永元证券｜当恒生指数企稳时，创业板的机会来了吗

Group 1 - The Hang Seng Index's stabilization signals a shift in market sentiment from defensive to offensive, raising interest in the ChiNext board as a potential investment opportunity [1][3] - The ChiNext board, which includes many technology-driven companies in sectors like new energy, biomedicine, and high-end manufacturing, is seen as a concentrated representation of assets with long-term growth potential [3][4] - Historical data shows a strong correlation between A-share growth style and market risk appetite, with the ChiNext typically demonstrating resilience during periods of liquidity easing and economic recovery [3][4] Group 2 - There are significant internal differences within the ChiNext, with some leading companies showing strong profitability and others facing challenges, indicating that opportunities are more structural rather than broad market rallies [4] - External factors, such as the end of the U.S. interest rate hike cycle and a weaker dollar, are favorable for capital inflows into emerging markets, supporting valuation expansion for the ChiNext [4] - The overall price-to-earnings ratio of the ChiNext remains high compared to the main board, and potential economic recovery shortfalls or significant adjustments in overseas tech stocks could disrupt growth stocks [4][5] Group 3 - The ChiNext presents a window for observation, offering long-term investors opportunities for gradual positioning rather than immediate explosive growth [5] - The true opportunities lie in companies that are making significant technological advancements and gaining influence in the global supply chain, which are essential for restoring market confidence [5]