今日早盘，半导体、存储芯片、医疗器械等板块走强，科创板系列指数集体大涨。截至午间收盘，科创50指数上涨4.1%，科创综指上涨3.2%，科创100 指数上涨2.8%，科创成长指数上涨2.4%，科创50ETF易方达（588080）半日成交额超12亿元，较前一交易日大幅放量。 每日经济新闻 （责任编辑：张晓波 ） 【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 ...

Group 1 - The core viewpoint of the article highlights a strong performance in the technology sector, particularly in the STAR Market, with over 80% of stocks showing positive gains [1] - The STAR Growth Index increased by 3.0%, the STAR 100 Index rose by 1.8%, the STAR Composite Index went up by 1.8%, and the STAR 50 Index saw a rise of 1.7% [1] - A new regulation was introduced by relevant authorities, reducing the risk factor for ordinary shares of STAR Market-listed companies held by insurance companies for over two years from 0.4 to 0.36, which is expected to attract new capital into the STAR Market [1]

Core Viewpoint - The technology sector is expected to lead the market amidst a backdrop of national strategic competition, with a focus on self-reliance and the development of new productive forces, supported by favorable policies and potential monetary easing from the Federal Reserve [1]. Group 1: Market Performance - The STAR Market 50 Index rose by 0.7%, the STAR Growth Index increased by 0.5%, and the STAR Composite Index went up by 0.3%, while the STAR 100 Index saw a slight decline of 0.04% [1]. Group 2: Industry Outlook - According to a report from Industrial Securities, the emphasis on technological self-reliance and the development of new productive forces will remain a priority in the context of high-quality domestic transformation [1]. - The upcoming policy direction towards the end of the year is expected to maintain the focus on industry and technology, aligning with the key tasks outlined in the 14th Five-Year Plan [1]. Group 3: Economic Factors - The anticipated easing measures from the Federal Reserve, along with a favorable shift in risk appetite due to a fundamental vacuum period, are expected to boost the technology growth sector, which is seen as a critical factor in driving the current market rally [1].

Group 1 - The core viewpoint indicates that the STAR Market indices, including the STAR 100 Index and STAR Growth Index, have shown positive performance with increases of 1.2%, while the STAR 50 Index and STAR Composite Index rose by 1.1% as of midday closing [1] - Analysts suggest that after November 24, the STAR Market has entered a phase of continuous rebound, with most institutions maintaining an optimistic outlook on its future trends [1] - From a policy perspective, the "14th Five-Year Plan" provides clear guidance for the technology innovation sector, which is expected to drive growth [1] Group 2 - The industry outlook remains positive due to improved fundamentals, with no decline in the cost-performance ratio of computing power [1] - Sectors benefiting from AI development, such as AI applications and semiconductor equipment, are still considered promising investment opportunities [1]

Core Insights - The stock price of the Hong Kong innovative drug company, Yaojie Ankang, has experienced significant volatility, drawing widespread market attention due to its recent inclusion in multiple indices, including the Guozheng Hong Kong Stock Connect Innovative Drug Index [1][2] Group 1: Company Overview - Yaojie Ankang, listed on June 23, 2025, is a biopharmaceutical company focused on developing innovative therapies for tumors, inflammation, and cardiovascular metabolic diseases [2] - Since its listing, Yaojie Ankang's stock price had been steadily increasing until its inclusion in the Hong Kong Stock Connect on September 8, which triggered a surge in buying activity [2][3] Group 2: Stock Performance - Following its inclusion in the indices, Yaojie Ankang's stock price surged by 77.09% on September 12 and further increased by 115.58% on September 15 [2][3] - However, on September 16, the stock price plummeted by 53.73%, dropping from 679.5 HKD per share to 192 HKD per share, illustrating extreme volatility [2][3] Group 3: Index Inclusion and ETF Impact - The inclusion of Yaojie Ankang in the Guozheng Hong Kong Stock Connect Innovative Drug Index led to passive buying from ETFs, with one ETF purchasing 3 million shares, amounting to approximately 578 million HKD, which represented about 2.62% of the fund's net value [3][4] - The total scale of the five ETFs tracking the Guozheng Hong Kong Stock Connect Innovative Drug Index is approximately 35.963 billion HKD, suggesting a passive buying amount of around 940 million HKD [3][4] Group 4: Index Adjustment Controversy - The adjustment process for the Guozheng Hong Kong Stock Connect Innovative Drug Index has faced criticism for lacking transparency, as the index company did not announce Yaojie Ankang's inclusion in advance, impacting investors' awareness [4][5] - Concerns have been raised regarding the index's sample selection criteria, as Yaojie Ankang had been listed for less than three months and did not fully meet the requirements regarding average daily trading volume [5] Group 5: Market Dynamics and ETF Influence - The expansion of ETFs has significantly increased their influence on market dynamics, with passive funds becoming a powerful force affecting stock price movements [6][7] - As ETF sizes surpass 5 trillion HKD, the impact of passive buying and selling on individual stocks is expected to intensify, particularly during quarterly adjustments [6][7]