Core Viewpoint - After the National Day holiday, the A-share market experienced significant fluctuations around the 4000-point mark, leading to challenges for investors who frequently chase trends [1] Group 1: Market Performance - On October 9, the Shanghai Composite Index closed with a strong upward trend, while the ChiNext and STAR Market indices showed long upper shadows, indicating that many funds were reducing positions at high points [1] - From October 10 to November 12, the STAR 50 Index fell by 10.37%, the ChiNext 50 Index decreased by 4.22%, while the Dividend Index rose by 7.99% [9] - The Shanghai Composite Index fluctuated between a low of 3800 points and a high above 4000 points during this period [6] Group 2: Investment Strategy - Investor "Old Wang" anticipated a likely pullback in the dual innovation indices and decided to adjust his positions to mitigate risks, opting not to fully liquidate his holdings in dual innovation stocks [3] - Old Wang reallocated his investments into a mix of 25% STAR 50 ETF, 20% ChiNext 50 ETF, 45% Dividend ETF, and 10% cash reserves [3][4] - This balanced allocation helped Old Wang hedge against the pullback in the dual innovation indices, as his ETF investments mirrored the performance of the underlying indices [9] Group 3: Fund Performance - Historical data indicates that in similar market conditions, the average adjustment period for A-share main lines is about 20 trading days with an average decline of 18% [15] - The top 10 open-end funds by performance this year showed that 9 out of 10 continued to rise in the past month, with the highest increase being 11.30% [15]

Core Viewpoint - The 30-year Treasury ETF (511090) has shown positive performance with a recent increase of 0.07%, indicating a recovery in the bond market supported by improved liquidity and favorable policy expectations [1][2]. Group 1: Market Performance - As of November 7, 2025, the 30-year Treasury ETF has a trading volume of 3.93% and a transaction value of 1.294 billion yuan, with an average daily transaction of 9.544 billion yuan over the past month [1]. - The latest scale of the 30-year Treasury ETF reached 32.854 billion yuan, with a total of 275 million shares [1]. - The ETF has experienced continuous net inflows over the past three days, totaling 847 million yuan, with a peak single-day net inflow of 527 million yuan [1]. Group 2: Market Sentiment and Expectations - The bond market is expected to maintain a warming trend towards the end of the year, driven by ample liquidity and a recovery in market sentiment [1]. - Historical patterns suggest that the fourth quarter typically sees better performance in the bond market, supported by expectations of interest rate cuts and proactive positioning by institutions [2]. - The People's Bank of China has indicated a resumption of government bond buying operations, which is expected to positively influence market sentiment [2]. Group 3: Index and Investment Characteristics - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which includes publicly issued 30-year government bonds [2]. - This index serves as a benchmark for performance comparison and investment in long-term government bonds [2].

Core Viewpoint - The news highlights the increasing importance of dividend assets in the context of China's economic policies, particularly emphasizing the role of "patient capital" from insurance funds and the regulatory push for higher dividend payouts from listed companies [1][2]. Group 1: Market Performance - As of November 7, 2025, the CSI State-Owned Enterprises Dividend Index (000824) rose by 0.39%, with notable increases in constituent stocks such as Huayang Co. (600348) up by 2.58% and CITIC Bank (601998) up by 2.25% [1]. - The National Enterprise Dividend ETF (159515) also saw an increase of 0.50% [1]. Group 2: Policy and Regulatory Environment - The "14th Five-Year Plan" emphasizes the introduction of "patient capital," primarily from insurance funds, which favor dividend assets due to their stable cash flow characteristics [1]. - Policies like the "Nine National Policies" require listed companies to increase their dividend payout ratios, with state-owned enterprises' dividend scale exceeding 370 billion yuan [1][2]. - Regulatory focus on dividend payouts is expected to provide a solid institutional guarantee for the long-term investment value of dividend assets [1]. Group 3: Investment Strategy - Analysts suggest that the policy guidance injects significant vitality into dividend assets, with major brokerages recommending a dual strategy of technology and dividend stocks for 2025, positioning dividend stocks as defensive assets in a low-interest-rate environment [1].

Group 1 - The report indicates that in the past 15 years (2010-2024), the probability of large-cap style outperforming in October is relatively high, with a 67% chance of outperforming the broad market index [9][4]. - Value style has a slightly higher probability of outperforming growth style, with a 53% chance of outperforming the broad market index [9][4]. - The main drivers for significant style shifts in the fourth quarter typically include policy changes, disruptions in strong sector logic, or new developments that reinforce other sector logics [4][22]. Group 2 - In terms of liquidity, the report notes that the central bank conducted a net withdrawal of 15,263 billion yuan in the week of October 6-12, with a future expectation of 10,210 billion yuan in reverse repos [26][29]. - The report highlights that the average weekly trading volume in the A-share market increased to 22,704.16 billion yuan, indicating heightened market activity [4][37]. - The net inflow of financing funds reached 473.1 billion yuan, marking a shift from previous net outflows [4][37]. Group 3 - The report identifies that financial real estate and TMT sectors have historically performed well in the fourth quarter, with financial style appearing superior in 4 out of the past 15 years [17][18]. - The report also notes that large-cap style has a higher occurrence rate, appearing in 9 out of the past 15 fourth quarters [18][21]. - The technology leader index has the highest probability of outperforming the broad market index at 62%, with an average return of 3.58% [21][22]. Group 4 - The report mentions that the market sentiment has shown increased trading activity in financing funds, with the proportion of financing transactions in the A-share market rising to 13.9% [46][48]. - The VIX index has increased, indicating a decline in market risk appetite, with the Nasdaq and S&P 500 indices also experiencing declines [48][49]. - The report highlights that the demand for funds has decreased, with no IPO financing in the week of October 9-10, and a reduction in planned share reductions by major shareholders [41][42].

Core Viewpoint - Investor sentiment remains mixed amid concerns over escalating trade tensions, with some investors panicking and others optimistic about buying opportunities [5][13]. Market Performance - On October 10, A-shares experienced significant declines at the open, with the Shanghai Composite Index down 2.49% and the Shenzhen Component down 3.88%, but closed with reduced losses of 0.19% and 0.93% respectively [5]. - Hong Kong's Hang Seng Index opened down 2.50% but closed down 1.52%, while the Hang Seng Tech Index fell 1.82% [5]. - The Hang Seng Volatility Index surged nearly 30%, reaching its highest level since May 2025 [5]. Trading Volume - Despite market fluctuations, trading volume remained stable, with the Shanghai and Shenzhen markets recording over 1 trillion yuan in trading volume for 92 consecutive trading days and over 1.5 trillion yuan for 57 consecutive days [7]. Sector Performance - The technology sector showed resilience, with significant gains in the self-controlled industrial chain, particularly in rare earths, semiconductor materials, and software [9][10]. - Notable stocks included Galaxy Magnetic Materials, which hit a 20% limit up, and New Lai Materials, which also saw a 20% increase [10]. Investor Sentiment - Investors displayed divergent views, with some engaging in panic selling while others took the opportunity to buy, reflecting a generally optimistic outlook despite the market's volatility [13]. - Some investors expressed confidence in the current market conditions, viewing short-term risks as potential buying opportunities [13]. Trade Tensions Analysis - Research institutions believe the impact of the current trade dispute will likely be less severe than previous tariff conflicts, with expectations of ongoing negotiations between the U.S. and China [14]. - Analysts from various firms, including Founder Securities and Galaxy Securities, suggest that the market's focus will remain on medium to long-term policy expectations, indicating a more stable outlook for A-shares [14].

Report Industry Investment Rating No relevant content provided. Core View of the Report Last week, the major domestic stock indices rose across the board, with small and medium - cap indices outperforming large - cap indices. ETFs in different sectors showed mixed performance, and there were significant differences in capital flows among various sectors [1][8]. Summary According to the Table of Contents 1. Fund Market Overview 1.1 Stock Market Last week (2025/09/08 - 2025/09/12), major domestic stock indices all rose. Large - cap indices such as the CSI 300, SSE 50, and SSE Composite Index had weekly changes of 1.38%, 0.89%, and 1.52% respectively. Small and medium - cap indices like the CSI 500, CSI 1000, and ChiNext Index had changes of 3.38%, 2.45%, and 2.10% respectively. Style indices showed mixed performance, with the financial, cyclical, consumer, growth, and stable style indices changing by 0.24%, 1.87%, 0.88%, 3.56%, and 1.14% respectively. Among the growth style, the large - cap, mid - cap, and small - cap growth style indices changed by 2.30%, 2.26%, and - 1.20% respectively. The recent trading activity of A - shares has been oscillating upwards and is currently close to the level in December 2024 [1][8][9]. 1.2 Bond Market and Futures Market Last week, the SSE Convertible Bond Index changed by 0.33%. Pure - bond indices showed mixed performance, with the SSE Treasury Bond, SSE Corporate Bond, and Shenzhen Local Government Bond indices changing by - 0.19%, 0.03%, and - 0.18% respectively. The main contracts of major stock index futures all rose, with the CSI 300, SSE 50, and CSI 500 futures changing by 1.63%, 1.00%, and 3.83% respectively. The prices of 10 - year, 5 - year, and 2 - year Treasury bond futures changed by - 0.16%, 0.07%, and 0.01% respectively [15][16]. 1.3 Commodity Market In the past week, the commodity market showed mixed performance. The Nanhua Precious Metals Index, CRB Commodity Index, and CRB Metal Spot Index changed by 2.34%, 1.33%, and 1.17% respectively. The main contracts of domestic key commodity futures also showed mixed performance. For example, the SHFE Silver, SHFE Gold, and DCE Iron Ore main contracts changed by 2.79%, 2.41%, and 1.59% respectively [18][21]. 2. ETF Market行情统计 The report selects representative ETFs in different sectors of comprehensive and industry themes for long - term tracking. By classifying these ETFs into large - and small - cap styles and monitoring indicators such as changes in circulating shares, net buying funds, and trading volume, it can serve as a reference for market style switching and capital flows [23]. 2.1 Domestic Stock - Type ETF Trading Activity Ranking Using the weekly fund turnover rate as a measure of ETF trading activity, last week's trading hotspots were mainly concentrated in comprehensive indices such as ChiNext 50 and ChiNext, as well as sectors such as semiconductors, home appliances ETF, and bank ETF [24]. 3. Large - and Small - Cap Style Monitoring 3.1 Comprehensive Stock ETF As of last week, the trading volume of comprehensive ETF funds was 103.231 billion yuan, a change of - 29.2 billion yuan from the previous week. Among them, the trading volume of large - and mid - cap style comprehensive ETFs was 38.176 billion yuan, a change of - 10.858 billion yuan; the trading volume of small - and mid - cap comprehensive ETFs was 67.061 billion yuan, a change of - 18.634 billion yuan. The on - site share of comprehensive ETF funds was 352.087 billion shares, a change of - 16.62 billion shares from the previous week. Among them, the on - site share of large - and mid - cap style comprehensive ETFs was 239.009 billion shares, a change of - 7.75 billion shares; the on - site share of small - and mid - cap comprehensive ETFs was 113.078 billion shares, a change of - 8.87 billion shares [26]. 3.2 Theme Stock ETF As of last week, the average weekly change rate of 32 theme ETFs was 2.83%. The average weekly change rate of large - cap style ETFs was 1.55%, and that of small - and mid - cap style ETFs was 3.83%. The total trading volume of the tracked theme ETFs was 93.485 billion yuan, a change of - 28.186 billion yuan from the previous week. Among them, the trading volume of large - cap style ETFs was 52.494 billion yuan, a change of - 8.399 billion yuan; the trading volume of small - and mid - cap style ETFs was 40.992 billion yuan, a change of - 197.87 billion yuan. The on - site share of the tracked theme ETFs was 420.971 billion shares, an increase of 47.27 billion shares from the previous week. Among them, the on - site share of large - and mid - cap style theme ETFs was 212.673 billion shares, an increase of 78.16 billion shares; the on - site share of small - and mid - cap style theme ETFs was 208.298 billion shares, a change of - 30.89 billion shares [27]. 4. Sector Capital Flow Tracking As of last week, among comprehensive ETFs, the top three in terms of returns were the Innovation and Entrepreneurship 50 ETF, 500ETF, and 1000ETF, with changes of 3.91%, 3.29%, and 2.42% respectively. The last three were the 50ETF, ChiNext 50, and 300ETF, with changes of 1.04%, 1.43%, and 1.47% respectively. Among industry - theme ETFs, the top three were the Chip ETF, Semiconductor 50, and Electronic ETF, with changes of 7.79%, 7.62%, and 7.11% respectively. The last three were the Pharmaceutical ETF, Biomedical, and Bank ETF, with changes of - 1.12%, - 1.08%, and - 0.72% respectively. In terms of capital flow, among comprehensive ETFs, the important broad - based index CSI 300 had capital outflows, while the ChiNext and CSI 500ETF had capital inflows. In industry themes, multiple important sectors such as securities and non - ferrous metals had significant capital inflows, while semiconductor chips had capital outflows [31]. 5. Commodity ETF Last week, the tracked commodity ETF funds showed mixed performance. The Gold ETF, Boshi Gold, Soybean Meal ETF, Non - Ferrous Metals Futures, and Energy and Chemical ETF changed by 2.30%, 2.31%, 0.75%, 1.40%, and - 0.84% respectively. The overall on - site share of the tracked commodity ETFs increased by 278 million shares compared with the previous week, and the overall trading volume changed by - 5.371 billion yuan compared with the previous week [36]. 6. Overseas ETF Last week, among the tracked overseas ETF funds, the Nasdaq ETF, H - share ETF, and Hang Seng ETF changed by 0.63%, 3.40%, and 3.77% respectively. The overall on - site share of the tracked overseas ETF funds changed by - 124 million shares compared with the previous week, and the overall trading volume changed by - 1.175 billion yuan compared with the previous week [38]. 7. Money - Market ETF As of the end of last week, the overnight SHIBOR was 1.37%, an increase of 0.05% from the previous week; the one - week SHIBOR was 1.47%, an increase of 0.03% from the previous week. The seven - day annualized yield of Huabao Tianyi decreased by - 0.01% from the previous week, and that of Yinhua Rili decreased by - 0.14% from the previous week. In terms of on - site shares, the on - site share of Huabao Tianyi was 68.379 billion shares, a change of - 619 million shares from the previous week; the on - site share of Yinhua Rili was 70.266 billion shares, a change of - 7.967 billion shares from the previous week [42].

Group 1 - The article discusses the performance and market activity of the 30-year Treasury ETF (511090), which has seen a recent increase of 0.25%, with a latest price of 119.14 yuan [12] - The trading volume for the 30-year Treasury ETF was active, with a turnover rate of 16.56% and a total transaction value of 5.254 billion yuan, indicating strong market interest [12] - The fund has reached a new high in scale at 31.648 billion yuan, with a net inflow of 1.902 billion yuan over the past week, averaging 272 million yuan daily [12] Group 2 - The article highlights the expectations for the central bank to resume Treasury buy-sell operations, which have been paused for eight months, as market conditions are deemed favorable [13] - The resumption of operations is anticipated to stabilize bond prices and adjust interest rate curves, providing a buffer in the current market environment where stocks are strong and bonds are weak [13] - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which includes publicly issued 30-year government bonds, serving as a benchmark for investment performance [12][13]

Core Viewpoint - The article discusses various ETFs that cater to different investment needs, emphasizing the importance of asset allocation in a volatile market [2][4]. Group 1: ETF Introductions - The "National Enterprise Dividend ETF" (159515) is highlighted as a strong dividend selection [5][8]. - The "Digital Economy ETF" (560800) focuses on core industries within the digital economy, aiming for both growth opportunities and long-term value [8]. - The "30-Year Treasury ETF" (511090) is presented as a long-term asset protector, offering flexible trading and high liquidity [8]. - The "Double Innovation 50 ETF" (588350) tracks technology trends and emerging leaders in the market [8]. - The "500 Quality Growth ETF" (560500) is designed to track the CSI 500 Quality Growth Index, which selects companies with high profitability and sustainable cash flow [12]. Group 2: Market Performance and Trends - As of September 15, 2025, the CSI 500 Quality Growth Index (930939) increased by 0.60%, with notable stock performances including Wanxiang Qianchao (000559) up by 10.05% and Junsheng Electronics (600699) up by 7.74% [11]. - The automotive industry aims for a sales target of approximately 32.3 million units in 2025, reflecting a year-on-year growth of about 3% [11]. - The Ministry of Industry and Information Technology has initiated measures to boost automotive consumption, including support for trade-in programs and the promotion of smart connected vehicle technologies [11]. Group 3: Industry Insights - The demand for energy storage systems in the lithium battery sector remains high, indicating a stable development foundation for the domestic energy storage market from 2026 to 2027 [12]. - Solid-state battery technology is gaining traction, with equipment companies beginning to deliver related devices, suggesting a significant acceleration in the industrialization process of solid-state batteries [12]. - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.48% of the index, with East Wu Securities (601555) holding the highest weight at 2.70% [13][15].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week, domestic major stock indices rose across the board, with small and medium - cap indices generally outperforming large - cap indices. The growth style index showed a significant increase, while the financial and stable style indices declined. In the ETF market, both comprehensive and thematic ETFs had increased trading volumes, and there was a clear inflow of funds into sectors such as brokers, consumption, technology, and non - ferrous metals [1][3] Summary by Directory 1. Fund Market Overview 1.1 Stock Market - Last week (2025/08/25 - 2025/08/29), major domestic stock indices all rose. The large - cap indices such as CSI 300, SSE 50, and SSE Composite Index had weekly increases of 2.71%, 1.63%, and 0.84% respectively. Small and medium - cap indices like CSI 500, CSI 1000, and ChiNext Index rose by 3.24%, 1.03%, and 7.74% respectively. Style indices showed mixed performance, with financial, cyclical, consumer, growth, and stable style indices having weekly changes of - 1.31%, 0.94%, 0.54%, 4.45%, and - 0.81% respectively. Among the growth styles, large - cap, mid - cap, and small - cap growth style indices changed by 3.38%, 2.51%, and - 1.33% respectively [1][8] - Recent A - share trading activity has been oscillating upwards and is currently close to the level in December 2024 [9] 1.2 Bond Market and Futures Market - Last week, the SSE Convertible Bond Index fell by 2.68%. Pure - bond indices all rose, with the SSE Treasury Bond, SSE Corporate Bond, and Shenzhen Local Government Bond indices rising by 0.04%, 0.03%, and 0.03% respectively. Major stock index futures contracts all rose, with CSI 300, SSE 50, and CSI 500 futures rising by 0.49%, 0.12%, and 1.70% respectively. 10 - year, 5 - year, and 2 - year Treasury bond futures prices rose by 0.13%, 0.18%, and 0.03% respectively [15][16] 1.3 Commodity Market - In the past week, the commodity market showed mixed performance. The Nanhua Precious Metals Index, CRB Metal Spot Index, and CRB Commodity Index rose by 1.77%, 1.35%, and 0.78% respectively. Domestic key commodity futures contracts also showed mixed results, with DCE Iron Ore, SHFE Silver, and SHFE Nickel futures rising by 2.34%, 1.80%, and 1.75% respectively [18][21] 2. ETF Market行情统计 2.1 Domestic Stock - type ETF Trading Activity Ranking - Using the weekly fund turnover rate (trading volume / on - exchange floating shares) as a measure of ETF trading activity, high turnover rates indicate possible large differences in market views on a sector. Last week, trading hotspots were concentrated in comprehensive indices such as ChiNext 50 and CSI Innovation and Entrepreneurship 50 ETF, as well as sectors like semiconductors, liquor, and securities [24] 3. Size - style Monitoring 3.1 Comprehensive Stock ETF - As of last week, the total trading volume of comprehensive ETFs was 138.425 billion yuan, an increase of 28.081 billion yuan from the previous week. Among them, the trading volume of large - and mid - cap style comprehensive ETFs was 58.276 billion yuan, an increase of 11.307 billion yuan, and that of small - and mid - cap comprehensive ETFs was 84.351 billion yuan, an increase of 19.109 billion yuan. The on - exchange floating shares of comprehensive ETFs were 361.949 billion shares, an increase of 6.94 billion shares from the previous week. Large - and mid - cap style comprehensive ETFs had 241.165 billion shares, an increase of 19.28 billion shares, while small - and mid - cap comprehensive ETFs had 120.785 billion shares, a decrease of 12.34 billion shares [26] 3.2 Thematic Stock ETF - As of last week, the average weekly return of 32 thematic ETFs was 3.39%. The average weekly return of large - cap style ETFs was 0.95%, and that of small - and mid - cap style ETFs was 5.30%. The total trading volume of tracked thematic ETFs was 138.149 billion yuan, an increase of 30.701 billion yuan from the previous week. Large - cap style ETFs had a trading volume of 73.042 billion yuan, an increase of 14.991 billion yuan, and small - and mid - cap style ETFs had a trading volume of 65.107 billion yuan, an increase of 15.711 billion yuan. The on - exchange floating shares of thematic ETFs were 408.707 billion shares, an increase of 6.175 billion shares from the previous week. Large - and mid - cap style thematic ETFs had 193.157 billion shares, an increase of 12.045 billion shares, while small - and mid - cap style thematic ETFs had 215.549 billion shares, a decrease of 5.87 billion shares [27] 4. Sector Fund Flow Tracking - As of last week, among comprehensive ETFs, the top three performers were CSI Innovation and Entrepreneurship 50 ETF, ChiNext 50, and ChiNext, with weekly returns of 11.34%, 8.93%, and 7.63% respectively. The bottom three were CSI 1000 ETF, SSE 50 ETF, and CSI 300 ETF, with returns of 0.80%, 1.50%, and 2.72% respectively. Among industry - thematic ETFs, the top three were 5G ETF, AI Intelligence ETF, and Non - ferrous Metals ETF, with returns of 15.44%, 10.69%, and 8.63% respectively. The bottom three were Coal ETF, Financial ETF, and Bank ETF, with returns of - 3.02%, - 1.95%, and - 1.88% respectively. In terms of fund flows, important broad - based indices such as CSI 300 and small - and mid - cap ETFs in the innovation and entrepreneurship sector had fund inflows. In industry - thematic sectors, significant fund inflows were seen in sectors such as brokers, consumption, technology, and non - ferrous metals [32] 5. Commodity ETF - Last week, tracked commodity ETFs showed mixed performance. Gold ETF, Bosera Gold, Soybean Meal ETF, Non - ferrous Metals Futures ETF, and Energy and Chemicals ETF had returns of 1.46%, 1.47%, 0.61%, 1.24%, and - 1.21% respectively. The on - exchange floating shares of tracked commodity ETFs decreased by 1.41 billion shares from the previous week, while the total trading volume increased by 1.869 billion yuan [36] 6. Overseas ETF - Last week, among tracked overseas ETFs, Nasdaq ETF, H - share ETF, and Hang Seng ETF had returns of 1.19%, - 0.85%, and - 0.45% respectively. The on - exchange floating shares of tracked overseas ETFs decreased by 0.13 billion shares from the previous week, and the total trading volume decreased by 0.549 billion yuan [38] 7. Money Market ETF - As of the end of last week, the overnight SHIBOR rate was 1.32%, a decrease of 0.15% from the previous week, and the one - week SHIBOR rate was 1.53%, an increase of 0.03% from the previous week. The seven - day annualized yield of Huabao Tianyi was 1.06%, an increase of 0.04% from the previous week, and that of Yinhua Rili was 1.04%, unchanged from the previous week. The on - exchange floating shares of Huabao Tianyi were 63.846 billion shares, a decrease of 2.602 billion shares from the previous week, and those of Yinhua Rili were 61.757 billion shares, an increase of 1.95 billion shares from the previous week [42]

Core Viewpoint - The article discusses the potential of quantitative stock selection strategies focused on the ChiNext and Sci-Tech Innovation Board (科创板) in the context of a bullish market, highlighting their strong performance and growth potential [3][4][10]. Group 1: Market Sentiment and Trends - The Shanghai Composite Index has shown a bullish trend, rising for four consecutive weeks, indicating a potential bull market [1]. - Investor sentiment is increasingly optimistic, as observed in discussions within investment circles [2]. Group 2: Performance of Quantitative Strategies - Quantitative stock selection strategies have performed exceptionally well this year, with average excess returns exceeding 15%, and some strategies achieving over 30% [4]. - Strategies focused on the ChiNext and Sci-Tech Innovation Board have outperformed, with absolute returns exceeding 50% in a high-volatility market [4]. Group 3: Characteristics of ChiNext and Sci-Tech Innovation Board - The ChiNext and Sci-Tech Innovation Board exhibit significant growth potential, with impressive returns over the past year and high annualized volatility and turnover rates [8][9]. - The Sci-Tech Innovation Board primarily serves "hard technology" companies, while the ChiNext focuses on growth industries such as new energy and medical technology [9]. Group 4: Policy Support and Market Dynamics - The ChiNext and Sci-Tech Innovation Board benefit from favorable government policies aimed at promoting their development, including recent initiatives to support "hard technology" enterprises [10]. - The boards are characterized by high elasticity, liquidity, and volatility, making them suitable for quantitative strategies to achieve excess returns [11]. Group 5: Specific Attributes of ChiNext and Sci-Tech Innovation Board - High elasticity is observed as companies in these boards can experience significant stock price increases following major technological breakthroughs or product launches [12]. - High liquidity is facilitated by flexible trading rules and active margin trading, enhancing market activity [14]. - High volatility is driven by rapid technological changes and competitive pressures in emerging industries, making these boards attractive for quantitative trading strategies [15].