（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 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 申万宏源证券指出，科创板在保险公司持有股票规模占比呈长期上升趋势，风险因子下调定向鼓励 保险持有科创板成分股，释放的权益加仓空间在中期中性情形下可增加股票投资规模1669亿元。保险资 金提升权益配置比例是潜在空间更大的来源，若股票+基金投资比例提高至30%上限，静态测算可增加 股票投资规模达万亿级别。 科创板100ETF（588120）跟踪的是科创100指数（000698），单 ...

申万宏源证券指出，科创板在保险公司持有股票规模占比呈长期上升趋势，政策定向鼓励保险持有 科创板成分股，风险因子从0.4下调至0.36（持仓超两年），有助于常态化高比例权益配置，同时保持战 术机动空间（4年内持仓超2年）。保险资金提升权益配置比例是主要增量来源，若股票+基金投资比例 提高至30%上限，潜在加仓空间达万亿级别。 【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 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：张晓波 ） 科创板100ETF（588120）跟踪的是科创100指数（000698），单日涨跌幅达20 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：张晓波 ） 华安证券指出，科技依旧是最强主线，势不可挡。产业趋势不可违，科技自立自强水平大幅提高， 重点领域关键核心技术快速突破，科技创新和产业创新深度融合。AI产业链中，算力端成长风格已连 续三个季度具备业绩相对优势，新一轮产业景气趋势明确，其中算力板块是盈利增速最高且持续的方 向，未来算力需求缺口仍然巨大，高景气延续带动盈利持续向上。国产算力链将具备更大潜力空间，中 美算力竞赛已进入白热化阶段，国产化替代趋势明确。此外，储能链景气超预期向上且有望持续，受 AI算力带动，功耗用电量大增，带动储能链条景气整体上行。存储迎来长期景气向上周期，供需和结 构矛盾支撑存储景气长期向上。 科创板100ETF（588120）跟踪的是科创100指数（000698），单日涨跌幅达20%，该指 ...

Group 1 - The core viewpoint is that AI computing power and other popular technology themes are leading a rebound, driven by discussions around Google and OpenAI, while new themes like commercial aerospace are creating new hotspots [1] - The "14th Five-Year Plan" emphasizes security resilience and self-controllable investments, which may positively impact A-shares in emerging industries such as commercial aerospace, satellites, 6G, low-altitude, and robotics [1] - Investors are advised to focus on self-controllable themes in both China and the US, including military trade, innovative pharmaceuticals, AI infrastructure, commercial aerospace, 6G infrastructure, and industrial control/office/AI software [1] Group 2 - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), which has a daily fluctuation of 20%, reflecting the overall performance of 100 mid-cap securities with good liquidity [1] - The components of the Science and Technology Innovation 100 Index cover various high-tech and strategic emerging industries, including information technology, biomedicine, and new materials, showcasing significant growth and innovation characteristics [1]

科创板100ETF（588120）跟踪的是科创100指数（000698），单日涨跌幅达20%，该指数从科创板 市场中选取市值较大、流动性较好的100只证券作为指数样本，以反映科创板龙头企业证券的整体表 现。该指数成分股覆盖信息技术、生物医药、新能源等多个高科技行业，充分体现了科技创新与成长风 格的市场特征。 【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 每日经济新闻 野村东方国际证券指出，科创题材如AI算力、商业航天等近期领跑市场反弹，但市场成交额持续 收缩，投资者交易热度回落。海外市场波动对A股情绪形成压制，短期基本面催化不足导致行业快速轮 动，市场波动率可能提升。中期维度看，中美贸易摩擦缓和后，自主可控题材如军贸、创新药、AI基 建、商业航天与6G基建等将长期受益，并在市场调整后获得较好配置机会。科技题材中的医药等已先 于市场调整，新能源储能出海也有望成为科技内部轮动的首选。若后续出现调整窗口，建议 ...

Group 1 - The core viewpoint is that technology remains a key driver of the current economic recovery, with intensified marginal catalysts expected in the future [1] - The current technology sector faces concerns over global AI narrative divergence and high crowding, but the third-quarter report structure shows that new economy sectors are outperforming old economy sectors, and overseas growth is better than domestic growth [1] - Domestic capital expenditure cycle is still in its early stages, indicating significant growth potential [1] Group 2 - The supply-demand tension in technology manufacturing and the accelerated iteration in AI application fields are the main directions of current marginal changes [1] - Global AI infrastructure investment continues to drive the prosperity of electronic and power facilities, with memory prices continuing to rise [1] - Major players in the AI field, such as Google and Alibaba, are launching new applications and models to enhance their ecosystems and commercialize AI [1] Group 3 - The ChiNext 100 ETF (588120) tracks the ChiNext 100 Index (000698), which has a daily fluctuation limit of 20%, reflecting the overall performance of 100 representative listed companies in the ChiNext market [1] - The constituent stocks cover multiple high-tech fields, including information technology, biomedicine, and new materials, showcasing strong innovation and growth potential [1]

Core Insights - The Sci-Tech 100 Index has a PE ratio of 199.4 times and a PB ratio of 5.3 times, which are at the 32nd and 89th historical percentiles respectively [1] - The valuation of the electronics (semiconductor) sector is at the 86th historical percentile for PB, while the communication sector's PB valuation is at a high 93rd historical percentile, indicating significant valuation divergence within the tech sector [1] - In the TMT sector, the PE valuations for computer (IT services, software development) are at the 97th and 91st historical percentiles, reflecting high market expectations for digital economy-related fields [1] Industry Summary - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which has a daily fluctuation limit of 20%. This index selects 100 securities from the Sci-Tech board based on moderate market capitalization and good liquidity [1] - The index covers multiple high-tech fields, including new generation information technology, biomedicine, and new materials, aiming to reflect the overall performance of listed companies with innovative and growth characteristics on the Sci-Tech board [1]

Core Insights - Since 2025, the A-share market has shown significant differentiation and rapid rotation between "dividend" and "technology growth" styles, forming a "seesaw pattern" [1] - Market funds are weighing macro expectations and industrial policies; when economic performance or external uncertainties rise, funds flow into stable cash flow and high-dividend sectors for "current certainty" [1] - Conversely, when market risk appetite improves, funds quickly shift towards growth sectors like artificial intelligence for "future high elasticity" [1] - The "14th Five-Year Plan" strongly guides frontier technologies, indicating long-term allocation value in technology growth sectors [1] - The current macroeconomic environment continues to show weak recovery, and rotation opportunities in technology growth sectors need to be dynamically grasped in conjunction with changes in market risk appetite and policy direction [1] Index and ETF Insights - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), with a daily fluctuation of up to 20% [1] - This index selects 100 securities with larger market capitalization and better liquidity from the Science and Technology Innovation Board to reflect the overall performance of representative listed companies [1] - The constituent stocks cover multiple high-tech fields, including information technology, biomedicine, and new materials, showcasing strong innovation and growth potential [1]

Group 1 - The core viewpoint of the article highlights the high valuation levels of the Sci-Tech 100 Index, with a current PE of 241.8 times and a PB of 5.7 times, indicating that these figures are at the 65th and 94th historical percentiles respectively [1] - The semiconductor industry within the TMT sector shows strong performance, with China's semiconductor sales expected to grow by 15.0% year-on-year by September 2025, an increase of 2.6 percentage points from August [1] - The global semiconductor market is projected to grow by 25.1% year-on-year, with significant growth in regions outside of China and Japan (47.9%) and the Americas (30.6%) [1] Group 2 - The PB valuations for the electronics (semiconductors) and communications sectors are above the 85th historical percentile, indicating sustained high prosperity in the technology sector [1] - The PE valuations for the computer sector (IT services, software development) are also above the 85th historical percentile, reflecting long-term market optimism towards the technology innovation field [1] - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which has a daily fluctuation limit of 20%, and includes 100 securities selected from the Sci-Tech Board based on market capitalization and liquidity, covering various high-tech and strategic emerging industries [1]

Group 1 - The core viewpoint of the articles indicates that the recent Fourth Plenary Session of the 20th Central Committee is favorable for the A-share technology sector, marking a shift towards a "strengthening advantages" phase in technology strategy, which supports long-term valuation [1] - The high-level proposal to "recreate a Chinese high-tech industry in the next 10 years" opens up further valuation enhancement opportunities for the technology sector [1] - In the manufacturing sector, the emphasis on maintaining a reasonable proportion of manufacturing and building a modern industrial system centered on advanced manufacturing suggests that "anti-involution" policies may become key measures for improving the quality of listed companies' profits [1] Group 2 - In the consumer sector, new expressions combining "investment in people" and "benefiting people's livelihood" are expected to lead to increased policy efforts during the 14th Five-Year Plan period, such as trade-in programs and childbirth subsidies, which may facilitate a recovery in the consumer sector [1] - The technology sector has shown a significant positive response to policy benefits, as evidenced by the performance of the Science and Technology Innovation Board 100 ETF (588120), which tracks the Science and Technology Innovation 100 Index (000698) [1] - The Science and Technology Innovation 100 Index, which includes 100 securities with larger market capitalization and better liquidity from the Science and Technology Innovation Board, covers multiple high-tech fields such as new generation information technology, biomedicine, and new materials, reflecting the overall performance of technology innovation enterprises [1]