策略解读：这轮创业板牛市更像哪一次

Group 1 - The report analyzes the recent bull market in the ChiNext index, which closed at 2606.20 points on August 18, 2023, reflecting a year-to-date increase of 21.69% [3] - The report identifies the best-performing years for the ChiNext index since 2011, highlighting 2015 (84%), 2013 (83%), 2020 (65%), and 2019 (44%) as significant years of growth [3] - The analysis compares two previous bull markets (2013-2015 and 2018-2021), noting that the 2013-2015 period was characterized by broad-based growth, while the 2018-2021 period exhibited more structural characteristics [3][4] Group 2 - The first bull market (2013-2015) saw the ChiNext index rise from 705.34 points to 3982.25 points, a total increase of 464.6%, driven by the rise of emerging industries and strong growth expectations [5][15] - During this period, approximately 93% of ChiNext stocks experienced gains, with many stocks increasing by 2-5 times [3][5] - Key sectors during this bull market included computer, power equipment, electronics, pharmaceuticals, and machinery, with the computer sector leading with an average increase of 338.26% [6] Group 3 - The second bull market (2018-2021) saw the ChiNext index rise from 1205.03 points to 3563.13 points, a total increase of 195.7%, characterized by a more selective approach to stock performance [8][16] - In this period, about 74% of ChiNext stocks rose, but most gains were limited to within 2 times [3][8] - The leading sectors included power equipment, electronics, pharmaceuticals, and computers, with power equipment achieving an average increase of 220.94% [9] Group 4 - The report highlights the differences between the two bull markets, noting that the first was marked by broad participation and high volatility, while the second was more focused on quality and structural growth [11][12] - The first bull market tolerated high valuations, while the second market showed a preference for reasonable valuations, indicating a shift towards more rational investment behavior [12][13] - The report emphasizes the importance of policy support and technological innovation as key drivers for both bull markets, with a focus on emerging industries and structural economic changes [11][16]