创业板综指：逐浪新经济，科技与成长的代名词

Core Viewpoint - The article emphasizes the investment value of the ChiNext market, highlighting its role in supporting innovative and growth-oriented enterprises in China, particularly in the context of favorable macroeconomic conditions and government policies aimed at fostering technological innovation [3][5][7]. Group 1: National Policy Support - The ChiNext market has been positioned as a core platform for supporting innovative and growth-oriented enterprises since its establishment in 2009, focusing on "three innovations and four new" (innovation, creation, creativity, new technologies, new industries, new business formats, new models) [5]. - The Central Political Bureau meeting in December 2024 underscored the importance of promoting the integration of technological innovation and industrial innovation, reinforcing macro policy support for core assets in the ChiNext market [5]. - Continuous improvements in the registration system and related regulations are attracting more strategic emerging enterprises to list on the ChiNext, aligning with the national strategy for innovation-driven development [5]. Group 2: Macroeconomic Environment - The current macroeconomic environment shows clear signs of recovery, providing strong support for the capital market, with a moderately loose monetary policy and increased fiscal spending [7]. - The global economic landscape is also shifting, with major economies entering a rate-cutting cycle, enhancing the willingness of global funds to allocate to emerging markets, which benefits the valuation levels of the A-share market, particularly the ChiNext [7]. - The ChiNext, having previously faced adjustments due to liquidity tightening, is now positioned for valuation recovery, presenting strong allocation value [7]. Group 3: Key Industry Trends - Key industries within the ChiNext are expected to emerge from cyclical lows, with signs of recovery in the lithium battery sector driven by improved supply-demand dynamics and price stabilization [8]. - The photovoltaic sector is also showing signs of recovery as supply-side pressures ease, potentially leading to an end to the low-price competition and a return to profitability [8]. - The biopharmaceutical industry is witnessing a turning point due to the easing of negative policy impacts and a recovering investment environment, with expectations of entering a new upward cycle [8]. - The electronics and computer sectors are benefiting from the global AI wave, with high demand for computing infrastructure and AI applications driving growth [9]. Group 4: ChiNext Composite Index Characteristics - The ChiNext Composite Index (399102) serves as a core indicator reflecting the overall performance of the ChiNext market, covering over 1,300 stocks and providing comprehensive representation [11][12]. - The index is characterized by a high concentration of emerging industries, with significant representation from sectors such as power equipment, electronics, biomedicine, and computers, and a notable proportion of specialized and innovative enterprises [12]. - As of June 30, 2025, the ChiNext Composite Index's price-to-book ratio stands at 3.59, indicating relatively low valuation levels, with expected net profit growth of 60.21% in 2025 [15][16]. Group 5: Investment Strategy - The ChiNext Composite Enhanced ETF combines passive index investment with active management advantages, aiming to achieve returns that exceed the index through quantitative management techniques [17]. - The investment strategy focuses on selecting stocks based on a quantitative Alpha selection model that considers various fundamental and technical factors, aiming for a balanced and effective portfolio [18]. - The selected stock portfolio is designed to have lower valuation levels, higher growth potential, and better profitability quality compared to the benchmark index, with the goal of achieving superior returns [18].