Group 1 - The first batch of 9 dual innovation 50 ETFs has been approved for 4 years, but their net value has significantly declined since inception due to high initial valuations of constituent stocks [1] - As of June 20, all 15 dual innovation 50 ETFs have reported negative cumulative returns since their establishment, with the first batch experiencing a decline of over 40% [2] - The poor performance of the first batch of dual innovation 50 ETFs is attributed to market conditions, including geopolitical conflicts and slowing domestic economic growth, which have pressured growth stocks [2][3] Group 2 - Despite the underperformance, the total number of shares for dual innovation 50 ETFs has increased significantly, with a total of over 500 billion shares as of June 20, representing a growth of nearly 135% since issuance [3] - The first batch of 9 dual innovation 50 ETFs accounts for about 90% of the total shares, with a growth of approximately 144% from the initial issuance [3] - The industry anticipates that the dual innovation 50 index still holds investment value due to its representation of quality companies in the sci-tech and entrepreneurial sectors [4][5] Group 3 - The dual innovation 50 index includes sectors such as semiconductors, new energy, and biomedicine, which are expected to benefit from policy incentives and industrial upgrades [4] - Compared to other indices, the dual innovation 50 index has a larger sample market capitalization and a more balanced industry distribution, making it a better representation of China's hard technology sector [5] - There is potential for short-term recovery in the dual innovation 50 index due to recent policy support and liquidity easing, while it is viewed as a core tool for long-term investment in hard technology and high growth sectors [5]