Group 1 - The A-share market experienced a significant surge in the "Chuang" series indices, with the ChiNext 50, ChiNext Large Cap, and ChiNext Index all rising over 3%, and the ChiNext Artificial Intelligence Theme Index leading with a 5.6% increase, indicating strong market recognition for innovative growth companies in the ChiNext market [1] - The ChiNext Composite Index, which covers all stocks in the ChiNext market, has shown a cumulative increase of 216% since its launch in August 2010, with an annualized return of 8%, demonstrating substantial long-term profitability [1] - Recent revisions to the ChiNext Composite Index's compilation scheme introduced mechanisms for monthly removal of risk-warning stocks and ESG negative screening, enhancing the quality of sample stocks and the investability of the index, which now includes 1,340 sample stocks covering 97% of ChiNext listed companies and 99% of total market capitalization [1] Group 2 - The core positioning of the ChiNext Composite Index is to serve innovative growth companies, with sample stocks required to align with the trends of "innovation, creation, and creativity," or to integrate traditional industries with new technologies and business models [2] - The index has a high concentration in strategic emerging industries, with 79% of its weight in sectors such as semiconductors, artificial intelligence, innovative pharmaceuticals, medical devices, photovoltaics, and lithium batteries, reflecting its focus on innovation-driven competitiveness [2] - Sample stocks within the ChiNext Composite Index are projected to exhibit strong growth potential, with a compound annual growth rate (CAGR) of 13% in revenue and 8% in net profit over the next five years, and a forecasted revenue growth of 17% and net profit growth of 64% by 2025 [2] Group 3 - The ChiNext Composite Index features a significant proportion of high-growth potential small and medium-sized enterprises, with 78% of sample stocks having a market capitalization of 10 billion yuan (approximately 1.4 billion USD) or less, indicating substantial investment potential [3] - The recent strong performance of the "Chuang" series indices reflects the market's heightened focus on technological innovation and emerging industries, positioning the ChiNext Composite Index and its associated ETF products as convenient tools for investors to participate in China's innovative economic development [3] - The ChiNext Composite Index, with its high elasticity, growth characteristics, and relatively reasonable valuation levels, is becoming an important choice for investors looking to allocate equity assets, with expectations for continued long-term value creation as sample stock quality and profitability improve [3]

王正 华宝基金量化投资部总经理助理、基金经理 在A股市场，创业板一直是"科技"与"成长"的代名词，自2009年开板以来始终肩负着 激励创业、引领创新的重要使命，站在新经济浪潮的前沿，不断为中国经济转型发展 注入新动能。而 创业板综指（399102） 作为几乎覆盖创业板全部上市股票的宽基 指数，为投资者提供了一键布局创业板整体机会的高效工具。 创业板投资价值分析 1 国家政策支持 2024年12月的中央政治局会议，明确强调"推动科技创新和产业创新融合发展"，"要以科技 创新引领新质生产力发展，建设现代化产业体系"，持续彰显宏观政策对创业板新质核心资产 的有力支持。另外交易所的注册制等相关配套制度持续完善，吸引更多战略新兴企业到创业 板发行上市，更好地服务于国家的创新驱动发展战略。 宏观环境向好 当前宏观经济环境呈现出明显的回暖迹象，为资本市场提供了有力支撑。从国内来看，货币 政策维持适度宽松的基调，流动性整体充裕。同时财政政策积极发力，财政支出力度加大， 基建投资增速加快，显示出政府在稳增长方面的坚定决心。这些因素共同推动市场整体风险 偏好的回升，投资者信心逐步修复。 从外部环境来看，全球主要经济体陆续进入降息 ...

Core Viewpoint - The recent surge in the ChiNext Composite Index, driven by sectors like photovoltaic and optical modules, highlights its significant elasticity and potential for investment opportunities [1][2]. Group 1: Index Performance and Changes - As of July 11, the ChiNext Composite Index has increased by 47.20% over the past year, outperforming other major indices in the A-share market [1]. - The Shenzhen Stock Exchange announced revisions to the index compilation method, introducing mechanisms for monthly removal of risk-warning stocks and negative ESG-rated stocks [1][2]. - The revised index now includes 1,316 sample stocks, covering 95% of ChiNext-listed companies, with a total market capitalization coverage of 98% [2]. Group 2: Investment Opportunities - The ChiNext Composite Index has shown a cumulative increase of 197.49% since its inception, significantly outperforming the ChiNext Index's 113.51% increase during the same period [3]. - Investment funds tracking the ChiNext Composite Index, such as the Invesco Great Wall ChiNext Composite Index Enhanced Fund, have demonstrated substantial excess returns, with a net value growth rate of 68.33% since its establishment [3]. - The AI industry trend is expected to support the performance of the ChiNext Composite Index, alongside anticipated regulatory reforms aimed at fostering innovation and growth for enterprises [3].

Core Viewpoint - The article provides a comparative analysis of several major indices in the ChiNext market, including the ChiNext Index, ChiNext 50, ChiNext 200, ChiNext Composite Index, and Growth Index, to assist investors in their decision-making process [2]. Group 1: Index Compilation Rules and Positioning Differences - ChiNext Index (399006.SZ) selects the top 100 stocks by market capitalization and liquidity from the ChiNext market, adjusted semi-annually, reflecting the overall performance of leading enterprises, primarily in mature sectors like new energy and pharmaceuticals [4][5][6]. - ChiNext 50 (399673.SZ) is based on the ChiNext Index but focuses on the top 50 stocks by average daily trading volume over the past six months, adjusted quarterly, emphasizing high liquidity and market attention [7][8][9]. - ChiNext 200 (399019.SZ) excludes stocks from the ChiNext Index and selects the top 200 mid-cap stocks, focusing on R&D investment and growth potential, covering emerging fields like computing and electronics [10][11][12]. - ChiNext Composite Index (399102.SZ) encompasses all listed companies on the ChiNext, approximately 1300 stocks, weighted by free-float market capitalization, reflecting the overall market performance with a significant proportion of small-cap stocks [13][14][15]. - Growth Index (399296.SZ) uses a dynamic selection mechanism based on growth and momentum factors to identify 50 stocks, adjusted quarterly, aiming to capture high-growth stocks in an upward trend [16][17][18]. Group 2: Latest Industry Composition and Valuation Comparison - The five indices show significant differences in industry concentration and valuation levels, with the Growth Index having the highest concentration at 70.14% in its top three industries, while the ChiNext Composite Index is more diversified at 45.36% [20][21]. - The ChiNext 50 and ChiNext Index have high exposure to the power equipment sector, indicating potential benefits from a recovery in the new energy industry, while ChiNext 200 has a 37.78% concentration in computing and electronics, benefiting from AI industry opportunities [21]. - Valuation levels vary, with the Growth Index at a PE-TTM of 29.88, the lowest in nearly a decade, while the ChiNext Index and ChiNext 50 are slightly higher, and the ChiNext Composite Index is at 59.62, close to its historical median [21]. Group 3: Historical Return Characteristics Comparison - The Growth Index has the highest long-term returns since 2012, showing significant advantages in bull markets but also larger drawdowns in downturns [24][25]. - The ChiNext 50 exhibits considerable return elasticity, with notable performance in both rising and falling markets, while the ChiNext 200 has shown reduced volatility post-2019, likely due to its concentration in the rapidly growing AI sector [25]. - Interestingly, the ChiNext Index and the ChiNext Composite Index display similar volatility characteristics, with moderate return and volatility levels [25]. Group 4: Investment Preferences and Selection Strategies - Investors seeking high return elasticity and favoring leading stocks should consider the ChiNext 50, which has several large tracking funds with low management fees [27]. - For aggressive investors looking for return elasticity, the Growth Index is recommended, although it carries risks in bear markets [29]. - Investors optimistic about AI prospects should opt for the ChiNext 200, which has low management fees from major fund companies [30]. - Long-term investors aiming for tail-end growth opportunities may consider the ChiNext Composite Index, although the tracking funds are relatively small in scale [31]. - Conservative investors may find the ChiNext Index to be a reliable choice, as it has the largest number of tracking funds and is considered the optimal solution for institutional investment in the ChiNext market [32].