On March 25, major indices experienced a surge followed by a pullback during the morning session. The Shenzhen Component Index and the ChiNext Index rose over 2% at one point, while the Shanghai Composite Index gained 0.86%, reclaiming the 3,900-point level. Against this backdrop, the ChiNext 50 ETF HuaAn (159949) rose 1.30% to 1.558 yuan, with a turnover rate of 3.71%. Its half-day trading volume reached 815 million yuan, ranking first among similar ETFs.
The latest report shows that most of the top ten holdings of the ChiNext 50 ETF HuaAn (159949) recorded gains in the morning session. By midday, Contemporary Amperex Technology Co., Ltd. rose 0.03%, Zhongji Innolight gained 2.64%, while Eoptolink Technology fell 0.26%. East Money Information rose 0.10%, Sungrow Power Supply increased 0.67%, and Shenghong Technology edged up 0.14%. Inovance Technology advanced 1.36%, Mindray Medical International climbed 0.70%, and TFC Optical Communication surged 5.49%, while EVE Energy Co., Ltd. declined 0.36%.
On the news front, the Shenzhen Action Plan for Accelerating High-Quality Development of the AI Server Industry Chain (2026–2028) proposes creating localized zero-carbon data center models using "photovoltaic/offshore wind power + energy storage + direct green power connection" to support local computing power demand absorption and efficient green electricity utilization. Industry trends indicate that, driven by demand from drones and AIDC construction, G.657.A2 optical fiber prices exceeded 210 yuan per core kilometer in March, breaking historical price ceilings.
Shenwan Hongyuan Group believes medium-term uncertainties are underestimated. For both China and the U.S., monetary tightening is a less favorable response to imported inflation, and raising inflation tolerance is more likely. Additionally, the U.S. economy shows resilience, while China’s economy has room for adjustment, making recession a non-baseline scenario. In the short term, markets may follow a pattern of "oversold → policy stabilization efforts → rebound." Subsequent performance is expected to remain range-bound, with leading sectors likely to rotate. During phases with new thematic opportunities—such as short-term energy storage and optical communication driven by景气 validation—markets may test the upper bound of the range. However, if thematic momentum stalls after a rebound, markets may test the lower bound. In terms of allocation, short-term recommendations continue to focus on "reality-oriented" structures, with CPO and energy storage identified as strong directions.
China Galaxy Securities points out that the duration and evolution of geopolitical conflicts remain highly uncertain, with disruptions to global risk assets likely to persist in the near term. Global equity markets are expected to maintain high volatility. However, supported by a domestically-driven logic, the downside for A-shares is relatively limited, and markets are likely to digest external pressures through震荡分化 and sector rotation. Structurally, market focus remains on inflation logic, with changes in crude oil prices amid geopolitical tensions being a key variable influencing recent market structure. For allocation, focus areas include: 1) Continued escalation of U.S.-Iran tensions directly driving energy and alternative demand strength—watch coal chemicals, coal, shipping ports, and oil and gas. Non-ferrous metals have seen significant recent pullbacks; monitor valuation space and allocation appeal after adjustments. 2) Market tilt toward defensive assets—observe finance, utilities, and transportation. 3) Technology innovation sectors—track power equipment and new energy, energy storage, memory, semiconductors, computing power, and communication equipment. Additionally, consumer sector valuations are historically low, with some sub-sectors offering room for expectation repair; consider agriculture, forestry, animal husbandry, and fishery; food and beverage; and household appliances.
The ChiNext 50 ETF HuaAn (159949) offers a convenient tool for investors long-term bullish on China’s technology growth sector. The product has delivered a three-year return of 52.13%, outperforming its benchmark and ranking 119th among 1,672 similar products. It also saw net inflows of 200 million yuan over the past five trading days. Investors can trade the ETF directly via stock accounts or participate through feeder funds (Class A: 160422; Class C: 160424; Class I: 022654; Class Y: 022976). Operationally, systematic investment or分批布局 is recommended to smooth short-term volatility, with close attention to component stock performance and relevant policy developments.
Investment risks should be noted. Fund investments carry risks, and caution is advised. The ChiNext 50 ETF is a product with higher risk and higher expected returns, and its net value is closely linked to the ChiNext market. Investors should carefully review fund legal documents, assess risk tolerance, and make prudent investment decisions.
A MACD golden cross signal has formed, indicating positive momentum for several stocks.