A股指数，即将上新！

Core Viewpoint - The launch of various specialized indices aims to provide benchmarks for the performance of specialized and innovative small and medium-sized enterprises (SMEs), guiding capital towards innovation-driven companies and supporting their high-quality development [1][17]. Group 1: Index Launch and Purpose - The Shanghai Stock Exchange and China Securities Index Company announced the release of several specialized indices on July 21, including the Shanghai Stock Exchange Sci-Tech Innovation Board Specialized and Innovative Index and the China Securities Specialized and Innovative 100 Index [1]. - The Shenzhen Stock Exchange also announced the launch of the Shenzhen Specialized and Innovative Index and the Growth Enterprise Market Specialized and Innovative Index on the same date [1]. Group 2: Characteristics of Specialized and Innovative Enterprises - Specialized and innovative enterprises, referred to as "little giants," are characterized by specialization, refinement, uniqueness, and innovation, excelling in core industrial fields and key links of the industrial chain [3]. - As of June 2025, China has cultivated a total of 14,600 specialized and innovative "little giant" enterprises, with over 1,000 listed on A-shares [4]. Group 3: Performance Metrics of Listed Companies - A-shares specialized and innovative "little giant" companies have an average market capitalization of approximately 6.7 billion yuan, with an average revenue of about 1.3 billion yuan in 2024 [4]. - Key performance indicators such as research and development intensity (10.4%), gross profit margin (31.6%), and revenue growth rate (9.8%) are significantly higher than the A-share average [4]. Group 4: Index Composition and Coverage - The Shanghai Stock Exchange Sci-Tech Innovation Board Specialized and Innovative Index includes 50 larger companies, representing 47.7% of the total market capitalization and 41.9% of R&D expenditure of all specialized and innovative securities on the board [7]. - The Shanghai Specialized and Innovative Index consists of 100 larger companies, with 75% from the Sci-Tech Innovation Board and 25% from the main board, covering 54.7% of the market capitalization of specialized and innovative securities in the Shanghai market [9]. Group 5: Market Performance and Growth - The Shenzhen Specialized and Innovative Index and the Growth Enterprise Market Specialized and Innovative Index have total market capitalizations of 1.5 trillion yuan and 1.3 trillion yuan, respectively, with average daily trading volumes of 41.6 billion yuan and 40.8 billion yuan [12]. - Both indices have shown strong performance, with annualized returns of 8.3% and 9.8%, outperforming the CSI 300 Index, which has an annualized return of 4.4% [12]. Group 6: Future Developments - The exchanges plan to continue optimizing the index supply system to provide more investment tools for individual investors and attract more long-term capital into the market [17]. - The development of specialized indices is seen as a practical measure to leverage the role of indices in representing and guiding investments towards technology-driven enterprises [17].