On April 28, the market experienced a full day of volatile adjustments, with the Shenzhen Component Index, the ChiNext Index, and the STAR 50 Index all falling over 1%. Against this backdrop, the ChinaAMC ChiNext 50 ETF (159949) declined by 1.77%, closing at 1.717 yuan. Its turnover rate reached 13.36%, with a trading volume of 2.999 billion yuan, ranking first among similar ETFs.
In terms of liquidity, as of April 28, the ChinaAMC ChiNext 50 ETF (159949) recorded a cumulative trading volume of 32.646 billion yuan over the past 20 trading days, averaging 1.632 billion yuan per day. Since the beginning of the year, over 75 trading days, its cumulative trading volume reached 112.931 billion yuan, averaging 1.506 billion yuan per day. As of April 27, 2026, the fund's AUM stood at 22.746 billion yuan.
The latest periodic report indicates that most of the ETF's top ten holdings experienced declines. These holdings include Contemporary Amperex Technology, Zhongji Innolight, Eoptolink Technology, East Money Information, Sungrow Power, Shenghong Technology, TFC Optical Communication, Inovance Technology, Mindray Medical, and Eve Energy Co., with their respective portfolio weightings detailed in the report.
Industrial Securities pointed out that while U.S. tech stocks are pricing in earnings and industry trends, reaching new highs consistently, crowding appears to be a primary concern for the domestic technology sector recently. The recent resurgence in alignment between Chinese and U.S. tech styles is not merely a short-term oversold rebound driven by eased geopolitical pressures, repaired liquidity expectations, and improved risk appetite. More crucially, it stems from a repricing of the growth logic following earnings verification, representing a more sustainable recovery driven by profits. Currently, overseas tech leaders continue to hit new highs, while the domestic TMT sector as a whole has not accumulated excessive excess returns, suggesting that the positive spillover from international counterparts will continue to bolster the domestic tech sector. However, considering market expectations and the pace of tech sector performance domestically and internationally, the ongoing diffusion within the tech sector towards less crowded areas might become a more sustainable structural trend in the near future. Regarding allocation, North American computing power remains the core segment with the strongest consensus on growth during the earnings season, and increased attention can be paid to lower-positioned areas within this theme. The domestic computing power and AI data center supply chain represent the most logical direction for diffusion, considering overseas parallels, domestic catalysts, and market expectations. Midstream and downstream software applications might present better opportunities after the earnings season, with initial focus recommended on the recovery of hardware segments exhibiting higher certainty in their growth prospects.
Huaan Securities stated that comments from prospective Fed Chair Kevin Warsh were slightly hawkish but indicated that the impact of balance sheet reduction would be offset by interest rate cuts to keep financing costs stable for businesses and households. Simultaneously, the U.S.-Iran-Israel conflict has not shown significant escalation risks, reducing external disturbances. The upcoming Politburo meeting in April is unlikely to introduce major incremental policies, but is expected to maintain a supportive tone, underpinning a stable market transition. Prior to the recent adjustment in main themes, the turnover rate for growth-style stocks and leading industries was only moderately high, not reaching previous peaks or new highs from this cycle. Based on historical patterns, the recent adjustments are likely just a minor short-term pullback. For allocation, firmly embracing the core AI hardware theme is advised, as any pullback presents a good entry opportunity. Within this, computing power and its supporting infrastructure, which have demonstrated excellent earnings delivery, should undoubtedly be the primary choice as the core of this industry growth cycle and are expected to significantly outperform other sectors. Additionally, areas with price increase potential, such as the energy storage chain, machinery equipment, memory, semiconductor equipment, and the defense sector, which often reflects sentiment on the ChiNext board, also warrant attention.
The ChinaAMC ChiNext 50 ETF (159949) provides a convenient tool for investors with a long-term positive outlook on China's technology and growth sectors. As of April 27, 2026, the fund has delivered a return of 79.09% over the past three years, outperforming its benchmark and ranking 130th among 1,707 similar products. Investors can trade this ETF directly through a stock trading account or participate via feeder funds (Class A: 160422; Class C: 160424; Class I: 022654; Class Y: 022976). For investment strategy, adopting a systematic investment plan or building positions in phases is recommended to smooth out short-term volatility, while closely monitoring the earnings performance of constituent stocks and relevant policy developments.
Risk Warning: Fund investments carry risks, and caution is advised. The ChiNext 50 ETF is a product with relatively high risk and return expectations, and its net asset value is closely linked to the performance of the ChiNext market. Investors should carefully read the fund's legal documents, assess their risk tolerance, and make investment decisions prudently.
A MACD golden cross signal has formed, indicating positive momentum for certain stocks.
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