金融工程专题研究：创业板综合指数投资价值分析：全面的创业板投资标尺

Group 1 - The report emphasizes the positioning of the ChiNext board as focusing on "three innovations and four new" initiatives, supporting innovative and high-growth SMEs since its inception, with a total of 1,390 listed stocks and a market capitalization of 16.49 trillion RMB as of November 21, 2025 [10][12][51] - Continuous policy support has led to a high concentration of specialized and innovative "little giant" companies, with 1,117 such companies listed, of which 420 are on the ChiNext board, accounting for 37.60% of the total [20][51] - Institutional investment interest is high, with active equity funds holding a total market value of 358.34 billion RMB in ChiNext component stocks, representing over 23.72% of their total holdings as of Q3 2025 [24][51] Group 2 - The ChiNext Composite Index (399102.SZ) encompasses all stocks listed on the ChiNext board, reflecting the overall market trend and price changes [52] - The average market capitalization of the ChiNext Composite Index is 13.034 billion RMB, significantly lower than that of the ChiNext Index and ChiNext 50, with 26.44% of its component stocks having a market cap below 1 billion RMB [31][52] - The industry concentration of the ChiNext Composite Index is low, with a balanced allocation across high-growth sectors such as new energy, electronics, pharmaceuticals, and computing [34][52] Group 3 - The valuation of the ChiNext Composite Index is currently low, with a price-to-earnings ratio of 62.64 and a price-to-book ratio of 4.04, both below historical median levels, while the expected compound net profit growth rate over the next two years is 39.92%, outperforming other indices [38][40][52] - The risk-return profile of the ChiNext Composite Index is notable, with an annualized return of 8.99% and a Sharpe ratio of 0.44, indicating a favorable risk-return balance compared to the ChiNext Index and ChiNext 50 [45][53]