September 25 - The market experienced volatile upward movement in the morning session. The Shanghai Composite Index traded within a narrow range, while the ChiNext Index bottomed out and rose, continuing to hit a new high for over three years. By the morning close, the ChiNext Index was up 2.22%. It is worth mentioning that the leading lithium battery company CATL's A-share price rose nearly 5% intraday during the morning session, and its H-share price rose over 4%, both reaching record highs. Its total market capitalization exceeded 1.82 trillion yuan, surpassing Kweichow Moutai's market cap of 1.80 trillion yuan.
Among popular ETFs, the ChiNext ETF TianHong (159977) remained active in the afternoon session. As of the time of writing, it was up 2.06%, with a turnover exceeding 233 million yuan, indicating active trading.
Additionally, the CSI A500 ETF TianHong (159360) was up 0.73% as of writing, with a turnover exceeding 62 million yuan and a premium/discount rate of 0.10%.
The CSI A500 ETF TianHong (159360) closely tracks the CSI A500 Index. This index selects 500 securities with large market capitalizations and good liquidity from various industries as index constituents to reflect the overall performance of the most representative listed companies' securities across sectors.
The index tracked by the ChiNext ETF TianHong (159977) focuses on sectors aligned with new quality productive forces. The top three Shenwan primary industries (and their weights) are Power Equipment, Communications, and Electronics. Its top ten constituent stocks include leading technology companies such as CATL, East Money Information, New Essex, and Zhongji Innolight, showcasing a distinct growth style.
CITIC Securities stated that in the second half of 2025, innovation along the AI theme will continue, accelerating the implementation across the upstream and downstream industrial chain. Frequent breakthroughs in promising innovative areas are driving accelerated industry growth. They recommend continuing to focus on deploying assets along the "AI theme" and are optimistic about opportunities in AI applications and the computing power sector. Industrial Securities mentioned that in the first half of 2025, benefiting from the continued explosive demand for AI and iterations in silicon photonics technology, the optical module and its supporting industrial chain maintained high year-on-year growth in both revenue and profit. Looking ahead, as overseas companies like Google and Oracle gradually achieve commercial closed-loops for AI applications, and against an optimistic long-term outlook for capital expenditure, investment in computing power infrastructure is expected to be further released. The growth trend remains positive, and sectors like optical modules are expected to benefit significantly.
Dongguan Securities pointed out that the A-share market has recently shown a volatile upward trend, with the technology and growth sectors performing particularly well. Although market volatility was high before the holiday, with the opening of the policy window after the holiday, capital market vitality is expected to improve further. Going forward, the market is likely to nurture new investment opportunities amidst volatility. It is anticipated that the short-term market will continue its steady, volatile upward trajectory. Investors should closely monitor policy signals and changes in fund flows to capture the long-term value brought by industrial upgrading and the diffusion of prosperity.
(The institutional views in this article are from licensed securities institutions and do not constitute any investment advice, nor do they represent the platform's views. Investors should make independent judgments and decisions.)
