Core Viewpoint - The successful listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant step for Chinese core technology assets entering the Southeast Asian market, enhancing Sino-Thai financial cooperation [2][4]. Group 1: Market Expansion - This is the first time a Chinese A-share listed ETF has been launched in Thailand via depository receipts, representing a new product for the Thai market [2]. - The ChiNext 50 Index has been expanding internationally, having previously listed in major European exchanges [2]. - The Shenzhen Stock Exchange is committed to internationalizing ChiNext products, aiming to create a cross-border trading ecosystem for these ETFs [2][4]. Group 2: Investment Demand - There is a rapidly increasing demand from Thai investors for Chinese core assets, driven by China's high-quality economic development and capital market reforms [4]. - The collaboration between Invesco and local issuer InnovestX aims to provide Thai investors with direct access to the ChiNext 50 Index [4]. Group 3: Index Characteristics - The ChiNext 50 Index focuses on high-tech sectors such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for capturing China's technological growth [6]. - The index has shown strong liquidity and market performance, with a year-to-date increase of 51.58% and a cumulative increase of 56.49% as of November 18 [7][8]. Group 4: Performance Metrics - The average revenue growth rate for the ChiNext 50 Index constituents was 21.07% in the mid-2025 reporting season, with a net profit growth rate of 16.63% [9]. - The top ten weighted stocks in the index demonstrated significant growth, with an average revenue growth of 48.93% and a net profit growth of 82.03% [9]. - The index excludes traditional cyclical industries, focusing instead on high-tech sectors, which enhances its technological concentration [10]. Group 5: Industry Insights - The ChiNext 50 Index is positioned to support innovative enterprises in sectors like power batteries and photovoltaic inverters, which have international competitiveness [11]. - The overseas revenue proportion for the ChiNext 50 Index is 35.17%, indicating strong global market integration [11].

Core Insights - The successful listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks the first time a Chinese A-share ETF has been listed in Thailand, enhancing financial cooperation between China and Thailand [1][2] - The demand for investment in Chinese core assets is rapidly increasing among Thai investors, driven by China's high-quality economic development and capital market reforms [2][3] - The ChiNext 50 Index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for Thai investors looking to capture the benefits of China's technological advancements [3][4] Market Performance - The ChiNext 50 Index has shown strong performance, with a cumulative increase of over 51% as of November 18, outperforming other broad-based indices [3][4] - The average revenue growth rate for the index's constituent stocks was 21.07% year-on-year in the mid-2025 reporting season, with net profit growth at 16.63% [4] - In the third quarter, the revenue growth rate for the constituent stocks remained robust at 15.75%, while net profit growth increased to 22.58% [4] Sector Analysis - The ChiNext 50 Index is heavily weighted towards high-growth sectors, with significant representation from batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [5] - The index's top ten constituent stocks have shown exceptional growth, with an average revenue growth rate of 48.93% and net profit growth of 82.03% [4][5] - The index aims to support innovative enterprises in sectors with international competitiveness, contributing to the global value chain and enhancing the performance of ChiNext 50 companies [5]

Core Viewpoint - The listing of the ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant milestone in the internationalization of China's capital markets, providing Thai investors with direct access to China's core technology assets [2][3]. Group 1: Internationalization of ChiNext 50 ETF - The ChiNext 50 ETF Depository Receipts were listed on November 25, providing Thai investors with a new investment product focused on the ChiNext 50 Index [2][3]. - This is the first time a Chinese A-share listed ETF has been issued in Thailand in the form of Depository Receipts, indicating a growing interest in Chinese technology assets in Southeast Asia [2][3]. - The Shenzhen Stock Exchange aims to enhance the internationalization of the ChiNext market and facilitate global investors in sharing the benefits of China's technological innovation [2][3]. Group 2: Market Demand and Product Details - The demand for investment in Chinese core assets among Thai investors has surged, driven by China's high-quality economic development and capital market reforms [3]. - The Invesco China ChiNext 50 ETF, established in December 2022, has surpassed 50 billion in total assets and maintains a low fee structure of 0.2% [3][4]. - InnovestX, a leading Thai brokerage, partnered with Invesco to issue the Depository Receipts, enhancing the accessibility of the ChiNext 50 Index for local investors [3][4]. Group 3: Performance of ChiNext 50 Index - As of November 18, the ChiNext 50 Index has shown a cumulative increase of 56.49% this year, outperforming other broad-based indices [5]. - The average revenue growth rate for the ChiNext 50 constituent stocks was 21.07% year-on-year for the mid-year report, with net profit growth at 16.63% [5]. - In the third quarter, the revenue growth rate remained strong at 15.75%, while net profit growth increased to 22.58% [5]. Group 4: Sector Focus and Composition - The ChiNext 50 Index focuses on high-tech sectors such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for capturing China's technological development [4][6]. - The index excludes traditional cyclical industries, emphasizing a higher concentration of technology stocks, with significant weights in battery, communication equipment, and photovoltaic sectors [6]. - The top three sectors by weight in the ChiNext 50 Index are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [6]. Group 5: Global Integration and Revenue - The leading companies in the ChiNext are deeply integrated into the global value chain, with 35.17% of their revenue coming from overseas markets in 2024, which is higher than many major broad-based indices [7]. - The average overseas revenue proportion for the top ten weighted stocks in the ChiNext 50 Index is 47.96%, indicating strong international market engagement [7].

Core Viewpoint - The listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant milestone in the internationalization of China's ChiNext index, providing Thai investors with direct access to China's core technology assets [3][4]. Group 1: Internationalization of ChiNext Index - The ChiNext 50 ETF Depository Receipts are the first of their kind from China's A-share market to be listed in Thailand, enhancing the international presence of the ChiNext index [3][4]. - The Shenzhen Stock Exchange aims to leverage this listing to further internationalize the ChiNext investment platform and facilitate global investors' access to China's technological innovations [3][4]. Group 2: Market Demand and Product Details - There is a growing demand among Thai investors for investment products related to China's core assets, driven by China's high-quality economic development and capital market reforms [4]. - The Invesco Great Wall ChiNext 50 ETF was established in December 2022 and currently has a total scale exceeding 50 billion, with a low fee structure of 0.2% [4][5]. Group 3: Performance of ChiNext 50 Index - As of November 18, 2025, the ChiNext 50 Index has shown a cumulative increase of 56.49%, outperforming other broad-based indices [6]. - The index's constituent stocks reported an average revenue growth of 21.07% and a net profit growth of 16.63% in the first half of 2025, with continued strong performance in the third quarter [6][7]. Group 4: Sector Focus and Composition - The ChiNext 50 Index focuses on high-tech sectors such as new energy, advanced manufacturing, and biomedicine, capturing the benefits of China's technological advancements [5][8]. - The top three sectors by weight in the ChiNext 50 Index are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [8]. Group 5: Global Integration and Revenue - The leading companies in the ChiNext 50 Index are deeply integrated into the global value chain, with 35.17% of their revenue coming from overseas markets in 2024, which is higher than many broad-based indices [8]. - The average overseas revenue proportion for the top ten weighted stocks in the index is 47.96%, indicating a strong international market presence [8].

Core Viewpoint - The launch of the ChiNext 50 Index Depository Receipts (DRs) on the Thailand Stock Exchange marks a significant milestone in the internationalization of the ChiNext 50 Index, providing Thai investors with direct access to China's core technology assets [1][2]. Group 1: Internationalization of ChiNext 50 Index - The ChiNext 50 Index has successfully expanded internationally, having previously listed on major European exchanges and now entering the Thai market [1]. - The listing of the ChiNext 50 ETF DRs is the first of its kind for A-share ETFs in Thailand, symbolizing the entry of Chinese core technology assets into the Southeast Asian market [1][2]. - The Shenzhen Stock Exchange aims to enhance the internationalization of the ChiNext market and facilitate global investors' access to China's technological innovations [1]. Group 2: Market Demand and Product Details - There is a growing demand among Thai investors for investment products related to Chinese core assets, driven by China's high-quality economic development and capital market reforms [2]. - The ChiNext 50 ETF, established in December 2022, has an overall scale exceeding 50 billion, with a low fee structure of 0.2% [2]. - InnovestX, a leading Thai brokerage, collaborates with Invesco to issue the DRs, which can be traded like stocks on the exchange [2]. Group 3: Performance of ChiNext 50 Index - As of November 18, the ChiNext 50 Index has shown a cumulative increase of 56.49%, outperforming other broad-based indices [4]. - The index's constituent stocks reported an average revenue growth of 21.07% and a net profit growth of 16.63% in the mid-year report for 2025 [4]. - In the third quarter, the revenue growth for the constituent stocks remained strong at 15.75%, with net profit growth rising to 22.58% [4]. Group 4: Key Constituents and Sector Focus - The top ten weighted stocks in the ChiNext 50 Index include leading companies such as CATL and Mindray, with an average revenue growth of 48.93% and net profit growth of 82.03% [5]. - The index focuses on high-tech sectors such as new energy, high-end manufacturing, and biomedicine, reflecting a higher concentration of technology compared to traditional industries [5][6]. - The three largest weighted sectors in the ChiNext 50 Index are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [6].

Core Viewpoint - The article reports on the performance of the Chuangye 50 ETF (159682), highlighting its increase of 2.76% as of the midday close on November 25, with a trading volume of 279 million yuan [1] Group 1: ETF Performance - Chuangye 50 ETF (159682) closed at 1.379 yuan, with a trading volume of 2.79 billion yuan [1] - The ETF's performance benchmark is the return rate of the ChiNext 50 Index [1] - Since its establishment on December 23, 2022, the fund has achieved a return of 34.32%, while its return over the past month has been -8.44% [1] Group 2: Top Holdings - Key stocks in the Chuangye 50 ETF include: - Ningde Times, up 1.35% - Zhongji Xuchuang, up 6.06% - Dongfang Wealth, up 0.51% - Xinyi Sheng, up 6.03% - Sunshine Power, up 5.87% - Shenghong Technology, up 6.15% - Huichuan Technology, up 1.35% - Mindray Medical, up 0.73% - Yiwei Lithium Energy, up 1.82% - Tonghuashun, up 0.73% [1]

Group 1 - The three major indices collectively rose in early trading on November 25, with the ChiNext 50 ETF (159682) increasing over 2.6% and a trading volume exceeding 173 million yuan [1] - Notable stocks within the ChiNext 50 ETF included Shenghong Technology, which rose over 7%, along with Xinyi Technology, Zhongji Xuchuang, BlueFocus, and Kunlun Wanwei showing significant gains [1] - The ChiNext 50 ETF has seen a net inflow of over 66 million yuan in the past two days, indicating strong investor interest [1] Group 2 - The ChiNext 50 Index has performed exceptionally well, with a year-to-date increase of over 70% as of November 21, covering sectors such as new energy, artificial intelligence, biomedicine, and high-end manufacturing [2] - This index supports investors in allocating resources to leading companies in China's technology growth [2] Group 3 - On November 25, the ChiNext 50 ETF was listed on the Thailand Stock Exchange in the form of depositary receipts, marking it as the first depositary receipt linked to a Chinese mainland ETF listed in Thailand [1] - This successful listing provides a convenient bridge for global investors to share in the achievements of China's technological innovation [1]

Group 1: Market Performance - The market has shown volatility and a downward trend, with the CSI Robotics Index falling by 3.43% as of November 21, while the Shanghai Composite Index and the ChiNext Index dropped by 3.9% and 6.15% respectively [1] - Despite the overall market decline, the Robotics Index ETF (560770) has seen a continuous net inflow of funds for 23 days, totaling 813 million yuan, with its latest scale surpassing 2.55 billion yuan and a year-to-date share increase of 182.62% [1] Group 2: ETF and Index Composition - The Robotics Index ETF (560770) tracks the CSI Robotics Index, which includes sample stocks from system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and other robotics-related listed companies [1] - The top ten constituent stocks of the index include companies such as Huichuan Technology, iFlytek, Dahua Technology, and others, covering the entire robotics industry chain from upstream components to midstream manufacturing and downstream system integration [1] Group 3: Industrial Robot Market Growth - The industrial robot market in China has been thriving, with production reaching 602,700 units from January to October this year, marking a year-on-year growth of 28.8%, surpassing the total expected production for 2024 [2] - China's industrial robot exports are projected to grow by 43.22% in 2024, reaching 1.13 billion USD, with a significant increase of 54.9% in exports during the first three quarters of this year compared to the overall foreign trade growth [2] Group 4: Future Prospects for Humanoid Robots - The humanoid robot sector in China is expected to enter a phase of large-scale development by 2025, with Beijing accelerating the commercialization and application of humanoid robots as a key driver of new productive forces [2] - With the rapid layout of domestic and foreign enterprises and breakthroughs in AI technology, humanoid robots are anticipated to reach mass production, creating a strong demand for independent innovation in core components [2]

Group 1: Investor Relations Activities - The company conducted multiple investor relations activities from November 10 to November 21, 2025, including phone conferences and broker strategy meetings, with participation from various asset management firms and investment companies totaling over 200 individuals [2][3][4][5][6][7][8]. Group 2: Business Growth and Strategy - The company has made significant breakthroughs in the process industry market, which is expected to be a key growth area, focusing on digitalization and intelligent transformation [5][6]. - The company’s PLC products, particularly mid-to-large PLCs, have gained a market share of approximately 5.1%, ranking sixth in China, with expectations for continued growth [5][6]. - The newly established Digital Energy Division aims to leverage digital technology to create new business models, focusing on energy management solutions for high-energy-consuming enterprises [6][7]. Group 3: Product Development and Market Trends - The InoCube-FEMS platform, launched this year, has already reduced annual electricity costs by approximately 4 million yuan for the company’s park, demonstrating its effectiveness in energy management [7]. - The company’s sales revenue from the new energy vehicle and rail transit sectors reached about 14.8 billion yuan, reflecting a year-on-year growth of approximately 38%, with rail transit contributing around 2.2 billion yuan, accounting for about 1% of total revenue [8][9]. - The humanoid robot components were showcased at the China International Industry Fair, indicating progress in the company's robotics development [9][10]. Group 4: Financial Performance and Market Challenges - The gross margin for the new energy vehicle segment remains low due to intense competition, although long-term improvements are anticipated as market dynamics evolve [8][9]. - The general servo system sales revenue showed strong growth in the first three quarters, driven by demand recovery in certain industries and the company's ongoing expansion in downstream applications [10].

Core Insights - The article highlights the increasing participation of foreign institutional investors (QFII/RQFII) in private placements of A-share companies, exemplified by Estun's recent fundraising efforts [1][2][4] Group 1: Estun's Private Placement - Estun issued 28,392,900 shares to seven subscription entities, including major foreign investors like JPMorgan Chase and Morgan Stanley [1][2] - The total fundraising amount for Estun's private placement was 795 million yuan [2] - The share allocation included 4.64 million shares to JPMorgan Chase, 4.60 million shares to Morgan Stanley, and 468,600 shares to Allianz Global Investors Singapore, with respective investments of 130 million yuan, 129 million yuan, and 13.12 million yuan [2] Group 2: Broader Trend of Foreign Participation - Over the past month, more than ten listed companies have attracted significant foreign investment in their private placements, indicating a broader trend [1][3] - Companies like Xiaokang and Huichuan Technology also saw substantial foreign participation, with JPMorgan Chase investing 200 million yuan in Xiaokang and Hillhouse Capital investing 400 million yuan in Huichuan Technology [2][3] Group 3: Impact of Regulatory Changes - Recent regulatory changes by the China Securities Regulatory Commission and other authorities have lowered the investment barriers for QFII/RQFII, facilitating foreign investment in A-shares [4] - The strong recovery of the Chinese economy and the upward trend in the capital market have further enhanced the attractiveness of A-shares for foreign investors [4] Group 4: Performance of Participating Companies - The article notes that the stock prices of companies involved in private placements have generally performed well post-issuance, leading to significant unrealized gains for foreign investors [4][5] - Specific examples include Estun's placement price of 28 yuan per share, with a current price of 38.97 yuan, and Huichuan Technology's placement price of 58 yuan, now at 80.78 yuan [5]