Group 1 - The ChiNext index experienced a decline of 1.2%, while the ChiNext Mid 200 index fell by 0.04% and the ChiNext Growth index decreased by 1.3% [1] - In 2025, the ChiNext index achieved a cumulative increase of 49.6%, outperforming broader market indices [1] - The latest scale of the ChiNext ETF (159915) has exceeded 100 billion yuan, making it the largest among ChiNext-related ETFs [1] Group 2 - China Galaxy Securities indicates that the A-share market is entering a critical window for cross-year layout as 2026 approaches, with attention on potential market movements around New Year's Day [1] - The year 2026 marks the beginning of the "14th Five-Year Plan," and the release of policy dividends is expected to be relatively early, with structural opportunities concentrated in sectors aligned with policy guidance and industry prosperity [1] - There is an anticipation of a spring market rally in the future [1]

截至午间收盘，创业板中盘200指数上涨0.3%，创业板指数、创业板成长指数均下跌0.1%，相关ETF交投活跃，创业板ETF（159915）半日成交额超22亿 元，获1.2亿份资金净申购。 华安证券研报称，价格改善将推升名义GDP，进而带动企业盈利持续修复，这将成为市场强有力的基本面支撑。测算显示，2026年全A盈利增速有望从2025 年的8.2%提升至10.3%，全A剔除金融后的盈利增速将达到7.7%。创业板和科创板受益于新一轮产业周期，预计将维持高增速水平，其中创业板2026年盈利 增速有望达到31.7%。 每日经济新闻 ...

截至收盘，创业板中盘200指数下跌0.3%，创业板成长指数下跌0.5%，创业板指数下跌0.7%。 中泰证券表示，展望后市，春节前行情整体仍具备上行空间，短期仍有逢低布局机会。当前阶段，制约市场的主要风险因素已较前期明显弱化，风险偏好有 望维持较高水平。从外部环境看，前期市场对全球流动性预期收紧以及美股高估值AI板块回调的担忧有所缓解。从国内环境看，由于今年春节时点偏晚， 春节后两会召开时间较近，当前市场对于消费政策的乐观预期在两会前处于"不可证伪"期，有利于维持整体较高的风险偏好水平。 每日经济新闻 ...

Market Performance - The Shanghai Composite Index recorded an 8-day consecutive rise with a total market turnover of 2.18 trillion yuan on December 26 [1] - The market maintained a strong performance over the week, with sectors such as Hainan, batteries, commercial aerospace, storage chips, and energy metals leading in gains, while dairy, retail, banking, and pharmaceutical sectors saw declines [1] Index Performance - The CSI 300 Index increased by 1.9%, the CSI A500 Index rose by 2.7%, the ChiNext Index climbed by 3.9%, the STAR Market 50 Index went up by 2.8%, and the Hang Seng China Enterprises Index saw a slight increase of 0.2% [1][3] - The rolling price-to-earnings (P/E) ratios for the indices are as follows: CSI 300 at 14.1 times, CSI A500 at 16.9 times, ChiNext at 41.2 times, STAR Market 50 at 161.2 times, and Hang Seng China Enterprises at 10.4 times [3] Historical Performance - Year-to-date performance shows the CSI 300 Index up by 18.4%, CSI A500 up by 23.0%, ChiNext up by 51.5%, STAR Market 50 up by 36.1%, and Hang Seng China Enterprises up by 22.3% [7] - Over the past year, the CSI 300 Index increased by 17.0%, CSI A500 by 21.1%, ChiNext by 47.1%, STAR Market 50 by 32.1%, and Hang Seng China Enterprises by 22.0% [7] Sector Composition - The CSI A500 Index covers 500 securities with large market capitalization and good liquidity, spanning 89 out of 93 three-level industries [4] - The ChiNext Index consists of 100 stocks with high market capitalization and liquidity, with a significant representation from strategic emerging industries, particularly in power equipment, communications, and electronics, which together account for nearly 60% [4] - The STAR Market 50 Index is composed of 50 stocks from the STAR Market, prominently featuring "hard technology" leaders, with semiconductors making up over 50% and combined with medical devices and photovoltaic equipment, accounting for nearly 75% [4]

Group 1 - The ChiNext Growth Index rose by 4.4%, the ChiNext Mid-Cap 200 Index increased by 4.2%, and the ChiNext Index gained 3.9%, achieving five consecutive days of gains [1][3] - China Galaxy Securities indicates that the A-share market is entering a critical window for cross-year layout as 2026 approaches, with expectations for a small rally around New Year's [1] - The year 2026 marks the beginning of the "14th Five-Year Plan," with anticipated policy benefits being released earlier, leading to structural opportunities concentrated in sectors aligned with policy direction and industry prosperity [1] Group 2 - The strategic emerging industries account for a significant portion, with the power equipment, communication, and electronics sectors collectively representing nearly 60% of the ChiNext Mid-Cap 200 Index [5] - The ChiNext Mid-Cap 200 Index consists of 200 stocks with medium market capitalization and good liquidity, reflecting the overall performance of representative companies in the ChiNext market, with over 40% of the index comprised of the information technology sector [5] - The ChiNext Growth Index is made up of 50 stocks that exhibit strong growth characteristics and good liquidity, with the power equipment, pharmaceutical, and communication sectors accounting for approximately 60% [5] Group 3 - As of December 26, 2025, the rolling price-to-earnings (P/E) ratios for the ChiNext Index, ChiNext Mid-Cap 200 Index, and ChiNext Growth Index are 41.2x, 105.0x, and 40.9x respectively [3][6] - The cumulative performance of the indices shows a year-to-date increase of 51.5% for the ChiNext Index, 29.1% for the ChiNext Mid-Cap 200 Index, and 72.4% for the ChiNext Growth Index [8] - The historical cumulative performance over the past year indicates a rise of 47.1% for the ChiNext Index, 23.6% for the ChiNext Mid-Cap 200 Index, and 66.1% for the ChiNext Growth Index [8]

截至午间收盘，创业板指数、创业板中盘200指数均下跌0.2%，创业板成长指数下跌0.3%。 华安证券研报称，价格改善将推升名义GDP，进而带动企业盈利持续修复，这将成为市场强有力的基本面支撑。测算显示，2026年全A盈利增速有望从2025 年的8.2%提升至10.3%，全A剔除金融后的盈利增速将达到7.7%。创业板和科创板受益于新一轮产业周期，预计将维持高增速水平，其中创业板2026年盈利 增速有望达到31.7%。 川レーリ | エイスス] H J ヘリア ハリア - ロ レス | 反映创业板市场中盘代表性公 司的整体表现,信息技术行业 占比超40% 1乡指数 跟踪创业板成长指数 该指数由创业板中成长风格突 出、业绩增长较高、预期盈利 较好、流动性好的50只股票组 成,通信、电力设备、电子、 非银金融、医药生物行业合计 占比近80% 截至午间 该指数污 注1:"该指数"指各上述基金产品具体跟踪的指数。数据来自Wind,指数涨跌幅截至2025年12月26日 的净利润,该估值指标和企业盈利紧密相关,适用于盈利相对稳定且受周期影响较小的行业。估值分化 数发布日至2025年12月25日。创业板指数2010年6月1日发 ...

华安证券研报称，价格改善将推升名义GDP，进而带动企业盈利持续修复，这将成为市场强有力的基本面支撑。测算显示，2026年全A盈利增速有望从2025 年的8.2%提升至10.3%，全A剔除金融后的盈利增速将达到7.7%。创业板和科创板受益于新一轮产业周期，预计将维持高增速水平，其中创业板2026年盈利 增速有望达到31.7%。 截至收盘，创业板中盘200指数上涨1.2%，创业板成长指数上涨0.4%，创业板指数上涨0.3%，收获4连阳。 川レーリ | エイスス] H J ← レ ノ ヘ 川 ス ホテロ / 人 !! J 反映创业板市场中盘代表性公 司的整体表现,信息技术行业 占比超40% 1乡指数 创业板成长ETF易方达 跟踪创业板成长指数 该指数由创业板中成长风格突 出、业绩增长较高、预期盈利 较好、流动性好的50只股票组 成,通信、电力设备、电子、 非银金融、医药生物行业合计 占比近80% 交日 该指数; 注1:"该指数"指各上述基金产品具体跟踪的指数。数据来自Wind,指数涨跌幅截至2025年12月25日 利润,该估值指标和企业盈利紧密相关,适用于盈利相对稳定且受周期影响较小的行业。估值分位指请 布日至20 ...

今日午后，储能、CPO、光伏设备等方向集体走强，带动创业板涨幅扩大。截至收盘，创业板中盘200指数上涨1.8%，创业板成长指数上涨0.9%，创业板指 数上涨0.8%，创业板ETF（159915）全天净申购约8000万份。 每日经济新闻 ...

每日经济新闻 创业板早盘整体走强，超八成创业板个股飘红。盘面上，消费电子、存储芯片、半导体表现强势，互联网券商、机器人、软件板块小幅上行。截至午间收 盘，创业板中盘200指数上涨1.4%，创业板指数、创业板成长指数均上涨0.1%，创业板ETF（159915）等产品获资金净申购。 ...

截至收盘，创业板指数上涨0.4%，创业板成长指数上涨0.2%，创业板中盘200指数下跌0.1%，创业板ETF（159915）全天成交额超30亿元。 华安证券研报称，行业轮动背景不改，可做好下阶段行情布局，其中AI产业链仍是最核心方向，此外供需双振、景气上行领域也需重视，包括存储和储能 链。 反映创业板市场中盘代表性公 司的整体表现,信息技术行业 占比超40% 创业板成长ETF易方达 跟踪创业板成长指数 该指数由创业板中成长风格突 出、业绩增长较高、预期盈利 较好、流动性好的50只股票组 成,通信、电力设备、电子、 非银金融、医药生物行业合计 占比近80% 交日 该指数; 注1:"该指数"指各上述基金产品具体跟踪的指数。数据来自Wind,指数涨跌幅截至2025年12月23日 利润,该估值指标和企业盈利紧密相关,适用于盈利相对稳定且受周期影响较小的行业。估值分位指请 布日至2025年12月22日。创业板指数2010年6月1日发布,创业板中盘200指数2023年11月15日发布,创 注2:银行、互联网平台等相关销售机构提供可场外投资的ETF联接基金。 注3: 低费率产品,其管理费率0.15%/年,托管费率0.05% ...