华夏中证5G通信ETF投资价值分析：5G-A商用启幕+AI算力共振

• The report focuses on the investment value of the China Securities 5G Communication Theme Index, which selects stocks related to 5G infrastructure, terminal devices, and application scenarios to reflect the overall performance of 5G-related listed companies in the A-share market [3][59][61] - The index's sample selection process involves filtering stocks based on daily average market capitalization and trading volume over the past year, followed by selecting the top 50 securities related to 5G construction or applications [61] - The index's top 10 constituent stocks, as of September 8, 2025, include leading companies in the 5G industry such as New Easystone and Zhongji Xuchuang, which together account for nearly 25% of the index's weight, showcasing a "dual-core" structure [65][64] - The index's sector distribution is concentrated in communication, electronics, and computing, with a combined weight of 94.86%, highlighting its high "hard technology" purity and strong focus on 5G-related industries [65][67] - The index demonstrates a preference for large-cap stocks, with companies valued over 1 trillion RMB accounting for 68.03% of the total weight, emphasizing its "blue-chip" characteristics [68][70] - The index's valuation has rapidly recovered, with its PE and PB ratios showing significant growth, reflecting the high prosperity of the 5G construction and application sectors [75][76] - The index's earnings growth is projected to be robust, with expected revenue growth rates of 23.87%, 23.78%, and 18.46% for 2025, 2026, and 2027, respectively, and net profit growth rates of 40.02%, 30.44%, and 21.22% for the same years [77][78] - The Hua Xia China Securities 5G Communication Theme ETF (5GETF), which tracks this index, aims to minimize tracking deviation and tracking error, and is managed by an experienced fund manager with over 16 years in the industry [79][80]