Group 1: Overview of Grid Trading Strategy - The essence of "grid trading" is a high buy low sell trading strategy, which does not predict market trends but utilizes natural price fluctuations within a certain range to generate profits, suitable for frequently fluctuating markets [3][13] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being relatively suitable for grid trading [3][13] Group 2: Focused ETF Grid Strategy Targets - Game ETF (159869.SZ): The domestic gaming industry is experiencing three major opportunities driven by policy, AI empowerment, and overseas penetration. As of May 2025, a total of 654 gaming licenses have been issued, with 144 licenses issued in May alone, marking a two-year high [3][14] - Medical ETF (512170.SH): Long-term, global aging drives continuous demand for medical services. The 2025 government work report emphasizes optimizing drug procurement policies and supporting the development of innovative drugs and medical devices [4][18] - Chinese Concept Internet ETF (159605.SZ): The 2025 government work report reiterates the development of new productivity and the integration of technological and industrial innovation. The ETF focuses on leading Chinese internet companies and has a PE-TTM of 17.09 as of May 30, 2025, indicating valuation attractiveness [5][20] - Rare Earth ETF (516780.SH): Rare earths are irreplaceable in various high-tech fields. China holds 40% of global rare earth reserves and 70% of production. Recent export controls are expected to widen the global supply-demand gap, pushing prices higher [7][23] Group 3: Additional ETF Grid Strategy Targets - The report suggests that investors can use grid trading strategies by selecting several suitable, low-correlation ETFs to form a diversified portfolio, enhancing capital utilization and risk dispersion [25] - A table of additional ETF targets is provided, including various sectors such as technology, healthcare, and consumer goods, indicating a broad range of investment opportunities [26][28]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The report presents several ETF - based strategy indices and tracks their performance and holdings weekly. These indices aim to convert quantitative models or subjective views into practical investment strategies, with the goal of achieving excess returns relative to the market [11]. 3. Summary According to the Table of Contents 3.1 ETF Strategy Index Tracking - **Overall Performance**: The report provides the performance of various ETF strategy indices for the week of 2025/5/23 - 2025/5/30, including their index returns, benchmark returns, and excess returns [12]. 3.2 Sub - indices 3.2.1 Huabao Research Large - Small Cap Rotation ETF Strategy Index - **Strategy**: It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index, determining positions based on weekly signals to obtain excess returns [3][13]. - **Performance**: As of 2025/5/30, the excess return since 2024 is 15.96%, the excess return in the past month is - 0.32%, and the excess return in the past week is - 0.32%. In the past week, the index return was - 1.04%, compared to the CSI 800's - 0.73% [3][12][13]. - **Holdings**: As of 2025/5/30, it holds 100% of the CSI 300 ETF [16]. 3.2.2 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors to achieve market - outperforming returns, covering mainstream broad - based index ETFs and some style and strategy ETFs [3][16]. - **Performance**: As of 2025/5/30, the excess return since 2024 is 20.01%, the excess return in the past month is 0.81%, and the excess return in the past week is 1.26%. In the past week, the index return was 0.53%, compared to the CSI 800's - 0.73% [3][12][16]. - **Holdings**: As of 2025/5/30, it holds 100% of the Dividend Low - Volatility ETF [21]. 3.2.3 Huabao Research Quantitative Cyclone ETF Strategy Index - **Strategy**: It starts from a multi - factor perspective, including understanding of medium - to - long - term fundamentals, tracking of short - term market trends, and analysis of market participants' behaviors. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally explores potential sectors to obtain excess returns [4][20]. - **Performance**: As of 2025/5/30, the excess return since 2024 is 2.60%, the excess return in the past month is 1.48%, and the excess return in the past week is - 0.29%. In the past week, the index return was - 1.02%, compared to the CSI 800's - 0.73% [4][12][20]. - **Holdings**: As of 2025/5/30, it holds multiple ETFs such as the Auto ETF, Bank ETF, Agricultural ETF, etc., with weights ranging from 19.64% to 20.21% [23]. 3.2.4 Huabao Research Quantitative Balance ETF Strategy Index - **Strategy**: It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend judgment. It also builds a prediction model for market large - small cap styles to adjust equity market positions, aiming to obtain excess returns through timing and rotation [23]. - **Performance**: As of 2025/5/30, the excess return since 2024 is 1.37%, the excess return in the past month is - 0.87%, and the excess return in the past week is 0.93%. In the past week, the index return was - 0.15%, compared to the SSE 500's - 1.08% [23][25]. - **Holdings**: As of 2025/5/30, it holds multiple ETFs such as the CSI 1000 ETF, Enhanced 500 ETF, etc., with weights ranging from 5.05% to 29.58%, and also holds some bond ETFs [27]. 3.2.5 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: It uses strategies such as market sentiment analysis, industry event tracking, investor sentiment and professional opinions, policy and regulation changes, and historical deduction to track and discover hot - spot index products, constructing an ETF portfolio to capture market hot - spots and assist investors in making decisions [27]. - **Performance**: As of 2025/5/30, the excess return in the past month is - 0.15%, and the excess return in the past week is - 0.55%. In the past week, the index return was - 0.70%, compared to the CSI All - Share Index's - 0.15% [27][30]. - **Holdings**: As of 2025/5/30, it holds multiple ETFs such as the Real Estate ETF, Hong Kong Stock Consumption ETF, etc., with weights ranging from 4.00% to 27.78% [31]. 3.2.6 Huabao Research Bond ETF Duration Strategy Index - **Strategy**: It uses bond market liquidity and price - volume indicators to select effective timing factors and predicts bond yields through machine - learning. When the expected yield is below a certain threshold, it reduces long - duration positions in the bond portfolio to improve long - term returns and control drawdowns [31]. - **Performance**: As of 2025/5/30, the excess return in the past month is 0.24%, and the excess return in the past week is 0.12%. In the past week, the index return was 0.01%, compared to the ChinaBond Aggregate Index's - 0.10% [31][32]. - **Holdings**: As of 2025/5/30, it holds the 10 - Year Treasury Bond ETF, 5 - 10 Year Treasury Bond ETF, and Policy Financial Bond ETF, with weights of 49.99%, 12.50%, and 12.48% respectively [34].

Group 1 - The report highlights the ongoing fluctuations in US tariff policies, indicating that despite recent legal challenges, the Trump administration is likely to continue pursuing its tariff agenda, which may lead to further negotiations and uncertainties [9][10]. - The manufacturing Purchasing Managers' Index (PMI) for May improved to 49.5%, reflecting a 0.5 percentage point increase from the previous month, while the non-manufacturing business activity index was at 50.3%, slightly down by 0.1 percentage points, indicating continued expansion in the non-manufacturing sector [9]. - The report suggests that the bond market is currently in a volatile phase, with a recommendation to actively allocate around the 1.7% yield on ten-year government bonds while waiting for a potential decline in interest rates [12][10]. Group 2 - In the stock market, there is an increasing risk associated with concentrated investments in defensive sectors such as banking, pharmaceuticals, and new consumption themes, with a recommendation to wait for adjustment pressures to ease before making further investments [3][12]. - The report notes that the A-share market is experiencing weak fluctuations, with a focus on defensive sectors, while high-level concentrated themes are facing increased rotation and divergence, leading to higher adjustment pressures [10][12]. - The report emphasizes the importance of monitoring key indicators in both the A-share and bond markets, noting a decline in market turnover and a drop in average daily trading volume to 1,093.9 billion yuan, the lowest level since September 24 of the previous year [21][20].

Group 1 - The competition among brokerage firms in the ETF market is intensifying as ETFs become a crucial tool for wealth management and long-term capital allocation [2] - As of April 2025, the total asset management scale of ETFs in the Shanghai and Shenzhen markets has exceeded 4 trillion yuan, with Shanghai's fund products totaling 846 and an asset management scale of 31,034.1 billion yuan [5] - Major brokerage firms are adopting a "strategy factory" model to enhance collaboration with external institutions, focusing on index products as a foundational component [4][6] Group 2 - Galaxy Securities leads the market with a 24.57% share of the Shanghai ETF holdings, followed by Shenwan Hongyuan with 17.87% [2] - Huatai Securities holds the highest transaction volume in Shanghai ETFs at 10.94%, with Galaxy Securities increasing from 5.16% to 8.52% [3] - In the Shenzhen market, although specific market share percentages are not disclosed, Dongfang Wealth, Dongfang Securities, and Founder Securities rank among the top five in both holdings and transaction volume [4] Group 3 - Brokerage firms are increasingly focusing on multi-asset allocation strategies, with products designed around low-interest rate environments and diversified investment approaches [4][6] - The industry faces challenges such as mismatches between product features and client needs, and insufficient post-investment support services [6] - Several brokerage firms are enhancing their wealth management strategies through financial technology and a focus on client-centered service models [6]

ETF Industry News - Major indices experienced fluctuations with the Shanghai Composite Index down 0.02%, Shenzhen Component down 0.26%, and ChiNext down 0.31. Multiple transportation sector ETFs saw gains, including the Logistics Express ETF (516530.SH) up 1.23%, Logistics ETF (516910.SH) up 1.15%, and Transportation ETF (561320.SH) up 0.93 [1] - The logistics industry is expected to maintain rapid growth in 2024, despite a decline in package value and ticket prices due to trends towards smaller packages. Rail passenger volume is projected to grow at a double-digit rate in 2024, while road freight and passenger transport will continue to increase [1] - In the ETF market, as of the end of April, the Shanghai Stock Exchange had 680 ETFs with a total market value of 2.96 trillion yuan and total shares of 1.75 trillion. The Shenzhen Stock Exchange had 467 ETFs with a total market value of 1.09 trillion yuan and total shares of 866.68 billion [3][4] - The top three brokers in terms of ETF trading volume on the Shanghai Stock Exchange in April were Huatai Securities, China Galaxy, and CITIC Securities, with market shares of 10.94%, 8.52%, and 7.94% respectively [4] - The overall performance of ETFs showed that strategy-based ETFs had the best average return of 0.43%, while thematic ETFs had the worst average return of -0.37% [11] - The top three performing stock ETFs for the day were Communication ETF (515880.SH) with a return of 1.42%, 800 Cash Flow ETF (563990.SH) with 1.37%, and 180 Governance ETF (510010.SH) with 1.24% [13] - The top three stock ETFs by trading volume were A500 ETF Fund (512050.SH) with 2.798 billion yuan, A500 Index ETF (159351.SZ) with 2.533 billion yuan, and CSI 300 ETF (510300.SH) with 2.130 billion yuan [17]

Group 1 - The article highlights that ETFs (Exchange-Traded Funds) are becoming a key driver for brokerage firms' wealth management transformation and business innovation [1] - As of the end of April, the Shanghai Stock Exchange had 846 fund products with a total asset management scale of 3.1 trillion yuan, while the Shenzhen Stock Exchange had 756 fund products with a total asset management scale of 1.13 trillion yuan [2] - The total number of ETF products in the market reached 1,181 as of May 27, showing a year-on-year growth of 23.28%, with total shares of 2.75 trillion, up 28.85% year-on-year [5] Group 2 - Leading brokerages are leveraging their comprehensive strength and rich business experience to rank high in ETF trading volume, with Huatai Securities, China Galaxy, and CITIC Securities leading the Shanghai market in April [2] - The brokerage with the highest market share in ETF holdings as of the end of April was China Galaxy, with a market share of 24.57%, followed by Shenwan Hongyuan Securities at 17.87% [3] - Huatai Securities led the market in the number of ETF trading accounts, holding an 11.8% market share as of the end of April [4] Group 3 - The rapid expansion of the ETF market is expected to drive growth in brokerage retail business and create favorable conditions for expanding institutional services and market-making activities [5] - Brokerages are actively increasing their presence in the ETF market, with firms like China Merchants Securities focusing on expanding quality product offerings and creating an ETF ecosystem [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents several ETF - based strategy indices and tracks their performance and holdings on a weekly basis to help investors make investment decisions by converting quantitative models or subjective views into practical investment strategies [11]. 3. Summary by Related Catalogs 3.1 ETF Strategy Index Tracking - **Overall Performance Last Week**: - The table shows the performance of different ETF strategy indices last week, including their index returns, benchmark returns, and excess returns. For example, the Huabao Research Size Rotation ETF Strategy Index had a last - week index return of - 0.12%, a benchmark (CSI 800) return of - 0.41%, and an excess return of 0.30% [12]. 3.1.1 Huabao Research Size Rotation ETF Strategy Index - **Strategy Principle**: It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index, and decides positions based on the weekly output signal [3][13]. - **Performance**: As of May 23, 2025, the excess return since 2024 was 16.48%, the excess return in the past month was - 0.14%, and the excess return in the past week was 0.30%. The index's return in the past week was - 0.12%, compared to - 0.41% of the CSI 800 [3][13][16]. - **Position**: As of May 23, 2025, it held 100% of the CSI 300 ETF [16]. 3.1.2 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy Principle**: It uses price - volume indicators to time the self - built Barra factors and maps the timing signals to ETFs according to their exposures on 9 major Barra factors to obtain excess returns [3]. - **Performance**: As of May 23, 2025, the excess return since 2024 was 18.52%, the excess return in the past month was 0.39%, and the excess return in the past week was 1.29%. The index's return in the past week was 0.88%, compared to - 0.41% of the CSI 800 [3][17]. - **Position**: As of May 23, 2025, it held 100% of the Dividend Low - Volatility ETF [21]. 3.1.3 Huabao Research Quantitative Fire - Wheel ETF Strategy Index - **Strategy Principle**: It starts from a multi - factor perspective, including the grasp of medium - and long - term fundamentals, the tracking of short - term market trends, and the analysis of the behavior of various market participants. It uses valuation and crowding signals to prompt industry risks and digs out potential sectors [4]. - **Performance**: As of May 23, 2025, the excess return since 2024 was 2.95%, the excess return in the past month was 1.33%, and the excess return in the past week was 1.25%. The index's return in the past week was 0.84%, compared to - 0.41% of the CSI 800 [4][21]. - **Position**: Specific positions are provided in the report, but details are not fully summarized here [24]. 3.1.4 Huabao Research Quantitative Balance - Art ETF Strategy Index - **Strategy Principle**: It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend judgment and adjusts the equity market position distribution by predicting the market size - style [4]. - **Performance**: As of May 23, 2025, the excess return since 2024 was 0.31%, the excess return in the past month was - 1.63%, and the excess return in the past week was 0.10%. The index's return in the past week was - 0.07%, compared to - 0.18% of the SSE 300 [4][24]. - **Position**: As of May 23, 2025, it held various ETFs such as the CSI 1000ETF, Enhanced 500ETF, etc., with different weights [26]. 3.1.5 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy Principle**: It tracks and digs out hot - spot index target products through strategies such as market sentiment analysis, industry event tracking, and policy changes to build an ETF portfolio that can capture market hot - spots [5]. - **Performance**: As of May 23, 2025, the excess return in the past month was 1.07%, and the excess return in the past week was 1.60%. The index's return in the past week was 0.90%, compared to - 0.70% of the CSI All - Share Index [5][29]. - **Position**: As of May 23, 2025, it held real estate ETF, Hong Kong stock consumption ETF, etc., with different weights [30]. 3.1.6 Huabao Research Bond ETF Duration Strategy Index - **Strategy Principle**: It uses bond market liquidity and price - volume indicators to select effective timing factors and predicts bond yields through machine learning. When the expected yield is lower than a certain threshold, it reduces the long - duration positions in the bond portfolio [5]. - **Performance**: As of May 23, 2025, the excess return in the past month was 0.14%, and the excess return in the past week was 0.11%. The index's return in the past week was 0.06%, compared to - 0.05% of the ChinaBond Aggregate Index [5][31]. - **Position**: As of May 23, 2025, it held short - term financing ETF, 10 - year Treasury bond ETF, etc., with different weights [33].

Group 1 - International gold prices have returned to the $3,300 per ounce mark, leading to increased attention on gold-related assets [1][3] - As of May 22, 13 gold ETFs continued to rise, with the highest increase being 0.23%, following a strong performance on May 21 where 20 gold ETFs surged over 3% [3] - The recent rise in gold prices is attributed to global geopolitical instability, a weak US dollar, and uncertainty regarding Federal Reserve policies, which have heightened risk-averse sentiment among investors [3][4] Group 2 - Fund inflows into gold ETFs have seen a significant turnaround, with a net inflow of approximately 370 million yuan on May 21, and a notable shift from net outflows to inflows in the following days [3] - Multiple public fund institutions are optimistic about the long-term value of gold, suggesting that it serves as a hedge against equity risks and can provide capital gains [4] - Short-term volatility in gold prices is expected, but the underlying factors such as expanding global fiscal deficits and central bank buying are likely to support gold prices in the long run [4]

在业内人士看来，国际金价回暖，黄金ETF也水涨船高。5月21日，国际金价重返每盎司3300美元，并 于5月22日在3300美元附近强势整理。此前，国际金价自4月下旬一度突破每盎司3500美元以来，已震荡 调整近一个月。 华夏基金认为，全球地缘局势不稳，成为推动黄金价格上涨的核心动力；美元指数持续疲软，也提供了 助力。同时，美联储内部对通胀的分歧，加剧了市场对于其政策预期的不确定性，资金的避险情绪有所 提升。 已有资金快速进场 Wind数据显示，在5月21日黄金ETF强势上涨的行情中，多只产品迎来资金净流入。20只产品合计净流 入约3.7亿元。 ● 本报记者 张韵 伴随着国际金价重返每盎司3300美元关口，市场对黄金相关资产的关注度再度升温。5月22日，多只黄 金ETF再度收涨，近一周涨幅已超过5%。值得注意的是，5月21日黄金ETF行情已显著回暖，部分资金 已经进场抢筹，有ETF单日获净流入超过1亿元。多家公募机构认为，避险资金对黄金仍有需求，看好 黄金相关资产中长期配置价值，但该类资产的短期波动可能增大。 黄金ETF近期普涨 Wind数据显示，继5月21日20只黄金ETF（挂钩SGE黄金9999、SSH黄金 ...

Group 1 - The rapid development of private MOM products is highlighted, with 29 products registered by May 20 this year, surpassing the total of 23 for the entire year of 2024 and setting a new record since 2019 [2] - MOM (Manager of Managers) is defined as a unique investment management model that involves delegating investment advice to multiple qualified third-party asset management institutions, allowing for diversified asset allocation [2] - Compared to FOF (Fund of Funds), MOM offers advantages in investment concentration limits, rebalancing flexibility, and the authority of the parent fund [3] Group 2 - The implementation of the "MOM Product Guidelines" by the CSRC at the end of 2019 has led to a more regulated environment for MOM products, allowing securities and futures asset management to engage in private MOM business [3] - Many of the newly registered MOM products are structured with cooperative institutions (such as securities and futures asset management) as trustees, and multiple private fund managers as investment advisors [3] - There is a growing demand for diversified allocation from bank wealth management and insurance asset management, especially as interest rates decline and volatility increases [3] Group 3 - Despite the advantages, there are risks associated with outsourced investments, which require strong research and investment capabilities [4] - The performance of MOM products heavily relies on the management capabilities of private funds as investment advisors and the selection and risk control measures of the funding parties [4] - Recent incidents, such as the collapse of a major FOF private institution, have led some bank wealth management firms to suspend similar channel businesses due to associated risks [4] Group 4 - The use of FOF and MOM tools is not merely a simple investment choice; it requires robust quantitative algorithms and detailed due diligence to select suitable products and managers [5] - Wealth management subsidiaries are adopting outsourcing as a long-term investment strategy, but there is still a need for improvement in the research and investment capabilities related to FOF and MOM [5]