--- title: "The ChiNext ETF Tianhong (159977) saw its underlying index drop over 3.5% during trading, with valuations lower than 56% of the time in the past decade, gradually revealing its cost-effectiveness for medium to long-term allocation" type: "News" locale: "en" url: "https://longbridge.com/en/news/280113569.md" description: "The ChiNext ETF Tianhong (159977) saw its underlying index drop over 3.5% during the session, with a current price-to-earnings ratio of 41.18 times, indicating a valuation below 56% of the time over the past decade, showing a certain margin of safety. Although it may be affected by technical adjustments in the short term, the cost-effectiveness of medium to long-term allocations is gradually becoming apparent. The China Securities Regulatory Commission will launch a plan to deepen the reform of the ChiNext, supporting the development of new industries. Tesla plans to purchase Chinese photovoltaic equipment, and the industry outlook is optimistic. Zheshang Securities believes this is a good opportunity to buy on dips" datetime: "2026-03-23T06:58:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280113569.md) - [en](https://longbridge.com/en/news/280113569.md) - [zh-HK](https://longbridge.com/zh-HK/news/280113569.md) --- # The ChiNext ETF Tianhong (159977) saw its underlying index drop over 3.5% during trading, with valuations lower than 56% of the time in the past decade, gradually revealing its cost-effectiveness for medium to long-term allocation On the market, both exchanges opened lower and continued to decline, with the ChiNext dropping. In terms of related ETFs, the Tianhong ChiNext Composite ETF (159977) saw its underlying index drop by 3.59% during the session. Among the constituent stocks, Dazhu CNC, Xingchen Technology, BGI Genomics, Dinglong Co., and Shenzhou Taiyue fell over 5%, while Xunwei Communication, Light Media, and BGI Jiutian also declined. The Tianhong ChiNext Composite ETF (159977) closely tracks the ChiNext index, which has increased by 55.75% over the past year. Its industry allocation mainly includes power equipment (28.38%), telecommunications (20.49%), and electronics (17.64%). The top five constituent stocks are CATL, Zhongji Xuchuang, New Yisheng, Dongfang Caifu, and Sungrow Power Supply. This ETF is also equipped with three off-exchange connection funds (Class A: 001592; Class C: 001593; Class Y: 022960). The current price-to-earnings ratio of the ChiNext index is 41.18 times, which is at a historical percentile of 43.86% over the past decade, indicating that the valuation level is lower than 56% of the time in the past. This suggests that the index currently has a certain safety margin, and the cost-performance ratio for medium to long-term allocation is gradually becoming apparent. In terms of news, according to a recent press conference by the China Securities Regulatory Commission, the overall plan for deepening the reform of the ChiNext has basically taken shape and will be launched soon. The new listing standards will be more precise and inclusive, supporting the development of new industries and new business formats. Additionally, the 2026 government work report has for the first time listed "computing power synergy" as a key project for new infrastructure, providing clear policy guidance for the energy storage and photovoltaic industries. Furthermore, at the NVIDIA GTC conference, new generation AI chips and switch products were released, further strengthening the long-term growth expectations for computing power demand. According to industry information, Tesla plans to make large-scale purchases of Chinese photovoltaic equipment, and the concentration of overseas energy storage orders is also bringing positive catalysts to related sectors. Zheshang Securities pointed out that the current valuation of the ChiNext is at a historically low percentile, providing a certain safety margin. Although it may experience fluctuations in the short term due to technical adjustments and external environmental impacts, in the medium to long term, as the ChiNext reform is implemented, its value as a main battleground for technological innovation will become prominent, making it a good opportunity for low-cost positioning. Daily Economic News ### Related Stocks - [159977.CN](https://longbridge.com/en/quote/159977.CN.md) - [159836.CN](https://longbridge.com/en/quote/159836.CN.md) - [399006.CN](https://longbridge.com/en/quote/399006.CN.md) - [159290.CN](https://longbridge.com/en/quote/159290.CN.md) - [160223.CN](https://longbridge.com/en/quote/160223.CN.md) - [161022.CN](https://longbridge.com/en/quote/161022.CN.md) ## Related News & Research - [Universal Digital Inc. 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