Report Industry Investment Rating No information provided in the report about the industry investment rating. Report's Core View The report analyzes the investment value of the Bank of China GEM 50 Index (026770/026771). It points out that the GEM 50 Index features high - tech growth and high - quality fundamentals, and performs well in growth - dominant environments and market rebounds. The Bank of China Fund, as the fund manager, has rich experience in managing passive index products [2]. Summary According to the Directory 1. Highlight the Characteristics of the Growth Enterprise Market and Focus on the Broad - based Index of New - Quality Productivity - **Index Compilation Method**: Composed of the 50 stocks with the largest average daily trading volume in the GEM market, it focuses on the liquidity of sample stocks and combines industry coverage, using free - float market capitalization weighting and adjusting every six months [5][6]. - **Index Weight and Market Value Distribution**: As of January 31, 2026, the index has 50 constituent stocks. The weight is concentrated in the top ten constituent stocks, accounting for 65.27%. The average free - float market value is 9.0192 billion yuan, and the average total market value is 14.3456 billion yuan. Both are mainly concentrated between 2 billion and 5 billion yuan [7][10]. - **Index Industry Characteristics**: The constituent stocks are concentrated in the power equipment and communication industries, with a high degree of industry concentration. Compared with the GEM Index, it has more prominent high - tech growth attributes and is highly compatible with new - quality productivity [14][21]. - **Fundamental Characteristics**: The R & D investment as a proportion of operating income is close to 6%, higher than that of other broad - based indexes. The annual return on net assets from 2020 to 2024 is between 14% and 20%, showing high - quality characteristics [22][26]. 2. Index Investment Value Analysis: Prominent Growth Style and Elasticity - **Outstanding Performance in Growth - Dominant Environments**: The GEM 50 focuses on GEM stocks with high - tech growth attributes. In growth - dominant environments, its cumulative return far exceeds that of the Guozheng Growth Index, and the weekly average return since 2014 is 2.56% [27][31]. - **Superior Rebound Strength**: Due to the wider daily price limit of GEM constituent stocks, in several market rebounds since 2022, the GEM 50 Index shows high rebound strength, and the rebound interval returns generally exceed those of comparable indexes [35]. 3. Bank of China GEM 50 Index (026770/026771) It is an over - the - counter passive index product of the Bank of China Fund, which started raising funds on February 24, 2026, with a raising period until March 13, 2026. The current fund managers are Ms. Li Nian and Mr. Yao Jin. The management fee rate is 0.50%, and the custody fee rate is 0.10% [38]. 4. Fund Manager and Fund Manager Information - **Fund Manager Introduction**: The Bank of China Fund is a Sino - foreign joint - venture fund management company jointly established by the Bank of China and BlackRock. It currently manages 14 passive index products with a total scale of 10.043 billion yuan [40]. - **Fund Manager Introduction**: Ms. Li Nian has 9 years of securities experience, and the total scale of her managed products is 299 million yuan. Mr. Yao Jin has 12 years of securities experience, and the total scale of his managed products is 278 million yuan [42][43].

当前，以人工智能、高端芯片、商用航天等为代表的硬科技领域，正迎来前所未有的聚焦。这为资本市场 注入了长期且坚实的成长内核，代表创新前沿与产业升级方向的成长板块，或有望成为这轮行情的核心主 线之一。 宏观上，随着传统经济风险逐步出清、新动能持续显现，企业盈利或步入修复通道。流动性上，随着全球 降息周期步入下半场，宏观流动性仍维持宽松，社会财富向权益资产配置的趋势方兴未艾。政策上，"十 五五"规划强调科技产业、居民消费与全国统一市场建设，为成长板块提供持续的催化。 指数工具优势：高效透明，聚焦龙头 近年来，指数化投资以其规则清晰、持仓透明、成本较低的特点，日益成为投资者进行资产配置、把握市 场贝塔收益的重要工具。 创业板50指数成分股集中于电力设备、通信、电子、医药生物等符合国家产业升级方向的战略新兴领域， 前三大行业占比约72%。自基日2010年5月31日以来，创业板50指数累计上涨238.58%，长期回报具有优 势，弹性收益明显。（数据来源：Wind，截至2026.2.6） 在日益复杂的宏观环境中，创业板50指数成分股凭借技术壁垒和商业模式创新，展现出较强的盈利韧性与 增长潜力。（数据来源：Wind，截至20 ...

Core Insights - 2025 is viewed as a pivotal year for the technology sector, driven by advancements in artificial intelligence, hardware innovation, and supportive policies, leading to a significant market transformation [1] - The performance of technology-themed ETFs, particularly those represented by the STAR Market and ChiNext, has significantly outperformed the market average, establishing their status as "core growth poles" [2] - The macroeconomic outlook for 2026 indicates a transition from structural pain to "micro recovery," with key indicators expected to show positive trends [3] Group 1: 2025 Review - The technology-themed ETFs have shown remarkable performance, with several related funds achieving net value growth rates exceeding 50%, and the ChiNext 50 Index rising by 57% [2] - The strong performance is attributed to the underlying high growth potential, profitability elasticity, and alignment with policy directions, focusing on high-quality companies characterized by innovation and new technologies [2] Group 2: 2026 Macro Outlook - The macroeconomic environment is expected to improve, with key indicators like PPI, CPI, and PMI projected to recover from low levels, enhancing the corporate profitability landscape [3] - The investment focus in 2026 will shift towards performance certainty, moving away from the previous emphasis on "visions and expectations" [4] Group 3: AI Industry Insights - AI is identified as a long-term structural industry opportunity, with 2026 marking a critical transition from "technology validation" to "scale deployment" [5] - The AI sector is shifting from a focus on infrastructure to application deployment, with significant investments in efficiency and global competitiveness [5] - The core companies in the AI wave are financially healthy, and the demand for computing power is expected to grow significantly over the next 5-10 years [5][6] Group 4: Tooling Configuration - The ChiNext 50 Index is highlighted for its structural advantages, with a balanced industry matrix and a focus on growth and diversification [7] - The index's valuation remains reasonable, with expected annual net profit growth of over 25% in the next three years, indicating a favorable balance between volatility control and growth elasticity [7] - The long-term investment value of the Hong Kong technology sector is increasing, with potential for valuation recovery and phase-based gains [7] Group 5: Conclusion - The key to technology investment in 2026 lies in returning to performance and fundamentals, emphasizing high-quality broad-based indices to navigate market cycles [8] - Focus should be on companies with competitive advantages in the global supply chain, sustained R&D investment, and those entering a profit growth phase [8] - The market's pricing mechanism is shifting from forward-looking expectations to continuous validation of actual operational results, raising the bar for asset allocation and risk management [8]

Core Insights - The event hosted by Huaan Fund from December 15 to 17, themed "Strength as a Saddle, Riding the Momentum," focused on investment opportunities in A-shares, Hong Kong stocks, bonds, indices, and global markets for 2026 [1][2] Group 1: Investment Strategy - Huaan Fund emphasizes a comprehensive professional capability as a foundation for guiding investors through the market, ensuring long-term stability [2] - The investment outlook for 2026 suggests a shift from liquidity-driven to profit-driven market dynamics, with expected improvements in non-financial A-share earnings [2][3] - Key sectors to watch include TMT (Technology, Media, Telecommunications), manufacturing, cyclical consumption, and AI applications [2][8] Group 2: Asset Allocation - The focus on multi-asset allocation is increasing, with gold highlighted as a significant asset class for 2026, alongside attention to the ChiNext 50 and Hong Kong Stock Connect [2] - The bond market is expected to maintain a stable environment, with bond yields having limited downside potential, indicating continued value in bond investments [3][19] Group 3: Research and Development - Huaan Fund is enhancing its core competitiveness through a centralized research platform and diversified investment teams, aiming to optimize research specialization and integration [4][5] - The investment management capability is seen as a core competitive advantage, with a focus on delivering long-term stable returns for investors [4] Group 4: Market Trends - The market is anticipated to experience structural opportunities, particularly in growth sectors such as overseas computing power, domestic innovation, and AI applications [8][9] - The Hong Kong stock market has seen significant earnings downgrades in Q3, with a more conservative outlook for 2026, facing liquidity pressures [11] - A "structural bull" market is believed to be underway, driven by policy support, AI advancements, and the stock market's role as a wealth reservoir [13]

12月15日至17日，华安基金举办以"实力为鞍，乘势笃行"为主题的2026马年投资嘉年华。在这场被誉为"路演PLUS"的策略盛会上，华安 基金实力投研"军团"集体亮相，把脉2026年A股、港股、债券、指数及全球市场的投资机遇。 "实力为鞍，乘势笃行" 解码2026投资图谱 华安基金此次策略会以"实力为鞍 乘势笃行"为主题，深度阐释了公司的品牌核心和专业态度。 "实力为鞍"指华安基金将全方位的专业能力化为基石，为投资者"驾驭"市场、行稳致远提供保障。其中"鞍"字谐音"安"，传递华安基金与 投资者智诚相伴的品牌承诺。"乘势笃行"彰显华安基金把握投资机遇，锐意进取的态度。"乘势"在于敏锐洞察周期，把握投资先机；"笃 行"则在于以稳健踏实的态度，将专业洞察转化为长期回报。 此次策略会，华安基金主动权益投资团队、固收团队、指数团队集体亮相，把脉2026年A股、港股、债券、指数以及全球投资机会。 华安基金副总经理、首席投资官翁启森 表示，2026年市场有望从流动性驱动逐步迈向盈利驱动。全A（非金融）盈利增长有望进一步改 善，预计TMT/制造业保持高增长、周期/消费利润逐步恢复。2026年产业机会有望扩散，可关注大制造、A ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月15日，截止午间收盘，创业50ETF（159682）跌1.42%，报1.459元，成交额1.18亿元。创业50ETF （159682）重仓股方面，宁德时代截止午盘跌1.47%，中际旭创跌0.53%，东方财富涨0.00%，新易盛涨 0.27%，阳光电源跌3.41%，胜宏科技跌4.04%，汇川技术跌2.33%，迈瑞医疗跌0.90%，亿纬锂能跌 2.85%，同花顺跌1.33%。 创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为48.08%，近一个月回报为3.19%。 来源：新浪基金∞工作室 ...

Group 1 - The core viewpoint is that the ChiNext 50 Index constituents are primarily concentrated in the technology growth sector, with valuations at a relatively low level [1] - The AI computing power and its supporting industrial chain are experiencing strong growth, with a significant increase in demand leading to a rise in both volume and price for high-end PCBs, which now account for over 50% of the global PCB industry [1] - The CPO optical module is expected to see non-linear growth in the computing cluster construction, with an anticipated annual growth rate of 15% to 20% from 2027 to 2030 [1] Group 2 - The domestic computing chip replacement is accelerating, with market share expected to rise to 55% by 2027 [1] - The energy storage chain is benefiting from increased AI computing power consumption, with strong overseas demand driving lithium battery material prices up, including a nearly 60% increase in lithium carbonate prices from their low point earlier in the year [1] - The technology sector, including robotics, gaming, and software applications, is gradually revealing industrial opportunities, with the gaming industry experiencing its first revenue growth inflection point since 2014, and AI-enabled software development potentially reducing transaction costs by 20% [1] Group 3 - The Guotai ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which has a daily fluctuation of up to 20%, selecting 50 securities with excellent liquidity and leading market capitalization from the ChiNext market [1] - The index primarily covers high-tech and emerging industries such as new energy, biomedicine, and electronic information technology, reflecting the overall performance of core quality enterprises in the ChiNext market [1] - The constituents of the index are mainly distributed across industries with strong growth potential, such as power equipment, biomedicine, and information technology, showcasing innovation-driven characteristics and high elasticity in returns [1]

Core Points - The article discusses the performance of the Chuangye 50 ETF (159682) as of December 12, noting a 0.48% increase, with a trading volume of 203 million yuan [1] - The article highlights the performance of key stocks within the ETF, including declines in stocks like Ningde Times and Sunshine Power, while others like Xinyisheng and Shenghong Technology saw gains [1] - The Chuangye 50 ETF has a performance benchmark of the ChiNext 50 Index, managed by Invesco Great Wall Fund Management, with a return of 46.75% since its inception on December 23, 2022, and a 2.02% return over the past month [1] Stock Performance - As of the midday close, Ningde Times decreased by 0.24%, while Xinyisheng increased by 2.63% [1] - Other notable stock performances include a 1.98% increase for Shenghong Technology and a 0.57% increase for Dongfang Caifu [1] - The ETF's performance reflects mixed results among its top holdings, indicating varying market conditions for these companies [1] Fund Management - The Chuangye 50 ETF is managed by Invesco Great Wall Fund Management, with fund managers Wang Yang and Zhang Xiaonan [1] - The fund's performance since inception and recent monthly returns suggest a strong management strategy, contributing to its overall growth [1]

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月4日，截止午间收盘，创业50ETF（159682）涨0.86%，报1.412元，成交额1.76亿元。创业50ETF （159682）重仓股方面，宁德时代截止午盘涨1.69%，中际旭创涨0.72%，东方财富涨0.94%，新易盛跌 0.95%，阳光电源跌0.40%，胜宏科技涨1.75%，汇川技术涨4.03%，迈瑞医疗涨0.64%，亿纬锂能跌 0.33%，同花顺涨0.38%。 创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为40.15%，近一个月回报为-4.91%。 来源：新浪基金∞工作室 ...

Core Viewpoint - The internationalization of A-share indices is accelerating, with the listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange, marking a significant milestone in the overseas expansion of the ChiNext 50 Index [1] Group 1: Internationalization of ChiNext 50 Index - The ChiNext 50 Index has successfully launched products in major European exchanges and is now entering the Southeast Asian market, providing Thai investors with access to China's core technology assets [1][3] - The Shenzhen Stock Exchange has prioritized the internationalization of ChiNext products, establishing a cross-border product network across major economies in Asia, Europe, and South America [1][3] Group 2: Characteristics of ChiNext 50 Index - The ChiNext 50 Index focuses on China's "new economy," targeting high-tech industries such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for Thai investors [3] - The index consists of the 50 largest and most actively traded companies on the ChiNext, ensuring excellent liquidity, which is appealing for long-term and large-scale investors [3][4] Group 3: Performance and Growth - As of November 18, the ChiNext 50 Index has recorded a cumulative increase of 56.49% this year, outperforming other broad-based indices [3] - The top ten weighted stocks in the ChiNext 50 Index have shown impressive financial growth, with an average revenue growth rate of 48.93% and a net profit growth rate of 82.03% [4] Group 4: Strategic Partnerships and Market Demand - Invesco has partnered with InnovestX to issue and list the ChiNext 50 ETF Depository Receipts in Thailand, leveraging its global client network to meet the growing demand for investment in Chinese core assets [5][7] - The increasing interest in Chinese investments among Thai investors is driven by the high-quality development of the Chinese economy and the deepening economic and financial cooperation between China and Thailand [4][6]