9月12日，建信基金"信任的力量"2025秋季投资策略会在北京首钢园服贸会现场顺利举行，来自权益、 固收、量化、多元等多个领域的基金经理带来最新市场研判，为投资者深入解读当下热点与后市行情。 建信基金固定收益投资部基金经理吴轶带来了债市投资最新观点。利率债方面，地产和出口板块存在一 定下行风险，消费领域则需要重点关注补贴力度的可持续性；信用债方面，普通信用债相比利率债品种 仍有票息优势，在货币政策持续宽松的预期下，或可配置中短久期信用债以获取票息与骑乘收益，同时 关注久期风险。 建信基金数量投资部总经理助理、投资顾问团队基金经理孙悦萌围绕低利率时代在资产配置和风险管理 方面的应对展开讨论。当前，债券票息收益下行、债市波动放大，投资者日益重视资产性价比，尤其是 建信基金权益投资部基金经理马牧青围绕中国创新药产业的后市机会进行了分享。马牧青认为，随着高 质量产品的不断增加和创新领域的持续扩展，中国创新药的中长期表现未来可期，主要看好三大领域的 增长空间，一是肿瘤治疗领域，大型跨国药企仍有需求，重磅BD有望继续落地；二是减肥药，今年以 来减肥药领域BD不断，有望引领下一波创新药BD热潮；三是自身免疫性疾病领域，国内 ...

Group 1 - The A-share market has seen a strong performance in technology stocks since 2025, with the STAR Market being a core driver of this rally [1] - As of August 11, 2025, the STAR Composite Index has increased by 22.51% year-to-date, outperforming major indices like CSI 300 and SSE 50 [1] - The STAR AI and STAR Chip indices have recorded cumulative gains of 109.25% and 95.98% respectively since September 24, 2024 [1] Group 2 - The rise in STAR Market indices indicates a deepening "KOT" valuation logic in the capital market, with multiple avenues of development including reform, innovation, overseas expansion, and mergers [2] - The introduction of the STAR Market's "1+6" reform measures supports high-quality, unprofitable tech companies to go public, providing more investment opportunities [2] - The average daily turnover rate of the 32 companies in the STAR Growth Layer has increased by approximately 54% compared to 2024, surpassing the growth rate of non-growth layer companies [2] Group 3 - Since the release of the "STAR Market Eight Measures" in 2024, the number of STAR Market ETFs has nearly doubled, with a more than 60% increase in fund product scale [3] - Long-term investors have significantly increased their allocation to STAR Market ETFs, with total allocation exceeding 40 billion yuan by June 2025 [3] - There is a strong interest among long-term investors in ETFs tracking the STAR 50 Index, with both market value and number of accounts showing continuous positive growth over five years [3]

Group 1 - The core viewpoint of the article highlights the strong performance of the STAR Market indices in 2025, with the STAR Composite Index achieving a year-to-date increase of 22.51%, outperforming major indices like CSI 300 and SSE 50 [2] - The STAR Market has become a key driver of the recent technology stock rally, particularly in sectors such as AI and innovative pharmaceuticals, with the STAR AI and STAR Chip indices showing cumulative increases of 109.25% and 95.98% respectively since September 24, 2024 [2] - The robust performance of innovative pharmaceutical companies on the STAR Market is notable, with the STAR Innovative Drug Index rising 75.19% year-to-date, significantly outpacing the SSE Biomedicine Index [2] Group 2 - The upward trend in STAR Market indices indicates a deepening "tech valuation" logic in the capital market, supported by reforms and innovations that provide richer valuation anchors for technology assets [3] - The introduction of the STAR Growth Tier, which supports high-quality, unprofitable tech companies to go public, has expanded investment opportunities for investors [3] - The STAR Market now features 32 indices, creating a multi-layered product matrix that attracts approximately 2 million investors, with over 80 STAR Market ETFs listed, totaling more than 250 billion yuan in scale [3] Group 3 - Since the release of the "STAR Market Eight Measures" in 2024, the number of STAR Market ETFs has nearly doubled, with a more than 60% increase in fund product scale [4] - Long-term investors have significantly increased their allocation to STAR Market ETFs, with total allocation exceeding 40 billion yuan by mid-2025, particularly among insurance and corporate pension funds [4] - There is a strong preference among long-term investors for ETFs tracking the STAR 50 Index, with both market value and number of accounts showing positive growth for five consecutive years [4]

6月16日，汇添富上证科创板新材料交易型开放式指数证券投资基金正式在上海证券交易所（以下简 称"上交所"）挂牌上市交易。这一产品的顺利上市，为市场开辟了精准锚定新材料领域的专业化投资新 路径。 这也正是对《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》（以下简称"科创板八 条"）政策要求的生动实践。2024年6月19日，中国证监会发布的"科创板八条"，明确提出"持续丰富科 创板指数品种""优化科创板宽基指数产品常态化注册机制"等核心举措，以发挥资本市场功能，更好服 务中国式现代化大局。 "科创板八条"实施以来，资本市场投资工具矩阵加速完善，科创板ETF产品数量和规模实现双突破，有 效引导金融"活水"流向"硬科技"领域。据上交所官网数据统计，自"科创板八条"发布以来，截至6月17 日，已新增57只科创板ETF上市，沪市科创板ETF总数达88只，产品总规模超2500亿元。 展望未来，上交所相关负责人表示，将继续推动科创板改革走深走实，持续加强与市场各方的沟通交 流，及时回应市场关切，凝聚合力，推动指数化投资生态向更高质量、更具韧性的方向迈进，为资本市 场的健康稳定发展注入持久动力。 科创板指数持续"上 ...

2024年6月19日，中国证监会发布《关于深化科创板改革服务科技创新和新质生产力发展的八条措 施》，积极发挥科创板"试验田"作用，持续深化资本市场服务高水平科技自立自强和新质生产力发展的 功能。本报今起推出"科创板八条"落地一周年系列报道，多角度解读科创板支持"硬科技"企业的成功经 验，探究改革对资本市场与科技创新的深远影响，展现科创板企业的成长蜕变。 2024年6月19日，中国证监会发布《关于深化科创板改革服务科技创新和新质生产力发展的八条措 施》，积极发挥科创板"试验田"作用，促进新质生产力发展。 一年来，配套政策渐次落地、逐步见效，科创板"硬科技"成色更加突出，并购重组活力迸发，产品持 续"上新"，市场生态焕发新气象。 中国证券报记者了解到，相关部门将扎实推进"科创板八条"落地落实落细，一体推进发行承销、股债融 资、并购重组、交易机制等各项制度深化改革，增强制度包容性和适应性。 "硬科技"成色更突出 6月13日，被业界称为半导体"独角兽"的上海超硅IPO申请获上交所受理。这也是"科创板八条"发布后， 又一个未盈利企业科创板IPO申请获受理的案例。 接纳未盈利企业上市，是资本市场坚定支持"硬科技"企业的突 ...