New Growth Drivers, Optimized Structure and Stronger Performance: A Review of 2026 Half-year Reports of SSE-Listed Companies

As of now, companies listed on the Shanghai Stock Exchange (SSE) have completed the disclosure of their 2026 half-year reports. The data show that SSE-listed companies have accelerated technological innovation and industrial upgrading, and recorded year-on-year growth in both revenue and net profit. The overall performance reflects steady progress, driven by new growth drivers and an optimized industrial structure. This marks a strong start to the 15th Five-Year Plan period.

I. Overall Growth Rate Posts New High Since 2022

In the first half of 2026, 2,318 SSE-listed companies collectively recorded operating revenue of RMB 26.22 trillion, up 6.3% year on year, net profit of RMB 2.82 trillion, up 17.6%, and net profit after deducting non-recurring gains and losses of RMB 2.69 trillion, up 17.2%, with growth rates reaching their highest levels since 2022. Nearly 80% of the companies remained profitable, among which 924 saw year-on-year net profit growth, 339 experienced net profit growth exceeding 50%, and 142 turned losses into profits. Blue-chip companies continued to serve as the "ballast". Companies included in the SSE 180 Index achieved operating revenue of RMB 17.87 trillion and net profit of RMB 2.36 trillion, representing year-on-year increases of 6.9% and 14.8%, respectively.

Non-financial companies demonstrated robust growth. Non-financial companies maintained relatively rapid growth, with operating revenue and net profit increasing by 4.5% and 19.3% year on year, respectively, in the first half. In the second quarter, operating revenue and net profit grew by 5.6% and 23.9% year on year, and 8.3% and 12.4% quarter on quarter, respectively. Manufacturing companies recorded year-on-year increases of 12.8% in operating revenue and 40.3% in net profit in the first half, outpacing the overall growth rates of SSE-listed companies. Over 90% of industries remained profitable. Electronics, non-ferrous metals, and petroleum and petrochemicals ranked among the top in terms of net profit growth, with year-on-year increases of 322.0%, 68.9%, and 25.9%, respectively.

The technology sector delivered strong growth. SSE-listed technology companies seized the opportunities of the era arising from profound global technological and industrial transformation, rapidly converting innovation momentum into tangible results. The STAR Market, in particular, saw its companies generate a combined operating revenue of RMB 1.01 trillion and net profit of RMB 144.887 billion in the first half, up 38.6% and 437.6% year on year, respectively. Net profit for the first half already exceeded the full-year level of the previous year, further highlighting its role as a key platform for developing new quality productive forces. Among these companies, 36 in the Growth Layer continued to demonstrate strong innovation vitality and steadily improve operational quality and efficiency, with revenue growing by 29.1% year on year and losses narrowing by 62.3%, accelerating the growth of these emerging tech forces.

Operating indicators continued to improve. In the first half, non-financial companies listed on the SSE generated net operating cash flow of RMB 1.52 trillion, up 35.1% year on year and equivalent to 1.2 times their net profit, further strengthening their margin of safety. Gross margin remained stable while edging up 1.5 percentage points year on year. The median gross margin of STAR Market companies stood high at 36.8%. The median debt-to-asset ratio fell by 0.1 percentage point from the beginning of the period, indicating a more robust financial foundation.

The momentum for sustainable growth continued to build. In the first half, non-financial companies listed on the SSE invested more than RMB 475 billion in R&D, up approximately 6.5% year on year. STAR Market companies invested RMB 104.4 billion in R&D, up 14.6% year on year, and maintained a median R&D intensity of 12.6%, a notably high level. Emerging industries sustained high capital expenditure levels, as companies channeled investment into production line upgrades, capacity expansion, and equipment purchases. In the first half, cash paid for the purchase and construction of long-term assets amounted to RMB 406.6 billion, up 4.4% year on year.

II. Industries Driven by New Quality Productive Forces Emerge as a Key Growth Engine

The competitiveness of the integrated circuit industry chain has strengthened across the board. Leveraging the STAR Market, the integrated circuit industry chain on the SSE progressed from single-point breakthroughs to coordinated development across the entire value chain, with the domestic supply chain's self-reliance capabilities continuously enhanced and profitability accelerating. In the first half, the sector achieved a combined net profit of RMB 125.267 billion, up 660.3% year on year, with the median gross margin reaching 33.5%. Leading companies in the industry chain played a guiding and driving role. CXMT Corporation saw its global competitiveness further elevated, with a landmark breakthrough in its latest-generation LPDDR6 products and steady improvements in core indicators like capacity utilization and gross margin. In the first half, it posted a net profit of RMB 77.6 billion, marking a substantial year-on-year turnaround from losses to profits. Both Semiconductor Manufacturing International Corporation and Hua Hong Grace Semiconductor Limited posted record-high quarterly revenue, driving faster development across the upstream and downstream segments of the industry chain. The localization of advanced equipment continued to advance steadily. AMEC's 12-inch high-end etching equipment has been used in several critical process steps for devices at 3 nanometers and below. PIOTECH's thin-film deposition equipment has supported the production of approximately 600 million wafers cumulatively on clients' production lines. Key materials helped ensure stable supply chain operations. Peric Special Gases saw its tungsten hexafluoride products serve as a core growth pole, with revenue surging by nearly 300% year on year. The monthly production capacity of Xi'an Eswin Material Technology exceeded 1 million wafers, continuing to rank first in China's 12-inch silicon wafer sector. Advanced packaging emerged as a new engine for "overtaking on a curve" in the industry. SJ Semiconductor Corporation steadily advanced technological iteration, achieving mass production on its 3DIC technology platform based on micro-bumps.

A domestic ecosystem for artificial intelligence is rapidly taking shape. Artificial intelligence has become one of the fastest-growing and most dynamic fields on the SSE. Fueled by capital market institutional supply and resource concentration, the sector is expanding rapidly, with innovative achievements emerging in models, chips, cloud computing, and industry applications. Computing chip companies are actively advancing large-scale commercialization. Four representative STAR Market companies, including Hygon Information Technology and Cambricon Technologies, collectively recorded operating revenue of RMB 18.155 billion, up 82.2% year on year. Their core products have completed adaptation to mainstream domestic large language models, while they are making forward-looking investments in next-generation computing architectures such as supernodes and clusters with over 10,000 GPUs. Supporting and upstream material sectors experienced booming production and sales. Shengyi Electronics acquired certification from leading clients, while Founder Technology accelerated the development of high-end production capacity, with net profit rising by 109% and 232% year on year, respectively. China Jushi ranked first globally in fiberglass production capacity, with net profit increasing by 74% year on year. Technological iteration is driving new applications and new business models. Average daily token usage nationwide has grown rapidly. The expanding demand for computing resources is creating long-term growth opportunities for the industry, while its role in improving the quality and efficiency of the real economy is becoming increasingly evident. Intelligent services are reaching a broad range of industries and households. Beijing Kingsoft Office Software's enterprise subscription revenue from AI office products has grown by more than 60% for six consecutive quarters. Leveraging their cloud-network integration advantages, the three major telecommunications operators are developing token-based business models and promoting the market launch of products such as token packages. Emerging sectors such as embodied intelligence are also flourishing. Unitree Robotics ranked first globally in humanoid robot shipments, with first-half revenue increasing by nearly 50% year on year.

The commercialization of biopharmaceutical innovation results is driving a wave of earnings growth. After years of technological innovation, biopharmaceutical companies listed on the SSE are entering a phase of concentrated returns, with a number of innovative drugs and medical devices moving from laboratories to frontline clinical applications. A new value proposition characterized by "high growth, strong profitability, and sustainability" is taking shape. Innovative drugs are accelerating their market entry. In the first half, seven Class 1 innovative drugs developed by SSE-listed companies were approved for marketing. Izalontamab Brengitecan, developed by Sichuan Biokin, became the world's first bispecific antibody-drug conjugate (ADC) approved for marketing, which can significantly extend the survival of patients with advanced nasopharyngeal carcinoma and esophageal squamous cell carcinoma. License-out, NewCo, and other innovative drug overseas trading models are accelerating global value realization. A virtuous cycle of "R&D–licensing–payment collection–reinvestment in R&D" is taking shape more rapidly. In the first half, Jiangsu Hengrui Pharmaceuticals and RemeGen each entered into an out-licensing deal with a potential total value exceeding USD 5 billion. The licensing deal of Dizal Pharmaceutical set a new record for the upfront payment in an overseas transaction involving domestically developed small-molecule drugs, with an upfront payment of USD 600 million. Pharmaceutical R&D services are deeply engaged with global innovation demands. WuXi AppTec's first-half net profit exceeded RMB 10 billion for the first time. As of the end of June, its order backlog reached RMB 66.4 billion, up 25% year on year. High-end medical equipment is accelerating its global reach. Shanghai United Imaging Healthcare increased its overall market share by 1.7 percentage points despite adverse market conditions, with overseas business accounting for over a quarter and gross margin rising by 7 percentage points year on year.

III. Basic Industries Highlight Their Role as a "Stabilizing Anchor"

Energy supply security and price stability have remained effective and strong. Petroleum and petrochemical companies optimized their procurement and logistics networks and promoted stable and increased oil and gas production. In the first half, PetroChina Company Limited, China Petroleum & Chemical Corporation, and CNOOC Limited collectively produced nearly 1.6 billion barrels of oil and gas equivalent, maintaining year-on-year growth, while domestic crude oil and natural gas production remained stable with moderate increases. Coal and chemical companies tapped into the potential of domestic production bases to solidify local raw material supply. Leading coal companies, including China Shenhua Energy, Shaanxi Coal Industry, Yankuang Energy Group, and China Coal Energy, collectively produced approximately 491 million tons of commercial coal in the first half. Ningxia Baofeng Energy produced 2.97 million tons of polyolefins, up 24% year on year, with its production facilities maintaining stable, high-load operations. Clean energy supply continued to expand, with installed renewable energy generation capacity growing steadily. In the first half, major SSE-listed power companies, including China Yangtze Power and Huadian New Energy, generated approximately 204.4 billion kWh of hydropower, 62 billion kWh of wind power, and 48 billion kWh of photovoltaic power, representing year-on-year increases of 8%, 3%, and 21%, respectively. Non-ferrous metal companies accelerated efforts to increase reserves and diversify sources both domestically and overseas, enhancing the supply resilience for critical metals. The output of rare earth smelting and separation products, rare earth metal products, and rare earth new materials of China Northern Rare Earth all reached record highs for the same period. Zijin Mining Group maintained steady growth in the output of its major mineral products, with mineral gold production increasing by 13% year on year and net profit rising by 68% year on year in the first half.

Coordinated investment in the "six networks" (water, new-type power grid, computing power, next-generation communication, urban underground pipeline, and logistics) provided a solid foundation for growth. In the first half, investment in communications equipment, transportation, and power-grid equipment covered by the "six networks" continued to grow, with year-on-year growth rates of 59%, 56%, and 8%, respectively. The construction of new-type power grids advanced in depth. The 800 kV, 80 kA circuit breaker of Henan Pinggao Electric entered engineering application, while its annual production capacity for 550 kV gas-insulated lines (GIL) exceeded 100 km. Its first-half net profit increased by 23% year on year. NARI Technology focused on ultra-high-voltage power transmission and intelligent grid upgrades, and deployed China's first intelligent agent for integrated dispatching of main and distribution networks in an urban power grid. Computing power and next-generation communication networks unleashed the potential of the intelligent industry. Dawning Information Industry built China's first domestically developed 100,000-GPU AI supercluster and connected it to the national supercomputing Internet scheduling system. China Mobile's total intelligent computing capacity across its network reached 112,700 PFLOPS in the first half, while revenue from computing services increased by 14% year on year, as the nationwide integrated computing power network continued to take shape. The modern logistics network smoothed the flow of factors. China Merchants Energy Shipping saw steady growth in fleet capacity and continued optimization of its fleet structure. In the first half, its cargo volume and turnover reached 124 million tons and 762.6 billion ton-nautical miles, respectively, achieving growth in both revenue and profit. COSCO Shipping Holdings signed a four-party cooperation agreement for the Trans-Caspian International Transport Route in the first half, facilitating a new China-Europe land-sea intermodal corridor and continuously enhancing its capacity to ensure supply chain security.

IV. Transformation and Upgrading Foster New Growth Drivers

Traditional industries have made new strides in technology. Chemical companies shifted toward high-end offerings to drive performance recovery. Wanhua Chemical completed a feedstock diversification retrofit at its Phase I ethylene plant in Yantai, resolving two industry-wide challenges associated with ethane cracking units. Zhejiang Juhua saw strong growth across its high-end fluorochemical portfolio, with revenue from fluoropolymer materials and fluorine-containing fine chemicals increasing by 32% and 53% year on year, respectively. Xinfengming Group successfully developed new products including ultra-fine-denier fully drawn yarn (FDY), while staying committed to stable quality, improved efficiency, and technological upgrades. As a result, its net profit surged 103% year-on-year in the first half of 2026. Steel companies upgraded their product mix toward higher value-added products. Baoshan Iron & Steel recorded sales of 17.67 million tons for its "2+2+N" product portfolio, a 7% year-on-year increase, and debuted 5 new products on the global market. Inner Mongolia Baotou Steel Union recorded a 2% year-on-year reduction in unit production costs, while output of rare earth steel hit a new high. As a result, its net profit surged 85% year-on-year in the first half of 2026.

Digital and intelligent innovation drive industrial transformation, with data platforms deeply integrated into production and operations. By using big data to connect the entire industrial chain, Tongkun Group processed 9.6 million API calls per day through its "Silk Road" data integration platform, while its digital cloud security system issued 1.11 million early warnings annually, effectively preventing production anomalies. Hengli Petrochemical fully unlocked the potential of its integrated oil-coal-chemical platform and used its digital collaboration system across the entire value chain to enable dynamic production scheduling. This drove a 136% year-on-year increase in net profit for the first half of 2026. Meanwhile, smart production lines are reshaping manufacturing processes. Shanghai Zhenhua Heavy Industries launched the world's first intelligent production line for container spreaders, replacing labor-intensive workflows with material-flow automation. As a result, its annual output rose from 850 to 1,500 units, while assembly efficiency doubled. Hisense Visual Technology Co., Ltd. advanced the 5G+AI digital transformation at its Qingdao factory, where over 20 5G-powered industrial applications have been deployed. The initiative has raised production efficiency by 21% and cut operating costs by 10%, delivering gains in both production capacity and economic benefit.

V. Export Growth Maintains Strong Momentum

Overseas business serves as an important driver for the growth of SSE-listed companies. In the first half of 2026, more than 1,050 SSE-listed non-financial companies recorded a combined RMB 3.20 trillion in overseas revenue, up 22.8% year-on-year, marking the third consecutive year of growth and underscoring the resilience of their overseas expansion. Higher port throughput reflects strong export demand. Leading port operators, including Shanghai International Port Group, Ningbo Zhoushan Port Company, and Qingdao Port International, posted steady growth, handling 74.65 million TEUs (up 7% year-on-year) and 1.3 billion tons of cargo (up 2% year-on-year) in the first half of 2026.

Export-oriented industries are gaining both quality and scale. Home appliance and textile companies are deepening their global presence. Haier Smart Home responded swiftly to cooling demand triggered by the European heatwave, leveraging its full supply chain to ensure the availability of easy-to-install, energy-efficient air conditioners. As a result, its European revenue grew 5% year-on-year in the first half of 2026. Zhejiang Jasan Holding Group localized the full production chain—from spinning and dyeing to garment manufacturing—across its four Vietnam bases, which together contribute nearly 70% of its revenue. China's shipbuilding industry maintains a full order book while pursuing continuous upgrades. China CSSC Holdings has secured a total backlog of 729 vessels in its civil and offshore engineering segments, representing 93.89 million deadweight tons, with its order mix continuing to improve. Guangdong Songfa Ceramics' core shipbuilding asset, Hengli Heavy Industries, has secured 207 new vessel orders—setting dual industry records for both the scale of orders placed with a single shipyard and the diversity of vessel types. High-value-added vessels, including container ships and oil tankers, together account for over 70% of the total order backlog. As a result, the company's net profit surged significantly year-on-year in the first half of 2026. The export competitiveness of the "new trio" (new energy vehicles, lithium-ion batteries, and photovoltaic products) continues to strengthen. Xiamen King Long Motor Group recorded a 35% year-on-year increase in exports of new energy buses in the first half of 2026. Zhejiang Huayou Cobalt posted an approximately 93% year-on-year growth in shipments of NCM cathode materials in the first half, while its Huafei Nickel Cobalt and Huayue Nickel and Cobalt projects in Indonesia generated a combined revenue of over RMB 13 billion. Hangzhou First Applied Material, a leading manufacturer of photovoltaic encapsulation film, is steadily ramping up production capacity at its overseas facilities in Thailand and Vietnam, with the share of overseas shipments continuing to rise.

The new "new trio" are gaining strong momentum in global markets. Moving beyond the "new trio", SSE-listed companies are now expanding their global footprint with the emerging industries: artificial intelligence, robotics, and innovative pharmaceuticals, powered by homegrown innovation and cutting-edge technologies. In AI-enabled hardware, a number of companies are seeing robust export growth in high-end products, driven by breakthroughs in core technologies. Foxconn Industrial Internet reported a 2.3-fold year-on-year increase in revenue from AI servers for cloud service providers and a 3.2-fold increase in shipments of GPU AI racks. Quectel Wireless Solutions has integrated its 5G+AIoT smart modules into automotive and industrial supply chains in Europe and North America, with overseas revenue growing 15% year-on-year. In the robotics sector, SSE-listed companies are accelerating their global presence through breakthroughs in core components and the delivery of integrated robotics solutions. Leader Harmonious Drive Systems has focused on technological innovation in lightweight and compact harmonic reducers, while achieving volume shipments to leading international robotics customers, with overseas revenue surging 78% year-on-year. Ecovacs Robotics reported a 44% year-on-year increase in global shipments of its branded service robots, with overseas revenue accounting for more than half of its total for the first time in the second quarter. In the innovative pharmaceutical sector, BeOne Medicines' core product, Brukinsa (zanubrutinib), recorded global sales of RMB 16.1 billion in the first half of 2026, up 29% year-on-year, establishing it as the BTK inhibitor with the broadest approved indications worldwide. Major BD deals, coupled with overseas regulatory approvals, are helping bring innovative value to global markets. Shanghai Fosun Pharmaceutical's self-developed anti-PD-1 monoclonal antibody, serplulimab injection, received European Commission approval for three additional indications and has now been approved for marketing in 50 countries and regions worldwide.

VI. Consumption Sector Seeks Innovation and Transformation

Service consumption is emerging as a new growth driver, with travel-related spending picking up steam. Shanghai International Airport and Guangzhou Baiyun International Airport handled over 111 million passengers in the first half of the year, up 5% year on year. The country's three major carriers—China Southern Airlines, Air China Limited, and China Eastern Airlines—continued to expand their domestic and international networks, carrying 31.27 million international passengers in the first half, an 8% year-on-year increase, as visa-free policies fueled cross-border travel. The benefits from the modernization of Guangshen Railway Company Limited's intercity lines are coming into full play, with passenger volume and revenue rising 14% and 17% year-on-year, respectively. Holiday-related cultural and tourism consumption presents an upward trend. Changbai Mountain Tourism, leveraging the G331 tourism corridor, has intensified regional resource collaboration, with visitors increasing 19% year-on-year in the first half. Huangshan Tourism Development capitalized on the spring break policy for primary and secondary schools, combining scenario-based innovation with targeted online marketing to boost visitor flow. During the first half, Huangshan Scenic Area welcomed over 2.45 million visitors, an 8% year-on-year increase. Shanghai Jin Jiang International Hotels saw a steady recovery in the domestic market. During the May Day holiday, its hotels recorded more than 10.5 million guest stays. Net profit for the first half jumped 47% year on year. Inbound duty-free consumption also gained traction, with both sales volume and product mix moving upmarket. China Tourism Group Duty Free Corporation capitalized on the Hainan Free Trade Port's full customs operations and rising inbound consumption, deepening its duty-free-plus-tourism integration model. Net profit grew 19% year on year. Meanwhile, Zhuhai Zhumian Group leveraged its strategic location in the Guangdong-Hong Kong-Macao Greater Bay Area to expand port-of-entry travel retail, swinging to a net profit in the first half.

Consumer goods companies are recalibrating their offerings to tap into shifting demand, with product development increasingly geared toward health-conscious trends. Eastroc Beverage has responded to the growing preference for sugar-controlled options, rolling out a steady stream of sugar-free and low-sugar products, which drove net profit up 21% year on year. Angel Yeast has launched several new products centered on yeast protein, gaining traction in the sports nutrition segment and successfully expanding into family health management, including nutritional products for seniors. Supply-side innovation sparks broader demand. Anjoy Foods Group drove category innovation in frozen foods, addressing diverse consumption scenarios—from home hotpot to outdoor grilled sausages—which pushed both revenue and net profit up by over 20% year on year. Runben Biotechnology tapped into young families' dual focus on upgraded childcare and outdoor health protection, launching more than 20 new products across children's sunscreen and outdoor mosquito repellent categories, with net profit growing 20% year on year. Channel adjustments and quality upgrades are also delivering tangible results. Yonghui Superstores swung to a net profit in the first half, having revamped 331 stores with quality upgrades, expanded its private-label offerings, and lifted its overall gross margin by 1.7 percentage points year on year. Xinjiang Wuika Times Department Store restructured its store tiers and streamlined its SKU mix while expanding direct sourcing from production areas, lifting net profit 46% year on year in the first half.

VII. Corporate Value and Return Enhancement Gains Traction

The awareness of improving quality among listed companies is constantly strengthening. By the end of August 2026, over 80% of SSE-listed companies had rolled out their Corporate Value and Return Enhancement plans, with all constituents of the SSE 50 and SSE 180 Indexes fully covered. In June 2026, building on years of practical experience, the SSE unveiled its Corporate Value and Return Enhancement 2.0 initiative, a renewed effort to drive multi-dimensional improvements in the quality and performance of SSE-listed companies. More than ten companies—including CRRC Corporation, Guangxi Guiguan Electric Power, and Suzhou Sepax Technologies—were named as part of the first group of model cases, with more concrete and measurable targets set out across operations, returns, and compliance, along with more practical and effective measures for improving quality and performance.

Investor returns continue to grow, as share buybacks and increased holdings helped shore up market confidence. Since the start of 2026, SSE-listed companies have announced more than 240 new buyback programs, with a total planned value exceeding RMB 68.5 billion—up 15% and 20%, respectively, year on year. In addition, over 187 new share purchase plans have been disclosed, with a total planned value surpassing RMB 27.5 billion. Leading companies—including China Yangtze Power, Haier Smart Home, and PetroChina Company—have each set buyback or share purchase plans with a total value exceeding RMB 5 billion, backing their moves with real capital to stabilize the market and boost confidence. Meanwhile, interim dividends are becoming a regular practice. In the first half of the year, 427 SSE-listed companies announced interim dividends, with total cash payouts reaching RMB 633 billion, up from a year earlier. The six major state-owned banks contributed RMB 220.9 billion of that total, while 16 companies each delivered more than RMB 10 billion. It is now common practice for a growing number of quality companies with steady earnings growth and strong operating cash flow to pay dividends multiple times a year.

VIII. Reform Measures Revitalize the Market

Remarkable results have been achieved in follow-on offering reform. Since the introduction of the optimized follow-on offering package in the first half of the year, the SSE has received 68 follow-on offering applications, with planned proceeds totaling RMB 127.2 billion, up 48% and 39% year on year, respectively. Registration approvals were granted for 61 applications, up 33%. A number of model deals have been successfully implemented, with several high-quality listed companies securing financing in less than a month from application to approval. The "asset-light, high R&D investment" designation has been extended to the SSE Main Board, with Dawning Information Industry securing an RMB 8 billion convertible bond offering as the first such case under the new framework. Ningbo Ocean Shipping has successfully completed its follow-on offering and secured a strategic investor. Follow-on offering momentum has continued to build, with 112 SSE-listed companies publishing new follow-on offering plans in the first half, seeking to raise a combined RMB 184 billion, up 124% and 170% year on year, respectively. The M&A market also remained active. In the first half of the year, SSE-listed companies were involved in 370 M&A transactions, including 32 major asset restructurings with a total deal value exceeding RMB 350 billion. China International Capital Corporation (CICC) absorbed Dongxing Securities and Cinda Securities through a share swap, marking a significant step forward in both scale and synergies.

The STAR Market's reform-driven demonstration effect is gaining traction, with policy support facilitating industrial integration. The streamlined review mechanism for M&A has been put into practice, with Advanced Micro-Fabrication Equipment completing the review and registration process for its share issuance acquisition in just 10 working days. A wide range of payment tools are now deployed in M&A deals. In Shanghai Prisemi Electronics' acquisition of SPSEMI Electronics, for instance, convertible bonds accounted for 68.6% of the consideration. STAR Market ETFs have become a key vehicle for gaining exposure to technology and growth sectors. By the end of August, STAR Market ETF assets under management had reached RMB 364 billion, up roughly 20% year on year. Since July, net inflows into SSE STAR 50 Index-related ETFs have reached RMB 68 billion, with the largest product exceeding RMB 87 billion. Thematic ETFs focused on semiconductor materials and equipment, as well as chip design, are diversifying the product mix, offering a range of allocation tools for various types of capital to tap into the growth trajectory of tech companies.