Report Summary 1. Market Overview - On November 19, 2025, the Shanghai Composite Index rose 0.18% to 3946.74 points, the Shenzhen Component Index fell 0.00% to 13080.09 points, and the ChiNext Index rose 0.25% to 3076.85 points. The total trading volume of A-shares in the two markets was 1742.8 billion yuan. The top-performing sectors were non-ferrous metals (2.39%), petroleum and petrochemicals (1.67%), and national defense and military industry (1.11%), while the worst-performing sectors were comprehensive (-3.08%), real estate (-2.09%), and media (-1.72%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs were Huaxia CSI A500 ETF (up 0.17%, premium rate 0.24%), Huatai-PineBridge CSI A500 ETF (up 0.16%, premium rate 0.29%), and Guotai CSI A500 ETF (up 0.17%, premium rate 0.31%) [3][7]. - The table shows detailed information of the top ten trading volume stock ETFs, including code, fund name, price, change rate, tracking index, IOPV, premium rate, trading volume, and latest share [8]. 3. Bond ETFs - The top trading volume bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01%, premium rate 0.00%), Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (down 0.06%, premium rate -0.01%), and E Fund CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.02%, premium rate -0.25%) [4][9]. - The table presents information of the top five trading volume bond ETFs, including code, fund name, price, change rate, premium rate, and trading volume [10]. 4. Gold ETFs - Gold AU9999 rose 2.00% and Shanghai Gold rose 2.02%. The top trading volume gold ETFs were Huaan Gold ETF (up 2.02%, premium rate 2.12%), Bosera Gold ETF (up 2.02%, premium rate 2.13%), and E Fund Gold ETF (up 2.00%, premium rate 2.14%) [12]. - The table provides details of the top five trading volume gold ETFs, including code, fund name, price, change rate, trading volume, IOPV, and premium rate [13]. 5. Commodity Futures ETFs - Huaxia Feed Soybean Meal Futures ETF fell 1.59% with a premium rate of 0.99%, Dacheng Non-ferrous Metals Futures ETF rose 0.73% with a premium rate of 0.42%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF had a change rate of 0.00% with a premium rate of -0.01% [15]. - The table shows information of commodity futures ETFs, including code, fund name, price, change rate, trading volume, IOPV, premium rate, tracking index, and tracking index change rate [16]. 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average fell 1.07%, the Nasdaq Composite fell 1.21%, the S&P 500 fell 0.83%, and the German DAX fell 1.77%. On November 19, the Hang Seng Index fell 0.38% and the Hang Seng China Enterprises Index fell 0.26%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.19%, premium rate -0.11%), GF CSI Hong Kong Innovative Drugs ETF (down 0.52%, premium rate -0.29%), and Huatai-PineBridge Hang Seng Technology ETF (down 0.54%, premium rate -0.44%) [17]. - The table shows details of the top five trading volume cross-border ETFs, including code, fund name, trading volume, change rate, and premium rate [18]. 7. Money Market ETFs - The top trading volume money market ETFs were Yin Hua Day Profit ETF, Hua Bao Tian Yi ETF, and Jian Xin Tian Yi Money Market ETF [19]. - The table presents information of the top three trading volume money market ETFs, including code, fund name, and trading volume [21].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - Qi Zhen, a fund manager at Huabao Fund, has a "policy + industry" dual - driven investment framework, focusing on innovative drugs in the medium term. His investment style combines growth and certainty with flexible valuation tolerance, and he prefers long - term holding with low turnover and portfolio structure optimization [3][17][45]. - Since Qi Zhen took office, Huabao Big Health A has achieved remarkable returns, outperforming over 90% of similar pharmaceutical theme funds. Although its drawdown control is slightly weak, it still offers good risk - return performance [4][13][44]. - Qi Zhen is an excellent fund manager with a profound professional background, a mature investment system, and strict risk awareness. He is expected to continue generating excess returns as the Chinese innovative drug industry develops [46]. 3. Summary by Directory 3.1 Fund Manager Information - **Manager Introduction**: Qi Zhen holds a biotechnology bachelor's degree and a biology doctorate from Shanghai Jiao Tong University. He has worked in Northeast Securities and Essence Securities and joined Huabao Fund in October 2020. Since February 2023, he has been the fund manager of Huabao Big Health Hybrid Securities Investment Fund [4][9][44]. - **Managed Product Introduction** - **Representative Product**: Qi Zhen has managed Huabao Big Health A (006881.OF) since February 28, 2023. As of September 30, 2025, its total scale is 268 million yuan [4][10][44]. - **Representative Product Net Value Performance**: After excluding the 3 - month establishment period, Huabao Big Health A significantly outperformed the CSI All - Pharmaceutical Index, recording a cumulative positive excess return of 60.00%. Its return performance ranks among the top in pharmaceutical theme funds, surpassing over 90% of similar funds [11][13][15]. 3.2 Fund Manager Investment Ability Analysis - **Investment Scope - Policy + Industry Dual - Driven, Medium - Term Focus on Innovative Drugs**: Qi Zhen has a biological professional background and a large amount of professional reading. His investment framework is "policy + industry" dual - driven. He focuses on innovative drugs, with a position ratio of over 90%. He mines Alpha stocks with pipeline differentiation or expected inflection points and adjusts the portfolio dynamically [20][21][45]. - **Stock - Holding Characteristics - Balancing Growth and Certainty, Flexible Valuation Tolerance**: For innovative drug companies, Qi Zhen uses pipeline market value conversion for valuation, considering factors such as clinical stage success rate and management credibility. He gives higher valuation space to innovative drugs and focuses more on static valuation and performance improvement in traditional sub - industries [29][45]. - **Operation Characteristics - Preference for Long - Term Holding, Low Turnover, and Portfolio Structure Optimization**: Qi Zhen's operation strategy is mainly long - term holding of core positions, with an annualized turnover rate of only 2 - 3 times. He prefers to invest when the stock price is at the bottom or oversold. He controls drawdown by adjusting the portfolio structure rather than market timing and shows flexibility in A/H share allocation [35][36][45]. 3.3 Summary - Qi Zhen is an outstanding fund manager with a "policy + industry" analysis framework, pipeline market value valuation method, and multi - level risk control system. He is expected to create excess returns as the Chinese innovative drug industry develops. Investors can allocate his products to participate in the investment opportunities of the Chinese pharmaceutical industry upgrade [46]. 3.4 Appendix - The appendix provides product elements of Huabao Big Health A, including fund name, abbreviation, full name, establishment date, comparison benchmark, investment target, investment scope, management fee rate, and current fund manager's tenure [48].

Core Viewpoint - The article analyzes the investment capabilities of Zhang Jintao, the fund manager of Huabao Medical Biology A, highlighting his strategic focus on the pharmaceutical industry's cyclical nature and the potential for significant returns in the innovative drug sector [3][4][32]. Fund Manager Information - Zhang Jintao has extensive experience in securities research and investment management, having worked with various financial institutions before joining Huabao Fund Management in April 2021 [6][30]. - Since taking over Huabao Medical Biology A on May 7, 2021, the fund has achieved a total scale of 629 million yuan, outperforming nearly 80% of its peers in the pharmaceutical theme fund category [7][30]. Investment Strategy - Zhang's investment framework is centered around the "industry cycle," integrating policy, industry, and valuation dimensions to capture the cyclical movements of the global pharmaceutical industry [3][32]. - The current phase of the Chinese innovative drug industry is viewed as a harvest period following a decade of R&D investment, with a shift in driving logic from domestic medical insurance expansion to global market share competition [3][4][16]. Portfolio Construction - The fund maintains a high allocation to innovative drugs, reflecting Zhang's belief that the industry is at the beginning of a harvest phase [3][20]. - The strategy involves focusing on companies expected to launch significant products or experience rapid growth in the next 2-3 years, aiming for alpha returns within the innovative drug sector [15][20]. Dynamic Optimization - Zhang emphasizes the importance of dynamic portfolio management, adjusting stock positions based on market conditions and individual company performance [26][27]. - The fund's turnover rate is primarily driven by optimizing non-core holdings, while the top ten positions remain stable unless there are significant changes in fundamentals [26][27]. Performance Metrics - Since Zhang's tenure, Huabao Medical Biology A has recorded a cumulative excess return of 40.27%, significantly outperforming the overall pharmaceutical index [8][10]. - The fund's annualized return and volatility metrics indicate a strong performance relative to peers, although it exhibits slightly weaker defensive characteristics [11][12].

Group 1: Report Summary - The report analyzes the investment value of Zhang Jintao, a fund manager at Huabao Fund, with a focus on his performance in managing Huabao Pharmaceutical Biology A [1][4]. - Zhang Jintao has developed an investment methodology that combines industry cycle analysis with a multi - dimensional framework, showing strong adaptability in the current era of global opportunities for Chinese innovative drugs [5][20]. - Since Zhang Jintao took office, Huabao Pharmaceutical Biology A has achieved above - average returns among pharmaceutical theme funds, outperforming nearly 80% of its peers, with relatively strong offensive capabilities [4][16]. Group 2: Fund Manager Information 2.1 Fund Manager Introduction - Zhang Jintao has worked in multiple financial institutions, including Huatai United Securities, ABC Fortune Fund, etc. He joined Huabao Fund in April 2021 and has served as the fund manager of multiple funds since May 2021 [4][10]. 2.2 Management Product Introduction 2.2.1 Representative Product - Zhang Jintao has managed Huabao Pharmaceutical Biology A (240020.OF) since May 7, 2021, with a total scale of 629 million yuan as of September 30, 2025 [11]. 2.2.2 Representative Product Net Value Performance - After Zhang Jintao took office, excluding the 3 - month construction period, Huabao Pharmaceutical Biology A significantly outperformed the All - Index Pharmaceutical Index, achieving a cumulative positive excess return of 40.27% [12]. - In terms of performance among peers, it ranks in the upper - middle position, but its risk - control indicators such as volatility are relatively weak. Overall, it still has good cost - effectiveness [16]. Group 3: Fund Manager Investment Ability Analysis 3.1 Investment Scope - Guided by Industry Cycle and Anchored by Market Value Space - Zhang Jintao's investment system is based on a deep understanding of the "five - year cycle" of the pharmaceutical industry. He believes that the Chinese innovative drug industry has entered the stage of results realization after a long - term R & D investment period [21]. - He has constructed a "policy - industry - valuation" three - dimensional decision - making framework. The policy dimension focuses on understanding policy intentions; the industry dimension focuses on verifying industry and company fundamentals; the valuation dimension calculates the long - term target market value to evaluate risk - return ratios [21][22]. 3.2 Holding Characteristics - Portfolio Construction Highlights Industry Thinking - Zhang Jintao highly concentrates on the innovative drug sector, aiming to obtain alpha returns within the innovative drug industry by focusing on companies with upcoming blockbuster products or in the rapid - volume - growth stage [20][30]. - He also strategically allocates about 8% of the portfolio to the CXO sector as a supplement and risk - hedge. His average holding period is about 1 - 2 years, and he emphasizes dynamic adjustment [30]. 3.3 Operational Characteristics - Keeping Pace with the Times and Dynamically Optimizing - Zhang Jintao maintains a high stock position, believing that it is difficult to obtain excess returns through position timing in the pharmaceutical industry. Instead, he focuses on stock selection [35]. - The portfolio's turnover mainly comes from the optimization of non - core positions. The top ten heavy - holding stocks remain relatively stable, while the tail positions are adjusted more frequently to track new industry trends [35]. - The holding concentration is adjusted dynamically according to the industry stage, with a relatively dispersed strategy in the early stage and a gradually increasing concentration as the industry trend becomes clearer [35]. Group 4: Conclusion - Zhang Jintao's investment methodology combines industry - level strategic judgment with individual - stock tactical selection, showing strong adaptability and viability in the context of the global opportunities for Chinese innovative drugs [45][46]. - Huabao Pharmaceutical Biology A, under his management, has achieved good performance among pharmaceutical theme funds, with relatively strong offensive capabilities but slightly weaker defensiveness [44].

Core Insights - Shenzhou Information's stock increased by 5.02% on November 18, reaching a price of 19.89 CNY per share, with a trading volume of 2.194 billion CNY and a turnover rate of 11.59%, resulting in a total market capitalization of 19.408 billion CNY [1] Company Overview - Shenzhou Information Technology Service Group Co., Ltd. is located in Haidian District, Beijing, and was established on November 18, 1996, with its listing date on April 8, 1994 [1] - The company's main business includes financial innovation services, intelligent financial services based on 5iABCDs, and cross-industry integrated scenario financial services [1] - The revenue composition of the main business is as follows: software development and technical services 65.72%, system integration 34.22%, and others 0.06% [1] Shareholder Insights - Among the top ten circulating shareholders of Shenzhou Information, Huabao Fund's Huabao CSI Financial Technology Theme ETF (159851) increased its holdings by 4.6308 million shares in the third quarter, holding a total of 9.5053 million shares, which accounts for 0.98% of the circulating shares [2] - The estimated floating profit from this investment is approximately 9.03 million CNY [2] - The Huabao CSI Financial Technology Theme ETF was established on March 4, 2021, with a current scale of 12.319 billion CNY, yielding a return of 17.06% year-to-date, ranking 2998 out of 4212 in its category [2] Fund Manager Performance - The fund managers of Huabao CSI Financial Technology Theme ETF are Chen Jianhua and Cao Xucheng [3] - Chen Jianhua has a cumulative tenure of 12 years and 335 days, with the fund's total asset size at 27.702 billion CNY, achieving a best return of 174.21% and a worst return of -49.65% during his tenure [3] - Cao Xucheng has a tenure of 181 days, with the fund's total asset size at 35.182 billion CNY, achieving a best return of 77.15% and a worst return of -2.38% during his tenure [3]

Core Viewpoint - The Hong Kong Information Technology ETF (159131) experienced a decline of 1.02% on November 17, with a trading volume of 44.486 million yuan and an increase in shares by 4 million, bringing the total shares to 261 million. The latest net asset value is calculated at 254 million yuan, and since its establishment on November 5, 2025, it has recorded a return of -2.74% [1]. Summary by Categories - **ETF Performance**: The Hong Kong Information Technology ETF (159131) fell by 1.02% on November 17, with a trading volume of 44.486 million yuan [1]. - **Share and Asset Information**: The ETF saw an increase of 4 million shares, resulting in a total of 261 million shares, with a net asset value of 254 million yuan [1]. - **Benchmark and Management**: The ETF's performance benchmark is the adjusted return of the CSI Hong Kong Stock Connect Information Technology Composite Index, managed by Hua Bao Fund Management Co., Ltd. The fund managers are Cao Xuchen and Zhang Fang [1]. - **Historical Return**: Since its inception on November 5, 2025, the ETF has reported a return of -2.74% [1].

Group 1 - The Hong Kong Information Technology ETF (159131) experienced a decline of 2.29% on November 14, with a trading volume of 55.74 million yuan [1] - The fund's shares increased by 1 million, bringing the total shares to 257 million [1] - The latest net asset value of the fund is calculated to be 251 million yuan [1] Group 2 - The performance benchmark for the Hong Kong Information Technology ETF is the adjusted return of the CSI Hong Kong Stock Connect Information Technology Composite Index [1] - The fund is managed by Hua Bao Fund Management Co., Ltd., with fund managers Cao Xuchen and Zhang Fang [1] - Since its establishment on November 5, 2025, the fund has recorded a return of -2.24% [1]

Group 1 - Hengli Petrochemical's stock increased by 5.19%, reaching 20.67 CNY per share, with a trading volume of 565 million CNY and a turnover rate of 0.40%, resulting in a total market capitalization of 145.498 billion CNY [1] - The company, established on March 9, 1999, and listed on August 20, 2001, is located in Dalian, Liaoning Province, and specializes in the research, production, and sales of polyester fibers, polyester films, and related products, as well as steam and electricity production [1] - The main revenue composition of Hengli Petrochemical includes refining products (45.92%), PTA (31.10%), polyester products (19.24%), and others (3.73%) [1] Group 2 - According to data, Huabao Fund has a significant holding in Hengli Petrochemical, with the Huabao Chemical ETF (516020) increasing its stake by 3.6915 million shares in the third quarter, totaling 4.6286 million shares, which represents 2.93% of the fund's net value, ranking as the ninth largest holding [2] - The Huabao Chemical ETF (516020) was established on February 26, 2021, with a current scale of 2.712 billion CNY, achieving a year-to-date return of 36.18%, ranking 1246 out of 4216 in its category, and a one-year return of 28.2%, ranking 1381 out of 3956 [2]

Announcement Details - The Hua Bao Nasdaq Select Stock Fund (QDII) will adjust the daily single account subscription limit to 50 yuan starting from November 17, 2025, for sales agents, while the limit remains at 100,000 yuan for direct sales [1] - If a single account's subscription exceeds the limit, the fund manager will confirm the subscription up to the limit, and any excess will be deemed unsuccessful [1] - During the suspension of large subscriptions, other fund operations will continue normally, and a future announcement will be made regarding the resumption of large subscriptions [1] New Sales Agents - Hua Bao Fund Management Company has added China Postal Savings Bank as a sales agent for certain funds effective November 14, 2025, following a sales agency agreement [4] - Investors can conduct account opening, subscription, and redemption through the "You Ni Tong Ying" platform of Postal Savings Bank [5] Additional Sales Agent - Hua Bao Fund Management Company has also added Great Wall Securities as a sales agent for certain funds effective November 14, 2025, following a sales agency agreement [8] - Investors can perform account opening, subscription, and redemption through Great Wall Securities [9]

Group 1 - The Hong Kong Stock Connect Dividend ETF (159220) increased by 0.32% on November 11, with a trading volume of 37.92 million yuan [1] - The fund's shares increased by 4 million, bringing the total shares to 542 million, with a total increase of 30.7 million shares over the last 20 trading days [1] - The latest net asset value of the fund is 339 million yuan [1] Group 2 - The performance benchmark for the Hong Kong Stock Connect Dividend ETF is the adjusted return of the S&P Hong Kong Stock Connect Low Volatility Dividend Index [1] - The fund is managed by Hua Bao Fund Management Co., Ltd., with managers Yang Yang and Hu Yijiang [1] - Since its establishment on April 29, 2025, the fund has returned 25.34%, with a one-month return of 6.33% [1]