“A股四大指数”要来了？

Core Viewpoint - The launch of the Sci-Tech Innovation Board Composite Index (Sci-Tech Index) marks a significant development in the A-share market, with its performance and structure suggesting it should be recognized as one of the four core indices of A-shares alongside the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index [1][5]. Group 1: Importance of the Sci-Tech Index - The Sci-Tech Index has shown a growth of approximately 48% since its launch on January 20, 2025, and a cumulative increase of 115% since September 24, 2024 [1]. - The index has attracted significant interest, with 46 fund managers launching 78 index funds, accumulating a total scale of 27.4 billion yuan [1][8]. - Experts believe the Sci-Tech Index enhances the A-share index system by providing a comprehensive representation of the technology sector, filling a structural gap in the existing indices [2][5]. Group 2: Index Structure and Coverage - The Sci-Tech Index covers 576 stocks, achieving a coverage rate of 96% within the Sci-Tech Board, while other indices have different coverage and industry weight distributions [3][4]. - The industry weight of the Sci-Tech Index is heavily skewed towards information technology (54.63%), contrasting with the other indices that have a more diversified industry representation [3]. Group 3: Investment Implications - The Sci-Tech Index is expected to shift the investment logic from a profit-oriented approach to an innovation-driven one, reflecting the unique characteristics of hard technology assets [6][7]. - Investors are advised to focus on long-term growth potential and technological breakthroughs when investing in hard technology assets, while traditional assets should emphasize cash flow stability [7]. Group 4: Future Outlook - The Sci-Tech Index is anticipated to continue gaining attention and importance in the capital market, potentially becoming a global benchmark for Chinese technology stocks [12]. - There is a call for enhancing the index's representation of core technology and improving the quality of constituent disclosures to strengthen its global influence [12].