An event focused on the ChiNext ETF series was successfully held in Dongguan from July 2nd to 3rd. The event, themed "Gathering Momentum in the Greater Bay Area, Soaring with the ChiNext Board," facilitated in-depth discussions through site visits to constituent companies and a specialized investment forum. Representatives from the Shenzhen Stock Exchange, GF Fund Management, the Dongguan Securities and Futures Association, Dongguan Securities, and Sinolink Securities gathered with investors to explore new investment opportunities in the ChiNext board within the Greater Bay Area.
Visiting Constituent Companies: On the Ground with Sharetronic Data and Longsys Electronics
The first day of the event featured a site visit to Sharetronic Data Technology Co.,Ltd. (SHE: 300857) in Shenzhen. As a constituent of the ChiNext index, the company has established a comprehensive strategic layout encompassing computing, connectivity, and storage. Its compound annual growth rate for net profit attributable to shareholders is projected to be nearly 60% from 2023 to 2025, with revenue from computing services in 2025 expected to surge by over 17 times year-on-year. For the first quarter of 2026, the company reported a net profit attributable to shareholders of 7.5 billion yuan, approaching the total for the entire previous year.
During the subsequent discussion, Liu Jie, Assistant General Manager of the Index Investment Department at GF Fund Management and fund manager for the GF ChiNext ETF, noted that the ChiNext Index covers core sectors like new energy, optical modules, semiconductors, and biomedicine, with valuations currently around the 66th percentile compared to the past decade. He pointed out that while the AI industry maintains high growth potential, it faces significant short-term volatility, making balanced portfolio allocation a strategy to capture opportunities while smoothing out fluctuations. Sinolink Securities analyst Zheng Yuanhao suggested that the supply-demand gap in computing power will be difficult to close in the short to medium term. From the demand side, capital expenditures from North American cloud providers are expected to increase further in 2026, coupled with additional investment from the potential IPOs of companies like Anthropic and OpenAI, indicating sustained rapid growth in demand. On the supply side, the expansion pace of advanced semiconductor manufacturing capacity continues to lag behind the growth rate of computing power demand, suggesting a persistent gap that will support leasing prices and industry prosperity.
In the afternoon, participants visited Shenzhen Longsys Electronics Co.,Ltd. (SHE: 301308) in Zhongshan and toured a storage history museum. Longsys has over two decades of experience in the storage industry, building full-stack capabilities from controller chip design and firmware development to packaging and testing. In 2025, the company reported revenue of 22.766 billion yuan and a net profit attributable to shareholders of 1.423 billion yuan. For Q1 2026, revenue reached 9.909 billion yuan with a net profit of 3.862 billion yuan, meaning its single-quarter profit already exceeded the full-year 2025 figure.
During the exchange, Sinolink Securities electronics analyst Ying Mingzhe highlighted that the storage industry is in a high-growth cycle driven by AI. This current upturn is primarily led by AI demand, with overseas Cloud Service Providers significantly increasing capital expenditures to accelerate AI infrastructure development. He believes the industry's supply-demand gap is unlikely to improve before 2028, suggesting the favorable cycle could persist for an extended period.
Investment Forum: Uniting for Greater Bay Area Growth
On the afternoon of July 3rd, the "Gathering Momentum in the Greater Bay Area, Soaring with the ChiNext Board" investment forum was held at the Dongguan Guest House.
Yin Junwei, President of the Dongguan Securities and Futures Association, stated that the development of the Guangdong-Hong Kong-Macao Greater Bay Area has entered a phase of comprehensive implementation and deepening. The accelerated convergence of global innovation resources is injecting powerful momentum into Dongguan, a hub for intelligent manufacturing.
A representative from Shenzhen Securities Information Co., Ltd. provided a systematic analysis of the ChiNext index system. She noted that there are nearly 1,400 companies listed on the ChiNext board with a total market capitalization exceeding 22 trillion yuan, representing a 168-fold increase since its inception. The evolution of the ChiNext's industry structure reflects China's economic transformation and industrial upgrading, with a current focus on technology manufacturing sectors such as power equipment, communications, electronics, biomedicine, and computers.
In a mid-year economic outlook, Song Xuetao, Chief Economist at Sinolink Research Institute, pointed out that the AI industry is undergoing a business model transition from consumer-facing (2C) to enterprise-facing (2B). He suggested that large model companies have the potential to reach annual revenues in the trillions of dollars. He also noted that AI-related exports already account for 23% of China's total exports, indicating the economy is moving from a "K-shaped" recovery towards a more balanced "A-shaped" pattern.
Luo Guoqing, Head of the Index Investment Department at GF Fund Management, stated that since its launch in 2010, the ChiNext Index has delivered cumulative returns of over 300%, with a historical annualized return exceeding 9%. With an expected profit growth of 57% in 2026 and an average growth rate of around 30% over the next two years, high growth is the core logic supporting its valuation. Characterized by high growth, high volatility, and high industry prosperity, the ChiNext Index can be considered a candidate for regular fund investment plans for investors with matching risk tolerance.
Zhang Shuai, Director of the Dongguan Industrial Investment Research Institute, indicated that part of the "6+6" industrial system outlined in the 15th Five-Year Plan revolves around AI or AI+ applications. The output value of emerging industries is expected to surpass 10 trillion yuan by 2030, potentially becoming a new engine for economic growth.
From AI computing power to storage chips, this event provided investors with insights into the fundamental logic of the "hard tech" constituent companies on the ChiNext board. The Shenzhen Stock Exchange will continue to collaborate with market institutions. Through regular, scenario-based investor education and research activities, it aims to enhance investor understanding of indices and products, while fostering a more vibrant and resilient ETF ecosystem through product innovation and liquidity optimization.
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