5月25日(ri)早(zao)盤(pan)，A股整體(ti)低(di)開后(hou)拉(la)升翻紅，創業板指盤(pan)中(zhong)微漲超0.2%，成分(fen)股朗新(xin)集團(tuan)領漲超6%，新(xin)易盛漲超5.5%，中(zhong)科創達、晶(jing)盛機電、特銳德(de)等跟漲。

創(chuang)業板100ETF華夏（159957）緊密跟蹤創(chuang)業板指(zhi)數，TMT、新(xin)能源和醫(yi)藥等新(xin)經濟(ji)行業占比(bi)較(jiao)高。目前，創(chuang)業板指(zhi)數市(shi)盈率（PE-TTM）僅為28.48倍，近十年百(bai)分位為5.69%，估值(zhi)性價比(bi)凸顯(xian)。公開數據顯(xian)示(shi)，創(chuang)業板100ETF華夏（159957）已連續(xu)10日獲資金(jin)凈流(liu)入超14億元(yuan)，年初(chu)至今份額(e)增長超300%，資金(jin)低位搶籌特征顯(xian)著。

華金(jin)(jin)證券認為，短(duan)期(qi)(qi)延續震蕩偏強(qiang)趨勢，做多窗口開啟。（1）分子端：經濟修(xiu)復(fu)預(yu)期(qi)(qi)上(shang)升(sheng)(sheng)。一是(shi)地產超(chao)預(yu)期(qi)(qi)放(fang)松(song)(song)下，銷售可(ke)(ke)(ke)能(neng)(neng)企穩回升(sheng)(sheng)：政(zheng)策從減少供給、刺(ci)激(ji)需求兩方面加速房地產去庫存。二(er)是(shi)4月份制(zhi)造業(ye)投資、基建投資增(zeng)速繼續回升(sheng)(sheng)。（2）流動性：短(duan)期(qi)(qi)可(ke)(ke)(ke)能(neng)(neng)進(jin)一步寬松(song)(song)。一是(shi)國內流動性短(duan)期(qi)(qi)可(ke)(ke)(ke)能(neng)(neng)進(jin)一步寬松(song)(song)。二(er)是(shi)股市(shi)(shi)資金(jin)(jin)繼續改善(shan)地產政(zheng)策大幅放(fang)松(song)(song)下，外(wai)資短(duan)期(qi)(qi)可(ke)(ke)(ke)能(neng)(neng)繼續大幅流入；風險偏好(hao)可(ke)(ke)(ke)能(neng)(neng)上(shang)升(sheng)(sheng)，融資、新(xin)發基金(jin)(jin)等流入短(duan)期(qi)(qi)可(ke)(ke)(ke)能(neng)(neng)上(shang)升(sheng)(sheng)。（3）風險偏好(hao)短(duan)期(qi)(qi)可(ke)(ke)(ke)能(neng)(neng)上(shang)升(sheng)(sheng)。一是(shi)國內政(zheng)策短(duan)期(qi)(qi)提(ti)升(sheng)(sheng)市(shi)(shi)場(chang)情緒(xu)；二(er)是(shi)地緣風險下降(jiang)、海(hai)外(wai)降(jiang)息預(yu)期(qi)(qi)上(shang)升(sheng)(sheng)提(ti)升(sheng)(sheng)全球市(shi)(shi)場(chang)風險偏好(hao)。