Core Viewpoint - The A-share market has experienced significant changes over the past two decades, with each bull market driven by a combination of policy incentives and capital influx, leading to the emergence of the Shenzhen 100 Index as a key tool for capturing current market opportunities [1][2]. Historical Bull Market Review - The core themes of past bull markets in the A-share market have been "policy guidance" and "capital support," with the Shenzhen 100 Index consistently aligning with the main opportunities of each bull market [2]. - The bull market initiated by the 2005 currency reform saw blue-chip stocks in finance and real estate leading the charge, with the Shenzhen 100 Index benefiting from policy and economic expansion [3]. - The 2008 "four trillion" stimulus plan led to a rise in both cyclical and growth stocks, with the Shenzhen 100 Index including leaders from both sectors, showcasing its ability to cover multiple sectors [3]. - In 2014, financial innovation policies shifted focus to technology and consumer stocks, with the Shenzhen 100 Index reflecting strong performance due to its inclusion of electronic and consumer leaders [4]. - The 2019 liquidity easing spurred a growth wave in semiconductor and renewable energy sectors, with the Shenzhen 100 Index leading in high-growth environments [4]. Current Slow Bull Market - The current "slow bull" market is characterized by "long-term policies" and "gradual capital entry," highlighting the unique advantages of the Shenzhen 100 Index [5]. - The "924" policy emphasizes improving the quality of listed companies and optimizing market ecology, marking a shift from previous single-stimulus policies to a focus on sustainable growth [5]. - The Shenzhen 100 Index, comprising large-cap, liquid, and profitable core assets, aligns well with the policy's support for high-quality listed companies, making it a direct beneficiary of policy incentives [5]. - Since June, while individual investor account openings have been relatively flat compared to last year's surge, institutional account openings have significantly increased, aided by a recovery in private fund issuance [5][6]. Capital Dynamics - The current market shows a trend of "retail funds waiting to enter" while "institutional funds continue to allocate," indicating ample room for future retail inflows [8]. - Institutional funds are increasingly favoring "low volatility, high certainty" assets, with the Shenzhen 100 Index covering quality targets across various sectors, appealing to both retail and institutional investors [8]. - The financing balance has rapidly approached 2.1 trillion, nearing 2015 highs, but the average balance per account has lagged, indicating that current leverage is primarily driven by active market participants rather than new retail investors [8][9]. Investment Strategy - The Shenzhen 100 Index serves as a core allocation strategy to capture policy-driven growth sectors, including renewable energy, semiconductors, and consumer recovery, allowing investors to easily access multiple growth narratives [11]. - The "slow bull" market favors value over speculation, with funds leaning towards core assets supported by performance. Historical trends show that companies with stable return on equity (ROE) and sustainable profit growth tend to outperform [12]. - The Shenzhen 100 Index, with its favorable industry structure and reasonable valuations, is positioned as a high-quality choice for index-based investments, exemplified by the E Fund Shenzhen 100 ETF, which has a leading scale of 7.736 billion [12].

Group 1 - The technology sector has experienced a positive trend in the first five months of this year, driven by the DeepSeek and humanoid robot boom, with expectations for continued economic recovery in the second half of the year [1] - As of the end of May, the asset scale of broad-based ETFs in the A-share market reached 2.2 trillion yuan, a year-on-year increase of 77.42%, indicating a significant demand for broad-based index investments [1] - The launch of the Fuguo Shenzhen 100 ETF linked fund aims to provide a convenient tool for investors to access high-quality core broad-based investments in the Shenzhen market [1] Group 2 - The Fuguo Shenzhen 100 ETF linked fund plans to invest in the target ETF "Shenzhen 100 ETF Fuguo," closely tracking the Shenzhen 100 Index, which consists of the top 100 listed companies in terms of market capitalization and liquidity [2] - The Shenzhen 100 Index is primarily concentrated in emerging industries and consumer-related sectors, with major constituents including leading companies like BYD and CATL, aligning with China's high-quality economic development direction [2] - The index has shown robust profitability and a strong focus on R&D, with a projected revenue growth rate exceeding 20% year-on-year for 2025, indicating positive revenue expectations [2] Group 3 - Historically, the Shenzhen 100 Index has outperformed other mainstream broad-based indices, with a cumulative increase of 346.76% since its inception, significantly surpassing the performance of the CSI 300 and other indices [3] - As of June 10, the Shenzhen 100 Index's price-to-earnings ratio was 20.90, indicating a relatively low valuation compared to historical levels, enhancing its investment attractiveness [3] - The fund will be managed by Zhang Shengxian, Deputy Director of Quantitative Investment at Fuguo Fund, supported by a strong team with extensive experience in asset management and diverse product offerings [3]

Group 1 - Recent US-China tariff negotiations have achieved phased results, boosting market risk appetite and investor sentiment, leading to a consensus among domestic and foreign investors on the upward revaluation of Chinese assets [1] - The newly launched FuGuo ShenZhen 100 ETF Fund aims to meet the growing demand for broad-based index products, providing investors with a convenient tool to access core assets in the Shenzhen market [1][8] - The ShenZhen 100 Index, launched on January 24, 2006, consists of 100 large-cap stocks from the Shenzhen market, reflecting innovative and growth-oriented leading companies, with a balanced industry distribution [3] Group 2 - The ShenZhen 100 Index has shifted its top ten constituent stocks from traditional industries like real estate and banking to emerging sectors such as electric equipment and automobiles, aligning with China's economic transformation [3] - The index has a significant focus on emerging industries and consumer-related sectors, with TMT (Technology, Media, and Telecommunications) accounting for 26% and consumer sectors for 29% of the index [3] - The average market capitalization of the ShenZhen 100 Index constituents is 124.3 billion, with 70% of the weight in stocks valued over 100 billion, indicating a strong large-cap focus [4] Group 3 - The ShenZhen 100 Index has demonstrated superior long-term performance, with a cumulative increase of 344.90% since its inception, outperforming other major indices like CSI 300 and SSE 50 [5] - The index's constituents have shown stable profitability and a strong emphasis on R&D, with a projected revenue growth rate exceeding 20% for 2025 [6] - The current valuation of the ShenZhen 100 Index is at a historically low level, with a price-to-earnings ratio of 21.11, indicating potential for upward movement [6] Group 4 - The FuGuo ShenZhen 100 ETF Fund is managed by a seasoned team with extensive experience in quantitative investment, aiming to provide diverse asset allocation tools for investors [8]