三轮牛市均领跑宽基，创业板现在如何投资？

Core Viewpoint - The ChiNext Index has consistently outperformed in every bull market since its inception, driven by emerging industries and favorable macro policies [5][10][26]. Group 1: Historical Performance - Since its launch in June 2010, the ChiNext Index has led three bull markets, with increases of 465.5% from October 2012 to June 2015, 175.1% from January 2019 to July 2021, and nearly 100% from September 2024 to November 2025 [5][6]. - In comparison to other major indices, the ChiNext Index has shown superior growth rates during these periods, making it a focal point for investors during bull markets [5][6]. Group 2: Current Market Valuation - As of November 26, the ChiNext Index's TTM P/E ratio stands at 39.7, which is at the 33% percentile over the past decade, indicating a valuation advantage compared to the CSI 300 and CSI 500, which are at the 81% and 94.7% percentiles, respectively [7][8]. - The year-to-date performance of the ChiNext Index is 42.2%, with a significant increase of 51.5% since June 23 [8]. Group 3: Industry Composition and Trends - The ChiNext Index is heavily weighted in sectors such as power equipment (33.97%), communication (16.98%), electronics (14.50%), and biomedicine (8.17%), collectively accounting for over 73% of the index [16][17]. - The index's performance is closely aligned with technological innovations and national policies, benefiting from trends in AI, renewable energy, and innovative pharmaceuticals [10][12][16]. Group 4: Key Constituents and Performance - The leading constituent of the ChiNext Index, CATL, holds a weight of nearly 20% and reported a net profit of 52.29 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of over 35% [18][20]. - Other significant stocks in the index, such as Zhongji Xuchuang and Xinyi Technology, have shown remarkable performance, with year-to-date increases of 342.03% and 302.70%, respectively [19][22]. Group 5: Investment Strategy - A systematic investment strategy focusing on the ChiNext Index is recommended, utilizing a PB-based approach to determine investment amounts and timing, which can help mitigate risks associated with market volatility [27][28]. - The strategy includes setting thresholds for both investment and profit-taking based on historical PB percentiles, aiming to optimize returns while managing risk [28][29].