上证科创板人工智能指数：布局科创板人工智能产业链

Core Viewpoint - The article discusses the characteristics and performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, highlighting its focus on AI-related companies and the index's superior returns compared to broader market indices [1][3][21]. Group 1: Index Characteristics - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index was launched on July 25, 2024, selecting 30 large-cap companies involved in providing resources, technology, and application support for AI [5]. - The index employs a market capitalization-weighted methodology with a 10% cap on individual stock weights, reflecting the overall performance of representative AI companies in the Sci-Tech Innovation Board [5][7]. - As of July 24, 2025, the total free float market capitalization of the index constituents reached 545.1 billion yuan, with an average market cap of 18.2 billion yuan [12]. Group 2: Industry Distribution - The index shows a high "AI content," with digital chip design companies accounting for 49.03% of the index weight, indicating a strong focus on this critical sector [2][9]. - IT services and horizontal general software contribute approximately 30% to the index, with notable companies like Kingsoft Office and Stone Technology playing significant roles [9][10]. - The index balances investments in leading firms and small-cap growth stocks, with a significant number of small-cap stocks providing high growth potential [12]. Group 3: Market Performance - The index has outperformed similar indices and broad market indices since its inception, with an annualized return of 23.78% as of July 24, 2025, and a Sharpe ratio of 0.81 [21][24]. - The index's performance during market rebounds has been notable, particularly in 2024, where it demonstrated superior rebound strength compared to other indices [39][40]. Group 4: Earnings Expectations - The top ten constituents of the index are expected to generate a cumulative revenue of 44.17 billion yuan in 2024, reflecting a year-on-year growth of 24.8%, with net profits projected to grow by 47.6% [26]. - The overall earnings outlook for the index constituents indicates a sustained growth trend, despite a downturn in 2023 due to industry cycles [26]. Group 5: ETF Product Introduction - The Penghua Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence ETF aims to track the performance of the index, utilizing a full replication strategy to minimize tracking error [43]. - The ETF allows for the exchange of individual stocks for ETF shares, enhancing liquidity and reducing the risk of extreme declines in individual stocks [43].