Core Insights - The "Trust in Power" 2025 Autumn Investment Strategy Conference held by Jianxin Fund focused on current market trends and future outlooks, emphasizing the company's commitment to serving the real economy and promoting inclusive finance [1][7] Group 1: Macroeconomic Analysis - Short-term market influences include funding conditions and overseas policies, while medium-term expectations are improved by positive policy signals from "anti-involution" initiatives [2] - Long-term growth opportunities are anticipated in high-growth industries driven by the "14th Five-Year Plan" and rapid advancements in "Artificial Intelligence+" [2] Group 2: Sector Insights - The Science and Technology Innovation Board (STAR Market) has 589 listed companies with a total market capitalization exceeding 10 trillion yuan, indicating strong competitiveness and innovation potential in various sectors [2] - The Chinese innovative pharmaceutical industry is expected to perform well in the medium to long term, particularly in oncology, weight loss drugs, and autoimmune disease treatments [3] Group 3: Investment Strategies - Gold is viewed as a favorable asset due to a weak dollar trend and economic uncertainties, with central bank purchases significantly influencing gold prices [4] - In the fixed income market, there are risks in real estate and export sectors, while credit bonds may offer better yield opportunities under a continued loose monetary policy [5] Group 4: Company Vision and Development - Jianxin Fund aims to be a trusted wealth management expert and a leader in the asset management industry, with a diverse product system covering various asset types to meet diverse investment needs [6] - The company emphasizes a commitment to high-quality development and investor education, aligning with broader industry initiatives to enhance service capabilities [7]

Group 1 - The event "Focusing on the Shanghai Stock Exchange - 6th Anniversary of the Sci-Tech Innovation Board" was held online, with nearly 50 institutions from major markets in the US, Europe, and Asia-Pacific participating [1] - The purpose of the event was to promote the "1+6" policy of the Sci-Tech Innovation Board reform and enhance international investors' understanding of the market and representative listed companies [1] - Discussions included the latest developments of the Sci-Tech Innovation Board, reform policies, and the situation of index-based investments in the board [1] Group 2 - Founders and CEOs of four Sci-Tech Innovation Board companies engaged in in-depth exchanges with international investors, showcasing investment opportunities in the market and the potential of Chinese assets [1] - According to reports, over 30 companies on the Sci-Tech Innovation Board received investments from foreign institutions in their first quarter reports this year [1]

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully integrated technology innovation with capital markets over the past six years, supporting 589 high-tech and strategic emerging enterprises with a total market capitalization exceeding 7 trillion yuan and raising over 1.1 trillion yuan in IPO and refinancing funds [1][3][11]. Group 1: Market Development and Achievements - The STAR Market has become the preferred listing venue for China's hard technology companies, with over 80% of listed companies focusing on import substitution and self-control [1][3]. - The board has seen significant R&D investment, with cumulative R&D expenditures exceeding 700 billion yuan from 2019 to 2024, and a median R&D investment-to-revenue ratio of 12.6%, far surpassing other boards [3][4]. - The STAR Market has facilitated the listing of various innovative companies, including 120 in integrated circuits and over 110 in biomedicine, contributing to a robust industrial ecosystem [3][4]. Group 2: Policy and Regulatory Changes - Recent reforms, including the introduction of the "1+6" policy measures, aim to enhance the STAR Market's support for hard technology enterprises while ensuring investor protection [2][11][12]. - The establishment of a growth tier within the STAR Market is designed to accommodate unprofitable technology companies, reflecting a more inclusive regulatory environment [11][12]. Group 3: Investment Landscape - The average price-to-earnings (P/E) ratio of STAR Market companies has shown fluctuations, peaking at 94.63 times in 2020 and stabilizing at 52.35 times by July 2025, indicating a recovery in valuations [7]. - Institutional investor participation has increased, with over 60% of holdings in the STAR Market attributed to professional institutions, and a notable rise in long-term capital investment [9][10]. Group 4: Future Outlook - The STAR Market is expected to continue evolving, with a focus on optimizing support mechanisms for technology enterprises and enhancing the valuation framework for long-term R&D companies [13]. - There is anticipation for more high-quality technology firms to list, fostering a virtuous cycle among technology, industry, and finance, which will contribute to high-quality economic development in China [13].

Group 1 - The Shanghai Stock Exchange held a seminar on the first anniversary of the "Star Market Eight Articles," focusing on the development of index investment in the Star Market and the construction of a high-quality ecosystem for long-term investment ETFs [1] - The Star Market currently has 29 indices and 80 ETFs listed, with a total scale exceeding 250 billion yuan, making it the segment with the highest proportion of index investment in A-shares, accounting for 8.3% of the total free-floating market value [1] - China Asset Management has developed a diverse range of ETF products for the Star Market, including the Sci-Tech 50 ETF, Sci-Tech 100 ETF, Sci-Tech 200 ETF, and Sci-Tech Composite Index ETF, all featuring a low management fee rate of 0.15% per year to reduce long-term holding costs for investors [1] Group 2 - As of June 12, 2025, the comprehensive index of the Star Market (000680) decreased by 0.06%, with mixed performance among constituent stocks [2] - The Sci-Tech Composite Index ETF (589000) fell by 0.32%, with the latest price at 0.95 yuan, while it experienced a significant growth of 1.568 billion yuan in scale over the past three months, ranking first among comparable funds [2]

Group 1 - The core viewpoint emphasizes the importance of guiding capital into the "hard technology" sector through the development of the STAR Market and ETF ecosystem [1][2][3] - The STAR Market has seen a significant increase in index-based investment, with 80 STAR Market ETFs listed and a total scale exceeding 250 billion yuan, making it the highest proportion of index investment in A-shares [2][4] - The introduction of various STAR Market indices and ETFs has diversified investment options, with the total scale of STAR Market wide-based ETFs surpassing 200 billion yuan [3][4] Group 2 - The "STAR Market Eight Articles" have led to a substantial increase in the number of STAR Market indices and ETFs, with 51 ETFs listed and 68 approved, nearly doubling the number of approvals and listings compared to before the articles were published [4] - Institutional representatives suggest optimizing the supporting mechanisms for STAR Market ETFs to enhance the investment ecosystem [5][6] - The STAR Market is positioned to attract more long-term capital from insurance and banking sectors, contributing to a healthier investment environment [2][6]