申万宏源证券指出，科创100指数PE为199.4倍，PB为5.3倍，分别处于历史32%和89%分位。从行业估 值来看，电子（半导体）PB估值处于历史86%分位，通信行业PB估值高达历史93%分位，显示科技板 块估值分化显著。TMT行业中，计算机（IT服务、软件开发）PE估值分别处于历史97%和91%分位，反 映市场对数字经济相关领域的高预期。 （文章来源：每日经济新闻） 科创板100ETF（588120）跟踪的是科创100指数（000698），单日涨跌幅达20%，该指数从科创板市场 中选取市值适中、流动性较好的100只证券作为指数样本，覆盖了新一代信息技术、生物医药、新材料 等多个高科技领域，以反映科创板中具备创新性和成长性特征的上市公司证券的整体表现。 ...

Core Insights - Since 2025, the A-share market has shown significant differentiation and rapid rotation between "dividend" and "technology growth" styles, forming a "seesaw pattern" [1] - Market funds are weighing macro expectations and industrial policies; when economic performance or external uncertainties rise, funds flow into stable cash flow and high-dividend sectors for "current certainty" [1] - Conversely, when market risk appetite improves, funds quickly shift towards growth sectors like artificial intelligence for "future high elasticity" [1] - The "14th Five-Year Plan" strongly guides frontier technologies, indicating long-term allocation value in technology growth sectors [1] - The current macroeconomic environment continues to show weak recovery, and rotation opportunities in technology growth sectors need to be dynamically grasped in conjunction with changes in market risk appetite and policy direction [1] Index and ETF Insights - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), with a daily fluctuation of up to 20% [1] - This index selects 100 securities with larger market capitalization and better liquidity from the Science and Technology Innovation Board to reflect the overall performance of representative listed companies [1] - The constituent stocks cover multiple high-tech fields, including information technology, biomedicine, and new materials, showcasing strong innovation and growth potential [1]

中泰证券指出，党的二十届四中全会公报整体利好A股科技板块，科技战略进入"塑优势"阶段，为中长 期估值提供支撑。高层提出"未来10年将再造一个中国高科技产业"，进一步打开科技板块估值提升空 间。制造业方面，全会强调"保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系"，"反 内卷"政策或成为传统制造业提质增效的重要抓手，改善上市公司盈利质量。消费领域新增"投资于 人"与"惠民生"相结合的表述，预计"十五五"期间以旧换新、生育补贴等政策力度将加大，消费板块或 迎来修复。从市场表现看，科技板块对政策利好反应明显。 科创板100ETF（588120）跟踪的是科创100指数（000698），单日涨跌幅达20%，该指数从科创板中选 取市值较大、流动性较好的100只证券作为指数样本，覆盖了新一代信息技术、生物医药、新材料等多 个高科技领域，以反映科技创新企业证券的整体表现。 注：如提及个股仅供参考，不代表投资建议。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 ...

Group 1 - The core viewpoint is that the Sci-Tech Innovation 100 Index has shown outstanding performance among major broad-based indices, with a recent increase of 7.32% [1] - Technical analysis indicates that the current risk level of the Sci-Tech Innovation 100 is 105.61, with both short-term and medium-term trends in an upward state, and a comprehensive score of 37.28, suggesting continued upward momentum [1] - The overall market exhibits characteristics of high prosperity investment, with growth style indices such as small-cap growth (5.07%) and Guozheng growth (3.75%) leading the gains, aligning with the technological attributes of the Sci-Tech Innovation 100 [1] Group 2 - The Sci-Tech Innovation 100 ETF (588120) tracks the Sci-Tech Innovation 100 Index (000698), with a daily price fluctuation limit of up to 20% [1] - The index selects 100 securities from the Sci-Tech Innovation Board based on moderate market capitalization and good liquidity, covering multiple high-tech fields such as new-generation information technology, biomedicine, and new materials, reflecting the overall performance of mid-cap stocks on the Sci-Tech Innovation Board [1]

Group 1 - The core viewpoint is that the Sci-Tech Innovation 100 Index has shown outstanding performance among major broad-based indices, with a recent increase of 7.32%, ranking it among the top in terms of growth [1] - The current market is characterized by high prosperity investment, with growth style indices such as small-cap growth (5.07%) and Guozheng Growth (3.75%) leading the gains, indicating a preference for technology growth sectors [1] - The technical model indicates that the risk level of the Sci-Tech Innovation 100 Index is at 105.61, suggesting it is in an overbought state, but the medium-term trend remains upward [1] Group 2 - Market sentiment is exuberant, resembling the high prosperity investment environment of 2019-2020, with a continued structural market trend and capital rotation within sectors [1] - The technology-related sectors, such as telecommunications (7.66%) and electronics (7.02%), have shown significant gains, further confirming the activity level in the Sci-Tech field [1] - The Sci-Tech Innovation 100 ETF (588120) tracks the Sci-Tech Innovation 100 Index (000698), which can have a daily price fluctuation of up to 20% [1]

Group 1 - The core viewpoint of the news highlights the active trading of companies like BeiGene and Ruichuang Micro-Nano within the Sci-Tech 100 Index, with related ETF products reaching a scale of 3.453 billion yuan [1] - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which can experience daily fluctuations of up to 20%, reflecting the overall performance of 100 mid-cap securities selected from the Sci-Tech Board [1] - The Sci-Tech 100 Index includes companies from emerging industries such as information technology, biomedicine, and new energy, showcasing significant growth and innovation characteristics [1] Group 2 - Recent mergers and acquisitions on the Sci-Tech Board include Jianlong Micro-Nano's acquisition of a 51% stake in Shanghai Hanxing Energy and Titan Technology's acquisition of ASL at 100% [1] - Investors without stock accounts can consider the Guotai CSI Sci-Tech 100 ETF Initiated Link A (019866) and Guotai CSI Sci-Tech 100 ETF Initiated Link C (019867) [1]

Group 1 - The core viewpoint of the article highlights that the current valuation of the technology sector is at approximately 50% or below historical levels, with certain segments like semiconductor materials and emerging technologies showing higher valuations compared to their three-year history [1] - The Pacific Securities report indicates that the PB-ROE values for the Sci-Tech 50 and growth style are the lowest, suggesting that investors are paying the least growth premium for these sectors, which implies a higher margin of safety [1] - Recent performance shows that industries such as pharmaceuticals, communications, and media have seen significant gains, while the computer industry has experienced the largest downward adjustment in profit expectations [1] Group 2 - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which includes 100 securities with larger market capitalization and better liquidity from the Sci-Tech board, covering strategic emerging industries like new-generation information technology and biomedicine [1] - The index can experience daily fluctuations of up to 20%, reflecting the overall performance of leading technology innovation companies in the Sci-Tech board market [1] - Investors without stock accounts are advised to consider the Guotai CSI Sci-Tech 100 ETF Initiated Link A (019866) and Guotai CSI Sci-Tech 100 ETF Initiated Link C (019867) [1]

Group 1 - The core viewpoint of the article highlights that the current economic environment is experiencing a stable recovery, with market risk preferences driving market dynamics and liquidity remaining a key characteristic of the stock market [1] - The July Politburo meeting emphasized the continuity and stability of policies, indicating that macro liquidity will continue to be accommodative [1] - Active funds, primarily from financing, private equity, and industry/theme ETFs, are expected to dominate incremental capital, with technology and small-cap styles likely to outperform due to their relatively low positions in a high economic climate [1] Group 2 - In July, the market focused on themes of anti-involution and price increases, with cyclical sectors such as steel, building materials, and new energy, along with innovative pharmaceuticals, communications, and electronics in the technology sector leading the gains [1] - The Sci-Tech Innovation Board 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which can fluctuate by up to 20% in a single day, reflecting the overall performance of mid-cap securities in the Sci-Tech Innovation Board [1] - The Sci-Tech 100 Index includes 100 securities selected from the Sci-Tech Innovation Board, covering emerging industries such as information technology and healthcare, showcasing significant technological innovation attributes [1]

Group 1 - The core viewpoint emphasizes the need for deepening reforms to stimulate the vitality of multi-level markets, particularly through the implementation of measures for the Sci-Tech Innovation Board and a comprehensive package of reforms for the Growth Enterprise Market [1] - The underwriting scale of Sci-Tech bonds has significantly increased, with 68 securities firms acting as lead underwriters, collectively underwriting 381.39 billion yuan in the first half of the year, representing a year-on-year increase of over 50%, indicating strong support from the capital market for technological innovation [1] - The new regulations for the Sci-Tech Innovation Board and the Growth Enterprise Market are being steadily implemented, enhancing the inclusiveness of the capital market and better supporting the financing needs of early-stage growth companies [1] Group 2 - The Sci-Tech Innovation Board 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which can fluctuate by up to 20% in a single day, selecting 100 securities with larger market capitalization and better liquidity from the Sci-Tech Innovation Board, covering various high-tech fields such as information technology, biomedicine, and new materials [1] - Investors without stock accounts can consider the Guotai CSI Sci-Tech Innovation Board 100 ETF Initiated Link A (019866) and Guotai CSI Sci-Tech Innovation Board 100 ETF Initiated Link C (019867) [1]

Group 1 - The core viewpoint of the news highlights the positive momentum in the STAR Market and the support for technology innovation companies, driven by regulatory reforms and increased underwriting activities by securities firms [1] - The China Securities Regulatory Commission (CSRC) emphasized the need to invigorate multi-level market vitality and implement reforms in the STAR Market during the 2025 mid-year work meeting [1] - The underwriting scale of STAR bonds has significantly increased, with 68 securities firms underwriting a total of 381.39 billion yuan in the first half of the year, representing a year-on-year growth of 56.48% [1] Group 2 - The STAR 100 ETF (588120) tracks the STAR 100 Index (000698), which includes 100 securities with larger market capitalization and better liquidity from the STAR Market, covering various high-tech sectors such as information technology, healthcare, and new materials [1] - The implementation of new regulations for the STAR Market and the ChiNext is expected to enhance inclusivity and better meet the financing needs of early-stage growth companies, potentially leading to a recovery in investment banking revenues for securities firms [1] - Investors without stock accounts can consider the Guotai CSI STAR 100 ETF Initiated Link A (019866) and Guotai CSI STAR 100 ETF Initiated Link C (019867) [1]