The valuation is at the 45.63rd percentile of its historical range, with the ChiNext ETF E Fund (159915) frequently showing intraday premiums.

On April 23, the market fluctuated and declined. The ChiNext Index opened high but closed lower, briefly approaching 3800 points in the morning session before falling back. As of 13:16, the ChiNext Index fell 0.85%, with sample stock Zhongji Xuchuang rising over 2%, and its market value exceeding one trillion yuan. Wind data shows that as of April 22, the ChiNext Index has gained 94.6% in the past year.

The E Fund ChiNext ETF (159915) tracks the ChiNext Index. As of the time of writing, its trading volume has exceeded 4.2 billion yuan, with frequent intraday premiums. The fund's average daily trading volume in the past month was 4.18 billion yuan, ranking first among its peers, indicating active trading and strong liquidity.

The ChiNext Board gathers strategic emerging industries, with a high proportion of high-tech enterprises and outstanding growth potential. Wind data shows that as of April 22, 537 ChiNext-listed companies have disclosed their 2025 annual report data. They achieved a total operating revenue of 2.6 trillion yuan, a year-on-year increase of about 12%; and net profit attributable to shareholders of the parent company of 232.943 billion yuan, a year-on-year increase of 29.77%.

In the first quarter of 2026, the leading companies on the ChiNext Board continued their growth trend. Zhongji Xuchuang's first-quarter financial report shows that the company's net profit attributable to shareholders of the listed company was 5.735 billion yuan, a year-on-year increase of 262.28% and a quarter-on-quarter increase of 56.48%; CATL achieved operating revenue of 129.131 billion yuan, a year-on-year increase of 52.45%; and net profit attributable to the parent company of 20.738 billion yuan, a year-on-year increase of 48.52%.

Huaxi Securities pointed out that global capital has gradually become desensitized to geopolitical risks, and the pricing focus of A-shares has shifted to fundamentals and industry prosperity. Domestic fundamentals continue to improve, with first-quarter economic data exceeding expectations, prices moderately recovering, coupled with a stabilizing property market and policies to boost domestic demand, strengthening the foundation for profit recovery. As first-quarter reports continue to verify the prosperity of industrial chains, the fundamental support for the growth theme is further solidified, and the trend of capital concentration in the technology and growth sectors may continue.

In terms of valuation, Wind data shows that as of April 22, the P/E ratio of the ChiNext Index was 44.44 times, at the 45.63% historical percentile.

The ChiNext Index tracked by the E Fund ChiNext ETF (159915) has its top ten constituent stocks covering leading companies such as CATL, Zhongji Xuchuang, Xinyisheng, East Money, Sungrow Power, Shenghong Technology, Tianfu Communication, Inovance Technology, Mindray Medical, and Wens Foodstuff Group, with a combined weighting of nearly 60%, highly focused on emerging growth fields such as new energy, communications, and semiconductors. The index has a distinct growth style and is a representative tool for investing in Chinese innovative enterprises.

The E Fund ChiNext ETF (159915) continues E Fund's low-fee brand philosophy, with a combined management fee and custody fee at the relatively low industry level of 20 basis points per year.