获批4年，份额翻倍！

Core Viewpoint - The first batch of 9 China Securities Innovation and Entrepreneurship 50 ETFs (referred to as the "Double Innovation 50 ETFs") has experienced significant net value declines since their approval in June 2021, but has seen a notable increase in fund shares due to a "buy the dip" effect, indicating potential long-term investment value despite short-term performance issues [1][3][5]. Group 1: Performance of Double Innovation 50 ETFs - All 15 Double Innovation 50 ETFs have reported negative cumulative returns since inception, with the first batch experiencing net value declines of over 40% [3]. - The poor performance is attributed to high valuations of constituent stocks at the time of approval, coupled with adverse market conditions such as geopolitical conflicts and slowing domestic economic growth [3][6]. - The constituent stocks of the Double Innovation 50 Index are primarily high-valuation, high-volatility technology growth companies, which have faced significant market corrections [3][6]. Group 2: Fund Share Growth - Despite the underperformance, the total shares of the 15 Double Innovation 50 ETFs have increased by approximately 135% since their issuance, reaching over 500 billion shares as of June 20 [5]. - The first batch of 9 Double Innovation 50 ETFs accounts for about 90% of the total shares, with a growth of approximately 144% from the initial issuance [5]. - Among the first batch, only one ETF saw a slight decrease in shares, while the others experienced increases, with the largest increase exceeding 350% [5]. Group 3: Investment Value of Double Innovation 50 Index - The Double Innovation 50 Index is considered to have investment value due to its representation of quality companies in the Science and Technology Innovation Board and the Growth Enterprise Market [7][8]. - The index covers sectors such as semiconductors, new energy, and biomedicine, which are expected to benefit from policy incentives and industrial upgrades [8]. - There is potential for short-term recovery in the index due to recent policy support and liquidity easing, while it is viewed as a core tool for long-term investment in "hard technology" and high growth sectors [8].