Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown strong performance in its infrared business, with significant growth in revenue and net profit for the first three quarters of 2025, achieving a revenue of 40.86 billion yuan (up 29.7% year-on-year) and a net profit of 7.07 billion yuan (up 46.2% year-on-year) [1][2]. - The company is focusing on multi-dimensional sensing technologies, primarily in infrared, microwave, and laser sectors, while also investing heavily in research and development [2][3]. - The company has established a complete industrial chain in the infrared sector, from chip design to final product manufacturing, and is expanding its applications in various fields [3]. Financial Summary - For the first three quarters of 2025, the company reported a gross margin of 51.97%, an increase of 0.84 percentage points year-on-year, and a net profit margin of 15.15%, up 2.90 percentage points year-on-year [2]. - The company’s revenue for 2025 is projected to reach 54.26 billion yuan, with a year-on-year growth rate of 25.7% [9]. - The estimated net profit for 2025 is 8.86 billion yuan, reflecting a year-on-year growth rate of 55.8% [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected strong performance relative to the market [8][7][8]. Core Insights - The company reported a significant revenue increase of 46.47% year-on-year for the first three quarters of 2025, reaching 1.161 billion yuan, driven by expansion into new markets such as commercial aerospace, robotics, and consumer electronics [8][4]. - The net profit for the same period surged by 234.83% year-on-year to 156 million yuan, reflecting improved profitability due to a decrease in expense ratios and an increase in gross margin [8][4]. - The company is actively expanding its production capacity and market reach, particularly in high-margin sectors like aerospace, which is expected to sustain rapid revenue growth in the coming years [8][7]. Financial Data and Profit Forecast - For 2025, the company is projected to achieve a total revenue of 1.827 billion yuan, with a year-on-year growth rate of 37.8% [7]. - The forecasted net profit for 2025 is 208 million yuan, representing a 99.2% increase compared to the previous year [7]. - The gross margin is expected to remain strong at 43.6% for 2025, with a return on equity (ROE) projected to reach 4.2% [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's Q3 2025 performance met expectations, with total revenue of 12.601 billion yuan for the first three quarters, a year-on-year increase of 2.8%, and a net profit attributable to shareholders of 1.181 billion yuan, up 6% year-on-year [6] - Q3 2025 revenue was 4.726 billion yuan, a year-on-year decrease of 3.66%, while net profit attributable to shareholders was 627 million yuan, an increase of 1.62% year-on-year [6] - The company anticipates accelerated revenue growth in Q4 2025 due to delayed deliveries from major clients in the consumer electronics sector and the rapid iteration of AI hardware [6] - The company is actively expanding into new business areas such as new consumer packaging and environmentally friendly materials, with injection molding product revenue in H1 2025 reaching 379 million yuan, a year-on-year increase of 57.8% [6] - The company has a leading international and intelligent layout, with over 15 years of overseas operational experience and multiple factories established in various countries [6] - The gross profit margin for Q1-3 2025 was 25%, while Q3 2025 saw a gross profit margin of 28.7%, benefiting from internal smart upgrades and lean production [6] - The company has launched an employee stock ownership plan with performance targets set for the next three years, reflecting confidence in future growth [6] - The company has revised its profit forecasts for 2025-2026 to 1.631 billion and 1.903 billion yuan, respectively, while introducing a new forecast for 2027 at 2.251 billion yuan, with corresponding PE ratios of 15X, 13X, and 11X [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 18.448 billion yuan, with a year-on-year growth rate of 7.5% [5] - The net profit attributable to shareholders for 2025 is projected to be 1.631 billion yuan, reflecting a year-on-year growth of 15.8% [5] - The earnings per share for 2025 is expected to be 1.77 yuan [5] - The gross profit margin is projected to be 25.0% for 2025, increasing to 25.6% by 2027 [5] - The return on equity (ROE) is expected to rise from 13.4% in 2025 to 16.3% in 2027 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a steady growth in revenue and profit for Q3 2025, with a total revenue of 2.248 billion yuan for the first three quarters, representing a year-over-year increase of 2.16%. The net profit attributable to the parent company was 108 million yuan, up 14.08% year-over-year [4][7] - The Q3 revenue was 714 million yuan, showing a year-over-year decline of 3.97% but a quarter-over-quarter increase of 7.72%. The net profit for Q3 was 50 million yuan, reflecting a year-over-year increase of 15.17% and a significant quarter-over-quarter increase of 356.21% [4][7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 3.37 billion yuan, with a projected year-over-year growth rate of 7.0%. The net profit forecast for 2025 is 224 million yuan, with a year-over-year growth rate of 35.6% [6] - The gross profit margin for Q3 2025 was 33.93%, an increase of 0.38 percentage points year-over-year and 4.91 percentage points quarter-over-quarter. The net profit margin was 6.79%, up 1.19 percentage points year-over-year and 5.42 percentage points quarter-over-quarter [7] - The company has adjusted its profit forecast downwards due to increased personnel costs, expecting net profits of 224 million, 411 million, and 595 million yuan for 2025, 2026, and 2027 respectively [7]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company achieved record high sales and revenue in Q3, with total revenue reaching 6.438 billion yuan, a year-on-year increase of 1.5%, and a net profit of 1.015 billion yuan, down 41.2% year-on-year [6][5] - The decline in net profit is attributed to a one-time tax refund received in the previous year and the impact of U.S. trade tariffs on profitability [6] - The company's tire sales remained stable, with approximately 23.31 million tires sold in the first three quarters, showing a slight increase in Q3 [6] - The Moroccan production base is in a ramp-up phase, contributing to sales growth, although it is still in a loss-making position due to depreciation costs [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 8.699 billion yuan, with a year-on-year growth rate of 2.2% [5] - The net profit for 2025 is forecasted to be 1.407 billion yuan, reflecting a significant decline of 35.6% year-on-year [5] - The company expects to maintain a high operating rate at its existing bases in Qingdao and Thailand while gradually increasing output from the Moroccan base [6] - The projected net profits for 2026 and 2027 are 1.820 billion yuan and 2.101 billion yuan, respectively, with corresponding PE ratios of 11 and 10 [6][5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported impressive profit performance in Q3 2025, with revenue reaching 2.474 billion yuan, a year-on-year increase of 9.5%, and net profit of 515 million yuan, up 30.9% year-on-year [6]. - The company benefits from increasing penetration of artificial turf, with a stable growth in sales driven by improved orders from various regions [6]. - The global multi-base layout helps mitigate trade risks, with significant production capacity in Vietnam and Mexico, enhancing profitability [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.441 billion yuan, with a year-on-year growth rate of 16.6% [2]. - The net profit for 2025 is forecasted to be 677 million yuan, reflecting a growth rate of 32.3% [2]. - The company’s gross margin is expected to be 32.3% in 2025, with a return on equity (ROE) of 21.3% [2]. Market Data - As of October 31, 2025, the closing price of the stock is 34.81 yuan, with a market capitalization of 13.973 billion yuan [3]. - The stock has a price-to-earnings (PE) ratio of 27, which is projected to decrease to 21 in 2025 [2][3]. Profitability and Cost Management - The company has shown continuous improvement in profitability, with a net profit margin of 20.8% in Q1-Q3 2025, up 3.4 percentage points year-on-year [6]. - The gross margin for Q3 2025 was reported at 35.7%, an increase of 7.1 percentage points year-on-year, attributed to cost reduction and efficiency improvements [6]. Global Expansion and Competitive Position - The company is recognized as a leading player in the global artificial turf industry, supported by certifications from international sports organizations [6]. - The strategic location of production bases in Vietnam and Mexico provides tax advantages and helps in managing trade risks effectively [6].

Group 1 - The value factor score has improved, indicating a recovery in the economy, with liquidity slightly loose and credit indicators showing slight improvement. The macro direction suggests economic recovery, weak liquidity, and credit contraction [3][6][8] - The economic outlook indicator is maintained at an upward trend, with expectations of a slight increase over the next three months, reaching a peak in March 2026 [14][15] - The liquidity environment is characterized by interest rates above the average, but overall remains slightly loose, with monetary supply still positive [23][24][26] Group 2 - The credit indicators are weak, with credit volume and structure remaining low. The total credit indicators continue to decline, while the credit structure shows slight recovery [28] - The allocation view for major asset classes indicates a decrease in gold allocation to 10%, while A-shares allocation is increased [29] - Market focus has shifted towards economic indicators, with PPI attention rising above economic concerns recently [30] Group 3 - Industry selection is inclined towards sectors sensitive to economic changes but insensitive to credit fluctuations, with a general preference for value-oriented industries [32] - The top scoring industries based on economic sensitivity include utilities, coal, and construction decoration, while the highest credit scoring industries include retail and banking [33]

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The scale of passive index funds remained stable in Q3 2025, with the proportion of ETFs increasing. The scale of non - monetary index funds reached 6.72 trillion yuan, an increase of 1.11 trillion yuan from the previous quarter [1]. - The gap between the top two index fund managers narrowed. The top ten managers accounted for 69.65% of the index fund scale, with a slight increase in concentration compared to the previous quarter [1]. - The institutional holding ratio of industry - themed products in ETFs increased, while that of Smart Beta decreased. The institutional holding ratio of all ETFs in China after penetrating the linked funds was 62.47% as of mid - 2025, an increase from the end of 2024 [1]. - The number and scale of newly - issued index funds increased in Q3 2025. A total of 292 index funds were newly established, raising 242.407 billion yuan, with an increase in both the number and scale compared to Q2 [1]. - The application for industry - themed products was stable. In Q3 2025, 222 index funds were approved, slightly more than the previous quarter, and industry - themed index funds were the most approved type [1]. - ETFs that performed well in Q3 were mainly concentrated in growth - related products, and Hong Kong - themed products had high trading activity [1]. 3. Summary According to the Table of Contents 3.1 2025 Q3 Index Fund Market Scale Changes - The total asset scale of 2,823 non - monetary index funds reached 6.72 trillion yuan, an increase of 1.11 trillion yuan from the previous quarter. The scale of ETFs increased by about 1.24 trillion yuan, and the proportion of ETFs increased by more than 6 percentage points [1][4]. - The proportion of domestic stock broad - based in ETFs declined to 47%, while the proportion of industry - themed products rebounded to about 20% [7]. - The top ten target indexes with the largest index fund scale accounted for 41.34% of the total scale, slightly lower than the previous quarter. The top three target indexes were the CSI 300 Index, CSI A500, and SSE 50 Index [14]. - The top ten index fund managers accounted for 69.65% of the index fund scale, with a slight increase in concentration. The top three were Huaxia Fund, E Fund, and Huatai - Peregrine Fund, and the gap between E Fund and Huaxia Fund narrowed to less than 20 billion yuan [15]. - The top ten index funds in scale were all ETFs, mostly broad - based. Among industry - themed products, Cathay Securities ETF ranked first, and the scale of Fuling CSI Hong Kong Stock Connect Internet ETF nearly doubled [17][19]. 3.2 ETF Holder Changes - As of mid - 2025, the institutional holding ratio of all ETFs in China after penetrating the linked funds was 62.47%, an increase from the end of 2024. The institutional holding ratio of industry - themed and cross - border products increased significantly, while that of Smart Beta decreased [24]. - By index, the institutional holding ratio of broad - based indexes increased, the institutional holding ratio of the Sci - tech Innovation 50 Index increased to 34%, and the institutional holding ratio of the securities company index increased significantly, while that of dividend - related products decreased significantly [28]. - According to the top ten holders of ETFs in the 2025 semi - annual report, Central Huijin's holding amount continued to rise, and insurance funds maintained a high position. China Life's holding ratio of industry - themed products in stock ETFs continued to increase, while that of Smart Beta decreased [30][33]. 3.3 Q3 Index Fund Raising and Application Situation - In Q3 2025, 292 index funds were newly established, raising 242.407 billion yuan, an increase in both the number and scale compared to Q2. The main source was domestic stock index funds [36]. - Among stock index funds, the fund with the largest raising scale was Huaxia SSE Sci - tech Innovation Artificial Intelligence ETF Linked A, with a combined raising scale of 3.957 billion yuan. The number of enhanced index funds increased, with 54 funds established, raising 36.996 billion yuan [39]. - For bond index funds, 31 funds raised 96.191 billion yuan, a significant increase from the previous quarter. The newly established bond index funds mainly tracked the AAA sci - tech innovation bond index [39]. - In terms of product form, ETFs raised 117 funds, with a total scale of 119.657 billion yuan; ordinary index funds had 103 funds, raising 89.175 billion yuan; and ETF linkages raised 72 funds, with a scale of 33.576 billion yuan [41]. - By target index type, industry - themed funds, bonds, and Smart Beta were the three product types with the fastest - growing issuance numbers this quarter, and the raising scales of industry - themed and bond products increased rapidly [41]. 3.4 Q3 ETF Market Performance - In domestic stock broad - based ETFs, the top five products in terms of Q3 yield all tracked the Sci - tech Innovation and Entrepreneurship 50 Index. In cross - border broad - based ETFs, the best - performing product was E Fund Hang Seng Hong Kong Stock Connect New Economy ETF, with a quarterly yield of 22.39%. In industry - themed ETFs, the product with the highest quarterly yield was Cathay CSI All - Share Communication Equipment ETF, with an interval yield of 84.04%. In Smart Beta ETFs, the products with top - ranked quarterly yields were mainly related to ChiNext growth and Sci - tech Innovation Board growth [46]. - In terms of daily average trading volume in Q3, among domestic broad - based index funds, the top five were Huaxia SSE Sci - tech Innovation 50 ETF, Huaxia CSI A500 ETF, E Fund ChiNext ETF, Huatai - Peregrine CSI 300 ETF, and Southern CSI A500 ETF, with daily average trading volumes all above 3 billion yuan. Among cross - border broad - based ETFs, the ones with high daily average trading volumes were mainly NASDAQ ETFs. Among industry - themed ETFs, the top five in daily average trading volume were all Hong Kong - themed products, and the product with the largest daily average trading volume was E Fund CSI Hong Kong Securities Investment Theme ETF, with a trading volume of over 17 billion yuan. Among Smart Beta ETFs, 3 of the top 5 products in daily average trading volume were dividend - strategy ETFs, and 2 were free - cash - flow ETFs [48][49].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In Q3 2025, utility - type assets performed best, rental - housing and consumer - type assets were stable, while warehousing & logistics and transportation - type assets were weak and differentiated, and the industrial park sector still had a large year - on - year decline, with only partial quarter - on - quarter decline narrowing; the energy sector also declined significantly overall [3]. - In October, the market rebounded with increasing trading volume, high - performance assets led the gains, the interest spread widened significantly, and the valuation recovered to above the 60th percentile [3]. - The premium rate space on the first - day listing narrowed, and the expansion and registration of Huaxia China Resources Youchao REIT were completed [3]. 3. Summary by Relevant Catalogs 3.1 Weak - cycle Performance is Robust and Strong - cycle Sector is Generally Under Pressure - Except for the energy sector, "weak - cyclical" varieties had overall stable performance in Q3. Utility, consumer, and rental - housing sectors achieved year - on - year positive growth in revenue, EBITDA, and distributable amount. The energy sector, affected by factors such as electricity price liberalization, seasonal fluctuations, and unit maintenance, generally saw a decline in performance (except for Huaxia TBEA New Energy REIT) [8]. - In contrast, "strong - cyclical" assets were generally under pressure. The industrial park sector had a significant decline in performance, with EBITDA and distributable amount declining by over 10% year - on - year, and over 80% of individual bonds experiencing performance decline. The transportation sector's overall performance decline widened, while the overall decline in revenue and EBITDA of the warehousing & logistics sector was small and showed a converging trend [8]. 3.2 Sub - sector Analysis 3.2.1 Rental - housing - Rental - housing rents had little overall fluctuation but were slightly differentiated; the occupancy rate and collection rate remained at a high level. Xiamen Anju had continuous quarter - on - quarter rent growth for 4 quarters, while Chengtou Kuanting Rental - housing and Shekou Rental Housing had continuous rent declines. Beijing Baozhangfang's overall rent declined after expansion, and its collection rate slightly decreased in Q3 2025 [12]. - Xiamen Anju had excellent performance, with revenue, EBITDA, and distributable amount showing year - on - year positive growth for 4 consecutive quarters, and its EBITDA profit margin was relatively high. Chengtou Kuanting had positive growth in revenue and EBITDA in the past 2 quarters, with a Q3 increase of 7% - 8%. Huaxia China Resources Youchao's revenue and EBITDA both declined year - on - year in Q3 [16]. 3.2.2 Utility - Shougang Biomass benefited from the expansion of kitchen waste sources and the improvement of power generation efficiency. The disposal volume of kitchen waste and the online power generation increased by 27.7% and 22.8% year - on - year respectively. Capital Water Service's Hefei project's sewage treatment fee increased by 2.9% year - on - year after the price adjustment approval. Shaoxing Water Supply's water supply in Q3 was significantly higher than that in Q1 - Q2 [17]. - Shougang Biomass's revenue, EBITDA, and distributable amount increased by 12.4%, 20.0%, and 97.4% year - on - year respectively. Capital Water Service's revenue, EBITDA, and distributable amount increased by 7.7%, 10.6%, and 30.1% year - on - year respectively. Except for Jinan Heating, which had no revenue in Q3, the financial indicators of Shougang Biomass, Capital Water Service, and Shaoxing Water Supply generally reached the highest levels in the past five quarters [22]. 3.2.3 Consumer - In the shopping mall segment, except for Bailian Consumer, whose rent declined by over 30% year - on - year and quarter - on - quarter in Q3 due to the low initial rent of the newly introduced anchor tenant, the rents of other shopping malls increased year - on - year and quarter - on - quarter. In the outlet segment, the off - season characteristics were obvious in Q3, and the overall associated income declined. In the community business segment, Wumei Consumer's operation was stable. Huawei Agricultural Market leased part of its roof for the construction of a distributed photovoltaic power station and introduced new types of merchants [26]. - In Q3 2025, the revenue and EBITDA of shopping malls increased quarter - on - quarter. JINMAO Commercial's revenue increased by over 10% year - on - year. Except for Huawei Agricultural Market, whose distributable amount declined significantly quarter - on - quarter (- 15.1%), the distributable amount of other consumer REITs generally increased or remained flat year - on - year and quarter - on - quarter [27]. 3.2.4 Warehousing & Logistics - In the market - oriented leasing segment, rents declined year - on - year across the board, and only Yantian Port and GLP improved quarter - on - quarter. Shenzhen International saw a decline in both volume and price. In the affiliated - party full - lease segment, rents and occupancy rates were relatively stable, and Jiuzhitong Medicine's pallet utilization rate improved quarter - on - quarter [31]. - Overall, the warehousing & logistics sector was cold, with only a few projects showing a slight quarter - on - quarter improvement. Only JD Warehousing and Jiuzhitong Medicine, which were affiliated - party full - lease projects, had a slight quarter - on - quarter increase in revenue and EBITDA. The EBITDA and distributable amount of Baowan Logistics, Waigaoqiao, and ESR Warehousing & Logistics declined by over 10% quarter - on - quarter [37]. 3.2.5 Energy - Except for TBEA New Energy, the settlement (online) electricity volume of the energy sector declined year - on - year in Q3. Different energy types had different reasons for the decline, such as the decrease in water inflow in the hydropower sector and the poor light resources in the photovoltaic sector in some regions [39][41]. - In terms of electricity price, the average settlement electricity price of Shenzhen Energy declined year - on - year in Q3. The electricity price of hydropower had large seasonal fluctuations. The electricity price of Jingneng Photovoltaic's Yulin project increased, while that of the Jingtai project declined. TBEA New Energy's electricity price remained stable. The electricity price of onshore wind power was differentiated [45]. - In Q3 2025, only TBEA New Energy achieved year - on - year growth in revenue, EBITDA, and distributable amount. The performance of State Power Investment New Energy was under pressure due to the significant decline in power generation, and its distributable amount was negative. Shenzhen Energy's performance also declined significantly due to the decline in both volume and price of power sales [49]. 3.2.6 Industrial Park - In Q3 2025, 47% of industrial park REITs' occupancy rates dropped to the lowest levels in the past five periods or since listing, but the decline was small. Some projects' strategies of trading price for volume were effective. Most REITs' collection rates increased year - on - year and quarter - on - quarter, with an average collection rate of 91.3% in Q3 [50]. - At the fund level, the revenue and EBITDA of industrial park REITs generally declined year - on - year and quarter - on - quarter in Q3. The distributable amount of industrial park REITs declined year - on - year across the board, and 44% increased quarter - on - quarter [52][57].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the document. 2. Core Viewpoints of the Report - Passive index fund scale remains stable, with the proportion of ETFs increasing. By the third quarter of 2025, the total asset scale of 2,823 non - monetary index funds reached 6.72 trillion yuan, an increase of 1.11 trillion yuan from the previous quarter. The scale of ETFs increased by about 1.24 trillion, and their proportion rose by over 6 percentage points [1]. - The gap between the top two index fund managers has narrowed. The top ten target indexes with the largest index fund scale account for 41.34% of the total, slightly down from the previous quarter. The top ten managers account for 69.65% of the index fund scale, with a slight increase in concentration [1]. - In terms of ETF holders, the institutional proportion of industry - themed products has increased, while that of Smart Beta has decreased. As of mid - 2025, the institutional holder proportion of all ETFs after penetrating the linked funds was 62.47%, up from the end of 2024 [1]. - The number and scale of newly issued products have risen. In the third quarter of 2025, 292 index funds were newly established, raising a total of 242.407 billion yuan, an increase in both number and scale compared to the previous quarter [1]. - The application for industry - themed products is stable. In the third quarter of 2025, 222 index funds were approved, slightly more than the previous quarter. Industry - themed index funds were the most approved type [1]. - In the third quarter, the better - performing ETF products were mainly concentrated in growth - related products, and Hong Kong - themed products had high trading activity [1]. 3. Summary According to the Table of Contents 3.1 2025 Third - Quarter Index Fund Market Scale Changes - The total asset scale of 2,823 non - monetary index funds reached 6.72 trillion yuan, an increase of 1.11 trillion yuan from the previous quarter. The scale of ETFs increased by about 1.24 trillion, and their proportion rose by 6.19 percentage points, mainly contributed by on - site trading [6][9]. - The proportion of domestic stock broad - based ETFs declined to 47%, while the proportion of industry - themed products rebounded to about 20% [9]. - The top ten target indexes with the largest index fund scale accounted for 41.34% of the total, slightly down from the previous quarter. The top three target indexes were the CSI 300 Index, CSI A500, and SSE 50 Index [17]. - The top ten index fund managers accounted for 69.65% of the total scale, with a slight increase in concentration. The top three were China Asset Management, E Fund Management, and Huatai - Peregrine Fund Management, and the gap between E Fund and China Asset Management narrowed to less than 20 billion yuan [18]. - In the third quarter of 2025, the top three fund managers with the largest increase in passive index fund scale were E Fund, China Asset Management, and Huatai - Peregrine Fund Management [21]. - Among industry - themed products, Cathay Securities ETF ranked first, and the scale of China AMC Hong Kong Stock Connect Internet ETF nearly doubled. The scale of short - term financing and convertible bond ETFs in bond products continued to rise, and the scale of many gold ETFs increased [24]. - In the second quarter of 2025, among 2,465 non - linked index products, 1,543 had positive scale growth. The top ten products with scale growth were mainly broad - based ETFs, while the products with the largest scale reduction were mainly off - site bond index funds [25]. 3.2 ETF Holder Changes - As of mid - 2025, the institutional holder proportion of all ETFs after penetrating the linked funds was 62.47%, up from the end of 2024. The institutional proportion of industry - themed and cross - border products increased significantly, while that of Smart Beta decreased [30]. - By index, the institutional proportion of broad - based indexes increased, the institutional proportion of the SSE STAR Market 50 Index increased to 34%, and the institutional proportion of the securities company index increased significantly, while that of dividend - related products decreased significantly [34]. - According to the top ten holders of ETFs in the 2025 semi - annual report, Central Huijin's holding amount continued to rise, and insurance funds maintained a high position. China Life's holding amount of ETFs continued to increase, and its proportion of industry - themed products increased while that of Smart Beta decreased [36][40]. 3.3 Third - Quarter Index Fund Raising and Application - In the third quarter of 2025, 292 index funds were newly established, raising a total of 242.407 billion yuan, an increase of 77% from the second quarter. The main source was domestic stock index funds, and the scale of newly established bond index funds also expanded significantly [43][47]. - Among newly established products, ETFs raised 119.657 billion yuan, ordinary index funds raised 89.175 billion yuan, and ETF link funds raised 33.576 billion yuan. Industry - themed funds, bonds, and Smart Beta were the three product types with the fastest - growing issuance volume this quarter [49]. - In the third quarter of 2025, 222 index funds were approved, slightly more than the previous quarter. Industry - themed index funds were the most approved type, with targets mainly including Hong Kong Stock Connect Healthcare, State - owned Enterprise Digital Economy, Hang Seng Technology, SSE STAR Market Artificial Intelligence, and CSI Robot Index [51]. 3.4 Third - Quarter ETF Market Performance - Among domestic stock broad - based ETFs, the top five products with the highest yields in the third quarter all tracked the STAR Market and ChiNext Innovation 50 Index. Among cross - border broad - based ETFs, the best - performing was the E Fund Hang Seng Hong Kong Stock Connect New Economy ETF, with a quarterly yield of 22.39%. Among industry - themed ETFs, the product with the highest quarterly yield was the Cathay CSI All - Share Communication Equipment ETF, with an interval yield of 84.04%. Among Smart Beta ETFs, the top - performing products were mainly related to ChiNext growth and STAR Market growth [53]. - Among domestic broad - based index funds, the top five products with the highest average daily trading volume in the third quarter were China AMC SSE STAR Market 50 ETF, China AMC CSI A500 ETF, E Fund ChiNext ETF, Huatai - Peregrine CSI 300 ETF, and Southern CSI A500 ETF, with an average daily trading volume of over 3 billion yuan. Among cross - border broad - based ETFs, the ones with high trading volume were mainly NASDAQ ETFs. Among industry - themed ETFs, the top five products with the highest trading volume were all Hong Kong - themed products. Among Smart Beta ETFs, three of the top five products with the highest trading volume were dividend - strategy ETFs, and two were free - cash - flow ETFs [55][56].