Venture(US:VEMLY) Sou Hu Cai Jing·2025-09-15 02:55Group 1 - The ChiNext Index has become a market focus with a year-to-date increase of 41% and a cumulative rise of 50% since June 23, outperforming the CSI 300 Index by nearly 33 percentage points [1][2] - The ChiNext Index's valuation remains advantageous, with a 10-year price-to-earnings (P/E) ratio percentile of 40%, significantly lower than other major indices [1][2] - Key sectors contributing to the ChiNext Index's performance include power equipment and communication, each contributing 32% to the index's rise since June 23 [8][6] Group 2 - The recent surge in the ChiNext Index is attributed to its unique industry structure and a shift in market style, driven by low valuations, policy expectations, and technological innovation [3][5] - The power equipment sector is the largest weight in the ChiNext Index, followed by technology, with significant contributions from the AI technology sector [4][11] - The market's risk appetite has shifted, with a focus on themes such as anti-involution policies and high computing power, leading to a concentration of funds in the ChiNext Index [4][5] Group 3 - The overall market valuation has recovered, but future growth will depend on the realization of fundamental improvements, particularly in AI applications and the new energy sector [9][10] - The ChiNext Index is expected to have structural opportunities, with potential for rotation and supplementary gains in key sectors such as power equipment, biopharmaceuticals, and non-bank financials [10][11] - The investment strategy should focus on three main themes: technology trends, anti-involution policies, and dividend assets, while maintaining a long-term perspective [12][13] Group 4 - Tianhong Fund has launched a series of products focused on the ChiNext Index, providing diverse investment options for investors [14][15] - The ChiNext ETF has shown strong performance since its launch, with a cumulative increase of 94.71% as of September 12, 2025 [16]