Core Points - The Sci-Tech Innovation 50 Index opened slightly lower on August 13, 2025, but experienced a significant increase by the end of the trading day, closing at 1077.70 points with a gain of 0.74% and a trading volume of approximately 477 billion [1] - The overall Sci-Tech Innovation Index also saw an increase, closing at 1402.74 points with a rise of 1.49% and a total trading volume of about 1965 billion, marking a substantial increase compared to the previous trading day [1] - The closing point of the Sci-Tech Innovation 50 Index on August 13, 2025, surpassed its closing point of 1070.45 on July 29, 2025, setting a new high for the period [1] - The Sci-Tech Innovation Index reached a closing point higher than 1391.53 on April 7, 2023, achieving its highest closing since August 19, 2022 [1] Stock Performance - On August 13, 2025, nearly 70% of stocks on the Sci-Tech Board rose, with semiconductor and pharmaceutical stocks showing the highest gains [2] - The average increase for the remaining 588 stocks, excluding suspended stocks, was 1.43%, with an average turnover rate of 3.95% and a total trading volume of 1965.12 billion [2] - Notable performers included Zhongchuan Special Gas, Jinchengzi, Zhongyou Technology, and Shouyao Holdings, which all reached approximately 20% limit up [2] - The stock with the largest decline was Pinming Technology, which fell by 6.84% [2] Trading Volume - The stock with the highest trading volume was Cambrian, with 113.55 billion, while *ST Guandian had the lowest trading volume at 1.31171 million [3] Turnover Rate - Jinchengzi had the highest turnover rate at 34.57%, while Longteng Optoelectronics had the lowest at 0.22% [4]

Core Viewpoint - Investment institutions are increasingly focusing on the sci-tech sector, with approximately 200 sci-tech themed funds established by mid-2023, raising nearly 70 billion yuan in total [1][2]. Group 1: Fund Launch and Strategy - Zhejiang Merchants Asset Management has launched its first comprehensive index fund covering the sci-tech board, managed by fund managers Zhou Wenchao and Chen Gujun [1]. - The fund aims to provide a better representation of the entire sci-tech sector compared to traditional indices like the Sci-Tech 50 and Sci-Tech 100, which have limitations in market coverage [1][2]. - The Shanghai Composite Sci-Tech Index covers nearly 97% of the market capitalization of the sci-tech board, offering three unique advantages: full-chain coverage, balanced industry allocation, and promising profit outlook [2]. Group 2: Market Outlook and Investment Sentiment - The fund managers express cautious optimism regarding macroeconomic conditions, noting the government's focus on stabilizing the real estate and stock markets, which enhances the strategic importance of the stock market [2][3]. - They anticipate a shift back to a technology-focused market style, with significant growth expected in the technology sector, particularly in the second half of the year [3]. - The technology sector has shown strong performance in various sub-industries, with companies in communications, electronics, computing, and media outperforming macroeconomic trends [3]. Group 3: Research Team and Methodology - The technology research team at Zhejiang Merchants Asset Management consists of five seasoned experts, each with over eight years of experience in the tech sector, combining industry and financial expertise [4]. - The team employs a dual-track strategy for efficient index tracking, focusing on optimizing details while maintaining benchmark alignment [4][5]. - The strategy includes a six-month construction period for opportunistic low-cost acquisitions and selective adjustments in portfolio composition to prioritize leading companies in representative industry segments [5].

Group 1 - The Sci-Tech Innovation 50 Index opened slightly lower on July 24 but experienced an upward trend during the morning session, closing significantly higher at 1032.84 points, with an increase of 1.17% and a trading volume of approximately 32.6 billion yuan [1] - The Sci-Tech Innovation Composite Index also opened slightly higher, quickly surged, and closed at 1301.17 points, marking a 1.35% increase and a total trading volume of about 141.7 billion yuan, which was an increase compared to the previous trading day [1] - The Sci-Tech Innovation Composite Index has recorded gains for 10 consecutive trading days, achieving a new closing high for the year on July 24, surpassing the previous high of 1292.40 points from February 26, 2025 [1] Group 2 - On July 24, approximately 80% of stocks on the Sci-Tech Innovation Board rose, with an average increase of 1.41% and an average turnover rate of 3.13%, totaling a trading volume of 141.66 billion yuan [2] - Notable individual stock performances included Tonglian Precision rising by 19.99%, Rendu Biotech by 17.65%, and New Light Optoelectronics by 13.07%, while Qianyan Biotech saw a decline of 9.46% [2] - In terms of trading volume, Tiedao Heavy Industry led with 4.944 billion yuan, while ST Pava had the lowest at 760.82 thousand yuan [3] Group 3 - The highest turnover rate was recorded by Xinyu Ren at 20.25%, while Longteng Optoelectronics had the lowest turnover rate at 0.25% [4]

Group 1 - The market has entered a consolidation phase since April 14, with the Sci-Tech Innovation Index showing a pattern of "top and bottom" and remaining stagnant for 12 trading days [1] - There is an expectation for a potential upward breakthrough before the end of June, with low-risk investments in index products like the Sci-Tech Innovation Index ETF being recommended [1][3] - The current market is in a "holiday mode" ahead of the May Day holiday, leading to reduced trading activity as many funds opt to stay on the sidelines to avoid potential market disruptions [2] Group 2 - A potential breakthrough is anticipated before the end of June, supported by expected domestic stimulus policies and a favorable outlook on U.S. Federal Reserve's monetary policy, which may create more room for China's policy actions [3][4] - The Sci-Tech Innovation Index is expected to benefit from a loosening monetary policy, which is advantageous for liquidity-sensitive assets like technology stocks [4] - From April 8 to April 28, the Sci-Tech Innovation Index has shown the highest increase among major indices, with a growth of 11.2%, indicating a strong performance in the current market environment [6]

Market Overview - The Shanghai Composite Index closed at 3294.02 points, down 0.03% [1][2] - The Shenzhen Component Index closed at 9874.41 points, down 0.43% [1][2] - The ChiNext Index closed at 1936.40 points, down 0.55% [1][2] - The CSI 300 Index closed at 3787.72 points, up 0.02% [1][2] - The STAR 50 Index closed at 1006.86 points, up 0.23% [1][2] - The CSI 500 Index closed at 5608.01 points, down 0.34% [1][2] - The CSI 1000 Index closed at 5893.38 points, down 0.78% [1][2] Trading Data - The trading volume for the Shanghai Composite Index was 297.1 billion [2] - The trading volume for the Shenzhen Component Index was 418.7 billion [2] - The trading volume for the ChiNext Index was 177.1 billion [2] - The trading volume for the CSI 300 Index was 137.1 billion [2] - The trading volume for the CSI 500 Index was 112.2 billion [2] - The trading volume for the CSI 1000 Index was 152 billion [2]

Core Viewpoint - The introduction of the Science and Technology Innovation Board Comprehensive Index (科创综指) aims to provide a more comprehensive investment tool for the growing number of listed companies on the Science and Technology Innovation Board, which has reached 581 companies with a total market capitalization exceeding 6.34 trillion yuan [1] Group 1: Characteristics of the Comprehensive Index - Focus on hard technology: The constituent stocks are highly concentrated in high-tech and strategic emerging industries, providing direct financing channels for critical technology sectors [2] - Significant growth potential: Most constituent stocks are in a high growth phase, benefiting from high R&D investment and strong market demand, indicating substantial future performance growth [2] Group 2: Market Coverage and Composition - The market coverage of the Comprehensive Index is nearly 97%, with an average market capitalization of 11.3 billion yuan and a median of 5.1 billion yuan, aligning closely with the overall market of the Science and Technology Innovation Board [3] - The industry distribution of the Comprehensive Index is balanced, with the top four industries being electronics (45.16%), pharmaceuticals (15.16%), machinery (10.94%), and computers (9.35%) [4] Group 3: Concentration and Performance - The concentration of holdings in the Comprehensive Index is low, with the largest weight at 5.81% and the top ten stocks accounting for 24.87% of the total weight, indicating a more diversified portfolio [5] - The long-term performance of the Comprehensive Index has been superior, with a cumulative return of 8.04% since its inception, outperforming other indices like the Science and Technology 50 and 100 [6][7] Group 4: Valuation and Investment Potential - The current valuation of the Comprehensive Index indicates a favorable price-performance ratio, with a PE TTM of 47.4 and a PB of 3.5, suggesting significant upside potential as the constituent stocks are primarily in emerging industries [8][9]