（文章来源：每日经济新闻） 中泰证券指出，政策面上，二十届四中全会突出科技创新与产业升级主线，人工智能等方向获政策支 持，为科技成长板块提供中长期支撑。基本面看，三季报企业利润修复延续，科技龙头在消化估值压力 后，仍具备突出投资价值。随着政策催化与盈利改善，科技成长板块行情向好。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅达20%，该指数从中国A 股市场创业板中筛选出市值规模较大、流动性良好的50只证券作为指数样本，重点覆盖电力设备、医药 生物等高成长性科技及新兴行业领域。指数成分股整体呈现大中盘风格特征，兼具突出的盈利能力和持 续增长潜力，能够综合反映创业板市场核心优质企业的整体表现。 ...

天风证券指出，目前创业板50估值水平相对偏低。从市场整体来看，大部分宽基指数PE估值历史分位 数位于60%左右，而创业板50的估值分位数明显低于这一水平，显示出其估值仍具备一定吸引力。此 外，全A估值变异系数为0.790，处于47.7%的历史分位数，表明市场估值分化程度处于2018年以来较高 位置，但创业板50的估值水平相对较低，风险相对较小。整体来看，创业板50的估值处于历史较低水 平，具备一定的配置价值。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅达20%，该指数从中国A 股市场创业板中筛选出市值规模较大、流动性良好的50只证券作为指数样本，重点覆盖电力设备、医药 生物等高成长性科技及新兴行业领域。指数成分股整体呈现大中盘风格特征，兼具突出的盈利能力和持 续增长潜力，能够综合反映创业板市场核心优质企业的整体表现。 （文章来源：每日经济新闻） ...

Group 1 - The overall message from the Fourth Plenary Session is positive for the technology, manufacturing, and consumer sectors, with potential for unexpected policies in the future [1] - The announcement emphasizes accelerating high-level technological self-reliance and leading the development of new productive forces, indicating a shift in the technology strategy towards "building advantages," which provides long-term valuation support for the technology sector [1] - The Central Committee's press conference highlighted that China aims to recreate its high-tech industry over the next decade, further enhancing the valuation space for the technology sector [1] Group 2 - The Guotai ETF (159375) tracking the ChiNext 50 Index (399673) experienced a daily fluctuation of 20%, reflecting the performance of 50 large-cap, liquid stocks from the ChiNext market, focusing on high-growth sectors like power equipment and biomedicine [1] - The index constituents exhibit characteristics of large and mid-cap stocks, showcasing strong profitability and sustained growth potential, effectively representing the overall performance of core quality enterprises in the ChiNext market [1]

每日经济新闻 （责任编辑：贺翀 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 国信证券指出，随着宏观政策进一步落地，基本面有望从"点状改善"向"全面扩散"演进，科技板块 业绩率先释放，带动前期双创的结构性行情爆发。从估值层面看，当前A股科技未到达透支前向估值 15%+的水平，明年仍可重点关注AI应用端表现。行业结构层面，科技成长板块在流动性驱动的牛市中 表现突出，但需注意风格再平衡是牛市中期典型特征。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅达20%，该指数从中 国A股市场创业板中筛选出市值规模较大、流动性良好的50只证券作为指数样本，重点覆盖电力设备、 医药生物等高成长性科技及新兴行业领域。指数成分股整体呈现大中盘风格特征，兼具突出的盈利能力 和持续增长潜力，能够综合反映创业板市场核心优质企业的整体表现。 注：如提及个股仅供参考，不代表投资建议。指数/ ...

Group 1 - The technology sector is experiencing a performance release, driving a structural market rally in the innovation and entrepreneurship space [1] - The dynamic valuation level for the ChiNext index should be between 80x to 100x, with the current A-share technology sector not yet reaching a 15%+ overvalued level [1] - Focus on AI application performance is expected to be significant in the coming year [1] Group 2 - The Guotai ETF (159375) tracks the ChiNext 50 Index (399673), which has a daily fluctuation limit of 20% and includes 50 stocks with large market capitalization and excellent liquidity [1] - The index is concentrated in strategic emerging industries such as information technology, new energy, and biomedicine, reflecting the overall performance of high-innovation and high-growth listed companies in the ChiNext market [1] - The index components are heavily focused on sectors like power equipment, pharmaceutical biology, and electronics [1]

创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅为20%，该指数从创业板 市场中筛选出市值规模较大、流动性优异的50只股票，重点覆盖信息技术、新能源、生物医药等战略新 兴产业领域。指数成分股在行业分布上高度聚焦电力设备、医药生物及电子等板块，能够综合反映创业 板市场内具备高创新性和高成长性的上市公司证券整体表现。 （文章来源：每日经济新闻） 中泰证券指出，政策面上，二十届四中全会将突出科技创新与产业升级主线，人工智能等方向有望获持 续政策支持，为科技成长板块提供中长期支撑。基本面看，三季报预喜率超80%，企业利润修复延续， 科技龙头在消化估值压力后，仍具备突出投资价值。随着政策催化与盈利改善，科技成长板块或迎来新 一轮行情。 ...

Core Viewpoint - The market is expected to refocus on domestic fundamentals under a neutral scenario, with policies accelerating the construction of a "self-controllable + internal circulation" system, emphasizing key technology breakthroughs, supply chain enhancements, and energy security [1] Group 1: Policy and Economic Focus - The core policy direction is anticipated to center on technological independence, domestic substitution, and the construction of new productive forces [1] - High-end manufacturing, semiconductor equipment, new materials, and new energy supply chains are expected to benefit continuously from these policies [1] - Consumption, pharmaceuticals, and digital economy sectors driven by domestic demand may show resilience amid economic recovery and policy support [1] Group 2: Market Performance and Indices - The Guotai 50 ETF (159375) tracks the ChiNext 50 Index (399673), which has a daily fluctuation of 20% [1] - The index selects 50 stocks with large market capitalization and excellent liquidity from the ChiNext market, focusing on strategic emerging industries such as information technology, new energy, and biomedicine [1] - The constituent stocks of the index are highly concentrated in sectors like power equipment, biomedicine, and electronics, reflecting the core characteristics of "technology + growth" [1]

Group 1 - The Federal Reserve's "Beige Book" indicates that manufacturing activity varies by region, with most reports highlighting challenges due to increased tariffs and weak overall demand [1] - Agricultural, energy, and transportation activities have generally declined across various regions [1] - Employment levels have remained stable in recent weeks, but demand for labor is generally low across regions and industries, supporting investor expectations for another interest rate cut this month [1] Group 2 - The Guotai ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which selects 50 stocks with large market capitalization and excellent liquidity from the ChiNext board, covering high-growth sectors such as information technology, new energy, and biomedicine [1] - The index focuses on the technology innovation sector, highlighting the dual attributes of "technology + growth," and employs a dynamic adjustment mechanism to continuously optimize the composition of constituent stocks [1] - The index aims to reflect the overall market performance of core quality enterprises on the ChiNext board [1]

中泰证券指出，从资金面看，节后两天大盘以流入为主，科技主线受关注尤为明显。沪深300、创业 板、科创板ETF均显示净申购，创业板ETF资金流入表明长线资金托举有力，认为下跌带来加仓机会。 结构上，新能源等科技板块资金大幅流入，显示资金依然围绕科技+能源主线。但需警惕中美贸易摩擦 升级对依赖海外市场的高景气赛道（如新能源）的冲击。整体来看，创业板50指数调整幅度相对可控， 科技领域仍是主线。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），涨跌幅限制为20%，该指数从深圳证 券交易所创业板中筛选出市值规模大、流动性优异的50只股票，覆盖信息技术、新能源、医药生物等具 备高成长特性的行业。指数聚焦科技创新领域，凸显"科技+成"双重属性，并采用动态调整机制持续优 化成分股结构，以反映创业板核心优质企业的整体市场表现。 （文章来源：每日经济新闻） ...

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 没有股票账户的投资者可关注国泰创业板50ETF发起联接C（023372），国泰创业板50ETF发起联 接A（023371）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 中泰证券指出，创业板50中高景气行业受益于"反内卷"主题，工业品价格下行压力有所缓和，周期 性行业反内卷取得一定成效。科技板块中，电力设备维持上涨，风电、光伏表现相对强势，科创板ETF 与创业板ETF净赎回企稳见底，显示资金对科技估值上升空间的信心。政策层面继续强化对股市的整体 支持，中长 ...