On August 5, the ChiNext Index opened higher but fluctuated downward.

Among related ETFs, as of press time, Tianhong ChiNext ETF (159977) continued to retreat, now down 0.33%. Among its constituent stocks, Walvax Biotech rose over 4%, followed by gains in Jingjia Micro, Hongtech Technology, Huace Navigation, Lens Technology, and others.

In terms of scale, Wind Financial Terminal data shows that as of August 5, Tianhong ChiNext ETF (159977) had a latest circulating scale exceeding ¥8.3 billion, ranking among the top three in similar products.

Tianhong ChiNext ETF (159977) closely tracks the ChiNext Index (399006.SZ), one of the core indices of the Shenzhen Stock Exchange's multi-tiered capital market. Comprising the 100 most representative ChiNext-listed companies, it reflects the performance of the ChiNext market. The ChiNext Index has a high concentration of emerging industries and high-tech enterprises, with outstanding growth potential. As of the latest data, the top ten constituents of the ChiNext Index include CATL, East Money, Inovance Technology, Zhongji Innolight, Mindray Medical, New Easun, and Shenghong Tech. Tianhong ChiNext ETF (159977) also allocates to its off-exchange counterpart fund (A: 001592; C: 001593).

On the news front, according to the Economic Information Daily, as August begins, brokerages have been releasing their latest strategies. Institutions are generally optimistic about the pullback in the last trading week of July, believing that short-term adjustments have not altered the trend outlook due to supportive policies, improved corporate earnings, and incremental capital inflows. Looking ahead, sectors like AI and tech innovation, non-bank finance, and certain consumer segments have become key focus areas for investors.

Huatai Securities noted that given the current pullback in profit-taking effects to mid-July levels and relatively controllable selling pressure, the A-share market may enter a period of heightened volatility in the short term, with localized hotspots likely dominating. Based on thematic capacity, catch-up potential, and earnings sustainability, sectors with catch-up logic and sustained improvement in fundamentals are primarily concentrated in AI, capacity clearance, and domestic self-sufficiency.

Everbright Securities pointed out that the current market is dominated by structural trends, with recent positive developments in innovative drugs driving a broad rally in pharmaceutical stocks and lifting the ChiNext Index. Looking ahead, the market is expected to maintain its structural trend before month-end, with the tech growth sector likely remaining the main protagonist.

Shenwan Hongyuan believes the market will return to a volatile pattern in August, with potential upward movements before September. Investors should watch for policy-driven stabilization of capital market expectations and pulse opportunities from domestic self-sufficiency catalysts. The sectors with the potential to lead A-shares back to mid-term strength and become the main drivers of a bull market remain AI, robotics, and other tech tracks, as well as advanced manufacturing benefiting from improved profitability amid "anti-involution" efforts. However, key catalysts are still awaited.