Core Viewpoint - The article discusses the investment opportunities and strategies within the ChiNext (创业板) series of indices, emphasizing the importance of understanding different index types and their performance metrics for potential investors [4][5]. Group 1: ChiNext Series Indices - The ChiNext series indices focus on growth and innovation-oriented companies, established in 2010, with a strategic positioning defined in 2020 as "three innovations and four new" [4]. - The main indices include the ChiNext Index, ChiNext 50, ChiNext Comprehensive, ChiNext 200, ChiNext 300, and ChiNext Large Cap, with the ChiNext Index being the most recognized, tracking 104 funds with a total scale of 145.35 billion [8][9]. - The ChiNext Comprehensive Index is notable for including all constituent stocks and being the only index to reach a new high in 2021, making it suitable for index enhancement strategies [10][11]. Group 2: Investment Value and Strategy - The ChiNext Index is currently at a median valuation, indicating it may not be suitable for long-term holding but rather for trading opportunities [14][16]. - The article highlights that the investment return is significantly influenced by the initial valuation at the time of purchase, warning against the potential for long-term losses if bought at high valuations [18][17]. - The strategy indices, such as "Chuang Growth" and "Chuang Technology," focus on growth and momentum factors, with the former having a higher performance historically compared to the latter [22][31]. Group 3: Industry Indices - The industry indices include ChiNext Artificial Intelligence, Innovative Energy, Chuang Technology, Chuang Medicine, and ChiNext Software, with the ChiNext Artificial Intelligence index showing the highest annual return of 83.27% [38][40]. - The ChiNext Technology index, focusing on R&D investment and revenue growth rates, has a return of 55% but a smaller tracking scale of 2.52 billion, indicating lower investor attention [46]. - The article notes that the healthcare sector, particularly the Chuang Medicine index, has underperformed with a return of only 7.16%, highlighting the need for careful analysis in industry-specific investments [52].

Core Insights - The Shenzhen Stock Exchange announced a periodic adjustment to several indices, including the Shenzhen Component Index and the ChiNext Index, effective December 15, 2025 [1] Group 1: Index Adjustments - The Shenzhen Component Index will replace 17 constituent stocks, adding 7 from the main board and 10 from the ChiNext [1] - The ChiNext Index will replace 8 constituent stocks [1] - The Shenzhen 100 Index will replace 7 stocks, with 4 from the main board and 3 from the ChiNext [1] - The ChiNext 50 Index will replace 5 constituent stocks [1] Group 2: Industry Weightings and Financial Performance - After the adjustments, the strategic emerging industries will account for 93% of the ChiNext Index, with a 13% year-on-year increase in R&D expenses among the new sample companies [1] - The Shenzhen 100 Index will see an increase in the weight of strategic emerging industries to 81%, with key sectors like advanced manufacturing and digital economy reaching 79% [1] - The ChiNext 50 Index will have a strategic emerging industry weight of 98%, with the new generation information technology sector, including AI and chips, making up 45% [1] Group 3: Manufacturing and Financial Metrics - The Shenzhen Component Index will have a manufacturing company weight of 76%, the highest among Chinese capital market indices, with over 30% being manufacturing champions [2] - The new sample companies in the ChiNext Index reported a 16% increase in revenue and a 24% increase in net profit year-on-year, with high-end equipment manufacturing and new energy sectors seeing net profit growth of 60% and 54%, respectively [2] - Over 80% of the Shenzhen 100 Index sample companies have expanded their business internationally, with a compound annual growth rate of 17% in overseas revenue over the past three years [2] Group 4: Corporate Actions and ESG Ratings - Nearly 60% of the new sample companies in the Shenzhen Component Index have implemented "quality return dual enhancement" action plans, and over 30% have initiated stock buyback programs [2] - Among the new sample companies in the ChiNext Index, 64 have an ESG rating of A or above, representing 79% of the index [2] - The Shenzhen 100 Index companies have distributed a total of 302.2 billion yuan in dividends this year, accounting for 55% of the total dividends in the Shenzhen market, with a rolling net asset return rate of 12% over the past year [2]

Core Insights - The Shenzhen Stock Exchange announced a sample adjustment for several indices, including the Shenzhen Component Index and the ChiNext Index, effective December 15, 2025 [2] - The adjustment will see the Shenzhen Component Index replace 17 stocks, with 7 from the main board and 10 from the ChiNext, while the ChiNext Index will replace 8 stocks [2] - The strategic emerging industries will have a significant weight in the indices, with the ChiNext Index's weight reaching 93% and the Shenzhen 100 Index's weight at 81% [2][3] Industry Performance - The manufacturing sector will represent 76% of the Shenzhen Component Index, the highest among Chinese capital market indices, with over 30% being industry champions [3] - The new sample companies in the ChiNext Index reported a 16% increase in revenue and a 24% increase in net profit year-on-year, with high-end equipment manufacturing and new energy sectors seeing net profit growth of 60% and 54%, respectively [3] - Over 80% of the Shenzhen 100 Index companies have expanded their business internationally, with a compound annual growth rate of 17% in overseas revenue over the past three years [3] Investment Trends - Nearly 60% of the companies in the Shenzhen Component Index have implemented quality and return enhancement plans, with over 30% engaging in stock buyback programs to boost market confidence [3] - The ChiNext Index includes 64 companies rated A or above in ESG, accounting for 79% of the index, indicating a strong focus on sustainable development [3] - The Shenzhen 100 Index companies have distributed a total of 302.2 billion yuan in dividends this year, representing 55% of the total dividends in the Shenzhen market, with a rolling return on equity of 12% over the past year [3]

Core Insights - The Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. announced a periodic adjustment of several indices, including the Shenzhen Component Index and ChiNext Index, effective December 15, 2025 [1] Group 1: Index Adjustments - The Shenzhen Component Index will replace 17 constituent stocks, adding 7 from the main board and 10 from the ChiNext [1] - The ChiNext Index will replace 8 constituent stocks [1] - The Shenzhen 100 Index will replace 7 constituent stocks, with 4 from the main board and 3 from the ChiNext [1] - The ChiNext 50 Index will replace 5 constituent stocks [1] Group 2: Industry Weight and R&D - After the adjustments, the strategic emerging industries will account for 93% of the ChiNext Index, with a 13% year-on-year growth in R&D expenses among the new sample companies [1] - The Shenzhen 100 Index will see an increase in the weight of strategic emerging industries to 81%, with key sectors like advanced manufacturing and digital economy reaching 79% [1] - The ChiNext 50 Index will have a strategic emerging industry weight of 98%, with the new generation information technology sector, including AI and chips, making up 45% [1] Group 3: Economic Impact - The manufacturing sector will represent 76% of the Shenzhen Component Index, the highest among Chinese capital market indices, with over 30% being manufacturing champions [2] - The new sample companies in the ChiNext Index reported a 16% increase in revenue and a 24% increase in net profit year-on-year, with high-end equipment manufacturing and new energy sectors seeing net profit growth of 60% and 54%, respectively [2] - Over 80% of the Shenzhen 100 sample companies have expanded their business internationally, with a compound annual growth rate of 17% in overseas revenue over the past three years [2] Group 4: Long-term Value Investment - Nearly 60% of the new sample companies in the Shenzhen Component Index have implemented quality and return enhancement plans, with over 30% engaging in stock buyback programs [2] - The ChiNext Index includes 64 companies rated A or above in ESG, representing 79% of the sample, indicating a focus on sustainable development [2] - The Shenzhen 100 sample companies have distributed a total of 302.2 billion yuan in dividends this year, accounting for 55% of the total dividends in the Shenzhen market, with a rolling return on equity of 12% over the past year [2]

Market Overview - The three major A-share indices experienced slight increases, with the Shanghai Composite Index rising by 0.21% to 3883.46 points, the Shenzhen Component Index increasing by 0.72% to 12967.66 points, and the ChiNext Index up by 0.71% to 3052.87 points [1] ETF Performance - The top-performing ETF on November 27, 2025, was the Brazil ETF (520870), which saw a gain of 3.17%. Other notable performers included the Brazil ETF (159100) with a 2.64% increase, the S&P Biotechnology ETF (159502) rising by 2.58%, and the China-Korea Chip ETF (513310) up by 2.08% [2][3] - The largest decline was observed in the Software 30 ETF (562930), which fell by 1.90%. Other ETFs with significant declines included the Online ETF (159793) down by 1.69%, and the Film and Television ETFs (516620 and 159855) both decreasing by 1.63% [2][3] Trading Volume - The highest trading volume on November 27, 2025, was recorded for the Hang Seng Internet ETF (513330) at 62.04 million shares. Other ETFs with high trading volumes included the Hang Seng Technology ETF (513130) at 60.22 million shares, and the Hang Seng Index Technology ETF (513180) at 54.56 million shares [4] Trading Amount - The largest trading amount was for the Hong Kong Securities ETF (513090), with a transaction value of 7.009 billion yuan. Other ETFs with significant trading amounts included the A500 ETF (512050) at 6.103 billion yuan, and the HK Innovation Drug ETF (513120) at 5.444 billion yuan [5] Fund Flows - The largest net subscription on November 27, 2025, was for the 50 ETF (510050), with a net subscription amount of 658 million yuan. Other notable subscriptions included the A500 ETF (512050) at 580 million yuan, and the ChiNext 50 ETF (159949) at 270 million yuan [6] - The largest net redemption was for the ChiNext ETF (159915), with a redemption amount of 717 million yuan. Other significant redemptions included the 500 ETF (510500) at 553 million yuan, and the AI ChiNext ETF (159382) at 516 million yuan [7]

Group 1: Market Overview - The risk premium percentile for the CSI All Share Index is 45.07%, indicating that the market is generally in a normal return area [1][5] - The current risk premium value for the CSI 300 is 5.17%, suggesting a high return level that warrants attention [1][6] - The price-to-book ratio percentile for the CSI All Share Index is 41.77%, indicating a normal valuation state for the market [1][10] - The price-to-book ratio percentile for the Shanghai Composite Index is 22.68%, reflecting a relatively low valuation level that deserves focus [1][11] - The deviation rate for the CSI All Share Index is 18.59%, suggesting that the overall price level of the market is in a normal strong area [1][15] - The Sci-Tech 50 and ChiNext 50 are in an overbought state, indicating a need for caution regarding short-term risks [1][16] Group 2: Market Style Rotation - The growth style has significantly outperformed over the past six months, suggesting a focus on growth-style targets moving forward [1][22] - The high valuation style has also shown notable outperformance in the last six months, recommending attention to high valuation style targets [1][25] - Small-cap style has continued to record negative excess returns, while large-cap style has gradually outperformed over the past three months, indicating a focus on large-cap style targets [1][27] Group 3: ETF Rotation - The report tracks the performance of a dual momentum rotation strategy for ETFs, which selects securities that show strong time-series and cross-sectional momentum [1][31] - Reference targets for the dual momentum rotation strategy include various ETFs such as the Gold Stocks ETF and Green Energy ETF [1][33] Group 4: Convertible Bond Strategy - Convertible bonds, which combine debt and equity characteristics, are highlighted as a valuable investment option, particularly for risk-averse investors [1][35] - The report focuses on the performance enhancement of equity-oriented convertible bonds, providing a list of specific convertible bonds to consider [1][38]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week, domestic major stock indices rose across the board, with small and medium - cap indices generally outperforming large - cap indices. The growth style index showed a significant increase, while the financial and stable style indices declined. In the ETF market, both comprehensive and thematic ETFs had increased trading volumes, and there was a clear inflow of funds into sectors such as brokers, consumption, technology, and non - ferrous metals [1][3] Summary by Directory 1. Fund Market Overview 1.1 Stock Market - Last week (2025/08/25 - 2025/08/29), major domestic stock indices all rose. The large - cap indices such as CSI 300, SSE 50, and SSE Composite Index had weekly increases of 2.71%, 1.63%, and 0.84% respectively. Small and medium - cap indices like CSI 500, CSI 1000, and ChiNext Index rose by 3.24%, 1.03%, and 7.74% respectively. Style indices showed mixed performance, with financial, cyclical, consumer, growth, and stable style indices having weekly changes of - 1.31%, 0.94%, 0.54%, 4.45%, and - 0.81% respectively. Among the growth styles, large - cap, mid - cap, and small - cap growth style indices changed by 3.38%, 2.51%, and - 1.33% respectively [1][8] - Recent A - share trading activity has been oscillating upwards and is currently close to the level in December 2024 [9] 1.2 Bond Market and Futures Market - Last week, the SSE Convertible Bond Index fell by 2.68%. Pure - bond indices all rose, with the SSE Treasury Bond, SSE Corporate Bond, and Shenzhen Local Government Bond indices rising by 0.04%, 0.03%, and 0.03% respectively. Major stock index futures contracts all rose, with CSI 300, SSE 50, and CSI 500 futures rising by 0.49%, 0.12%, and 1.70% respectively. 10 - year, 5 - year, and 2 - year Treasury bond futures prices rose by 0.13%, 0.18%, and 0.03% respectively [15][16] 1.3 Commodity Market - In the past week, the commodity market showed mixed performance. The Nanhua Precious Metals Index, CRB Metal Spot Index, and CRB Commodity Index rose by 1.77%, 1.35%, and 0.78% respectively. Domestic key commodity futures contracts also showed mixed results, with DCE Iron Ore, SHFE Silver, and SHFE Nickel futures rising by 2.34%, 1.80%, and 1.75% respectively [18][21] 2. ETF Market行情统计 2.1 Domestic Stock - type ETF Trading Activity Ranking - Using the weekly fund turnover rate (trading volume / on - exchange floating shares) as a measure of ETF trading activity, high turnover rates indicate possible large differences in market views on a sector. Last week, trading hotspots were concentrated in comprehensive indices such as ChiNext 50 and CSI Innovation and Entrepreneurship 50 ETF, as well as sectors like semiconductors, liquor, and securities [24] 3. Size - style Monitoring 3.1 Comprehensive Stock ETF - As of last week, the total trading volume of comprehensive ETFs was 138.425 billion yuan, an increase of 28.081 billion yuan from the previous week. Among them, the trading volume of large - and mid - cap style comprehensive ETFs was 58.276 billion yuan, an increase of 11.307 billion yuan, and that of small - and mid - cap comprehensive ETFs was 84.351 billion yuan, an increase of 19.109 billion yuan. The on - exchange floating shares of comprehensive ETFs were 361.949 billion shares, an increase of 6.94 billion shares from the previous week. Large - and mid - cap style comprehensive ETFs had 241.165 billion shares, an increase of 19.28 billion shares, while small - and mid - cap comprehensive ETFs had 120.785 billion shares, a decrease of 12.34 billion shares [26] 3.2 Thematic Stock ETF - As of last week, the average weekly return of 32 thematic ETFs was 3.39%. The average weekly return of large - cap style ETFs was 0.95%, and that of small - and mid - cap style ETFs was 5.30%. The total trading volume of tracked thematic ETFs was 138.149 billion yuan, an increase of 30.701 billion yuan from the previous week. Large - cap style ETFs had a trading volume of 73.042 billion yuan, an increase of 14.991 billion yuan, and small - and mid - cap style ETFs had a trading volume of 65.107 billion yuan, an increase of 15.711 billion yuan. The on - exchange floating shares of thematic ETFs were 408.707 billion shares, an increase of 6.175 billion shares from the previous week. Large - and mid - cap style thematic ETFs had 193.157 billion shares, an increase of 12.045 billion shares, while small - and mid - cap style thematic ETFs had 215.549 billion shares, a decrease of 5.87 billion shares [27] 4. Sector Fund Flow Tracking - As of last week, among comprehensive ETFs, the top three performers were CSI Innovation and Entrepreneurship 50 ETF, ChiNext 50, and ChiNext, with weekly returns of 11.34%, 8.93%, and 7.63% respectively. The bottom three were CSI 1000 ETF, SSE 50 ETF, and CSI 300 ETF, with returns of 0.80%, 1.50%, and 2.72% respectively. Among industry - thematic ETFs, the top three were 5G ETF, AI Intelligence ETF, and Non - ferrous Metals ETF, with returns of 15.44%, 10.69%, and 8.63% respectively. The bottom three were Coal ETF, Financial ETF, and Bank ETF, with returns of - 3.02%, - 1.95%, and - 1.88% respectively. In terms of fund flows, important broad - based indices such as CSI 300 and small - and mid - cap ETFs in the innovation and entrepreneurship sector had fund inflows. In industry - thematic sectors, significant fund inflows were seen in sectors such as brokers, consumption, technology, and non - ferrous metals [32] 5. Commodity ETF - Last week, tracked commodity ETFs showed mixed performance. Gold ETF, Bosera Gold, Soybean Meal ETF, Non - ferrous Metals Futures ETF, and Energy and Chemicals ETF had returns of 1.46%, 1.47%, 0.61%, 1.24%, and - 1.21% respectively. The on - exchange floating shares of tracked commodity ETFs decreased by 1.41 billion shares from the previous week, while the total trading volume increased by 1.869 billion yuan [36] 6. Overseas ETF - Last week, among tracked overseas ETFs, Nasdaq ETF, H - share ETF, and Hang Seng ETF had returns of 1.19%, - 0.85%, and - 0.45% respectively. The on - exchange floating shares of tracked overseas ETFs decreased by 0.13 billion shares from the previous week, and the total trading volume decreased by 0.549 billion yuan [38] 7. Money Market ETF - As of the end of last week, the overnight SHIBOR rate was 1.32%, a decrease of 0.15% from the previous week, and the one - week SHIBOR rate was 1.53%, an increase of 0.03% from the previous week. The seven - day annualized yield of Huabao Tianyi was 1.06%, an increase of 0.04% from the previous week, and that of Yinhua Rili was 1.04%, unchanged from the previous week. The on - exchange floating shares of Huabao Tianyi were 63.846 billion shares, a decrease of 2.602 billion shares from the previous week, and those of Yinhua Rili were 61.757 billion shares, an increase of 1.95 billion shares from the previous week [42]

Market Style Outlook - The current liquidity-driven environment remains the main characteristic of the short-term stock market, with changes in market risk appetite dominating market rhythm. As September approaches, the anticipated interest rate cut by the Federal Reserve is expected to influence market expectations. The current heat of financing funds has reached a relatively high level, and future inflows may slow down slightly. However, with the potential for the Fed to restart rate cuts, the appreciation of the RMB, and the stabilization of domestic PPI, foreign capital may gradually shift towards inflow. Historically, during the pullback phase of a bull market, previously strong styles may experience larger corrections, but the market quickly returns to the previous strong main style after a brief pullback. Therefore, the market style in September is likely to favor large-cap stocks, with growth styles expected to continue to dominate [1][4][12]. Liquidity and Fund Supply-Demand - In September, incremental funds are expected to continue net inflow, with positive feedback from incremental funds likely to persist. The central bank continues to use various liquidity management tools to meet liquidity needs, maintaining a strong willingness to protect liquidity. The overall funding rates are expected to remain low. External liquidity conditions are also favorable, with market expectations for a high probability of a Fed rate cut in September, which may lead to a weaker dollar index. In August, the net inflow of funds in the stock market expanded significantly, with financing funds becoming the main source of incremental capital. The supply side shows a rebound in the scale of newly issued equity funds, and the market's risk appetite continues to improve [2][3][20]. Market Sentiment and Fund Preference - In August, market risk appetite further rebounded, with the overall A-share risk premium falling below the historical average. Major indices broke through previous resistance levels, showing an accelerated upward trend. The technology style performed well, with the ChiNext 50 and the Growth Enterprise Market leading the gains. The performance of sectors related to communication electronics and AI computing was particularly strong, with notable performances in computer, power equipment, and machinery sectors [3][31][41]. Major Asset Performance Review - The A-share market led global markets in August, with major indices breaking previous loss resistance levels and showing an accelerated upward trend. The market's upward slope has slowed down towards the end of August, with a shift in style from small-cap to large-cap stocks. The ChiNext 50 and small-cap growth indices led the gains, while the value and dividend styles performed relatively weakly [31][36][37].

Market Overview - The market experienced a sudden drop, with the index falling from a gain of 0.48% to a closing loss of 1.76% without much resistance [1] - The current market sentiment reflects a transition from a bullish phase to a bearish one, as investors are now more cautious and reactive to news [3][4] Investment Strategies - The concept of "bull market sharp declines" is explained, indicating that during bullish phases, high investor sentiment leads to quick sell-offs at the slightest negative news [4] - Historical patterns suggest that sharp declines in bull markets do not typically signal the end of the market; rather, adjustments often lead to subsequent upward movements [7] - A grid trading strategy has been implemented, allowing for systematic buying and selling to manage risks and capitalize on market movements [7][15] Fund Management - Recent fund management actions include limiting purchases in high-performing funds, indicating a belief that valuations have become too high [6][5] - The trend-following strategy has shown a cumulative return of 68.69% since September 24, outperforming the Shanghai and Shenzhen 300 index, which returned 36.52% [10] Sector Performance - The technology and innovation sectors, particularly semiconductor-related funds, have seen significant price increases, prompting fund managers to impose purchase limits [4] - The communication equipment and robotics indices have been added to the trend monitoring system, indicating ongoing interest in these sectors [13][18] New Investment Opportunities - A new convertible bond, Shenglan Convertible Bond 02, is available for subscription, with a focus on electronic connectors and components for the new energy vehicle sector [20] - The current stock-bond yield spread stands at 5.43%, indicating a relatively favorable environment for equity investments compared to historical averages [21]

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]