行业轮动ETF策略周报（20250818-20250824）-20250825

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The strategy based on industry and theme ETFs constructed by Hengtai Securities Research Institute has achieved certain results. From August 18 - 22, 2025, the strategy's cumulative net return was about 6.08%, and the excess return relative to the CSI 300 ETF was about 1.79%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 15.90%, and the cumulative excess relative to the CSI 300 ETF was about 0.76% [3]. - For the week of August 25 - 29, 2025, the model recommends allocating sectors such as communication equipment, industrial metals, and batteries. The strategy will newly hold products like Battery ETF, Science and Technology Innovation Semiconductor ETF, and Industrial Mother Machine ETF, and continue to hold products such as Communication Equipment ETF, Industrial Non - ferrous Metals ETF, and Satellite ETF [12]. 3. Summary by Related Catalogs 3.1 Strategy Portfolio Construction - Hengtai Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs according to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2]. 3.2 ETF Portfolio Information | Fund Code | ETF Name | ETF Market Value (billion yuan) | Holding Status | Heavy - held Shenwan Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 159583 | Communication Equipment ETF | 2.68 | Continue to hold | Communication equipment (73.61%) | 1 | 1 | | 560860 | Industrial Non - ferrous Metals ETF | 18.08 | Continue to hold | Industrial metals (54.97%) | 1 | 1 | | 159755 | Battery ETF | 48.90 | Add to portfolio | Battery (60.37%) | 1 | 1 | | 588170 | Science and Technology Innovation Semiconductor ETF | 4.09 | Add to portfolio | Semiconductor (87.1%) | 1 | 1 | | 159667 | Industrial Mother Machine ETF | 6.53 | Add to portfolio | Automation equipment (45.3%) | - 1 | 1 | | 159206 | Satellite ETF | 2.05 | Continue to hold | Military electronics (34.22%) | 1 | 1 | | 516150 | Rare Earth ETF Harvest | 58.89 | Add to portfolio | Minor metals (34.67%) | 1 | 1 | | 560170 | Central State - owned Enterprises Science and Technology ETF | 14.17 | Add to portfolio | Aviation equipment (22.35%) | 1 | 1 | | 588830 | Science and Technology Innovation New Energy ETF | 5.73 | Add to portfolio | Photovoltaic equipment (47.93%) | 1 | 1 | | 159698 | Grain ETF | 2.06 | Add to portfolio | Planting industry (48.33%) | 1 | 1 | [3] 3.3 Performance Tracking - From August 18 - 22, 2025, the strategy's cumulative net return was about 6.08%, and the excess return relative to the CSI 300 ETF was about 1.79%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 15.90%, and the cumulative excess relative to the CSI 300 ETF was about 0.76% [3]. 3.4 Portfolio Adjustment - In the week of August 25, 2025, products such as Battery ETF, Science and Technology Innovation Semiconductor ETF, and Industrial Mother Machine ETF will be newly held, while products like Gold Stock ETF, Game ETF, and Innovation Drug ETF will be removed from the portfolio [3][12].