Recent market trends can be summarized succinctly: the technology sector is leading gains in A-shares, with PCB at the forefront of technology. From April 1st to June 17th, the CSI Printed Circuit Board Index surged by an impressive 112%.

PCB stands for Printed Circuit Board, essentially the "skeleton" of electronic devices. Chips and various electronic components within AI servers all require connection via PCBs. Catalyzed by the explosive demand for AI inference, the PCB sector is entering a super-cycle characterized by simultaneous increases in both volume and price.

However, many investors face a "happy problem": there are numerous PCB-related concept stocks, making selection difficult, while the PCB weightings in most technology-focused ETFs are only in the single digits. So, how can one capture this market trend?

Finding the Right Index

In fact, there is an index in the market with a notably high PCB concentration. Classifying by whether constituent stocks belong to the CSI Printed Circuit Board Index (932666), the PCB concentration within the SZSE Growth 100 Index, tracked by E Fund Growth ETF (159259), reaches as high as 20.2%, ranking first among all indices with ETF tracking. Additionally, the Growth 100 Index covers areas like optical modules, AI data center power supplies, and storage, with overseas AI computing chain exposure exceeding 55%. From April to June 17th, this index has gained over 60%.

Addressing a Key Concern

At this point, a question may arise: recent sharp gains in CPO and PCB have driven the Growth 100's performance; if these concepts are no longer market leaders in the future, will this index lose its strength?

The reason the SZSE Growth 100 Index can precisely align with market trends lies in its unique construction methodology.

A Forward-Looking Methodology

The screening logic of traditional growth indices is typically "backward-looking"—examining revenue and profit growth rates from past years to select historically high-growth companies. Analogously, a traditional growth index is like evaluating a student based on past exam scores; past good performance doesn't guarantee continued improvement. In investing, companies with fast past growth may not sustain high growth in the future.

The approach of the SZSE Growth 100 Index is fundamentally different. In its stock selection, it allocates 75% of the growth score weight to "future" dimensions. This includes a 25% weight for "near-term future" indicators, primarily based on the three-month sequential change in consensus net profit forecasts, and a 50% weight for "long-term future" indicators, encompassing the two-year forward consensus net profit compound growth rate and the change in consensus return on equity (ROE) for the next year.

Here, "consensus forecast" can be understood as the aggregated predictions of many research institutions regarding a company's future performance. In essence, the Growth 100 Index places greater emphasis on which companies the market expects to see continued profit improvement and whose growth potential appears to be strengthening.

Adapting to Market Shifts

This forward-looking selection logic enables the index to proactively adjust its sector allocations ahead of industry inflection points. Reviewing the sector weight changes since the index's inception, the Growth 100 Index has completed shifts from electronics to non-ferrous metals and new energy, and then to the AI computing chain, maintaining sensitivity in sync with industrial trends.

Therefore, the Growth 100 Index remains, at its core, a "growth-style" index; it simply currently has a high weighting in the AI computing chain, including PCB. Returning to the earlier question, if the profit expectations for CPO and PCB reach an inflection point, the index's stock selection mechanism will automatically seek out the next emerging growth direction.

The Investment Vehicle

E Fund Growth ETF (159259) is currently the only ETF product in the market tracking the SZSE Growth 100 Index. Its assets under management have grown more than fourfold this year, making it a convenient tool for positioning in high-growth A-share sectors and capturing rotations in industrial trends.