Investment Rating - The industry investment rating is "Outperform" [1][60]. Core Insights - The report highlights a significant recovery in civil aviation passenger traffic, with major airports seeing a notable rebound in international passenger flow [4][5]. - There is a sustained enthusiasm for domestic travel during holidays, with inbound tourism continuing to thrive [4][15]. - The service sector shows a positive trend, with service consumption and production indices on the rise [30][31]. Summary by Sections Civil Aviation Recovery - Civil aviation passenger volume is recovering, with August 2025 domestic passenger volume reaching approximately 75.36 million, a 3.3% increase from 2024 and a 23.1% increase from 2019 [8]. - The average domestic economy class ticket price in August 2025 was 694.1 yuan, down 1.0% from 2024 and 8.5% from 2019 [8]. - International passenger volume in August 2025 was about 7.47 million, a 15.3% increase from 2024 and a 6.5% increase from 2019 [10]. Domestic Travel Enthusiasm - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, an increase of 1.23 million from 2024, with total spending of 809 billion yuan, up 1.08 billion yuan from 2024 [18]. - The average spending per trip during the holiday was 911 yuan, surpassing 2019 levels but slightly lower than 2023 [20]. - The average travel radius for tourists reached 212.66 kilometers, a 14.8% increase year-on-year, indicating a growing willingness to travel further [23]. Service Sector Performance - In August 2025, restaurant revenue grew by 2.1%, and retail sales increased by 3.6%, with the service production index rising by 5.6% [31]. - The service sector PMI remained above the threshold, recording 50.1% in September, indicating ongoing demand recovery [33]. - The total revenue of the service industry from January to July 2025 saw a cumulative year-on-year increase of 7.4% [31]. Key Company Tracking - Ctrip's net profit for 2025 is projected to be 17.71 billion yuan, with a potential for valuation improvement compared to international OTA leaders [54]. - The report indicates a strong trend towards long-distance and cross-border travel, with significant growth in bookings for destinations beyond traditional hotspots [53]. - The average occupancy rate for star-rated hotels in Shanghai reached 71.90% in August 2025, recovering to 105.74% of 2019 levels [47].

6、净申购（亿元）：计算公式为：NETBUY(T) = NAV(T)–NAV(T-1)*（1+R（T）），其中NETBUY(T)为净申购金额，NAV(T-1)为前一交易日的ETF净值。 7、T+0：是否支持T+0的交易方式。 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。 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。 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。 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 ...

Market Liquidity Overview - R007 increased from 1.5160% to 1.5538%, a rise of 3.78 basis points; DR007 rose from 1.5096% to 1.5313%, an increase of 2.17 basis points. The spread between R007 and DR007 widened by 1.61 basis points [9][13] - The net inflow of funds this week was 31.344 billion yuan, an increase of 81.749 billion yuan compared to last week. Fund supply was 104.51 billion yuan, while fund demand was 73.166 billion yuan. Specifically, fund supply decreased by 42.373 billion yuan, with net financing purchases down by 20.201 billion yuan and stock dividends down by 28.005 billion yuan [13][16] Industry Sector Liquidity Tracking - Most sectors in the CITIC first-level industry index declined, with a weak overall market style and a continued pattern of sector differentiation. The number of declining sectors exceeded that of rising sectors, with the electronic sector showing the most significant increase of 3.67% [18][20] - The consumer services and retail trade sectors led the declines, with decreases of 6.71% and 3.92%, respectively [18][20] Style Sector Liquidity Tracking - Growth style had the largest increase of 1.58%, while consumer style experienced the largest decline of 2.18%. Growth style accounted for 61.88% of the average daily trading volume, making it the most active sector [3][21] - The average turnover rate for growth style remained the highest at 3.37%, while financial and stable styles had relatively low turnover rates [3][21]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report comprehensively analyzes the secondary market and ETF products from multiple perspectives. It presents the performance of major indexes and industries, and details the market performance, fund flows, trading volume, margin trading, and new issuance and listing of ETFs during the sample period from September 22 to September 26, 2025 [1][10]. Summary According to the Directory 1. Secondary Market Overview - **Index Performance**: During the sample period, the Science and Technology Innovation 50, SGE Gold 9999, and ChiNext Index ranked among the top in terms of weekly returns, with 6.47%, 3.32%, and 1.96% respectively. The PE valuation quantile of the S&P 500 was the highest at 99.20%, while that of the Nikkei 225 was the lowest at 85.66% [10]. - **Industry Performance**: In the sample period, the power equipment, non - ferrous metals, and electronics industries ranked among the top in terms of returns, with 3.86%, 3.52%, and 3.51% respectively. The social services, comprehensive, and commercial retail industries ranked relatively low, with - 5.92%, - 4.61%, and - 4.32% respectively. In terms of valuation, the non - ferrous metals, power equipment, and electronics industries had the highest valuation quantiles, at 99.59%, 99.59%, and 98.36% respectively, while the non - bank finance, agriculture, forestry, animal husbandry, and fishery, and comprehensive industries had relatively low valuation quantiles, at 23.36%, 36.07%, and 42.42% respectively [14]. 2. ETF Product Overview 2.1 ETF Market Performance - **By Product Type**: Commodity ETFs had the best average performance, with a weighted average return of 3.19%, while style ETFs had the worst average performance, with a weighted average return of - 0.75% [18]. - **By Listing Plate**: ETFs related to the Science and Technology Innovation Board and the Science and Technology Innovation and Entrepreneurship 50 had better market performance, with weighted average returns of 5.81% and 4.32% respectively. The CSI 2000 and Hong Kong stock ETFs had relatively poor performance, with weighted average returns of - 1.14% and - 0.39% respectively [18]. - **By Industry Sector**: The technology sector ETFs had the best average performance, with a weighted average return of 3.29%, while the consumer sector ETFs had the worst average performance, with a weighted average return of - 2.81% [19]. - **By Theme**: Chip semiconductor and new energy ETFs had better performance, with weighted average returns of 8.94% and 4.53% respectively. Innovative drug and non - bank ETFs had relatively poor performance, with weighted average returns of - 1.62% and - 0.87% respectively [19]. 2.2 ETF Fund Inflows and Outflows - **By ETF Category**: Bond ETFs had the largest net inflow of funds, reaching 780.27 billion yuan, while QDII ETFs had the smallest net inflow, at - 27.15 billion yuan [23]. - **By Tracking Index and Listing Plate**: ChiNext - related ETFs had the largest net inflow of funds, at 5.49 billion yuan, while CSI 300 ETFs had the smallest net inflow, at - 38.82 billion yuan [23]. - **By Industry Sector**: Technology sector ETFs had the largest net inflow of funds, at 168.58 billion yuan, while cyclical sector ETFs had the smallest net inflow, at - 16.01 billion yuan [25]. - **By Theme**: Chip semiconductor and robot ETFs had the largest net inflows of funds, at 100.50 billion yuan and 40.39 billion yuan respectively. New energy and central state - owned enterprise ETFs had the smallest net inflows, at - 9.15 billion yuan and - 5.19 billion yuan respectively [25]. 2.3 ETF Trading Volume - **By ETF Category**: QDII ETFs had the largest increase in the average daily trading volume change rate, at 0.86%, while bond ETFs had the largest decrease, at - 12.18% [28]. - **By Tracking Index and Listing Plate**: US stock ETFs had the largest increase in the average daily trading volume change rate, at 26.66%, while the CSI 1000 had the largest decrease, at - 26.70% [31]. - **By Industry Sector**: The technology sector had the largest increase in the average daily trading volume change rate, at 3.39%, while the biomedical sector had the largest decrease, at - 32.00% [34]. - **By Theme**: Non - bank and chip semiconductor ETFs had the largest average daily trading volumes in the past 5 days, at 185.49 billion yuan and 156.03 billion yuan respectively. Chip semiconductor and consumer electronics ETFs had the largest increases in the average daily trading volume change rate, at 23.15% and 12.23% respectively. Innovative drug and military industry ETFs had the largest decreases, at - 33.90% and - 24.21% respectively [36]. 2.4 ETF Margin Trading During the sample period, the net margin purchase of all stock - type ETFs was - 0.80 billion yuan, and the net short - selling was - 1.13 billion yuan. The E Fund CSI Hong Kong Securities Investment Theme ETF had the largest net margin purchase, and the GF CSI 1000 ETF had the largest net short - selling [42]. 2.5 ETF New Issuance and Listing During the sample period, 11 funds were established and 21 funds were listed [3][44].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No explicit core viewpoints are presented in the provided content. The report mainly offers daily tracking data of various ETFs, including their performance metrics such as trading volume, net subscriptions, and RSI indicators. 3. Summary by Category A. Data Explanation - The report tracks daily frequency data of ETFs, divided into "broad - based" and "theme" sub - tables according to the tracked index categories. The "broad - based" ETFs track mainstream broad - based indices like CSI 300 and CSI 500, while "theme" ETFs track industry/style indices such as non - bank and dividend indices [2]. - A fund pool is constructed by selecting one or several large - scale ETFs in each type for analysis [2]. - The RSI relative strength indicator is calculated based on the ratio of average gains to average losses over a 12 - day period. RSI > 70 indicates an overbought market, and RSI < 30 indicates an oversold market [2]. - The net subscription amount is calculated using the formula NETBUY(T) = NAV(T)–NAV(T - 1)*(1 + R(T)), where NAV(T - 1) is the previous trading day's ETF net value [2]. - The intraday market trend is based on a 5 - minute intraday transaction price trend chart, with red dots representing the day's highest and lowest prices. Some intraday data may be missing [2]. - The institutional holding ratio is the estimated ratio from the latest annual or semi - annual reports of ETF funds, excluding the holding ratio of corresponding linked funds, and the data may have deviations [3]. B. Broad - based ETFs - Multiple ETFs tracking indices like CSI 300, CSI 500, SSE 50, etc. are presented. For example, the Huatai - Peregrine CSI 300 ETF has a circulation market value of 416.721 billion yuan, a decline of 0.94%, an RSI of 60.18, a net subscription of 703 million yuan, and a trading volume of 3.345 billion yuan [4]. - Different ETFs show varying performance in terms of market value, price changes, net subscriptions, and trading volumes. For instance, the Tianhong CSI 300 ETF has a relatively small market value of 8.977 billion yuan and a net subscription of - 53 million yuan [4]. C. Theme ETFs - **Consumer Electronics**: ETFs such as the Huaxia China Securities Consumption Electronics Theme ETF have a market value of 4.423 billion yuan and a decline of 3.44%. They also have different RSI values, net subscriptions, and trading volumes [6]. - **Non - bank**: The Guotai CSI All - Index Securities Company ETF has a market value of 5.4226 billion yuan and a decline of 0.41%. The industry shows diverse performance among different ETFs in terms of price changes, net subscriptions, etc. [6]. - **Banking**: The Huabao CSI Bank ETF has a market value of 1.4223 billion yuan and a gain of 0.13%. Different bank - related ETFs have different institutional holding ratios and trading volumes [6]. - **Dividend**: The Huatai - Peregrine SSE Dividend ETF has a market value of 1.9402 billion yuan and a gain of 0.03%. Dividend - themed ETFs show differences in performance and net subscriptions [6]. - **New Energy**: The Huaxia CSI New Energy Vehicle ETF has a market value of 549.4 million yuan and a decline of 1.50%. New - energy - related ETFs have different price trends and net subscription situations [6]. - **Chip and Semiconductor**: The Huaxia China Securities Semiconductor Chip ETF has a market value of 2.7587 billion yuan and a decline of 1.24%. These ETFs also vary in RSI values and trading volumes [6]. - **Photovoltaic**: The Huatai - Peregrine CSI Photovoltaic Industry ETF has a market value of 1.3512 billion yuan and a decline of 1.07%. Photovoltaic - themed ETFs show different performance metrics [6]. - **Military Industry**: The Guotai CSI Military Industry ETF has a market value of 1.3688 billion yuan and a decline of 0.33%. Military - industry - related ETFs have different price changes and net subscriptions [6]. - **ESG**: The Yifangda CSI Shanghai Environmental Exchange Carbon Neutrality ETF has a market value of 96.5 million yuan and a decline of 0.41%. ESG - related ETFs show different performance characteristics [6]. - **Robot**: The Huaxia CSI Robot ETF has a market value of 2.2068 billion yuan and a decline of 3.25%. Robot - themed ETFs have different RSI values and trading volumes [6]. - **Central and State - owned Enterprises**: The Huitianfu CSI Shanghai State - owned Enterprises ETF has a market value of 796.5 million yuan and a decline of 0.10%. Central and state - owned - enterprise - related ETFs show different performance in the market [6]. - **Artificial Intelligence**: The Yifangda CSI Artificial Intelligence ETF has a market value of 2.421 billion yuan and a decline of 3.25%. AI - themed ETFs vary in net subscriptions and trading volumes [6]. - **Real Estate**: The Nanfang CSI All - Index Real Estate ETF has a market value of 686.9 million yuan and a gain of 0.19%. Real - estate - related ETFs show different price trends [6]. - **Biomedicine**: The Huabao CSI Medical ETF has a market value of 2.6023 billion yuan and a decline of 1.55%. Biomedicine - related ETFs have different performance metrics [6]. - **China Concept Internet**: The Yifangda CSI Overseas Internet ETF has a market value of 4.2085 billion yuan and a decline of 1.85%. China - concept - internet - related ETFs show different net subscriptions and trading volumes [6]. - **Resources**: The Nanfang CSI Shenwan Non - ferrous Metals ETF has a market value of 1.2669 billion yuan and a decline of 0.07%. Resource - related ETFs have different price changes and net subscriptions [6]. - **Consumption**: The Penghua CSI Wine ETF has a market value of 1.9911 billion yuan and a decline of 0.68%. Consumption - related ETFs show different performance in the market [6].

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The report tracks the daily frequency data of various ETFs, including information such as tracking index, fund name, trading code, market capitalization, RSI, net subscription, trading volume, management fee rate, institutional holding ratio, and T+0 trading availability. It is divided into two sub - tables: "Broad - based" and "Thematic" according to the type of tracked index [2][4]. 3. Summary by Related Content Data Explanation - The report tracks daily frequency data of ETFs and is divided into "Broad - based" and "Thematic" sub - tables. The "Broad - based" ETFs track mainstream broad - based indices like CSI 300, CSI 500, etc., while "Thematic" ETFs track industry/style indices such as non - bank, dividend, and China concept Internet [2]. - The fund pool is constructed by selecting one or several large - scale ETF funds in each type for analysis [2]. - The RSI calculation formula is RSI = 100 – 100 / (1 + RS), where RSI is the ratio of average gain to average loss over a certain period (12 days). RSI>70 indicates an over - bought market, and RSI<30 indicates an over - sold market [2]. - The net subscription amount is calculated as NETBUY(T) = NAV(T)–NAV(T - 1)*(1 + R(T)), where NAV(T - 1) is the previous trading day's ETF net value [2]. - The institutional holding ratio is the estimated ratio from the latest annual or semi - annual reports of ETF funds, excluding the holding ratio of corresponding linked funds, and the data may have deviations [3]. ETF Data Summary Broad - based ETFs - For CSI 300 ETFs, the largest in terms of market capitalization is Huatai - PineBridge CSI 300 ETF with a market capitalization of 41.4422 billion yuan, and it had a net subscription of - 18.92 billion yuan [4]. - Among CSI 500 ETFs, Southern CSI 500 ETF has the largest market capitalization of 13.4009 billion yuan, with a net subscription of - 5.52 billion yuan [4]. - For SSE 50 ETFs, Huaxia SSE 50 ETF has a market capitalization of 17.7023 billion yuan and a net subscription of - 4.51 billion yuan [4]. - In the case of CSI 1000 ETFs, Southern CSI 1000 ETF has a market capitalization of 7.3848 billion yuan and a net subscription of 1.70 billion yuan [4]. - For Science and Technology Innovation Board 50 ETFs, Huaxia SSE Science and Technology Innovation Board 50 ETF has a market capitalization of 7.1317 billion yuan and a net subscription of - 0.30 billion yuan [4]. Thematic ETFs - In the consumer electronics sector, Huaxia China Securities Consumer Electronics Theme ETF has a market capitalization of 443.3 million yuan and a net subscription of - 1.00 billion yuan [6]. - For non - bank financial sector ETFs, Guotai CSI All - Index Securities Company ETF has a market capitalization of 5.3151 billion yuan and a net subscription of - 3.94 billion yuan [6]. - In the banking sector, Huabao CSI Bank ETF has a market capitalization of 1.4151 billion yuan and a net subscription of 4.26 billion yuan [6]. - For dividend - themed ETFs, Huatai - PineBridge SSE Dividend ETF has a market capitalization of 1.9554 billion yuan and a net subscription of 2.56 billion yuan [6]. - In the new energy sector, GF China Securities New Energy Vehicle Battery ETF has a market capitalization of 1.2109 billion yuan and a net subscription of 2.77 billion yuan [6]. - For chip semiconductor ETFs, Huaxia China Securities Semiconductor Chip ETF has a market capitalization of 2.6115 billion yuan and a net subscription of - 6.92 billion yuan [6].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 28.91 CNY based on a projected PE of 19.0x for 2025 [3][4]. Core Insights - The company is positioned as a leading player in the domestic automotive aluminum alloy die-casting market, with a stable main business and high certainty of profit growth following the acquisition of Zhuoerbo. The future expansion into humanoid robotics is expected to broaden the company's growth potential [1][2]. - The aluminum die-casting market is anticipated to double in size, driven by the increasing demand for lightweight materials in the automotive sector, particularly in the context of the growing new energy vehicle (NEV) industry [1][2]. Summary by Sections 1. Core Business and Profit Growth - The company primarily engages in the R&D, production, and sales of aluminum and zinc alloy precision die-casting parts, with the automotive die-casting segment accounting for 96.47% of revenue in 2024 [13][16]. - The company has experienced rapid revenue growth, with a CAGR of 28.14% from 2021 to 2024, and a projected revenue of 79.51 billion CNY for 2025 [16][40]. 2. Market Dynamics and Growth Potential - The automotive aluminum die-casting market is expected to see significant growth due to the lightweighting trend, particularly in NEVs, with the domestic market projected to reach 3000-4000 billion CNY by 2025 [1][45]. - The company is actively expanding its product offerings to include larger die-casting components, which will enhance the value per vehicle and drive revenue growth [2][57]. 3. Strategic Acquisitions and Future Ventures - The acquisition of Zhuoerbo is aimed at entering the micro-motor sector, enhancing the company's capabilities in producing precision components for both NEVs and robotics [2][3]. - The establishment of a subsidiary focused on humanoid robotics is expected to capture growth opportunities in lightweight structural components and motor stators [2][3]. 4. Financial Projections and Valuation - Revenue projections for 2025-2027 are 79.51 billion CNY, 105.02 billion CNY, and 127.12 billion CNY, with corresponding net profits of 11.74 billion CNY, 14.89 billion CNY, and 18.76 billion CNY [3][4]. - The company's PE ratios are projected to decrease from 19.0x in 2025 to 12.5x in 2027, indicating potential for valuation improvement [3][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.32 CNY for A-shares and 7.64 HKD for H-shares, indicating a potential upside of 19.5% and 7.1% respectively from the current prices [5][45]. Core Insights - The company experienced steady growth in H1 2025, with revenue reaching 24.855 billion CNY, a year-on-year increase of 1.30%, and net profit attributable to shareholders at 2.765 billion CNY, up 20.84% year-on-year [1][11]. - The gross margin for H1 2025 was 28.15%, with a net margin of 11.67%, reflecting an improvement in profitability despite a slight decline in gross margin compared to the previous year [2][13]. - The company is benefiting from a diversified product line and a strong overseas market presence, with overseas revenue accounting for 55.58% of total revenue, amounting to 13.82 billion CNY, a 14.66% increase year-on-year [29][33]. Summary by Sections Company Development and Performance - The company reported stable growth in H1 2025, with revenue and profit both showing positive trends. The revenue was 24.855 billion CNY, and the net profit was 2.765 billion CNY, indicating a solid performance [1][11]. - The product lines, including cranes, concrete machinery, and earth-moving machinery, showed signs of recovery, with respective revenues of 8.374 billion CNY, 4.869 billion CNY, and 4.293 billion CNY, reflecting year-on-year growth rates of 1.24%, 15.66%, and 22.11% [18][20]. Embracing Intelligent Technology - The company has begun investing in embodied intelligence technology, developing three humanoid robots and establishing a training facility for these robots, which may create new growth opportunities [34][40]. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 50.426 billion CNY in 2025, with net profits projected at 5.040 billion CNY, reflecting a significant growth trajectory [4][43]. - The projected EPS for 2025 is 0.58 CNY, with corresponding P/E ratios of 13.39x for A-shares and 11.20x for H-shares, indicating that the current valuation is below the average of comparable companies [43][44].

Investment Rating - Industry Rating: Outperform the market [6] - Rating Change: Maintain [6] Core Insights - On September 18, 2025, Meta announced the launch of three new AI smart glasses at the Meta Connect 2025 event, including Meta Ray-Ban Display, Oakley Meta Vanguard, and Ray-Ban Meta Gen 2 [1][11] - Meta Ray-Ban Display is the first AI smart glasses with high-resolution full-color display, featuring a 600x600 pixel right-eye display, 90Hz refresh rate, and peak brightness of 5000 nits, priced at $799 and set to launch on September 30, 2025 [2][12] - The new generation Ray-Ban Meta and Oakley Meta Vanguard smart glasses have upgraded hardware and software, with Ray-Ban Meta offering 8 hours of mixed-use battery life and 3K video recording capabilities, priced at $379 [3][20] - Oakley Meta Vanguard features a 12MP camera, 3K video recording, and IP67 waterproof rating, priced at $499 and launching on October 21, 2025 [3][19] Summary by Sections Section 1: New Product Launch - Meta Ray-Ban Display is equipped with a right-eye full-color display, capable of showing notifications, navigation translations, and supporting real-time video calls [2][13] - The Meta Neural Band allows advanced gesture control by detecting muscle signals from the user's forearm [2][13] - The new generation Ray-Ban Meta offers enhanced battery life and video recording capabilities, while Oakley Meta Vanguard is designed for sports with integrated fitness platform support [3][19][20] Section 2: Market Trends and Projections - The AI+AR smart glasses market is expected to grow significantly, with a projected CAGR of over 60% from 2025 to 2029 [20] - In the first half of 2025, the domestic smart glasses market saw a retail volume of 468,000 units, a 148% year-on-year increase, with AR smart glasses retail volume reaching 195,000 units, up 77% [21] - Meta's AI smart glasses are positioned to lead the market, with expectations of over 10 million units shipped in 2026 [4][21]

Report Industry Investment Rating - Not provided in the report. Core Viewpoints - The report analyzes the secondary market trends, ETF product profiles (including market performance, fund flows, trading volumes, margin trading, and new issuance/listing) in the period from September 15 to September 19, 2025 [1][22]. Summary by Relevant Catalogs 1. Secondary Market Overview - In the sample period, the GEM Index, STAR 50, and S&P 500 had the top weekly returns, at 2.34%, 1.84%, and 1.22% respectively. The S&P 500 had the highest PE valuation quantile at 100.00%, and the Nikkei 225 had the lowest at 85.25% [1][10]. - Among Shenwan primary industries, Coal, Power Equipment, and Electronics had the top returns at 3.51%, 3.07%, and 2.96% respectively, while Banking, Non - ferrous Metals, and Non - bank Finance had the lowest returns at - 4.21%, - 4.02%, and - 3.66% respectively. The industries with the highest valuation quantiles were Social Services, Coal, and Real Estate at 100.00%, 100.00%, and 99.18% respectively, and those with lower quantiles were Non - bank Finance, Agriculture, Forestry, Animal Husbandry and Fishery, and Household Appliances at 22.95%, 40.16%, and 50.61% respectively [17]. 2. ETF Product Profile 2.1 ETF Market Performance - Among different types of ETFs, QDII ETFs had the best average performance with a weighted average return of 2.45%, while Style ETFs had the worst with - 1.38%. Among ETFs classified by listing sectors, those related to the GEM and STAR - GEM 50 performed well with weighted average returns of 2.30% and 2.07% respectively, while CSI 300 and CSI 2000 ETFs performed poorly with - 0.38% and - 0.25% respectively [22]. - Among industry - themed ETFs, Technology sector ETFs had the best average performance with 2.34%, and Financial Real Estate sector ETFs had the worst with - 3.73%. In terms of themes, Chip Semiconductor and Consumer Electronics ETFs performed well with 3.50% and 2.98% respectively, while Non - bank and Banking ETFs performed poorly with - 3.91% and - 3.87% respectively [27]. 2.2 ETF Fund Inflows and Outflows - From the perspective of different types of ETFs, Industry - themed ETFs had the largest net inflow of 372.55 billion yuan, and Broad - based ETFs had the smallest at - 173.39 billion yuan. From the perspective of listing sectors, Hong Kong Stock ETFs had the largest net inflow of 198.26 billion yuan, and STAR - Market - related ETFs had the smallest at - 73.54 billion yuan [2][29]. - From the industry sector perspective, Financial Real Estate sector ETFs had the largest net inflow of 143.03 billion yuan, and Biomedical sector ETFs had the smallest at 10.99 billion yuan. From the theme perspective, Non - bank and Robot ETFs had the largest net inflows of 136.28 billion yuan and 49.27 billion yuan respectively, while Artificial Intelligence and Chip Semiconductor ETFs had the smallest at - 16.07 billion yuan and - 10.24 billion yuan respectively [2][31]. 2.3 ETF Trading Volume - From the perspective of different types of ETFs, QDII ETFs had the largest increase in average daily trading volume change rate at 13.72%, and Broad - based ETFs had the largest decrease at - 10.54%. From the perspective of listing sectors, US Stock ETFs had the largest increase at 5.27%, and STAR - GEM 50 had the largest decrease at - 31.65% [36][39]. - From the industry sector perspective, Traditional Manufacturing sector ETFs had the largest increase in average daily trading volume change rate at 2.49%, and Biomedical sector ETFs had the largest decrease at - 13.47%. From the theme perspective, Non - bank and Chip Semiconductor ETFs had the largest average daily trading volumes in the past 5 days at 245.85 billion yuan and 127.16 billion yuan respectively. Robot and Central - State - owned - enterprise ETFs had the largest increases in average daily trading volume change rate at 36.40% and 11.19% respectively, while Consumer Electronics and Military - industry ETFs had the largest decreases at - 40.28% and - 29.46% respectively [42][45]. 2.4 ETF Margin Trading - In the sample period, the net margin purchase of all equity ETFs was - 13.29 billion yuan, and the net short - selling was - 0.25 billion yuan. The Cathay CSI All - Index Securities Company ETF had the largest net margin purchase, and the Huatai - Peregrine CSI 300 ETF had the largest net short - selling [2][51]. 2.5 ETF New Issuance and Listing - During the sample period, 19 funds were established and 8 funds were listed [3][53].