Venture(US:VEMLY) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-20 03:04Group 1: Market Performance - The ChiNext Index rose over 3.00%, with significant gains in computing hardware, semiconductor chips, and consumer electronics sectors [1] - The Tianhong Science and Technology Innovation ETF (589860) increased by 2.19%, with a trading volume exceeding 15 million yuan, and several constituent stocks like Yuanjie Technology and Zhuhai Guanyu rising over 10% [1] - The Tianhong ChiNext ETF (159977) saw a rise of 3.15%, with a trading volume exceeding 79 million yuan, and constituent stocks such as Tianfu Communication and Zhongji Xuchuang also increasing over 10% [1] Group 2: Industry Trends - The latest VAT invoice data from the State Taxation Administration indicates that "specialized, refined, and new" small giant enterprises experienced a sales revenue growth of 8.2% year-on-year, accelerating by 4.1 percentage points compared to 2024, with high-tech manufacturing enterprises growing by 11.8% [2] - The Shanghai Stock Exchange reported that the proportion of technology innovation companies in the Shanghai market increased from 32% to 41% over the past five years, with their market capitalization rising from 27% to 32% [2] - Despite recent fluctuations in technology stock prices due to trade environment impacts, West Securities remains optimistic about the AI industry trend, focusing on domestic technology autonomy in AI computing power and the sustained prosperity of overseas chains [2]