火热的科技行情下，还有没有被低估的标的？

Core Viewpoint - The A-share technology sector continues to experience fluctuations and upward trends, with the CSI TMT Index showing a growth of 36.95% since 2025, leading to concerns about high valuations among investors [2] Group 1: Investment Opportunities - The ChiNext Composite Index is highlighted as a noteworthy investment target, currently having a PE (TTM) of 66.07 times, which is below the average of approximately 72 times over the past decade, indicating a relatively reasonable valuation [2] - The ChiNext Composite Index consists of 1,344 stocks with a total market capitalization of 17.17 trillion yuan, representing 97% and 99% of the ChiNext market, respectively [3] Group 2: Industry Distribution - The ChiNext Composite Index has a high technological content, with leading sectors including power equipment (23.4%), electronics (13.7%), pharmaceuticals and biology (10.5%), and communications (10.0%), covering 28 first-level industries [7][10] Group 3: Financial Performance - The index's constituent stocks have shown continuous improvement in fundamentals, with a year-on-year growth rate of 8.97% in operating revenue and 16.84% in net profit attributable to shareholders in Q3 2025, significantly outperforming the broader market [12][14] - R&D expenses for the index's constituent companies reached 145.84 billion yuan in Q3 2025, indicating strong potential for innovation and long-term growth [14] Group 4: Policy Support - Continuous favorable policies for the ChiNext market have been implemented, including the recent announcement by the CSRC to deepen reforms, which aims to provide more precise and inclusive financial services for emerging industries [16][17] Group 5: Long-term Returns - Since its base date of May 31, 2010, the ChiNext Composite Index has accumulated a rise of 281.44%, significantly outperforming the Shanghai Composite Index and Shenzhen Component Index, which rose 48.35% and 24.63%, respectively [19] Group 6: Investment Products - Investors interested in the ChiNext's overall development and seeking excess returns may consider the newly issued CCB ChiNext Composite Enhanced Strategy ETF, which aims to track the index closely while employing various strategies for enhanced investment [22] - The fund will be managed by Liu Minghui, who has a strong background in quantitative investment and has consistently outperformed benchmarks in previous funds [22][24]