10月24日午后，A股持续走高，沪指盘中创十年新高，创业板指大涨超3%。相关ETF中，创业板ETF天 弘（159977）现涨3.15%，盘中成交额超1.3亿元。值得一提的是，创业板ETF天弘（159977）本周以来 持续反弹，截至发稿累计涨幅超7%。 成分股中，江波龙涨超15%，中际旭创涨超10%，北京君正、新易盛、阳光电源等跟涨。 招商证券指出，当前市场增量资金依然保持流入态势，投资者逢低加仓意愿较强，市场有望重拾升势。 策略上，短期可关注前期热门赛道国产算力、半导体自主可控、可控核聚变及商业航天在风险偏好回升 下的反弹机会。 据Wind数据统计，截至2025年10月23日，在已披露2025年第三季度报告的298家创业板公司中，237家 公司实现盈利，占比为80%。 消息面上，据智通财经，工业和信息化部装备工业发展中心党委书记、副主任柳新在2025新能源电池产 业发展大会上表示，全球电池出货量前10的企业中，中国企业占据6席，占总出货量的比重达69%。工 信部建议，强化技术创新引领，系统布局新型材料体系、全固态电池、金属空气电池等新一代电池研发 工作。 创业板ETF天弘(159977)具有以下几大特征：（1 ...

创业板ETF天弘(159977)跟踪的指数，行业分布聚焦新质生产力方向，申万一级前三大行业（及权重） 分别为电力设备、通信和电子，前十大权重股包括宁德时代、东方财富、新易盛、中际旭创等科技龙 头，成长风格鲜明。 消息面上，10月20日晚，宁德时代（300750）披露2025年三季报。公司第三季度实现营业收入1041.86 亿元，同比增长12.90%；归属于上市公司股东的净利润185.49亿元，同比增长41.21%。前三季度累计实 现营业收入2830.72亿元，同比增长9.28%；归属于上市公司股东的净利润490.34亿元，同比增长 36.20%。 此外，据中证报，三季报加速披露，科技类公司业绩持续向好。Wind数据显示，截至10月20日19时，A 股共有125家上市公司对外披露2025年三季报，93家实现归母净利润同比增长，占比为74.4%。同时， 截至目前，A股共有140家上市公司对外发布前三季度业绩预告，117家预喜，预喜比例约为83.57%。无 论从三季报还是三季报业绩预告来看，半导体、人工智能、消费电子、通信等科技类公司业绩都持续向 好。 10月21日，指数走强，创业板指拉升涨逾2%。 相关ETF，创 ...

Group 1: Market Performance - The ChiNext Index rose over 3.00%, with significant gains in computing hardware, semiconductor chips, and consumer electronics sectors [1] - The Tianhong Science and Technology Innovation ETF (589860) increased by 2.19%, with a trading volume exceeding 15 million yuan, and several constituent stocks like Yuanjie Technology and Zhuhai Guanyu rising over 10% [1] - The Tianhong ChiNext ETF (159977) saw a rise of 3.15%, with a trading volume exceeding 79 million yuan, and constituent stocks such as Tianfu Communication and Zhongji Xuchuang also increasing over 10% [1] Group 2: Industry Trends - The latest VAT invoice data from the State Taxation Administration indicates that "specialized, refined, and new" small giant enterprises experienced a sales revenue growth of 8.2% year-on-year, accelerating by 4.1 percentage points compared to 2024, with high-tech manufacturing enterprises growing by 11.8% [2] - The Shanghai Stock Exchange reported that the proportion of technology innovation companies in the Shanghai market increased from 32% to 41% over the past five years, with their market capitalization rising from 27% to 32% [2] - Despite recent fluctuations in technology stock prices due to trade environment impacts, West Securities remains optimistic about the AI industry trend, focusing on domestic technology autonomy in AI computing power and the sustained prosperity of overseas chains [2]

消息面上，据福建省发改委网站，10月16日，福建省发展改革委发布关于组织开展2025年度光伏电站开 发建设方案项目申报的通知，通知指出，福建省2025年度光伏电站开发建设方案的项目申报范围为陆上 渔光互补、海上光伏、屋顶光伏三类。本次申报的海上光伏项目需已纳入《福建省海上光伏电站项目 库》，允许入库项目结合前期工作深度对项目规模做微调，但调整幅度原则上不得超过10%。项目规模 有调整的，应在项目申报表中注明原项目名称及规模。电网企业要积极配合做好光伏电站项目接入系统 的评估工作。 中原证券表示，光伏行业竞争格局和产业链生态有望优化，估值存在修复契机。建议围绕细分子行业头 部企业展开布局，关注储能逆变器、BC和钙钛矿电池、胶膜、光伏玻璃、多晶硅料领域领先企业。 南华期货表示，从时间维度看，当前市场已经反应完9月份平台未落地的现状，但市场又传言10月中旬 光伏收储平台落地，需重点关注光伏会议以及市场情况。从基本面维度看，当前市场呈现"供给增量、 需求平稳"特征。 据Wind数据，截至10月20日，光伏ETF（159857）流通规模为23.92亿元，规模居深市同标的第一。 创业板ETF天弘（159977）跟踪的指数 ...

Group 1 - The Securities ETF (159841) has seen a price increase of 0.61% as of the latest report, with notable gains from constituent stocks such as Guosheng Jin控 rising over 4% [1] - The Securities ETF has attracted nearly 90 million yuan in net inflows yesterday, leading the Shenzhen market, and has accumulated nearly 600 million yuan in net inflows over the past five trading days, reaching a new circulation scale of 10.151 billion yuan as of October 16 [1] - The Securities ETF closely tracks the CSI All Share Securities Company Index, which focuses on large-cap securities leaders in A-shares, including both traditional and fintech leaders [1] Group 2 - As of October 16, 73 companies have listed on the Hong Kong Stock Exchange this year, raising a total of 188.698 billion HKD in IPO funds, representing a year-on-year increase of 227.75%, making it the top global market for new stock financing [2] - Chinese securities firms have increasingly become key players in the IPO process, serving as leading sponsors, global coordinators, and book managers in significant transactions [2] - Guotai Junan Securities forecasts a rapid growth in the performance of listed securities firms by Q3 2025, with a projected year-on-year increase in net profit attributable to shareholders of 58.63% [2]

Group 1: Market Overview - On October 17, A-shares opened lower, with the Shanghai Composite Index and ChiNext Index initially turning positive, while the photovoltaic sector experienced a slight pullback [1] - The ChiNext ETF Tianhong (159977) opened lower but rose by 0.06% during the day, with leading stocks including Huace Testing, Ruijie Networks, Jiangbolong, Xinzhoubang, and Yangjie Technology [1] - The photovoltaic ETF (159857) opened lower and fluctuated, down 0.98% with a trading volume exceeding 20 million yuan, indicating active trading [1] Group 2: Photovoltaic Sector Developments - The photovoltaic ETF (159857) received a net subscription of 1 million shares, reflecting investor interest [1] - A significant project, the 350MW tower solar thermal power generation project in Golmud, Qinghai, has commenced construction, representing the largest single-unit scale globally, with a total investment of approximately 5.435 billion yuan [2] - The project will utilize domestically developed tower molten salt storage technology and is expected to be fully operational by September 2027 [2] Group 3: Policy and Industry Dynamics - New photovoltaic production capacity control policies are expected to be introduced, although rumors about a multi-crystalline silicon storage platform have been deemed untrue by industry insiders [2] - The photovoltaic industry is currently facing a supply-demand imbalance, with ongoing efforts to eliminate excess capacity and address issues such as selling below cost [3] - Price increases for silicon materials, silicon wafers, and batteries have been observed, while component prices have limited short-term growth [3]

Group 1 - A-shares indices collectively rebounded on October 14, with the photovoltaic sector showing active performance [1] - The Tianhong ChiNext ETF (159977) rose by 0.13% with a trading volume exceeding 54 million yuan, and constituent stocks such as Maiwei Co., YK Medical, and Sanhuan Group increased by over 7% [1] - The Photovoltaic ETF (159857) increased by 5.12% with a trading volume exceeding 180 million yuan, featuring significant gains from stocks like Trina Solar (over 12% increase), LONGi Green Energy (limit up), and JA Solar [1] Group 2 - Chinese photovoltaic companies have recently performed impressively in overseas markets, securing multiple GW-level major orders in areas such as total contracting for photovoltaic power stations, component production base construction, and component procurement [2] - From September to now, major companies have signed nearly 25 GW of overseas large orders [2] - It is expected that China's new photovoltaic installed capacity will maintain rapid growth throughout the year, supported by stable product prices and corporate profitability, alongside growing overseas market demand and the gradual application of new technologies like perovskite [2]

从风格上看，招商证券复盘指出，历史上无论10月还是四季度，大盘风格占优概率高。另外，尽管历史 上前期强势风格经常在四季度转弱，但目前尚不具备相关驱动条件，科技成长有望在四季度继续占优。 10月13日，创业板在早盘低开后震荡回升，稀土永磁、锂电产业链活跃不断。相关ETF中，临近尾盘收 盘，创业板ETF天弘（159977）跌幅收窄至1.24%，较日内最低点反弹回升超3%，振幅超4%。 成分股中，金力永磁冲击涨停，江丰电子、华大九天等涨幅均在10%以上，南大光电、全志科技等个股 涨幅居前。 创业板ETF天弘（159977）紧密跟踪创业板指，汇聚新质生产力资产，高成长高弹性特征显著。管理费 率0.15%，托管费率0.05%，处于全市场指数基金费率中的最低一档。从指数成分股所属行业看，创业 板覆盖电池、通信设备、证券、光伏设备、半导体、消费电子等热门成长行业。 开源证券指出，以年线为镜，创业板指作为中国新兴产业的潮头，在各时代中成为成长主线的锚点与起 点。纵观整个阶段，可以看到创业板在不同产业周期中表现出较为清晰的节奏特征：（1）创业板的启 动往往依赖产业趋势/景气赛道的产生；（2）上涨过程中伴随权重的更迭；（3）保留 ...

10月10日，A股三大指数震荡走低，上证指数午后失守3900点。 相关ETF中，截至发稿，创业板ETF天弘（159977）跌5.07%，成交额超2.71亿元，成分股中， 英科医 疗、扬杰科技、立华股份领涨。此外，光伏ETF（159857）跌5.04%，成交额超3亿元，成分股中，南 玻A、太阳能、浙江新能等股飘红。 太平洋证券指出，当前指数波动率处于较低位置，市场指数有望延续上涨动量，配置上选择低位有政策 支持的光伏等板块将拥有更好的赔率和胜率。 东莞证券指出，当前A股主要指数已运行至阶段高位，资金分歧有所加大，部分获利盘了结可能引发短 期波动。流动性层面，美联储降息有望吸引外资持续流入，而国内无风险利率下行也进一步凸显权益资 产的配置价值，或继续引导居民存款搬家。在多方面因素共同作用下，市场虽可能经历震荡整理，但上 行势头预计不会改变。 （文章来源：21世纪经济报道） 创业板ETF天弘（159977）紧密跟踪创业板指，汇聚新质生产力资产，高成长高弹性特征显著。管理费 率0.15%，托管费率0.05%，处于全市场指数基金费率中的最低一档。 光伏ETF（159857）紧密跟踪中证光伏产业指数，该指数将主营业务涉及 ...

Wind金融终端数据显示，光伏ETF（159857）昨日获超1100万元资金净流入。 创业板ETF天弘（159977）盘中翻红，截至发稿涨0.06%，成交额超1.1亿元；溢折率0.05%，盘中频现 溢价交易；实时净申购达6200万份。 Wind金融终端数据显示，创业板ETF天弘（159977）昨日获资金净流入，拉长时间线看，近10个交易 日累计"吸金"超1.5亿元；截至9月29日，该ETF年初至今份额增长21.53%，居同标的第一。 9月30日，光伏ETF（159857）盘中震荡走高，再创年内新高，截至发稿涨1.75%，成交额超8900万元 居深市同标的第一。 成分股中，固德威涨超9%，上能电气、捷佳伟创、科士达、阿特斯、锦浪科技等跟涨。 创业板ETF天弘（159977）紧密跟踪创业板指，汇聚新质生产力资产，高成长高弹性特征显著。管理费 率0.15%，托管费率0.05%，处于全市场指数基金费率中的最低一档。 湘财证券表示，从全年看，今年我国新增光伏装机容量仍有望保持较快增长。同时，随着"反内卷"进程 持续推进，各环节产品价格和企业盈利有望持续企稳回升，叠加海外市场需求保持增长和钙钛矿等新技 术逐步应用，上游光 ...