Venture(US:VEMLY) Mei Ri Jing Ji Xin Wen·2025-06-24 07:34Group 1 - The A-share market saw all three major indices rise collectively, with the ChiNext Index leading with a 2.3% increase [1] - The low-fee ChiNext ETF (159952) experienced active trading, with a net inflow of over 12 million yuan, and its latest circulation scale is approximately 9.6 billion yuan, ranking among the top two in its category [1] - The comprehensive fee rate of the ChiNext ETF is at the lowest level in the market, which helps reduce trading costs for investors, facilitating both short and medium-term investments [1] Group 2 - The ChiNext ETF tracks an index composed of 100 stocks with large market capitalization and good liquidity, focusing on new productivity directions with a high proportion of emerging industries and high-tech enterprises [1] - As of June 23, the latest price-to-earnings ratio (PE) of the ChiNext Index is 30 times, which is at the 15% valuation percentile level over the past decade, indicating a favorable cost-performance ratio for allocation [1] - The top three industries in the ChiNext ETF are power equipment (31%), pharmaceuticals and biology (13%), and electronics (11%), accounting for approximately 55% of the total weight [1] Group 3 - Huazhong Securities believes that the market is accumulating upward momentum amidst fluctuations, with loose liquidity supporting the market and internal growth dynamics requiring time and policy adjustments [2] - The overall A-share profit forecast indicates a 3.3% profit growth rate for the second half of the year, showing a trend of marginal improvement [2] - The profit growth rate for the ChiNext is expected to improve significantly in the second half, while the Sci-Tech Innovation Board is anticipated to turn from negative to positive, providing fundamental support [2]