Group 1 - The A-share market opened with mixed performance on June 24, with the Sci-Tech Innovation Index showing a strong opening [1] - The Tianhong Sci-Tech Innovation Index ETF (589860) rose by 0.86% as of the report, with constituent stocks like Zhongyou Technology increasing over 8% [1] - The Tianhong ETF has seen net inflows for two consecutive days, leading in net inflow days among similar products [1] Group 2 - The Sci-Tech Innovation Index ETF closely tracks the Sci-Tech Innovation Index (000680.SH), covering approximately 97% of the market capitalization in the Sci-Tech Innovation Board [1] - The index includes small-cap hard technology companies, showcasing strong representativeness and growth attributes [1] - Minsheng Securities highlights that the software revolution led by AI agents is at a pivotal point, with AI applications being a core theme for the future [1] Group 3 - Citic Securities notes that the external environment remains turbulent, leading to a preference for higher certainty in market investments [2] - The market is currently experiencing high emotional fluctuations, with a focus on sectors with potential earnings surprises and those at lower levels [2] - Recommended sectors include consumer electronics and semiconductor materials, which are expected to show potential earnings exceeding expectations [2]

Group 1 - The Shanghai Composite Index turned positive on May 26, with the Sci-Tech Innovation Index rising by 0.28%, driven by stocks like Kejie Intelligent and Zhongyou Technology, which saw significant gains [1] - The Tianhong Sci-Tech Innovation Index ETF (589860) reported a trading volume exceeding 48 million yuan and a turnover rate of over 5.7%, indicating active trading [1] - The Tianhong ETF experienced a net inflow of 14.73 million yuan on May 23, reflecting investor interest in the Sci-Tech Innovation Index [1] Group 2 - The overall profitability of companies listed on the Sci-Tech Innovation Board is continuously improving, with over 80% of these companies concentrated in high-tech and strategic emerging industries [2] - The average R&D investment of Sci-Tech Innovation Board companies reached 12.64% of their operating income in 2022, totaling 168.08 billion yuan, which is 2.5 times their net profit [2] - Companies with high R&D investment ratios are primarily found in sectors with high technical barriers and long R&D cycles, such as biomedicine, semiconductors, and artificial intelligence [2]