
Market Overview - A-share major indices showed mixed performance on August 26, 2025, with the Shanghai Composite Index down 0.39%, Shenzhen Component Index up 0.26%, ChiNext Index down 0.76%, STAR Market Composite Index down 0.99%, and CSI A500 Index down 0.41% [3] - The total trading volume in the Shanghai and Shenzhen markets reached 2.68 trillion yuan, with over 2,800 stocks rising [3] ETF Performance - Tianhong ChiNext ETF (159977) had a trading volume of 107 million yuan on the same day, with a net subscription of 16 million units [3] - The top-performing stocks in the ChiNext Index included Tianfu Communication (300394) up 11.93%, Guiding Compass (300803) up 8.43%, and Yilian Network (300628) up 5.24% [3] - Tianhong STAR Market ETF (589860) saw a turnover of 9.74% with a transaction volume of 41.68 million yuan, led by Electric Wind Power (688660) up 20.00%, Kaipu Cloud (688228) up 20.00%, and Maide Medical (688310) up 15.55% [4] - Tianhong CSI A500 ETF (159360) had a turnover of 3.17% with a transaction volume of 56.38 million yuan, with Tianfu Communication (300394) leading at 11.93%, followed by Wuchan Zhongda (600704) up 10.07% and Guanglian Da (002410) up 10.03% [4] Recent Trends - Over the past week, Tianhong ChiNext ETF (159977) increased by 5.49%, Tianhong STAR Market ETF (589860) rose by 8.17%, and Tianhong CSI A500 ETF (159360) gained 5.80% [4][5] - Tianhong ChiNext ETF (159977) experienced a significant growth in scale, increasing by 492 million yuan and 14 million units over the past week [5] Fund Flows - Tianhong ChiNext ETF (159977) reported a net inflow of 45.63 million yuan, with a total net inflow of 61.66 million yuan over the last five trading days [6] Industry Insights - The domestic software sector saw a significant rise, driven by the launch of the Galaxy Kirin Operating System V1, marking a key milestone in the domestic operating system field [6] - The new system aims to enhance operational experience, security, and ecosystem richness, providing a new foundation for AI application deployment and industrial digital transformation [6] - In the current market environment, broad-based ETFs are favored for their ability to cover multiple industry leaders and mitigate rotation risks [6][7] Market Sentiment - Consensus on an upward trend in the market is gradually strengthening, with Huatai Securities noting that abundant liquidity remains a key foundation for the market [7] - Even if adjustments occur, they are not expected to be significant, as the market is entering a consensus on an upward trend [7]