Shanghai Composite Index Falls Below 3900 Points, Core Broad-Based Indices Adjust! A500 ETF E Fund (159361), CSI 300 ETF E Fund (510310), Sci-Tech Innovation 50 ETF E Fund (588080) and Other Products Tracking Underlying Basics

On the morning of March 23, the A-share market continued its correction trend, with the Shanghai Composite Index falling below 3,900 points and sector performance showing clear divergence. Coal, automotive, oil, and natural gas sectors performed strongly against the trend, while agriculture, non-ferrous metals, semiconductors, and pharmaceuticals largely retreated; Hong Kong stocks opened lower and remained volatile, with technology, pharmaceuticals, and consumer sectors generally declining.

By midday, all core broad-based indices had declined: the CSI A500 Index, CSI 300 Index, and ChiNext Index all fell by 2.4%, the SSE STAR Market 50 Index dropped by 2.9%, and the Hang Seng China Enterprises Index decreased by 3.1%.

According to Wind data, from a valuation perspective, each index shows different characteristics:

CSI 300 Index: Trailing P/E ratio of 14.0, with a valuation percentile of 61.8% since its release in 2005;

CSI A500 Index: Trailing P/E ratio of 17.0, with a valuation percentile of 73.4% since its release in 2004;

ChiNext Index: Trailing P/E ratio of 41.2, with a valuation percentile of 35.9% since its release in 2010;

STAR 50 Index: Trailing P/E ratio of 164.3, with a valuation percentile of 94.0% since its release in 2020;

Hang Seng China Enterprises Index: Trailing P/E ratio of 10.4, with a valuation percentile of 62.7% since its release in 2002.

Risk warning: Funds are subject to risks; investments should be made cautiously.