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][13] - The new index includes a higher proportion of companies from high-end manufacturing and TMT sectors compared to the existing Beijing Stock Exchange 50 Index, with respective increases of 14 percentage points and 4 percentage points [3][15] - As of August 1, 2025, the average market capitalization of the Beijing Stock Exchange 50 and the Specialized and Innovative Index is 6.195 billion and 4.711 billion respectively, with the latter having a higher price-to-earnings ratio of 67.81X compared to 47.92X for the former [3][20] Group 2 - The report indicates that the Specialized and Innovative Index has shown a revenue compound annual growth rate (CAGR) of 11.98% and a net profit CAGR of 3.11% from 2021 to 2024, outperforming the Beijing Stock Exchange 50 Index, which has a revenue CAGR of 6.19% and a negative net profit CAGR of -8.83% [26][64] - The profitability metrics for the Specialized and Innovative Index are strong, with a gross margin of 26.14%, a net profit margin of 9.90%, and a return on equity (ROE) of 10.12% for 2024, all exceeding the corresponding figures for the Beijing Stock Exchange 50 Index [29][67] - The report notes that the R&D expense ratio for the Specialized and Innovative Index ranges from 5.39% to 5.80% from 2021 to Q1 2025, averaging 5.69%, which is significantly higher than the 4.18% average for the Beijing Stock Exchange 50 Index [33][3] Group 3 - The report states that the Specialized and Innovative Index has achieved a return of 44.11% year-to-date as of August 1, 2025, outperforming other specialized and innovative indices [46][47] - The index primarily focuses on industries such as industrial, information technology, and materials, with respective company representation of 39.97% and 15.13%, which is higher than other specialized indices [49][50] - The liquidity of the Specialized and Innovative Index is noted to be higher than that of other indices, with a turnover rate of 5.92% as of August 1, 2025 [52][56] Group 4 - The report discusses the rapid growth of the ETF market in China, with personal holdings of stock ETFs increasing from 7.762 billion shares in 2015 to 742.781 billion shares by 2024, raising the share of personal holdings from 13.34% to 37.67% [5][83] - As of August 1, 2025, the number of products tracking the Beijing Stock Exchange 50 Index has increased to 59, with a total fund size reaching 11.322 billion [5][86] - The report anticipates that the arrival of index-based investment will enhance liquidity and restructure the ecosystem of the Beijing Stock Exchange, potentially leading to a revaluation of high-growth enterprises [5][90]