兴业证券观点认为，近期市场波动加大、行业轮动加快，市场再度到了一个较为混乱、缺乏主线方向的 阶段。参考历史经验，每年5月中下旬至6月份通常是行业轮动收敛的时间，随后，主线有望逐步聚焦、 风格特征更加明显。往后看，市场或将孕育出新一轮的结构性主线，行情再度偏向科技成长。 对于没有股票账户的投资者，可以通过创业板ETF广发（159952）的场外联接基金（A类003765，C类 003766，F类021739）进行布局，其F份额0申购费、持有7天0赎回费、销售服务费低至0.01%。 （文章来源：每日经济新闻） 5月26日，A股三大指数集体低开，创业板指震荡明显，开盘跌近0.9%。相关ETF交投活跃，截至11 点，综合费率仅0.20%的创业板ETF广发（159952）成交额超3800万元，交投较前一交易日此时显著放 量，成交额居同类前2。 创业板ETF广发（159952）跟踪创业板指数，其最新规模97亿元，居同类前二，流动性充沛；该基金实 行20%涨跌幅机制，交易弹性优于传统宽基指数；其管理费率0.15%、托管费率0.05%的费率结构处于行 业最低档。凭借其鲜明的成长属性和成本优势，创业板ETF广发（159952）成 ...

Group 1 - The core viewpoint indicates that the fundamentals of the ChiNext board are improving, with valuation levels entering historically low ranges, highlighting significant investment value [1] - According to Shenwan Hongyuan's latest research, the revenue and net profit growth rates of A-shares have both turned positive, with the ChiNext board showing particularly strong performance [1] - In Q1 2025, the non-recurring net profit growth rate of the ChiNext board increased significantly by 28.8 percentage points, turning from negative to 17.4%, while revenue growth also improved by 5.3 percentage points to 7.9%, demonstrating strong profit recovery capabilities [1] Group 2 - The ChiNext index comprises core assets from emerging industries and high-tech enterprises, with a notable growth profile [1] - The industry distribution shows that the three high-growth sectors—power equipment, pharmaceuticals, and electronics—account for approximately 56% of the index, with power equipment at 30.9%, pharmaceuticals at 13.5%, and electronics at 11.7%, reflecting the index's coverage of strategic emerging industries [1] - As of May 14, the ChiNext index's price-to-earnings ratio is 31 times, which is at a historically low 11% percentile level, indicating significant investment cost-effectiveness [1] Group 3 - The ChiNext ETF by Guangfa (159952) closely tracks this index, providing an efficient tool for investors to capitalize on ChiNext opportunities due to its growth attributes and cost advantages [2] - The latest scale of the ETF exceeds 10 billion yuan, ranking among the top two in its category, with ample liquidity [2] - The ETF has a 20% price fluctuation mechanism, offering better trading elasticity compared to traditional broad-based indices, and features a low management fee rate of 0.15% and a custody fee of 0.05%, significantly reducing long-term holding costs for investors [2] Group 4 - According to Everbright Securities, the current valuation of the A-share market is near the average since 2010, and with proactive policy measures, incremental funds from medium to long-term investors may continue to flow into the market, potentially supporting a bullish trend [2] - For investors without stock accounts, the ChiNext ETF can be accessed through off-market connection funds, which offer low fees and flexible redemption options [2]

Group 1 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity to the market, along with a 0.1 percentage point decrease in policy interest rates [1] - Following the announcement, the A-share market experienced a comprehensive rebound, with all three major indices rising, particularly the ChiNext Index, which saw an intraday increase of over 2% [1] - The Guangfa ChiNext ETF (159952), with a management fee rate of only 0.15%, was actively traded, attracting significant capital interest, with net purchases exceeding 15 million units and a total scale surpassing 9.8 billion yuan [1] Group 2 - The ChiNext ETF closely tracks the ChiNext Index, characterized by high growth and elasticity, with the latest price-to-earnings ratio (TTM) at 29.7 times, placing it at a historically low valuation percentile of 9.6% since its inception in 2010 [1] - The top three sectors in the ChiNext Index, focusing on new productivity, are power equipment (31%), pharmaceuticals and biology (14%), and electronics (12%), indicating a significant growth style [1] - For investors without stock accounts, the Guangfa ChiNext ETF can be accessed through its off-market connection funds, which offer low fees and no subscription or redemption fees for certain classes [2]