1. Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - Last week (2025.12.01 - 2025.12.05), the A - share market continued to rise with shrinking volume, and the market was waiting for a new leading line. The release of the "Guiding Opinions on the Performance Appraisal and Management of Fund Management Companies (Draft for Comment)" will promote the transformation of the public - fund industry from scale expansion to value creation and high - quality development [3][13][16]. 3. Summary by Directory 3.1. Weekly Market Observation 3.1.1. Equity Market Review and Observation - The A - share market continued to rise with shrinking volume last week. The Shanghai Composite Index rose 0.37%, the CSI 300 rose 1.28%, the CSI 500 rose 0.94%, and the ChiNext Index rose 1.86%. Growth styles outperformed value styles. The average daily trading volume of the whole A - share market was 1,687 billion yuan, a decrease from the previous week. The market is waiting for new leading lines. Multiple important policy time - windows are approaching in mid - December [13]. - In the non - banking financial sector, on December 5th, the financial regulatory authority issued a notice to adjust risk factors for insurance companies, which increased the investment space for insurance funds in equities and encouraged long - term holding. There is also strong momentum for incremental insurance funds to enter the market across the year [14]. - In the commercial aerospace sector, affected by short - term events, it was active last week. The investment in this sector may follow the "emotion first, logic follow - up" path, and the current market may be in the transition period from "emotion" to "logic" [14]. - In the precious metals sector, the rapid rise in silver prices is due to the expected recovery of global liquidity, the tight global silver spot market, and the change in the supply - demand structure. In the long run, the contraction of the US dollar credit will continue to drive the upward trend of precious metals [15]. 3.1.2. Public - Fund Market Dynamics - On December 6, 2025, the "Guiding Opinions on the Performance Appraisal and Management of Fund Management Companies (Draft for Comment)" was issued. It further refines and implements previous action plans, aiming to correct the short - term incentives and weak responsibility constraints in the public - fund industry and promote high - quality development. Balancing scale, product excess returns, and investors' account returns will be crucial for the public - fund industry in the future [16][17]. 3.2. Active Equity Fund Index Performance Tracking | Index Category | Last Week (2025.12.01 - 2025.12.05) | Last Month (2025.11.05 - 2025.12.05) | Since the Beginning of This Year (2025.01.02 - 2025.12.05) | Since Inception | | --- | --- | --- | --- | --- | | Strategy Theme - based | Active stock - fund preferred | 1.64% | 0.78% | 38.23% | 39.35% (since 2023.05.11) | | Investment Style - based | Value stock - fund preferred | 1.62% | 1.98% | 20.24% | 20.34% (since 2023.05.11) | | | Balanced stock - fund preferred | 1.00% | - 0.57% | 30.38% | 27.53% (since 2023.05.11) | | | Growth stock - fund preferred | 0.64% | - 0.16% | 52.11% | 38.44% (since 2023.05.11) | | Industry Theme - based | Pharmaceutical stock - fund preferred | - 1.73% | - 0.71% | 37.80% | 19.37% (since 2023.05.11) | | | Consumption stock - fund preferred | - 0.31% | - 0.85% | 11.70% | 4.51% (since 2023.05.11) | | | Technology stock - fund preferred | 0.56% | - 1.80% | 44.60% | 46.87% (since 2023.05.11) | | | High - end manufacturing stock - fund preferred | - 0.53% | - 2.72% | 31.07% | 24.75% (since 2023.05.11) | | | Cyclical stock - fund preferred | 1.95% | 3.19% | 27.38% | 18.39% (since 2024.11.08) | 3.2.1. Active Stock - Fund Preferred - The index selects 15 funds each period, with equal - weight allocation. It selects active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and balances the style allocation according to the CSI Active Stock - type Fund Index [19]. - The performance comparison benchmark is the active stock - type fund index (930980.CSI) [20]. 3.2.2. Value Stock - Fund Preferred - The index includes deep - value and quality - value styles, and selects 10 funds based on multi - period style division [23]. - The performance comparison benchmark is the CSI 800 Value Index (H30356.CSI) [23]. 3.2.3. Balanced Stock - Fund Preferred - The index selects 10 relatively balanced and value - growth style funds based on multi - period style division. The fund managers in this style balance the valuation and growth of stocks and consider cost - effectiveness in both stock - selection and industry - selection [25]. - The performance comparison benchmark is the CSI 800 (000906.SH) [25]. 3.2.4. Growth Stock - Fund Preferred - The index aims to capture the performance and valuation double - click opportunities of high - growth companies and selects 10 active - growth, quality - growth, and balanced - growth style funds based on multi - period style division [27]. - The performance comparison benchmark is the 800 Growth Index (H30355.CSI) [27]. 3.2.5. Pharmaceutical Stock - Fund Preferred - The index selects funds with an average purity of no less than 60% in the pharmaceutical industry over the past 3 years or since inception. It constructs an evaluation system and ensures 15 funds are included [27]. - The performance comparison benchmark is the pharmaceutical theme fund index (fitted by Huabao Fund Research Platform) [27]. 3.2.6. Consumption Stock - Fund Preferred - The index selects funds with an average purity of no less than 50% in the consumption industry over the past 3 years or since inception. It constructs an evaluation system and ensures 10 funds are included [31]. - The performance comparison benchmark is the consumption theme fund index (fitted by Huabao Fund Research Platform) [33]. 3.2.7. Technology Stock - Fund Preferred - The index selects funds with an average purity of no less than 60% in the technology industry over the past 3 years or since inception. It constructs an evaluation system and ensures 10 funds are included [35]. - The performance comparison benchmark is the technology theme fund index (fitted by Huabao Fund Research Platform) [35]. 3.2.8. High - end Manufacturing Stock - Fund Preferred - The index selects funds with an average purity of no less than 50% in the high - end manufacturing industry over the past 3 years or since inception. It constructs an evaluation system and ensures 10 funds are included [38]. - The performance comparison benchmark is the high - end manufacturing theme fund index (fitted by Huabao Fund Research Platform) [38]. 3.2.9. Cyclical Stock - Fund Preferred - The index selects funds with an average purity of no less than 50% in the cyclical industry over the past 3 years or since inception. It constructs an evaluation system and ensures 5 funds are included [41]. - The performance comparison benchmark is the cyclical theme fund index (fitted by Huabao Fund Research Platform) [41].

New Stock Issuance - New stocks issued include 纳百川 (code: 301667) at an issuance price of 22.63 and 优迅股份 (code: 787807) at 51.66[1] Rights Issues and Announcements - 荃银高科 (code: 300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - 天普股份 (code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting and Special Notices - *ST广道 (code: 920680) will enter the delisting arrangement period starting December 11, 2025[1] - *ST苏吴 (code: 600200) will enter the delisting arrangement period starting December 9, 2025[1] Stock Performance Alerts - 赛微电子 (code: 300456) reported severe abnormal fluctuations[1] - 海王生物 (code: 000078) and 瑞达期货 (code: 002961) also reported significant fluctuations[1] Additional Stock Announcements - 航天发展 (code: 000547) and 顺灏股份 (code: 002565) have issued announcements regarding their stock performance[1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The report presents several ETF strategy indices constructed by Huabao Research, tracking their performance and positions on a weekly basis. These indices aim to achieve excess returns over the market through different methods, such as using multi - dimensional technical indicators, factor timing, and hot - spot tracking [4][5][6]. 3. Summary by Directory 1.1. Huabao Research Size 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, deciding positions based on weekly output signals [4][14]. - **Performance**: As of 2025/12/5, the excess return since 2024 is 20.30%, the excess return in the recent month is 0.36%, and the excess return in the recent week is 0.09%. The index return last week was 1.28%, compared to the CSI 800's 1.19% [4][13][14]. - **Position**: Holds 100% of the SSE 50 ETF (510300.SH) [18]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: Utilizes price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposures to 9 major Barra factors, covering mainstream broad - based index ETFs and some style/strategy ETFs [4]. - **Performance**: As of 2025/12/5, the excess return since 2024 is 22.66%, the excess return in the recent month is 4.21%, and the excess return in the recent week is - 1.48%. The index return last week was - 0.29%, compared to the CSI 800's 1.19% [4][13][18]. - **Position**: Holds 25.07% of 300 Dividend Low - Volatility ETF (515300.SH), 25.01% of SSE 300 Dividend ETF (512530.SH), 25.00% of Dividend ETF (510880.SH), and 24.91% of Dividend Low - Volatility ETF (512890.SH) [22]. 1.3. Huabao Research Quantitative Fire - Wheel ETF Strategy Index - **Strategy**: Adopts a multi - factor approach, including long - and medium - term fundamental analysis, short - term market trend tracking, and analysis of market participants' behaviors. It uses valuation and crowding signals to indicate industry risks and discovers potential sectors [5][22]. - **Performance**: As of 2025/12/5, the excess return since 2024 is 33.49%, the excess return in the recent month is - 0.60%, and the excess return in the recent week is - 0.54%. The index return last week was 0.65%, compared to the CSI 800's 1.19% [5][13][22]. - **Position**: Holds 21.18% of Oil and Gas ETF (159697.SZ), 20.71% of Bank ETF (512800.SH), 19.62% of Power ETF (159611.SZ), 19.38% of Securities and Insurance ETF (512070.SH), and 19.10% of New Energy ETF (516160.SH) [26]. 1.4. Huabao Research Quantitative Balance ETF Strategy Index - **Strategy**: Employs a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend judgment. It also predicts the market's large - and small - cap styles to adjust equity market positions [5][26]. - **Performance**: As of 2025/12/5, the excess return since 2024 is - 10.54%, the excess return in the recent month is 1.15%, and the excess return in the recent week is - 0.71%. The index return last week was 0.57%, compared to the SSE 300's 1.28% [5][13][26]. - **Position**: Holds 9.34% of 10 - Year Treasury Bond ETF (511260.SH), 5.91% of 500ETF Enhanced (159610.SZ), 5.80% of CSI 1000ETF (512100.SH), 32.51% of 300 Enhanced ETF (561300.SH), 23.23% of Short - Term Financing ETF (511360.SH), and 23.20% of Policy Financial Bond ETF (511520.SH) [30]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: Tracks and discovers hot - spot index products through market sentiment analysis, industry event tracking, investor sentiment and professional opinions, policy and regulation changes, and historical analysis, constructing an ETF portfolio to capture market hot - spots [6][29]. - **Performance**: As of 2025/12/5, the excess return in the recent month is 3.47%, and the excess return in the recent week is 1.17%. The index return last week was 1.94%, compared to the CSI All - Share Index's 0.77% [6][13][29]. - **Position**: Holds 36.33% of Non - Ferrous Metals 50ETF (159652.SZ), 24.20% of Hong Kong Stock Dividend ETF Bosera (513690.SH), 20.83% of Hong Kong Stock Connect Pharmaceutical ETF (513200.SH), and 18.65% of Short - Term Financing ETF (511360.SH) [32]. 1.6. Huabao Research Bond ETF Duration Strategy Index - **Strategy**: Uses bond market liquidity and price - volume indicators to select effective timing factors and predicts bond yields through machine learning. It reduces long - duration positions in the bond portfolio when the expected yield is below a certain threshold [6][32]. - **Performance**: As of 2025/12/5, the excess return in the recent month is 0.39%, and the excess return in the recent week is 0.20%. The index return last week was - 0.11%, compared to the ChinaBond Aggregate Index's - 0.32% [6][13][32]. - **Position**: Holds 50.01% of 10 - Year Treasury Bond ETF (511260.SH), 25.00% of Treasury Bond ETF 5 - 10 Years (511020.SH), and 24.98% of Policy Financial Bond ETF (511520.SH) [36].

Group 1 - The report indicates a shift from a defensive to an offensive strategy, suggesting a proactive approach to invest in high-growth sectors as market conditions improve [3][12][13] - It highlights that external and internal volatility risks have eased, with previous high-growth sectors showing signs of stabilization, and anticipates further consolidation in December [3][10] - The report recommends focusing on sectors with upward momentum, such as AI, semiconductors, new energy, non-ferrous metals, and the ChiNext and Sci-Tech Innovation Board, in anticipation of a spring market rally in early 2026 [3][12][13] Group 2 - In the bond market, the report notes potential disturbances due to year-end factors, with expectations that the 10-year government bond yield will remain above 1.80% in the short term [3][12] - It mentions that the bond market may face limitations due to increased profit-taking by institutions and the pending implementation of new public fund fee regulations [3][12] - The report suggests maintaining a neutral duration in bond investments while waiting for favorable conditions to emerge [3][12] Group 3 - The report provides a review of the weekly market performance, indicating that A-shares have shown signs of stabilization and recovery, particularly in growth sectors [10][12] - It notes that the Hong Kong market has also experienced a recovery, influenced by improved global market sentiment [10][12] - The report emphasizes that overseas markets are generally on an upward trend, driven by expectations of a Federal Reserve rate cut and improved liquidity conditions [10][12]

New Stock Issuance - New stocks issued include Angrui Micro (787790) at a price of 83.06 and Muxi Co., Ltd. (787802) at 104.66[1] - The new stock listing for Moer Thread (688795) is also noted, although the issuance price is not specified[1] Rights Issues and Announcements - The rights offering period for Chuan Yin Gao Ke (300087) is from December 4, 2025, to January 5, 2026[1] - Tianpu Co., Ltd. (605255) has a rights offering period from November 20, 2025, to December 19, 2025[1] Delisting and Abnormal Fluctuations - *ST Guangdao (920680) will enter the delisting arrangement period starting December 11, 2025[1] - *ST Suwu (600200) will enter the delisting arrangement period starting December 9, 2025[1] - Severe abnormal fluctuations were reported for Saiwei Electronics (300456) and Beida Pharmaceutical (000788)[1] Additional Announcements - Multiple companies, including Huaitian Thermal Power (000692) and Junya Technology (603386), have recent announcements regarding their stock performance[1] - The report includes links to detailed announcements for various companies, indicating ongoing market activity and regulatory compliance[1]

Macro Strategy Overview - The report indicates a transition from a defensive to an offensive investment strategy, focusing on sectors with high growth potential as the market stabilizes [1][5] - The U.S. labor market is showing signs of gradual cooling, with expectations of a Federal Reserve interest rate cut in December, maintaining a loose liquidity environment [4][20] - Domestic economic pressures are increasing, with a forecasted GDP growth rate of around 4.5% for Q4, while the annual target of 5% remains achievable [4][25] Domestic Economic Environment - Domestic consumption and investment are experiencing downward pressure, with retail sales growth slowing to 2.9% in October [28][33] - Fixed asset investment growth has declined to -1.7% year-to-date, influenced by anti-involution policies and excess capacity [38] - Industrial production showed a slight recovery, but overall demand remains weak, impacting growth [28][38] A-Share Market Strategy - The A-share market is expected to shift towards a more optimistic outlook, with a focus on technology and growth sectors as the market stabilizes [5][6] - The report suggests that December is a favorable time for positioning in sectors with improving growth prospects, particularly in technology and growth-oriented industries [5][6] - The report highlights the importance of a diversified asset allocation strategy, including global equities and commodities, to mitigate risks [6][60] Sector Performance - In November, the A-share market saw a general decline, with technology sectors experiencing significant drops while traditional sectors like textiles and banking showed resilience [10][12] - The report notes that the technology growth sectors, such as AI and semiconductors, are expected to present investment opportunities as the market approaches the spring rally [5][12] - The report emphasizes the need to monitor sector rotation and the performance of high-dividend stocks as market conditions evolve [60]

New Stock Offerings - 荃银高科 (300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - 天普股份 (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting Notices - *ST广道 (920680) will enter the delisting preparation period starting December 11, 2025[1] - *ST苏吴 (600200) will enter the delisting preparation period starting December 9, 2025[1] Stock Performance Alerts - 赛微电子 (300456) reported severe abnormal fluctuations[1] - 江龙船艇 (300589) reported severe abnormal fluctuations[1] Other Announcements - 梦天家居 (603216) has an announcement dated December 3, 2025[1] - 高乐股份 (002348) has an announcement dated December 4, 2025[1]

New Stock Listings - China Uranium Industry (Stock Code: 001280) listed at an issue price of 17.89 on December 3, 2025[1] - 荃银高科 (Stock Code: 300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - 天普股份 (Stock Code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting and Risk Alerts - *ST苏吴 (Stock Code: 600200) enters delisting arrangement starting December 9, 2025[1] - 赛微电子 (Stock Code: 300456) reported severe abnormal fluctuations[1] Other Announcements - Various companies including 江龙船艇 (Stock Code: 300589) and 北大医药 (Stock Code: 000788) have recent announcements regarding their stock activities[1] - Multiple companies are under scrutiny for abnormal trading activities, including *ST绿康 (Stock Code: 002868) and 特发信息 (Stock Code: 000070)[2][3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market is expected to gradually return to an upward trend as the factors causing previous adjustments are digested and alleviated. It is a good time to make short-term low-level layouts. The stock fund enhancement strategy has more room for growth, and the evergreen low-volatility strategy can be used as a base configuration [3][4]. - The US stock market is in a high-level volatile pattern in the short term. In the long term, the main driving force of the technology development trend remains strong, and the long-term upward trend of the US stock market is still optimistic [5]. - Different fund strategies have different performance. The evergreen low-volatility fund strategy has shown strong stability, the stock fund enhancement fund strategy has high volatility, the cash gain fund strategy has continuously accumulated excess returns, and the overseas equity allocation fund strategy has high long-term allocation value [5][6]. Summary by Relevant Catalogs 1. Tool - based Fund Portfolio Performance Tracking - **Evergreen Low - Volatility Fund Portfolio**: It has maintained low - volatility characteristics for a long time, with significantly better volatility and maximum drawdown than the CSI Active Stock Fund Index. Since the strategy started on July 31, 2023, it has continued its low - volatility and small - drawdown attributes, showing both defensive and offensive capabilities [12][14]. - **Stock Fund Enhancement Fund Portfolio**: The strategy has been running for a short time, and its performance is close to that of the CSI Active Stock Fund Index. It is expected to have stronger elasticity when the market environment improves [12][17]. - **Cash Gain Fund Portfolio**: After double screening of risk elimination and scoring optimization, it has continuously outperformed the benchmark. Since the strategy started in late July 2023, it has accumulated more than 0.41% excess return [12][18]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest - rate cut channel and the drive of artificial intelligence technology, it has accumulated a high level of excess return, and global allocation can increase the return of the equity investment portfolio [12][22]. 2. Tool - based Fund Portfolio Construction Ideas - **Evergreen Low - Volatility Fund Portfolio**: The goal is to select funds with long - term stable returns from high - equity - position actively managed funds. By adding restrictions on fund valuation levels, a low - volatility active equity fund portfolio is constructed [24][27]. - **Stock Fund Enhancement Fund Portfolio**: The goal is to meet the needs of equity fund investors with different risk preferences. By analyzing the source of fund returns and constructing a portfolio based on the significant continuity of Alpha returns, it is expected to bring excess performance [25][28]. - **Cash Gain Fund Portfolio**: A currency fund selection system is constructed by comprehensively considering various currency fund factors, helping investors obtain higher returns and reduce return volatility risks [25][29]. - **Overseas Equity Allocation Fund Portfolio**: Based on overseas equity market indices, by using long - term momentum and short - term reversal factors, an overseas equity allocation fund portfolio is constructed to assist investors in global investment [26][30].

New Stock Listings - Jingchuang Electric (920035) listed at an issuance price of 12.10 on December 2, 2025[1] - Tianpu Co., Ltd. (605255) is in the offer period from November 20 to December 19, 2025[1] Market Alerts - ST Suwu (600200) enters the delisting arrangement period starting December 9, 2025[1] - Jianglong Shipbuilding (300589) reported severe abnormal fluctuations[1] Recent Announcements - Multiple companies including Beida Pharmaceutical (000788) and ST Green Health (002868) have recent announcements regarding their stock activities[1] - A total of 30 companies have been flagged for abnormal trading activities in the last week[2]