中证报中证网讯(记者魏昭宇)9月25日晚间，路博迈基金基金经理韩羽辰在中国证券报"中证点金汇"直 播间表示，看好A股科技行情的中长期表现，而上证科创板综合价格指数或许是具有较高配置价值的科 创类指数之一。 他表示，首先，该指数选取科创板几乎所有符合条件的上市公司证券作为样本，市值覆盖率高达将近 100%，能全面反映科创板上市公司的整体走势。其次，该指数成分股高度聚焦"硬科技"产业，主要集 中于电子(特别是半导体)、医药生物、机械设备、计算机等高新技术产业和战略性新兴产业，研发强度 高，创新能力显著，拥有大量前沿技术成果和专利储备，充分体现了板块的"硬科技"定位。再次，科创 板自设立之初便承担服务科技创新和深化资本市场改革的重要使命，受到政策多方面支持。一系列扶持 措施为企业发展创造了有利环境，也使该指数成为观察科技领域政策效果和市场支持创新的重要窗口。 最后，该指数包含了大、中、小盘各种类型的科创板企业，整体行业分布相较其他科创指数更为均衡， 反映了科创板的创新成长特质。 此外，韩羽辰提到，利用该指数进行量化增强的可行性较高，该指数个股、风格、行业分布相对分散均 衡，为量化增强提供广阔选股池，有利于量化模型发 ...

Core Viewpoint - The article discusses the recent performance of the A-share market, particularly the Shanghai Composite Index, and highlights the impact of bank stocks on the index's movements, suggesting that the market is currently in a "slow bull" phase with potential for further growth if certain conditions are met [3][4][12]. Market Performance - The Shanghai Composite Index reached a high of 3613.02 points recently, with 3700 points being the next target [3]. - The banking sector has been a significant drag on the index, with the China Securities Banking Index falling by 6.25% from July 11 to July 25, while the Shanghai Composite Index only saw a 2.39% increase during the same period [5][8]. Impact of Dividends - The decline in bank stocks is partially attributed to the dividend distribution season, which causes a "virtual decline" in price indices due to ex-dividend adjustments [6][8]. - The Shanghai Composite Index's performance was negatively impacted by bank stock adjustments, with a loss of 28.81 points attributed to banks during the observed period [8]. Sector Contributions - The article provides a breakdown of sector contributions to the Shanghai Composite Index, indicating that while banks detracted from performance, sectors like electronics and pharmaceuticals contributed positively [10]. - The electronics sector, particularly semiconductors, has been a key driver of the index's recent gains, alongside pharmaceuticals [10]. Market Sentiment - Despite the structural bull market, there is a lack of consensus among retail investors, particularly those heavily invested in previously popular sectors like food and beverage, solar energy, and automotive [11]. - The overall A-share market, represented by the Wind All A Index, has only increased by 11.93% this year, which does not raise significant concerns among regulators about a rapid market surge [11]. Technical Indicators - The 14-day RSI for the China Securities Banking Index has adjusted to 40, suggesting a potential bottoming out and a possible rebound if other strong sectors experience corrections [12]. - The article emphasizes the importance of maintaining market stability and avoiding excessive volatility, which could lead to a rapid rise followed by a sharp decline [17][20]. Liquidity and Investor Behavior - The article notes that retail investor margin balances have exceeded previous highs, indicating a steady inflow of retail funds into the market, albeit at a measured pace [18][19]. - The current market environment is characterized by a race between fundamental recovery and liquidity, with the potential for rapid changes in sentiment among investors [19][20].

Market Outlook - The market is expected to show an upward breakthrough in July, with technology and non-bank sectors likely to outperform [2][3][21] - Fiscal indices and resilient consumption have led to a marginal improvement in total demand growth in Q2, creating a favorable environment for upcoming mid-year performance disclosures [3][21] - Despite high-frequency data indicating export pressures in the second half, total demand is expected to remain stable, reducing the likelihood of significant economic downturns [3][21] Industry Recommendations - Focus on sectors with expected mid-year performance improvements, particularly in technology, consumer goods, and midstream manufacturing [4][17] - Recommended sectors include electronics (semiconductors), machinery (automation equipment), pharmaceuticals (chemical drugs), defense and military, non-ferrous metals (industrial, precious, and minor metals), and computers [4][17] - Key investment tracks for July include solid-state batteries, domestic computing power, non-bank finance, defense and military, and innovative pharmaceuticals [18] Economic Indicators - Total demand growth rebounded to 5.7% in May, indicating stability, with industrial enterprise revenue growth at 3.2% [22][23] - Government financing has significantly contributed to social financing growth, supporting economic recovery and creating a favorable financial environment for the stock market [24][27] - Fiscal spending has accelerated, with a 26% year-on-year increase in broad fiscal spending in the first five months, playing a crucial role in improving economic data [30]