Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][10]. Core Views - The food and beverage sector is expected to see a recovery in consumer scenarios, with a stable price expectation for Moutai [1][3]. - The sector is entering a left-side layout phase, with high-quality companies expected to gain greater growth potential [2][10]. - The report highlights the differentiation in the fundamentals of various categories, with beverages outperforming food and alcohol [2][10]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector (A-shares and H-shares) experienced a cumulative decline of 1.52% this week, with A-shares down 1.63% and H-shares up 0.07% [1]. - The top five gainers in the food and beverage sector this week were Yanjinpuzi (5.11%), Kuaijishan (4.85%), New Dairy (3.22%), Chenguang Biological (3.09%), and Anji Food (3.08%) [1]. 2. Alcohol Sector - In the liquor segment, the report recommends focusing on leading companies like Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Yingjia Gongjiu, while also monitoring the reform pace of Wuliangye and Yanghe [2][10]. - The report notes that the current market is in a left-side layout phase, with positive signals expected from both demand and supply sides [10]. 3. Beverage Sector - The beverage industry is experiencing a sustained boom, with leading companies significantly outperforming the market [14]. - The report continues to recommend companies like Nongfu Spring and Dongpeng Beverage, which are accelerating their national and platform expansion [14]. 4. Food Sector - In the snack segment, the report emphasizes strong alpha stocks, particularly in the konjac snack category, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [11][12]. - The restaurant supply chain is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [12]. 5. Earnings Forecast and Investment Ratings - The report provides earnings forecasts for key companies, with Guizhou Moutai expected to have an EPS of 75.79 in 2026, and Luzhou Laojiao with an EPS of 8.04 in the same year [4]. - The average PE ratio for these companies is projected to be around 18.9 for Moutai and 16.0 for Luzhou Laojiao in 2026 [4].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [5][7]. Core Views - The "14th Five-Year Plan" emphasizes the construction of an "Energy Powerhouse," focusing on the development of hydrogen and fusion energy industries [3][18]. - The central economic work conference highlighted the need for a comprehensive green transition and the establishment of a new energy system [2][16]. - The report suggests that the energy system in China is transitioning from an "energy power" to an "energy powerhouse," with increased demands for supply security, ecological sustainability, technological innovation, and modern governance [3][19][21]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.08%, while the public utilities index decreased by 0.09% and the environmental index dropped by 0.61% [1][15]. - In the electricity sector, thermal power increased by 0.22%, while hydropower decreased by 0.26%, and renewable energy generation rose by 0.93% [1][15]. Important Events - The central economic work conference took place on December 10-11, focusing on energy security and the establishment of a carbon trading market [2][16]. - Yunnan province announced an increase in coal power capacity pricing to 330 RMB per kilowatt per year starting in 2026 [17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report also highlights opportunities in the water and waste incineration sectors, suggesting investments in companies like China Everbright Environment and Zhongshan Public Utilities [26]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a stable outlook for nuclear power operators like China Nuclear Power and China General Nuclear Power [4][25]. - It also emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending companies like Yangtze Power [4][25]. Industry Key Data Overview - In October, the industrial electricity production increased by 7.9% year-on-year, with total electricity consumption reaching 774.2 billion kilowatt-hours, a 4.3% increase [49][55]. - The cumulative installed power generation capacity reached 3.75 billion kilowatts, with solar power capacity growing by 43.8% year-on-year [73].

Group 1: Power Equipment Industry - The demand for power equipment is rapidly increasing in the AI era, driven by the construction of data centers by companies like Google Cloud and OpenAI, leading to explosive growth in power equipment demand [1][29] - Global energy storage demand is expected to surge, with projections indicating that global energy storage installations will reach 404 GWh by 2026, a year-on-year increase of 38% [1][95] - Key companies to watch in the power equipment sector include Jinpan Technology, Xinte Electric, Igor, Hewei Electric, Shenghong Co., and Zhongheng Electric [1] Group 2: Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant price and profit recovery anticipated for most products by 2026 [2] - Solid-state battery technology is accelerating towards commercialization, with expectations for expanded production lines and increased testing by 2026, laying the groundwork for mass application from 2027 to 2030 [2][73] - Key companies in the lithium battery sector include CATL, EVE Energy, and Zhongxin Innovation [2][73] Group 3: Wind Power Industry - The domestic wind power sector is projected to maintain a 10%-20% growth in new installations in 2026, supported by saturated orders and stable pricing [2][58] - The profitability of wind turbine manufacturers is expected to recover, with export growth contributing to performance improvements [2][59] - Key companies to focus on in the wind power sector include Goldwind Technology, Sany Renewable Energy, and Oriental Cable [2][59] Group 4: Photovoltaic Industry - The photovoltaic industry is undergoing supply-side adjustments, with a focus on new technologies such as silver-free paste and perovskite, which are expected to improve cost efficiency [3][85] - The profitability of silicon material is anticipated to recover first, driven by supply-demand improvements [3][85] - Key companies to monitor in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, and Tongwei Co. [3][85] Group 5: Energy Storage Industry - The energy storage market is experiencing significant growth, with domestic system tenders reaching 174.9 GWh from January to November, a year-on-year increase of approximately 165% [95] - In the U.S., large-scale energy storage installations are projected to reach 22.05 GW in 2026, a year-on-year increase of 28% [95][96] - Key companies in the energy storage sector include CATL, EVE Energy, and Sungrow Power Supply [95]

全球储能需求持续释放，国内市场化需求驱动储能订单呈现爆发式增长； 美国数据中心等负荷引起的电力供应短缺推动美国大储装机需求提升； 欧洲电网不稳定情况和现货峰谷价差拉大均带动推动储能需求；新兴市 场各国政府扶持政策频出，储能装机需求有望大幅度提升。我们预计 2026 年全球储能装机需求达到 404GWh，同比增长+38%，建议关注【宁 德时代】、【亿纬锂能】、【阳光电源】、【德业股份】、【禾望电气】、 【盛弘股份】。 锂电产业链价格下行趋势有望反转，固态电池产业化提速。锂电产业链经历 几年下行期后，2026 年多数产品价格、盈利有望显著回暖。新技术方面，钢 壳电池、硅负极、储能大电芯均有望在 2026 年实现批量供应；固态电池技 术产业化处于加速阶段，有望在 2026 年实现产线规模扩大以及装车测试增 加，为 2027-2030 年的批量化应用奠定基础。建议关注【宁德时代】、【亿 纬锂能】、【中创新航】、【珠海冠宇】、【天赐材料】、【恩捷股份】、 【当升科技】、【厦钨新能】。 风电主机厂盈利能力修复，出口贡献业绩增长。2026 年国内风电新增装机有 望保持 10%-20%增长，订单饱和价格具有良好支撑。主机盈利 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, the China Securities REITs Index fell 0.5% for the week, with the average weekly price changes of equity REITs and franchise REITs being +0.4% and -0.6% respectively. REITs underperformed major stock and bond indices. As of December 12, 2025, the dividend yield of equity REITs was 35BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise REITs and the 10-year Treasury yield was 295BP [1]. - The year-to-date price change of the China Securities REITs Index was 1.0%. In the past year, the return rate of the China Securities REITs Index was 2.0%, with a volatility of 7.4%. The total market value of REITs on December 12 was 217.6 billion yuan, a decrease of 200 million yuan from the previous week, and the average daily turnover rate for the week was 0.37%, unchanged from the previous week [2][9]. Summary by Relevant Catalogs Secondary Market Trends - Main Index Weekly Price Changes: CSI Convertible Bonds > CSI All-Bond Index > CSI 300 > China Securities REITs. As of December 12, 2025, the closing price of the China Securities REITs (Closing) Index was 797.54 points, with a weekly price change of -0.5%, underperforming the CSI Convertible Bonds Index (+0.2%), the CSI All-Bond Index (+0.18%), and the CSI 300 Index (-0.1%) [2][6]. - In terms of different project attributes, the average weekly price changes of equity REITs and franchise REITs were +0.4% and -0.6% respectively. In terms of different project types, most REIT sectors closed up, with municipal facilities, new infrastructure, and water conservancy facilities leading the gains. The top three REITs in terms of weekly price increase were Huatai Nanjing Jianye REIT (+7.33%), CICC Chongqing Liangjiang REIT (+5.07%), and GF Chengdu Gaotou Industrial Park REIT (+5.06%) [3][14][18]. - New infrastructure REITs had the highest trading activity, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest trading volume this week, accounting for 25.8% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (11.84 million yuan), China Merchants Shekou Rental Housing REIT (5.95 million yuan), and Hongtu Innovation Yantian Port REIT (5.66 million yuan) [3][20][21]. Primary Market Issuance - As of December 12, 2025, there were 3 REIT products in the exchange's "accepted" stage, 2 in the "declared" stage, 2 in the "inquired" stage, 4 in the "feedback" stage, 7 products that had passed and were waiting to be listed, and 13 first-issue products that had passed and were listed [23]. Valuation Tracking - REITs have both bond and equity characteristics. As of December 12, the average annualized cash distribution rate of public REITs was 6.13%. Different project types had different relative net value discount/premium rates, P/FFO, IRR, and annualized dividend rates [25][26]. - As of December 12, 2025, the dividend yield of equity REITs was 35BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise REITs and the 10-year Treasury yield was 295BP [1][28]. Industry News - Huaxia Zhonghe Clean Energy REIT was approved for registration on December 8, 2025. It is the first public REIT product under China National Nuclear Corporation, with the underlying asset being the Bobona Hydropower Station in Hotan, Xinjiang. Boshi Shandong TieTou Road & Bridge REIT has been officially declared to the Shanghai Stock Exchange, with the underlying asset being the Changqing Yellow River Bridge [4][34].

1. Report's Industry Investment Rating - No information provided in the report 2. Report's Core View - The report regularly sorts out the latest information on private exchangeable bonds (private EBs) from public channels and tracks the basic elements of private exchangeable bond projects. It lists the new projects in the week from December 8 - 12, 2025 [1] 3. Summary by Related Catalog - **New Projects This Week** - Jiangsu Guotai International Group Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors was approved by the exchange. The proposed issuance scale is 1.2 billion yuan (reduced from before), the underlying stock is Ruitai New Materials (301238.SZ), the lead - underwriter is CITIC Securities, and the exchange update date is December 8, 2025 [1] - Sichuan Jiuzhou Investment Holding Group Co., Ltd.'s 2025 private placement of science and technology innovation exchangeable corporate bonds for professional investors was approved by the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Sichuan Jiuzhou (000801.SZ), the lead - underwriter is CITIC Securities, and the exchange update date is December 5, 2025 [1] - Oriens Technology Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors was approved by the exchange. The proposed issuance scale is 350 million yuan (reduced from before), the underlying stock is Yongxin Co., Ltd. (002014.SZ), the lead - underwriter is CITIC Construction Securities, and the exchange update date is December 5, 2025 [1] - Hainan农垦 Investment Holding Group Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors received feedback from the exchange. The proposed issuance scale is 2.1 billion yuan, the underlying stock is Hainan Rubber (601118.SH), the lead - underwriter is CITIC Securities, and the exchange update date is December 8, 2025 [1] - **List of Private EB Projects** - The report lists the status of multiple private EB projects, including bond names, lead - underwriters, scales, underlying stocks, project statuses, and update dates. For example, New Hope Group Co., Ltd.'s project has a scale of 4.5 billion yuan, and the underlying stock is New Hope; Jiangsu Shenghong Technology Co., Ltd.'s project has a scale of 3 billion yuan, and the underlying stock is Orient Shenghong [3]

Macro and Strategy - November financial data shows a recovery in corporate financing through multiple channels, with new social financing at 2.49 trillion yuan, exceeding expectations of 2.02 trillion yuan, and M2 growth at 8.0% year-on-year [9] - The central economic work conference indicates a shift in policy focus from "total growth" to "structural optimization," emphasizing high-quality development and investment stabilization [10][11] - Copper prices have reached historical highs due to structural supply shortages and increased demand from the renewable energy sector, with LME copper price hitting $11,952 per ton [12][13] Industry and Company - The agrochemical industry is expected to transition from "Me too" to "Me better," with a global pesticide market projected to reach $77.2 billion by 2024, growing at a CAGR of 2.35% [27][28] - China is becoming a leader in new pesticide creation, accounting for 51.61% of new pesticide registrations globally from 2020 to 2024, with significant advancements in R&D efficiency through AI technology [29][30] - The U.S. beef market is projected to see a significant increase in imports in 2026, with domestic beef prices expected to rise due to reduced supply and increased demand [31][33]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Last week (December 8 - December 12), the A - share market was volatile. Two important meetings boosted market risk appetite, and trading volume increased. AI hardware and commercial aerospace led the gains, while coal and petroleum and petrochemical sectors lagged. The bond market slightly recovered, with the 10 - year Treasury bond yield at 1.84% on Friday, down 0.84bp from the previous week. The convertible bond market had most individual bonds closing lower, with the CSI Convertible Bond Index up 0.20% for the week, the median price up 0.10%, and the calculated arithmetic average parity down 0.35%. The overall conversion premium rate increased by 2.20% compared to the previous week [1][6][7]. - Some issuers showed a strong willingness to convert. The convertible bond market followed the stock market's volatility last week. Despite the significant adjustment of the micro - cap stock index, the CSI Convertible Bond Index closed slightly higher, showing strong resilience and improved trading volume. Several issuers of near - maturing convertible bonds proposed downward revisions, and the pricing after the proposed downward revisions varied based on the remaining term and industry fundamentals [2][15]. - Looking ahead, with the end - of - year important meetings and the Fed's rate cut settled, the market will enter a policy vacuum period. Relative return investors are advised to make small - position balanced allocations of non - redeemable and appropriately - priced equity - biased convertible bonds in sectors such as power, storage, semiconductor equipment and materials for domestic substitution, commercial aerospace, and humanoid robots. Absolute return investors should focus on high - volatility stocks under 130 yuan or industry leaders with historically low valuations in sectors like two - wheeled vehicles, cosmetics, and breeding [2][15]. 3. Summaries by Related Catalogs Market Focus (December 8 - December 12) Stock Market - A - shares were volatile. The trading volume exceeded 2 trillion on Monday and Friday. The Shanghai Composite Index rose 0.54% on Monday, fell 0.37% on Tuesday, fell 0.23% on Wednesday, fell 0.7% on Thursday, and rose 0.41% on Friday. The Shenzhen Component Index rose 1.39% on Monday, fell 0.39% on Tuesday, rose 0.29% on Wednesday, fell 1.27% on Thursday, and rose 0.84% on Friday. The ChiNext Index rose 2.6% on Monday, rose 0.61% on Tuesday, fell 0.02% on Wednesday, fell 1.41% on Thursday, and rose 0.97% on Friday [1][6]. - Most Shenwan primary industries closed lower. Communication (6.27%), national defense and military industry (2.80%), electronics (2.63%), machinery and equipment (1.38%), and power equipment (1.19%) led the gains, while coal (-3.64%), petroleum and petrochemical (-3.52%), steel (-2.89%), and real estate (-2.62%) lagged [7]. Bond Market - After the Politburo meeting and the Central Economic Work Conference, the moderately loose monetary policy remained unchanged, and inflation data showed a continued price improvement trend. The bond market slightly recovered, with the 10 - year Treasury bond yield at 1.84% on Friday, down 0.84bp from the previous week [1][7]. Convertible Bond Market - Most individual convertible bonds closed lower. The CSI Convertible Bond Index rose 0.20% for the week, the median price rose 0.10%, and the arithmetic average parity fell 0.35%. The overall conversion premium rate increased by 2.20%. The arithmetic average conversion premium rates of convertible bonds with parities in [90,100), [100,110), and [110,120) changed by +2.09%, -1.73%, and +0.20%, respectively, and were at the 94%, 96%, and 89% quantiles since 2023 [1][7]. - Most convertible bond industries closed lower. Building materials (+6.14%), national defense and military industry (+4.27%), power equipment (+1.25%), and beauty care (+0.94%) led the gains, while social services (-2.32%), coal (-2.12%), commercial and retail (-1.52%), and basic chemicals (-1.31%) lagged [8]. - The top - rising individual convertible bonds were Zai 22 (commercial aerospace), Huamao (computing power), Weidao (semiconductor equipment), Jize (green alcohol), and Hangyu (commercial aerospace). The top - falling individual convertible bonds were Yingbo (low - altitude economy & announced strong redemption), Hongtu (satellite application), Huarui (CNC cutting tools), Sanfang (polyester chips), and Yake (automobile aluminum) [1][10]. - The total trading volume of the convertible bond market last week was 285.692 billion yuan, with an average daily trading volume of 57.138 billion yuan, an increase from the previous week [13]. Valuation - As of December 12, 2025, for equity - biased convertible bonds, the average conversion premium rates for parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 45.18%, 34.97%, 27.88%, 20.1%, 10.88%, and 13.62%, respectively, at the 94%/90%, 94%/95%, 94%/95%, 91%/90%, 70%/53%, and 97%/98% quantiles since 2010/2021. - For debt - biased convertible bonds, the average YTM for parities below 70 yuan was -3.48%, at the 2%/6% quantiles since 2010/2021. - The average implied volatility of all convertible bonds was 43.46%, at the 88%/91% quantiles since 2010/2021. The difference between the convertible bond's implied volatility and the stock's long - term actual volatility was 2.31%, at the 84%/85% quantiles since 2010/2021 [16]. Primary Market Tracking New Issuance and Listing - Last week (December 8 - December 12), Aohong, Shenyu, Tianzhun, and Dingjie convertible bonds announced issuance, while Maolai and Ruike convertible bonds were listed. - Aohong Convertible Bond (111024.SH): The underlying stock is Aohong Electronics (605058.SH), in the electronics industry. The issuance scale is 580 million yuan, with a credit rating of AA -. The funds will be used for the construction of a production base in Thailand [23]. - Shenyu Convertible Bond (123262.SZ): The underlying stock is Shenyu Co., Ltd. (300563.SZ), in the communication industry. The issuance scale is 500 million yuan, with a credit rating of AA -. The funds will be used for the construction of data lines in the intelligent field [24]. - Tianzhun Convertible Bond (118062.SH): The underlying stock is Tianzhun Technology (688003.SH), in the machinery and equipment industry. The issuance scale is 872 million yuan, with a credit rating of AA -. The funds will be used for R & D and industrialization projects in industrial vision equipment, semiconductor metrology equipment, and intelligent driving and embodied intelligent controllers [25][26]. - Dingjie Convertible Bond (123263.SZ): The underlying stock is Dingjie Digital Intelligence (300378.SZ), in the computer industry. The issuance scale is 828 million yuan, with a credit rating of AA. The funds will be used for the Dingjie Digital Intelligence Ecological Empowerment Platform project and to supplement working capital [27]. - Maolai Convertible Bond (118061.SH): The underlying stock is Maolai Optics (688502.SH), in the electronics industry. The issuance scale is 563 million yuan, with a credit rating of A+. The funds will be used for ultra - precision optical production and processing projects, ultra - precision optical technology R & D centers, and to supplement working capital [28]. - Ruike Convertible Bond (118060.SH): The underlying stock is Ruike Da (688800.SH), in the electronics industry. The issuance scale is 1 billion yuan, with a credit rating of AA -. The funds will be used for the renovation and upgrade of high - frequency and high - speed connection systems, intelligent energy connection systems, and to supplement working capital [29]. Future Issuance and Listing - As of December 12, there were no announcements of convertible bond issuances or listings for the next week (December 15 - December 19). - Last week, one company (Shuangle Co., Ltd.) was approved for registration, two companies (Tonglian Precision and Xianghe Industry) passed the listing committee review, three companies (Suzhou Tianmai, Baoti Co., Ltd., and Zhongqi Co., Ltd.) were accepted by the exchange, and two companies (Hubei Yihua and Zhaomin Technology) passed the shareholders' meeting. There were no new board - proposed enterprises. - As of now, there are 92 convertible bonds waiting to be issued, with a total scale of 146.43 billion yuan, including 3 approved for registration with a total scale of 2.5 billion yuan and 9 that have passed the listing committee review with a total scale of 9.99 billion yuan [30].

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The global anticoagulant market exceeds $20 billion, primarily driven by stroke prevention in atrial fibrillation patients, with other indications including VTE prevention after knee/hip replacement and prevention of ischemic complications in myocardial infarction [2][5] - FXI/FXIa inhibitors are expected to become safer anticoagulants, as they target the intrinsic pathway of coagulation, potentially reducing bleeding risks while maintaining efficacy [2][21] - Several FXI/FXIa inhibitors are in clinical stages, with promising safety profiles demonstrated in various indications, including Bayer's asundexian achieving key clinical endpoints in secondary stroke prevention [2][26] - FXI small nucleic acid drugs may offer differentiated competitive advantages, with early-stage clinical data showing effective FXI activity suppression and potential for improved patient compliance [2][26] Summary by Sections Anticoagulant Drugs: Applications and Market Size - Anticoagulants are used in various medical scenarios, with a global market size exceeding $20 billion, driven by stroke prevention in atrial fibrillation patients [5][7] - Current anticoagulants include DOACs and low molecular weight heparins, with existing drugs presenting bleeding risks alongside their efficacy [5][21] FXI Inhibitors as Next-Generation Anticoagulants - FXI inhibitors are positioned to challenge standard treatments, with clinical trials indicating superior safety profiles compared to existing DOACs [2][26] - Notably, Bayer's asundexian has shown efficacy in secondary stroke prevention, marking a significant advancement in the field [2][69] Domestic FXI Small Nucleic Acid Drug Development Progress - Domestic companies are advancing in FXI small nucleic acid drug development, with promising early clinical results indicating effective FXI suppression and potential for improved dosing schedules [2][26] Investment Recommendations - FXI/FXIa inhibitors are projected to represent an upgrade and complement to existing anticoagulants, with a potential market space exceeding $10 billion [2][26] - The report suggests focusing on companies like HengRui Medicine, which is leading in domestic FXI monoclonal antibody development [2][26]

Report Industry Investment Rating - No relevant content provided in the report. Core Viewpoints - The report focuses on the performance, scale changes, valuation, margin trading, and fund managers of ETFs in the week from December 8 to December 12, 2025, and provides a list of newly established and upcoming ETFs [58]. Summary by Related Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was 0.20%. Among broad-based ETFs,创业板类 ETF had the highest return with a median increase of 2.76%. Among sector ETFs, technology ETFs had the highest return with a median increase of 1.46%. Among thematic ETFs, chip ETFs had the highest return with a median increase of 2.69% [13][16]. ETF Scale Changes and Net Redemptions/Subscriptions - Last week, equity ETFs had a net redemption of 9.756 billion yuan, but the overall scale increased by 6.732 billion yuan. Among broad-based ETFs, A500ETF had the largest net subscription of 6.635 billion yuan. Among sector ETFs, consumer ETFs had the largest net subscription of 0.5 billion yuan. Among thematic ETFs, dividend ETFs had the largest net subscription of 1.92 billion yuan [2][27][32]. ETF Benchmark Index Valuation - As of last Friday, among broad-based ETFs,创业板类 ETF had relatively low valuation quantiles. Among sector ETFs, consumer and large financial ETFs had relatively moderate valuation quantiles. Among thematic ETFs, wine ETFs had relatively low valuation quantiles [3][43]. ETF Margin Trading - From Monday to Thursday last week, the margin balance of equity ETFs decreased from 46.609 billion yuan to 46.001 billion yuan, and the short-selling volume increased from 2.605 billion shares to 2.65 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short-selling volumes, science and technology innovation board ETFs and securities ETFs had relatively high average daily margin purchases, while CSI 1000ETF and CSI 300ETF had relatively high average daily short-selling volumes [44][46][50]. ETF Managers - As of last Friday, Huaxia, E Fund, and China Southern Asset Management ranked in the top three in terms of the total scale of listed non-monetary ETFs. This week, five ETFs, including Huabao CSI Hong Kong Stock Connect Medical Theme ETF, Penghua CSI All-Share Food ETF, GF China Industrial Software Theme ETF, Ping An Hang Seng China Central Enterprise Dividend ETF, and E Fund CSI Hong Kong Stock Connect Medical Theme ETF, will be issued [52][55].