<p>Every reporter: Wang Yandan Every editor: Peng Shuiping</p>
<p>After the deepening of the ChiNext reform, the ChiNext index has seen a continuous rise.</p>
<p>On the morning of April 15, the ChiNext index broke through the previous fluctuation range, reaching a maximum of 3599.98 points during the session, successfully refreshing the historical high since June 2015, becoming the core barometer leading the vitality of the A-share market. Since the beginning of this month, as of the close on April 15, the ChiNext index has risen by more than 10%.</p>
<h2>ChiNext's activity in the first quarter is higher than that of the Shanghai and Shenzhen main boards and the Sci-Tech Innovation Board</h2>
<p>Previously, the chairman of the China Securities Regulatory Commission, Wu Qing, announced for the first time at the 2026 Two Sessions economic theme press conference that the ChiNext reform policy would be released. The ChiNext reform has always attracted attention from all parties. According to statistics from Wind Information, in terms of trading activity, the average daily turnover rate of the ChiNext in the first quarter of 2026 reached 5.35%, higher than that of the Shanghai and Shenzhen main boards and the Sci-Tech Innovation Board. The financing balance of the ChiNext has also continued to rise, reaching 557.483 billion yuan by the end of the first quarter, with core stocks such as Dongfang Caifu and Ningde Times maintaining high financing balances, highlighting investors' expectations for the dividends of the ChiNext reform.</p>
<p>On April 10, after the market closed, the China Securities Regulatory Commission released the &#34;Opinions on Deepening the ChiNext Reform to Better Serve the Development of New Quality Productive Forces,&#34; introducing a series of significant measures such as optimizing the listing mechanism, introducing a market maker system, and improving the ETF trading mechanism, further injecting confidence into the market from an institutional level and igniting investors' enthusiasm for participation. On the day the reform policy was implemented on April 10, the ChiNext index rose by 3.78% in a single day. On April 13 and 14, the ChiNext index continued to rise for two consecutive trading days, with leading stocks such as Zhongji Xuchuang and Xinyi Sheng reaching historical highs this week.</p>
<h2>Multiple ChiNext stocks are held by over 2,000 funds</h2>
<p>It is worth noting that ETFs are an important part of this ChiNext investment-side reform, which includes allowing fund advisors to allocate ChiNext ETFs and simultaneously promoting supporting arrangements such as fixed-price trading mechanisms after hours and fund transfer platforms.</p>
<p>At the same time, ETFs have played an important role in this round of ChiNext's rising market, becoming the core tool for various funds to layout the ChiNext due to their core advantages of transparent holdings, ample liquidity, convenient trading, and controllable costs, achieving a dual enhancement in market scale and trading activity. As of the close on April 14, the total scale of various ETFs investing in the ChiNext (including ChiNext index, ChiNext 50, ChiNext artificial intelligence, Chuang Growth, Chuang Innovation Energy, Chuang Software, ChiNext Comprehensive, Chuang 200, Chuang Large Cap, Chuang Value, Chuang Growth, Chuang Technology, Chuang 300, Chuang Innovation 100, Chuang Medicine, Chuang Selected 88) reached 138.862 billion yuan. Among them, the total scale of the 17 ETFs directly linked to the ChiNext index reached 83.354 billion yuan, with a growth of 5.599 billion yuan in the past week. E Fund ChiNext ETF, GF ChiNext ETF, and Tianhong ChiNext ETF ranked the top three in scale, reaching 53.667 billion yuan, 10.645 billion yuan, and 6.82 billion yuan, respectively
Institutional funds have become an important force driving the recent rise of the ChiNext. According to data from Dongfang Caifu Choice Financial Terminal, institutions have been increasing their investment in the ChiNext in recent years.</p>
<p>As of December 31, 2025, the top holdings of funds in the A-share market's first, second, and fourth positions are all ChiNext stocks. There are 2,937 funds holding Contemporary Amperex Technology Co., Limited, with a holding market value of 190.445 billion yuan; 2,585 funds hold Zhongji Xuchuang, with a holding market value of 168.36 billion yuan; and 2,320 funds hold Xinyi Technology, with a holding market value of 131.903 billion yuan. In addition, other ChiNext stocks with high fund holding market values include Sungrow Power Supply, Shenghong Technology, and Tianfu Communication, all with market values exceeding 30 billion yuan. Companies like United Power, Shanda Electric Power, Aifenda, Hansang Technology, Guangdong Jianke, and Tianxu Measurement also have more than 2,000 funds holding their stocks.</p>
<p>Securities firms are also increasing their layout in the ChiNext. As of December 31, 2025, 18 securities firms hold Zhongji Xuchuang, 14 firms hold Contemporary Amperex Technology Co., Limited, and 10 firms hold Xinyi Technology. Companies like Ouma Software, Xiongshu Technology, Zhongke Electric, Dongfang Caifu, Kunlun Wanwei, and Shanghai Hanxun have also attracted attention from more than five securities firms.</p>
<h2>Analyst: This round of reform is expected to enhance the ChiNext's attractiveness to quality growth assets</h2>
<p>From various perspectives, the market generally believes that the reform has reshaped the development logic of the ChiNext, and this round of rise is not driven by short-term sentiment but is supported by solid fundamentals and institutional backing.</p>
<p>The non-bank and financial technology team at CITIC Securities pointed out that in terms of financing, mergers and acquisitions, and investment, the two reforms working in synergy help enhance market liquidity and guide medium- to long-term funds into the market. Among them, the proposal to introduce a shelf issuance system allows for one-time registration and batch issuance, optimizes the simplified procedures for refinancing, and supports ChiNext companies in absorbing and merging with domestic listed companies that have been listed for less than three years. In addition, the introduction of a market maker system for the ChiNext enhances the market's inherent stability, while also launching fixed-price trading for ETFs after hours and a real-time transaction confirmation mechanism for block trades, and allowing fund advisors to allocate ChiNext ETFs, with stock index futures being introduced in due course to further enrich risk management tools.</p>
<p>Xu Chi, chief strategy analyst at Zhongtai Securities, stated that this round of reform addresses the current financing difficulties faced by emerging and future industry enterprises that &#34;have technology, have growth, but lag in profitability.&#34; At the same time, through the synchronous improvement of refinancing, mergers and acquisitions, trading mechanisms, and regulatory constraints, it strives to find a new balance between supporting innovation and controlling risks. For China's capital market, this is not only a recalibration of the ChiNext's functions but also an important signal for the further high-quality development of the direct financing system. Overall, the regulatory approach has expanded from &#34;allowing companies to go public&#34; to &#34;ensuring companies can finance smoothly, merge effectively, and invest steadily,&#34; enhancing the ChiNext's capacity to support innovative enterprises throughout their entire lifecycle. From a market impact perspective, Xu Chi believes that this round of reform is expected to enhance the ChiNext's attractiveness to quality growth assets and help improve the market's expectations for the financing environment of innovative enterprises
Daily Economic News</p>

399006

159915

159957

159952

159971

159908

159948

<p>After the implementation of reforms, the ChiNext Index has continued to rise, breaking through 3599.98 points on April 15, reaching a new high in over a decade with an increase of over 10%. In the first quarter, the average daily turnover rate of the ChiNext reached 5.35%, with a financing balance of 557.483 billion yuan, indicating investors' expectations for the benefits of the reforms. The China Securities Regulatory Commission has introduced a series of reform measures to boost market confidence, making ETFs a core investment tool and helping to enhance the activity level of the ChiNext</p>

腾讯新闻 - 财经

ChiNext

E Fund GEM ETF

ChinaAMC ChiNext Composite ETF

GF ChiNext Composite ETF

Fullgoal ChiNext Composite ETF

SZSE RAFI&reg; 200 Index ETF

China Southern ChiNext Composite ETF

The ChiNext Index hits a new high in over a decade, which funds are increasing their positions?