On April 10, the China Securities Regulatory Commission issued the "Opinions on Deepening ChiNext Board Reform to Better Serve the Development of New Quality Productive Forces," adding a fourth set of listing standards. Xinhua News Agency noted that the ChiNext Board is intensifying its focus on innovation, marking another step forward in the capital market's inclusive reforms.
Since its launch in 2009, the ChiNext Board's high-growth trajectory has been evident, with the ChiNext Index surging 50% in 2025, ranking among the top global benchmark indices. On April 10, 2026, a professional conference focusing on the ChiNext Board's high-quality development and innovative growth investment opportunities was held in Wuhan. Titled "Creating the Future, Embarking on a New Journey," the Shenzhen Stock Exchange ChiNext Board ETF China Tour—ETF Lecture Hall (Wuhan Stop)—was successfully organized by the Shenzhen Stock Exchange Fund Management Department, Shenzhen Securities Information Co., Ltd., and HuaBao Fund.
Amid China's economic transformation from old to new growth drivers, the ChiNext Board has become a vital capital market platform supporting high-quality innovative enterprises, with its investment value increasingly prominent. The ChiNext index system has also grown more diverse. The event attracted over 300 participants, with representatives from the Shenzhen Stock Exchange, HuaBao Fund, and Guosen Securities providing multidimensional insights into the ChiNext Board's layered investment opportunities and robust growth momentum. The conference also emphasized the collective effort to build a healthy ecosystem for index-based investing.
Index investing on the ChiNext Board is facing multiple opportunities. Mr. Zhou Hui, Chairman of Shenzhen Securities Information Co., Ltd., delivered an opening speech, highlighting that amid deepening ChiNext reforms, more high-quality listed companies are expected to join the board, creating rare policy, market, and reform opportunities for index investing. Since 2025, the Shenzhen Stock Exchange and Shenzhen Securities Information have continuously organized the "ChiNext Board ETF China Tour" to help investors understand and recognize the ChiNext Board, enabling them to efficiently use ETF tools to benefit from its role in technological innovation, industrial upgrading, and real economic development.
Mr. Zhou pointed out that high-tech firms account for nearly 90% of the ChiNext Board's market capitalization, with about 70% of companies belonging to strategic emerging industries, reflecting the direction of new quality productive forces. The ChiNext index system has expanded significantly, offering diverse investment options. Since the ChiNext Index's launch in 2010, 43 "Chuang Series" indices have been introduced, forming a multi-layered system covering broad-based, sector-themed, and strategic styles. He emphasized that the high-quality development of "Chuang Series" indices and products relies on ecosystem building, calling for collaborative efforts to create a robust index investment ecosystem.
HuaBao Fund has developed a multi-dimensional and distinctive ETF matrix. Mr. Xiang Hui, CEO of HuaBao Fund, stated that the Shenzhen Stock Exchange's ChiNext Board has become one of the world's most dynamic markets. The index's strong performance is linked to its focus on "driving new quality productive forces through technological innovation," attracting numerous high-tech and strategic emerging industry players. The board has also effectively integrated with the global AI technology revolution.
Mr. Xiang noted that HuaBao Fund has grown into a comprehensive asset management firm with diverse business lines and strength in ETFs, ranking among the top ten in equity ETF management scale. The company has built a well-rounded product layout across sectors like technology/AI, broad-based indices, consumer/healthcare, dividend/cash flow, and non-ferrous metals/cyclicals, featuring several ETFs with over 10 billion yuan in assets. Notable ETFs leading their niches include those focused on ChiNext AI, fintech, and Hong Kong Stock Connect information technology. The ChiNext AI ETF (159363), developed with Guozheng Index, had a scale of 6.025 billion yuan as of April 9, 2026, with an average daily turnover of 600 million yuan over the past year, making it the largest and most liquid AI-themed ETF in the A-share market. In 2025, this ETF generated 1.724 billion yuan in profits for holders.
Mr. Xiang thanked participants for their long-standing support and expressed HuaBao Fund's commitment to collaboration, helping investors preserve and grow wealth through diversified asset allocation.
The ChiNext Board's broad-based and thematic strategy index system showcases high-growth characteristics. Ms. Wang Yixuan, head of the Guozheng Index Institution Group at Shenzhen Securities Information, provided an overview of the ChiNext index system and related investment opportunities.
Ms. Wang stated that as of March 31, 2026, the ChiNext Board had 1,395 listed companies with a total market capitalization of nearly 18 trillion yuan, a 127-fold increase since its 2009 launch. Shifts in sector market caps reflect economic transformation trends, highlighting the board's "high-growth, high-innovation" features. She introduced the broad-based and thematic strategy index systems: over 40 "Chuang Series" indices have been developed based on the ChiNext market, covering broad-based, thematic, strategic, and ESG categories, with more than 160 index-tracking funds totaling over 200 billion yuan in assets. The ChiNext Index is a benchmark for innovation and growth, offering high returns and volatility, with strong long-term allocation value, while the ChiNext 50 is seen as an innovation flagship. The board has formed cluster effects in AI, robotics, new energy, fintech, and biopharma, with 23 thematic indices launched and 33 index funds authorized, totaling about 26 billion yuan in assets. These form the board's competitive niches, laying a solid foundation for index investing.
The shift from old to new growth drivers favors the revaluation of Chinese assets. Mr. Xun Yugen, Chief Economist at Guosen Securities, cited historical A-share rallies during economic transitions to underscore the vitality of China's economy and the ChiNext Board. He predicted a shift in growth drivers during the "15th Five-Year Plan" period, with "Made in China" sectors like robotics gaining traction. Successful economic transformation, coupled with industrial upgrading fundamentals and global asset allocation flows, could drive a revaluation of Chinese assets.
Mr. Xun noted that the ChiNext Board has high smart manufacturing content and strong growth potential, but its PE ratio is at the 29th percentile historically, lower than major global indices. He advised leveraging compound interest and patience when investing in high-growth opportunities. He highlighted that China's AI revolution is entering the "1-N" application phase, with the "three new" economy—new industries, new business forms, and new models—approaching the GDP share of the real estate chain. He also cautioned about market disruptions from high U.S. stock valuations and rapid capital expenditure growth by AI giants.
Investment opportunities in ChiNext AI were explored through "computing power + applications." HuaBao Fund's ChiNext AI ETF (159363) has performed strongly since inception, becoming the largest and most liquid AI-themed ETF in the innovation board segment. Fund manager Cao Xuchen shared insights on AI industry trends and investment strategies.
Mr. Cao stated that as of March 31, 2026, the ChiNext AI Index's components comprised 70.8% computing power and 29.2% application stocks. Within computing power, optical communication and data transmission are core beneficiaries of overseas trends, offering high certainty, while computing infrastructure benefits from liquid cooling adoption, ensuring earnings growth.
Analyzing AI industry dynamics, Mr. Cao noted that rapid iteration drives computing power cycles, while large models resemble internet giants in a new era. After significant gains in 2025, leading chip and optical module firms are consolidating, but mid-to-downstream companies may present opportunities. Under the principle of cyclicality, the AI industry's mid-to-downstream segments could be approaching an "investment sweet spot." He also pointed out that overseas Nvidia stock price trends often lead the ChiNext AI ETF (159363), which may be poised for a breakout.
The event featured a roundtable discussion titled "Broad-Based, Diversified Allocation—Sharing ChiNext's Tech Growth," with participants from HuaBao Fund, Shenzhen Securities Information, Shenwan Hongyuan Securities, and Orient Securities delving into ChiNext market development, investment opportunities, and ETF allocation strategies.
Panelists highlighted that Guozheng Index employs triple mechanisms—ESG screening, component weighting, and monthly risk alerts—to ensure quality in ChiNext indices. The board's distinct "three innovations and four new" features, such as the pharmaceutical sector's "innovation" and "global expansion," support high-quality development, with strong corporate fundamentals underpinning investment value. ETFs can use quantitative multi-factor enhancement strategies, focusing on fundamentals with technical support, to reduce volatility and seek stable, cost-effective excess returns. From an asset allocation perspective, investors can build "core + satellite" portfolios using ChiNext broad-based, sector/thematic, and enhanced ETFs to balance returns, risks, and liquidity.
The success of the "ChiNext Board ETF China Tour—Wuhan Stop" demonstrated that after over a decade of development, the ChiNext Board has become a hub for high-growth enterprises, a source of innovation, and a mainstay for private enterprise quality development, with increasing investment appeal. The "Chuang Series" indices, amid a maturing index investment ecosystem, will cultivate index investing habits among institutions and clients, enabling deep and efficient engagement with high-growth, innovative opportunities.
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Special reminder: Recent market volatility may be high; short-term gains/losses do not indicate future performance. Investors should invest rationally based on their financial situation and risk tolerance, with emphasis on position and risk management.
Note: Wind data shows the ChiNext Index rose 49.57% in 2025. As of April 9, 2026, HuaBao ChiNext AI ETF's size was 6.025 billion yuan, with an average daily turnover of 599 million yuan over the past year, making it the largest and most liquid AI-themed ETF in the A-share innovation board segment. The ETF's 2025 profit data is from its annual report. As of March 31, 2026, HuaBao Fintech ETF's size was 7.331 billion yuan, ranking first among thematic ETFs; HuaBao Hong Kong Stock Connect IT ETF's size was 495 million yuan, being the first ETF tracking the CSI Hong Kong Stock Connect IT Index.
Risk提示: HuaBao ChiNext AI ETF is issued and managed by HuaBao Fund; distributors are not responsible for investment, redemption, or risk management. Investors should read the fund合同, prospectus, and summary to understand risks and choose suitable products. Past performance does not indicate future results; invest cautiously. Per HuaBao Fund's assessment, HuaBao Fintech ETF is risk等级 R3-medium, suitable for balanced (C3) and above investors; HuaBao ChiNext AI ETF and Hong Kong Stock Connect IT ETF are R4-medium-high risk, suitable for aggressive (C4) and above investors. Suitability opinions are distributor-specific. Distributors (including the manager) assess fund risks per regulations; investors should heed the manager's suitability views. Distributor risk ratings may differ but cannot be lower than the manager's. Fund合同 risk profiles may vary due to different factors. Investors should understand risks and choose funds based on goals, horizon, experience, and risk tolerance. CSRC registration does not guarantee fund value, prospects, or returns. Past performance does not predict future results; other fund performance does not guarantee this fund's results. Invest cautiously.
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