风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 1月5日，科创板100ETF（588120）涨超1.2%，科技板块中长期逻辑获多重验证。 开源证券指出，科技占优的中长期条件未变：1、TMT板块相对全A的盈利增速开始占优，类似 2013年、2015年、2020~2021年科技风格显著占优的阶段；2、海外映射是本轮科技主线的重要驱动 力，全球科技巨头资本支出扩张带来产业链基本面支撑；3、全球半导体周期共振上行，当前正处于 2023年底启动的新一轮上行初期。商业航天领域，低轨卫星星座成为大国太空博弈新赛道，卫星全产业 链有望从"投入孵化期"步入"盈利兑现期"，上游卫星制造与发射环节在组网高峰率先受益。机器人产业 进入"量产前夜"，政策端加强标准供给推动技术落地。石油化工行业在"反内卷"政策推动下，供给格局 重塑，叠加资 ...

（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 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 申万宏源证券指出，科创板在保险公司持有股票规模占比呈长期上升趋势，风险因子下调定向鼓励 保险持有科创板成分股，释放的权益加仓空间在中期中性情形下可增加股票投资规模1669亿元。保险资 金提升权益配置比例是潜在空间更大的来源，若股票+基金投资比例提高至30%上限，静态测算可增加 股票投资规模达万亿级别。 科创板100ETF（588120）跟踪的是科创100指数（000698），单 ...

Group 1 - The core viewpoint is that the proportion of stocks held by insurance companies in the Sci-Tech Innovation Board is on a long-term upward trend, supported by policy encouragement for insurance holdings in Sci-Tech stocks [1] - The risk factor for holdings exceeding two years has been adjusted from 0.4 to 0.36, which facilitates a normalized high proportion of equity allocation while maintaining tactical maneuvering space [1] - The increase in equity allocation by insurance funds is a major source of incremental growth, with potential additional investment space reaching trillions if the stock and fund investment ratio is raised to a 30% cap [1] Group 2 - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which has a daily fluctuation limit of 20%, reflecting the overall performance of 100 larger and more liquid securities selected from the Sci-Tech Innovation Board [1] - The index components cover multiple high-tech industries, including information technology and healthcare, showcasing strong innovation and growth potential [1]

Group 1 - The core viewpoint is that AI computing power and other popular technology themes are leading a rebound, driven by discussions around Google and OpenAI, while new themes like commercial aerospace are creating new hotspots [1] - The "14th Five-Year Plan" emphasizes security resilience and self-controllable investments, which may positively impact A-shares in emerging industries such as commercial aerospace, satellites, 6G, low-altitude, and robotics [1] - Investors are advised to focus on self-controllable themes in both China and the US, including military trade, innovative pharmaceuticals, AI infrastructure, commercial aerospace, 6G infrastructure, and industrial control/office/AI software [1] Group 2 - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), which has a daily fluctuation of 20%, reflecting the overall performance of 100 mid-cap securities with good liquidity [1] - The components of the Science and Technology Innovation 100 Index cover various high-tech and strategic emerging industries, including information technology, biomedicine, and new materials, showcasing significant growth and innovation characteristics [1]

Group 1 - The core viewpoint indicates that sectors related to technology innovation, such as AI computing power and commercial aerospace, are leading the recent market rebound, but trading volume is shrinking and investor enthusiasm is declining [1] - The volatility in overseas markets is suppressing sentiment in the A-share market, and a lack of short-term fundamental catalysts is causing rapid sector rotation, which may increase market volatility [1] - In the medium term, after easing of China-US trade tensions, sectors like military trade, innovative pharmaceuticals, AI infrastructure, commercial aerospace, and 6G infrastructure are expected to benefit long-term and present good allocation opportunities after market adjustments [1] Group 2 - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), which has a daily fluctuation of 20%, reflecting the overall performance of leading companies in the Science and Technology Innovation Board [1] - The index includes 100 securities with larger market capitalization and better liquidity, covering high-tech industries such as information technology, biomedicine, and new energy, showcasing the market characteristics of technological innovation and growth style [1]

Core Insights - The Sci-Tech 100 Index has a PE ratio of 199.4 times and a PB ratio of 5.3 times, which are at the 32nd and 89th historical percentiles respectively [1] - The valuation of the electronics (semiconductor) sector is at the 86th historical percentile for PB, while the communication sector's PB valuation is at a high 93rd historical percentile, indicating significant valuation divergence within the tech sector [1] - In the TMT sector, the PE valuations for computer (IT services, software development) are at the 97th and 91st historical percentiles, reflecting high market expectations for digital economy-related fields [1] Industry Summary - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which has a daily fluctuation limit of 20%. This index selects 100 securities from the Sci-Tech board based on moderate market capitalization and good liquidity [1] - The index covers multiple high-tech fields, including new generation information technology, biomedicine, and new materials, aiming to reflect the overall performance of listed companies with innovative and growth characteristics on the Sci-Tech board [1]

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]

Group 1 - The core viewpoint of the articles indicates that the recent Fourth Plenary Session of the 20th Central Committee is favorable for the A-share technology sector, marking a shift towards a "strengthening advantages" phase in technology strategy, which supports long-term valuation [1] - The high-level proposal to "recreate a Chinese high-tech industry in the next 10 years" opens up further valuation enhancement opportunities for the technology sector [1] - In the manufacturing sector, the emphasis on maintaining a reasonable proportion of manufacturing and building a modern industrial system centered on advanced manufacturing suggests that "anti-involution" policies may become key measures for improving the quality of listed companies' profits [1] Group 2 - In the consumer sector, new expressions combining "investment in people" and "benefiting people's livelihood" are expected to lead to increased policy efforts during the 14th Five-Year Plan period, such as trade-in programs and childbirth subsidies, which may facilitate a recovery in the consumer sector [1] - The technology sector has shown a significant positive response to policy benefits, as evidenced by the performance of the Science and Technology Innovation Board 100 ETF (588120), which tracks the Science and Technology Innovation 100 Index (000698) [1] - The Science and Technology Innovation 100 Index, which includes 100 securities with larger market capitalization and better liquidity from the Science and Technology Innovation Board, covers multiple high-tech fields such as new generation information technology, biomedicine, and new materials, reflecting the overall performance of technology innovation enterprises [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% [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]