Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.11%, while the Shenzhen Component Index rose by 0.24% and the ChiNext Index increased by 0.66% [1] - The ChiNext Growth ETF (159967) outperformed the ChiNext Index, with a significant excess return of over 4 percentage points in the last 7 trading days [1] Performance Summary - The ChiNext Growth ETF (159967) recorded a 9.54% increase over the past 7 days, with an annualized return of 9.17% and a maximum drawdown of -4.65% [2] - The ChiNext Index (399006) saw a 5.15% increase during the same period, with an annualized return of 5.17% and a maximum drawdown of -3.21% [2] Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the ChiNext Growth ETF is 38.05, which is below the 10-year average of 38.51%, indicating a moderate valuation [2] - The ETF's index weight is concentrated in sectors such as Communication (39.82%), Power Equipment (19.62%), Electronics (11.94%), Non-Bank Financials (10.33%), and Computers (8.21%) [2]

Core Viewpoint - The A-share market is experiencing fluctuations, with the semiconductor and satellite sectors showing notable gains. The growth of the ChiNext Growth ETF has been strong, although it has recently seen a slight decline [1]. Group 1: Market Performance - As of 10:27 AM, the A-share market has turned positive after initial fluctuations, with the semiconductor and satellite sectors leading the gains [1]. - The ChiNext Growth ETF has decreased by 0.34%, consolidating near the 20-day moving average, despite a cumulative increase of 6.42% over the past three trading days [1][2]. - The ChiNext Index has risen by 3.49% during the same period, indicating an excess return of nearly 3 percentage points compared to the ETF [1]. Group 2: Historical Performance - Historically, the ChiNext Growth ETF has outperformed, with a cumulative increase of 434.96% from December 31, 2011, to November 21, 2025, compared to a 312.63% increase in the ChiNext Index [3]. Group 3: Sector Weighting and Valuation - The index tracked by the ChiNext Growth ETF is heavily weighted in sectors such as communication (36.69%), power equipment (20.11%), electronics (12.66%), non-bank financials (10.96%), and computers (9.05%) [5]. - The latest price-to-earnings ratio (PE-TTM) for the ChiNext Growth ETF is 37.61, which is below the 63.23% threshold of the past decade, indicating a moderate valuation [5].

Core Points - The A-share market experienced a collective adjustment with the Shanghai Composite Index down by 0.54%, the Shenzhen Component Index down by 0.19%, and the ChiNext Index down by 0.33% [1] - The ChiNext Growth ETF (159967) saw an increase of 0.35%, with the latest price at 0.575 yuan and a trading volume of 1.28 billion yuan, resulting in a turnover rate of 4.08% [1] - Among the constituent stocks, high performers included Gao Weida with a rise of 9.23%, Changxin Bochuang up by 5.49%, and Guangku Technology up by 4.88%, while leading decliners included Kanglong Huacheng down by 6.00% and Ningde Times down by 3.37% [1] Fund Flow - The ChiNext Growth ETF recorded net inflows in 8 out of the last 10 trading days, totaling 199 million yuan [1] Valuation - The latest price-to-earnings ratio (PE-TTM) for the ChiNext Growth ETF is 38.34 times [1] Sector Weighting - The index tracked by the ChiNext Growth ETF is heavily weighted in the following sectors: Communication (36.69%), Power Equipment (20.11%), Electronics (12.66%), Non-bank Financials (10.96%), and Computers (9.05%) [1]

Core Viewpoint - The A-share market shows a collective increase in major indices, with notable performance in the ChiNext Growth ETF, indicating positive investor sentiment and capital inflow into growth sectors [1]. Market Performance - As of November 6, 2025, the Shanghai Composite Index rose by 0.89%, the Shenzhen Component Index increased by 1.65%, and the ChiNext Index gained 1.81% [1]. - The ChiNext Growth ETF (159967) saw a rise of 2.69%, with a latest price of 0.61 yuan and a trading volume of 2.23 billion yuan, reflecting a turnover rate of 6.99% [1]. Stock Performance - Among the constituent stocks, notable gainers included: - Xiechuang Data up by 9.65% - Oulutong up by 9.16% - Feiliwa up by 7.37% - Shenghong Technology up by 5.87% - Guangku Technology up by 5.72% - Conversely, losers included: - Lepu Medical down by 3.69% - Hanyu Pharmaceutical down by 2.25% - Shunwang Technology down by 1.63% - Light Media down by 0.87% - Runhe Software down by 0.84% [1]. Capital Inflow - The ChiNext Growth ETF has experienced net capital inflow for seven consecutive trading days, with a peak single-day inflow of 0.87 billion yuan, totaling 2.14 billion yuan [1]. Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the ChiNext Growth ETF is 39.04 times, which is below the 40.11% percentile of the past ten years, indicating that the valuation is lower than 59.89% of the time over the last decade [1]. Sector Weighting - The index tracked by the ChiNext Growth ETF is heavily weighted in the following sectors: - Communication: 36.69% - Power Equipment: 20.11% - Electronics: 12.66% - Non-bank Financials: 10.96% - Computers: 9.05% [1].

Market Performance - The growth style of the ChiNext board leads the market, with growth and momentum factors being dominant[2] - The healthcare and telecommunications sectors have shown significant gains, with healthcare leaders outperforming the industry benchmark by 3.95%[21] - The East Data West Computing theme has performed well, with notable gains in specialized and innovative sectors[2] Fund Performance - Funds with heavy positions have outperformed, with quantitative funds showing relatively small declines[6] - Year-to-date, the ChiNext growth index has increased by 6.39%, indicating strong performance in the growth sector[25] Market Dynamics - The rotation speed among industries and styles has been narrow, indicating a stable market environment[6] - The healthcare sector has led the industry with a gain of 2.78%, while the telecommunications sector gained 2.16%[21] Investment Themes - The specialized and innovative series has shown solid performance, with the ChiNext specialized and innovative index gaining 1.60%[27] - The overall market has seen a decline of 1.75% in the benchmark index, highlighting the relative strength of specific themes[27]

Market Performance - The TMT sector has shown the highest growth, with the telecommunications sector leading the industry[2] - Non-fund heavy positions have outperformed, indicating a strong institutional profit effect[4] - The market rotation speed remains high across styles and industries, suggesting active trading conditions[4] Investment Themes - The "East Data West Computing" and "Carbon Neutrality" themes are currently leading in market interest[2] - Small-cap and high-valuation stocks are favored, with the ChiNext Growth Index showing significant gains[4] - The ChiNext Growth Index has reported a weekly return of 6.58%, outperforming other indices[22] Sector Analysis - The telecommunications sector achieved a return of 3.82%, exceeding the overall A-share market by 2.21%[17] - The information technology and hardware sector followed closely with a return of 3.45%[17] - The materials sector also performed well, with a return of 2.69%[17] Risk Considerations - The report emphasizes that past performance does not guarantee future results, highlighting the potential for market volatility[26]