证券研究报告 麦高证券 2025 年 10 月 22 日 (2025-10-21) 1、本表针对ETF各类日频数据进行每日跟踪，不构成投资建议。 2、本表根据ETF追踪指数类别进一步分为"宽基"/"主题"两个子表。其中"宽基" ETF跟踪指数为沪深300、中证500、中证A500等主流宽基指数；"主题" ETF跟踪 指数为非银、红利、中概互联等某行业/风格指数。 3、基金池构建：在每个类型中选取规模较大的一只或几只ETF基金进行分析。 数据说明： 中信一级行业涨跌幅（%） -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 麦高金工团队 4、 RSI相对强弱指标：计算公式为：RSI = 100 – 100 / (1 + RS)，其中RSI是一定周期（12天）内平均涨幅和平均跌幅的比值。RSI>70，市场处于超买状态； RSI<30，市场处于超卖状态。 5、日内行情趋势：采用5分钟级别的日内成交价构成的趋势图，其中红点为当日最高价和最低价，由于数据原因，部分分时数据可能存在数据缺失。 6、净申购（亿元）：计算公式为：NETBUY(T) = NAV(T)–NAV(T-1)*（1+R（T）） ...

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The report emphasizes the importance of solid-state batteries, particularly focusing on lithium metal anodes, which can achieve higher energy density compared to traditional graphite anodes. The report highlights the various preparation methods for lithium metal and identifies the rolling method as the most promising for large-scale implementation [3][21][22]. - The report notes that the current valuation of the solid-state battery sector is 36x, with a positioning of approximately 76%, indicating potential for further growth due to recent breakthroughs in electrolyte performance and solid-solid interface contact [5][13]. - Key companies to watch include Tian Tie Technology, Ying Lian Co., and Zhong Yi Technology, which are making significant advancements in lithium metal products and related technologies [6][48]. Summary by Sections Valuation - The solid-state battery sector is currently valued at 36x, with a positioning of about 76%. Recent breakthroughs in electrolyte performance and solid-solid interface issues are expected to catalyze further growth in the sector [5][13]. Pain Points - Lithium metal anodes face several challenges, including lithium dendrite formation, the generation of "dead lithium," cycling life challenges, and volume expansion of lithium. Strategies to address these issues include modifying the anode current collector, lithium/copper integration, and exploring anode-free technologies [4][31][32][43]. Key Segments - The report identifies promising directions for lithium metal anodes, including the convergence of preparation paths, with a focus on rolling and vapor deposition methods. New technologies such as porous copper foils, lithium/copper integrated materials, and anode-free technologies are highlighted as areas of potential growth [47][48].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the A-share market adjusted with shrinking volume. Mid-cap stocks had a large correction, while banks and insurance in the large financial sector performed well. The precious metal prices continued to rise, and the prices of London gold and London silver both reached record highs. The trading volume of the two markets decreased, and liquidity continued to shrink. The report suggests paying attention to the structural opportunities brought by the marginal changes in capital flow and optimizing positions in precious metals opportunistically [1][10][15] Summary by Directory 1. This Week's Market Review 1.1 Industry Index - Only the banking, coal, food and beverage, and transportation sectors rose this week, with a significant increase in the weekly trading volume proportion compared to last week. The media sector's trading activity decreased significantly. The non-ferrous metals sector, which was strong in the past 3 months, fell 2.91% this week, but its trading volume proportion increased to a four - week high of 8.27%. The neutral hedge fund's average and median absolute returns were -0.12% and -0.06% respectively [10] 1.2 Market Style - The growth style index significantly corrected by 5.82% this week, and its trading volume proportion dropped to a four - week low of 56.25%. The consumer style index fell 1.31%, and its trading volume proportion rose to a four - week high of 9.49%. The financial style index rose 1.57%, and its trading volume proportion slightly increased to 6.74%. The cyclical style index fell 3.78%, and its trading volume proportion was at a four - week high of 23.55%. The stable style index slightly fell 0.52%, and its trading volume proportion was at a four - week high of 3.97%. Mid - cap stocks had a larger decline, with the CSI 500 index falling 5.17% and its trading volume proportion dropping to a four - week low of 19.30%, while the Shanghai and Shenzhen 300 index fell 2.22%, and its trading volume proportion dropped to 30.09% [14] 2. Active Equity Funds 2.1 Funds with Excellent Performance in Different Theme Tracks This Week - Single - track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double - track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods. The report lists the top five funds in different theme tracks such as TMT, financial real estate, consumption, medicine, manufacturing, and cyclical sectors [19][20] 2.2 Funds with Excellent Performance in Different Strategy Classifications - The funds are divided into deep - undervalued, high - growth, high - quality, quality - growth, quality - undervalued, GARP, and balanced - cost - effective types. The report lists the funds with relatively excellent performance in different types of funds this week [21] 3. Index - Enhanced Funds 3.1 This Week's Excess Return Distribution of Index - Enhanced Funds - The average and median excess returns of CSI 300 index - enhanced funds were 0.10% and 0.12% respectively; those of CSI 500 index - enhanced funds were 0.81% and 0.75% respectively; those of CSI 1000 index - enhanced funds were 0.57% and 0.60% respectively; those of CSI 2000 index - enhanced funds were 0.47% and 0.70% respectively; those of CSI A500 index - enhanced funds were 0.36% and 0.39% respectively; those of ChiNext index - enhanced funds were 0.64% and 0.80% respectively; and those of Science and Technology Innovation and Entrepreneurship 50 index - enhanced funds were 0.27% and 0.25% respectively. The average and median absolute returns of neutral hedge funds were -0.12% and -0.06% respectively, and those of quantitative long - only funds were -3.25% and -3.43% respectively [24][26] 4. This Week's High - Frequency Position Detection of Funds - In the past week, active equity funds significantly increased their positions in the computer (0.44%), electronics (0.31%), and non - ferrous metals (0.19%) industries; and significantly reduced their positions in the non - banking financial (0.17%), banking (0.14%), and automobile (0.13%) industries. From a one - month perspective, the positions in the computer (1.65%) and electronics (0.84%) industries increased significantly, while the position in the pharmaceutical (0.51%) industry decreased significantly [3][42]

证券研究报告—ETF 基金周报 撰写日期：2025 年 10 月 20 日 ETF 周报（20251013-20251017） 摘要 二级市场概况：统计 A 股、海外主要宽基指数、黄金指数和南华商 品指数的走势，样本期内 SGE 黄金 9999、标普 500 和日经 225 本周收益排 名靠前，分别为 10.71%、1.70%和-1.05%。计算所有申万一级行业在样本期 内的收益情况，其中银行、煤炭和食品饮料的收益排名靠前，分别为 4.89%、 4.17%和 0.86%，电子、传媒和汽车的收益排名较为靠后，分别为-7.14%、 -6.27%和-5.99%。 ETF 资金流情况：从不同类别 ETF 角度来看，行业主题 ETF 的资金净 流入最多，为 467.78 亿元；宽基 ETF 的资金净流入最少，为-205.63 亿元。 从 ETF 跟踪指数及其成分股上市板块角度来看，港股 ETF 的资金净流入最 多，为 217.57 亿元；创业板相关 ETF 的资金净流入最少，为-40.60 亿元。 从行业板块角度来看，金融地产板块 ETF 的资金净流入最多，为 160.23 亿 元；生物医药板块 ETF 的资金净流入最 ...

策略周报（20251013-20251017） ⚫ 市场流动性概况 R007 由 1.4850%下降至 1.4685%，较前期减少了 1.65 个 bp；DR007 由 1.4229%下降至 1.4085%，较前期减少了 1.44 个 bp。R007 与 DR007 利差较 前期减小了 0.21 个 bp。此外，中美利差在本周增加了 0.04 个 bp。 本周资金净流入金额为114.27亿元,资金净流入较上周减少了289.14 亿元，其中资金供给为 808.60 亿元，资金需求为 694.33 亿元。具体来看， 资金供给减少了 45.59 亿元，其中融资净买入减少了 600.93 亿元，股票分 红增加了 393.05 亿元，股票型 ETF 净申赎增加了 113.41 亿元，股票型基 金与混合基金成立增加了 48.88 亿元；资金需求增加了 243.55 亿元。 ⚫ 行业板块流动性跟踪 本周中信一级行业多数板块下跌，市场风格整体偏弱，板块分化格局 延续。从行业数量看，下跌板块多于上涨板块，跌幅面占据主导。在上涨方 面，银行板块表现最为突出，周涨幅为 4.99%，同时煤炭等行业亦有小幅上 涨。下跌方面，电子、传媒 ...

Financing Data - In September 2025, the new social financing scale increased by 35,296 billion yuan, with a year-on-year decrease of 2,339 billion yuan[10] - The total social financing stock growth rate for the first three quarters was 8.7%, down 0.1 percentage points from August[10] - New corporate bonds in September amounted to 136 billion yuan, an increase of 2,062 billion yuan year-on-year, primarily due to low base effects and policy support[11] Loan and Credit Analysis - In September, new RMB loans totaled 12,900 billion yuan, an increase of 7,000 billion yuan month-on-month, but a decrease of 3,000 billion yuan year-on-year[12] - Short-term corporate loans recorded a significant increase of 6,400 billion yuan month-on-month, reflecting heightened operational activity among enterprises[12] - New medium- and long-term loans increased by 4,400 billion yuan month-on-month, indicating a gradual recovery in project investment willingness among enterprises[12] Monetary Supply Trends - M2 grew by 8.4% year-on-year in September, down 0.4 percentage points from August, but still 1.6 percentage points higher than the same period last year[2] - M1 increased by 7.2% year-on-year, up 1.2 percentage points from August, with the M1-M2 growth rate gap narrowing to 1.2%[2] - The acceleration in M1 growth is attributed to increased credit issuance, enhanced fiscal spending, and heightened market transaction activity[20]

- The report includes the construction of the RSI (Relative Strength Index) factor, which is calculated using the formula: $ RSI = 100 - 100 / (1 + RS) $, where RS represents the ratio of average gains to average losses over a 12-day period. RSI values above 70 indicate an overbought market, while values below 30 suggest an oversold market [2] - The report also introduces the Net Purchase (NETBUY) factor, calculated using the formula: $ NETBUY(T) = NAV(T) - NAV(T-1) * (1 + R(T)) $, where NETBUY(T) represents the net purchase amount, NAV(T) is the ETF net asset value on day T, and R(T) is the return on day T [2] - The report provides daily tracking of ETF data, segmented into "Broad-based" and "Thematic" categories based on the indices they track, such as CSI 300, CSI 500, and industry-specific indices like non-bank financials and dividends [2][3] - The RSI factor is evaluated as a useful indicator for identifying market conditions, such as overbought or oversold states, aiding in short-term trading decisions [2] - The Net Purchase factor is assessed as a measure of fund flow dynamics, reflecting investor sentiment and activity in ETF markets [2] - RSI values for various ETFs are provided, such as 58.17 for Huatai-PineBridge CSI 300 ETF, 57.53 for E Fund CSI 300 ETF, and 51.89 for Southern CSI 500 ETF, among others [4] - Net Purchase values for ETFs are also listed, including -13.98 billion for Huatai-PineBridge CSI 300 ETF, 0.70 billion for E Fund CSI 300 ETF, and -12.21 billion for Southern CSI 500 ETF, among others [4]

证券研究报告—策略周报 撰写日期：2025 年 10 月 13 日 策略周报（20251009-20251010） ⚫ 市场流动性概况 R007 由 1.6118%下降至 1.4850%，较前期减少了 12.68 个 bp；DR007 由 1.4376%下降至 1.4229%，较前期减少了 1.47 个 bp。R007 与 DR007 利差 较前期减小了 11.21 个 bp。此外，中美利差在本周减小了 9.92 个 bp。 本周资金净流入金额为415.56亿元,资金净流入较上周增加了678.26 亿元，其中资金供给为 854.19 亿元，资金需求为 438.63 亿元。具体来看， 资金供给增加了 669.81 亿元，其中融资净买入增加了 769.35 亿元，股票 分红减少了 85.49 亿元，股票型 ETF 净申赎增加了 36.95 亿元，股票型基 金与混合基金成立减少了 51.00 亿元，资金需求减少了 8.45 亿元。 分析师：林永绿 资格证书：S0650524060001 联系邮箱：linyonglv@mgzq.com 联系电话：15000307034 联系人：张昊阳 资格证书：S0650124040 ...

证券研究报告 麦高证券 2025 年 10 月 13 日 (2025-10-10) 麦高金工团队 数据说明： 1、本表针对ETF各类日频数据进行每日跟踪，不构成投资建议。 8、机构持仓占比为ETF基金最近一期年报、半年报披露的机构持仓占比，剔除对应联接基金持有占比，数据为预估值可能存在偏差。 9、空值代表刚刚上市基金行情数据不满足计算指标或还未进行年报半年报披露，部分QDII的净值披露较晚，对于未披露的数据处理为空值。 | 日内行情趋势 管理费率 跟踪指数 T+0 （亿元） | ETF基金名称 | 证券代码 | 流通市值 （亿元） | 涨跌幅（ %） | RSI相对 强弱指标 | 净申购 | 成交额 （亿元） | （ %） | 机构持仓 占比（ %） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 宽基ETF | | | | | | | | | | | | 华泰柏瑞沪深300ETF | | 510300.SH | 4,261.01 | -2.01 | 59.61 | 17.96 | 55.82 | 0.15 | ...

证券研究报告 2025年10月10日 行业评级：优于大市 评级变动：维持 机械设备行业跟踪：工程机械行业韧性足，内外销 整体边际改善 分析师：谷诚 资格证书：S0650524120002 邮箱：gucheng@mgzq.com 联系人：刘康衡 资格证书：S0650125020014 邮箱：liukangheng@mgzq.com 请务必阅读报告正文后的重要声明部分 摘要 资料来源：麦高证券研究发展部 请务必阅读报告正文后的重要声明部分 1 ➢ 宏观景气度跟踪：2025年8月中国制造业PMI录得49.4%，环比上升0.1个百分点，仍处于收缩区间，其中生产 PMI指数达50.8%，处于扩张区间。新订单PMI、原材料库存PMI指数和新出口订单PMI指数达49.5%、48.0%、 47.2%，相比于7月数据呈现边际改善态势，但是仍处于收缩区间。2025年8月中国工业生产者出厂价格指数 （PPI）同比下降2.9%，环比结束连续8个月下行态势，由下降0.2%转为持平，居民消费价格指数（CPI）由上 月同比持平转为下降0.4%。2025年1-8月全国固定资产投资完成额326111亿元，同比增长0.5%，其中基础设施 投资同 ...