2025 年，双创板块（科创板 + 创业板）凭借新质生产力的强劲赋能，成为国内市场耀眼的主线。作为双创板块核心缩 影的科创创业50指数(931643)，以 "跨市布局 + 硬科技聚焦" 的独特优势，交出了亮眼答卷。站在2025年末的时间节 点，这场"科技盛宴"是否已近尾声？2026年 "十五五" 规划开局之年，双创板块又将迎来哪些新机遇？本文将回顾双创 板块2025年的表现，并对2026年的行情做出展望。 一、2025 年复盘：硬科技领衔，双创板块"产业牛"深化 2025年双创板块成为引领 A 股成长风格的核心力量。科创创业50指数全年涨幅高达64.32% ，大幅跑赢沪深300 （18.21%）、中证A500（22.78%）等大盘宽基指数（截至2025.12.30）。市场关注度与流动性同步升温，成为板块强 势的重要佐证。2025 年，科创创业50指数的成交额相较2024年大幅增长120.68%，充分彰显了市场对双创板块硬科技 核心资产的认可。 图：双创板块大幅跑赢大盘宽基 （1）产业周期上行，盈利能力提升：双创板块聚焦的硬科技赛道技术突破与业绩落地形成良性循环，成为板块上涨 的核心驱动力。受益于全球竞争力提升 ...

Core Insights - The current policy direction for the domestic economy emphasizes the development of new productive forces, with a focus on technology and innovation companies expected to achieve excess returns under a backdrop of liquidity easing [1] Industry Performance - From January to October, profits in the high-tech manufacturing sector increased by 8.0% year-on-year, surpassing the average growth of all industrial sectors by 6.1 percentage points [1] - The smart electronics manufacturing sector showed strong growth, with profits in the smart unmanned aerial vehicle manufacturing and smart vehicle-mounted equipment manufacturing industries rising by 116.1% and 114.9%, respectively [1] - The semiconductor manufacturing sector also experienced rapid profit growth, with integrated circuit manufacturing, electronic special materials manufacturing, and semiconductor discrete devices manufacturing seeing profit increases of 89.2%, 86.0%, and 17.4%, respectively [1] - The precision instruments manufacturing sector demonstrated high-quality development, with profits in optical instrument manufacturing and specialized instruments and meters manufacturing growing by 38.2% and 14.1%, respectively [1] - The equipment manufacturing sector saw a year-on-year profit increase of 7.8% from January to October, with the railway, shipbuilding, and aerospace industries achieving double-digit profit growth rates of 32.0% and 12.8%, respectively [1] Investment Opportunities - The Science and Technology Innovation and Entrepreneurship ETF (588360) tracks the Science and Technology Innovation 50 Index (931643), which has a daily fluctuation limit of 20%. This index selects 50 large-cap, liquid technology innovation companies from the Sci-Tech Board and the Growth Enterprise Market, covering high-tech industries such as information technology, biomedicine, and new energy [1]

Group 1 - The core viewpoint highlights that the technology sector, particularly in AI, is gaining attention as the market recovers and liquidity improves, with a focus on high-growth and innovative companies [1] - The Tianfeng Securities report identifies three investment directions based on economic recovery and market liquidity, emphasizing the importance of breakthroughs in AI applications and consumer adoption for sustained market performance [1] - The Science and Innovation ETF (588360) tracks the Science and Innovation 50 Index (931643), which selects high-growth and innovative companies from the Sci-Tech and ChiNext boards, covering emerging industries such as information technology, healthcare, and new energy [1] Group 2 - The Science and Innovation 50 Index aims to reflect the overall performance of listed companies in China's technology innovation sector, prioritizing firms with high R&D investment and growth potential [1] - The index's daily fluctuation can reach up to 20%, indicating significant volatility and investor interest in the technology and innovation themes [1]

（文章来源：每日经济新闻） 科创创业ETF（588360）跟踪的是科创创业50指数（931643），单日涨跌幅达20%，该指数从科创板与 创业板中选取市值较大、流动性较好的50只新兴产业股票作为指数样本，覆盖半导体、新能源、生物医 药等高科技领域。指数行业分布均衡，重点聚焦信息技术、工业及医药卫生等前沿产业，旨在反映中国 高科技新兴产业上市公司证券的整体表现。 中泰证券指出，"十五五"规划明确科技创新是引领现代化建设的核心动力，科技金融作为支撑科技创新 的关键一环已成为国家战略布局的重中之重。政策正以前所未有的力度推动科技金融政策体系完善，旨 在打通科技、产业与金融之间的循环堵点，引导金融资源精准流向科技创新领域。针对"人工智能 +"和"新型工业化"等重点领域，政策要求金融资源更精准聚焦前沿科技与"卡脖子"领域。证券行业通过 注册制改革、科创债、并购重组等多维度政策，为"硬科技"企业提供包容和适配的融资环境，科创板已 累计支持近600家企业上市，上市公司整体研发投入强度持续维持在11%左右的高位。金融机构的服务 模式正向生态化、专业化转型，构建覆盖科技创新全生命周期的服务体系。 ...

截至2025年8月15日 13:29，科创创业50指数(931643)强势上涨1.14%，成分股阳光电源(300274)上涨 7.15%，大全能源(688303)上涨4.68%，润泽科技(300442)上涨4.08%，天合光能(688599)，澜起科技 (688008)等个股跟涨。 资金流向方面，截至2025年8月14日，科创创业50指数近5个交易日内有3日资金净流入，合计"吸 金"152.13亿元，日均净流入30.43亿元。 融资方面，截至2025年8月14日，科创创业50指数连续4天获杠杆资金净买入，最高单日获得22.52亿元 净流入，最新融资余额达960.78亿元。 与此同时，截至2025年8月14日，泰康中证科创创业50指数A交易拥挤度（以指数与沪深300指数月日均 换手率构建）处于近1年28.4%的分位，低于历史上71.60%的时间。 截至2025年8月14日，泰康中证科创创业50指数A单位净值为1.12元，较前一交易日上涨0.10%，创近1 年新高。 截至2025年8月14日，泰康中证科创创业50指数A(017495)自成立以来，最高单月回报为28.08%，最长连 涨月数为3个月，最长连涨涨幅33 ...

Group 1 - The core viewpoint of the article highlights the deepening reform details of the Sci-Tech Innovation Board, which address the pain points of listing for tech companies and enhance the capital market's inclusivity and adaptability towards technological innovation and new productive forces [1] - The reform clarifies the delisting standards for the Sci-Tech Growth Layer, implementing a "new and old distinction" for existing unprofitable companies, while the delisting conditions for newly registered companies are raised to meet the first set of listing standards of the Sci-Tech Innovation Board [1] - As of July 14, 13 unprofitable companies are already in the IPO queue, indicating an expected increase in unprofitable tech companies applying for IPOs following the reform [1] Group 2 - The reform encourages experienced institutional investors to participate, requiring them to have rich investment experience and long-term holding capabilities to better identify growth potential companies [1] - The pre-review mechanism is expected to enhance review efficiency, potentially shortening the review cycle and attracting more tech companies to apply for IPOs on the Sci-Tech Innovation Board [1] - The Sci-Tech Innovation and Entrepreneurship ETF tracks the Sci-Tech Innovation and Entrepreneurship 50 Index, which can have a daily fluctuation of up to 20%, reflecting the overall performance of listed companies in China's tech innovation sector [1]

Group 1 - The core viewpoint of the news is that the reform of the Sci-Tech Innovation Board (STAR Market) enhances institutional inclusiveness by establishing a growth tier for unprofitable companies, allowing 32 existing unprofitable firms to enter this tier immediately and be marked as "成1" [1] - New companies will be marked as "成" upon listing, and their stock names will uniformly add a "U" identifier [1] - The exit mechanism implements a "new and old separation," where existing companies must achieve profitability to remain, while new companies must meet the first set of listing standards of the STAR Market to promote technological development and market expansion [1] Group 2 - The reform introduces a recognition mechanism for experienced institutional investors, requiring them to have investment experience in at least five STAR Market listings or ten listings on major domestic and international exchanges in the past five years, and to hold a stake of 3% or more or 500 million yuan or more [1] - A pre-review mechanism focuses on companies tackling "key core technology challenges," optimizing the review process and shortening the IPO cycle, which, combined with the acceleration of acceptance after the June policy release, may lead to a wave of unprofitable companies going public in the second half of the year [1] - In a neutral scenario, the expected fundraising scale for new stocks in the second half of 2025 is projected to be between 443 billion yuan and 787 billion yuan, highlighting the capital market's support for technological innovation [1] Group 3 - The Sci-Tech Innovation and Entrepreneurship ETF tracks the Sci-Tech Innovation and Entrepreneurship 50 Index, which can experience daily fluctuations of up to 20% [2] - This index, compiled by China Securities Index Co., selects 50 listed companies with large market capitalization and excellent liquidity from the STAR Market and the ChiNext, covering strategic emerging industries such as information technology and healthcare [2] - The index reflects the overall market performance of leading Chinese technology innovation enterprises and exhibits significant growth characteristics in its investment style [2]

Group 1 - The core viewpoint is that the deepening reform details of the Sci-Tech Innovation Board enhance the capital market's institutional inclusiveness towards technological innovation and new productive forces development [1] - The establishment of the Sci-Tech Growth Tier reflects policy support orientation, with the opening of listing channels for unprofitable companies, leading to expectations of more unprofitable tech companies applying for IPOs in the future [1] - The reform will have structural impacts on new stock issuance, with a slight acceleration in the issuance pace expected in the second half of 2025, particularly for unprofitable tech companies [1] Group 2 - The pre-review mechanism has officially started, which will further improve IPO review efficiency and shorten the review cycle, attracting more tech companies to actively apply for IPOs on the Sci-Tech Innovation Board [1] - The Sci-Tech Innovation and Entrepreneurship ETF tracks the Sci-Tech Innovation 50 Index, which can have daily fluctuations of up to 20%, consisting of 50 selected tech and innovative companies with good liquidity and market capitalization [1] - The index aims to reflect the overall performance of listed companies in China's technology innovation sector, covering high-growth industries such as information technology and healthcare [1]

Group 1 - The central bank's monetary policy committee suggests increasing the intensity of monetary policy adjustments, focusing on guiding credit structure towards technology innovation, consumption, private enterprises, and small and micro businesses [1] - Support for banks to replenish capital and explore the normalization of stock repurchase and re-lending arrangements is emphasized [1] - The reform of the Sci-Tech Innovation Board and the Growth Enterprise Market continues to deepen, enhancing support for technological innovation through financial policies [1] Group 2 - Chinese securities firms are innovating in virtual asset businesses, with Guotai Junan International receiving approval to upgrade its virtual asset trading license, which is expected to generate new performance increments and enhance competitive advantages through digital finance [1] - The central bank, along with multiple departments, has issued guidelines to support consumption, proposing to strengthen structural monetary policy tools and increase credit support for key service consumption areas [1] - The Sci-Tech Innovation and Entrepreneurship ETF tracks the Sci-Tech Innovation and Entrepreneurship 50 Index, which can experience daily fluctuations of up to 20%, reflecting the overall performance of listed companies in China's technology innovation sector [1]

Group 1 - The market is focusing on the performance expectations of the technology sector, particularly in sub-sectors like optical modules and PCBs that benefit from the digital economy and 5G development [1] - The central bank's monetary policy committee suggested increasing the intensity of monetary policy adjustments, guiding credit structure towards technology innovation, consumption, and support for small and micro enterprises [1] - The continuous deepening of reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market aims to effectively support technological innovation, with increased financial policy support for the tech sector [1] Group 2 - Chinese securities firms are innovating in virtual asset businesses, with firms like Guotai Junan International obtaining upgraded virtual asset trading licenses, which may lead to new performance increments and enhance competitive advantages through digital finance [1] - The central bank, along with multiple departments, issued guidelines to support consumption, emphasizing structural monetary policy tools and increasing credit support for key service consumption areas [1] - The Sci-Tech Innovation and Entrepreneurship ETF tracks the Sci-Tech Innovation 50 Index, which includes 50 emerging industry stocks with significant market capitalization and liquidity, reflecting the overall performance of listed companies in China's tech innovation sector [1]