专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 建信基金认为，科创200指数的编制规则天然筛选出一批研发强度高、创新能力强的"新质生产力"代表 企业，是布局中国未来核心科技力量、把握经济转型升级红利的"压舱石"型资产。其样本股大多处于发 展的关键成长期，中长期增长潜力突出。随着国家持续加大对科创企业在融资、人才、市场准入等方面 的支持力度，科创200指数或将持续受益于科技时代的发展成果，是投资者进行长期资产配置、优化组 合收益风险特征的重要选择之一。 在本轮A股上涨行情中，上证科创板200指数展现出较高的收益弹性和不错的涨幅表现，截至8月30日， 近1年涨幅超115%。 近日，在北京证监局指导下，北京证券业协会携手北京四十余家公募基金管理人、基金销售机构、基金 评价机构以及多家主流媒体，共同启动"北京公募基金高质量发展系列活动"。本次活动以"新时代·新基 金·新价值"为主题，旨在通过为期一个多月的多层次、多形式宣传与互动，强化投资者教育与保护，推 动公募基金行业转型升级，提升服务实体经济能力，打造北京金融高质量发展新名片。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 2 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a significant driver of structural trends in A-shares since 2025, focusing on high-growth sectors such as integrated circuits, artificial intelligence, biomedicine, and high-end equipment [1][2] - The STAR 200 Index, which includes 200 small-cap stocks with good liquidity, highlights the potential of small-cap "dark horses" in the market, with a median market capitalization of 8.225 billion and 67.5% of its constituents having market caps below 10 billion [2] - The STAR Market has evolved from a "testing ground" to a "new highland" for innovation, with small-cap companies increasingly contributing to its composition and showing strong development potential and long-term investment value [1] Industry Summary - As of August 30, 2024, there are 361 listed companies on the STAR Market with a total market value below 10 billion, representing 61% of all listed companies, and these firms collectively invested 36.1 billion in R&D, with an average of nearly 29% of their workforce in R&D roles [1] - The STAR 200 Index is characterized by its high research intensity and innovation capability, making it a key asset for investors looking to capitalize on China's future core technological strengths and the benefits of economic transformation [2] - The STAR 200 Index has demonstrated high return elasticity and impressive performance, with a growth of over 115% in the past year as of August 30 [2]

Group 1 - The technology sector has been a significant driver of market performance this year, influenced by factors such as deepening self-reliance narratives, tariff battles promoting domestic substitution, and ongoing technological innovation policies [1] - The Sci-Tech Innovation Board indices, including the Sci-Tech 50, 100, and 200, have shown impressive growth, with year-to-date increases of 32.11%, 45.17%, and 50.30% respectively, outperforming major A-share indices [1] - The Sci-Tech 200 index, which consists of 200 smaller, liquid stocks from the Sci-Tech Board, has demonstrated a remarkable increase of nearly 127% since last year's "9.24" market rally, highlighting its high elasticity and sharp characteristics [1] Group 2 - The underlying growth potential of the Sci-Tech 200 index is supported by strong R&D expenditures, with over 40% of its constituent stocks recognized as "specialized, refined, and innovative" enterprises [2] - Forecasted net profit growth rates for the Sci-Tech 200 index are significantly higher than those of the Sci-Tech 50 and 100 indices, with expected growth rates of 380.07% and 70.92% for 2025 and 2026 respectively [2] - The median R&D expense ratio for the Sci-Tech 200 index is 12.62%, indicating a solid foundation for future development through sustained high R&D investment [2] Group 3 - Public funds are actively positioning themselves around the Sci-Tech 200 index to capitalize on technology innovation investment opportunities, with new funds like the GF Sci-Tech 200 ETF recently approved [3] - Since 2019, GF Fund has managed nine products related to the Sci-Tech Board, tracking various indices including the Sci-Tech 50, 100, and others focused on growth and artificial intelligence [3]

Group 1 - The technology sector has been a significant driver of market performance this year, influenced by factors such as deepening self-reliance narratives, tariff battles promoting domestic substitution, and ongoing technological innovation policies [1] - The Sci-Tech Innovation Board indices, including the Sci-Tech 50, 100, and 200, have shown substantial growth, with year-to-date increases of 32.11%, 45.17%, and 50.30% respectively, outperforming major A-share indices [1] - The Sci-Tech 200 index, composed of 200 smaller, liquid stocks from the Sci-Tech Board, has demonstrated a remarkable increase of nearly 127% since last year's "9.24" market event, highlighting its high elasticity and sharp characteristics [1] Group 2 - The Sci-Tech 200 index is heavily weighted towards new economy and strategic emerging industries, with over 90% of its composition reflecting these sectors [1] - The top five industries within the Sci-Tech 200 index by weight are semiconductors (22.07%), chemical pharmaceuticals (8.02%), medical devices (7.57%), automation equipment (6.16%), and communication equipment (5.73%), collectively accounting for 49.55% of the index [1] - The index's constituent stocks are characterized by strong growth potential and high R&D expenditure, with over 40% classified as "specialized, refined, distinctive, and innovative" enterprises [2] Group 3 - The expected net profit growth rates for the Sci-Tech 200 index are significantly higher than those of the Sci-Tech 50 and 100 indices, with projected growth rates of 380.07% and 70.92% for 2025 and 2026 respectively [2] - The median R&D expense as a percentage of revenue for the Sci-Tech 200 index is 12.62%, indicating a strong commitment to innovation and future growth [2] - Recent market fluctuations in the technology sector have led to increased scrutiny, but upcoming policy developments, such as the "14th Five-Year Plan" focusing on "new quality productivity," are expected to support the sector's mid-term outlook [2] Group 4 - Public funds are actively positioning themselves around the Sci-Tech 200 index to capitalize on innovation investment opportunities, with new funds like the GF Sci-Tech 200 ETF recently approved [3] - Since 2019, GF Fund has managed multiple products related to the Sci-Tech Board, currently offering nine funds tracking various Sci-Tech indices [3]

Group 1 - The Shanghai Stock Exchange and China Securities Index Co. announced adjustments to the sample stocks of the Sci-Tech 50 and Sci-Tech 100 indices, effective after market close on September 12, 2023 [1][2] - Shengyi Electronics will be added to the Sci-Tech 50 index, while five securities including Aofeite and Zhongke Lanyun will be added to the Sci-Tech 100 index [2] - The total market capitalization of the Sci-Tech 50 index will reach 3.1 trillion yuan, covering 38.9% of the market, while the Sci-Tech 100 index will have a total market capitalization of 1.9 trillion yuan, covering 24.4% [2] Group 2 - The total market capitalization coverage of the Sci-Tech 50, Sci-Tech 100, and Sci-Tech 200 indices combined will be 84.6%, indicating a strong representation of the Sci-Tech board's performance [2] - The top five constituent stocks of the Sci-Tech 50 and Sci-Tech 100 indices remain largely unchanged, reflecting a stable market capitalization structure in the Sci-Tech board [2] - The Sci-Tech board index system now consists of 32 indices, with the total scale of Sci-Tech index products exceeding 320 billion yuan, and the Sci-Tech 50 product scale surpassing 190 billion yuan [3] Group 3 - The performance of the Sci-Tech indices has been strong this year, with the Sci-Tech Composite Index, Sci-Tech 50, Sci-Tech 100, and Sci-Tech 200 indices rising by 43.3%, 35.6%, 46.8%, and 54.9% respectively as of August 29 [3] - The trend of index-based investment is accelerating, with the total scale of ETF products in the A-share market surpassing 5 trillion yuan [4] - Future directions for index-based investment include comprehensive indices, differentiated strategy indices, and innovative strategy products that combine derivatives [4]

Core Viewpoint - The Shanghai Stock Exchange and China Securities Index Co. have decided to adjust the sample of the Sci-Tech 50 and other indices, effective after the market closes on September 12, 2025 [1] Group 1: Index Adjustments - Biying Electronics will be added to the Sci-Tech 50 index, while five securities including Aifute and Zhongke Lanyun will be added to the Sci-Tech 100 index [2] - The Sci-Tech 50, Sci-Tech 100, and Sci-Tech 200 indices represent large, medium, and small market capitalization securities on the Sci-Tech board, collectively forming the Shanghai Sci-Tech Board Scale Index Series [2] - The total market capitalization of the Sci-Tech 50 index is 3.1 trillion yuan, with a coverage rate of 38.9%, while the Sci-Tech 100 index has a total market capitalization of 1.9 trillion yuan and a coverage rate of 24.4% [2] Group 2: Market Performance - The Sci-Tech Composite Index, Sci-Tech 50, Sci-Tech 100, and Sci-Tech 200 indices have increased by 43.3%, 35.6%, 46.8%, and 54.9% respectively this year, reaching new highs since last year's "9.24" [2] - The combined market capitalization coverage of the Sci-Tech 50, Sci-Tech 100, and Sci-Tech 200 indices is 84.6%, an increase of 0.5% compared to before the adjustment [2] Group 3: Index Development - Since the release of the "Eight Policies," the number of Sci-Tech board indices has increased, with the quality of index samples continuously improving [3] - The total scale of Sci-Tech index products has surpassed 320 billion yuan, with the flagship Sci-Tech 50 product scale exceeding 190 billion yuan, making it the fifth largest broad-based index product in the domestic market [3] - The Shanghai Stock Exchange indicates that with the implementation of the "1+6" policy measures, index investment will play a more positive role in supporting high-level technological self-reliance and the development of new productivity [3]

Core Points - The STAR 50 Index will undergo sample adjustments effective after the market closes on September 12, 2025, as announced by the Shanghai Stock Exchange and China Securities Index Company [1] - Benefiting from the adjustments, the STAR 50 Index's total market capitalization will reach 3.1 trillion yuan, with a coverage ratio of 38.9%, while the STAR 100 Index will have a total market capitalization of 1.9 trillion yuan and a coverage ratio of 24.4% [3] - The combined market capitalization coverage ratio of the STAR 50, STAR 100, and STAR 200 indices will increase to 84.6%, reflecting a 0.5% improvement from before the adjustments [3] - The top five constituent stocks of the STAR 50 and STAR 100 indices remain largely unchanged, indicating a stable market capitalization structure within the STAR market [3] - The STAR 50 Index has seen a remarkable increase of 27.78% over just 14 trading days since August 12 [4] - The total scale of STAR index products has surpassed 320 billion yuan, with the flagship STAR 50 product exceeding 190 billion yuan, making it the fifth largest broad-based index product in the domestic market [4]

Group 1 - The representation of the Sci-Tech Innovation Board (STAR Market) is further enhanced by the adjustments to the Sci-Tech indices, which will be implemented after the market closes on September 12 [1] - The Sci-Tech 50, 100, and 200 indices have seen significant increases this year, with the Sci-Tech Composite Index, Sci-Tech 50, Sci-Tech 100, and Sci-Tech 200 rising by 43.3%, 35.6%, 46.8%, and 54.9% respectively, reaching new highs since September 24 of last year [1] - The total market capitalization of the Sci-Tech 50 index is 3.1 trillion yuan, covering 38.9% of the market, while the Sci-Tech 100 index has a total market capitalization of 1.9 trillion yuan, covering 24.4% [1] Group 2 - The top five constituent stocks of the Sci-Tech 50 and 100 indices have remained largely unchanged, indicating a stable market capitalization structure within the STAR Market [2] - The introduction of the "Eight Measures" for deepening reforms in the STAR Market has led to a continuous increase in the number and quality of index samples, transitioning the STAR Market from a "testing ground" to a "demonstration field" for high-quality development [2] - The total scale of Sci-Tech index products has surpassed 320 billion yuan, with the flagship Sci-Tech 50 product exceeding 190 billion yuan, making it the fifth largest broad-based index product in the domestic market [2]

Group 1 - The representation of the Sci-Tech Innovation Board (STAR Market) is further enhanced by the adjustments to the Sci-Tech indices, which will be implemented after the market closes on September 12 [1] - The Sci-Tech 50, 100, and 200 indices have seen significant increases this year, with the Sci-Tech Composite Index, Sci-Tech 50, Sci-Tech 100, and Sci-Tech 200 rising by 43.3%, 35.6%, 46.8%, and 54.9% respectively, reaching new highs since September 24 of last year [1] - The total market capitalization of the Sci-Tech 50 index is 3.1 trillion yuan, covering 38.9% of the market, while the Sci-Tech 100 index has a total market capitalization of 1.9 trillion yuan, covering 24.4% [1] Group 2 - The top five constituent stocks of the Sci-Tech 50 and 100 indices have remained largely unchanged, indicating a stable market capitalization structure within the Sci-Tech Board [2] - The introduction of the "Eight Measures" for deepening reforms on the Sci-Tech Board has led to a continuous increase in the number and quality of index samples, transitioning the board from a "testing ground" to a "demonstration field" for high-quality development [2] - The total scale of Sci-Tech index products has surpassed 320 billion yuan, with the flagship Sci-Tech 50 product scale exceeding 190 billion yuan, making it the fifth largest broad-based index product in the domestic market [2]

Group 1 - The core viewpoint of the news is that the Sci-Tech Innovation Board (STAR Market) is experiencing significant growth and stability, with the upcoming quarterly adjustments to the Sci-Tech indices reflecting this trend [1][2][3] Group 2 - The Sci-Tech 50, 100, and 200 indices represent large, medium, and small-cap stocks on the STAR Market, with year-to-date increases of 43.3%, 35.6%, 46.8%, and 54.9% respectively, reaching new highs since September 24 of the previous year [1] - The total market capitalization of the Sci-Tech 50 index is 3.1 trillion yuan, covering 38.9% of the market, while the Sci-Tech 100 index has a total market capitalization of 1.9 trillion yuan, covering 24.4% [2] - The combined market capitalization coverage of the Sci-Tech 50, 100, and 200 indices is 84.6%, an increase of 0.5% from before the adjustments, indicating improved representation of the STAR Market [2] - The top five constituent stocks in the Sci-Tech 50 and 100 indices have remained largely unchanged, reflecting a stable market capitalization structure within the STAR Market [2] - Since the release of the "Eight Measures" to deepen the reform of the STAR Market, the number of indices has increased to 32, providing diverse investment options for medium to long-term capital [3] - The total scale of Sci-Tech index products has surpassed 320 billion yuan, with the flagship Sci-Tech 50 product exceeding 190 billion yuan, making it the fifth largest broad-based index product in the domestic market [3] - The STAR Market's "1+6" policy measures are expected to further enhance index investment, supporting high-level technological self-reliance and the development of new productive forces [3]