Group 1 - The fund aims to closely track the underlying index, minimizing tracking deviation and tracking error [2][8] - The fund employs a full replication strategy, constructing the investment portfolio according to the composition and weight of the underlying index [2][8] - The fund's performance benchmark is the return of the ChiNext Index [2] Group 2 - As of the end of the reporting period, the fund's net asset value per share was 1.3968 RMB, with a net asset value growth rate of 3.39% [8] - The fund's average tracking deviation during the reporting period was 0.02%, with an annualized tracking error of 0.88% [8] - The fund's total shares at the end of the reporting period were 349,481,881 [4][6] Group 3 - The fund's investment portfolio is primarily composed of stocks, accounting for 99.44% of total assets, with a significant portion in the manufacturing sector [9] - The fund's top ten securities did not include any stocks outside the specified investment universe [10] - The fund did not hold any bonds or asset-backed securities at the end of the reporting period [10][12]

Market Performance - As of May 7, 2025, the Shanghai Composite Index rose by 0.80% to 3342.67 points, while the Shenzhen Component Index increased by 0.22% to 10104.13 points, marking three consecutive days of gains [1] - The ChiNext Index also saw a rise of 0.51%, closing at 1996.51 points, achieving three consecutive days of gains [1] - The total trading volume of both markets reached 1.47 trillion yuan, exceeding 1 trillion yuan for ten consecutive days [1] Sector Performance - The ground weaponry sector performed notably well, surging by 5.42% on the day [1] - The aviation and aerospace equipment sectors followed closely, with increases of 3.91% and 3.66%, respectively [1] ETF Insights - The ChiNext ETF (Hua Xia, 159957) rose by 0.39%, achieving three consecutive days of gains, with the latest price at 1.30 yuan [1] - The trading volume for the ChiNext ETF reached 32.97 million yuan, with a turnover rate of 1.93% [1] - Over the past two weeks, the ChiNext ETF has accumulated a rise of 2.29% [2] Fund Size and Valuation - The latest size of the ChiNext ETF (Hua Xia) is 1.694 billion yuan [3] - The ETF tracks the ChiNext Index, which is currently at a historical low valuation with a price-to-book (PB) ratio of 4.01 times, lower than 85.6% of the time over the past five years, indicating a strong valuation appeal [3] - The top ten weighted stocks in the ChiNext Index account for 50.3% of the index, with notable companies including Ningde Times, Dongfang Wealth, and Mindray Medical [3]

Market Overview - As of April 28, 2025, the Shanghai Composite Index fell by 0.20% to 3288.41 points, the Shenzhen Component Index decreased by 0.62% to 9855.20 points, and the ChiNext Index dropped by 0.65% to 1934.46 points, indicating a broad market decline [1] - The total trading volume of both markets reached 1.06 trillion yuan [1] Sector Performance - The top three sectors with gains were: - Steel, up by 1.64% - Gaming, up by 1.30% - City Commercial Banks, up by 1.25% [1] - The sectors with the largest declines were: - Real Estate Services, down by 5.65% - Real Estate Development, down by 3.56% - Leisure Food, down by 3.07% [1] ETF Insights - The ChiNext ETF (Hua Xia, 159957) closed down by 0.63% at a price of 1.26 yuan, with a trading volume of 28.08 million yuan and a turnover rate of 1.61% [1] - Over the past two weeks, the ChiNext ETF has seen a cumulative increase of 0.56%, with a net inflow of 1.27 million yuan [2] - In the last 18 trading days, the total capital inflow reached 62.56 million yuan [2] Fund Size and Valuation - The latest size of the ChiNext ETF (Hua Xia) is 1.756 billion yuan [3] - The price-to-earnings ratio (PE-TTM) of the ChiNext Index tracked by the ETF is 29.14, which is in the 19.66% percentile over the past five years, indicating it is below 80.34% of the historical valuations [3] - The ChiNext Index consists of 100 stocks with large market capitalization and good liquidity, reflecting the performance of the ChiNext market [3] Top Holdings - As of March 31, 2025, the top ten weighted stocks in the ChiNext Index (399006) include: - CATL (300750) - Dongfang Wealth (300059) - Huichuan Technology (300124) - Mindray Medical (300760) - Sungrow Power (300274) - Wens Foodstuff (300498) - Zhongji Xuchuang (300308) - Xinyi Technology (300502) - EVE Energy (300014) - Aier Eye Hospital (300015) - These top ten stocks account for 50.27% of the index [3]

截至2025年4月24日，A股三大指数涨跌不一。其中上证指数收涨0.03%，报3297.29点；深证成指收跌 0.58%，报9878.32点；创业板指收跌0.68%，报1935.86点。两市总成交额1.11万亿元，北向资金当日买 卖持平。 行业热度看，个护用品表现亮眼，当日大涨5.25%；饲料、动物保健紧随其后，分别上涨2.84%、 2.13%。 ETF方面，截至收盘，创业板100ETF华夏(159957)下跌0.79%，最新报价1.26元，收盘成交额已达 2789.42万元，换手率1.58%。 资金流入方面，创业板100ETF华夏最新资金净流出253.76万元。拉长时间看，近16个交易日内，合 计"吸金"7140.36万元。 从估值层面来看，创业板100ETF华夏跟踪的创业板指数最新市盈率（PE-TTM）仅28.93倍，处于近5年 19.2%的分位，即估值低于近5年80.8%以上的时间，处于历史低位。 创业板100ETF华夏紧密跟踪创业板指数，创业板指由创业板中市值大、流动性好的100只股票组成，反 映创业板市场的运行情况。 数据显示，截至2025年3月31日，创业板指数(399006)前十大权重股分别为宁 ...

Core Viewpoint - The recent decline in the ChiNext ETF (159964) presents a notable investment opportunity, as the valuation of the ChiNext index is considered attractive, especially with a significant increase of 40.10% over the past six months [1][3]. Group 1: Market Performance - As of March 24, 2025, the ChiNext index (399006) decreased by 1.22%, with mixed performance among constituent stocks [1]. - Notable gainers included Shenghong Technology (300476) up by 4.80%, and Anker Innovation (300866) up by 3.25%, while Triangular Defense (300775) led the declines with a drop of 7.31% [1]. - The ChiNext ETF (159964) fell by 1.16%, trading at 1.36 yuan, with a turnover of 2.71 million yuan and a turnover rate of 0.52% [1]. Group 2: Valuation Insights - The current price-to-earnings (P/E) ratio of the ChiNext has dropped below 30%, indicating a potential low-point for dollar-cost averaging investments [3]. - The top ten weighted stocks in the ChiNext index account for 50.5% of the index, with Ningde Times (300750) holding the largest weight at 20.39% [3][5]. Group 3: Sector Analysis - The market is experiencing a divergence in styles, with high turnover rates in popular sectors such as computing and machinery, suggesting a need for optimization in micro trading structures [3]. - There is an expectation for cyclical asset recovery driven by policy catalysts as market styles begin to balance [3].