Institutional Research Report: Late April Will Become a Key Time Window for Marginal Improvement The ChiNext ETF E Fund (159915) saw net capital inflows last week

As of the close on April 7, the ChiNext Mid-Cap 200 Index rose by 1.0%, the ChiNext Growth Index increased by 0.6%, the ChiNext Index gained 0.4%, and the entire ChiNext market showed a broad-based rally. According to WIND data, the E Fund ChiNext ETF (159915, connection funds A/C/Y: 110026/004744/022907) recorded a total net inflow of over 700 million yuan last week.

From the perspective of industry fundamentals and market outlook, China Merchants Securities’ research report clearly states that, after a comprehensive assessment of the domestic and international environment, late April will become the key time window for marginal improvement. With external shocks gradually subsiding, the market focus in mid to late April will shift fully to the areas with strong year-on-year growth in first-quarter report performance. Based on current data, resource sectors such as non-ferrous metals and oil & petrochemicals, as well as new energy, optical communications, and the semiconductor industry chain, are expected to be the industries with the most striking earnings growth rates, providing solid fundamental support for the ChiNext growth market’s rally.

From the perspective of index characteristics and valuation levels (data source: Wind, as of April 7, 2026):

ChiNext Index (E Fund ChiNext ETF 159915): Up 0.4% today, with a trailing P/E ratio of 38.8x and a valuation percentile of 28.8% since it was launched in 2010. The index consists of 100 stocks with medium-to-large market capitalization and good liquidity within the ChiNext; the proportion of strategic emerging industries is relatively high, and the combined share of the power equipment, communications, and electronics industries is nearly 60%.

ChiNext Mid-Cap 200 Index (E Fund ChiNext 200 ETF 159572): Up 1.0% today, with a trailing P/E ratio of 96.3x, and launched on November 15, 2023. The index is made up of 200 stocks with medium market capitalization and relatively good liquidity within the ChiNext, with the information technology sector accounting for more than 40%.

ChiNext Growth Index (E Fund ChiNext Growth ETF 159597): Up 0.6% today, with a trailing P/E ratio of 38.0x and a valuation percentile of 37.1% since it was launched in 2013. The index consists of 50 stocks with prominent growth factors and relatively higher performance growth within the ChiNext; the combined share of the communications, power equipment, electronics, computer, and biopharmaceutical industries is nearly 85%.

Among the ChiNext-series ETFs under E Fund, E Fund ChiNext ETF (159915) and E Fund ChiNext 200 ETF (159572) have management fees + custody fees of only 0.2% per year.

Risk reminder: Funds involve risk; invest cautiously.