On February 3, A-shares surged higher in early trading before pulling back, then oscillated and climbed once more. The three major indices briefly dipped into negative territory, with the ChiNext Index rising 0.76% by the midday break. Against this backdrop, the ChiNext 50 ETF (159949) advanced 0.52% to 1.547 yuan, recording a turnover rate of 4.70% and a trading volume reaching 11.11 billion yuan during the morning session, ranking first among similar benchmark ETFs.
According to the latest quarterly report, the top ten heavyweight stocks of the ChiNext 50 ETF (159949) showed divergent performances in early trading. By the midday break, Contemporary Amperex Technology Co., Limited fell 1.04%, Zhongji Innolight dropped 1.06%, Eoptolink Technology declined 4.13%, while East Money Information rose 0.27%. Sungrow Power Supply dipped 0.17%, Shennan Circuits dropped 1.85%, Inovance Technology edged down 0.24%, whereas Mindray Medical International gained 0.49%. TFC Optical Communication surged 9.14%, and EVE Energy Co. decreased 0.54%.
On the news front, the National Development and Reform Commission and the National Energy Administration recently jointly issued the "Notice on Improving the Capacity Pricing Mechanism for the Generation Side" (NDRC Price [2024] No. 114), which for the first time proposes a national capacity pricing mechanism specifically for new types of energy storage. This policy includes grid-side independent new energy storage within the scope of capacity price compensation, shifting the revenue model from a single energy trading basis to a "capacity price + spot arbitrage" structure. It is anticipated that the demand for grid-side energy storage installations will see sustained growth during 2026-2027. Following the clarification of the capacity pricing mechanism, the projected internal rate of return (IRR) for projects is expected to increase from the previous 6%-8% to 12%-15%, potentially accelerating the final investment decisions and deployment of energy storage projects. The market widely believes that the implementation of the capacity pricing mechanism will effectively stimulate investment enthusiasm for grid-side independent energy storage projects, with demand expected to be unleashed across the entire industrial chain, from energy storage batteries and system integration to core components and operational services.
Furthermore, sodium-ion batteries, leveraging their advantages such as good low-temperature performance, high safety, and significant cost potential, have been steadily penetrating markets including energy storage, two-wheeled vehicles, and start-stop power sources in recent years. Industry analysis predicts that sodium-ion batteries will substitute for or complement lead-acid batteries and some lithium-ion batteries in multiple scenarios, with 2026 potentially being a critical milestone for their commercial-scale deployment.
China Merchants Securities pointed out that February includes the Spring Festival holiday, and market activity might decline before the holiday due to a lack of clear catalysts. After the holiday, as the "Two Sessions" approach, policy catalysts are expected to accelerate, potentially leading to a recovery in index performance. Fundamentally, January and February fall within a data vacuum period; the trend of earnings improvement driven by marginal changes at the industry level remains a key market focus. Sectors benefiting from pro-cyclical price increases and the AI industrial chain, represented by semiconductors and optical modules, are still seen as areas of high景气度 (prosperity).
The ChiNext 50 ETF (159949) tracks the ChiNext 50 Index. This index selects 50 stocks from the ChiNext market that are large in scale, highly liquid, and characteristic of technology and growth, reflecting the price trends of core assets within the ChiNext board. The product has delivered a three-year return rate of 34.36%, outperforming its performance benchmark and ranking 427th among 1,634 similar products. Investors can trade this ETF directly through a stock trading account or gain exposure through its feeder funds (Class A: 160422; Class C: 160424; Class I: 022654; Class Y: 022976). Adopting a dollar-cost averaging or phased investment approach is recommended to mitigate short-term volatility risks, while closely monitoring the earnings realization progress of the constituent stocks and relevant policy developments.
Risk Warning: Fund investments carry risks, and investing requires caution. The ChiNext 50 ETF is a fund product characterized by relatively high risk and high expected returns; its net asset value performance is closely linked to the ChiNext market. Investors should carefully read the fund's legal documents, assess their own risk tolerance, and make investment decisions prudently.
A MACD golden cross signal has formed, and these stocks are performing well!
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