科创牛：规律和展望

Group 1 - The report highlights the significant role of the Sci-Tech Innovation Board (STAR Market) in supporting technology innovation and the real economy in China, attracting numerous high-tech and strategic emerging industry companies since its establishment [3][4] - The STAR Market has experienced two notable bull markets, which have not only influenced its own market structure but also positively impacted the A-share market, with the STAR 50 Index rising by 37.99% in 2023, compared to a 22.52% increase in the overall A-share index [3][4] - The report aims to analyze the internal driving factors and market performance characteristics of the two bull markets from multiple dimensions, including volume-price analysis, market structure, popular themes, and market capitalization and valuation stratification [3][4] Group 2 - The first bull market from March to July 2020 saw the STAR 50 Index surge from approximately 1029.75 points to 1721.98 points, a remarkable increase of 67.22%, outperforming the ChiNext Index and the Shanghai Composite Index [6][10] - During this period, the market's enthusiasm for technology innovation and domestic substitution led to a significant influx of capital into the STAR Market, resulting in an unprecedented level of market activity, with an average daily turnover rate of 2.82% and an average daily trading volume exceeding 460 million shares [7][10] - The second bull market from March to July 2021 saw the STAR 50 Index rise from about 1219.71 points to 1610.77 points, achieving a 32.06% increase, again outperforming the ChiNext Index and the Shanghai Composite Index [10][13] Group 3 - The report discusses the evolution of industry structure and style during the two bull markets, highlighting the performance and rotation of key sectors such as pharmaceuticals, electronics, computers, and power equipment [13][14] - In the first bull market, small-cap stocks exhibited stronger explosive potential due to high market enthusiasm, while the second bull market saw larger-cap stocks perform better as the market became more rational and focused on fundamentals [16][17] - The first bull market was characterized by a concentration of capital in hard technology sectors, with the pharmaceutical industry achieving an average increase of 126.43% and the electronics sector seeing an average increase of 79.53% [14][17] Group 4 - The report identifies popular themes during the two bull markets, with the first bull market focusing on "hard technology" themes such as semiconductors, biomedicine, and new generation information technology, driven by national strategic needs [27][28] - The second bull market shifted towards themes like the new energy and smart automotive industry chain, high-end equipment manufacturing, and new materials, reflecting a more mature investment logic that emphasizes performance and earnings [31][32] - Overall, both bull markets were closely aligned with national strategic emerging industries and cutting-edge technology fields, demonstrating the STAR Market's role in supporting technological innovation [32][33]