北交所指数策略专题报告：北证专精特新指数：小巨人引领“小市值、高研发、高成长”的超额收益新引擎

Group 1 - The report highlights the launch of the "Beijing Stock Exchange Specialized and Innovative Index," marking the beginning of a "dual-index era" for the exchange, with a focus on high innovation and growth potential in specialized and innovative enterprises [3][12][38] - The Specialized and Innovative Index has a higher proportion of companies in high-end manufacturing and TMT sectors compared to the Beijing 50 Index, with respective increases of 14 percentage points and 4 percentage points [3][14] - The average market capitalization of the Specialized and Innovative Index is lower than that of the Beijing 50 Index, with values of 4.71 billion and 6.20 billion respectively, indicating a focus on smaller companies [3][19] Group 2 - The Specialized and Innovative Index has shown strong performance, achieving a year-to-date return of 44.11%, outperforming other specialized indices [4][38][41] - The index primarily focuses on industries such as industrial, information technology, and materials, with industrial companies making up 39.97% of the index [4][39] - The turnover rate of the Specialized and Innovative Index is higher than that of other indices, indicating better liquidity, with a turnover rate of 5.92% as of August 1, 2025 [4][40] Group 3 - The report notes a significant increase in the popularity of ETF investments, with the number of personal holdings rising from 7.76 billion to 742.78 billion from 2015 to 2024 [5][61] - The Beijing 50 Index fund has reached a scale of 11.32 billion, with an increasing number of tracking products, indicating a growing interest in index-based investments [5][65] - The report anticipates that the rise of index-based investments will enhance liquidity and restructure the ecosystem of the Beijing Stock Exchange, potentially leading to a revaluation of high-growth companies [5][70]