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市场早盘承压，关注A500ETF易方达（159361）、沪深300ETF易方达（510310）等产品配置机会
Mei Ri Jing Ji Xin Wen·2025-09-26 11:21

Market Overview - The A-share market experienced a collective adjustment in the morning session, with the wind power equipment, chemical fiber, military equipment, agricultural chemicals, and soybean sectors showing the highest gains [1] - Conversely, the gaming, copper cable high-speed connection, photolithography machine, liquid cooling server, and CPO concept stocks faced the largest declines [1] - The Hong Kong stock market showed weak fluctuations, with major technology stocks collectively retreating [1] Index Performance - By midday, the CSI A500 index fell by 0.5%, the CSI 300 index decreased by 0.4%, the ChiNext index dropped by 1.2%, and the STAR Market 50 component index declined by 0.5% [1] - The Hang Seng China Enterprises Index also saw a decrease of 0.6% [1] Index Composition and Valuation - The CSI 300 index consists of 300 stocks with good liquidity from the Shanghai and Shenzhen markets, covering 11 first-level industries, with a rolling P/E ratio of 14.1 times and a valuation percentile of 64.4% since its inception in 2005 [3] - The CSI A500 index is composed of 500 securities with good liquidity from various industries, covering 91 out of 93 third-level industries, with a rolling P/E ratio of 16.8 times and a valuation percentile of 72.7% since its inception in 2004 [3] - The ChiNext index includes 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, showing a decline of 1.2% and a rolling P/E ratio of 45.3 times, with a valuation percentile of 45.2% since its inception in 2010 [3] - The STAR Market 50 index consists of 50 stocks with high market capitalization and liquidity, predominantly featuring "hard technology" leaders, with a decline of 0.5% and a rolling P/E ratio of 190.3 times, with a valuation percentile of 99.9% since its inception in 2020 [3] - The H-share ETF tracks the Hang Seng China Enterprises Index, which includes 50 large-cap, actively traded stocks listed in Hong Kong, showing a decline of 0.6% and a rolling P/E ratio of 10.7 times, with a valuation percentile of 65.6% since its inception in 2002 [3]