ChiNext ETF Tianhe (159977) Underlying Index P/E Ratio Below Historical Median for Over Half of the Past Decade! Institutions: ChiNext Reform Expected to Inject New Momentum into Positive Cycle of Technology and Finance

In the market, both exchanges rebounded after hitting bottom, with the ChiNext Index declining. Regarding related ETFs, the ChiNext ETF Tianhong (159977) tracking index fell by 1.09% during trading, with a subscription of 18 million units; the trading volume reached 131 million yuan; turnover rate was 1.77%. Among the constituent stocks, companies like Kema Technology, Maiwei Shares, and Xinyi Sheng also declined.

The ChiNext ETF Tianhong (159977) tracks the ChiNext Index, which includes four high-growth sectors: “Pharmaceuticals + New Energy + Computing Power + Securities Firms.” It is expected to continue benefiting from anti-inflation measures, high prosperity in innovative drugs, and strong demand for AI computing power.

Over the past ten years, the price-to-earnings ratio of the ChiNext Index has been 41.544 times. Currently, its valuation is at the 45.36th percentile historically, indicating it is more cost-effective than 54.64% of past periods. This level shows a relatively moderate valuation, providing investors with a reasonable allocation window.

On the news front, according to Huatai Securities research reports, regulators have recently clarified plans to deepen reforms on the ChiNext, including adding more inclusive listing standards and optimizing refinancing mechanisms to attract more high-quality companies. Meanwhile, according to Caida Securities, signs of easing tensions in the Middle East have boosted market risk appetite, and external liquidity conditions have improved. Additionally, global demand for AI computing power continues to surge, with Broadcom’s latest earnings report reinforcing the long-term certainty of this trend. The domestic government work report also proposed implementing an “Artificial Intelligence+” initiative for the first time, providing clear policy support for related tech industries.

CITIC Construction Investment believes that deepening reforms on the ChiNext will establish more precise and inclusive listing standards, support the listing of new business models, and replicate the successful experience of the STAR Market. This is expected to optimize sector structure, enhance growth potential, and inject new momentum into the healthy cycle of technology and finance.

Daily Economic News