（文章来源：每日经济新闻） 1月27日，科创板100ETF（588120）收涨超3.4%，科技主线依然具有延续性。 科创板100ETF（588120）跟踪的是科创100指数（000698），单日涨跌幅限制达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，涵盖了信息技术、医疗保健等多个高新 技术领域，以反映科创板市场中具有代表性的科技创新企业证券的整体表现，该指数侧重于科技成长风 格配置。 中泰证券表示，科技仍是当前市场的主线，尽管动能有所减弱，但科技主线依然具有一定的延续性。理 由包括市场风险偏好较高、估值未进入狂热情绪阶段、海外对标表现强劲以及全球流动性预期宽松。展 望未来，科技主线被保持谨慎乐观态度，尤其在细分领域有望迎来资金面与产业逻辑的双重共振机会。 ...

Core Viewpoint - The ChiNext 100 ETF (588120) has experienced a correction of over 1.7%, but the growth style shows potential for continued upward movement [1] Group 1: Market Performance - The ChiNext 100 Index has outperformed major broad-based indices [1] - Current market trading sentiment is exuberant, combined with the spring market effect, leading to strong performance in growth styles [1] - Fund flows are polarized, with some funds favoring growth sectors like ChiNext [1] Group 2: Trading Volume and Volatility - Market trading volume has surpassed 3 trillion yuan, indicating potential for increased short-term volatility [1] - Despite the volatility, the probability of continued upward movement after adjustments is considered high [1] Group 3: Index and ETF Details - The ChiNext 100 ETF tracks the ChiNext 100 Index (000698), which has a daily price fluctuation limit of 20% [1] - The index selects 100 securities with larger market capitalization and better liquidity from the ChiNext market, covering various technology innovation sectors such as information technology and healthcare [1]

Group 1 - The core viewpoint is that the long-term logic of the technology sector remains validated, with the TMT sector showing superior profit growth compared to the overall A-share market, similar to previous years like 2013, 2015, and 2020-2021 [1] - The current global technology cycle is supported by significant capital expenditure expansion from major global tech giants, which is a key driver for the technology sector [1] - The commercial aerospace sector is entering a new phase with low-orbit satellite constellations becoming a new battleground for major powers, transitioning from an "investment incubation period" to a "profit realization period" [1] Group 2 - The oil and chemical industry is experiencing a restructuring of supply dynamics due to "anti-involution" policies, alongside a reduction in capital expenditure and emerging demand driving an upward cycle in industry prosperity [1] - The rise in non-ferrous metal prices is attributed to a combination of macroeconomic conditions, industry fundamentals, capital allocation, and geopolitical factors, leading to a historic mismatch between supply and demand in emerging industries [1] - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology 100 Index (000698), which includes 100 mid-cap securities from the Science and Technology Board, reflecting the overall performance of mid-cap securities in the technology sector [2]

Group 1 - The current AI market differs fundamentally from the 2000 internet bubble, with solid profitability among tech giants, matched capital expenditure and cash flow, and controllable debt leverage [1] - The demand for computing power is real and faces hard constraints from energy, with capital expenditure taking on a more defensive strategic character [1] - Despite short-term volatility and valuation constraints, the long-term potential of AI as a general-purpose technological revolution should not be overlooked, indicating a complex interplay of industrial trend investments and cyclical opportunities [1] Group 2 - The computational demand for training the latest large language models (LLMs) is growing at an annual rate of 4 to 7 times, while hardware efficiency improvements are lagging behind [1] - The electricity demand for training cutting-edge LLMs is expected to increase at an annual rate of 2.2 to 2.9 times, highlighting energy bottlenecks as a hard constraint [1] - The capital expenditure of major tech companies reflects financial restraint, with the R&D and capital expenditure of the three major cloud providers converging in proportion to total revenue, indicating a steady investment pace [1] Group 3 - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), which has a daily price fluctuation limit of 20% [1] - The index selects 100 securities with larger market capitalization and better liquidity from the Science and Technology Innovation Board, covering high-tech fields such as new-generation information technology, biomedicine, and new materials [1] - The index aims to reflect the overall performance and development trends of China's technology innovation enterprises [1]

Group 1 - The core viewpoint is that the proportion of stocks held by insurance companies in the Sci-Tech Innovation Board is on a long-term upward trend, with a potential increase in stock investment scale by 166.9 billion yuan under neutral mid-term conditions [1] - The potential for increasing equity allocation by insurance funds is significant, with a static estimate indicating that if the stock and fund investment ratio is raised to a 30% cap, the stock investment scale could increase to a trillion-level [1] - The Sci-Tech Innovation Board 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which has a daily fluctuation limit of 20%, and includes 100 securities with larger market capitalization and better liquidity from the Sci-Tech Innovation Board [1] Group 2 - The index reflects the overall performance of representative enterprise securities in high-tech industries and strategic emerging industries, covering areas such as new generation information technology, biomedicine, and new materials [1]

Group 1 - The core viewpoint is that the proportion of stocks held by insurance companies in the Sci-Tech Innovation Board is on a long-term upward trend, supported by policy encouragement for insurance holdings in Sci-Tech stocks [1] - The risk factor for holdings exceeding two years has been adjusted from 0.4 to 0.36, which facilitates a normalized high proportion of equity allocation while maintaining tactical maneuvering space [1] - The increase in equity allocation by insurance funds is a major source of incremental growth, with potential additional investment space reaching trillions if the stock and fund investment ratio is raised to a 30% cap [1] Group 2 - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which has a daily fluctuation limit of 20%, reflecting the overall performance of 100 larger and more liquid securities selected from the Sci-Tech Innovation Board [1] - The index components cover multiple high-tech industries, including information technology and healthcare, showcasing strong innovation and growth potential [1]

Group 1 - The core viewpoint is that technology remains the strongest driving force, with significant improvements in self-reliance and core technology breakthroughs in key areas, leading to deep integration of technological and industrial innovation [1] - The AI industry chain shows a consistent performance advantage in the computing power segment for three consecutive quarters, indicating a clear trend of industrial prosperity, with the computing power sector being the highest and most sustainable profit growth area [1] - There is a substantial demand gap for computing power in the future, and the high prosperity will continue to drive profits upward, with domestic computing power chains expected to have greater potential as the Sino-US computing power competition intensifies [1] Group 2 - The energy storage chain is experiencing unexpected upward prosperity, likely to continue due to increased power consumption driven by AI computing power, which boosts the overall prosperity of the energy storage chain [1] - The storage sector is entering a long-term upward cycle, supported by supply-demand and structural contradictions that sustain long-term prosperity in storage [1] - 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 in the Science and Technology Innovation Board [1]

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]

Group 1 - The core viewpoint indicates that sectors related to technology innovation, such as AI computing power and commercial aerospace, are leading the recent market rebound, but trading volume is shrinking and investor enthusiasm is declining [1] - The volatility in overseas markets is suppressing sentiment in the A-share market, and a lack of short-term fundamental catalysts is causing rapid sector rotation, which may increase market volatility [1] - In the medium term, after easing of China-US trade tensions, sectors like military trade, innovative pharmaceuticals, AI infrastructure, commercial aerospace, and 6G infrastructure are expected to benefit long-term and present good allocation opportunities after market adjustments [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 leading companies in the Science and Technology Innovation Board [1] - The index includes 100 securities with larger market capitalization and better liquidity, covering high-tech industries such as information technology, biomedicine, and new energy, showcasing the market characteristics of technological innovation and growth style [1]

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]