Group 1: Market Overview - The current market volatility suggests that the Sci-Tech Innovation Board (STAR Market) is at the beginning of a bull market, with 1000 points identified as the starting point[1] - The STAR Market is compared to the ChiNext board during the 2013-2015 bull market, indicating a similar trajectory driven by the AI wave[2] - As of February 23, 2025, the STAR Market consists of approximately 585 companies, with 42% in the new generation information technology sector and 19% in the biopharmaceutical sector[11] Group 2: Valuation and Profitability - The STAR Market's overall PE-TTM (excluding negative values) is around 55 times, with a projected PE of approximately 43 times for 2025, indicating it remains relatively undervalued[18] - Profitability for the STAR Market is expected to improve, with a forecasted net profit growth of 79% for 2025, following a bottoming out in 2024[26] - The biopharmaceutical sector within the STAR Market has shown a significant recovery, with net profit growth turning positive in the first quarter of 2024[35] Group 3: Investment Strategy - Two main stock selection strategies are recommended: focusing on leading stocks in the STAR Market and considering newer stocks that have recently listed[4] - The report emphasizes the importance of AI and technology sectors as key drivers for the STAR Market in 2025, particularly in TMT (Technology, Media, and Telecommunications) and biopharmaceuticals[31] - Fund allocation to the STAR Market is currently about 13.2%, which is expected to increase as profitability improves and AI-driven opportunities arise[27] Group 4: Risks - Potential risks include slower-than-expected economic recovery and underperformance of emerging industries like AI, which could negatively impact the STAR Market[48] - The effectiveness of historical market patterns may diminish due to changing economic and industry dynamics[48]
科创&海外市场策略深度报告：再论科创板，尚处牛市起点
ZHESHANG SECURITIES·2025-03-02 12:23