On November 26, Guohai Securities noted that by 2026, as PPI gradually recovers, A-share earnings expectations will improve, providing a favorable market environment. Over the next two months, the spring rally may start early, with growth stocks making a trend-driven comeback, and technology remaining the dominant theme. Currently, new productive forces, technological innovation, and industrial development are gaining momentum, while self-sufficiency efforts accelerate.
Policymakers have emphasized technological self-reliance in the new Five-Year Plan. CITIC Securities highlighted that "new productive forces" were included in the plenary framework for the first time. Zheshang Securities pointed out that under the priority of high-quality development, accelerating high-level technological self-reliance and fostering new productive forces will be the top policy focus.
Galaxy Securities stated that developing new productive forces is the primary task for the next Five-Year Plan amid accelerating shifts between old and new growth drivers. Amid rising external uncertainties, China’s push for technological self-reliance is becoming more urgent—investing in tech equates to betting on national strategic security. Companies with genuine technological barriers, aligned with national strategy, may emerge as key investment themes in A-shares. Industries tied to new productive forces could see breakthroughs and rapid growth, driving valuation and earnings upward.
Shenwan Hongyuan believes A-shares’ sustained breakout ultimately hinges on tech leadership. Guosen Securities noted that during rapid market rallies, leading sectors often align with dominant industries—such as "Internet+" in early 2015 and new energy vehicles in 2021. Looking ahead, tech remains the favored theme.
In today’s session (November 27), 双创龙头ETF (588330), a hard-tech broad-based ETF fully aligned with new productive forces, surged over 3% intraday, now up 1.93%, aiming for a third consecutive daily gain and reclaiming its 60-day moving average. Trading volume exceeded 50 million yuan, signaling strong bullish momentum.
Key performers included optical module leaders: Zhongji Innolight hit a record high, while Xinyisheng rose over 7% and TFC Optical surged nearly 3%. Semiconductor giants also rallied, with Hygon up over 5% and Cambricon gaining 3%. Solar leaders like Sungrow and Daqo Energy advanced nearly 3%.
**Investing in China’s "Nasdaq" via 双创龙头ETF (588330)** Key features of 双创龙头ETF (588330) and its feeder funds (Class A: 013317 / Class C: 013318): 1. **Cross-market diversification, 100% strategic emerging**: Tracks 50 top strategic emerging firms from STAR Market and ChiNext, spanning sectors like new energy, solar, optical modules, semiconductors, and medtech. 2. **Growth-focused "battle-ready" fund**: Captures China’s tech leaders amid global competition, as self-reliance gains urgency—positioned as China’s answer to Nasdaq. 3. **High-beta tool for tech rallies**: With a 20% daily price limit, it’s poised to lead rebounds. Lower entry barrier vs. direct stock investments—under 100 yuan at current prices. 4. **Hard-tech "small-cap king"**: Since April 8 lows, the index surged 78.78%, outpacing ChiNext (68.48%), STAR Composite (49.85%), and STAR 50 (42.29%).
*Data range: April 8, 2025 – November 26, 2025.* *Risk disclosure: Past performance doesn’t guarantee future results. Constituent stocks are illustrative, not investment advice. Fund risk rating: R4 (high-risk), suitable for aggressive investors (C4+).*
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