On September 14th, major A-share indices gave up early gains and weakened into the close, with the Shanghai Composite Index settling at 3885.33 points, down 0.07%; the Shenzhen Component Index closing at 13384.60 points, down 0.64%; and the ChiNext Index finishing at 3285.58 points, a decline of 1.10%. Total market turnover was a mere 1.64 trillion yuan, a significant contraction from the previous session, indicating that incremental capital remains cautious in its entry. The market displayed a divergent pattern of weak indices but active individual stocks, with over 3,100 stocks rising across the two exchanges. Hotspots centered around cultivated diamonds, MLCC, PCB, cybersecurity, pharmaceutical CRO, and automotive sectors, with some capital flowing back into computing hardware during the session. Concurrently, high-profile momentum stocks experienced notable pullbacks, and the dual-creation indices faced more pronounced pressure, reflecting short-term funds' continued preference for thematic rotation and high-low switching. Looking ahead, structural opportunities within a volatile market are expected to dominate. External constraints persist, with US core CPI rising 0.3% month-on-month in August and September rate hike expectations climbing to nearly 90%, compounded by geopolitical disturbances that suppress global risk appetite. However, domestic factors such as economic stabilization measures, special bond issuance, and insurance capital market entry continue to provide support for A-shares. Allocation strategy should maintain a balanced approach of defense and offense. On the defensive side, high-dividend sectors like banks, utilities, coal, and transportation are worth attention; on the offensive side, focus can remain on AI hardware, broader technology, select pharmaceuticals, and sectors undergoing prosperity rebalancing. Overall, the current market is not in a phase of one-way recovery following systematic risk release, but rather an environment characterized by shrinking volume, rapid rotation, and structural prioritization.////Today, the innovative drug sector rebounded strongly. In terms of event catalysts, the WCLC World Lung Cancer Conference unveiled multiple incremental clinical data points. PD-1/VEGF bispecific antibody data for first-line non-small cell lung cancer continued to improve; B7H3 ADC drugs achieved a registration-level breakthrough; and early-stage data for EGFR-mutant targeted ADCs showed impressive results, with multiple technology pipelines simultaneously delivering positive outcomes. This created a sector-wide positive catalyst resonance, reshaping market expectations for innovative drug R&D progress and commercialization value, repairing the beta rally in innovative drugs, and lifting expectations for CXO industry chain orders and R&D prosperity. From a trading perspective, beyond fundamental event catalysts, this rally is also a typical oversold rebound trading pattern. After a sustained period of correction, the innovative drug and CXO sectors saw valuations and market sentiment cool significantly, with sector indices retreating to the lower boundary of the wide trading range seen from June to August, providing room for technical rebounds. On the fundamental front, the dual drivers of earnings and business development (BD) provide support: in the first half of 2026, innovative drug sector revenues and profits improved notably, with commercial-stage biotechs becoming a key growth source and some companies turning profitable. Outbound BD transactions in the first half totaled approximately $110 billion, nearing the full-year 2025 figure, enhancing industry cash flow visibility. Looking ahead in the short term, in an environment where overall A-share market momentum is weak, hotspots rotate quickly, and rebounds gradually converge, the previously corrected innovative drug and CXO sectors offer certain cost-effectiveness. Short-term capital is likely to seek elasticity here for oversold bounces, though whether volume can be sustained requires observation. Over the medium to long term, sector fundamentals are solidly supported, and the entire CXO track, whether CDMO or CRO upstream suppliers involved in AI-driven drug development, may see relatively certain earnings delivery in the future. Interested investors can continue to monitor the Innovative Drug ETF (517110), Hang Seng Biotech ETF (520930), and Science and Technology Innovation Innovative Drug ETF (589720).////The ChiNext New Energy Index rose approximately 0.77%, undergoing a clear price digestion phase amidst a dense release of policy and industrial catalysts. The Ministry of Industry and Information Technology and eight other departments issued a plan for the "15th Five-Year" period for intelligent connected new energy vehicles. Combined with the implementation of solid-state battery consumption tax exemptions from September 1st through the end of 2028, the clarification of standards and vehicle deployment timelines at the World Power Battery Conference, and news that solar and storage leaders will raise prices by approximately 5% to 15% for inverters and energy storage systems starting late September, discussions on the "volume growth plus structural upgrade" of advanced new energy manufacturing have reignited. During this window of short-term index adjustment and ongoing fundamental validation, the medium-to-long-term allocation value of the ChiNext new energy theme is re-entering investors'视野. From the perspective of prosperity and earnings clues, lithium batteries and energy storage remain among the clearest growth lines. Institutional and industry research shows that domestic lithium battery production schedules continued to rise month-on-month in September, with both storage and power demand supporting the peak season pace. Some studies cite data indicating that in the first half of 2026, domestic power battery sales were approximately 661GWh, a year-on-year increase of about 36%, while storage and other battery sales were approximately 318GWh, up roughly 83% year-on-year. Storage has become a key engine driving shipments, with projections for 2026 global energy storage installation demand of around 455GWh, a year-on-year increase of approximately 40%. On the demand side, August retail sales of new energy passenger vehicles remained at high levels with penetration rates staying elevated. The improvement in lithium battery-related revenues and profits in the industry's interim reports has been validated, with materials and resource segments showing greater elasticity. On the technology front, the completion of public real-vehicle road testing for sulfide all-solid-state batteries, leading automakers planning solid-state battery models by 2027, and the advancement of domestic IEC standard projects are shifting the "next-generation battery" narrative from thematic speculation toward testing demonstration and pilot validation, providing medium-term narrative support for battery, equipment, and material companies on the ChiNext board. In terms of valuation, as of September 14th, the ChiNext New Energy Index's trailing price-to-earnings ratio was approximately 24.11 times, corresponding to a historical percentile of about 30.2% over the past five years, placing it in a low-to-mid-low range, significantly lower than the previous high-prosperity phase. For investors favoring growth styles who wish to gain broad exposure to the ChiNext new energy chain, the current position is closer to an observation and phased allocation zone of "prosperity validation plus valuation digestion." The ChiNext New Energy ETF (159387) closely tracks the ChiNext New Energy Index, focusing on solar, wind, electric vehicles, and related equipment manufacturing. Its components are primarily in the power equipment chain, including batteries, photovoltaic equipment, and automation equipment, providing a concentrated reflection of the overall operational characteristics of ChiNext's advanced new energy manufacturing. As an index tool, the product passively captures the beta of the aforementioned theme, allowing investors to participate in sector beta at a lower individual stock selection cost, rather than betting on the earnings trajectory of a single company. Investors should consider their own risk tolerance and holding period, treating the ChiNext New Energy ETF as a thematic satellite position within their equity portfolio, paying appropriate attention and allocating cautiously. Risk Disclosure: Investors should fully understand the difference between regular fixed-amount investment in funds and savings methods like installment deposits. Regular fixed-amount investment is a simple and easy way to guide investors towards long-term investment and average investment costs. However, it does not avoid inherent risks in fund investment, cannot guarantee investor returns, and is not an equivalent saving alternative to bank deposits. The mentioned funds are equity funds, which are securities investment fund varieties with relatively high expected risk and returns. Their expected returns and risk levels are higher than hybrid funds, bond funds, and money market funds. Short-term rises or falls in sectors/funds are for reference only and do not constitute a guarantee of fund performance. The above views are for reference only and do not constitute investment advice or promises. If you need to purchase related fund products, please pay attention to relevant regulations on investor suitability management, complete risk assessments in advance, and purchase funds with risk levels matching your own risk tolerance. Funds carry risks; invest with caution. MACD golden cross signals form, these stocks are performing well!