Core Viewpoint - The article emphasizes the importance of growth investing, highlighting that investors should focus on stocks with high growth potential that are expected to be recognized by the market, rather than solely relying on historical performance [1][2]. Group 1: Growth Investing Effectiveness - Historical data from both Chinese and American stock markets over the past thirty years shows a clear positive correlation between earnings growth and stock price appreciation, validating the effectiveness of growth investing strategies [2][4][5]. - Investors need to position themselves in high-growth companies before the profit growth is fully recognized by the market to avoid missing out on potential gains [2][3]. Group 2: Growth Indices and Their Limitations - Investors can utilize various growth indices, such as the Growth 100 Index, which selects stocks based on their past performance in earnings growth, reflecting a momentum strategy [3][6]. - However, relying solely on historical performance can lead to the risk of missing out on future growth opportunities, as past high growth does not guarantee future performance [3][6]. Group 3: Future Growth Focus - The Growth 100 Index emphasizes future earnings potential rather than historical growth, aiming to identify stocks poised for significant future performance [6][8]. - The index has shown that while its constituent stocks may have lower past growth rates, they are expected to outperform in the following year, indicating a successful identification of future growth opportunities [8][10]. Group 4: Economic Growth Points - The article outlines how different sectors in the Chinese economy have experienced growth spurts influenced by macroeconomic and policy factors, leading to a rotation in stock prices across various industries [13][16]. - The Growth 100 Index has adapted to these changes by adjusting its sector weightings in line with market trends, demonstrating its responsiveness to economic shifts [16][17]. Group 5: Conclusion - The Growth 100 Index distinguishes itself by focusing on future growth potential, allowing it to capture stock price increases driven by earnings growth more effectively than traditional growth indices [18]. - The index is designed to help investors capitalize on high-growth opportunities while mitigating risks associated with slowing sectors, making it suitable for long-term investment strategies [18].

Core Viewpoint - The article provides a comparative analysis of several major indices in the ChiNext market, including the ChiNext Index, ChiNext 50, ChiNext 200, ChiNext Composite Index, and Growth Index, to assist investors in their decision-making process [2]. Group 1: Index Compilation Rules and Positioning Differences - ChiNext Index (399006.SZ) selects the top 100 stocks by market capitalization and liquidity from the ChiNext market, adjusted semi-annually, reflecting the overall performance of leading enterprises, primarily in mature sectors like new energy and pharmaceuticals [4][5][6]. - ChiNext 50 (399673.SZ) is based on the ChiNext Index but focuses on the top 50 stocks by average daily trading volume over the past six months, adjusted quarterly, emphasizing high liquidity and market attention [7][8][9]. - ChiNext 200 (399019.SZ) excludes stocks from the ChiNext Index and selects the top 200 mid-cap stocks, focusing on R&D investment and growth potential, covering emerging fields like computing and electronics [10][11][12]. - ChiNext Composite Index (399102.SZ) encompasses all listed companies on the ChiNext, approximately 1300 stocks, weighted by free-float market capitalization, reflecting the overall market performance with a significant proportion of small-cap stocks [13][14][15]. - Growth Index (399296.SZ) uses a dynamic selection mechanism based on growth and momentum factors to identify 50 stocks, adjusted quarterly, aiming to capture high-growth stocks in an upward trend [16][17][18]. Group 2: Latest Industry Composition and Valuation Comparison - The five indices show significant differences in industry concentration and valuation levels, with the Growth Index having the highest concentration at 70.14% in its top three industries, while the ChiNext Composite Index is more diversified at 45.36% [20][21]. - The ChiNext 50 and ChiNext Index have high exposure to the power equipment sector, indicating potential benefits from a recovery in the new energy industry, while ChiNext 200 has a 37.78% concentration in computing and electronics, benefiting from AI industry opportunities [21]. - Valuation levels vary, with the Growth Index at a PE-TTM of 29.88, the lowest in nearly a decade, while the ChiNext Index and ChiNext 50 are slightly higher, and the ChiNext Composite Index is at 59.62, close to its historical median [21]. Group 3: Historical Return Characteristics Comparison - The Growth Index has the highest long-term returns since 2012, showing significant advantages in bull markets but also larger drawdowns in downturns [24][25]. - The ChiNext 50 exhibits considerable return elasticity, with notable performance in both rising and falling markets, while the ChiNext 200 has shown reduced volatility post-2019, likely due to its concentration in the rapidly growing AI sector [25]. - Interestingly, the ChiNext Index and the ChiNext Composite Index display similar volatility characteristics, with moderate return and volatility levels [25]. Group 4: Investment Preferences and Selection Strategies - Investors seeking high return elasticity and favoring leading stocks should consider the ChiNext 50, which has several large tracking funds with low management fees [27]. - For aggressive investors looking for return elasticity, the Growth Index is recommended, although it carries risks in bear markets [29]. - Investors optimistic about AI prospects should opt for the ChiNext 200, which has low management fees from major fund companies [30]. - Long-term investors aiming for tail-end growth opportunities may consider the ChiNext Composite Index, although the tracking funds are relatively small in scale [31]. - Conservative investors may find the ChiNext Index to be a reliable choice, as it has the largest number of tracking funds and is considered the optimal solution for institutional investment in the ChiNext market [32].