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].

今日（11月25日）科技成长方向强势进攻，创业板指涨超2.5%，科创综指涨逾1.7%，覆盖创业板+科创板高成长龙头的硬 科技宽基——双创龙头ETF（588330）场内涨幅盘中上探3.45%，现涨2.5%，实时成交额超3200万元，交投较为活跃！ 细分方向来看，光模块三巨头王者归来，中际旭创、新易盛涨超6%，天孚通信涨逾4%；PCB（印制电路板）方面，胜宏 科技涨超6%；光伏方面，阳光电源涨超5%，阿特斯涨逾2%。 【掘金新质生产力，投资中国版"纳斯达克"】 关注双创龙头ETF（588330）及其场外联接基金（A类：013317 / C类：013318）的三大特征： 1、跨市场多元配置，百分百战略新兴：标的指数从科创板和创业板中选取市值较大的50只战略新兴产业上市公司作为指 数样本，汇集高成长龙头，囊括新能源、光伏、光模块、半导体、医疗设备等热门主题； 2、成长风格"战斗基"，一键配置中国顶尖科技：全球科技博弈背景下，科技自立自强和产业链自主可控的重要性提升至 新高度，"中国版纳斯达克"呼之欲出； 3、高弹性工具捕捉科技行情，低门槛布局突围力量：标的指数20%涨跌幅限制，抢反弹更快，有能力担当"反弹先锋"。 相 ...

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].

Market Overview - The market showed strong performance in the early session, with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing over 2% [1] - By the end of the morning session, the Shanghai Composite Index was up 1.13%, the Shenzhen Component Index rose 2.04%, and the ChiNext Index gained 2.6% [1] Stock Performance - Nearly 4,900 stocks in the market experienced an increase [2] - The computing hardware sector continued to show strength, with stocks like TeFa Information achieving three consecutive trading limit ups, and Longi Green Energy and Huayou Cobalt hitting the daily limit [3] - The AI application sector saw a resurgence, with Shida Group achieving four consecutive trading limit ups and Rongji Software hitting six limit ups in seven days [3] - The anti-influenza sector was also active, with Guangji Pharmaceutical achieving two consecutive limit ups, and Te Yi Pharmaceutical and Peking University Pharmaceutical hitting the daily limit [3] Declining Stocks - The aquaculture sector experienced fluctuations, with stocks like Zhangzi Island and Zhongshui Fishery hitting the daily limit down [4] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, an increase of 149.3 billion yuan compared to the previous trading day [5] Top Stocks by Trading Volume - Zhongji Xuchuang led with a trading volume exceeding 16.5 billion yuan, followed by Xinyi Sheng and BlueFocus with high trading volumes [6]

创业板50指数出海进程再迎新里程碑。 继去年6月成功登陆爱尔兰、英国、德国、瑞士、意大利等欧洲五大主流交易所之后，创业板50指数出 海进程再迎新里程碑。 11月25日，以景顺长城创业板50ETF为底层资产的存托凭证（Depository Receipt）在泰国证券交易所敲 钟上市，为泰国投资者提供投资创业板50指数的上市产品。 InnovestX为泰国头部券商，成立于1995年，是泰国证券交易所认证的8家存托凭证发行商之一。 InnovestX以发行存托凭证的方式将创业板50ETF带到泰国市场。存托凭证是一种证券，其交易方式与股 票相同，可在证券交易所进行交易。 之所以选择创业板50指数，一方面是由于该指数聚焦于新能源、高端制造、生物医药等高科技行业，能 够帮助泰国投资者捕捉中国科技发展的时代红利，是投资中国"新质生产力"最直接的标的。 另一方面，泰国的投资者对宁德时代等全球龙头已有一定的熟悉程度和认知，此前已有基于宁德时代的 存托凭证产品在泰交所上市，此时推出聚焦创业板龙头的创业50ETF存托凭证更容易获得当地投资者的 信任感。 同时，创业板50指数本身具备卓越的流动性。创业50选取了创业板规模最大、交易最 ...

创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为34.32%，近一个月回报为-8.44%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 11月25日，截止午间收盘，创业50ETF（159682）涨2.76%，报1.379元，成交额2.79亿元。创业50ETF （159682）重仓股方面，宁德时代截止午盘涨1.35%，中际旭创涨6.06%，东方财富涨0.51%，新易盛涨 6.03%，阳光电源涨5.87%，胜宏科技涨6.15%，汇川技术涨1.35%，迈瑞医疗涨0.73%，亿纬锂能涨 1.82%，同花顺涨0.73%。 ...

Group 1 - 5G concept stocks have shown strong performance, with Huadian Co., Ltd. reaching the daily limit, New Yisheng rising over 7%, and Zhongji Xuchuang, Zhaoyi Innovation, and Dongshan Precision all increasing by over 6% [1] - The significant rise in heavy-weight stocks has positively impacted the 5G ETF and 5G Communication ETF, both of which have increased by over 5% [1] Group 2 - Some brokerage firms indicate that AI may represent the largest industrial opportunity since cloud computing, with hardware components like GPUs continuing to grow rapidly [2] - ASICs are expected to become the second growth engine next year, and the performance of the North American computing power industry chain is anticipated to maintain high growth rates in the coming quarters [2] - On the demand side, the growth in cloud revenue and capital expenditure from North American cloud companies is creating a positive feedback loop, with a clear AI development cycle still in an upward trajectory [2]

Group 1 - The technology growth sector is experiencing strong gains, with the ChiNext Index rising over 2.5% and the Sci-Tech Innovation Index increasing by more than 1.7% [1] - The Double Innovation Leader ETF (588330) saw a peak intraday increase of 3.45%, currently up 2.5%, with a trading volume exceeding 320 million yuan [1] - Key stocks in the optical module sector, such as Zhongji Xuchuang and Xinyi Sheng, rose over 6%, while Tianfu Communication increased by more than 4% [1] Group 2 - HSBC's latest report indicates that the acceleration of AI server iterations is driving a dual rise in technology and pricing for core components like PCBs and CCLs [1] - Citigroup previously projected that the supply-demand tension for AI PCBs will persist until next year [1] - The report emphasizes the importance of technology leadership in the A-share market, with a focus on sectors like new energy vehicles and the internet [2] Group 3 - The Double Innovation Leader ETF is characterized by cross-market diversification, focusing on 50 large-cap strategic emerging industry companies from the ChiNext and Sci-Tech Innovation boards [2] - The ETF is designed to capture technology market trends with a low investment threshold, allowing entry for less than 100 yuan [2] - The index has a 20% limit on daily price fluctuations, enhancing its ability to act as a rebound leader [2]

Group 1 - The technology sector led a strong rebound in A-shares, with AI hardware, particularly CPO, experiencing significant gains, including Guangku Technology rising over 16% [1] - Industrial Fulian clarified that it has not lowered its fourth-quarter profit target and that operations, including the shipment of GB200 and GB300 products, are proceeding as planned with strong customer demand [1] - A total of 310 A-share stocks saw financing purchases exceeding 100 million, with Zhongji Xuchuang, BlueFocus Communication, and Industrial Fulian ranking as the top three in financing amounts [1] Group 2 - The 5G Communication ETF rose by 5.7%, covering key components of AI computing systems, including optical modules and PCB, with significant weight in leading companies like Zhongji Xuchuang and Industrial Fulian [2] - The Huaxia Entrepreneurial AI ETF, which has the highest CPO content and lowest fee rate, increased by 5.82%, with major holdings including Zhongji Xuchuang and Xin Yisheng [2]

Core Viewpoint - The computing power sector has seen significant gains due to a series of domestic and international catalysts in the AI industry, with multiple stocks experiencing substantial increases in value [1][3]. Group 1: Market Performance - The cloud computing ETF (159890) surged by 2.82% on November 25, with major holdings such as Zhongji Xuchuang and Xinyi Sheng rising over 6% [1][2]. - Other stocks like Inspur Information and Yidian Tianxia also saw increases exceeding 3% and 7%, respectively, indicating a strong market response [1]. Group 2: Industry Catalysts - Recent AI industry catalysts include the mass production of NVIDIA's next-generation Rubin GPU, the launch of Google's new model Gemini, and clear capital expenditure guidance from cloud vendors [1][3]. - Google’s AI infrastructure head stated the necessity to double AI computing power every six months and achieve a thousandfold increase in the next 4 to 5 years to meet rising demand [3]. Group 3: Investment Outlook - Analysts from Guotai Junan and Zhongyuan Securities express optimism regarding the capital expenditure outlook of leading cloud vendors, highlighting high demand across the AI computing power supply chain [3]. - The industry is transitioning from 800G to 1.6T technology, with leading optical module manufacturers expected to benefit from stable customer relationships and scalable delivery capabilities [3]. Group 4: ETF Composition - The cloud computing ETF tracks an index that includes top companies like Zhongji Xuchuang and Xinyi Sheng, as well as major players in electronic terminals and software development, providing a comprehensive solution for the AI era [4].