本周，科创100指数上涨5.6%，科创成长指数上涨5.4%，科创综指上涨4%，科创板50指数上涨2.8%。 设备、软件开发行业合计占比近75% 益 上证科创板100指数 a 上证科创板综合指数 由科创板全市场证券组成,全面覆盖大、中、小盘风格, 聚焦人工智能、半导体、新能源、创新药等核心前沿产 业,覆盖科创板上市的全部17个一级行业,兼具高成长 性与风险分散特征 展望后市，招商证券认为，AI需求增长带动全球存储及先进制程产能扩张，展望2026-2027年国内存储及先进制程扩产有望 提速，国内设备厂商订单持续向好，国产化率进入快速提升阶段，卡位良好及份额较高的存储设备公司有望受益。关注受 益于存储扩产周期的设备、需求持续向好的算力及代工等，同时建议关注各科创指数核心成分股。 | | 上证科创板50 | 上证科创板100 | 上证科创板 | 上证科创板成长 | | --- | --- | --- | --- | --- | | | 成份指数 | 指数 | 综合指数 | 指数 | | 本周涨跌幅 | 2.8% | 5.6% | 4. 0% | 5.4% | | 指数滚动 市盘率 | 161.2倍 | 193.2倍 ...

Market Performance - The STAR Market 50 Index decreased by 5.5%, the STAR 100 Index fell by 5.7%, the STAR Composite Index dropped by 6.2%, and the STAR Growth Index declined by 6.6% this week [1][3] - As of yesterday, the STAR Market 50 ETF (588080) saw a net inflow of over 300 million yuan this week [1] Economic Outlook - Barclays Research recently released a quarterly global economic outlook report, indicating that the narrative of AI-driven growth will continue to deepen until 2026, marking an irreversible trend [1] - In terms of investment outlook, Barclays is optimistic about the performance of Chinese stocks, predicting a strong performance in 2025, with major indices weighted heavily towards Chinese stocks showing good trends [1] Valuation Metrics - The rolling price-to-earnings (P/E) ratios for the STAR Market indices are as follows: STAR 50 at 149.8 times, STAR 100 at 207.1 times, STAR Composite at 203.6 times, and STAR Growth at 149.6 times [3] - Despite the positive outlook, Chinese stocks remain relatively undervalued compared to other major markets [1]

Market Overview - The technology sector, which had previously seen significant gains, experienced a general pullback this week, with notable declines in photolithography machines, copper cable high-speed connections, CPO, and advanced packaging [1] - The STAR Market Composite Index fell by 6.1%, the STAR Market 50 Index decreased by 6.2%, the STAR Market 100 Index dropped by 6.3%, and the STAR Market Growth Index declined by 6.8% [1][3] Financial Performance - TSMC recently released its Q3 financial report, with revenue and net profit exceeding market expectations, which may boost market optimism regarding the AI chip sector [1] Index Performance - The STAR Market 50 Index, STAR Market 100 Index, STAR Market Composite Index, and STAR Market Growth Index all showed negative weekly performance, with declines ranging from 6.1% to 6.8% [3] - The rolling price-to-earnings (P/E) ratios for these indices are as follows: STAR Market 50 at 181.3 times, STAR Market 100 at 275.5 times, STAR Market Composite at 259.5 times, and STAR Market Growth at 217.6 times [3] Historical Performance - Over the past month, the STAR Market 50 Index decreased by 1.2%, while the STAR Market Growth Index saw a decline of 5.7% [7] - Year-to-date performance shows the STAR Market Growth Index leading with a 60.0% increase, followed by the STAR Market 100 Index at 43.5% [7]