Report Information - Report Title: ETF Strategy Index Tracking Weekly Report, Public Fund Weekly Report [1] - Report Date: December 29, 2025 [1] Investment Ratings - Not provided in the report Core Views - The report presents several ETF strategy indices constructed by Huabao Securities, aiming to obtain excess returns relative to the market through different quantitative models and strategies. It also tracks the performance and positions of these indices on a weekly basis [4][5][12] Summary by Directory 1. ETF Strategy Index Tracking - **Overall Performance**: The table shows the performance of various ETF strategy indices last week, including the index name, last week's index return, comparison benchmark, last week's benchmark return, and excess return [13] | Index Name | Last Week's Index Return | Comparison Benchmark | Last Week's Benchmark Return | Excess Return | | --- | --- | --- | --- | --- | | Huabao Research Large - Small Cap Rotation ETF Strategy Index | 1.96% | CSI 800 | 2.50% | -0.54% | | Huabao Research Quantitative Fire - Wheel ETF Strategy Index | 4.18% | CSI 800 | 2.50% | 1.67% | | Huabao Research Quantitative Balance Technique ETF Strategy Index | 1.04% | SSE 300 | 1.95% | -0.91% | | Huabao Research SmartBeta Enhanced ETF Strategy Index | 3.94% | CSI 800 | 2.50% | 1.43% | | Huabao Research Hot - Spot Tracking ETF Strategy Index | 2.03% | CSI All - Share | 2.78% | -0.75% | | Huabao Research Bond ETF Duration Strategy Index | 0.03% | ChinaBond Aggregate Index | 0.04% | -0.01% | 1.1 Huabao Research Large - Small Cap Rotation ETF Strategy Index - **Strategy**: Uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index. The model outputs signals weekly to predict the strength of the indices in the next week and determines positions accordingly [4][14] - **Performance**: As of December 26, 2025, the excess return since 2024 is 19.71%, the excess return in the past month is - 0.63%, and the excess return in the past week is - 0.54% [4][14] - **Position**: Holds 100% of the SSE 300ETF (fund code: 510300.SH) [18] 1.2 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: Uses volume - price indicators to time self - built barra factors, and then maps the timing signals to ETFs based on the exposure of ETFs to 9 barra factors. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [4] - **Performance**: As of December 26, 2025, the excess return since 2024 is 22.50%, the excess return in the past month is - 1.98%, and the excess return in the past week is 1.43% [4] - **Position**: Holds 25.05% of the Huaxia Science and Technology Innovation Composite Index ETF (fund code: 589000.SH), 25.04% of the Fuguo Science and Technology Innovation Composite Index ETF (fund code: 589600.SH), 25.02% of the Southern GEM 200ETF (fund code: 159270.SZ), and 24.89% of the Wanjia GEM Composite ETF (fund code: 159541.SZ) [22] 1.3 Huabao Research Quantitative Fire - Wheel ETF Strategy Index - **Strategy**: Starts from a multi - factor perspective, including the grasp of medium - and long - term fundamental dimensions, the tracking of short - term market trends, and the analysis of the behavior of various market participants. It uses valuation and crowding signals to prompt industry risks and multi - dimensionally digs out potential sectors [22] - **Performance**: As of December 26, 2025, the excess return since 2024 is 38.65%, the excess return in the past month is 2.06%, and the excess return in the past week is 1.67% [22][25] - **Position**: Holds 20.97% of the Securities and Insurance ETF (fund code: 512070.SH), 20.60% of the Chemical ETF (fund code: 159870.SZ), 19.54% of the Steel ETF (fund code: 515210.SH), 19.49% of the Oil and Gas ETF (fund code: 159697.SZ), and 19.39% of the New Energy ETF (fund code: 516160.SH) [26] 1.4 Huabao Research Quantitative Balance Technique ETF Strategy Index - **Strategy**: Adopts a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior. It constructs a quantitative timing system to judge the trend of the equity market and establishes a prediction model for the market's large - and small - cap styles to adjust the equity market position distribution [26] - **Performance**: As of December 26, 2025, the excess return since 2024 is - 11.11%, the excess return in the past month is - 1.05%, and the excess return in the past week is - 0.91% [26][27] - **Position**: Holds 9.23% of the Ten - Year Treasury Bond ETF (fund code: 511260.SH), 6.11% of the 500ETF Enhanced (fund code: 159610.SZ), 5.98% of the CSI 1000ETF (fund code: 512100.SH), 32.84% of the 300 Enhanced ETF (fund code: 561300.SH), 22.94% of the Government Financial Bond ETF (fund code: 511520.SH), and 22.89% of the Short - Term Financing ETF (fund code: 511360.SH) [29] 1.5 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: Tracks and mines hot - spot index target products in a timely manner based on strategies such as market sentiment analysis, industry major event tracking, investor sentiment and professional views, policy and regulatory changes, and historical deduction. It constructs an ETF portfolio that can capture market hot spots in a timely manner [29] - **Performance**: As of December 26, 2025, the excess return in the past month is - 1.22%, and the excess return in the past week is - 0.75% [29][32] - **Position**: Holds 38.33% of the Non - Ferrous Metals 50ETF (fund code: 159652.SZ), 23.48% of the Boshi Hong Kong Stock Dividend ETF (fund code: 513690.SH), 19.50% of the Hong Kong Stock Connect Pharmaceutical ETF (fund code: 513200.SH), and 18.69% of the Short - Term Financing ETF (fund code: 511360.SH) [33] 1.6 Huabao Research Bond ETF Duration Strategy Index - **Strategy**: Uses bond market liquidity and volume - price indicators to screen effective timing factors and predicts bond yields through a machine - learning method. When the expected yield is lower than a certain threshold, it reduces the long - duration positions in the bond investment portfolio [6][33] - **Performance**: As of December 26, 2025, the excess return in the past month is 0.18%, and the excess return in the past week is - 0.01% [6][33] - **Position**: Holds 50.01% of the Ten - Year Treasury Bond ETF (fund code: 511260.SH), 25.00% of the Government Financial Bond ETF (fund code: 511520.SH), and 25.00% of the 5 - to 10 - Year Treasury Bond ETF (fund code: 511020.SH) [36]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Since taking charge of Huabao Growth Strategy in May 2020, Tang Hui has achieved excellent returns, outperforming 97% of similar funds, with relatively good drawdown control [4][14][40]. - Tang Hui has an investment system centered on "industry trends + stock odds", a portfolio management concept of "beta (60%-70%) + alpha (30%-40%)", and an operation style of dynamic adjustment and disciplined execution [3][18][41]. 3. Summary by Relevant Catalogs 3.1 Fund Manager Information 3.1.1 Fund Manager Introduction - Tang Hui was a senior strategy analyst at Haitong Securities Research Institute and joined Huabao Fund in June 2015. She currently manages 3 products and is the fund manager of Huabao Growth Strategy since May 2020, Huabao Baokang Flexible since January 2021, and Huabao Baokang Consumer Goods since December 2021 [4][9][37]. 3.1.2 Management Product Introduction 3.1.2.1 Representative Product - Tang Hui manages three public - offering funds. Huabao Growth Strategy is used as the representative product for analysis. As of September 30, 2025, its scale is 146 million yuan [10]. 3.1.2.2 Representative Product Net Value Performance - As of November 25, 2025, after excluding the 3 - month establishment period, Huabao Growth Strategy significantly outperformed the benchmark, with a cumulative positive excess return of 83.04%. It outperformed 97% of similar funds, and its drawdown control is in the upper - middle level. It had a weak performance in 2023 but was excellent in other years, especially in 2025 [11][14][40]. 3.2 Fund Manager Investment Ability Analysis 3.2.1 Investment Framework - Guided by Industry Trends and Focused on Odds Space - Tang Hui's investment system combines understanding of industry trends and control of stock odds. She selects high - growth and long - logic tracks from a top - down perspective, captures inflection points of industry prosperity "second - order derivatives", and then conducts bottom - up stock selection based on odds [18][19][20]. - For industry trend judgment, she has a macro view of the whole market. For example, she focuses on the AI industry, believing that its technological evolution is ongoing and capital expenditure is not in a bubble [19]. - She constructs a dynamic screening system that combines top - down and bottom - up approaches, and uses odds as the core criterion for secondary screening. This includes comparing industry prosperity, evaluating stock odds, and building differentiated portfolios based on product contracts [20]. - Her investment scope is wide, with a growth preference, and she is relatively cautious about sectors like semiconductors [21]. 3.2.2 Shareholding Characteristics - Carrying Prosperity and Mining Alpha under Portfolio Thinking - Tang Hui's shareholding is based on the concept of "beta + alpha". The beta position (60% - 70%) is concentrated in no more than three prosperous industries, such as the AI computing power industry chain from 2023 to 2025. The alpha position (30% - 40%) is used to invest in stocks with independent growth logic [22][23]. - In stock selection, she makes a three - dimensional layout in the industrial chain, considering both position and odds. Her holding period is flexible, depending on industry prosperity and market value targets [26]. 3.2.3 Operation Characteristics - Dynamic Adjustment and Disciplined Execution under Agile Tracking - Tang Hui rarely conducts position timing and usually keeps the stock position at a relatively high level. Her excess returns mainly come from industry allocation and stock selection [18][31][41]. - The fund has a relatively high turnover rate, which reflects her tracking of prosperity and dynamic evaluation of stock odds. She adjusts positions according to industry data, company reports, and odds changes [33]. 3.3 Summary - Tang Hui's resume and management of funds are the same as mentioned above. Huabao Growth Strategy has excellent performance, and her investment ability has the characteristics of an investment system centered on industry trends and stock odds, portfolio management, and dynamic adjustment [37][40][41]. 3.4 Appendix - Information about Huabao Growth Strategy, such as its fund name, abbreviation, establishment date, comparison benchmark, investment objective, investment scope, management fee rate, and custody fee rate, is provided [44].

- The report tracks various quantitative factors across equity, commodity, options, and convertible bond markets, providing insights into market trends and factor performance during the week of December 15-19, 2025[3][9][24] - **Equity Market Factors**: - **Market Style**: The market showed a slight preference for large-cap and value styles, reversing the trend from the previous week[10][12] - **Market Structure**: Industry excess return dispersion and rotation speed increased, while the proportion of rising constituent stocks decreased. Concentration in the top 100 stocks remained stable, and the top 5 industries saw a slight decline in transaction concentration[10][12] - **Market Activity**: Both market volatility and turnover rate continued to decline[11][12] - **Commodity Market Factors**: - **Trend Strength**: All sectors except the black sector showed an increase in trend strength[24][29] - **Volatility**: Volatility decreased in the precious metals and agricultural sectors but increased in other sectors[24][29] - **Liquidity**: Liquidity declined in the energy and agricultural sectors but slightly improved in other sectors[24][29] - **Basis Momentum**: Basis momentum increased in the energy and black sectors but decreased in other sectors[24][29] - **Options Market Factors**: - Implied volatility for both the SSE 50 and CSI 1000 rebounded from low levels. The skew of call and put options for the SSE 50 decreased, while the skew of put options for the CSI 1000 continued to rise, indicating risk release in large-cap stocks and risk accumulation in small-cap stocks[32][36] - **Convertible Bond Market Factors**: - The market stabilized and recovered, with transaction volume exceeding the median level of the past year. The premium rate for bonds priced at 100 yuan reached a new annual high, while the proportion of low premium rate bonds continued to decline[34][38][40]

Investment Rating - The report does not explicitly provide an investment rating for the industry [3]. Core Insights - The banking wealth management industry is moving towards "Net Value 3.0," with multi-asset and multi-strategy becoming mainstream [11][12]. - The introduction of the first "Science and Technology Innovation Bond ETF" repurchase transaction marks a significant breakthrough in liquidity management tools for wealth management companies [17]. - The report highlights the performance of cash management products and fixed-income products, indicating a stable yield environment despite market fluctuations [20][24]. Regulatory and Industry Dynamics - A conference on high-quality development in the banking industry was held, where leaders discussed the current landscape and future directions of wealth management [4][11]. - The industry is facing challenges and opportunities, including a "deposit migration" window and the potential for significant growth in corporate wealth management [12]. - The report notes the appointment of Dai Kang, a former chief asset researcher, to a key position in a wealth management firm, indicating a strategic focus on enhancing equity investment capabilities [14][16]. Innovations in the Industry - Su Yin Wealth Management successfully executed the first market transaction using "Science and Technology Innovation Bond ETF" as collateral, providing a new path for asset liquidity [17][18]. - Hui Yin Wealth Management launched a new product, "Star Hui Global+," which is linked to a self-developed index and aims to diversify asset allocation [19]. Yield Performance - Cash management products recorded a 7-day annualized yield of 1.27%, remaining stable week-on-week, while money market funds saw a slight increase [20][22]. - The report indicates that the yields of fixed-income products have generally risen, reflecting a stable economic environment and expectations of monetary policy adjustments [24][25]. Net Value Tracking - The report states that the net value ratio of banking wealth management products decreased to 2.55%, indicating a slight improvement in the market [31][33]. - The credit spread has widened, suggesting limited value for investors, and future trends in credit spreads will be closely monitored [32].

Group 1 - The report outlines a grid trading strategy that capitalizes on price fluctuations rather than predicting market trends, making it suitable for volatile markets [4][13] - Characteristics of suitable grid trading targets include being exchange-traded, having stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate [4][13] Group 2 - The report highlights key ETFs for grid trading, including the Robot ETF (159770.SZ), which is expected to benefit from a confluence of policy support, technological advancements, and increasing demand, projecting a significant growth year in 2025 [4][14] - The Central Enterprise Technology ETF (560170.SH) focuses on state-owned enterprises in core technology sectors, aligning with national strategies for technological self-reliance and modernization [5][17] - The Securities ETF Leader (159993.SZ) indicates growth potential for leading brokerage firms, supported by improved market conditions and ongoing capital market reforms, with a reported 62.48% year-on-year increase in net profit for the sector [6][20] - The Hong Kong Central Enterprise Dividend ETF (513910.SH) emphasizes high dividend yields, which are expected to gain traction in a low-interest-rate environment, supported by government policies promoting shareholder returns [7][23]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The bond market continued to recover last week, with yields on various tenors generally declining. The bullish sentiment in the bond market has rebounded, but the space for further capital gains may be limited. A neutral and oscillatory mindset is advisable [3]. - The yields of money market funds have been continuously declining, and multiple money market funds have imposed purchase restrictions [4][13]. 3. Summary by Relevant Catalog 3.1. Pan-fixed-income Market Review and Observation 3.1.1. Bond Market Performance - Last week (December 15 - December 19, 2025), the 1-year, 10-year, and 30-year Treasury yields decreased by 3.32BP, 0.88BP, and 2.35BP to 1.35%, 1.83%, and 2.23% respectively. The bullish sentiment in the bond market has recovered [3]. - US Treasury yields declined across the board last week. The 1-year, 2-year, and 10-year US Treasury yields decreased by 3BP, 4BP, and 3BP to 3.51%, 3.48%, and 4.16% respectively [12]. 3.1.2. REITs Market Performance - Last week, the CSI REITs Total Return Index fell 2.85% to 999.19 points. The highway and rental housing sectors led the decline. In the primary market, 4 new public REITs made progress last week [12]. 3.2. Public Fund Market Dynamics - The yields of money market funds have been continuously declining. As of December 16, the median seven-day annualized yield of money market funds was 1.24%, and over a hundred funds had a yield of less than 1%. Multiple funds have announced short-term purchase restrictions [4][13]. 3.3. Pan-fixed-income Fund Index Performance Tracking 3.3.1. Overall Performance | Index Classification | Weekly Return | Cumulative Return Since Inception | | --- | --- | --- | | Money Enhancement Index | 0.03% | 4.43% | | Short-term Bond Fund Selection | 0.04% | 4.57% | | Medium- and Long-term Bond Fund Selection | 0.08% | 6.77% | | Low-volatility Fixed-income + Fund Selection | 0.22% | 4.49% | | Medium-volatility Fixed-income + Fund Selection | 0.12% | 6.25% | | High-volatility Fixed-income + Fund Selection | 0.13% | 8.00% | | Convertible Bond Fund Selection | 0.01% | 22.42% | | QDII Bond Fund Selection | 0.05% | 10.05% | | REITs Fund Selection | -2.22% | 29.35% | [6] 3.3.2. Index Positioning - **Money Enhancement Strategy Index**: Aims for liquidity management, targeting a curve that outperforms money market funds. It mainly invests in money market funds and interbank certificate of deposit index funds. The performance benchmark is the CSI Money Market Fund Index [15]. - **Short-term Bond Fund Selection Index**: Focuses on liquidity management, aiming for a smooth curve with controlled drawdowns. It selects 5 funds with stable long-term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short-term Pure Bond Fund Index + 50% * General Money Market Fund Index [18]. - **Medium- and Long-term Bond Fund Selection Index**: Seeks stable returns by investing in medium- and long-term pure bond funds. It aims for excess returns relative to the medium- and long-term bond fund index and a steady upward net value curve. It adjusts the duration and the ratio of credit bond funds to interest rate bond funds according to market conditions [20]. - **Low-volatility Fixed-income + Selection Index**: The equity center is set at 10%. It selects 10 fixed-income + funds with an equity position of less than 15% in the past three years and recently. The performance benchmark is 10% * CSI 800 Index + 90% * ChinaBond New Composite Full Price Index [22]. - **Medium-volatility Fixed-income + Selection Index**: The equity center is set at 20%. It selects 5 fixed-income + funds with an equity position between 15% - 25% in the past three years and recently. The performance benchmark is 20% * CSI 800 Index + 80% * ChinaBond New Composite Full Price Index [26]. - **High-volatility Fixed-income + Selection Index**: The equity center is set at 30%. It selects 5 fixed-income + funds with an equity position between 25% - 35% in the past three years and recently. The performance benchmark is 30% * CSI 800 Index + 70% * ChinaBond New Composite Full Price Index [27]. - **Convertible Bond Fund Selection Index**: Selects 5 bond funds with a high proportion of convertible bond investments. It constructs an evaluation system from multiple dimensions to select the best funds [31]. - **QDII Bond Fund Selection Index**: The underlying assets are overseas bonds. It selects 6 funds with stable returns and good risk control [34]. - **REITs Fund Selection Index**: The underlying assets are high-quality infrastructure projects. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity [35].

Report Summary 1. Report's Investment Rating for the Industry No information provided regarding the report's investment rating for the industry. 2. Core View of the Report - The market continued its high - level oscillation last week (2025.12.15 - 2025.12.19), with the Shanghai Composite Index rising 0.03% and the CSI 300 falling 0.28%. The value style outperformed the growth style. In the short term, the market is expected to continue its structurally differentiated market, and broad - based indices may maintain high - level oscillations. In the long term, industrial innovation changes and long - term capital inflows are still expected to support the market [3][12][13]. - Domestic policies are focused on boosting domestic demand and consumption. There may be continuous policies in the future to optimize the implementation of relevant policies, clear unreasonable restrictions in the consumption field, and release the potential of service consumption. Attention should also be paid to whether the expanded national subsidy policy will be introduced after New Year's Day to further boost consumption [5][13]. - The Hong Kong stock market was under pressure last week due to factors such as the rise of US bond yields and concerns about the reversal of yen carry - trades. In the short term, market risk appetite may be under pressure, but it still has certain valuation advantages if short - term suppressing factors are eliminated [5][14]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - **Market Performance**: The market continued high - level oscillation last week, with the Shanghai Composite Index up 0.03% and the CSI 300 down 0.28%. The value style was stronger than the growth style. The financial and consumption sectors performed relatively well, while the growth sector was weak. The average daily trading volume of the whole market was 17,465 billion yuan, a decrease from the previous week [12]. - **Overseas Market**: After the concern about the Bank of Japan's interest rate hike was alleviated and the US non - farm payrolls report and inflation data were weaker than expected, the risk appetite of the financial market was restored, and overseas technology assets rebounded from oversold conditions. However, there are still concerns about US re - inflation, and US bond yields remained strong [12]. - **Domestic Market**: Benefiting from the elevation of domestic demand expansion to a strategic level, various ministries and official media have continuously emphasized domestic demand expansion and consumption promotion. The market has switched to cyclical sectors dominated by service consumption. Since December, there have been many market hotspots but no clear main line [12][13]. - **Domestic Demand Policy**: The core of the policy is to adhere to the strategic base point of domestic demand expansion, promote the in - depth integration of people's livelihood improvement and consumption promotion, and stimulate market vitality. There may be continuous policies in the future, and attention should be paid to whether the national subsidy policy will be expanded after New Year's Day [13]. - **Hong Kong Stock Market**: The Hang Seng Index fell 1.10% and the Hang Seng Tech Index fell 2.82% last week. Most sectors pulled back. The rise of US bond yields and concerns about the reversal of yen carry - trades suppressed the liquidity of the Hong Kong stock market. In the short term, market risk appetite may be under pressure, but it has certain valuation advantages in the long run [14]. 3.2 Active Equity Fund Index Performance Tracking | Index Classification | Last Week (2025.12.15 - 2025.12.19) | Last Month (2025.11.19 - 2025.12.19) | Since the Beginning of This Year (2025.01.02 - 2025.12.19) | Since Inception | | ---- | ---- | ---- | ---- | ---- | | Strategy Theme: Active Stock Fund Preferred | 0.09% | 1.95% | 39.19% | 40.32% | | Investment Style: Value Stock Fund Preferred | 1.02% | 0.67% | 19.97% | 20.06% | | Investment Style: Balanced Stock Fund Preferred | - 0.11% | 0.32% | 30.61% | 27.74% | | Investment Style: Growth Stock Fund Preferred | - 1.02% | 1.61% | 52.89% | 39.15% | | Industry Theme: Pharmaceutical Stock Fund Preferred | - 2.04% | - 2.88% | 33.86% | 15.96% | | Industry Theme: Consumption Stock Fund Preferred | 0.03% | - 0.33% | 11.14% | 3.98% | | Industry Theme: Technology Stock Fund Preferred | - 1.45% | 1.21% | 45.92% | 48.21% | | Industry Theme: High - end Manufacturing Stock Fund Preferred | - 3.24% | - 2.33% | 30.77% | 24.46% | | Industry Theme: Cyclical Stock Fund Preferred | 1.68% | 2.82% | 29.40% | 20.26% | [15] - **Active Stock Fund Preferred**: Each period selects 15 funds with equal - weight allocation. The core positions select active equity funds based on performance competitiveness, style stability, etc., and balance the style distribution according to the CSI Active Stock Fund Index. The performance benchmark is the Active Stock Fund Index (930980.CSI) [16]. - **Value Stock Fund Preferred**: Selects 10 funds of deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index (H30356.CSI) [18]. - **Balanced Stock Fund Preferred**: Selects 10 funds of relatively balanced and value - growth styles. The performance benchmark is the CSI 800 (000906.SH) [20]. - **Growth Stock Fund Preferred**: Selects 10 funds of active - growth, quality - growth, and balanced - growth styles. The performance benchmark is the 800 Growth Index (H30355.CSI) [22][23]. - **Pharmaceutical Stock Fund Preferred**: Selects 15 funds based on the intersection market value ratio of the fund's equity holdings and the constituent stocks of the representative index (CITIC Pharmaceutical). The performance benchmark is the pharmaceutical theme fund index (fitted by Huabao Fund Research and Investment Platform) [23][27]. - **Consumption Stock Fund Preferred**: Selects 10 funds based on the intersection market value ratio of the fund's equity holdings and the constituent stocks of the representative index (CITIC Automobile, Home Appliances, etc.). The performance benchmark is the consumption theme fund index (fitted by Huabao Fund Research and Investment Platform) [27]. - **Technology Stock Fund Preferred**: Selects 10 funds based on the intersection market value ratio of the fund's equity holdings and the constituent stocks of the representative index (CITIC Electronics, etc.). The performance benchmark is the technology theme fund index (fitted by Huabao Fund Research and Investment Platform) [32]. - **High - end Manufacturing Stock Fund Preferred**: Selects 10 funds based on the intersection market value ratio of the fund's equity holdings and the constituent stocks of the representative index (CITIC Construction, etc.). The performance benchmark is the high - end manufacturing theme fund index (fitted by Huabao Fund Research and Investment Platform) [34]. - **Cyclical Stock Fund Preferred**: Selects 5 funds based on the intersection market value ratio of the fund's equity holdings and the constituent stocks of the representative index (CITIC Petroleum and Petrochemical, etc.). The performance benchmark is the cyclical theme fund index (fitted by Huabao Fund Research and Investment Platform) [34][35].

Report Overview - The report provides a weekly tracking of the performance and positions of several ETF strategy indices developed by Huabao Research, covering the period up to December 19, 2025 [12]. 1. ETF Strategy Index Tracking 1.1. Huabao Research Size Rotation ETF Strategy Index - Utilizes multi - dimensional technical indicators and a machine - learning model to predict the return difference between the Shenwan large - cap and small - cap indices, determining positions weekly to gain excess returns [14]. - As of December 19, 2025, the excess return since 2024 is 20.03%, the excess return in the past month is - 0.48%, and the excess return in the past week is 0.07% [14]. - The current position is 100% in the CSI 300ETF [19]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - Uses price - volume indicators to time self - built barra factors and maps timing signals to ETFs based on their exposure to 9 barra factors, aiming for market - outperforming returns [19]. - As of December 19, 2025, the excess return since 2024 is 19.82%, the excess return in the past month is - 0.33%, and the excess return in the past week is - 2.33% [19]. - The current positions include 25.05% in the ChiNext ETF, 25.03% in the ChiNext Large - cap ETF, 24.98% in the STAR Market - ChiNext ETF, and 24.95% in the STAR 50ETF [23]. 1.3. Huabao Research Quantitative Fire - Wheel ETF Strategy Index - Adopts a multi - factor approach, including fundamental analysis, short - term trend tracking, and market participant behavior analysis, using valuation and crowding signals to identify risks and potential sectors for excess returns [23]. - As of December 19, 2025, the excess return since 2024 is 34.96%, the excess return in the past month is - 1.12%, and the excess return in the past week is 1.47% [23]. - The current positions are 21.32% in the Securities and Insurance ETF, 20.08% in the Chemicals ETF, 19.97% in the Oil and Gas ETF, 19.51% in the Steel ETF, and 19.12% in the New Energy ETF [27]. 1.4. Huabao Research Quantitative Balance ETF Strategy Index - Builds a quantitative timing system with four types of factors (economic fundamentals, liquidity, technicals, and investor behavior) to judge equity market trends and adjust positions between large - and small - cap styles for excess returns [27]. - As of December 19, 2025, the excess return since 2024 is - 9.79%, the excess return in the past month is - 0.93%, and the excess return in the past week is 0.39% [27]. - The current positions include 9.32% in the 10 - Year Treasury Bond ETF, 5.95% in the CSI 500 Enhanced ETF, 5.80% in the CSI 1000ETF, 32.60% in the CSI 300 Enhanced ETF, 23.18% in the Policy Financial Bond ETF, and 23.14% in the Short - Term Financing ETF [30]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - Tracks market sentiment, industry events, investor sentiment, policies, and historical trends to capture hot - spot index products and build an ETF portfolio for short - term market trend reference [30]. - As of December 19, 2025, the excess return in the past month is - 1.31%, and the excess return in the past week is - 0.05% [30]. - The current positions are 37.33% in the Non - Ferrous Metals 50ETF, 23.72% in the Bosera Hong Kong Stock Dividend ETF, 19.94% in the Hong Kong Stock Connect Pharmaceutical ETF, and 19.01% in the Short - Term Financing ETF [34]. 1.6. Huabao Research Bond ETF Duration Strategy Index - Uses bond market liquidity and price - volume indicators to select timing factors and predicts bond yields through machine learning, reducing long - duration positions when expected yields are low to improve long - term returns and control drawdowns [34]. - As of December 19, 2025, the excess return in the past month is 0.29%, and the excess return in the past week is 0.07% [34]. - The current positions include 50.00% in the 10 - Year Treasury Bond ETF, 25.00% in the Policy Financial Bond ETF, and 24.99% in the 5 - to 10 - Year Treasury Bond ETF [37].

Group 1 - The report emphasizes the importance of patiently positioning in high-growth sectors despite year-end market volatility, with a focus on sectors like AI, semiconductors, new energy, and non-ferrous metals [3][12] - The bond market shows signs of recovery in bullish sentiment, with expectations for interest rate cuts and new public fund fee regulations, although the report advises maintaining a neutral duration stance due to potential resistance in further declines of the 10-year government bond yield [3][12] - The report highlights that the A-share market has shown resilience in certain high-growth sectors, suggesting a favorable outlook for the upcoming spring market in January and February [3][12] Group 2 - Recent economic data indicates a decline in consumer growth to 1.3% in November, with fixed asset investment growth falling to -2.6%, reflecting increased pressure on the domestic economy [9] - The report notes that the bond market has priced in negative factors, leading to improved market sentiment, while the A-share market has experienced fluctuations due to global market concerns, particularly following the Bank of Japan's interest rate hike [10][12] - The report tracks key indicators in the A-share and bond markets, noting a slight decline in A-share valuation and trading activity, with average daily trading volume dropping to 17,605 billion yuan [20]

| 新股发行及今日交易提示 | 2025/12/19 | 星期五 | 2025/12/19 | 新股发行 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 发行价格 | 787809 | 强一股份 | 85.09 | | | | | 001396 | 誉帆科技 | 22.29 | 001369 | 双欣环保 | 6.85 | | | | | 2025/12/19 | 新股上市 | 证券代码 | 证券简称 | 发行价格 | | | | | | 688807 | 优迅股份 | 51.66 | 2025/12/19 | 内地市场权益提示 | | | | | | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300087&announcementId=122486854 | 要约申报期：2025年12月4日至2026年1月5日 | 300087 | 荃银高科 | | 0 ...