9月5日，三大指数全天震荡走高，沪指重新站上3800点，创业板指反包大涨6.55%，创年内单日最大涨 幅，新能源赛道走强。据证券时报，9月5日，创业板指收复前一日"失地"，成功反包9月4日阴线。往前 看，这是创业板指近十年来首次在大跌超过4%的情况下第二天实现"反包"。 相关ETF方面，创业板ETF天弘（159977）截至收盘涨6.92%，全天成交额2.36亿元。成分股超九成上 涨，胜宏科技等4股20CM涨停，阳光电源、亿纬锂能、新易盛等股涨超10%。 东兴证券指出，在中国资产重估和证券市场高质量发展两个核心逻辑支撑下，市场中期上涨空间逐步打 开，而场外资金不断入市的步伐越来越明显。本轮行情的中期空间较大，上涨时间较长，目前仍处于牛 市初期，科技股虽然短期有较大涨幅，泡沫化程度并不高，以人工智能为核心发展方向的思路非常明 确，因此，以大金融控制指数节奏，以大科技引领实体经济发展，市场走势仍然十分良性。 华安证券指出，支撑本轮趋势性上涨行情的核心驱动力并未发生根本性转变，即决策层对资本市场的重 视程度空前提高，微观流动性持续流入趋势仍在、潜在空间仍大，市场热点依旧层出不穷。近期市场的 剧烈波动和9月4日大幅调整 ...

Group 1 - A-shares experienced a collective rise on September 5, with over 3,800 stocks increasing in value [1] - The Tianhong ChiNext ETF (159977) rose by 3.69%, with a trading volume exceeding 170 million yuan, and constituent stocks like Tianhua New Energy and XianDao Intelligent surged over 16% [1] - The Tianhong Sci-Tech ETF (589860) increased by 2.05%, with a trading volume over 28 million yuan, and stocks such as Yuchen Intelligent and TianYue Advanced reached their daily limit [1] Group 2 - In August 2025, A-share new accounts reached 2.65 million, marking a significant year-on-year and month-on-month increase, totaling 17.21 million new accounts for the first eight months of the year [2] - Individual investors accounted for the majority of new accounts in August, with approximately 2.64 million, while institutional investors totaled around 10,000 [2] - China Galaxy Securities indicated that the A-share market is expected to continue a structural trend driven by liquidity, with a focus on sectors showing strong performance and positive policy expectations [2] Group 3 - Since 2025, the macroeconomic environment has shown high-quality development, with significant growth in new momentum in technology, manufacturing, and consumption [3] - Industrial value-added and other macro data indicate a strong economic recovery, with notable growth in high-end intelligent equipment and new energy vehicle production [3] - The report suggests that sectors like AI technology, equipment manufacturing, and new consumption trends are experiencing upward momentum, presenting potential investment opportunities [3]

9月4日，A股三大指数早盘集体下跌。 主要ETF中，创业板ETF天弘（159977）截至发稿跌1.4%，成交额超2.1亿元，换手率2.25%。成分股 中，中伟股份涨超12%。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 科创综指ETF天弘（589860）截至发稿跌1.8%，成交额超3700万元，换手率超10%，成分股中，杭可科 技、大全能源、键凯科技涨幅领先。 科创综指ETF天弘（589860）紧密跟踪科创综指，该指数于定位于科创板市场综合指数，对科创板的市 值覆盖度约为97%，成分股覆盖小市值硬科技企业，具有极强的表征性和突出的成长属性。 此外，中证A500ETF天弘（159360）截至发稿跌0.93%，成交额超8900万元，盘中交投活跃。成分股 中，中伟股份、大全能源、晶澳科技涨幅领先； 消息面来看，据央广网，创业板上市公司交出上半年"成绩单"。记者从深交所获悉，截至2025年8月31 日，创业板1384家上市公司已披露2025年半年度报告。整体来看，创业板公司经营业绩明显改善，营收 净利润增速领跑A股市场，1384家创业板公司合计实现营业收入2.0 ...

9月2日，三大指数早盘悉数下跌，固态电池、锂电等概念表现活跃。主要宽基ETF中，创业板ETF天弘 （159977）盘中一度涨0.46%，溢价交易明显。中证A500ETF天弘（159360）盘中一度涨0.5%；二者 共同持仓股中，捷佳伟创、先导智能、胜宏科技等个股涨幅均在6%以上。 此外，科创综指ETF天弘（589860）早盘下跌超0.7%，当前成交额超1500万元；成分股中，嘉元科技涨 超17%，上纬新材、成都华微等涨幅居前。 消息面上，中央汇金大举加仓股票ETF，持仓市值达1.28万亿元。据21世纪经济报道，近日，作为 类"平准基金"定位的中央汇金持仓的ETF明细出炉。Wind统计显示，截至6月末，中央汇金投资有限责 任公司（以下简称中央汇金投资）及其子公司中央汇金资产管理有限责任公司（以下简称中央汇金资 产）合计持有股票ETF市值1.28万亿元，较去年底增加近23%。中央汇金资产管理有限责任公司上半年 共增持12只ETF产品，涵盖上证50ETF、沪深300ETF、中证500ETF、中证1000ETF、科创板50ETF、创 业板ETF等诸多品种，累计耗资超2100亿元。 具体来看，创业板ETF天弘（1599 ...

Group 1 - The market experienced a rebound on August 29, with the ChiNext Index rising by 2.34%, driven by a surge in solid-state battery concept stocks [1] - The Tianhong ChiNext ETF (159977) saw a peak increase of over 3.5% during the session, closing up 2.31% with a trading volume exceeding 98 million yuan [1][2] - As of August 28, the Tianhong ChiNext ETF (159977) has achieved a year-to-date increase of 32.94%, closely tracking the ChiNext Index, which consists of 100 representative companies from the ChiNext market [2] Group 2 - Among the constituent stocks, companies like XianDao Intelligent and CATL reached their daily limit up, with Tianfu Communication and Yiwei Lithium Energy also experiencing gains [2] - The Tianhong CSI A500 ETF (159360) closed up 1.01% with a trading volume exceeding 42 million yuan, reflecting active trading and a premium trading rate of 0.11% [2] - The Tianhong Sci-Tech Innovation Index ETF (589860) closed down 1.72% with a trading volume exceeding 30 million yuan, indicating active trading despite the decline [3] Group 3 - The Sci-Tech Innovation Index ETF (589860) closely tracks the Sci-Tech Innovation Index, covering approximately 97% of the market capitalization in the Sci-Tech board, highlighting its strong representation of small-cap hard technology companies [3] - Short-term market conditions suggest a positive feedback loop for liquidity in A-shares, potentially leading to a valuation-driven market trend [3] - Investment opportunities are identified in sectors such as TMT and biopharmaceuticals, benefiting from AI trends and market stabilization, as well as in non-bank financials and power equipment due to capacity governance [3]

Group 1 - The A-share market indices collectively rose in early trading, with the ChiNext Index increasing by over 1.6% [1] - The Tianhong ChiNext ETF (159977) rose by 1.7% with a trading volume exceeding 82 million yuan, and its constituent stock, Tianfu Communication, surged over 18% [1] - The Tianhong ChiNext ETF has seen a net inflow of over 25 million yuan in the last five trading days, with a cumulative increase of nearly 20% in August [1] Group 2 - The Tianhong Sci-Tech Innovation ETF (589860) increased by 1.88% with a trading volume exceeding 37 million yuan, led by stocks like Zhenlei Technology and SMIC [1] - The Sci-Tech Innovation ETF closely tracks the Sci-Tech Innovation Index, covering approximately 97% of the market capitalization of the Sci-Tech Innovation Board, with a strong representation of small-cap hard technology companies [1] - The Double Innovation Leader ETF (159603) rose by 4.08% with a trading volume exceeding 19 million yuan, featuring leading stocks such as Tianfu Communication and SMIC [2] Group 3 - The Double Innovation Leader ETF tracks the CSI Sci-Tech Innovation and Entrepreneurship 50 Index, which selects 50 large-cap emerging industry companies from the Sci-Tech Innovation and ChiNext boards [2] - According to Dongfang Securities, market confidence is on an upward trend, with expectations for the index to continue rising, particularly in the technology sector [2]

Group 1 - The A-share market saw a collective rise in the three major indices, with the ChiNext Index increasing by 2.41% and surpassing 2800 points as of the midday close on August 27 [1] - The Tianhong ChiNext ETF (159977) recorded a 2.39% increase and a trading volume exceeding 61 million yuan, with Longchuan Technology hitting the daily limit [1] - The Tianhong ChiNext ETF (159977) experienced a net inflow of over 45 million yuan on the previous day and has seen net inflows in 4 out of the last 5 trading days, totaling over 61 million yuan [1] Group 2 - The Tianhong ChiNext ETF (159977) has a year-to-date increase of 28.69% as of August 26 [1] - The Double Innovation Leading ETF (159603) rose by 3.93% with a trading volume exceeding 12 million yuan, featuring stocks like Yiwei Lithium Energy and Xinyi Sheng rising over 11% [1] - The Tianhong Sci-Tech Comprehensive Index ETF (589860) increased by 2.76% with a trading volume exceeding 30 million yuan, including multiple stocks like Nanjing New Pharmaceutical and Kaipu Cloud hitting the daily limit [1] Group 3 - The total margin balance for the ChiNext reached 453.31 billion yuan as of August 26, an increase of 4.878 billion yuan from the previous trading day, marking a continuous increase for 12 trading days [2] - Financing balance accounted for 451.85 billion yuan, also showing a daily increase of 4.884 billion yuan, with a cumulative increase of 51.618 billion yuan during this period [2] - Hu Long Securities indicated that policies to boost domestic demand are being introduced, and the fundamental situation is improving, supporting upward valuation space [2] Group 4 - Xiangcai Securities anticipates that the A-share market will exhibit wide fluctuations and gradual upward trends in September, suggesting a focus on sectors like artificial intelligence and infrastructure related to anti-involution events [3]

Market Performance - A-shares experienced a volatile trading day on August 26, with all major indices turning positive in the afternoon, led by the consumer electronics sector [1] - The total trading volume of the Shanghai and Shenzhen stock markets exceeded 2.2 trillion yuan, marking the 10th consecutive trading day above 2 trillion yuan [1] - The Tianhong ChiNext ETF (159977) saw a slight increase of 0.24% in the afternoon, with a trading volume surpassing 50 million yuan, and Tianfu Communication's stock rising over 13% [1] ETF Market Growth - As of August 25, the total scale of domestic ETFs surpassed 5 trillion yuan for the first time, reaching a historical high of 5.07 trillion yuan [1] - The breakdown of ETF types includes stock ETFs at 3.46 trillion yuan, cross-border ETFs at 753.72 billion yuan, bond ETFs at 555.90 billion yuan, commodity ETFs at 153.26 billion yuan, and money market ETFs at 142.47 billion yuan [1] Future Market Outlook - According to Caixin Securities, the current A-share bull market remains relatively healthy, with significant potential for new capital inflow [2] - The ratio of financial institutions' savings deposits to the market capitalization of the Shanghai and Shenzhen stock markets is at 142%, indicating a higher potential for capital migration from savings to equities compared to previous years [2] - Longcheng Securities noted that the "wealth effect" in the stock market has become more pronounced in recent months, suggesting further upward potential for A-share indices [2] ETF Characteristics - The Tianhong ChiNext ETF (159977) closely tracks the ChiNext Index, which consists of 100 representative companies listed on the ChiNext board [3] - The Tianhong Sci-Tech Innovation ETF (589860) tracks the Sci-Tech Innovation Index, covering approximately 97% of the market capitalization of the Sci-Tech Innovation board, focusing on small-cap hard technology companies [3] - The Tianhong CSI A500 ETF (159360) tracks the CSI A500 Index, which selects 500 stocks that represent strong market capitalization across various industries, balancing large-cap stocks with core industry leaders [3]

Group 1 - The market showed a strong performance on August 25, with the ChiNext Index leading the gains and a significant increase in trading volume, reaching 2.08 trillion yuan, up 567.8 billion yuan from the previous trading day [1] - The Tianhong ChiNext ETF (159977) rose by 2.26%, hitting a new high during the session, with notable gains in constituent stocks such as Jinli Permanent Magnet and Lepu Medical [1] - Huatai Securities believes that ample liquidity remains the main foundation for the market, suggesting that the market is entering an upward trend, supported by improvements in domestic fundamentals, liquidity, and overseas conditions [1] Group 2 - Huabao Securities noted that market enthusiasm is high, with continued inflow of new funds and a sustained profit-making effect, indicating that the A-share market is likely to continue its upward trend unless there are policy interventions [2] - Caixin Securities highlighted that the market's profit-making effect may attract new funds quickly, especially after the Shanghai Composite Index breaks strong resistance levels, although short-term fluctuations may occur [2] - The Tianhong Sci-Tech ETF (589860) closely tracks the Sci-Tech Index, which covers approximately 97% of the Sci-Tech board's market capitalization, emphasizing its strong growth attributes [3] Group 3 - The Tianhong A500 ETF (159360) tracks the CSI 500 Index, which selects 500 stocks with strong market representation across various industries, balancing large-cap stocks while covering core industry leaders [3] - The index's compilation incorporates criteria such as mutual connectivity and ESG, facilitating long-term capital allocation in A-share assets [3]

Group 1 - A-shares main indices showed strong performance with technology themes expanding, highlighted by significant gains in popular ETFs such as the Double Innovation Leader ETF (159603) and the Sci-Tech Comprehensive Index ETF Tianhong (589860) [1] - The Double Innovation Leader ETF (159603) closely tracks the CSI Innovation and Entrepreneurship 50 Index, which selects 50 large-cap emerging industry companies from the Sci-Tech and Growth Enterprise boards, reflecting the overall performance of representative emerging industry stocks [1] - The Sci-Tech Comprehensive Index ETF Tianhong (589860) tracks the Sci-Tech Comprehensive Index, covering approximately 97% of the Sci-Tech board's market capitalization, with a focus on small-cap hard technology companies, showcasing strong growth attributes [1] Group 2 - The Growth Enterprise Board ETF Tianhong (159977) tracks the Growth Enterprise Board Index, which consists of 100 representative companies, reflecting the operational status of the Growth Enterprise market with a high proportion of emerging industries and high-tech enterprises [2] - Federal Reserve Chairman Jerome Powell indicated a potential shift towards interest rate cuts, suggesting that current conditions may require policy adjustments due to risks in employment growth [2] - Market expectations for a September rate cut have increased significantly following Powell's remarks, with a focus on the sustainability of incremental capital sources as a key factor for market performance [2] Group 3 - Financing balances have exceeded 2 trillion, reaching a historical high, with insurance funds continuing to increase holdings in financial stocks, indicating a positive market sentiment and the entry of incremental capital [3] - The initial phase of an "innovation bull market" is expected to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [3]