（文章来源：每日经济新闻） 财信证券指出，当前市场风格在2025年Q4从"科技成长"切换至"红利风格"，但中期或将回归科技主线。 代表科技成长的科创创业50指数虽出现高位滞涨，但考虑到"科技与价值"相对盈利增速尚未逆转、估值 分化并非极致、TMT板块交易拥挤度仍不高，科技成长仍是中长期主线。预计2026年科技方向内部将 呈现"高切低"特征，可关注滞涨的AI应用、消费电子等细分领域。 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 等核心领域，旨在反映中国前沿产业的整体表现。该指数行业配置均衡，侧重于科技创新和成长性。 ...

浙商证券指出，2025年以来A股科技股行情表现突出，科创板为科技企业直接融资提供助力。国家 创新体系需聚焦科技、产业、金融的正向循环，重点关注"卡脖子"领域如集成电路、工业母机、高端仪 器、基础软件、先进材料、生物制造等，这些领域仍需加大攻关力度以实现突破。科技与产业的循环 中，0-1环节（原始创新）仍有较大提升空间金融服务实体经济需支持"投早、投小、投长期、投硬科 技"，科技创新贷款和债券为科技企业提供了资金支持。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 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。 每日经济新 ...

（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%，该指数从科创板中 选取具有高成长潜力和创新能力的高新技术企业作为指数样本，覆盖新一代信息技术、生物医药、新材 料、新能源等前沿领域。该指数旨在综合反映科创板内优质创新企业的整体表现，为投资者提供把握科 技创新领域市场动态与投资机会的有效工具。 中银国际指出，伴随全球算力基础设施加速，电力及存储短缺问题正在凸显。微软及 OpenAI 等头部厂 商面临电力短缺，中国变压器出口金额同比与美国电价趋势亦有所体现。存储涨价趋势验证了 AI 产业 链的高需求，本轮存储周期中价格涨幅和斜率均较高，特别是进入 10 月以来，AI 存储涨价趋势强化， 后续仍有较大上行空间。AI 板块行业配置应关注算力基础设施中资源缺口明确的电力、存力等产业链 环节，包括存储、燃气轮机、SOFC 电池、固态变压器、储能等，相关赛道景气确定性较高。此外，A 股盈利持续改善，科技行业贡献盈利绝对增量，TMT 行业贡献显著，电子、计算机、通信分别贡献 1.4%、0.6%、0.5%。 ...

Group 1 - The core viewpoint indicates a significant recovery in the performance of the Sci-Tech Innovation Board as of Q3 2025, with overall revenue growth improving by more than 3 percentage points on a comprehensive basis and over 1 percentage point on a median basis, surpassing other listed boards and core broad indices [1] - Although the overall net profit growth rate remains negative, it has narrowed to a single-digit negative, with a comprehensive marginal improvement of over 10 percentage points and a median marginal improvement of over 4 percentage points [1] - The electronic industry shows a prominent growth advantage, with revenue growth rates in sub-sectors like components exceeding 15% on a median basis, and the profit margins in AI hardware-related sectors are recovering, leading to an increase in the volume-price growth differential [1] Group 2 - The Sci-Tech Innovation ETF (588360) tracks the Sci-Tech Innovation 50 Index (931643), which has a daily fluctuation limit of 20%, selecting 50 emerging industry stocks with large market capitalization and good liquidity from the Sci-Tech and Growth Enterprise Boards, covering core areas such as new energy and biomedicine [1] - The index sample focuses on hard technology and mature innovative enterprises, exhibiting high industry concentration and leading effects, effectively reflecting the technological barriers and growth performance of China's frontier industries [1] - The performance of the tracked index in Q3 exceeded 65%, significantly outperforming the Sci-Tech 50 (49.02%) and Growth Enterprise 50 (59.45%) [1]

Group 1 - The core viewpoint emphasizes that technological innovation remains the primary focus for the next five years, with expectations for the technology sector to further develop [1] - The TMT sector's share in A-shares is projected to increase from 30% to 40%, indicating a strengthening narrative around technology [1] - The Sci-Tech Innovation and Entrepreneurship 50 Index is expected to benefit from policy support and industry upgrade trends, reflecting the importance of technological advancement [1] Group 2 - The Sci-Tech Innovation and Entrepreneurship ETF (588360) tracks the Sci-Tech Innovation and Entrepreneurship 50 Index (931643), which has a daily fluctuation limit of 20% [1] - The index selects 50 emerging industry stocks with large market capitalization and good liquidity from the Sci-Tech Board and the Growth Enterprise Market, covering key areas such as new energy and biomedicine [1] - The index's performance in the third quarter exceeded 65%, significantly outperforming the Sci-Tech 50 (49.02%) and the Growth Enterprise 50 (59.45%) [1]

Group 1 - The core viewpoint emphasizes the importance of technological independence and original innovation in China's "14th Five-Year Plan," highlighting the need to rebuild a high-tech industry in the face of greater uncertainties over the next five years [1] - The Ministry of Science and Technology will focus on developing new model algorithms and high-performance computing, enhancing the efficient supply of computing power, algorithms, and data to empower various industries with artificial intelligence [1] - The "14th Five-Year Plan" prioritizes the construction of a modern industrial system, with high-tech manufacturing and equipment manufacturing as core driving forces, expecting to create a scale equivalent to rebuilding China's high-tech industry over the next decade [1] Group 2 - The Science and Technology Innovation and Entrepreneurship ETF (588360) tracks the Science and Technology Innovation and Entrepreneurship 50 Index (931643), which saw a daily fluctuation of 20%, selecting 50 emerging industry stocks with large market capitalization and good liquidity from the Sci-Tech Board and the ChiNext [1] - The index focuses on hard technology and mature innovative enterprises, reflecting the technological barriers and growth performance of China's frontier industries, with a high industry concentration and leading effect [1] - The index's performance in the third quarter exceeded 65%, significantly outperforming the Sci-Tech 50 (49.02%) and ChiNext 50 (59.45%) [1]

Core Viewpoint - Technological innovation is identified as the primary task direction for the next five years, emphasizing the need to enhance independent innovation capabilities and seize the high ground in technological development [1] Group 1: Policy and Strategic Direction - The adjustment in priorities highlights a further emphasis on the implementation of technological innovation in the real economy [1] - Historical analysis of the past twenty years shows that the formation of five-year plans has supported the mid-term slow bull market in A-shares [1] Group 2: Investment Opportunities - The Science and Technology Innovation and Entrepreneurship ETF (588360) tracks the Science and Technology Innovation and Entrepreneurship 50 Index (931643), which has a daily fluctuation limit of 20% [1] - The index selects 50 emerging industry stocks with large market capitalization and good liquidity from the Sci-Tech Board and the Growth Enterprise Market, covering key areas such as new energy and biomedicine [1] - The index focuses on hard technology and mature innovative enterprises, reflecting high industry concentration and leading effects, which can comprehensively represent the technological barriers and growth performance of China's frontier industries [1] Group 3: Performance Metrics - The index's performance in the third quarter exceeded 65%, significantly outperforming the Sci-Tech 50 (49.02%) and the Growth Enterprise Market 50 (59.45%) [1]

Group 1 - The core viewpoint of the article emphasizes the importance of advanced manufacturing as the backbone of a modern industrial system, driven by technological innovation and original innovation in key core technologies [1] - The article outlines eight strong nation-building initiatives, including manufacturing, quality, aerospace, transportation, and cyber power, with aerospace and transportation being newly highlighted [1] - The article stresses the need to maintain a reasonable proportion of manufacturing and to build a modern industrial system centered on advanced manufacturing [1] Group 2 - The Sci-Tech Innovation and Entrepreneurship ETF (588360) tracks the Sci-Tech Innovation 50 Index (931643), which saw a daily fluctuation of 20%, selecting 50 emerging industry stocks with good liquidity and large market capitalization from the Sci-Tech and Entrepreneurial boards [1] - The index focuses on hard technology and mature innovative enterprises, reflecting the technological barriers and growth performance of China's frontier industries, with a third-quarter performance exceeding 65%, significantly outperforming the Sci-Tech 50 (49.02%) and Entrepreneurial 50 (59.45%) [1]

Core Viewpoint - The Sci-Tech Innovation and Entrepreneurship ETF (588360) has risen over 3% in early trading on October 21, indicating a positive market sentiment towards the technology growth sector, particularly in hard technology fields such as overseas computing power and chip manufacturing [1] Group 1: Market Performance - The Sci-Tech Innovation and Entrepreneurship ETF (588360) tracks the Sci-Tech Innovation 50 Index (931643), which has a daily fluctuation limit of 20% [1] - The index selects 50 emerging industry stocks with large market capitalization and good liquidity from the Sci-Tech Board and the Entrepreneurship Board, covering key areas such as semiconductors, new energy, and biomedicine [1] - The index's performance in the third quarter exceeded 65%, significantly outperforming the Sci-Tech 50 (49.02%) and the Entrepreneurship Board 50 (59.45%) [1] Group 2: Industry Insights - Dongwu Securities highlights a "Davis Double Play" in the technology growth sector, where performance and valuation are both improving, particularly in hard technology areas [1] - There is an expectation that the narrative of technological prosperity will transmit from upstream hardware to downstream application scenarios [1] - The trend of corporate earnings recovery is established, with the credit cycle turning approximately 9 months ahead of the earnings cycle, supported by a weak dollar narrative [1] - The technology sector remains backed by a narrative logic and is recommended for focus on areas such as AI empowerment and the internationalization of innovative pharmaceuticals [1]

Group 1 - Overseas technology companies are increasing innovation in the AI sector, with Oracle providing clearer financial guidance for its AI infrastructure projects, expecting cloud infrastructure revenue to reach $166 billion by fiscal year 2030, and AI-driven data platform revenue to soar to $20 billion [1] - Domestic AI computing power in China is entering a phase of significant growth, with leading companies having ample inventory reserves, and annual performance expected to maintain a high growth trend [1] - AI applications in China are beginning to take shape in the consumer sector, while business-to-business AI applications focus on refining commercial products in specific verticals [1] Group 2 - The Science and Technology Innovation ETF (588360) tracks the Science and Technology Innovation 50 Index (931643), achieving a daily fluctuation of 20%, with the index selecting 50 emerging industry stocks with large market capitalization and good liquidity from the Science and Technology Innovation Board and the Growth Enterprise Market, covering core areas such as new energy and biomedicine [1] - The index focuses on hard technology and mature innovative enterprises, exhibiting high industry concentration and leading effects, effectively reflecting the technological barriers and growth performance of China's frontier industries [1] - The index's performance in the third quarter exceeded 65%, significantly outperforming the Science and Technology Innovation 50 (49.02%) and the Growth Enterprise Market 50 (59.45%) [1]