the scientific and representative nature of the index, focusing on key indicators such as R&D intensity and technology transfer capabilities [6][10] - The index is expected to play a crucial role in guiding long-term capital allocation and enhancing recognition of China's technological strength among domestic and foreign investors [9][10]