On December 24, China's A-share market rose steadily, with the Shanghai Composite Index marking its sixth consecutive gain and the ChiNext Index climbing 0.77%. Sectors such as commercial aerospace, computing hardware, and Fujian-related stocks outperformed. Driven by this momentum, the ChiNext 50 ETF (159949) rose 0.59% to close at 1.539 yuan, with a turnover rate of 5.05% and trading volume reaching 13.77 billion yuan—ranking first among similar ETFs.
In terms of capital flows, the ChiNext 50 ETF (159949) recorded net inflows of 333 million yuan over the past 20 trading days and 880 million yuan in the last five sessions. As of December 24, its cumulative trading volume stood at 322.13 billion yuan over 20 days, averaging 16.11 billion yuan daily. Year-to-date, the ETF has seen total turnover of 347.91 billion yuan across 238 trading days, averaging 14.62 billion yuan daily.
Institutional outlooks on market trends: Huang Hongwei, Macro Strategy Director at Chasing Securities Research & Development Center, noted that as November economic data and overseas central bank rate decisions settled, macroeconomic factors' market impact has waned while liquidity and risk appetite gained prominence. Coupled with domestic policy tailwinds, A-shares may gradually enter a "spring rally," prompting investors to increase risk exposure with focus on tech growth sectors.
Debon Securities highlighted expectations for A-shares' slow-but-steady rise in 2026, supported by policy support for capital markets, sustained inflows of long-term "anchor" funds, and structural economic strengths. Sector differentiation could further stabilize indices, with tech growth remaining the dominant theme—the "sharpest spear"—as AI, computing power, and other hard-tech fields lead under China's tech self-reliance strategy and global AI trends.
UBS Securities China Equity Strategist Meng Lei observed that while short-term factors recently caused A-share corrections, these concerns shouldn't derail mid-term valuation growth, with global tech stocks poised for further gains in 2026. Recent overcrowding in tech trades has eased. Strategically, "growth" may outperform "value," "cyclicals" could beat "defensives," and large/small caps may balance. Key 2026 themes include tech independence, selective anti-involution sectors, Chinese firms' global competitiveness, and consumption opportunities as corporate profit acceleration boosts household income.
Launched on June 30, 2016, the ChiNext 50 ETF (159949) has delivered 52.76% returns over three years, outperforming its benchmark and ranking 292nd among 1,609 peers. With 271.86 billion yuan in assets under management (as of December 23, 2025) and managed by Xu Zhiyan, it offers investors efficient exposure to China's tech growth sector. The ETF is tradable via stock accounts or linked funds (Class A: 160422; C: 160424; I: 022654; Y: 022976). Investors may consider dollar-cost averaging or phased positions to mitigate volatility while monitoring component earnings and policy developments.
Risk Disclosure: Fund investments carry risks. The ChiNext 50 ETF involves higher risk/reward potential as its performance closely tracks the ChiNext market. Investors should review fund documents, assess risk tolerance, and make prudent decisions.
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