Venture(US:VEMLY) Zhong Zheng Wang·2025-08-15 01:49Group 1 - The stock market is experiencing a positive trend, leading to a significant increase in the issuance of index funds, with over 180 billion yuan raised in the first half of the year, accounting for over 90% of the total new issuance of equity funds [1] - Among the various types of index funds, enhanced index funds have gained considerable market attention, aiming to achieve "Beta + Alpha" returns by maintaining a controlled deviation from benchmark indices while outperforming them [1] - The average net value growth rate of enhanced index funds over the past year was 34.29%, with nearly 70% of these funds achieving positive excess returns, particularly those tracking the ChiNext Index, which had an average excess return of 2.67% [1] Group 2 - The ChiNext Index, a core broad-based index in A-shares, consists of 100 stocks with high market capitalization and liquidity, with the top five sectors being power equipment, electronics, pharmaceuticals, communications, and non-bank financials [2] - Since its inception on May 31, 2010, the ChiNext Index has seen a cumulative increase of nearly 150%, outperforming other broad-based indices like the CSI 300 and the Shanghai Composite Index [2] - The current price-to-earnings ratio (PE TTM) of the ChiNext Index is 36 times, which is in the 22nd percentile since its inception, indicating that it is undervalued compared to 78% of the time [2] Group 3 - Based on the growth potential and allocation value of the ChiNext Index, GF Fund launched the GF ChiNext Index Enhanced Fund on August 15, aiming to optimize its investment portfolio through quantitative analysis and fundamental research [3] - The fund will construct its basic investment portfolio based on the weight of the constituent stocks in the benchmark index and seeks to enhance returns through active management strategies [3] - GF Fund has developed a series of enhanced index products tracking various indices, including the CSI 300 and the STAR Market 100, with a focus on capturing both Beta and Alpha returns [3]