Group 1 - The core industries in the Sci-Tech Innovation Board are characterized by hard technology, with the electronic core industry (44.07%), biopharmaceutical industry (15.92%), and intelligent manufacturing equipment industry (9.15%) being the top three by market capitalization [1] - The demand for high-performance computing is resonating with the penetration of AI from the cloud to the edge, leading to an accelerated price increase in DDR4 and triggering a server upgrade cycle [1] - The innovative drug industry is expected to achieve breakthroughs through License-out overseas, with a projected transaction scale of $51.9 billion in 2024, indicating a continuous growth trend [1] Group 2 - Revenue growth rates for the electronic core industry, artificial intelligence industry, and biopharmaceutical industry in 2024 are projected to be 17.39%, 28.44%, and 32.36% respectively, with significant profit expectations for the biopharmaceutical industry [1] - The R&D intensity of the Sci-Tech Innovation Board remains stable at around 11%, with total R&D investment expected to reach 154.68 billion yuan in 2024, fostering a virtuous cycle of R&D-driven growth [1] Group 3 - The Sci-Tech Innovation Board 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which can have a daily price fluctuation of up to 20%. This index is compiled by China Securities Index Co., Ltd. and includes 100 securities with moderate market capitalization and good liquidity, reflecting the overall performance of outstanding growth enterprises in high-tech and strategic emerging industries [1] - The Sci-Tech Comprehensive Index ETF (589630) tracks the Sci-Tech Comprehensive Index (000680), also allowing for a daily price fluctuation of up to 20%. This index, published by the Shanghai Stock Exchange, selects all eligible listed companies on the Sci-Tech Innovation Board to reflect the overall market performance [2]

Group 1 - The core viewpoint of the news highlights that the hard technology sector is experiencing a cyclical turning point, with significant growth expected in various industries such as electronics, biotechnology, and intelligent manufacturing [1] - The electronic core industry accounts for 44.07% of the market capitalization, followed by the biotechnology industry at 15.92% and intelligent manufacturing equipment at 9.15% [1] - The semiconductor industry is entering a new upgrade cycle driven by AI, with increased demand due to the convergence of cloud and edge computing, as well as high-performance computing [1] Group 2 - The innovative drug industry is projected to achieve a breakthrough through License-out overseas, with a transaction scale expected to reach $51.9 billion in 2024, indicating a continuous growth trend [1] - Revenue growth rates for 2024 are forecasted at 17.39% for the electronic core industry, 28.44% for the artificial intelligence industry, and 32.36% for the biopharmaceutical industry, with significant profit expectations for the biopharmaceutical sector [1] - The R&D intensity of the Sci-Tech Innovation Board remains stable at a high level of 11%, with total R&D investment expected to reach 154.68 billion yuan in 2024, emphasizing the characteristics of innovation-driven development [1]

Core Viewpoint - The Shanghai Stock Exchange has officially implemented the self-regulatory guidelines for the Sci-Tech Innovation Board, allowing 32 unprofitable companies to enter the Sci-Tech Growth Tier, with new unprofitable companies entering upon listing [1] Summary by Sections Regulatory Changes - The new guidelines do not impose additional thresholds for individual investors to participate in trading newly registered stocks in the Sci-Tech Growth Tier, maintaining the existing requirement of "500,000 RMB assets + 2 years of experience" with the addition of signing a "Risk Disclosure Statement" [1] Investment Opportunities - Investing in ETFs is highlighted as an efficient tool for ordinary investors to participate in the hard technology wave, with several advantages: - Lower entry barriers: ETFs can be purchased for a few hundred RMB, unlike the 500,000 RMB asset requirement for individual stocks [1] - Risk diversification: ETFs reduce the impact of individual stock volatility by holding a basket of stocks [2] - Energy savings: ETFs track indices, eliminating the need for individual stock research [3] - Better trading conditions: ETFs have higher liquidity and lower long-term holding costs compared to frequently traded individual stocks [3] - Extreme risk mitigation: ETFs periodically adjust their holdings to remove underperforming stocks, reducing the risk of total capital loss [3] Specific ETF Opportunities - Investors interested in the Sci-Tech Board can consider the following ETFs: 1. Sci-Tech 100 ETF (588120): Focuses on high-tech industries such as pharmaceuticals, electrical equipment, electronics, machinery, and computers, with potential for valuation recovery as fundamentals improve [4] 2. Sci-Tech Chip ETF (589100): Tracks the Sci-Tech Board Chip Index, reflecting the performance of semiconductor-related companies, with a 20% price fluctuation limit providing greater elasticity [4] 3. Sci-Tech Comprehensive Index ETF (589630): Covers 97% of the market value of the Sci-Tech Board, including over 560 companies in cutting-edge fields, offering a comprehensive view of China's technological innovation [4] 4. Sci-Tech Entrepreneurship ETF (588360): Tracks the CSI Sci-Tech Entrepreneurship 50 Index, focusing on leading companies in information technology, healthcare, materials, and industry [5] Market Outlook - The policy goals of "stabilizing growth and the stock market" and "boosting the capital market" are expected to continue influencing the future direction of the sector, supported by a moderately loose liquidity environment and improved investor confidence [6]

Group 1 - The core viewpoint of the news is that the introduction of the new "Science and Technology Growth Layer" in the STAR Market is a significant reform aimed at enhancing the inclusiveness of the capital market and supporting high-tech innovation [1][2]. - The STAR Market Composite ETF (589630) rose by 2.03%, driven by policy benefits that are helping to restore valuations in the technology sector [1]. - The new reform measures include setting conditions for companies to enter the growth layer and strengthening information disclosure, which will enhance the institutional inclusiveness for high-quality technology enterprises [2]. Group 2 - The reform aims to better serve technology innovation by allowing unprofitable companies with significant technological breakthroughs and promising commercial prospects to list under the fifth set of standards [2]. - The third set of standards for the ChiNext board will facilitate financing for quality innovative enterprises, with a minimum market value of 5 billion and revenue of at least 300 million [2]. - The reforms are designed to optimize listing standards and supporting systems, such as enhancing information disclosure and investor suitability management, to more accurately serve high R&D investment technology companies [2].

科创综指ETF国泰（589630）跟踪的是科创综指（000680），该指数由中证指数有限公司编制，覆盖科 创板全部上市公司证券，旨在全面反映科创板市场的整体表现。指数成分股聚焦科技创新领域，主要涵 盖信息技术、生物医药、高端装备制造等战略性新兴产业，其成分企业普遍具有高研发投入、高技术壁 垒的特征。作为中国"硬科技"领域的核心资产风向标，该指数集中体现了科创板支持关键核心技术创新 的市场定位。 注：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。 6月23日，科创综指ETF（589630）收涨0.97%。 中信建投指出，2025年陆家嘴论坛上，证监会提出在科创板设置科创成长层，并重启未盈利企业适用第 五套标准上市，同时推出6项改革措施，包括扩大第五套标准适用范围，支持人工智能、商业航天、低 空经济等更多前沿科技领域企业适用。此次扩容后，未来将有更多技术突出的人工智能、商业航天、低 空经济等领 ...

Group 1 - The core viewpoint highlights the recent rebound in technology sectors, particularly in military, pharmaceutical, and TMT industries, with the Sci-Tech Innovation Board ETF (589630) rising nearly 1.5% [1] - The A-share merger and acquisition market has been active this year, with significant participation from Sci-Tech Innovation Board companies, especially in sectors like biomedicine, semiconductors, and new-generation information technology [1] - Data indicates that out of 86 major restructuring events in 2025, 18 involved Sci-Tech Innovation Board companies, showing a significant increase compared to the same period last year [1] Group 2 - Dongwu Securities emphasizes the importance of self-reliance in technology, focusing on sectors such as artificial intelligence, autonomous control, new energy technology, aerospace information technology, and data elements [1] - In aerospace information technology, areas like low-altitude economy, satellites, and commercial space are highlighted as key focus points [1] - The report suggests that the AI sector should concentrate on AI agents, AI applications (like standalone software and smart terminals), humanoid robots, and autonomous driving [1] Group 3 - Western Securities notes that the level of merger and acquisition activity reflects the direction of the industrial cycle, with the highest number of mergers occurring in the automotive, electronics, and machinery sectors in 2024 [2] - The report indicates that the trends in automotive intelligence, semiconductor self-control, and high-end manufacturing are accelerating technological upgrades and industry evolution [2] - It is suggested that if AI commercialization leads to performance improvements through mergers and acquisitions, it could create a mainline market trend; otherwise, it may only represent a short-term thematic opportunity [2] Group 4 - The Sci-Tech Innovation Index ETF from Guotai (code: 589630) tracks the Sci-Tech Innovation Index (code: 000680), which includes representative stocks from the Sci-Tech Innovation Board, with an average market capitalization of approximately 11 billion [2] - The index focuses on technology innovation companies, covering more early-stage innovative firms and emphasizing hard technology sectors [2] - Investors without stock accounts can consider Guotai's linked ETFs for the Sci-Tech Innovation Board Comprehensive ETF [2]