Core Viewpoint - The market has experienced significant fluctuations since October, with the ChiNext Index showing a maximum decline of over 13% from its peak, yet it remains the leader among major indices with a year-to-date increase of over 40% as of November 27 [1] Group 1: Market Performance - As of November 27, the ChiNext Index has increased by 41.5% since the beginning of the year, outperforming other major indices such as the Sci-Tech Innovation Board Index at 39.8% and the CSI 500 Index at 21.4% [2] - The ChiNext Index has consistently ranked among the top in previous bull markets, indicating its strong performance and resilience [3] Group 2: Investment Strategies - Amid market volatility, a systematic investment strategy based on market valuation is recommended, with Tianhong Fund launching a systematic investment strategy for the ChiNext Index [3] - The fund manager, Sha Chuan, initiated a systematic investment in late July and paused it in September and October due to high valuations, resuming in November as valuations declined [3][4] Group 3: Future Outlook - Analysts believe the ChiNext Index will continue to attract incremental capital, serving as a core platform for investment, especially as the A-share market enters a bull market phase [5] - The Tianhong Index Fund is leveraging AI technology to identify excess factors and optimize risk control, enhancing its product offerings in the ChiNext Index [5]

Core Viewpoint - The article emphasizes the growing importance of ETFs as a long-term investment tool in the Chinese market, particularly with the launch of a new dynamic PB-based investment strategy for the ChiNext index by Tianhong Fund and the Shenzhen Stock Exchange [1][2]. Group 1: ETF Market Overview - The domestic ETF market has surpassed 4 trillion yuan, with stock ETFs exceeding 3 trillion yuan, indicating a rising demand for index tools among investors [1]. - Tianhong Fund's total index fund management scale is projected to exceed 130 billion yuan by the end of 2024, ranking 9th in the industry, with over 90 products and more than 12 million holders [3]. Group 2: Investment Strategy - The newly introduced ChiNext investment strategy uses dynamic PB percentiles as a valuation anchor, promoting a "buy low, sell high" approach by adjusting investment amounts based on PB levels [2][5]. - The strategy aims to enhance investor experience by addressing four major pain points in regular investment practices, focusing on effective buying and selling conditions [2][4]. Group 3: Market Trends and Insights - The ChiNext index has been optimized to improve investment value, with new mechanisms for monthly removal of risk warning stocks and ESG negative screening, enhancing the quality of index samples [8]. - The overall valuation of the ChiNext is currently at a relatively reasonable historical level, indicating a higher probability of positive returns in the future [8]. Group 4: Educational Initiatives - The Shenzhen Stock Exchange has been actively promoting ETF product innovation and investor participation through educational events like the "ETF Lecture Hall," aiming to instill a scientific investment mindset among investors [4][10]. - The collaboration between Tianhong Fund and Ant Wealth has led to the development of practical tools such as "Target Investment" and "Index Traffic Light" to assist investors [3].