Venture(US:VEMLY) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-17 03:44Core Viewpoint - The article highlights the positive performance of the ChiNext Index and the photovoltaic sector, with significant growth in related ETFs and stocks, indicating a favorable investment environment in these areas [1][2][3]. Group 1: Market Performance - On September 17, the ChiNext Index experienced fluctuations but ultimately rose, with the photovoltaic sector showing active performance [1]. - The Tianhong ChiNext ETF (159977) increased by 1.6%, with a trading volume exceeding 181 million yuan, and notable stocks like Changying Precision surged over 11% [1]. - The photovoltaic ETF (159857) rose by 1.97%, with a trading volume surpassing 110 million yuan, and stocks such as TBEA and Luxshare Precision hitting the daily limit [1]. Group 2: Growth Projections - Tianhong Fund forecasts strong growth for the ChiNext Index, with expected revenue compound annual growth rate (CAGR) exceeding 20% and net profit CAGR surpassing 29% for 2025-2026 [2]. - The ChiNext Index is projected to outperform other broad indices like CSI 300 and CSI 500 in terms of revenue and profit growth [2]. Group 3: Macro and Valuation Insights - The macroeconomic environment is favorable, with overseas interest rate cuts and domestic monetary and fiscal easing, benefiting strategic emerging industries [3]. - The ChiNext Index is currently near its historical average valuation, with a price-to-earnings (PE) ratio of 41.87x, price-to-book (PB) ratio of 5.20x, and price-to-sales (PS) ratio of 4.33x, indicating potential for upward movement [3].