PMI returns to expansion territory! The ChiNext 50 ETF Hu'an (159949) leads its peers with half-day trading of 825 million yuan. Institutions: The main theme of technology remains a high-elasticity direction.

On March 31, the market opened higher but then pulled back, with the three major indices all turning red, and the ChiNext Index falling more than 2%. Driven by this, the Hu’an (159949) ETF of the ChiNext 50 declined by 2.53%, closing at 1.505 yuan, with a turnover rate of 3.96%, and a half-day trading volume of 825 million yuan, ranking first among similar ETFs.

The latest report shows that most of the top ten holdings of the Hu’an (159949) ETF of the ChiNext 50 declined in the morning. By midday, CATL fell 1.94%, Zhongji Xuchuang dropped 4.85%, Xinyi Sheng declined 4.90%, East Money Information decreased 0.05%, Sungrow Power Supply fell 2.84%, Shenghong Technology dropped 2.32%, Inovance Technology rose 0.95%, Mindray Medical declined 1.97%, Tianfu Communication fell 5.15%, and EVE Energy dropped 8.68%.

On the news front, the National Bureau of Statistics and the China Federation of Logistics & Purchasing released China’s Manufacturing Purchasing Managers’ Index (PMI) for March. Data shows that the PMI for March was 50.4%, up 1.4 percentage points from the previous month, returning to expansion territory after two consecutive months below 50%, indicating an improvement in manufacturing sector prosperity. The non-manufacturing business activity index for March was 50.1%, up 0.6 percentage points from the previous month, rising month-on-month for two consecutive months.

Orient Securities believes that March is about to end, with a clear “initial suppression followed by recovery” trend. Looking ahead to April, the main theme will be a “slow bull gathering strength.” The Middle East situation has not yet calmed, and there may still be risks of escalation this week, making it difficult for market risk appetite to recover quickly. However, the pattern of external turmoil and internal stability remains unchanged, so there is no need to worry about out-of-control downside risks. The market may enter a phase of oscillation and consolidation around the Qingming Festival.

Shenwan Hongyuan Securities states that in the short term, global capital markets are still pricing in the geopolitical events involving the US and Iran, and it is not yet time to make heavy bets. A-shares are still in a medium- to long-term upward cycle, and profit-making effects are being disturbed, but this is only a pause after the “first phase of rise,” and a “second phase of rise” remains highly probable. During the interim correction between the two phases of rise, extending the tech main line and expanding macro narratives remain the main sources of high-elasticity investment opportunities. The strong tech sector before the US-Iran conflict, focusing on CPO, energy storage, and AI-powered electricity, still offers short-term opportunities. In the next stage, new energy and new energy vehicles may become new leading sectors, resonating with macro narratives and offering upward elasticity and profit diffusion.

The Hu’an (159949) ETF of the ChiNext 50 provides a convenient tool for long-term investors optimistic about China’s tech growth sector. The product has returned 51.80% over the past three years, outperforming the benchmark, ranking 137th among 1,680 similar products. Investors can trade this ETF directly through their stock accounts or participate via the linked funds (Class A: 160422; Class C: 160424; Class I: 022654; Class Y: 022976). It is recommended to adopt dollar-cost averaging or phased deployment to smooth short-term fluctuations and closely monitor the performance of constituent stocks and policy developments.

Risk reminder: Fund investment involves risks; please invest cautiously. The ChiNext 50 ETF is a higher-risk, higher-return fund product, with its net value closely linked to the ChiNext market. Investors should carefully read the fund’s legal documents, assess their risk tolerance, and make prudent investment decisions.

MACD golden cross signals have formed, and these stocks are showing good upward momentum!