一图看懂 | 科创综指：科创板新质生产力“全景图”

Core Insights - The launch of the Shanghai Stock Exchange's Sci-Tech Innovation Board Comprehensive Index (Sci-Tech Index) on January 20, 2025, marks a significant advancement in the index system for the Sci-Tech Board, providing a comprehensive tool for investors to observe and invest in the overall performance of the board [7][35]. Index Overview - The Sci-Tech Index covers nearly all non-ST and *ST securities listed on the Sci-Tech Board that have been listed for over a year, with a sample size of 576 stocks and a market capitalization coverage exceeding 90% [9][37]. - The average market capitalization of the index's constituents is 16.3 billion, complementing the Sci-Tech 50 Index, which focuses on large-cap leading stocks [9][37]. Performance Metrics - Since its launch, the Sci-Tech Index has gained significant attention, becoming one of the four core broad-based indices in A-shares alongside the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index [10][40]. - As of December 31, 2025, the index has increased by approximately 48%, outperforming major broad-based indices, with a cumulative increase of 115% since September 24, 2024, reflecting market recognition of the value of hard technology assets [18][49]. Fundamental Analysis - The operating fundamentals of the index's constituent companies have shown steady improvement, with total revenue reaching 1.1 trillion and a year-on-year growth of 7.7% in the first three quarters of 2025, while net profit attributable to shareholders was 48.3 billion, growing by 7.1% year-on-year [15][47]. - The index accurately reflects the strategic positioning of the Sci-Tech Board in supporting new productive forces, with the top three sectors being new-generation information technology (59.4%), biomedicine (13.6%), and high-end equipment (12.9%) [12][43]. Market Dynamics - The weight of constituent companies with a market capitalization above 10 billion has increased by 11.8% compared to the beginning of the year, indicating a positive cycle of technological innovation investment and capital value discovery [22][52]. - The index has seen a rapid development of related products, including ETFs and enhanced products, with a total of 78 index funds launched by 46 fund managers, achieving a combined scale of 27.4 billion, making it the second-largest broad-based index on the Sci-Tech Board [24][54].