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 ...

□ 截至2025年12月31日，科创板相关ETF总规模约3000亿元，产品数量达106只，是2024年底的3倍。其 中，科创综指ETF规模合计超90亿元 □ 截至2025年12月31日，科创综指全年涨幅达到46.3%，显著跑赢市场主要宽基指数 □ 截至2025年12月31日，科创板相关ETF总规模约3000亿元，产品数量达106只，是2024年底的3倍。其 中，科创综指ETF规模合计超90亿元 自2025年1月20日正式发布以来，上证科创板综合指数(简称"科创综指")已平稳运行近一年。作为刻画 科创板"全景图"的指数，科创综指在表征市场整体表现与引导长期资金配置方面的作用日益凸显。 2025年全年，科创综指走势呈现拾级而上的特征：截至2025年12月31日，全年涨幅达到46.3%，显著跑 赢市场主要宽基指数充分反映市场对科创板"硬科技"资产的价值重估，以及科创综指作为投资标的的可 配置价值。2026年1月5日，科创综指大涨3.61%，迎来"开门红"。 鹏华基金经理苏俊杰在接受上海证券报记者采访时表示，科创综指能够更加全面地代表科创板的总体情 况和市场表现，既有硬科技龙头，也有专精特新"小巨人"企业，既有新兴行 ...

□ 截至2025年12月31日，科创板相关ETF总规模约3000亿元，产品数量达106只，是2024年底的3倍。其 中，科创综指ETF规模合计超90亿元 □ 截至2025年12月31日，科创综指全年涨幅达到46.3%，显著跑赢市场主要宽基指数 □ 截至2025年12月31日，科创板相关ETF总规模约3000亿元，产品数量达106只，是2024年底的3倍。其 中，科创综指ETF规模合计超90亿元 ◎记者 何昕怡 自2025年1月20日正式发布以来，上证科创板综合指数（简称"科创综指"）已平稳运行近一年。作为刻 画科创板"全景图"的指数，科创综指在表征市场整体表现与引导长期资金配置方面的作用日益凸显。 2025年全年，科创综指走势呈现拾级而上的特征：截至2025年12月31日，全年涨幅达到46.3%，显著跑 赢市场主要宽基指数充分反映市场对科创板"硬科技"资产的价值重估，以及科创综指作为投资标的的可 配置价值。2026年1月5日，科创综指大涨3.61%，迎来"开门红"。 截至2025年12月30日，境内已有46家基金管理人推出共78只科创综指指数基金，场内外合计规模达274 亿元。上交所上市科创综指ETF共22只 ...

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 ...

专题：券商基金业2026新年寄语：逐梦未来，向光而行 来源：南方基金微视界 旧岁已展千重锦，华章再启赴新程。挥手作别铿锵前行的印记，我们如骏马扬蹄，昂首跃入充满希望的 新年。值此辞旧迎新之际，南方基金谨向广大投资者、合作伙伴、行业同仁及社会各界朋友，致以最诚 挚的问候与最美好的祝福！ 回望2025，这是"十四五"规划收官的决胜之年，亦是中国经济在风浪中育新机、于变局中开新局的关键 一年。面对复杂多变的全球宏观环境，中国经济凭借强大韧性保持长期向好态势，新质生产力加速崛 起，现代化产业体系建设蹄疾步稳，创新活力持续迸发。作为资本市场的重要力量，公募基金行业深度 融入国家发展大局，坚守"金融为民"初心，全面围绕投资者最佳利益重塑业务链条，在引导社会资源优 化配置、赋能实体经济转型、守护居民财富等方面发挥重要支撑作用，为金融强国建设注入了坚实动 能，阔步迈向探索高质量发展的新征程。 潮起海天阔，扬帆正当时。南方基金始终与国家同行、与时代同向、与人民同心，在行业高质量发展浪 潮中奋楫扬帆，践行金融工作的政治性、人民性，强化功能性定位，以新"国九条"与《推动公募基金高 质量发展行动方案》为指引，持续完善以投资者最佳利益 ...

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: Capital Market Support for Technological Innovation - The total financing in the stock and bond markets reached 57.5 trillion yuan over the past five years, with direct financing's proportion increasing to 31.6% [1] - During the "14th Five-Year Plan" period, the bond market issued over 52.4 trillion yuan in various bonds, with 1.77 trillion yuan specifically for technology innovation companies [1] - Private equity and venture capital funds participated in 90% of companies listed on the Sci-Tech Innovation Board and the Beijing Stock Exchange, and over half of the companies listed on the Growth Enterprise Market [1] Group 2: Policy and Structural Changes - The China Securities Regulatory Commission (CSRC) has enhanced the inclusivity and adaptability of policies for hard technology companies, exemplified by the support for sectors like artificial intelligence and commercial aerospace [2] - The capital market's service for technological innovation has shown significant results, with over 90% of IPOs during the "14th Five-Year Plan" being high-tech enterprises [2][3] - A series of supportive policies, including the "National Nine Articles" and "Technology Sixteen Articles," have been released to strengthen support for technological innovation [3] Group 3: Financial Product Innovation - The capital market has continuously innovated financial products to better align with technological innovation, including the development of technology innovation bonds and ETFs [4][5] - The issuance of technology innovation bonds has accelerated, with a total of 1.77 trillion yuan issued, reflecting a significant increase in the scale of these financial instruments [4] - Public REITs have also seen growth, with 79 products registered and nearly 200 billion yuan raised, indicating a trend towards integrating technology assets into the market [5] Group 4: Investment Trends and Capital Flow - Private equity and venture capital funds have invested in 90% of companies on the Sci-Tech Innovation Board, indicating a strong focus on early-stage technology innovation [6] - Long-term capital, including social security and insurance funds, has increasingly flowed into the technology sector, with a 32% increase in the market value held by these funds compared to the end of the "13th Five-Year Plan" [6][7] - The shift in trading structure shows that professional institutions have increased their holdings in A-shares, with technology companies' trading volume rising from 34% to 48% [7] Group 5: Future Outlook - Looking ahead to the "15th Five-Year Plan," there are expectations for improved long-term capital arrangements to address structural financing challenges for technology innovation enterprises [8] - The focus will be on enhancing the "long money, long investment" system to facilitate the entry of long-term funds into the market [8]

Group 1 - Fund companies are increasingly dissolving their supervisory boards, with Fangzheng Fubang Fund and Yingda Fund being recent examples, aiming to enhance oversight efficiency by consolidating functions within the board's audit committee [1] - The average return for public fund managers in the first three quarters of the year is reported at 19.77%, with a median of 14.97%, indicating strong performance in the industry [2] - Two ETFs focused on the Brazilian market have been submitted for approval, namely the "Huaxia Bradesco Brazil IBOVESPA ETF" and the "E Fund Itaú Brazil IBOVESPA ETF" [3] Group 2 - The ETF market has seen significant innovation and expansion, with various new products launched this year, including broad-based and thematic ETFs, as well as a rapid growth in bond ETFs [4] - A total of 16 actively managed equity funds are set to launch, featuring well-known fund managers, including a new fund from Zhongou Fund's Lan Xiaokang, which marks his return to fund issuance after over two years [5] - The market experienced fluctuations on October 14, with the Shanghai Composite Index down 0.62% and the Shenzhen Component Index down 2.54%, while trading volume increased significantly [7]