高质量发展下，小盘成长顺风启航

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoint of the Report The report suggests that in the context of high - quality development, the small - cap growth style is in a favorable long - term stage. The China Securities 1000 Index has high investment value due to factors such as macro - economic background, fiscal policy support, strong profit growth, and capital inflows. The GF China Securities 1000 ETF closely tracks the index, and GF Fund Management Co., Ltd. has excellent fund management capabilities and a comprehensive product layout [2][3][41]. 3. Summary According to the Directory 3.1 China Securities 1000 Index Investment Value Analysis - Fitting the macro - mainline and seizing the small - cap growth friendly window in the mild interest - rate cut cycle: In recent years, China's economic growth has shifted to a medium - speed stage with a focus on quality. The small - cap growth style in the A - share market is in a long - term favorable position. Lower interest rates at home and abroad and Fed's mild interest - rate cuts increase the valuation elasticity of long - duration assets. Policies prioritize new - quality productivity, and the listed entities in these areas are more in line with small - and medium - cap growth companies. The small - cap growth style has high investment cost - effectiveness and long - term elasticity under the guidance of high - quality development, weak macro - recovery, and the global interest - rate cut cycle [2][11]. - Fiscal policy support to improve orders and business climate of small - cap growth companies: Fiscal expansion in terms of intensity and structure is an important external driver for the small - cap growth style. In 2026, the overall fiscal expenditure maintains a stable growth rate. In terms of expenditure structure, incremental fiscal funds will be mainly invested in new - quality productivity directions, which can boost revenue expectations on the demand side and promote industrial upgrading and innovation on the supply side [17]. - Steady revenue expansion and high - growth profit elasticity: The China Securities 1000 Index shows robust revenue expansion and high - speed profit growth among major broad - based indices. As of the third - quarter report in 2025, its revenue growth rate was 1.97%, higher than that of many other indices. The market's latest consensus forecast for its net profit growth rate is 19.78% as of March 6, 2026. With the support of national strategies and policies, the index's profit improvement trend is expected to continue [19]. - Recovery of trading volume share, abundant capital flow, and return of business climate: In the past two years, the trading volume of the China Securities 1000 Index has continuously expanded, and its market share has significantly recovered. As of February 28, 2026, the cumulative monthly trading volume of ETF products tracking the index was 8.7039 billion yuan, accounting for 7% of the total trading volume of all broad - based ETFs [24]. - Market style rotation, and the small - cap growth still has good excess return ability: Based on the past 10 - year A - share market style rotation rules, the small - cap style represented by the China Securities 1000 Index has experienced two clear cycle switches. Since 2025, with the increase in market liquidity, the small - cap has shown an excess advantage over the large - cap again. The index has good excess return ability and is a core tool for investors to allocate the small - cap growth style [26]. - Balanced industry and diversified individual stocks, matching the structured volatile market: The China Securities 1000 Index has a more balanced industry distribution compared to other broad - based indices. As of March 6, 2026, its top 5 and top 10 industry concentration ratios are lower. Its individual stock allocation is also diversified, with the top 10 heavy - weighted stocks accounting for 3.97% in total [31][34]. - China Securities 1000 Index compilation: The index selects 1000 securities with relatively small scale and good liquidity outside the China Securities 800 Index samples, complementing indices like the Shanghai - Shenzhen 300 and China Securities 500. It was released on October 17, 2014, with a base date of December 31, 2004. The index is calculated by the formula: Report - period index=(Adjusted market value of report - period samples/ Divisor) * 1000 [38]. 3.2 GF China Securities 1000 ETF Product Analysis - Product basic information: The GF China Securities 1000 ETF is a passive index fund under GF Fund Management Co., Ltd., established on July 28, 2022, tracking the China Securities 1000 Index. The fund manager is Luo Guoqing, with over 10 years of investment experience, managing 19 passive index funds with a scale of over 100 billion yuan [4][41]. - Product performance and deviation performance: As of March 6, 2026, the net - value curve of the GF China Securities 1000 ETF since its listing is almost completely in line with the tracked index, showing a strong ability to track the target index. The daily tracking deviation is basically within ±0.08%, mostly within ±0.02%, indicating high tracking accuracy [42]. 3.3 GF Fund Management Co., Ltd. Introduction - GF Fund Management Co., Ltd. was established in August 2003. After nearly 23 years of development, it covers various types of fund products. It has won many honorary awards for its excellent fund management ability. As of March 6, 2026, it manages 63 passive index funds (excluding linked funds) with a management scale of 175.3 billion yuan, having a significant leading position in the industry. Its product layout is comprehensive, covering broad - based indices, mainstream industry themes, and Smart Beta strategies, and it also actively conducts product layout in the early stage of industrial trends [47][48].