年度涨幅46.3% 构筑中国科创势力“标杆性指数” 科创综指成“硬科技”价值发现与配置核心渠道

Core Insights - The Sci-Tech Innovation Board (STAR Market) has seen significant growth, with the total scale of related ETFs reaching approximately 300 billion yuan by December 31, 2025, and the number of products increasing to 106, three times that of the end of 2024 [1][6] - The STAR Market Composite Index (Sci-Tech Composite Index) achieved a remarkable annual increase of 46.3% in 2025, outperforming major broad-based indices, reflecting a revaluation of "hard technology" assets [1][3] - The index has become a benchmark for capturing the pulse of technological growth and sharing the dividends of innovation, representing a diverse range of companies from leading hard tech firms to specialized small giants [2][7] Industry Overview - The STAR Market currently includes 600 listed companies with a total market capitalization exceeding 10 trillion yuan, with the Sci-Tech Composite Index covering 96% of these companies [3][6] - The index system has expanded to include various types of indices, effectively guiding social capital towards new productive forces and enhancing the investment landscape for technology innovation [6][7] - The introduction of multiple indices, such as the Sci-Tech 50, 100, and 200, allows for comprehensive representation of the STAR Market, covering approximately 60% of its securities [3][6] Investment Trends - As of December 30, 2025, 46 fund managers have launched 78 Sci-Tech Composite Index funds, with a total scale of 27.4 billion yuan, indicating strong institutional interest in these products [4][6] - The average return of these products since their launch has reached 43.7%, enhancing investor confidence and interest in the STAR Market [4][6] - Institutional investors, including insurance funds and banks, have steadily increased their holdings in Sci-Tech Composite Index ETFs, recognizing their convenience and long-term investment value [4][7]