在科创板上市公司数量达到600家之际，刻画科创板"全景图"的上证科创板综合指数（下称"科创综 指"）在A股市场的重要性成为一大探讨点。 科创综指是在科创板公司形成一定规模后，于2025年1月20日正式发布的。发布以来至2025年12月31 日，科创综指涨幅达约48%，2024年9月24日以来累计涨幅高达115%。境内已有46家基金管理人推出78 只科创综指指数基金，场内外合计规模达274亿元。 长期以来，市场习惯将上证综指、深证成指、创业板指称为"A股三大指数"，如今随着科创板体量进一 步扩大，科创综指平稳运行，科创综指是否应加入，成为"A股四大指数"之一？ 多位受访人士认为，结合市场规模、行业代表性与指数功能，科创综指已具备与上证指数、深证成指、 创业板指并列成为"A股四大核心宽基指数"的坚实基础，科创综指加入标志着A股指数体系正式形成"全 市场覆盖—精选龙头—板块聚焦"的立体化功能分工，显著弥补了原有体系在科技板块系统性表征上的 结构性空白。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，科创综指对A股市 场意义重大，进一步完善了A股市场的指数体系，使得不同市场层次、不同行业领 ...

2026.01. 05 在科创板上市公司数量达到600家之际，刻画科创板"全景图"的上证科创板综合指数（下称"科创综 指"）在A股市场的重要性成为一大探讨点。 科创综指是在科创板公司形成一定规模后，于2025年1月20日正式发布的。发布以来至2025年12月 31日，科创综指涨幅达约48%，2024年9月24日以来累计涨幅高达115%。境内已有46家基金管理 人推出78只科创综指指数基金，场内外合计规模达274亿元。 长期以来，市场习惯将上证综指、深证成指、创业板指称为"A股三大指数"，如今随着科创板体量进 一步扩大，科创综指平稳运行，科创综指是否应加入，成为"A股四大指数"之一？ 多位受访人士认为，结合市场规模、行业代表性与指数功能，科创综指已具备与上证指数、深证成 指、创业板指并列成为"A股四大核心宽基指数"的坚实基础，科创综指加入标志着A股指数体系正式 形成"全市场覆盖—精选龙头—板块聚焦"的立体化功能分工，显著弥补了原有体系在科技板块系统性 表征上的结构性空白。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，科创综指对A股 市场意义重大，进一步完善了A股市场的指数体系，使得 ...

业内人士认为，科创综指应与上证指数、深证成指、创业板指并列为A股四大核心指数。 在科创板上市公司数量达到600家之际，刻画科创板"全景图"的上证科创板综合指数（下称"科创综 指"）在A股市场的重要性成为一大探讨点。 科创综指是在科创板公司形成一定规模后，于2025年1月20日正式发布的。发布以来至2025年12月31 日，科创综指涨幅达约48%，2024年9月24日以来累计涨幅高达115%。境内已有46家基金管理人推出78 只科创综指指数基金，场内外合计规模达274亿元。 长期以来，市场习惯将上证综指、深证成指、创业板指称为"A股三大指数"，如今随着科创板体量进一 步扩大，科创综指平稳运行，科创综指是否应加入，成为"A股四大指数"之一？ 多位受访人士认为，结合市场规模、行业代表性与指数功能，科创综指已具备与上证指数、深证成指、 创业板指并列成为"A股四大核心宽基指数"的坚实基础，科创综指加入标志着A股指数体系正式形成"全 市场覆盖—精选龙头—板块聚焦"的立体化功能分工，显著弥补了原有体系在科技板块系统性表征上的 结构性空白。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，科创综指对 ...

Core Viewpoint - The Sci-Tech Innovation Board Composite Index (Sci-Tech Index) has shown significant growth since its launch, reflecting the overall development of China's technology innovation sector and attracting substantial investment [3][4][6]. Group 1: Performance and Coverage - The Sci-Tech Index has increased by 48.35% since its launch on January 20, 2025, outperforming major market indices [3][8]. - The index currently includes 576 stocks, covering 96% of the Sci-Tech Board companies, with a market capitalization coverage of over 91% [7][9]. - The total market capitalization of the Sci-Tech Board reached 11.14 trillion yuan, with the 576 stocks in the index accounting for 10.18 trillion yuan, or 91.38% of the total [7][9]. Group 2: Industry Composition - The index includes stocks from various sectors, with the largest representation from information technology (54.86%), followed by industrial (23.14%) and healthcare (13.50%) [7][9]. - The top ten stocks in the index represent 27.5% of its total market capitalization, with ten stocks exceeding 100 billion yuan in market value [7][9]. Group 3: Investment Products and Ecosystem - As of December 24, 2025, 45 fund managers have launched 77 index funds related to the Sci-Tech Index, with a total scale of 27 billion yuan [10][11]. - The average return of these products since their launch has been 42%, indicating strong investor interest [11]. - The index has facilitated a one-stop investment tool for investors, enhancing the accessibility of "hard technology" investments [11][12]. Group 4: Future Development and Optimization - Experts suggest that the Sci-Tech Index should continuously optimize its dynamic adjustment and maintenance mechanisms to reflect the latest developments in the hard technology sector [5][13]. - There is a need to enhance the scientific and representative nature of the index, focusing on key indicators such as R&D investment intensity and technology transfer capabilities [12][13]. - The index is expected to play a crucial role in guiding long-term capital allocation and enhancing recognition of China's technological strength among domestic and foreign investors [16][17].

指数产品规模达270亿元。 科创板上市公司将满600家，作为刻画科创板"全景图"的上证科创板综合指数（下称"科创综指"）已运 行近一年时间，整体成效如何？ 自2025年1月20日正式发布以来至12月25日，科创综指大幅上涨，涨幅达到48.35%，跑赢市场主要宽基 指数。该指数有576只样本股，覆盖率达到96%，市值覆盖度超过91%。同时，科创综指相关产品也不 断完善，截至24日，境内已有45家基金管理人推出共77只科创综指指数基金，场内外合计规模达270亿 元。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，科创综指能全面展 现科创板在科技创新、产业布局、企业成长等方面的整体面貌和发展趋势，一定程度上反映了中国科技 创新产业的整体发展脉络。该指数发布以来大幅上涨，是政策红利、产业基本面改善与资金积极涌入共 同作用的结果。 "科创综指近一年的平稳运行，标志着我国'硬科技'投资的指数化通道已全面贯通。"南开大学金融发展 研究院院长田利辉对记者称，科创综指相关ETF产品迅速发展，将抽象的"科技自立"叙事，转化为了可 供广大投资者便捷配置的金融工具，成为投资者"一键布局硬科技"的高效通道， ...

Group 1 - In June, the mutual fund market saw a resurgence, with 154 new funds launched, raising nearly 120 billion yuan, setting a record for the first half of the year [1] - Bond funds accounted for nearly half of the total issuance, with 34 new bond funds raising 57.93 billion yuan, representing 48.87% of the total [1] - The issuance of equity funds is expected to be a key focus for public funds in the second half of the year, as innovative products proliferate [1][2] Group 2 - A total of 677 funds were established in the first half of the year, with a total issuance of 526.77 billion yuan, showing growth compared to previous periods [2] - Active equity funds saw significant growth, with 45 new funds launched in June alone, raising close to 29 billion yuan, surpassing the previous five months [2] - The China Securities Regulatory Commission is expected to support the development of more technology innovation indices and public fund products, encouraging long-term investment in tech companies [3] Group 3 - The first half of the year saw 124 active equity funds established, raising a total of 51.62 billion yuan, alongside 403 index funds raising 275.30 billion yuan [3] - Fund companies are likely to focus on index funds, mixed funds, and bond funds in their future strategies, as indicated by recent regulatory decisions [3] - Enhanced index products are anticipated to attract significant capital if they can deliver excess returns compared to mainstream indices [3]

Market Review - The A-share market saw a decline across major broad-based indices, with the ChiNext Index, Shanghai Composite Index, and CSI 300 Index returning -4.87%, -1.72%, and -2.22% respectively. In contrast, the Steel, Building Materials, and Real Estate sectors performed well with returns of 2.96%, 1.98%, and 1.86% respectively [6][19][20] - The central bank's net reverse repurchase was 133.1 billion, with a total of 1.6592 trillion in net open market operations. The yield on government bonds of various maturities decreased, with the spread widening by 1.52 basis points [21][22] Fund Issuance - A total of 31 new funds were established last week, with a combined issuance scale of 42.757 billion, marking an increase from the previous week. Additionally, 29 funds entered the issuance phase, and 45 funds are set to begin issuance this week [3][4] - 76 funds were reported for approval last week, including 1 FOF and 1 REIT, along with several ETFs related to the STAR Market [4][6] Fund Performance - The net asset value of public funds reached 31.93 trillion as of the end of January 2025, a decrease of 892.657 billion from December 2024. The largest decline was seen in open-ended money market funds, which decreased by 409.503 billion [15] - Active equity, flexible allocation, and balanced mixed funds reported returns of -2.70%, -1.97%, and -1.08% respectively last week. In contrast, alternative funds showed the best performance with a median return of 7.94% year-to-date [26][30] Index Products - 46 index products related to the STAR Market Composite Index have been reported, with the first batch of 12 STAR Market Composite Index ETFs submitted for approval on January 23 [5][7] - Recent submissions included 10 free cash flow-related index products, reflecting a growing interest in cash flow-focused investments [8][9] Adjustments to Indices - The Shanghai Stock Exchange announced revisions to the STAR 100 and STAR 200 index compilation rules, effective March 17, 2025, to enhance the representativeness of the indices [11][12] - The STAR 50 Index will undergo sample adjustments, with three new samples being added [13][14]