近期，A股出现调整，但从去年"9.24"行情以来看（下称"9.24行情以来"），权益资产依然取得了显著收益。截至11月21日，A股34只核心指数 9.24行情以来均实现上涨，平均涨幅超过50%，其中有4只指数涨幅超过100%。 从券商中国记者梳理来看，核心指数的上涨给1800多只指数基金带来了贝塔收益，指数基金则在行情共振中加速发展。2024年下半年至今成立的指 数基金数量，在当前存续的指数基金数量中占比超过35%。从近5年情况看，其间发行的股票ETF规模，在股票ETF发行总规模中占比接近60%。但 由于资源禀赋和跟踪误差等原因，不同公司的产品规模和业绩，存在显著分化情况。 | | | "9.24" 行情以来A股核心指数表现情况 | | | | | --- | --- | --- | --- | --- | --- | | 指数代码 | 指数简称 | 区间涨幅 (%) | 跟踪基金数量 | 指数发布日期 | 成份股数量 | | | | | (只) | | (个) | | 899050.BJ | 北证50 | 129.66 | 66 | 2022/11/21 | 50 | | 000699.SH | 科创200 ...

11月21日，A股出现调整，但从去年"9·24"行情启动以来的一年多的时间来看，权益资产依然取得了显 著收益。截至11月21日，A股34只核心指数从去年"9·24"行情以来均实现上涨，平均涨幅超过50%，其 中有4只指数涨幅超100%。 从证券时报记者梳理来看，核心指数的上涨给1800多只指数基金带来了贝塔收益，指数基金则在行情共 振中加速发展。2024年下半年至今成立的指数基金数量，在当前存续的指数基金数量中占比超过35%。 从近5年情况看，这期间发行的股票ETF规模，在股票ETF发行总规模中占比接近60%。但由于资源禀赋 和跟踪误差等原因，不同公司的产品规模和业绩，存在显著的分化。 布局基金超1800只 根据统计，自去年"9·24"行情以来，34只A股核心指数均取得了两位数的涨幅，北证50指数涨幅最大， 接近130%。科创200指数、创业板50指数、科创创业50指数等涨幅均超100%，分别为109.57%、 105.20%、104.91%。另有3只指数涨幅超90%，分别为科创50指数（99.96%）、科创100指数 （95.53%）、创业板指（90.79%）。 截至11月21日，34只核心指数中有32只获 ...

Core Viewpoint - The article emphasizes the importance of maintaining a cautious investment strategy, particularly in the high-tech sector, and highlights the risks associated with investing outside one's expertise [4][5][6]. Group 1: Investment Strategy - The author holds a portion of technology stocks, achieving significant gains, such as a 130% profit from Jinfatech and 70% from GoerTek, but these holdings only represent 30% of the total portfolio [4]. - The investment philosophy is centered around the idea of having a "retreat" or exit strategy, allowing for more confident decision-making in volatile markets [5]. - The author recounts an experience where a colleague's aggressive trading strategy led to significant losses, illustrating the dangers of not having a risk management plan [6]. Group 2: Technology Sector Insights - The article discusses the disconnect between American AI companies and the Chinese AI chain, suggesting that this could lead to a fragile business model for U.S. AI firms, which rely heavily on inter-company investments [6][7]. - Despite the impressive performance of companies like Nvidia, there is skepticism among investors regarding the sustainability of profits in the AI sector, as many companies are not yet profitable and continue to incur high expenses [7]. - The current enthusiasm for high-tech stocks, particularly in AI, should be approached with caution, adhering to the principle of "better to miss out than to make a mistake" [7].

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant results in its four years of operation, establishing itself as a key platform for innovative small and medium-sized enterprises (SMEs) in China [1][4][6] - The first batch of BSE-themed funds has reported impressive performance, with an average net asset value growth rate exceeding 80%, and some funds surpassing 160% [9][10][11] Group 1: Achievements and Developments - The BSE has implemented four sets of inclusive listing standards and established a "small and fast" review mechanism, enhancing its ability to attract and nurture high-quality SMEs [1][3][5] - The number of listed companies on the BSE has increased from 81 to 281, with market capitalization growing from hundreds of billions to trillions, indicating strong investor recognition [3][4] - The BSE has successfully gathered over 200 innovative SMEs, with a significant portion of IPO applications in the A-share market coming from the BSE [4][5] Group 2: Market Structure and Investment Opportunities - The BSE's market structure is characterized by over 80% of listed companies being SMEs and more than 85% being private enterprises, showcasing its inclusivity [5][6] - High-tech enterprises account for over 90% of listed companies, with more than 50% recognized as national-level "little giant" enterprises, indicating a strong focus on innovation [5][6] - The BSE is seen as a fertile ground for nurturing "little giants" in specialized fields, with companies experiencing faster growth compared to those on the main board [6][7] Group 3: Future Outlook and Strategic Vision - The BSE aims to enhance market attractiveness and service capabilities by optimizing listing mechanisms and exploring diversified financing systems tailored to innovative SMEs [7][8] - The introduction of the North China 50 ETF is expected to broaden the investment landscape and attract more long-term capital, enhancing market liquidity [13][14] - The BSE is positioned to become a global leader in serving SMEs, with a focus on building a comprehensive and impactful trading platform [8][19]

Group 1 - The report highlights that the Beijing Stock Exchange (BSE) has fully entered the "920 new code" era, which is expected to further solidify its independent status as China's third-largest stock exchange [3][8] - The transition to the 920 code is seen as a significant milestone in the development of the BSE, addressing the confusion caused by multiple existing code segments and enhancing stock identification [3][8] - The report emphasizes the ongoing implementation of the "Deep Reform 19 Articles" strategy, indicating continuous policy support for the high-quality development of the BSE, with expectations for new products like specialized index funds and ETFs [3][8] Group 2 - The report notes that the BSE's market may experience short-term volatility due to fluctuating tariff policies and overall market conditions, but it encourages a focus on long-term investment opportunities [3][12] - It identifies several key investment themes, including companies with stable long-term performance, those with upcoming quarterly reports, and sectors related to self-sufficiency and domestic consumption [3][12][29] - The report mentions that the overall price-to-earnings (PE) ratio for BSE A-shares remains at 50X, with daily trading volume recovering to 193 billion [14][15] Group 3 - The report states that one new company, Aomeisen, was listed on the BSE during the week, bringing the total number of new listings since January 1, 2024, to 39 [22][23] - It highlights the average issuance PE ratio of 13.95X for the newly listed companies, with an average first-day price fluctuation of 243% [26][29] - The report also notes the registration status of one company and the submission of registration for another, indicating ongoing activity in the IPO pipeline [29][30]

Core Viewpoint - The article discusses the significant performance of various sectors in the A-share market since the "policy combination punch" ignited the market on September 24, 2024, highlighting the structural bull market and the impressive returns of specific funds and sectors [3][4][10]. Group 1: Market Performance - The North Exchange 50 Index has surged over 150% since the September 24 market initiation, becoming a focal point for investors due to its high volatility and small-cap stocks [3][4]. - The top 10 funds related to the North Exchange 50 Index have all achieved returns exceeding 130%, with two funds surpassing 170% [4][5]. Group 2: Semiconductor Sector - The global semiconductor sales reached $53.1 billion in August 2024, marking a 20.6% year-on-year increase, while China's semiconductor sales hit $16.6 billion, up 27.5% [6]. - Funds focusing on the semiconductor sector have shown remarkable performance, with the top fund, 嘉实绿色主题股票A, achieving a return of 151.92% since September 24 [6][7]. Group 3: Robotics Sector - The humanoid robot sector is gaining traction, with the 中航趋势领航混合C fund achieving a return of 188.30% since September 24, driven by heightened market interest [8][9]. - The humanoid robot industry is expected to enter mass production by 2025, indicating significant growth potential [8]. Group 4: Innovative Pharmaceuticals - The innovative pharmaceutical sector is experiencing a revival after three years of adjustment, with the 中银医疗保健混合A fund returning 110.40% since September 24 [10]. - The internationalization of China's innovative pharmaceutical industry is accelerating, with a surge in cooperative development agreements with multinational pharmaceutical companies [10]. Group 5: Military Industry - The military sector is gaining attention, with the 中航军民融合精选A fund returning 97.40% since September 24, supported by favorable policies and technological advancements [14][15]. - Historical trends suggest that military stocks often rise in anticipation of major military parades, indicating potential for future growth [14].

Market Overview - The bull market has lasted for a year, with major indices showing significant gains: the North Exchange 50 Index increased by 158%, the Sci-Tech 50 Index rose by 118%, and the ChiNext Index gained 103.49% [1] - Over 1,400 stocks in the A-share market have doubled in price, representing more than 26% of the 5,324 stocks listed, with notable sectors including electronics, machinery, power equipment, computers, and automobiles [1] Fund Performance - A total of 1,276 fund products have doubled in value, with the top 10 performing funds all being actively managed, indicating the strength of fund managers [2] - The best-performing fund, Debon Xinxing Value, achieved a return of 279.93%, with themes including CPO (4 funds), North Exchange (3 funds), and robotics (3 funds) [2][3] Underperforming Funds - Among over 20,000 funds, only 216 reported negative returns, with the worst performer being Dongcai Value Qihang C, which declined by 10.78% [4] - Notably, seven of the worst-performing funds belong to GF Fund, all managed by the same manager, Wang Mingxu [5] Investment Insights - The analysis suggests that during a bull market, holding onto key investments without frequent trading is a wise strategy, as significant profits are made through holding rather than trading [8] - Investors are encouraged to focus on market conditions rather than personal returns when making decisions [8] - Common investment pitfalls include selling too early or buying into losing positions, emphasizing the need for a well-defined strategy [8] - Maintaining a consistent presence in the market allows investors to better navigate fluctuations and refine their trading systems [8]

Overview - The trend of public funds increasing their allocation to the Beijing Stock Exchange (BSE) continues, with significant entry of active equity public funds. As of H1 2025, the market value allocated by public funds to the BSE reached 22.383 billion, with an allocation ratio of 0.37%, up by 0.15 percentage points quarter-on-quarter. The allocation coefficient reached 0.59, an increase of 0.07. Public funds have continuously increased their allocation to the BSE for three consecutive half-year periods since H1 2024. Among them, the proportion of active equity public funds allocated to the BSE reached 0.46%, up by 0.26 percentage points quarter-on-quarter, with an allocation coefficient of 0.74, an increase of 0.24 [7][24][47]. Active Equity - Active equity public funds significantly increased their allocation to the BSE, with a total market value of 11.22 billion as of H1 2025, a substantial increase of 116% compared to H2 2024. The BSE's thematic products also saw a market value of 3.9 billion, up by 54% quarter-on-quarter, primarily due to net value growth and the opening of subscriptions for the "Taikang BSE Selected Two-Year Open" fund [24][25][28]. Index Investment - The scale of index investment in the BSE is steadily expanding. As of H1 2025, the market value held by BSE index funds reached 11.08 billion, an increase of 48% quarter-on-quarter. The BSE 50 index fund accounted for 10.5 billion, up by 46%, while other index funds reached 580 million, up by 90%. The scale of passive index funds was 10.02 billion, up by 42%, and the scale of index-enhanced funds reached 1.06 billion, up by 162% [47][48]. Allocation - The institutionalization trend is accelerating, with a focus on growth sectors. As of H1 2025, the concentration of active equity public fund allocations has increased, with key stocks like Jinbo Bio, Naconoer, and Tongli Co. accounting for about half of the total market value held. The report emphasizes the importance of sectors with sustained growth potential, such as Jinbo Bio and Minshida [24][38][39].

Overview - The trend of public funds increasing their allocation to the Beijing Stock Exchange (BSE) continues, with active equity public funds significantly entering the market. As of H1 2025, the market value allocated by public funds to the BSE reached 22.383 billion yuan, with an allocation ratio of 0.37%, up by 0.15 percentage points quarter-on-quarter. The allocation coefficient reached 0.59, an increase of 0.07. Public funds have continuously increased their allocation to the BSE for three and a half consecutive half-years since H1 2024 [10][12]. Active Equity - Active equity public funds have significantly increased their allocation to the BSE. As of H1 2025, the total market value held by active equity funds in the BSE reached 11.22 billion yuan, a substantial increase of 116% compared to H2 2024 [29][30]. - The BSE theme products held a market value of 3.9 billion yuan as of H1 2025, up by 54% quarter-on-quarter, primarily due to net value growth and the opening of subscriptions for the "Taikang BSE Selected Two-Year Open Fund" [30][34]. - The average net value growth rate of BSE theme funds was 69.9% from the beginning of 2025 to September 10, 2025, significantly outperforming the BSE 50 index by 14.8% [30][34]. Index Investment - The scale of index investment in the BSE is steadily expanding. As of H1 2025, the market value held by BSE index funds reached 11.08 billion yuan, an increase of 48% quarter-on-quarter. The BSE 50 index fund accounted for 10.5 billion yuan of this, up by 46% [54][55]. - The number of BSE 50 index products has increased, with 28 products established as of now, including two newly established products in Q3 2025 [54][55]. Allocation - The trend of institutionalization in the BSE is accelerating, with a focus on growth sectors. As of H1 2025, the public fund holding ratio for the BSE 50 reached 8.8%, up by 1.8 percentage points quarter-on-quarter. The active equity holding ratio was 3.9%, an increase of 2.0 percentage points [19][20]. - The concentration of active equity public fund allocations has increased, with key stocks like Jinbo Bio, Nacono, and Tongli Co. accounting for about half of the total market value held [40][44].

Group 1 - The Beijing Stock Exchange (BSE) has achieved significant milestones in its four years of operation, with 274 quality small and medium-sized enterprises (SMEs) listed and a total market capitalization exceeding 900 billion yuan [1][2] - The BSE has established a multi-tiered capital market system, facilitating the growth of innovative SMEs through various listing standards, including provisions for unprofitable companies [2][3] - The BSE has implemented measures to enhance the quality of information disclosure among listed companies, which is crucial for investor decision-making [4][5] Group 2 - The BSE has seen a substantial increase in liquidity, with an average daily trading volume reaching approximately 29.15 billion yuan, nearly quadrupling from the previous year [5][6] - The introduction of the "North Certificate 50 Index" and the "North Certificate Specialized and Innovative Index" marks the BSE's entry into a dual-index investment era, attracting more institutional investors [6][7] - The BSE aims to further enhance its attractiveness and competitiveness by optimizing listing standards and encouraging long-term capital inflows from various institutional investors [8][9]