20cm速递|科创板小盘成长机遇引关注，关注科创200ETF国泰（589223）布局价值

Core Insights - The Sci-Tech Innovation 50 (科创50) and Sci-Tech Innovation 200 (科创200) exhibit contrasting investment styles, offering investors different risk-return choices [1] - The Sci-Tech Innovation 50, as a leader in the Sci-Tech Innovation Board, has strong institutional attributes and consists mainly of benchmark enterprises heavily favored by institutions, particularly in the semiconductor sector [1] - In contrast, the Sci-Tech Innovation 200 showcases a significant small and micro-cap growth style, with constituent companies being national-level "specialized, refined, and innovative" enterprises that invest heavily in R&D [1] Investment Opportunities - The R&D expenditure as a percentage of revenue for the Sci-Tech Innovation 200 constituents is higher than that of the broader growth representative, the Sci-Tech Innovation 50 index, indicating a strong driver for future profit improvement and sustained high growth [1] - Small and medium-sized enterprises on the Sci-Tech Innovation Board are experiencing dual drivers of profit growth and valuation recovery [1] - The Sci-Tech Innovation 200 index focuses on hard technology sectors such as electronics, biomedicine, and machinery, covering emerging companies with a median market capitalization of approximately 7.8 billion [1] Product Offering - The newly launched Sci-Tech Innovation 200 ETF (国泰, 589223) provides investors with a convenient way to invest in small-cap hard technology companies on the Sci-Tech Innovation Board [1]