Venture(US:VEMLY) Xin Lang Cai Jing·2025-05-19 06:03Group 1: Market Performance - As of May 19, 2025, the ChiNext Index (399006) decreased by 0.40%, with mixed performance among constituent stocks [1] - Notable gainers included AVIC Chengfei (302132) up 3.49%, Jinlang Technology (300763) up 3.13%, and Guangwei Composites (300699) up 3.12% [1] - Major decliners included BGI Genomics (300676) down 5.44%, Jinke Energy (300748) down 4.71%, and Chuaning Biological (301301) down 4.31% [1] Group 2: ETF Performance - The ChiNext ETF by GF (159952) recorded a trading volume of 64.74 million yuan during the session [1] - Over the past year, the average daily trading volume of the ChiNext ETF reached 262 million yuan, ranking it among the top two comparable funds [1] - The latest scale of the ChiNext ETF reached 9.93 billion yuan, also placing it in the top two among comparable funds [1] - The fund's shares increased by 73.3 million over the past half year, marking significant growth and ranking first among comparable funds [1] Group 3: Valuation Insights - The ChiNext ETF tracks the ChiNext Index, which consists of 100 stocks with large market capitalization and good liquidity, reflecting the performance of the ChiNext market [1] - The current valuation of the ChiNext Index is at a historical low, with a price-to-book (PB) ratio of 4.11, which is lower than 82.17% of the time over the past five years, indicating strong valuation attractiveness [1] Group 4: Industry Developments - As of April 30, 2025, the top ten weighted stocks in the ChiNext Index accounted for 50.3% of the index, including companies like CATL (300750) and Mindray (300760) [2] - The China Securities Regulatory Commission (CSRC) announced upcoming reforms for the Sci-Tech Innovation Board and ChiNext to provide better institutional support for innovative growth [2] - The People's Bank of China emphasized comprehensive support for technological innovation, focusing on early, small, long-term investments in hard technology [2] Group 5: Financial Performance - According to Shenwan Hongyuan Securities, the A-share first quarter report showed a recovery in both revenue and net profit growth, with the ChiNext showing a notable rebound [3] - The ChiNext's non-recurring net profit growth rate improved by 28.8 percentage points, turning positive at 17.4%, while revenue growth increased by 5.3 percentage points to 7.9% [3] Group 6: ETF Characteristics - ChiNext ETFs are perceived as a bundled investment in a basket of leading ChiNext stocks, with daily price limits of ±20%, allowing for significant rebounds during market rallies [3] - The ChiNext ETF by GF has the lowest fee rates among similar products, with management and custody fees at 0.15% and 0.05%, respectively [3]