注意：警惕信创ETF投资风险

Core Viewpoint - The recent surge in the subscription of the Xinchang ETF (159537) indicates strong market interest, particularly following the announcement of Haiguang's acquisition of Zhongke Shuguang, which has led to significant inflows and a tenfold increase in fund shares since May 23, 2025 [1][2]. Group 1: Subscription and Market Activity - On June 5, 2025, the Xinchang ETF (159537) saw a subscription of 552 million shares and a redemption of 77 million shares, marking eight consecutive days of net inflows [1]. - The fund's shares increased from 74 million on May 23, 2025, to 808 million by June 4, 2025, reflecting a tenfold growth [1]. - The market is highly optimistic about the future performance of the "two Guang stocks" after their expected resumption of trading, with the initial suspension expected to last no more than 10 trading days [1]. Group 2: Management Actions and Risk Control - The fund manager initially set a subscription limit of 1 million shares per basket on May 29, 2025, to manage operational risks, but lifted this limit due to high market enthusiasm, which saw a peak premium of nearly 7% [2]. - Despite the manager's efforts to control the premium rate through announcements regarding tracking errors and market risks, trading enthusiasm remained high [2]. Group 3: Investment Considerations - The actual weight of the "two Guang stocks" in the Xinchang ETF has been significantly diluted, potentially falling below 1% due to the tenfold increase in fund size since May 23, 2025 [3]. - Investors are advised to carefully analyze the risks associated with investing in the Xinchang ETF (159537) if they are seeking exposure to the "two Guang stocks" for potential gains upon their resumption of trading [3].