Report Overview - The report is a weekly tracking report on public - offering funds' ETF strategy indices, dated November 24, 2025 [1] Report Core View - By leveraging ETFs, it is convenient to transform quantitative models or subjective views into practical investment strategies. The report presents several ETF - based strategy indices and tracks their performance and positions on a weekly basis [12] Summary by Relevant Catalog 1. ETF Strategy Index Tracking - **Overall Performance**: The table shows the performance of various ETF strategy indices last week. For example, the Huabao Research Small - Large Cap Rotation ETF Strategy Index had a last - week index return of - 3.74%, a benchmark of CSI 800 with a return of - 4.31%, and an excess return of 0.57%. The data is as of November 21, 2025, and the last - week return calculation period is from November 14 to November 21, 2025 [13] 1.1. Huabao Research Small - Large Cap Rotation ETF Strategy Index - **Strategy Principle**: It 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 weekly signals to predict the strength of the indices in the next week and determines positions accordingly to obtain excess returns relative to the market [4][14] - **Performance**: As of November 21, 2025, the excess return since 2024 was 20.10%, the excess return in the recent month was 0.51%, and the excess return in the recent week was 0.57% [4][14] - **Position**: As of November 21, 2025, it held 100% of the CSI 300 ETF [18] 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy Principle**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on the exposure of ETFs to 9 major Barra factors to achieve returns exceeding the market. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [4] - **Performance**: As of November 21, 2025, the excess return since 2024 was 19.67%, the excess return in the recent month was 4.56%, and the excess return in the recent week was 1.02% [4] - **Position**: As of November 21, 2025, it held 25.19% of the Dividend Low - Volatility ETF, 25.06% of the Dividend ETF, 24.92% of the CSI Dividend ETF, and 24.83% of the High - Dividend ETF [22] 1.3. Huabao Research Quantitative Windmill ETF Strategy Index - **Strategy Principle**: It 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 behaviors of various market participants. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally excavates potential sectors to obtain excess returns relative to the market [5][22] - **Performance**: As of November 21, 2025, the excess return since 2024 was 35.64%, the excess return in the recent month was 4.56%, and the excess return in the recent week was 0.09% [5][22] - **Position**: As of November 21, 2025, it held 20.69% of the Oil and Gas ETF, 20.60% of the Bank ETF, 19.80% of the New Energy ETF, 19.54% of the Securities and Insurance ETF, and 19.37% of the Power ETF [26] 1.4. Huabao Research Quantitative Balance ETF Strategy Index - **Strategy Principle**: It adopts a multi - factor system including four major categories of factors: economic fundamentals, liquidity, technical aspects, and investor behavior. It constructs a quantitative timing system to judge the trend of the equity market, establishes a prediction model for the market's small - and large - cap styles, and adjusts the position distribution in the equity market. It comprehensively uses timing and rotation to obtain excess returns relative to the market [5][26] - **Performance**: As of November 21, 2025, the excess return since 2024 was - 8.44%, the excess return in the recent month was 2.51%, and the excess return in the recent week was 1.83% [5][26] - **Position**: As of November 21, 2025, it held 9.35% of the 10 - Year Treasury Bond ETF, 5.96% of the 500ETF Enhanced, 5.86% of the CSI 1000ETF, 32.40% of the Enhanced 300 ETF, 23.27% of the Policy Financial Bond ETF, and 23.15% of the Short - Term Financing ETF [29] 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy Principle**: It tracks and excavates 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, providing investors with references for short - term market trends and helping them make more informed investment decisions [6][29] - **Performance**: As of November 21, 2025, the excess return in the recent month was 3.13%, and the excess return in the recent week was 0.17% [6][29] - **Position**: As of November 21, 2025, it held 36.17% of the Non - Ferrous Metals 50ETF, 24.13% of the Bosera Hong Kong Stock Dividend ETF, 21.12% of the Hong Kong Stock Connect Pharmaceutical ETF, and 18.57% of the Short - Term Financing ETF [33] 1.6. Huabao Research Bond ETF Duration Strategy Index - **Strategy Principle**: It uses bond market liquidity indicators and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is lower than a certain threshold, it reduces the position of long - duration bonds in the bond investment portfolio to improve the portfolio's long - term returns and drawdown control ability [6][33] - **Performance**: As of November 21, 2025, the excess return in the recent month was 0.00%, and the excess return in the recent week was 0.11% [6][33] - **Position**: As of November 21, 2025, it held 49.99% of the 10 - Year Treasury Bond ETF, 25.02% of the Policy Financial Bond ETF, and 24.99% of the 5 - to 10 - Year Treasury Bond ETF [36]

Group 1 - The report indicates that the global market is experiencing a high-level adjustment, and investors should remain patient while waiting for market sentiment to stabilize [1][2] - The A-share market is currently oscillating around the 4000-point mark, with increased rotation among sectors, suggesting a need for cautious investment strategies [1][2] - The report highlights that the bond market is expected to maintain a volatile trend in the medium term, with the 10-year government bond yield projected to fluctuate between 1.75% and 1.85% [2][12] Group 2 - The report notes that the recent U.S. non-farm payroll data showed an unexpected increase of 119,000 jobs in September, which has led to a decline in expectations for a rate cut by the Federal Reserve [8][9] - The Chinese LPR rates remained unchanged, with the 5-year LPR at 3.5% and the 1-year LPR at 3%, indicating a stable monetary policy environment [9] - The report emphasizes that the A-share market has seen a significant decline, with the Shanghai Composite Index dropping by 3.90% during the week, reflecting weak market sentiment [10][12] Group 3 - The report suggests that the short-term outlook for the stock market remains weak, with a lack of upward momentum and major indices falling below their 60-day moving averages [12][13] - It is recommended to adopt a balanced investment approach, focusing on sectors such as banking and low-volatility dividend stocks to mitigate risks during this period of market adjustment [2][12] - The report also indicates that the domestic macro multi-asset model has achieved a year-to-date return of 12.08%, significantly outperforming its benchmark [21][22]

New Stock Issuance - China Uranium Industry (Stock Code: 001280) issued shares at a price of 17.89[1] - Dapeng Industrial (Stock Code: 920091) issued shares at a price of 9.00[1] Rights Issues and Announcements - Tianpu Co., Ltd. (Stock Code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] - Hangzhou Steam Turbine Co., Ltd. (Stock Code: 200771) has a cash option declaration period from November 19, 2025, to November 25, 2025[1] Stock Performance and Alerts - Huasheng Lithium Battery (Stock Code: 688353) reported severe abnormal fluctuations[1] - ST Yuan Cheng (Stock Code: 603388) and ST Ke Li Da (Stock Code: 603828) both reported stock prices of 4 and 3 respectively[1] Other Notable Announcements - Guqi Wool Material (Stock Code: 001390) announced a stock price of 16[1] - ST Zhong Di (Stock Code: 000609) reported a stock price of 0[1]

Group 1: New Stock Offerings - Tianpu Co., Ltd. (Stock Code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] - Hangzhou Steam Turbine Co., Ltd. (Stock Code: 200771) has a cash option declaration period from November 19, 2025, to November 25, 2025[1] - Central Plaza (Stock Code: 600280) announced on November 20, 2025[1] Group 2: Stock Performance Alerts - Moen Electric (Stock Code: 002451) reported severe abnormal fluctuations on November 14, 2025[1] - ST Yuancheng (Stock Code: 603388) reported severe abnormal fluctuations on November 11, 2025[1] - ST Keli Da (Stock Code: 603828) reported severe abnormal fluctuations on November 12, 2025[1] Group 3: Recent Announcements - Jiumuwang (Stock Code: 601566) announced on November 20, 2025[1] - Taiping Bird (Stock Code: 603877) announced on November 20, 2025[1] - Huaci Co., Ltd. (Stock Code: 001216) announced on November 20, 2025[1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Recent leadership changes in multiple wealth management companies have drawn significant attention within the industry, indicating a response to structural challenges posed by low interest rates and regulatory pressures [2][10][11] - Wealth management firms are increasingly exploring alternative investment paths, such as customized financial products combined with non-standard equity investments, to support technology-driven enterprises [3][12] - The introduction of new product systems by wealth management companies, focusing on cash management, pension products, and diversified asset strategies, reflects a shift towards meeting diverse client needs in a low-yield environment [3][14] Summary by Sections Regulatory and Industry Dynamics - A wave of high-level executive changes has occurred in several wealth management firms, including 招银理财, 信银理财, 交银理财, and 北银理财, highlighting the industry's response to dual structural challenges [2][10] - The industry faces pressure from low interest rates and regulatory demands for enhanced risk management and compliance, prompting firms to seek leaders with cross-industry experience to improve investment capabilities [10][11] Innovation in the Industry - 建信理财 has successfully launched a non-standard equity investment business, utilizing a model that combines customized financial products with equity investments to channel funds into technology enterprises [3][12] - 交银理财 has unveiled a comprehensive upgrade of its product system, emphasizing three innovative product categories: "活钱+", pension products, and "多元精选" multi-asset strategies, aimed at addressing various client needs [3][14] Yield Performance - For the week of November 10-16, 2025, cash management products recorded a 7-day annualized yield of 1.29%, remaining stable compared to the previous week, while money market funds saw a slight increase to 1.17% [4][15] - The yield on pure fixed-income products generally declined across all maturities, while fixed-income plus products mostly saw increases, indicating a mixed performance in the bond market [4][18] Net Value Tracking - The net value ratio of bank wealth management products decreased to 0.56%, down 0.17 percentage points week-on-week, with credit spreads also tightening, suggesting limited value for investors [5][23][24]

New Stock Offerings - Tianpu Co., Ltd. (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] - Hangzhou Steam Turbine Co., Ltd. (200771) has a cash option declaration period from November 19, 2025, to November 25, 2025[1] - Hailianxun (300277) and Antai Group (600408) have recent announcements regarding their stock activities[1] Market Volatility - Moen Electric (002451) reported severe abnormal fluctuations with a change of 4%[1] - ST Yuancheng (603388) and ST Keli Da (603828) also reported significant fluctuations of 4% and 3% respectively[1] - ST Jianyi (002789) and Huaxia Happiness (600340) both experienced fluctuations of 7%[1] Recent Announcements - Various companies including Longzhou Co., Ltd. (002682) and Jinyuan Co., Ltd. (000546) have made announcements with fluctuations of 2% and 8% respectively[1] - The stock of Kangzhi Pharmaceutical (300086) showed a significant fluctuation of 85%[1] - Other companies like ST Yangguang (000608) and ST Jieneng (000820) reported fluctuations of 5% and 3% respectively[1]

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - Qi Zhen, a fund manager at Huabao Fund, has a "policy + industry" dual - driven investment framework, focusing on innovative drugs in the medium term. His investment style combines growth and certainty with flexible valuation tolerance, and he prefers long - term holding with low turnover and portfolio structure optimization [3][17][45]. - Since Qi Zhen took office, Huabao Big Health A has achieved remarkable returns, outperforming over 90% of similar pharmaceutical theme funds. Although its drawdown control is slightly weak, it still offers good risk - return performance [4][13][44]. - Qi Zhen is an excellent fund manager with a profound professional background, a mature investment system, and strict risk awareness. He is expected to continue generating excess returns as the Chinese innovative drug industry develops [46]. 3. Summary by Directory 3.1 Fund Manager Information - **Manager Introduction**: Qi Zhen holds a biotechnology bachelor's degree and a biology doctorate from Shanghai Jiao Tong University. He has worked in Northeast Securities and Essence Securities and joined Huabao Fund in October 2020. Since February 2023, he has been the fund manager of Huabao Big Health Hybrid Securities Investment Fund [4][9][44]. - **Managed Product Introduction** - **Representative Product**: Qi Zhen has managed Huabao Big Health A (006881.OF) since February 28, 2023. As of September 30, 2025, its total scale is 268 million yuan [4][10][44]. - **Representative Product Net Value Performance**: After excluding the 3 - month establishment period, Huabao Big Health A significantly outperformed the CSI All - Pharmaceutical Index, recording a cumulative positive excess return of 60.00%. Its return performance ranks among the top in pharmaceutical theme funds, surpassing over 90% of similar funds [11][13][15]. 3.2 Fund Manager Investment Ability Analysis - **Investment Scope - Policy + Industry Dual - Driven, Medium - Term Focus on Innovative Drugs**: Qi Zhen has a biological professional background and a large amount of professional reading. His investment framework is "policy + industry" dual - driven. He focuses on innovative drugs, with a position ratio of over 90%. He mines Alpha stocks with pipeline differentiation or expected inflection points and adjusts the portfolio dynamically [20][21][45]. - **Stock - Holding Characteristics - Balancing Growth and Certainty, Flexible Valuation Tolerance**: For innovative drug companies, Qi Zhen uses pipeline market value conversion for valuation, considering factors such as clinical stage success rate and management credibility. He gives higher valuation space to innovative drugs and focuses more on static valuation and performance improvement in traditional sub - industries [29][45]. - **Operation Characteristics - Preference for Long - Term Holding, Low Turnover, and Portfolio Structure Optimization**: Qi Zhen's operation strategy is mainly long - term holding of core positions, with an annualized turnover rate of only 2 - 3 times. He prefers to invest when the stock price is at the bottom or oversold. He controls drawdown by adjusting the portfolio structure rather than market timing and shows flexibility in A/H share allocation [35][36][45]. 3.3 Summary - Qi Zhen is an outstanding fund manager with a "policy + industry" analysis framework, pipeline market value valuation method, and multi - level risk control system. He is expected to create excess returns as the Chinese innovative drug industry develops. Investors can allocate his products to participate in the investment opportunities of the Chinese pharmaceutical industry upgrade [46]. 3.4 Appendix - The appendix provides product elements of Huabao Big Health A, including fund name, abbreviation, full name, establishment date, comparison benchmark, investment target, investment scope, management fee rate, and current fund manager's tenure [48].

Group 1: Overview of Grid Trading Strategy - The essence of "grid trading" is a high buy low sell strategy, which is based on price fluctuations rather than predicting market trends, making it suitable for markets with frequent price movements [3][11] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly suitable [3][11] Group 2: Analysis of ETF Grid Strategy Targets - Financial Technology ETF (159851.SZ) is driven by capital market reforms and technological innovations, with a reported revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan for 42 listed brokerages in the first three quarters of 2025, reflecting a net profit growth of over 60% [3][12] - Military Industry Leader ETF (512710.SH) is expected to benefit from a new round of military procurement cycles, with China's defense budget for 2025 set at 1.81 trillion yuan, a year-on-year increase of 7.2%, although still below 1.3% of GDP [4][15] - Robotics ETF (159530.SZ) is positioned for explosive growth in 2025, supported by policies promoting intelligent robotics and significant investments in the sector, with over 200 investment events and total financing exceeding 24 billion yuan by July 2025 [5][6][17] Group 3: Recommendations for Investors - Investors are advised to use grid trading strategies by selecting a combination of suitable ETFs with low correlation, such as pairing broad-based and sector-specific ETFs or combining A-shares and Hong Kong stocks to diversify risk and enhance capital utilization [20]

Investment Rating - The report does not provide a specific investment rating for the industry or companies mentioned [1]. Core Insights - The report highlights several new stock listings and trading activities scheduled for November 18, 2025, including companies such as Jingchuang Electric (12.10), Beikang Testing (6.70), and Nanguang Digital (5.69) [1]. - It also mentions various corporate actions such as tender offers, cash options, and acquisition requests, indicating active market movements [1]. Summary by Relevant Sections - **New Stock Listings**: Companies like Jingchuang Electric, Beikang Testing, and Nanguang Digital are set to debut on the market with respective prices of 12.10, 6.70, and 5.69 [1]. - **Corporate Actions**: The report details several corporate actions including a tender offer for Tianpu Co. (605255) from November 20 to December 19, 2025, and cash options for Hangqi Wheel B (200771) from November 19 to November 25, 2025 [1]. - **Market Alerts**: It lists companies experiencing significant fluctuations, such as Moen Electric (002451) and Huasheng Lithium Battery (688353), indicating potential investment risks and opportunities [1].

Core Insights - The report highlights the increasing volatility in global markets, with the "Evergreen Low Volatility Strategy" demonstrating its advantages in such conditions [2][3][5] - The A-share market is experiencing a fluctuating trend, with the Shanghai Composite Index stabilizing around 4000 points, indicating a challenging environment for capturing market movements [2][4] - The report suggests that despite short-term pressures, the market is expected to maintain an upward trend in the medium to long term, with limited downside potential [4][5] Quantitative Strategy Allocation Views - The report ranks the strategies as follows: Stock Enhancement Strategy > Overseas Equity Strategy > Evergreen Low Volatility Strategy, indicating a preference for more aggressive strategies in the current market [4] - The Evergreen Low Volatility Strategy has shown stable performance, with a return of 0.537% this week and an excess return of 1.412%, reflecting its role as a stabilizer in volatile markets [5][12] - The Stock Enhancement Strategy has underperformed slightly this week with a return of -0.056%, but it is expected to perform better in improved market conditions [6][17] Fund Performance Statistics - The Evergreen Low Volatility Fund Strategy has achieved a year-to-date return of 15.124%, significantly outperforming the benchmark [12] - The Overseas Equity Allocation Fund Strategy recorded a return of 0.638% this week, with a year-to-date return of 11.935%, indicating strong performance amid global market dynamics [7][12] - The Cash Enhancement Fund Strategy has consistently outperformed its benchmark, accumulating an excess return of 0.534% since its inception [6][18] Fund Strategy Construction Insights - The Evergreen Low Volatility Fund Strategy focuses on selecting funds with long-term stable returns, aiming to minimize volatility while maintaining decent returns [14][26] - The Stock Enhancement Fund Strategy seeks to identify funds with strong alpha generation capabilities, aiming for higher returns in favorable market conditions [17][27] - The Cash Enhancement Fund Strategy emphasizes selecting funds with better yield performance, providing effective cash management solutions for investors [18][28] - The Overseas Equity Allocation Fund Strategy aims to expand global investment opportunities, leveraging trends in international markets to enhance returns [21][29]