Core Viewpoint - The launch of the Sci-Tech Innovation Board Composite Index (Sci-Tech Index) marks a significant development in the A-share market, with its performance and structure suggesting it should be recognized as one of the four core indices of A-shares alongside the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index [1][5]. Group 1: Importance of the Sci-Tech Index - The Sci-Tech Index has shown a growth of approximately 48% since its launch on January 20, 2025, and a cumulative increase of 115% since September 24, 2024 [1]. - The index has attracted significant interest, with 46 fund managers launching 78 index funds, accumulating a total scale of 27.4 billion yuan [1][8]. - Experts believe the Sci-Tech Index enhances the A-share index system by providing a comprehensive representation of the technology sector, filling a structural gap in the existing indices [2][5]. Group 2: Index Structure and Coverage - The Sci-Tech Index covers 576 stocks, achieving a coverage rate of 96% within the Sci-Tech Board, while other indices have different coverage and industry weight distributions [3][4]. - The industry weight of the Sci-Tech Index is heavily skewed towards information technology (54.63%), contrasting with the other indices that have a more diversified industry representation [3]. Group 3: Investment Implications - The Sci-Tech Index is expected to shift the investment logic from a profit-oriented approach to an innovation-driven one, reflecting the unique characteristics of hard technology assets [6][7]. - Investors are advised to focus on long-term growth potential and technological breakthroughs when investing in hard technology assets, while traditional assets should emphasize cash flow stability [7]. Group 4: Future Outlook - The Sci-Tech Index is anticipated to continue gaining attention and importance in the capital market, potentially becoming a global benchmark for Chinese technology stocks [12]. - There is a call for enhancing the index's representation of core technology and improving the quality of constituent disclosures to strengthen its global influence [12].

业内人士认为，科创综指应与上证指数、深证成指、创业板指并列为A股四大核心指数。 在科创板上市公司数量达到600家之际，刻画科创板"全景图"的上证科创板综合指数（下称"科创综 指"）在A股市场的重要性成为一大探讨点。 科创综指是在科创板公司形成一定规模后，于2025年1月20日正式发布的。发布以来至2025年12月31 日，科创综指涨幅达约48%，2024年9月24日以来累计涨幅高达115%。境内已有46家基金管理人推出78 只科创综指指数基金，场内外合计规模达274亿元。 长期以来，市场习惯将上证综指、深证成指、创业板指称为"A股三大指数"，如今随着科创板体量进一 步扩大，科创综指平稳运行，科创综指是否应加入，成为"A股四大指数"之一？ 多位受访人士认为，结合市场规模、行业代表性与指数功能，科创综指已具备与上证指数、深证成指、 创业板指并列成为"A股四大核心宽基指数"的坚实基础，科创综指加入标志着A股指数体系正式形成"全 市场覆盖—精选龙头—板块聚焦"的立体化功能分工，显著弥补了原有体系在科技板块系统性表征上的 结构性空白。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，科创综指对 ...