上海证券交易所 投资营教育基地 中国基金报 CHINAFUND 中证指数 容清值 指数化投资 提数目科 第二十三期 剤创综栏2025年度报告 科创板新员生产力 "全景国" Amonday rance L r septing 4 o I ...... 编 者 技 近年来,指数体系快速完善,市 场认可度不断提高,指数化投资趋势 加速形成。上交所投教联合中国基金 报、中证指数公司共同推出"一图看 懂指数化投资"系列投教栏目,为广 大投资者带来全面、专业的解读,直 击指数化投资关键要义。 科创综指定位于覆盖科创板全 市场的综合指数。它纳入了科创板所 有上市时间满一年的非 ST、*ST 证 券,实现对科创板上市公司证券近乎 全域覆盖。目前科创综指样本数量达 576 只,市值覆盖度超过 90%,总 市值平均数为 163 亿元，与聚焦大 盘龙头股的科创 50 指数形成有效 互补。 样本数量 市值覆盖度 总市值平均数 576- 163 亿元 90% 科创综指一经发布持续吸引市 场关注,发布一年以来影响力持续提 升,已成为与上证指数、深证成指、 创业板指并列的 A 股四大核心宽基 指数,为境内外投资者观测和分享中 国新质生产力 ...

编 者 按 近年来,指数体系快速完善,市 场认可度不断提高,指数化投资趋势 加速形成。上交所投教联合中国基金 报、中证指数公司共同推出"一图看 懂指数化投资"系列投教栏目,为广 大投资者带来全面、专业的解读,直 击指数化投资关键要义。 上海证券交易所 投资者教育基地 中国基金报 CHINAFUND T 中证指数 官方唯 指数化投资 第二十三期 指数百科 和创编辑2025年度报告 r and the stres and a many of the website to AFT LEALERS CONSTITUTION CONSULTION CONS 王示图 : ......... : 8 直 发布背景 随着科创板市场规模的快速扩 大和产业结构的日益完善,投资者迫 切需要一条能够全面、均衡表征科创 板整体运行情况的综合型指数,上证 科创板综合指数(简称科创综指)应 运而生。 科创综指由上海证券交易所与 中证指数有限公司于 2025 年 1 月 20 日发布。该指数的推出,标志着科 创板指数体系建设迈入新阶段,为投 资者提供了首个全面观测和投资科 创板整体走势的权威"全景图"。 指数 声 位 科创综指定位于覆盖科创 ...

关注集思录微信 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众 号及作者概不承担任何责任。 去年年底我想 25年这一年涨了不少， 还依稀记得24年惨淡的行情， 我要保守， 26年能挣 5%我就满足了。 这开年第一周，科创板指数都已经涨了10% 连转债等权指数都涨了5.44% 去年年底我想 25年这一年涨了不少 还依稀记得24年惨淡的行情 我要保守 26年能挣5%我就 满足了 这开年第一周，科创板指数都已经涨了10% 连转债等权指数都涨了5.44% | | 指数涨幅统计(刷新) 历史数据 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 现价 | | | 本日涨幅 本周涨幅 本月涨幅 本季涨幅 本年涨幅 | | | | 000680 | 科创综指 | 1803.40 | 2.09% | 10.19% | 10.19% | 10.19% | 10.19% | | 000688 | 科创50 | 1475.97 | 1.43% | 9.80% | 9.80% | 9.80 ...

1月5日，期货市场多数品种实现平稳开局。能源与有色金属期货整体领涨，沥青、沪铝主力合约涨近 4%，沪铜、沪锡、沪锌涨超2% 金银开门红 股市开门红 截至1月5日收盘，上证指数报4023.42点，上涨1.38%，时隔34个交易日重返4000点，并走出12连阳，创 1992年3月以来连阳纪录；深证成指报13828.63点，上涨2.24%；创业板指报3294.55点，上涨2.85%；北 证50指数报1466.42点，上涨1.80%；科创综指报1695.84点，上涨3.61%。全市场合计成交额达2.57万亿 元，较前一个交易日放量超5000亿元，超4100只个股飘红，其中超120只个股收获涨停 期市开门红 1月5日，伦敦现货黄金大涨超2%，重返4400美元/盎司上方；伦敦现货白银涨近5%，盘中收复76美元/ 盎司关口。国内商品期货市场贵金属板块同样大涨，沪金主力合约、沪银主力合约涨逾1% ...

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 ...

助力硬科技资产价值重估 科创综指2025年1月20日正式发布，由符合条件的科创板公司证券组成指数样本，反映科创板上市公司 证券包括分红收益的整体表现。 在科创板公司满600家之际，上证科创板综合指数（以下简称"科创综指"）作为刻画科创板"全景图"的 指数，已成为中国科创的标杆性指数。 自2025年1月20日正式发布以来，科创综指走势呈现稳步拾级而上的特征，截至2025年12月31日，涨幅 约48%，显著跑赢市场主要宽基指数。鹏华基金经理苏俊杰接受证券时报记者采访时表示，科创综指能 够更加全面表征科创板的总体情况，具有更强的行业多元性。随着中国科技的崛起，科创综指将成为把 握科技成长脉搏、分享创新发展的标杆性指数。 当前，多项科技正在进入即将投入应用的节点，产品形态相对早期。科创综指有助于全面布局科技创新 方向，避免因投资单一赛道而错过部分仍处于萌芽中的产业浪潮。 华夏基金基金经理单宽之向记者表示，科创板一直坚守并强化"硬科技"定位，高度聚焦国家战略新兴产 业，积极助力我国高科技产业多维度深化创新并形成集群效应，为培育发展新质生产力提供多层次、高 质量的金融服务。对于看好国家战略新兴产业中长期发展的投资者，可以 ...

- The report focuses on the analysis of single-market indices, including comprehensive indices (e.g., Shanghai Composite Index, Shenzhen Composite Index) and component indices (e.g., SSE 50, ChiNext Index), highlighting their construction principles, industry distribution, and performance characteristics [1][3][50] - Comprehensive indices aim to cover the entire market or a specific segment without subjective selection, reflecting the overall market performance through total market capitalization weighting [3][4][10] - Component indices, such as SSE 50 and ChiNext Index, are constructed by selecting representative stocks based on criteria like market capitalization, liquidity, and industry position, aiming to efficiently reflect the performance of specific stock groups [50][51][52] - Comprehensive indices exhibit "broad coverage, low concentration" characteristics, with diluted individual stock weights due to the large number of constituents, while component indices show "high concentration" in both industry and stock weights, reflecting their focus on large-cap stocks [10][57][62] - The industry distribution of comprehensive indices is relatively balanced, with traditional large-cap sectors like banking having weight advantages, whereas component indices are more concentrated in specific industries, such as technology for ChiNext and banking for SSE 50 [5][53][57] - Market valuation analysis reveals that technology-focused indices (e.g., ChiNext, STAR 50) have higher PE and PB ratios compared to market-wide indices, indicating different pricing logic for growth-oriented sectors [21][65][69] - Performance analysis shows that technology-oriented indices outperformed in 2025 due to structural market trends, but their risk-adjusted returns (e.g., Sharpe ratio) are comparable to market-wide indices due to higher volatility [23][71][83] - Dividend analysis indicates that market-wide indices (e.g., Shanghai Composite, Shenzhen Composite) have higher dividend yields compared to technology-focused indices, reflecting their composition of more mature, dividend-paying companies [41][80][87] - Profitability metrics, such as ROE and net profit growth, show that technology-focused indices generally have higher growth potential but exhibit greater volatility, while market-wide indices demonstrate more stable returns [43][89][93]

Core Insights - Index investing has experienced rapid development due to policy guidance, market evolution, and changing investor demands [1][4] - The past decade has shown a clear trend towards indexation and institutionalization in the A-share market, making it increasingly difficult to achieve excess returns [1][4] - Investors typically focus on two types of returns: Beta (market returns from volatility) and Alpha (returns that exceed the market), with a growing interest in absolute return strategies [1][4] Group 1: Index Investment Strategies - Changcheng Fund has systematically organized its index investment strategies, including replication index strategies, "Index+" strategies, and absolute return strategies to provide investors with a richer selection [1][4] - The replication index strategy covers various styles of return exposure, aiming to provide clients with foundational and diverse standard tools [1][4] - Recent products launched by Changcheng Fund include a series of standard replication index products such as the Low Volatility Dividend 100, High Dividend Hong Kong Stock Connect, and others [1][4] Group 2: "Index+" and Absolute Return Strategies - The "Index+" strategy aims to capture both Beta and Alpha, allowing products to follow the market while also generating excess returns [2][5] - The CSI 500 index is highlighted as a balanced style index that seeks to uncover investment opportunities through breadth and balance [2][5] - The absolute return strategy employs quantitative analysis to dynamically control exposure across different equity indices and markets, helping clients achieve absolute return through quantitative investment strategies [6] - Two main product directions are identified: passive investment strategies based on time and space distribution (e.g., barbell and grid strategies) and a fully quantitative process from strategic to tactical levels [6]

Group 1 - The overall performance of the Sci-Tech Innovation Board (STAR Market) in 2025 is impressive, with major indices like the Sci-Tech 200, Sci-Tech 100, and Sci-Tech Composite Index showing gains exceeding 40%, while the Sci-Tech 50 Index has risen over 30% [1] - Key sectors leading the gains include hard technology areas such as Sci-Tech chips and Sci-Tech AI, reflecting a structural market driven by technological innovation [1] - Recent volatility in the STAR Market is attributed to three main factors: profit-taking by investors as year-end approaches, limited new changes in the industry, and debates in overseas markets regarding AI bubbles affecting investor sentiment [2] Group 2 - The long-term investment logic for the STAR Market remains unchanged, as the technology industry is crucial for national competitiveness, and the emergence of AI technology has initiated a new global tech cycle [2] - Key macro factors influencing the STAR Market include liquidity conditions, geopolitical factors accelerating domestic semiconductor and software sectors, global AI demand driving various industry chains, and comprehensive policy support from the government [2] - The "1+6" reform policy for the STAR Market aims to energize companies by creating a full lifecycle financing ecosystem, optimizing funding structures, and enhancing financing efficiency while protecting innovation [2] Group 3 - The Sci-Tech 100 Index represents "new quality productivity" in the capital market, focusing on mid-cap companies in critical phases of technology maturity and commercialization [3] - The index has a high concentration in sectors like electronics, biomedicine, and power equipment, which are driven by technological innovation and high added value [3] - The Sci-Tech 100 Index ETF and linked funds offer significant advantages, including risk diversification, low management fees, and real-time trading capabilities, making them attractive tools for investing in mid-cap growth companies on the STAR Market [4] Group 4 - The Sci-Tech AI Index differs from broader indices like Sci-Tech 50 and Sci-Tech 100 by focusing on approximately 30 companies directly related to AI, emphasizing a more aggressive and flexible investment approach [5] - Investors are advised to balance risk and return in a volatile environment by employing asset allocation strategies and utilizing systematic investment methods like dollar-cost averaging [6] - Common investment misconceptions include neglecting short-term volatility in favor of long-term prospects and blindly following market trends, highlighting the need for independent decision-making based on individual risk tolerance [7]

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]