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创业板综，重要调整！
证券时报·2025-07-11 09:30

Core Viewpoint - The Shenzhen Stock Exchange announced a revision to the ChiNext Composite Index compilation plan, set to be implemented on July 25, 2025, aimed at enhancing index quality and investment appeal [2][7]. Summary by Sections Index Revision Details - The revision introduces a monthly removal mechanism for stocks under risk warning (ST or *ST) and an ESG negative removal mechanism for stocks rated C or below by the National ESG rating [3][4]. - The revised index will consist of 1,316 sample stocks, covering 95% of ChiNext listed companies, with a total market capitalization coverage of 98% [7]. Fund Company Reactions - Following the announcement, seven fund companies quickly submitted applications for ChiNext Composite Index-related ETFs, including Penghua Fund and Yinhua Fund [5]. Investment Implications - The introduction of ESG screening and risk warning stock removal is expected to enhance the index's stability and attract long-term capital inflows, providing a more transparent investment tool [8]. - The ChiNext Composite Index has shown strong long-term performance, with a cumulative increase of 197% and an annualized return of 7.6% since its inception [11]. Growth Potential - The sample stocks in the ChiNext Composite Index are projected to have a five-year compound annual growth rate (CAGR) of 13% in revenue and 8% in net profit, with expected growth rates of 17% and 64% for 2025, respectively [12]. - The index includes a significant proportion of small-cap stocks, with 79% of sample stocks having a market capitalization of 10 billion yuan or less, indicating substantial growth potential [12]. Valuation and Market Position - As of July 10, 2025, the rolling price-to-earnings (P/E) ratio of the ChiNext Composite Index is 64 times, which is lower than other high-growth indices, suggesting a favorable entry point for investors [13]. - The index is positioned as a core representation of the ChiNext market, focusing on innovative and high-growth sectors such as semiconductors, AI, and renewable energy [13].