西部利得创业板综合ETF（场内159295，场外联接025461/025462），创新引擎，成长高地。 国产算力、通信设备、人工智能······今年以来，"科技"成为资管行业当之无愧的高频词。然而，科技板块因为覆盖众多细分子行业，个股 研究难度较高，很多人可能更倾向于投资指数。站在当下，如何通过指数投资分享中国高科技企业的成长红利？以"三创四新"①为定位的 创业板相关指数开始进入越来越多投资者的视野，而其中，创业板综又以其独特的特点，吸引着大家的注意力。 创业板综，更全面的创业板指数 对于想要享受中国创新成长型企业发展红利的投资者来说，关注创业板宽基指数或许是个不错的投资机会。目前，创业板相关宽基指数主 要有三个，分别是创业板指数、创业板50指数以及创业板综合指数。 其中，创业板指数是深交所多层次资本市场的核心指数之一，由具代表性的100家创业板上市企业股票组成，较能反映创业板市场的运行 情况。创业板指数中，新兴产业、高新技术企业占比高，成长性突出。 数据来源：WIND，统计区间：2024/9/24-2025/12/22。创业板综合指数近5年（2020年-2024年）完整年度以及成立以来涨跌幅分别为： 47. ...

西部利得创业板综合 ETF （场内 159295 ，场外联接 025461/025462 ），创新引擎，成长高 地。 国产算力、通信设备、人工智能······今年以来， " 科技 " 成为资管行业当之无愧的高频词。然 而，科技板块因为覆盖众多细分子行业，个股研究难度较高，很多人可能更倾向于投资指数。站在当 下，如何通过指数投资分享中国高科技企业的成长红利？以 " 三创四新 " ① 为定位的创业板相关指 数开始进入越来越多投资者的视野，而其中，创业板综又以其独特的特点，吸引着大家的注意力。 数据来源： WIND ，统计区间： 2024/9/24-2025/12/22 。创业板综合指数近 5 年（ 2020 年 -2024 年）完整年 度以及成立以来涨跌幅分别为： 47.85% 、 17.93% 、 -26.77% 、 -5.41% 、 9.63% 、 285.9% 。该指数历史业 绩不预示未来业绩表现更不是具体基金业绩的保证，不代表投资者在任何时点均可获得相应的投资收益，基金投资须谨 慎。 定位 " 三创四新 " ，聚焦创新与成长 创业板综，更全面的创业板指数 对于想要享受中国创新成长型企业发展红利的投资者来说 ...

Core Insights - Two stock ETFs have recently announced their listing, with aerospace stocks holding a position of 24.05% and the Xinyuan CSI 800 Dividend Low Volatility ETF at 19.25% [1] - In the past month, 22 stock ETFs have announced their listings, with an average position of only 31.88%. The highest position is held by the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF at 98.80% [1][2] - The average fundraising for the newly announced ETFs is 421 million shares, with the leading funds being the GF CSI Satellite Industry ETF, the CMB National Index Hong Kong Stock Connect Technology ETF, and the Huaan National Index Hong Kong Stock Connect Consumer Theme ETF, with shares of 1.171 billion, 935 million, and 639 million respectively [1] ETF Positioning - The average institutional investor holding is 15.39%, with the highest proportions in the Penghua Hong Kong Stock Connect Low Dividend ETF (97.57%), the Fortune Creation Board New Energy ETF (66.53%), and the Harvest Hang Seng Index Hong Kong Stock Connect ETF (59.52%) [2] - The lowest institutional holding proportions are found in the Southern CSI Hong Kong Stock Connect 50 ETF (0.57%), the GF CSI Satellite Industry ETF (1.31%), and the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF (2.20%) [2] Fund Details - The newly listed ETFs include the Aerospace ETF with a position of 24.05%, the Guoshou Anbao CSI A500 Dividend Low Volatility ETF at 0.00%, and the Xinyuan CSI 800 Dividend Low Volatility ETF at 19.25% [2][3] - Other notable ETFs include the CMB National Index Hong Kong Stock Connect Technology ETF with a position of 31.14%, and the Boshi Securities Company ETF at 70.09% [2][3] - The Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF has the highest position at 98.80%, indicating a strong focus on state-owned enterprises [3]

Core Insights - Two stock ETFs have recently announced their listing, with the latest positions showing a stock allocation of 70.09% for Bosera Securities Company ETF and 14.37% for Western Li De Growth Enterprise Comprehensive ETF [1] - A total of 18 stock ETFs have announced listings in October, with an average allocation of only 34.83%. The highest allocation is 98.80% for the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF [1][2] - The average fundraising for the newly announced ETFs in October is 413 million shares, with the largest being the GF CSI Satellite Industry ETF at 1.171 billion shares [1] ETF Allocation and Holdings - The ETFs with the highest stock allocations include: - Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF: 98.80% - Qianhai Kaiyuan CSI Private Enterprises 300 ETF: 82.97% - Fu Guo Growth Enterprise New Energy ETF: 71.45% - Bosera Securities Company ETF: 70.09% [1][3] - The ETFs with the lowest stock allocations include: - Penghua CSI Financial Technology Theme ETF: 0.00% - E Fund SSE 580 ETF: 11.61% - E Fund Hang Seng Biotechnology ETF: 11.82% [1] Institutional Investor Holdings - The average proportion of shares held by institutional investors is 16.25%, with the highest being: - Penghua Hong Kong Stock Connect Low Volatility Dividend ETF: 97.57% - Fu Guo Growth Enterprise New Energy ETF: 66.53% - Jiashi Hang Seng Index Hong Kong Stock Connect ETF: 59.52% [2] - The ETFs with the lowest institutional investor holdings include: - Southern CSI Hong Kong Stock Connect 50 ETF: 0.57% - GF CSI Satellite Industry ETF: 1.31% - Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF: 2.20% [2]

Core Viewpoint - Western Asset Management has re-launched its ETF product line after more than four years, introducing the Western Asset Growth Enterprise Comprehensive ETF, driven by market opportunities, strategic positioning, and capability alignment [1][7]. Group 1: ETF Product Launch - The company launched its first ETF product in 2020 and its second in 2021, now introducing the third ETF focused on the growth enterprise sector [1]. - The new ETF aims to capture high-growth companies' value dividends, providing greater return elasticity and long-term investment value [6]. Group 2: Strategic Focus - The company plans to focus on high-growth sectors, innovative product forms, and enhanced technological empowerment to build an asset allocation ecosystem [8]. - The ETF business is seen as a key driver for connecting with investors and expanding the asset allocation landscape [8]. Group 3: Market Environment and Opportunities - Despite short-term market volatility, the core logic driving the growth of the growth enterprise sector remains unchanged, supported by improved liquidity, industry breakthroughs, and enhanced funding aggregation effects [7]. - The comprehensive index of the growth enterprise sector covers 28 primary industries, allowing for risk diversification and potential growth during sector pullbacks [6]. Group 4: Team and Operational Structure - The ETF team consists of experienced professionals, including the ETF investment department manager and two fund managers, ensuring continuous business operation through a "day-and-night relay" collaboration mechanism [9]. - This operational model enhances the efficiency of ETF management while systematically controlling operational risks [9]. Group 5: Future Development Plans - The ETF team aims to accelerate product line expansion, focusing on thematic ETFs, cross-border ETFs, and strategy-based ETFs to create a diversified product matrix [10]. - The team will prioritize recruiting professionals with strong index research backgrounds to complement individual strengths and enhance capabilities [10].

Core Viewpoint - Western Asset Management has re-launched its ETF product line with the introduction of the Western Asset Management Comprehensive ETF, focusing on high-growth sectors and innovative product forms to become a trusted passive investment expert for investors [1][3]. Group 1: ETF Product Launch - The company has launched its third ETF product, the Western Asset Management Comprehensive ETF, after a four-year hiatus, alongside an off-market linked fund [1]. - The new ETF is based on the comprehensive index of the ChiNext market, which has shown stable long-term returns and is well-suited for capturing high-growth companies [2]. Group 2: Strategic Focus and Market Conditions - The strategic focus for the ETF business includes high-growth sectors, innovative product forms, and enhanced technological empowerment, aiming for a leap from scale chasing to value leadership [3][7]. - Current market conditions, including structural improvement in earnings and a recovering credit cycle, present investment opportunities in A-shares [2][3]. Group 3: Operational and Team Structure - The company has established a comprehensive ecosystem covering the entire business chain for ETF operations, including strategic support and diverse sales channels [4]. - The ETF team operates under a "day and night relay" mechanism to ensure continuous business operations, with responsibilities divided between real-time market monitoring and in-depth strategy research [6]. Group 4: Future Development Directions - The ETF team plans to expand its product line to include thematic ETFs, cross-border ETFs, and strategy-based ETFs, aiming to create a diversified product matrix [7]. - Talent acquisition will prioritize professionals with strong index research backgrounds to enhance capabilities and foster mutual empowerment [7].

Core Viewpoint - Western Asset Management has re-launched its ETF product line with the introduction of the Western Asset Comprehensive ETF, focusing on high-growth sectors and innovative product forms to become a trusted passive investment expert for investors [1][3]. Group 1: ETF Product Launch - The company has launched its third ETF product, the Western Asset Comprehensive ETF, after a four-year hiatus, building on the foundation of its previous ETF offerings [1]. - The new ETF aims to capture the long-term value of the ChiNext market, which has shown robust performance over a 15-year market cycle [2]. Group 2: Market Strategy and Positioning - The decision to re-enter the ETF market is based on a confluence of market opportunities, strategic positioning, and capability alignment [1][3]. - The company plans to focus on high-growth sectors, innovative product forms, and enhanced technological capabilities to build an asset allocation ecosystem [3]. Group 3: Investment Environment - The current market environment presents opportunities due to structural improvements in profitability and a recovering credit cycle, despite short-term volatility in the domestic equity market [2]. - The core logic driving the growth of the ChiNext remains unchanged, supported by improved liquidity, industry breakthroughs, regulatory reforms, and enhanced capital aggregation effects [2]. Group 4: Team and Operational Structure - The ETF team has been restructured to ensure continuous business operations, utilizing a "day-night relay" collaboration mechanism for effective management [4]. - The team is focused on expanding the product line to include thematic ETFs, cross-border ETFs, and strategy-based ETFs, while prioritizing the recruitment of professionals with strong index research backgrounds [5].