Shenwan Hongyuan Securities·2026-01-28 15:35Group 1: Report's Investment Rating - No information provided about the industry investment rating. Group 2: Core Viewpoints of the Report - The core driving force of China's economic development is undergoing profound changes, and technological innovation is crucial for driving new - quality productivity. The investment in the Sci - Tech Innovation and Entrepreneurship 50 Index aligns with the national key technological directions. The index focuses on leading companies in the STAR Market and ChiNext, making it a core tool for investing in China's technological innovation [3][10][11]. Group 3: Summary According to the Table of Contents 1. Macro - background: Leading the Development of New - quality Productivity with High - level Scientific and Technological Self - reliance - China is shifting its economic driving force, with technological innovation as the key to promoting industrial transformation and cultivating new economic growth points. The country aims to achieve scientific and technological self - reliance and will take extraordinary measures to make breakthroughs in key fields during the 15th Five - Year Plan period. The Sci - Tech Innovation and Entrepreneurship 50 Index highly covers relevant key industries [10]. - The country is reforming its institutional mechanisms to strengthen the role of enterprises in technological innovation. The STAR Market and ChiNext have gathered innovative enterprises, and the index focuses on their leading companies [11]. 2. China Securities Sci - Tech Innovation and Entrepreneurship 50 Index 2.1 Index Compilation Plan - The index was launched by China Securities Index Co., Ltd. on June 1, 2021, with a base date of December 31, 2019, and a base point of 1000. It selects 50 large - market - cap emerging - industry listed securities from the STAR Market and ChiNext to reflect the overall performance of representative emerging - industry listed securities [12]. - The sample space includes stocks and depositary receipts that meet certain listing time and non - ST requirements. The selection method involves choosing emerging - industry securities and then ranking them by average daily total market capitalization in the past year, selecting the top 50 [12][13][14]. 2.2 Concentrated Weight of Heavy - weight Stocks, Focusing on Emerging Technology Fields - As of January 16, 2026, the index has 50 constituent stocks with an average total market cap of 193.221 billion yuan. The top ten constituent stocks account for about 64.61% of the total weight, with Zhongji Innolight, Xinyisheng, and Contemporary Amperex Technology Co., Limited being the top three [15][18]. - The index covers multiple technology sectors, with the semiconductor industry having the highest weight of 34%, and other sectors like communication equipment, photovoltaic equipment, medical devices, and consumer electronics also having significant weights [22]. 2.3 Heavy - weight Stocks: Zhongji Innolight and Xinyisheng - Zhongji Innolight and Xinyisheng have a combined weight of over 20% in the index. They are core beneficiaries of the global AI - driven computing power demand in the communication equipment industry, driving the index's performance [25]. - Zhongji Innolight is a global leader in high - speed optical modules, with its performance growth driven by the demand for high - rate optical modules in large - scale cloud data centers. Xinyisheng has achieved significant customer expansion and high performance elasticity through technological breakthroughs and is also deploying in next - generation technologies [27]. - In 2023 - 2024, both companies showed significant growth. Zhongji Innolight had strong comprehensive strength, while Xinyisheng had higher performance elasticity, especially with a net profit growth of over 300% in 2024 [28]. 3. Analysis of the Index's Historical Performance 3.1 Long - term Risk - Return Characteristics: High Return and High Volatility - Based on historical price data from December 31, 2019, to January 16, 2026, the Sci - Tech Innovation and Entrepreneurship 50 Index had a cumulative return of 110.76% and an annualized return of 13.12%, ranking second only to the ChiNext 50 among the four comparison indexes, indicating strong long - term growth ability [31][33]. 3.2 Annual Performance: Highly Consistent with Market Style and Outstanding Explosiveness - Since 2020, the index has shown distinct return characteristics among major growth - style indexes. It has significant explosiveness in good market conditions and obvious volatility in market adjustments [34]. - The index's performance is highly synchronized with the market growth style. It achieved high annual returns in 2020 and 2025, leading other similar indexes. It also showed certain resilience in 2024 after a decline in 2022 - 2023 [35]. - In 2025, the index rose by over 60%, and as of January 16, 2026, it continued to gain 5.65%, outperforming the ChiNext Index and ChiNext 50 [37]. 4. Product Analysis of Huaxia China Securities Sci - Tech Innovation and Entrepreneurship 50 ETF (159783) - The ETF was established on June 24, 2021. As of the end of 2025, its scale was 5 billion yuan, and the management fee rate was 0.15%. It is managed by Xu Meng and Wang Xinwei [3][38]. - Xu Meng has 20 products under management, and Wang Xinwei has 7 products under management [39].