On the first trading day after the National Day holiday, A-share technology stocks saw a notable correction. On October 8, the STAR 50 Index closed at 1,456.32 points, touching an intraday low not seen since April 29, with semiconductors, optical chips, and other hard-tech sectors under pressure. The broad pullback in technology growth stocks was driven by multiple overlapping factors: following the Federal Reserve's September rate hike, the 10-year US Treasury yield briefly broke above 5.3%, the highest level since 2002, weighing on high-valuation growth stocks; overnight US tech stocks showed divergence at elevated levels with semiconductors pulling back; and a recent Morgan Stanley research report on potential Federal Communications Commission (FCC) policy raised market concerns about overseas regulatory and supply chain disruptions. (Data source: Wind, as of 10/8/26; Information source: Morgan Stanley, October 1, 2026, "Potential FCC Rules on Optical Transceivers More Likely to Come in at 3.2T")

However, from a macroeconomic perspective, the latest US employment and inflation data are shifting overseas interest rate expectations. US August core PCE rose 3% year-over-year and 0.2% month-over-month, both below expectations; September nonfarm payrolls added only 29,000 jobs, far short of the expected 90,000, with the unemployment rate unexpectedly rising to 4.2%. Following the data release, traders sharply lowered the probability of an October Fed rate hike. The dual weakness in PCE and nonfarm payrolls significantly eased tightening concerns and reduced upward pressure on US Treasury yields, which is conducive to valuation recovery in growth sectors represented by the STAR Market. (Information source: US Bureau of Labor Statistics (BLS), October 2, 2026, "The Employment Situation — September 2026")

It is worth noting that despite increased short-term volatility in the technology sector, operating data from global memory chip leaders still demonstrates strong growth. On October 8, Samsung Electronics released preliminary earnings guidance for the third quarter of 2026, expecting consolidated operating profit of approximately 107.4 trillion Korean won for the quarter, up about 782.5% year-over-year, with consolidated sales of approximately 195 trillion Korean won, up about 126.6% year-over-year. Previously, Micron Technology reported fourth-quarter fiscal 2026 results with revenue of $54.23 billion, up approximately 379% year-over-year, and projected revenue of approximately $61.5 billion for the next fiscal quarter. The operating performance of these two memory chip companies reflects the continued demand for memory products driven by artificial intelligence infrastructure investment. (Information source: Samsung Electronics, October 8, 2026, "Samsung Electronics Announces Earnings Guidance for Third Quarter 2026"; Micron Technology, September 30, 2026, "Micron Technology, Inc. Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results")

It is understood that Huatai-PineBridge STAR 50 ETF (588090) closely tracks the SSE STAR Market 50 Constituent Index (referred to as the STAR 50 Index), one of the core benchmark broad-based indices of the STAR Market. It focuses on quality core assets in the sector, selecting 50 representative STAR companies with relatively large market capitalization, good liquidity, and solid operating fundamentals, covering core hard-tech tracks including semiconductors, advanced manufacturing, artificial intelligence, and innovative drugs, mapping the overall development trend of China's high-end technological innovation industry, and serving as one of the barometers for observing the overall STAR Market performance and industry prosperity. (Source: Wind, China Securities Index Company, as of 10/8/2026)

The STAR 50 Index is also an important index tool for participating in the semiconductor-led hard-tech market in A-shares. Wind data shows that as of October 8, the index had an 84.3% weight in the Shenwan primary electronic industry. Breaking down to Shenwan tertiary industries, digital chip design, semiconductor equipment, and integrated circuit manufacturing weights were 35.4%, 20.6%, and 14.6%, respectively. The index covers key segments including chip design, wafer manufacturing, semiconductor equipment, memory and supporting chips, providing a relatively complete industry chain mapping, with a stronger "hard-tech" character after index adjustments. (Source: Wind, as of 10/8/2026; industry classifications and weights of index constituents may change with index adjustments and price movements)

Although recent geopolitical tensions, rising international oil prices, and upward US Treasury yields have disturbed market risk appetite, the volatile correction has effectively released valuation pressure and trading crowding in the STAR Market, potentially creating a window for medium-to-long-term allocation to quality technology assets. Many funds have taken counter-trend positions in ETFs tracking the STAR 50 Index. Among them, Huatai-PineBridge STAR 50 ETF (588090) has received capital inflows for five consecutive trading days. Off-market investors may consider the Huatai-PineBridge SSE STAR Market 50 ETF Feeder Fund (Class A 011610 / Class C 011611). (Data source: Wind, China Securities Index Company, as of 10/8/2026)

Huatai-PineBridge Fund is among China's first batch of ETF managers, with over 19 years of deep experience in index investing. It has created index tools for investors including the CSI 300 ETF Huatai-PineBridge (510300) and A500 ETF Huatai-PineBridge (563360), offering transparency, convenient trading, and relatively low fees. As of the end of June 2026, the company's ETFs had cumulatively generated over 180.6 billion yuan in profits for holders over the past two years. (Profit data source: "Current Period Profit" metric in fund periodic reports, data range 7/1/24-6/30/26, calculated by Huatai-PineBridge)

Fee note: Investors may be charged a commission of no more than 0.5% when subscribing to or redeeming ETFs, which includes related fees charged by stock exchanges and registration institutions. The above is excerpted from product legal documents, as of 10/8/2026. Secondary market trading commissions are charged at the rates set by the respective brokerage, with stamp duty exempted. The subscription fee for Class A shares of the Huatai-PineBridge STAR 50 ETF Feeder Fund is specifically: for subscription amounts below 1 million yuan, the subscription fee rate is 1.0%; for subscription amounts from 1 million yuan (inclusive) to 5 million yuan (exclusive), the subscription fee rate is 0.8%; for subscription amounts of 5 million yuan (inclusive) and above, the subscription fee is 1,000 yuan per transaction; Class C shares do not charge a subscription fee. The redemption fee rates for Class A/C shares are specifically: for holding periods of less than 7 days, the redemption fee rate for both Class A and Class C shares is 1.5%; for holding periods from 7 days (inclusive) to 30 days (exclusive), the redemption fee rate for Class A shares is 0.1%, and for Class C shares is 0; for holding periods of 30 days (inclusive) or more, the redemption fee rate for both Class A and Class C shares is 0. The sales service fee for Class A shares is 0, and for Class C shares is 0.25% per year. The above is excerpted from product legal documents, as of 10/8/26.

Risk disclosure: Funds involve risks, and investment requires caution. If you wish to purchase relevant fund products, please pay attention to the relevant provisions of investor suitability management, complete risk assessment in advance, and purchase fund products with risk levels matching your own risk tolerance. Past performance of a fund does not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Before investing, please carefully read the fund contract, fund prospectus, and product summary and other legal documents to understand the specific circumstances of the fund. The underlying index is compiled and published by China Securities Index Company, and its ownership belongs to China Securities Index Company. China Securities Index Company will take all necessary measures to ensure the accuracy of the index but does not make any guarantee for it and shall not be liable to anyone for any errors in the index. Huatai-PineBridge STAR 50 ETF and its feeder fund may invest in the STAR Market, which will face specific risks arising from differences in investment targets, market systems, and trading rules under the STAR Market mechanism, including but not limited to the risk of large price fluctuations of STAR Market listed companies' stocks, liquidity risk, and delisting risk. The risk level of Huatai-PineBridge STAR 50 ETF and Huatai-PineBridge SSE STAR Market 50 ETF Feeder Fund (Class A 011610 / Class C 011611) is R4, and the risk levels of CSI 300 ETF Huatai-PineBridge (510300) and A500 ETF Huatai-PineBridge (563360) are both R3. For distribution, the risk level of the distributing institution shall prevail; different sales institutions may have different evaluation results for fund risk levels based on investor suitability regulations. MACD golden cross signals have formed for these stocks with strong upward momentum.