Venture(US:VEMLY) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-18 02:20Group 1 - The three major indices opened lower on September 18, with the Tianhong ChiNext ETF (159977) down 0.67% and a trading volume exceeding 640 million yuan [1] - The Tianhong ChiNext ETF has seen a net inflow of nearly 485 million yuan over the past three days, with a total circulation of 5.96 billion shares and a market size of 9.733 billion yuan [1] - The ChiNext Index, which the Tianhong ChiNext ETF closely tracks, consists of 100 representative companies listed on the ChiNext board, reflecting the operational status of the ChiNext market [1] Group 2 - The Federal Reserve's recent FOMC meeting minutes revealed a 25 basis point reduction in the federal funds rate target range to 4.00%-4.25%, marking the first rate cut since December 2024 [2] - Market expectations suggest that further rate cuts may occur in the upcoming FOMC meetings in late October and early December [2] - The emergence of the Sci-Tech Innovation Board and the Beijing Stock Exchange has led to a more balanced industrial structure for the ChiNext, with current valuations remaining low despite the absence of a complete weight shift [2]