科创综指年涨逾46%，超260亿资金借道布局硬科技

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a central battleground for technological innovation in China, with the STAR Composite Index (Sci-Tech Composite Index) launched in early 2025, showcasing a significant annual increase of 46.3% and a cumulative rise of nearly 115% since the "9·24" market rally, outperforming major indices like the Shanghai Composite Index and CSI 300 [1][2]. Market Performance - The STAR Composite Index has demonstrated strong market performance, ranking among the top of major broad-based indices, with a 46.3% increase in 2025 and a cumulative increase of 114.97% since the "9·24" rally [2]. - The number of products linked to the STAR Composite Index has expanded from 12 to 58, with a total scale exceeding 26.6 billion yuan, reflecting increased investor interest and product diversity [2][3]. Product Performance - Most products linked to the STAR Composite Index have achieved positive returns, with over 60% of products yielding more than 20% cumulative returns. Notably, the Jiashi STAR Composite Enhanced Strategy ETF has a cumulative return of 43.19%, leading the pack [3][4]. Index Differentiation - The STAR Composite Index provides comprehensive coverage of both industry leaders and growth potential companies, filling a gap in the representation of the STAR Market's overall ecosystem, unlike the more focused Sci-Tech 50 and Sci-Tech 100 indices [4][5]. - The STAR Composite Index serves as a core allocation anchor for investors looking to gain exposure to the entire STAR Market, while the Sci-Tech 50 and Sci-Tech 100 indices cater to different investment strategies [5][6]. Institutional Interest - The STAR Composite Index is increasingly viewed as a long-term allocation option for institutional investors, such as insurance and pension funds, due to its strategic alignment, long-term return potential, and risk diversification capabilities [6][7]. - The average daily trading volume of leading STAR Composite Index ETFs has reached a significant scale, enhancing liquidity and reducing concerns for institutional investors [6][8]. Future Directions - The future of the STAR Composite Index may involve product innovation and the introduction of derivatives, which could activate the market and attract diverse investor preferences [7][8]. - Suggestions for future developments include creating cross-market ETFs, thematic ETFs based on technology sectors, and implementing systematic investment plans to lower barriers for ordinary investors [7][8].