On December 22, the A-share market opened higher and extended gains, with the Shanghai Composite Index rising 0.69% to reclaim the 3,900-point level, while the ChiNext Index surged over 2%. The ChiNext 50 ETF (159949) climbed 2.42% to close at 1.521 yuan, with a turnover rate of 6.03% and trading volume reaching 16.36 billion yuan, ranking first among similar ETFs.
Liquidity data shows that as of December 22, the ChiNext 50 ETF (159949) recorded cumulative turnover of 334.14 billion yuan over the past 20 trading days, averaging 16.71 billion yuan daily. Year-to-date, its total turnover stands at 344.95 billion yuan across 236 trading days, averaging 14.62 billion yuan daily. The ETF has seen sustained capital inflows: 660 million yuan net inflow in the past 5 trading days, 740 million yuan over 10 days, and 260 million yuan over 60 days. As of December 19, its circulating size reached 26.6 billion yuan.
Sector-wise, Hainan Free Trade Port concept stocks surged, with Hainan Strait Shipping and Hainan Haiyao among nearly 20 stocks hitting limit-up. Computing hardware stocks remained active, with New Essex reaching record highs and Yangtze Optical Fibre securing three limit-ups in four sessions. Robotics stocks rallied in the afternoon session, while commercial aerospace plays like Shenjian Co. regained limit-up status. The Hainan Free Trade Port officially launched island-wide customs closure operations on December 18, with Sanya's duty-free sales hitting 118 million yuan on the first day, demonstrating strong policy-driven consumption growth.
Guotai Haitong Securities noted improving market risk appetite, citing fading external uncertainties like Fed rate cuts and BOJ hikes, alongside strengthening domestic demand policies. The firm recommends focusing on AI applications, commercial aerospace, Hainan Free Trade Port, and domestic consumption sectors for year-end portfolio rebalancing.
Huatai Securities anticipates a promising spring rally, suggesting opportunities may emerge from foreign capital repositioning post-Christmas, intensive annual report previews in mid-January, and potential RRR cuts. The brokerage advises positioning in AI chains, batteries, non-ferrous metals, select chemicals, defense, and mass consumption sectors.
Looking ahead, institutional research activity indicates clearer investment logic for 2026, with markets transitioning from valuation-driven to earnings-driven dynamics. Two key themes are emerging: policy-supported high-growth sectors like AI innovation and semiconductor localization, and niche segments benefiting from "anti-involution" supply-demand improvements. Companies with hard-tech capabilities and sustainable profit models are becoming focal points for capital allocation.
For investors bullish on China's tech growth, the ChiNext 50 ETF (159949) offers efficient exposure, having delivered 44.2% returns over three years, outperforming its benchmark. Investors can trade the ETF directly or through feeder funds (Class A: 160422; Class C: 160424; Class I: 022654; Class Y: 022976), with dollar-cost averaging recommended to mitigate short-term volatility. Monitoring component stock earnings and policy implementation remains crucial.
Risk Warning: Fund investments carry risks. The ChiNext 50 ETF is a high-risk, high-return product closely tied to ChiNext market performance. Investors should carefully review fund documents and assess risk tolerance before investing.
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