--- title: "Are there better stocks on the ChiNext board for a rebound?" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/26728284.md" description: "Introduction: The Growth Enterprise Market ETF (159967) focuses on high-growth potential companies in the Growth Enterprise Market. This article will delve into the investment value of the Growth Enterprise Market ETF (159967) from multiple dimensions, including its profile, tracking index, and performance. 1. ETF Profile The Growth Enterprise Market ETF (159967) was established on June 21, 2019, with a current market capitalization of 4.598 billion yuan (as of January 20, 2025), and is classified as a style-based broad-based ETF. Currently, the top ten holdings of the Growth Enterprise Market ETF (159967)..." datetime: "2025-01-22T07:24:49.000Z" locales: - [en](https://longbridge.com/en/topics/26728284.md) - [zh-CN](https://longbridge.com/zh-CN/topics/26728284.md) - [zh-HK](https://longbridge.com/zh-HK/topics/26728284.md) author: "[土鸡瓦狗的ETF🐒](https://longbridge.com/en/profiles/11794570.md)" --- # Are there better stocks on the ChiNext board for a rebound? ![Image](https://pub.pbkrs.com/uploads/2025/cad298fb164baa34fc765de82ab5e9b0?x-oss-process=style/lg) ## **Introduction:** The Growth Enterprise Market (GEM) Growth ETF (159967) focuses on high-growth potential companies in the GEM. This article will analyze its investment value from multiple dimensions, including an overview of the GEM Growth ETF, its tracking index, and performance. * * * ## **1\. ETF Overview** **GEM Growth ETF (159967)** was established on June 21, 2019, with a current market capitalization of 4.598 billion yuan (as of January 20, 2025). It belongs to the **style-based broad-based ETF** category. **The top ten holdings of the GEM Growth ETF (159967) are shown in the figure below:** ![Image](https://pub.pbkrs.com/uploads/2025/452c42dbd6949e3ef11b8edec31b41d4?x-oss-process=style/lg) Data source: Wind, as of January 17, 2025 **2\. Tracking Index** **1) Index and Factors** The GEM Growth ETF (159967) tracks the **GEM Momentum Growth Index (399296.SZ)**, which is compiled based on a **Smart Beta strategy**. It primarily uses the **momentum factor** and **growth factor** to screen for stocks with **high growth potential and elasticity**. **① Momentum Factor:** This factor evaluates a stock's **price performance over a certain period**, identifying companies with sustained upward trends. The momentum factor helps investors capture market trends. **② Growth Factor:** This factor focuses on a company's **profit growth**, **R&D investment**, and **revenue growth rate**, selecting those with high growth potential. The growth factor helps identify promising growth stocks. **2) Sector Distribution** The GEM Momentum Growth Index is relatively concentrated in sectors such as **information technology**, **industrials**, and **financials**. ![Image](https://pub.pbkrs.com/uploads/2025/65e9bc7f42491b50e0ad1a79bbb64f63?x-oss-process=style/lg) Data source: Wind, as of January 17, 2025 **3) Stock Selection** Specifically, the index selects **50 high-quality stocks** from over **800 GEM-listed companies** based on free-float market capitalization. This methodology emphasizes **growth potential** and **momentum effects** rather than relying solely on market capitalization or liquidity. The advantage of this Smart Beta strategy is its potential to deliver higher excess returns over the long term while reducing reliance on a single factor. **3\. Differences Between GEM "Value" and "Growth"** The GEM is a market segment that includes many high-growth, high-tech companies. "GEM Value" and "GEM Growth" are two strategy indices based on the GEM, each catering to investors with different risk preferences through distinct stock selection criteria and investment strategies. **① GEM Value:** The GEM Low Volatility Value Index (399295) primarily uses the **quality factor** and **low volatility factor** to screen for stocks with strong profitability, stable financial quality, and low volatility. It aims to provide a relatively stable investment tool for risk-averse investors. The ETF tracking this index is the **GEM Value ETF (159966)**. ![Image](https://pub.pbkrs.com/uploads/2025/fa0a6bb1b0117b574b1df0490c6d9818?x-oss-process=style/lg) Data source: Public data, as of January 17, 2025 **② GEM Growth:** The GEM Momentum Growth Index (399296) uses the **growth factor** and **momentum factor** to screen for stocks with strong growth potential and momentum effects. It emphasizes high growth and elasticity, making it suitable for investors with higher risk tolerance seeking high returns. The ETF tracking this index is the **GEM Growth ETF (159967)**. Therefore, **GEM ≠ "Value" + "Growth"**. These indices complement each other rather than simply adding up. Following this logic, new indices and corresponding style ETFs can be established based on other factors. ![Image](https://pub.pbkrs.com/uploads/2025/035bc388bd52d5e425c99018a5fef8e0?x-oss-process=style/lg) Data source: Huofuniu, as of January 17, 2025 **4\. Investment Analysis** When the **market rebounds**, ETFs can be selected in the following order from **stable to aggressive**: ① "Balanced" Broad-Based: Choose stable broad-based ETFs like the **A500ETF Fund**, which includes a basket of leading stocks. ② Style-Based Broad-Based: Choose style-based ETFs like the **GEM Growth ETF** to increase elasticity. ![Image](https://pub.pbkrs.com/uploads/2025/23b82d4b53b28ac18421caf2e5b36e53?x-oss-process=style/lg) Data source: Huofuniu, as of January 17, 2025 During market rebounds (i.e., when Beta is confirmed), the **growth factor** and **momentum factor** can contribute significantly to the returns of the GEM Growth ETF. ③ Broad Industry Themes: Choose dual-strength industry ETFs like the **FinTech ETF**, which combines two strong sectors for balanced offense and defense. ④ Industry Themes: There are many **industry ETFs**, requiring mid-level decision-making. 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