又一只，即将发布！

Core Viewpoint - The upcoming launch of the CSI Smart Selection Hangzhou Innovation 50 Index is expected to provide new investment tools for investors focusing on the innovation industry in Hangzhou, with a likely increase in regional theme funds tracking this index [2][4]. Group 1: Index Launch and Characteristics - The CSI Smart Selection Hangzhou Innovation 50 Index will be officially launched on September 23, 2025, aiming to offer more investment targets [4]. - The index will select 50 companies from the information technology, communication, healthcare, and automotive sectors in Hangzhou, reflecting the performance of significant tech innovation companies listed in both mainland and Hong Kong markets [4][6]. - The index's sample selection criteria include companies with substantial market capitalization, strong profitability, good growth potential, and high R&D investment levels [6]. Group 2: Performance Metrics - The index has recorded a year-to-date return of 36.24%, with annualized returns of 8.15% and 1.92% over the past three and five years, respectively [6]. - The annualized volatility for the past three and five years stands at 27.93% and 26.82%, indicating a relatively high level of risk associated with the index [6]. Group 3: Regional Theme Fund Development - There are currently 25 regional theme funds in the market, with a diverse range of products including both index and actively managed funds [10]. - The Yangtze River Delta region has the highest number of related theme funds, followed by the Greater Bay Area and Beijing-Tianjin-Hebei region [10][11]. - Active management funds have shown significant performance advantages, with several funds achieving returns exceeding 30% this year [12]. Group 4: Challenges and Opportunities - Despite strong performance, regional theme funds face significant scale challenges, with total assets halved since their inception [12]. - The decline in scale is attributed to concentrated investment ranges, lack of ongoing marketing, and competition from a broader array of thematic funds [12]. - Fund companies are encouraged to deepen regional industry research and enhance investor education to improve the resilience of fund performance [12].