科创板政策及行业动态一览： l 科创板政策与行业动向： 上周，科创板规模突破。上市公司达600家，总市值超10万亿元。1月25日，北京市十六届人大四次会议 开幕。会议中指出，要大力发展高精尖产业。巩固壮大实体经济根基，推动集成电路重点项目扩产量 产，高水平建设国际医药创新公园，全生态链推进绿色先进能源、新能源汽车、机器人、商业航天等重 点项目；加快建设全球数字经济标杆城市，全面实施"人工智能+"行动，建设国家人工智能应用中试基 地；推进未来产业先导区建设，培育6G、量子科技、生物制造等新增长点；推动传统产业提质升级， 促进制造业数智化转型。 表：科创板主要指数表现 | | | | | 科创 50 科创信息 科创芯片 科创材料 科创成长 科创 100 科创生物 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今年以来收益(%) 15.59 | | 18.63 | 18.96 | 19.11 | 11.63 | 17.07 | 6.32 | | 本周收益(%) | 2.62 | 2.52 | 2.42 | 3.27 | 0.93 | 1.37 ...

Group 1: Policy and Industry Dynamics - The China Securities Regulatory Commission (CSRC) emphasized the need to accelerate the implementation of the "1+6" reform measures for the Sci-Tech Innovation Board (STAR Market) to enhance market vitality and improve the inclusiveness and attractiveness of the capital market [1][2] - The CSRC aims to optimize the financing environment in alignment with national strategic planning, particularly in technology innovation and industrial upgrading, while also linking reforms with the ChiNext board [2][16] - The STAR Market has seen a total of 210 new IPO applications this year, with 2 new applications in the past week, indicating sustained market activity [1][15] Group 2: Market Performance and Trends - The STAR Market experienced a pullback last week, with declines in sectors such as chips, information technology, biomedicine, and new materials [3][17] - Major indices on the STAR Market have shown year-to-date returns, with the STAR 50 index at 35.02%, while the weekly return was -2.99% [4][17] - The top five industries on the STAR Market, including electronics and biomedicine, account for 88.7% of the total market capitalization [4][17] Group 3: Sector Insights - The new generation information technology sector, particularly the chip industry, is experiencing growth, with significant increases in the manufacturing value of electronic materials and integrated circuits [5][18] - The high-end equipment manufacturing sector is crucial for enhancing the overall competitiveness of China's manufacturing industry, with high-tech manufacturing value increasing by 8.4% in November [6][19] - The biopharmaceutical sector faced a downturn last week, primarily due to weak liquidity in the Hong Kong market and capital outflows, but is expected to stabilize with positive trends in CDMO orders and domestic CRO performance [21][21]

Group 1: Core Insights - The investment ecosystem of the Sci-Tech Innovation Board (STAR Market) is gradually improving, with the number of STAR Market ETFs reaching 102 by September 26, 2025, including 61 newly established this year [1] - The successful IPO of Moore Threads, a full-function GPU company, highlights the STAR Market's support for "hard technology" and signals a new phase of deep integration between finance and technological innovation [1] - The hard technology sector, particularly in areas like chips and innovative pharmaceuticals, is experiencing significant breakthroughs, reinforcing the investment value of STAR Market companies under the dual drivers of policy and capital [1][2] Group 2: Market Performance - The overall STAR Market saw an increase, with the STAR 50 Index rising by 6.47%, the STAR Information Index by 7.76%, and the STAR Chip Index by 9.05% over the past week [3] - The top five industries on the STAR Market, which account for 88.7% of the market capitalization, are electronics, biomedicine, computers, power equipment, and machinery [4] Group 3: Sector Analysis - The new generation information technology sector, focusing on the electronic chip industry, is showing strong performance driven by policy support, technological breakthroughs, and capital inflow [5] - In the high-end equipment manufacturing sector, while there was a short-term adjustment in the robotics industry, long-term growth potential remains supported by policy and technological advancements [6] - The pharmaceutical sector experienced a decline, with cautious market sentiment, although there are signs of recovery in medical device tenders and overseas revenue growth for some companies [6]

Group 1: Industry Trends and Developments - The semiconductor equipment and materials sector in the Sci-Tech Innovation Board is experiencing rapid growth, with local manufacturers enhancing their competitiveness and gradually reshaping the global industry landscape [1] - The current environment is favorable for financing, with the expansion of Sci-Tech bonds and the rise of ETFs providing low-interest financing channels, particularly benefiting small and medium-sized tech enterprises [2] - The hard technology sector is entering a critical phase of domestic substitution, with significant breakthroughs in chips and innovative drugs, supported by both policy and capital [2] Group 2: Market Performance - The overall performance of the Sci-Tech Innovation Board has been positive, with the Sci-Tech 50 Index rising by 5.48%, the Sci-Tech Information Index by 6.95%, and the Sci-Tech Chip Index by 7.94% over the past week [3] - Year-to-date returns for major indices are as follows: Sci-Tech 50 at 35.54%, Sci-Tech Information at 41.32%, and Sci-Tech Chip at 50.55% [4] Group 3: Sector Insights - The new generation information technology sector, particularly the electronic chip industry, is seeing strong performance driven by AI computing demand and domestic substitution processes [5] - The high-end equipment manufacturing sector is gaining traction, with increased interest in humanoid robots and significant orders being signed, indicating a potential breakthrough in market penetration [6] - The pharmaceutical sector is benefiting from supportive policies aimed at upgrading healthcare facilities, leading to increased demand for diagnostic consumables and surgical instruments [6]

Group 1: Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has significantly supported the development of hard technology enterprises since its launch in June 2019, with recent mergers and acquisitions indicating a trend towards accelerated industry consolidation [1] - As of now, there are 119 companies in the integrated circuit sector on the STAR Market, representing a substantial portion of the A-share listed companies in this category, covering the entire supply chain from chip design to packaging and testing [1] - The recent "Eight Measures" issued by the China Securities Regulatory Commission has led to unprecedented activity in mergers and acquisitions among integrated circuit companies on the STAR Market, showcasing new characteristics and directions in the M&A market [1] Group 2: Industry Trends - The current trend of de-globalization and the urgent need for self-sufficiency have heightened the necessity for the development of new productive forces, with the STAR Market focusing on core electronic industries, emerging software, and new information technology services [2] - The STAR Market's top five industries—electronics, biomedicine, power equipment, computers, and machinery—account for 87.2% of the total market capitalization, indicating a concentrated investment landscape [3] - The high-end equipment manufacturing sector is crucial for enhancing the overall competitiveness of China's manufacturing industry, with recent PMI data showing signs of recovery and potential for continued growth in exports [4] Group 3: Sector Performance - The innovative drug sector is experiencing significant advancements, with Chinese companies leading in ADC and dual-antibody research, as evidenced by their substantial presence at the ASCO conference [5] - The overall industry sentiment in the pharmaceutical sector is improving, driven by increased R&D investment and active clinical trials, alongside international collaborations and supportive policies [6] - The STAR Market's ETFs, such as the Sci-Tech Information ETF and Sci-Tech Chip ETF, represent long-term investment directions aligned with the new productive forces [2][7][8][9]