21世纪经济报道李域 深圳报道 A股指数国际化再提速。 11月25日，以景顺长城创业板50ETF为底层资产的存托凭证（Depository Receipt）在泰国证券交易所敲 钟上市，为泰国投资者提供投资创业板50指数的上市产品。 2025年是中国与泰国建交第五十周年，两国经济和金融合作日益深化。随着中国经济高质量发展以及资 本市场的制度型开放，泰国投资者对中国核心资产的投资需求快速增加，近年来当地市场不断涌现出投 资中国相关的产品，中国投资成为热门话题。 此次产品上市，是继去年6月成功登陆爱尔兰、英国、德国、瑞士、意大利等欧洲五大主流交易所之 后，创业板50指数出海之路的又一里程碑式进展。这是中国A股上市ETF首次以存托凭证的形式在泰国 上市交易，也是泰国首只创业板50指数的上市产品，标志中国核心科技资产走进东南亚市场。 近年来，深交所高度重视创业板产品国际化建设，已推动多只创业板指数产品在全球10余家交易所上 市，形成了覆盖亚洲、欧洲、南美洲等主要经济体的跨境产品网络，初步实现了跨时区全天候的创业板 ETF产品交易生态。 据悉，深交所将以此次创业板5OETF-DR上市为契机，进一步提高创业板投资端国际化水 ...

在近年来AI掀起的科技浪潮中，创业板50指数表现突出，截至11月21日，该指数2024年以来涨幅超过 70%，当前覆盖新能源、人工智能、医药生物、高端制造等"三创四新"行业，助力投资者配置中国科技 成长龙头。 创业50ETF（159682）跟踪创业板50指数，权重股包括宁德时代、东方财富、新易盛、中际旭创、胜宏 科技、汇川技术、阳光电源、天孚通信等。该ETF还配置了场外联接基金：联接A（017949）、联接C （017950）。 消息面上，据人民财讯，11月25日，创业板50ETF以存托凭证的形式在泰国证券交易所上市。据悉，这 是泰国上市的首只挂钩中国内地ETF的存托凭证，也是中国内地首只以存托凭证形式"出海"的ETF产 品。该产品成功上市，将为全球投资者共享中国科技创新发展成果提供更加便利的桥梁。 11月25日，三大指数早盘集体上涨。 相关ETF中，创业50ETF（159682）截至发稿涨超2.6%，成交额超1.73亿元。成分股中，胜宏科技涨超 7%，新易盛、中际旭创、蓝色光标、昆仑万维等股涨幅居前。 资金流向上，Wind金融终端数据显示，创业50ETF（159682）连续2日获资金净流入，累计"吸金"超 ...

Group 1 - The ChiNext Index opened lower but gained strength throughout the day, with the ChiNext 50 ETF (159682) rising nearly 1.5% at one point and achieving a trading volume exceeding 170 million yuan [1] - The ETF has seen a net inflow of over 120 million yuan over the past three days, indicating strong investor interest [1] - Key stocks within the ETF include Ningde Times, Dongfang Wealth, and Zhongji Xuchuang, among others, highlighting a diverse sector allocation including manufacturing and technology services [1] Group 2 - Zhongtai Securities indicates that the technology growth sector remains a mid-term focus due to declining interest rates and supportive policies for "technological innovation" and "new productivity" [2]

Core Insights - The technology sector has been the most prominent market theme this year, with rapid rotations among sub-sectors like AI computing, semiconductors, and new energy, making it challenging for ordinary investors to navigate [1] - Broad-based index funds are emerging as a better solution for ordinary investors to participate in the technology wave, offering industry-balanced allocation that diversifies individual stock risks while capturing industry trend dividends [1] Group 1: Index Characteristics - The ChiNext 50 and Sci-Tech 100 indices are highlighted as the "twin stars" of technology investment, with distinct compositions and risk profiles that complement each other [1][4] - The ChiNext 50 index represents "mature technology anchors," featuring leading companies in new energy, communications, and electronics, which have established strong competitive advantages and exhibit stable earnings [4] - In contrast, the Sci-Tech 100 index focuses on "hard technology pioneers," concentrating on sectors like semiconductors, pharmaceuticals, and high-end manufacturing, characterized by higher growth potential and volatility [4][6] Group 2: Momentum Rotation Strategy - A momentum rotation strategy is proposed, leveraging the strong performance of the ChiNext 50 and Sci-Tech 100 indices, which exhibit a "stronger gets stronger" effect typical in the technology sector [7] - Entry signals for the strategy are defined as a cumulative increase of 8% or more over the past 20 trading days for either index, with a preference for the index showing stronger momentum [7] - The strategy includes ongoing monitoring of the holding index's momentum, with a switch to the stronger index if the other surpasses it by 3 percentage points [7][8] Group 3: Strategy Performance - Historical backtesting from November 14, 2020, to November 14, 2025, shows that the momentum rotation strategy achieved a total return of 96.36%, significantly outperforming the ChiNext 50's 31.84% and the Sci-Tech 100's -0.78% [10] - The strategy also demonstrated effective risk control, with a maximum drawdown of -25.46%, compared to -63.72% for the Sci-Tech 100 index, resulting in a Sharpe ratio of 0.59, well above the benchmark's 0.21 [10] - The strategy successfully kept pace with market trends during bullish phases and avoided significant losses during market downturns by maintaining cash positions when both indices fell below the entry threshold [10]

Group 1 - The Chuangye 50 ETF (159682) experienced a mid-session increase of 0.82% with a trading volume exceeding 57 million yuan, driven by gains in component stocks such as Jiangbolong, Sungrow Power Supply, Jinlang Technology, Yiwei Lithium Energy, and CATL [1] - On November 10, the Chuangye 50 ETF recorded a decline but attracted 99.05 million yuan in capital inflow, indicating strong investor interest despite market fluctuations [1] - The ETF tracks the Chuangye 50 Index, which includes sectors such as manufacturing, information transmission, software, and technology services, with key weighted stocks including CATL, Dongfang Wealth, and others [1] Group 2 - Dongwu Securities forecasts a gradual introduction of domestic capacity compensation electricity prices and continuous growth in overseas emerging markets, predicting a 40%-50% increase in global energy storage installations next year and a compound growth rate of 30%-50% over the next three years [2] - The company maintains a positive outlook on large-scale energy storage, integrated storage solutions, and leading energy storage battery manufacturers [2] Group 3 - The National Development and Reform Commission and the National Energy Administration released guidelines to promote the consumption and regulation of new energy, focusing on large-scale development and high-quality consumption, with the aim of building a new power system compatible with high proportions of new energy [1] - Experts emphasize the importance of guiding various types of new energy development and enhancing the adaptability of the new power system, which will be crucial for large state-owned enterprises in the power generation, grid, and equipment manufacturing sectors [1]

Core Viewpoint - The article discusses the performance of the Chuangye 50 ETF (159682) as of October 30, highlighting its current price, trading volume, and the performance of its major holdings [1] Group 1: ETF Performance - As of the midday close, the Chuangye 50 ETF (159682) decreased by 0.32%, with a price of 1.537 yuan and a trading volume of 253 million yuan [1] - Since its inception on December 23, 2022, the fund has achieved a return of 54.36%, with a monthly return of 3.46% [1] Group 2: Major Holdings Performance - Notable performers among the ETF's major holdings include: - Ningde Times increased by 1.75% - Yanguang Electric Power rose by 3.72% - Yiwai Lithium Energy grew by 2.18% [1] - Conversely, significant declines were observed in: - Xinyi Sheng fell by 6.26% - Tonghuashun dropped by 3.85% - Shenghong Technology decreased by 3.16% [1]

Core Viewpoint - The article highlights the strong performance of the Chuangye Board 50 ETF (159298), which has seen significant gains and inflows, driven by its alignment with emerging industries and government policies [1][3][4]. Group 1: Performance Metrics - As of October 29, 2025, the Chuangye Board 50 ETF (159298) experienced an intraday increase of over 2%, currently up 1.68%, marking a potential five-day winning streak [1]. - The ETF has accumulated a weekly increase of 5.61%, ranking first among comparable funds [1]. - The latest scale of the ETF reached 471 million yuan, with a total of 417 million shares, both hitting record highs since inception [1]. - In terms of capital inflow, the ETF has seen continuous net inflows over the past three days, with a peak single-day net inflow of 156 million yuan, totaling 372 million yuan [1]. Group 2: Index Characteristics - The Chuangye Board 50 Index focuses on core areas of new productivity, covering diverse high-growth sectors such as renewable energy, semiconductors, biomedicine, and AI, with the top three industries accounting for over 68% of the index [1]. - The index exhibits significant high beta characteristics, having increased over 60% since the beginning of 2025, outperforming mainstream indices like the CSI 300 [2]. - The index's recent performance includes a weekly increase of over 10%, showcasing its elasticity under a growth-oriented market [2]. Group 3: Policy Alignment - The index aligns closely with the "15th Five-Year Plan," emphasizing technological self-reliance and the cultivation of emerging industries, with over 80% of its weight in sectors like AI, high-end manufacturing, and green energy [3]. - The recent policy guidance encourages the development of strategic emerging industries, including new energy, new materials, and aerospace, which are expected to benefit from the index's focus [3]. - The plan outlines the exploration of diverse technological routes and market regulations to foster new economic growth points, including quantum technology and hydrogen energy [3]. Group 4: Market Outlook - According to China International Capital Corporation, the market may see a shift in style favoring large-cap growth stocks in the medium term (3-6 months) [4]. - The current macroeconomic environment supports emerging growth sectors, with ongoing economic recovery and a focus on innovation and mergers [4]. - The proportion of institutional investors in large-cap emerging growth companies is expected to increase, indicating a balanced impact on market segments [4].

Core Viewpoint - The article emphasizes the strong performance of the technology sector in the current market, particularly highlighting the leading role of the ChiNext (创业板) indices, which have outperformed other indices significantly in recent bull markets [3][8][12]. Group 1: Market Performance - The ChiNext 50 Index has shown remarkable resilience and has been a leader in the recent bull market, with a return of 71.60% from April 8 to September 10, 2025 [10]. - The ChiNext Large Cap Index also performed well, achieving a return of 74.60% during the same period, making it the top performer among major indices [10]. - The article notes that the technology sector, particularly driven by artificial intelligence, semiconductors, and renewable energy, has been the main theme of the current market rally [7][12]. Group 2: Historical Context - Historically, the ChiNext indices have consistently led during technology bull markets, with the ChiNext 50 Index achieving a staggering 224.10% return during the 2019-2021 bull market [17]. - The article references previous bull markets, indicating that the ChiNext indices have repeatedly demonstrated high elasticity and strong performance compared to other indices [20]. Group 3: Investment Opportunities - The ChiNext 50 Index is highlighted as a high-elasticity growth index, with a year-to-date return of 48.18%, significantly outperforming the CSI 300 Index, which only returned 14.92% [22]. - The article suggests that the ChiNext 50 Index remains attractively valued, with a price-to-earnings ratio of less than 40, making it a suitable investment option for those looking to capitalize on the ongoing technology trend [25][28]. - The article recommends the Huaan ChiNext 50 ETF (code: 159949) as a viable vehicle for investors to gain exposure to the technology sector [29].

Group 1 - The core viewpoint of the articles emphasizes the importance of risk management in investment strategies, particularly in index-enhanced strategies, where the primary goal is to control various risks and minimize tracking errors before seeking excess returns [14]. Group 2 - The articles highlight the recent performance of the New Energy sector, with the ChiNext 50 Index experiencing a weekly increase of 3.42%, indicating a significant growth trend in this area [2]. - Insights from Howard Marks suggest that investors should maintain a calm demeanor while adapting to changeable circumstances and accepting those that cannot be altered [4]. - The interview with Liang Hui, General Manager of Xiangju Capital, discusses strategies aimed at addressing absolute return challenges over a decade [5].

Core Insights - The ChiNext 50 Index rose by 3.16% on August 25, with an increase of over 20% in August, indicating strong market performance [1] - The index focuses on four key sectors: information technology, new energy, financial technology, and pharmaceuticals, showcasing its growth potential in technology [1] - By June 2025, the index will undergo a component stock adjustment, with the weight of the information technology sector increasing to 43%, surpassing new energy [1] - The ChiNext 50 Index reflects the performance of the top 50 companies in the ChiNext market, known for their liquidity and market capitalization, thus presenting relatively high investment value [1] Company Insights - The Huaan ChiNext 50 ETF (159949) targets leading companies in the technology growth sector, capitalizing on the advantages of the ChiNext market [1] - As of August 25, the current price-to-earnings ratio (PE) of the ChiNext 50 Index is 39.77, which is at a relatively low level compared to the past decade, indicating potential for investment [1] - The Huaan ChiNext 50 ETF has an average daily trading volume exceeding 1.3 billion yuan over the past year, ranking among the top ETFs on the Shenzhen Stock Exchange [1] - The fund's latest scale is 26.194 billion yuan, making it one of the largest funds tracking the ChiNext-related indices in the market [1]