Core Viewpoint - The article emphasizes the investment value of the ChiNext board, highlighting its role in supporting innovative and growth-oriented enterprises in China, particularly in the context of favorable macroeconomic conditions and government policies aimed at fostering technological innovation [3][5][7]. Group 1: National Policy Support - The ChiNext board has been positioned as a key platform for supporting innovative and growth-oriented companies since its establishment in 2009, focusing on "three innovations and four new" enterprises [5]. - The recent Central Political Bureau meeting in December 2024 underscored the importance of promoting technological innovation and the integration of industrial innovation, which continues to support core assets in the ChiNext board [5]. - The ongoing improvements in the registration system and related policies are attracting more strategic emerging enterprises to list on the ChiNext board, aligning with the national strategy for innovation-driven development [5]. Group 2: Macroeconomic Environment - The current macroeconomic environment shows signs of recovery, providing strong support for the capital market, with a moderately loose monetary policy and increased fiscal spending [7]. - The global trend of major economies entering a rate-cutting cycle enhances the willingness of global funds to allocate to emerging markets, benefiting the valuation levels of the A-share market, particularly the growth sectors represented by the ChiNext board [7]. Group 3: Key Industry Trends - Key industries within the ChiNext board are expected to emerge from cyclical lows, with signs of recovery in the lithium battery sector driven by improved supply-demand dynamics and price stabilization [8]. - The photovoltaic sector is also showing signs of recovery as supply-side pressures ease, potentially leading to an end to the low-price competition and a return to profitability [8]. - The biopharmaceutical industry is witnessing a turning point due to the easing of policy constraints and a recovering investment environment, with expectations of entering a new upward cycle [8]. - The electronics and computer sectors are benefiting from the global AI wave, with high demand for computing infrastructure and AI applications driving growth [9]. Group 4: ChiNext Composite Index Characteristics - The ChiNext Composite Index (399102) serves as a core indicator reflecting the overall performance of the ChiNext market, covering over 1,300 stocks and providing comprehensive representation [11][12]. - The index is characterized by a high concentration of emerging industries, with significant representation from sectors such as power equipment, electronics, biomedicine, and computers [12]. - As of June 30, 2025, the index's price-to-book ratio stands at 3.59, indicating relatively low valuation levels, with analysts predicting a 60.21% year-on-year growth in net profit for 2025 [15][16]. Group 5: Investment Strategy - The ChiNext Composite Enhanced ETF combines passive index investment with active management, aiming to achieve returns that exceed the index through quantitative management techniques [17]. - The investment strategy focuses on selecting stocks based on a quantitative Alpha selection model that considers various fundamental and technical factors, aiming for a balanced and effective portfolio [18].

Core Viewpoint - The article emphasizes the investment value of the ChiNext board, highlighting its role in supporting innovative and growth-oriented enterprises in China, particularly in the context of favorable macroeconomic conditions and government policies aimed at fostering technological innovation [3][5][6]. Group 1: National Policy Support - The ChiNext board has been positioned as a key platform for supporting innovative and growth-oriented enterprises since its establishment in 2009, focusing on "three innovations and four new" (innovation, creation, creativity, new technologies, new industries, new business formats, new models) [5]. - The recent Central Political Bureau meeting in December 2024 underscored the importance of promoting the integration of technological innovation and industrial innovation, indicating strong macro policy support for core assets on the ChiNext board [5]. - Continuous improvements in the registration system and related regulations are attracting more strategic emerging enterprises to list on the ChiNext board, aligning with the national innovation-driven development strategy [5]. Group 2: Macroeconomic Environment - The current macroeconomic environment shows clear signs of recovery, providing strong support for the capital market, with a moderately loose monetary policy and increased fiscal spending [7]. - The global trend of major economies entering a rate-cutting cycle, particularly the strengthening expectations of rate cuts by the Federal Reserve, is enhancing the willingness of global funds to allocate to emerging markets, benefiting the A-share market [7]. - The ChiNext board, representing growth sectors, has significant potential for valuation recovery and strong allocation value due to the improving internal and external environment [7]. Group 3: Key Industry Trends - Key industries within the ChiNext board are expected to emerge from cyclical lows, with signs of recovery in the lithium battery sector driven by improved supply-demand dynamics and price stabilization [8]. - The photovoltaic sector is also showing signs of recovery as supply-side pressures ease, potentially leading to an end to the low-price competition and a return to profitability [8]. - The biopharmaceutical industry is witnessing a turning point due to the easing of policy headwinds and a recovering investment environment, with expectations of entering a new upward cycle [8]. - The electronics and computer sectors are benefiting from the global AI wave, with high demand for computing infrastructure and AI applications driving growth [9]. Group 4: ChiNext Composite Index Characteristics - The ChiNext Composite Index (399102) serves as a core indicator reflecting the overall performance of the ChiNext market, covering over 1,300 stocks and providing comprehensive representation [11][12]. - The index is characterized by a high concentration of emerging industries, with significant representation from sectors such as power equipment, electronics, biopharmaceuticals, and computers [12]. - As of June 30, 2025, the ChiNext Composite Index's price-to-book ratio is 3.59, indicating relatively low valuation levels, with expected net profit growth of 60.21% in 2025 [15][16]. Group 5: Investment Strategy - The ChiNext Composite Enhanced ETF combines passive index investment with active management advantages, aiming to achieve returns that exceed the index through quantitative management techniques [17]. - The investment strategy focuses on selecting stocks based on a quantitative Alpha selection model that considers various fundamental and technical factors, aiming for a balanced and effective portfolio [18].

Core Viewpoint - The article emphasizes the investment value of the ChiNext board, highlighting its role in supporting innovative and growth-oriented enterprises in China, particularly in the context of favorable macroeconomic conditions and government policies aimed at fostering technological innovation [3][5][7]. Group 1: National Policy Support - The ChiNext board has been positioned as a key platform for supporting innovative and growth-oriented enterprises since its establishment in 2009, focusing on "three innovations and four new" (innovation, creation, creativity, new technologies, new industries, new business formats, new models) [5]. - The recent Central Political Bureau meeting in December 2024 underscored the importance of promoting the integration of technological innovation and industrial innovation, indicating strong macro policy support for core assets on the ChiNext board [5]. - Continuous improvements in the registration system and related regulations are attracting more strategic emerging enterprises to list on the ChiNext board, aligning with the national strategy for innovation-driven development [5]. Group 2: Macroeconomic Environment - The current macroeconomic environment shows clear signs of recovery, providing strong support for the capital market, with a moderately loose monetary policy and increased fiscal spending [7]. - The global trend of major economies entering a rate-cutting cycle, particularly the strengthening of expectations for the Federal Reserve's rate cuts, is enhancing the willingness of global funds to allocate to emerging markets, benefiting the A-share market [7]. - The ChiNext board, representing growth sectors, has significant potential for valuation recovery and strong allocation value due to the improving internal and external environment [7]. Group 3: Key Industry Trends - Key industries within the ChiNext board are expected to emerge from cyclical lows, with signs of recovery in the lithium battery sector driven by improved supply-demand dynamics and price stabilization [8]. - The photovoltaic sector is also showing signs of recovery as supply-side pressures ease, potentially leading to an end to the low-price competition and a return to profitability [8]. - The biopharmaceutical industry is witnessing a turning point due to the easing of policy headwinds and a recovering investment environment, with expectations for a new upward cycle [8]. - The electronics and computer sectors are benefiting from the global AI wave, with high demand for computing infrastructure and AI applications driving growth [9]. Group 4: ChiNext Composite Index Characteristics - The ChiNext Composite Index (399102) serves as a core indicator reflecting the overall performance of the ChiNext market, covering over 1,300 stocks and providing comprehensive representation [11][12]. - The index is characterized by a high concentration of emerging industries, with significant representation from sectors such as power equipment, electronics, biopharmaceuticals, and computers [12]. - As of June 30, 2025, the index's price-to-book ratio is 3.59, indicating a relatively low valuation level, with analysts predicting a 60.21% year-on-year growth in net profit for 2025 [15][16]. Group 5: Investment Strategy - The ChiNext Composite Enhanced ETF combines passive index investment with active management advantages, aiming to achieve returns that exceed the index through quantitative management techniques [17]. - The investment strategy focuses on selecting stocks based on a quantitative Alpha selection model that considers various fundamental and technical factors, aiming for a balanced and effective portfolio [18].