The growth style strengthened, with the ChiNext Growth ETF leading the broad-based gains

National Business Daily

2024-08-09 09:47Published on the official account of Sichuan Daily Economic News

The market opened collectively higher in early trading, with the Shanghai Composite Index up 0.44%, the ChiNext Index up 0.76%, the Growth Index up 1.37%, and the STAR 50 Index up 1.00%. In terms of industries, electronics, non-ferrous metals, and communications led the gains, while commerce and retail, agriculture, forestry, animal husbandry and fishery, and media industries were among the top in adjustment.

The latest price of the ChiNext Growth ETF (159967), which tracks the Growth Index, was 0.373 yuan, up 1.36%, with a turnover of 0.06 billion yuan, which performed better than the ChiNext index. Holding stocks Tianfu Communication rose 3.92%, Victory Giant Technology rose 3.89%, and Zhongji Innolight rose 3.27%, leading the gainers.

The Growth Index is a strategic index in the GEM, which selects leading stocks with good growth ability and high activity in the GEM to build a portfolio, and the style is biased towards the growth of the broader market. Looking back at historical data, after the market fell out of the stage low in April 2022, it launched a two-month rebound, during which the CSI 300 Index rebounded by 17.42%, the ChiNext Index rebounded by 32.51%, and the ChiNext Growth ETF (159967) rebounded by 42.42%, which was significantly higher than the increase of the broad-based index in the same period.

At present, after continuous market adjustment, the price-earnings ratio of the Growth Index has dropped from 104.7, the highest in the past five years, to 24.6, which is located at the 1.28% quantile in the past five years, and has a high valuation cost performance.

National Business Daily

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