（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 没有股票账户的投资者可关注国泰创业板50ETF发起联接C（023372），国泰创业板50ETF发起联 接A（023371）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 中泰证券指出，创业板50中高景气行业受益于"反内卷"主题，工业品价格下行压力有所缓和，周期 性行业反内卷取得一定成效。科技板块中，电力设备维持上涨，风电、光伏表现相对强势，科创板ETF 与创业板ETF净赎回企稳见底，显示资金对科技估值上升空间的信心。政策层面继续强化对股市的整体 支持，中长 ...

没有股票账户的投资者可关注国泰创业板50ETF发起联接C（023372），国泰创业板50ETF发起联 接A（023371）。 9月25日，创业板50ETF国泰（159375）盘中上涨2.2%。 中泰证券指出，创业板50指数近期表现较强，资金面显示创业板相关ETF已由前期净赎回转为净申 购，反映资金对高成长性板块的配置意愿增强。美联储降息落地后，中期流动性改善预期对创业板等高 弹性板块形成支撑，历史上预防式降息后创业板指涨幅相对显著。当前市场震荡属情绪波动，增量资金 仍在分流入市，创业板50指数在政策与流动性双支撑下具备中期配置价值。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），涨跌幅限制为20%，该指数从深 圳证券交易所创业板中筛选出市值规模大、流动性优异的50只股票，覆盖信息技术、新能源、医药生物 等具备高成长特性的行业。指数聚焦科技创新领域，凸显"科技+成长"双重属性，并采用动态调整机制 持续优化成分股结构，以反映创业板核心优质企业的整体市场表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而 ...

Group 1 - The core viewpoint indicates that in Q2 2025, the growth style's profit growth rate continues to lead over value, with the cumulative year-on-year net profit of the ChiNext Index at 13.4%, a decrease from 19.9% in Q1 2025, yet the profit growth advantage remains [1] - From an industry contribution perspective, the largest quarterly profit contributions come from electronics (1.3 percentage points), electrical equipment (1.0 percentage points), and non-ferrous metals (0.9 percentage points) [1] - More than half of the industries in Q2 2025 show positive profit growth, with electronics (30%), electrical equipment (27%), and non-ferrous metals (17%) leading the performance [1] Group 2 - The ChiNext 50 ETF by Guotai (159375) tracks the ChiNext 50 Index (399673), which has a fluctuation of 20%, selecting 50 listed companies with large market capitalization and liquidity from the ChiNext market, focusing on technology growth and emerging industries [1] - The index constituents primarily represent large-cap growth styles, showcasing strong profitability and growth characteristics across various sub-sectors, including electrical equipment and pharmaceutical biology [1] - Investors without stock accounts can consider Guotai ChiNext 50 ETF Initiated Link C (023372) and Guotai ChiNext 50 ETF Initiated Link A (023371) [1]

Group 1 - The current market trend is centered around AI technology, with the ChiNext 50 index representing growth style, particularly strong in sectors like electronics and communications [1] - The communications and electronics sectors are the top two performers in the Shenwan first-level industry rankings, significantly outperforming the broader market [1] - The ChiNext 50 ETF by Guotai (159375) tracks the ChiNext 50 index (399673), which includes 50 highly liquid and large-cap stocks from growth-oriented companies listed on the Shenzhen Stock Exchange [1] Group 2 - The ChiNext 50 index focuses on sectors such as information technology, new energy, fintech, and pharmaceuticals, reflecting the overall performance of high-quality enterprises in China's innovative economy [1] - Investors without stock accounts can consider Guotai's ChiNext 50 ETF linked funds, specifically the Guotai ChiNext 50 ETF Initiated Link C (023372) and A (023371) [1]

Group 1 - The ChiNext Index has recently increased by 8.58%, with notable performances in the communication (7.66%), electronics (7.02%), and non-bank financial sectors (6.48%) [1] - The ChiNext 50 Index, which focuses on technology growth sectors such as semiconductors and artificial intelligence, has shown significant gains, with the semiconductor industry index rising by 6% and the artificial intelligence index increasing by 4.37% [1] - The current valuation level of the ChiNext 50 (PEttm at 32.35 times) reflects the market's continued optimism towards technological innovation, with enhanced expectations for industry profit recovery, particularly in the electronics and computer sectors, which are at historically high valuation levels [1] Group 2 - The Guotai ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which can experience daily fluctuations of up to 20%. This index selects 50 representative growth companies from the Chinese ChiNext market, focusing on emerging sectors such as information technology, new energy, fintech, and pharmaceuticals [1] - Investors without stock accounts can consider the Guotai ChiNext 50 ETF Initiated Link A (023371) and Guotai ChiNext 50 ETF Initiated Link C (023372) [1]

Group 1 - The core viewpoint is that the ChiNext 50 index is currently undervalued, with a valuation below the historical 30th percentile, and has shown strong performance with a Q3 increase of 17.71% [1] - The ChiNext index has a price-to-earnings ratio of 33.89 times, significantly lower than the Shanghai 50 index at the 83rd percentile, indicating a favorable earnings growth compared to the overall A-share market [1] - The index is expected to represent new economic directions in the medium to long term, particularly in technology sectors such as AI and innovative pharmaceuticals, following cyclical turning points [1] Group 2 - The ChiNext 50 ETF, managed by Guotai, tracks the ChiNext 50 index, which consists of 50 high-tech companies with large market capitalization and good liquidity, primarily in innovative fields [1] - The ChiNext 50 index focuses on technological innovation and strategic emerging industries, reflecting the characteristics of companies with core technologies and continuous innovation capabilities [1] - Investors without stock accounts can consider the Guotai ChiNext 50 ETF linked funds, which provide access to the index [1]

Group 1 - The core viewpoint is that the ChiNext 50 index primarily consists of high-growth technology and emerging industries, reflecting a strong focus on innovation and growth in the market [1] - The ChiNext 50 index includes companies that are mainly in light asset industries, with a business model driven by product development and distribution channels, leading to strong bargaining power in the midstream of the supply chain [1] - The return on equity (ROE) of the ChiNext 50 constituents is significantly higher than the market average, indicating strong financial performance [1] Group 2 - The ChiNext 50 ETF, managed by Guotai, tracks the ChiNext 50 index, which selects 50 securities from the ChiNext market based on size and liquidity, aiming to reflect the overall performance of quality enterprises in the market [1] - The index constituents are concentrated in high-growth sectors such as information technology, healthcare, and consumer goods, showcasing the characteristics of innovation-driven and high-growth markets [1] - Investors without stock accounts can consider Guotai's ChiNext 50 ETF linked funds, which provide alternative investment options [1]

Core Insights - The market risk appetite is on the rise, with the margin financing and securities lending balance surpassing 2 trillion yuan, marking a 10-year high, indicating a bullish sentiment among investors [1] - The financing costs remain low, coupled with an increase in capital market investment returns, suggesting a moderate expansion of margin trading scale [1] - The ChiNext Index has risen by 9.0% year-to-date, reflecting high activity levels in growth sectors [1] Industry Focus - Insurance capital is favoring undervalued, high-dividend assets, particularly in sectors such as banking, public utilities, and energy, which may indirectly support stocks in the ChiNext 50 that have stable cash flows and dividend capabilities [1] - The ongoing dual easing of fiscal and monetary policies is expected to continue boosting market sentiment, with a positive trend in the capital market likely to persist [1] Investment Products - The Guotai ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which can experience daily fluctuations of up to 20% [1] - The index is composed of 50 large-cap, liquid companies from the ChiNext market, primarily covering growth sectors such as new energy, biomedicine, and information technology [1] - Investors without stock accounts may consider the Guotai ChiNext 50 ETF Initiated Link A (023371) and Guotai ChiNext 50 ETF Initiated Link C (023372) [1]

Group 1 - The core viewpoint is that the current economic environment is characterized by stable recovery, with market risk appetite influencing market dynamics. The Politburo meeting in July emphasized the continuity and stability of policies, indicating that macro liquidity will remain loose [1] - Incremental funding is currently dominated by financing funds, private equity, and active funds such as industry/theme ETFs. It is expected that the technology sector, which has a relatively high but low-level prosperity, and small-cap styles will outperform [1] - In July, the market showed an upward trend, with technology and small-cap growth styles performing well. Leading technology stocks and the ChiNext Index led the gains, with industry performance focusing on anti-involution price increases and technology [1] Group 2 - The Science and Innovation Entrepreneurship ETF (588360) tracks the Science and Innovation Entrepreneurship 50 Index (931643), which can have a daily fluctuation of up to 20%. This index selects the 50 largest emerging industry listed companies from the Sci-Tech Board and ChiNext to reflect the overall performance of representative emerging industries [1] - The index emphasizes technology attributes and growth potential, focusing on sectors such as information technology, industrial, and healthcare [1] - Investors without stock accounts can consider various fund options, including the Guotai CSI Science and Innovation Entrepreneurship 50 ETF linked C (013307) and A (013306), as well as the Guotai ChiNext 50 ETF linked A (023371) and C (023372) [1]

消息面上，2025年8月5日国投证券指出，创业板50指数得益于估值处于历史30%分位以下且业绩增 长优势，其成分股覆盖信息技术、医药卫生等高成长性行业，凸显创新企业特质。8月4日高盛上调光模 块需求预测，预计2025年800G光模块销量达1990万单位，相关技术企业多集中于创业板50指数成分 股。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅可达20%。该指数从 深圳证券交易所创业板市场中选取市值大、流动性好的50只证券作为指数样本，侧重于信息技术、新能 源、金融科技及医药四大领域，旨在反映中国新兴行业的发展趋势，具有较高的成长性和创新性特征。 没有股票账户的投资者可关注国泰创业板50ETF发起联接C（023372），国泰创业板50ETF发起联 接A（023371）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资 ...