景顺长城基金：创业板汇聚中国经济转型升级的核心领域

Group 1 - The 2025 Global Investors Conference hosted by the Shenzhen Stock Exchange emphasized that investing in China equates to investing in the future, with upcoming reforms to support innovation and growth in the market [1] - The China Securities Regulatory Commission plans to enhance the attractiveness of the ChiNext market for global investors through measures such as cash dividends, share buybacks, and mergers and acquisitions [1] - As of mid-May 2025, the ChiNext market has over 1,300 listed companies with a total market capitalization exceeding 13 trillion RMB, positioning it as a cradle for China's new economy [1][2] Group 2 - The ChiNext market has increasingly attracted international capital, with a growing representation of high-tech industries such as power equipment, new energy, pharmaceuticals, electronics, and computers [2] - The introduction of the registration system in 2020 significantly shortened the review cycle and allowed for market-based pricing of earnings, enhancing the market's vitality and regulatory compliance [2] - The current investment value of the ChiNext is highlighted by its representative indices, with the ChiNext Index and ChiNext 50 Index having price-to-earnings ratios of 31 and 30, respectively, which are below historical averages [2] Group 3 - International investors can now invest in the ChiNext through various channels, including Stock Connect and QFII, as well as through ETF mutual access projects [3] - As of mid-May 2025, there are 11 ChiNext ETFs included in the mutual access project with Hong Kong, facilitating international investment opportunities [3] - The internationalization of ChiNext index products is seen as a significant marker of the capital market's high-level opening and a practical implementation of China's innovation-driven development strategy [3][4] Group 4 - The internationalization of ChiNext index products presents opportunities for enhancing the global influence and competitiveness of China's index system, allowing global investors easier access to invest in innovative companies [4] - Challenges include differences in language, regulations, market environments, and investor perceptions, which have required extensive collaboration and modifications to meet EU regulations for product approval [4] - Despite the challenges, the internationalization of ChiNext products is viewed as a difficult but correct path, with expectations for more index products to enter overseas markets in the future [4]