Venture(US:VEMLY) Di Yi Cai Jing·2025-08-22 08:54Core Viewpoint - The third round of the ChiNext bull market is underway, with significant increases in various indices, particularly the ChiNext Composite Index and the ChiNext Index, reflecting strong investor interest in high-tech and emerging industries [1][2]. Group 1: Market Performance - On August 22, the Shanghai Composite Index surpassed 3800 points, closing at 3825.76 points, while the ChiNext Index rose by 3.36% to 2682.55 points, marking a year-to-date increase of 25.26% and a 60-day increase of 33.29% [1]. - The ChiNext Composite Index also saw a rise of 2.07%, with a year-to-date increase of 29.63%, outpacing the ChiNext Index [1]. - The ChiNext 50 Index increased by 3.61%, with a 60-day increase of 37.92%, while the ChiNext Large Cap Index rose by 3.81%, with a 60-day increase of 40.94% [1]. Group 2: Index Revisions - In July, key revisions were made to the ChiNext Composite Index, including the removal of stocks under risk warning (ST or *ST) and those rated C or below by the National ESG rating, reducing the sample size from 1383 to 1316 stocks [1]. - These changes aim to enhance the investability and responsible investment orientation of the index, covering 95% of ChiNext companies and 98% of total market capitalization [1]. Group 3: Investment Themes - The ChiNext serves as a crucial platform for high-tech and strategic emerging industries, making it an important area for investors looking to capitalize on technology growth [1]. - The ChiNext Growth Index rose by 3.11%, with a 60-day increase of 32.71%, while the ChiNext Value Index increased by 2.13%, with a 60-day increase of 18.38% [2]. - The ChiNext Technology Index rose by 3.82%, with a 60-day increase of 35.93% and a year-to-date increase of 26.83%, while the ChiNext Artificial Intelligence Index surged by 4.65%, with a 60-day increase of 62.37% and a year-to-date increase of 57.44% [2]. Group 4: Historical Context - The capital market has previously experienced two ChiNext bull markets, with the first from January 4, 2013, to June 3, 2015, where the index rose from 705.34 points to 3982.25 points, a cumulative increase of 464.6% [2]. - The second bull market occurred from October 18, 2018, to August 4, 2021, with the index rising from 1205.03 points to 3563.13 points, a cumulative increase of 195.7% [2]. - Both previous bull markets were characterized by policy-driven growth, economic transformation, growth premium, technological innovation leadership, and increased capital market activity [2]. Group 5: Future Outlook - The ChiNext is currently experiencing its third bull market, with expectations of continued market vitality and elasticity, particularly in the context of a new technology cycle [3]. - Key investment themes identified include "carbon reduction and energy revolution," "technological advancements in AI, big data, and 5G," and "self-sufficiency and domestic substitution" [3].