Report Summary 1. Market Overview - On November 21, 2025, the Shanghai Composite Index dropped 2.45% to 3834.89 points, the Shenzhen Component Index fell 3.41% to 12538.07 points, and the ChiNext Index declined 4.02% to 2920.08 points. The total trading volume of A-shares in the two markets was 19839 billion yuan. The top sectors with the largest declines were Comprehensive (-5.50%), Non-ferrous Metals (-5.26%), and Power Equipment (-5.17%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs on that day were E Fund ChiNext ETF (down 4.03%, premium rate -3.93%), Huatai-PineBridge CSI 300 ETF (down 2.40%, premium rate -2.41%), and China AMC CSI A500 ETF (down 2.78%, premium rate -2.77%) [3][7]. - The top ten trading volume stock ETFs are presented in detail in Chart 1, including their codes, names, prices, price changes, tracking indices, premium rates, trading volumes, and latest share references [8]. 3. Bond ETFs - The top trading volume bond ETFs were HFT CSI Short-term Financing Bond ETF (down 0.00%, premium rate 0.00%), Bosera CSI Convertible and Exchangeable Bond ETF (down 0.77%, premium rate -0.88%), and BOC Shanghai Stock Exchange AAA Sci-Tech Innovation Bond ETF (up 0.02%, premium rate -0.21%) [4][9]. - Details of the top five trading volume bond ETFs, including codes, names, prices, price changes, premium rates, and trading volumes, are shown in Chart 2 [10]. 4. Gold ETFs - Gold AU9999 dropped 0.59% and Shanghai Gold fell 0.88% on that day. The top trading volume gold ETFs were HuaAn Gold ETF (down 0.84%, premium rate -0.72%), Bosera Gold ETF (down 0.79%, premium rate -0.68%), and E Fund Gold ETF (down 0.75%, premium rate -0.66%) [12]. - The top five trading volume gold ETFs are presented in Chart 3, including their codes, names, prices, price changes, trading volumes, IOPV, and premium rates [13]. 5. Commodity Futures ETFs - On that day, China AMC Feed Soybean Meal Futures ETF dropped 0.25% with a premium rate of 2.10%, CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.75% with a premium rate of -0.76%, and Dacheng Non-ferrous Metals Futures ETF declined 0.61% with a premium rate of -0.93% [13]. - Details of commodity futures ETFs, including codes, names, prices, price changes, trading volumes, IOPV, premium rates, tracking indices, and tracking index price changes, are shown in Chart 4 [14]. 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average dropped 0.84%, the Nasdaq Composite fell 2.15%, and the S&P 500 declined 1.56%, while the German DAX rose 0.50%. On November 21, the Hang Seng Index dropped 2.38% and the Hang Seng China Enterprises Index fell 2.45%. The top trading volume cross-border ETFs were Huatai-PineBridge Hang Seng Tech ETF (down 1.91%, premium rate -2.39%), E Fund CSI Hong Kong Securities Investment Theme ETF (down 3.74%, premium rate -3.60%), and China AMC Hang Seng Tech ETF (down 1.87%, premium rate -2.12%) [15]. - The top five trading volume cross-border ETFs are presented in Chart 5, including their codes, names, trading volumes, price changes, and premium rates [16]. 7. Money Market ETFs - The top trading volume money market ETFs on that day were Silver HuaRiLi ETF, HuaBaoTianYi ETF, and CCB TianYi Money Market ETF [17]. - The top three trading volume money market ETFs are shown in Chart 6, including their codes, names, and trading volumes [19]. Core View The report provides a comprehensive overview of the performance of different types of ETFs on November 21, 2025, including stock, bond, gold, commodity futures, cross-border, and money market ETFs, along with the overall market situation of A-shares. Report Industry Investment Rating No industry investment rating information is provided in the report.

- The report introduces the **RSI (Relative Strength Index)** as a quantitative factor. The construction idea is to measure the relative strength of price movements over a specific period to identify overbought or oversold market conditions. The formula is: $ RSI = 100 - \frac{100}{1 + RS} $, where $ RS $ is the ratio of the average gain to the average loss over a 12-day period. An RSI > 70 indicates an overbought market, while RSI < 30 indicates an oversold market[2] - Another quantitative factor mentioned is **Net Purchase (NETBUY)**, which measures the net inflow or outflow of funds for ETFs. The formula is: $ NETBUY(T) = NAV(T) - NAV(T-1) \times (1 + R(T)) $, where $ NAV(T) $ is the net asset value on day $ T $, $ NAV(T-1) $ is the net asset value on the previous day, and $ R(T) $ is the return on day $ T $[2] - The report also tracks **Institutional Holdings** as a factor, which is derived from the latest annual or semi-annual reports of ETFs, excluding holdings by linked funds. This factor provides an estimate of institutional participation in the ETF[3] - The report includes **T+0 Trading** as a feature for certain ETFs, indicating whether same-day buy-and-sell transactions are allowed[2] - The report provides a detailed breakdown of ETF performance across various indices, including **broad-based indices** (e.g., CSI 300, CSI 500, CSI 1000) and **thematic indices** (e.g., semiconductor, renewable energy, artificial intelligence). Performance metrics include RSI, net purchase, and institutional holdings[4] - The **RSI values** for ETFs tracking broad-based indices range from 35.83 to 52.12, with thematic ETFs showing a wider range, such as 30.25 for robotics and 63.73 for banking[4] - **Net purchase values** vary significantly, with some ETFs showing large outflows (e.g., -10.82 billion for Nasdaq 100 ETFs) and others showing inflows (e.g., 10.01 billion for Hang Seng Technology ETFs)[4] - **Institutional holdings** also vary widely, with some ETFs having over 90% institutional participation (e.g., CSI 800 ETFs) and others below 20% (e.g., certain thematic ETFs like robotics)[4]

Market Overview - The market experienced fluctuations in the early session, with the three major indices opening lower and declining further, while the CSI A500 index fell by 2.18% [1] - Most individual stocks declined, with a partial rebound in the military industry sector, active performance in the agriculture sector, and a localized strength in AI application concepts [1] - Conversely, the lithium mining concept underwent a collective adjustment, and the storage chip concept continued to weaken [1] ETF Performance - As of the morning close, ETFs tracking the CSI A500 index dropped over 2%, with 12 related ETFs having transaction volumes exceeding 100 million yuan, and 3 surpassing 3.2 billion yuan [1] - Specific transaction amounts for A500 ETFs included: A500 ETF Fund at 4.474 billion yuan, A500 ETF Huatai-Pine Ridge at 3.36 billion yuan, and CSI A500 ETF at 3.259 billion yuan [1] Future Outlook - According to brokerage firms, the foundation for the current slow bull market remains intact due to ongoing global technology investment enthusiasm, the continuous promotion of "anti-involution" policies, and increased household savings entering the market [1] - There is potential for the A-share index to continue strengthening in the future [1]

证券之星消息，11月21日发布《华泰柏瑞锦汇债券型证券投资基金分红公告》。2025年度第1次分红。 公告显示，本次分红的收益分配基准日为11月11日，详细分红方案如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 本次分红对象为权益登记日在本基金注册登记机构登记在册的本基金全体基金份额持有人，权益登记日 为11月24日，现金红利发放日为11月25日。选择现金红利再投资的投资者将其现金红利转基金份额的基 金份额净值确定日为：2025年11月24日，红利再投资所得份额的持有期限自份额确认日开始计算。选择 现金红利再投资方式的投资者其红利再投资的基金份额将于2025年11月25日直接计入其基金账户，2025 年11月26日起可以查询。根据财政部、国家税务总局的相关规定，基金向投资者分配的基金收益暂免征 收所得税。本次分红免收分红手续费；选择现金红利再投资方式的投资者其现金红利再投资的基金份额 免收申购费用。 | 分级基金简称 | . 代码 | 重准日直等通值 | 分红方案 | | | --- | --- | --- | --- | - ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The implied volatility of stock index options is decreasing, and stock index options are approaching expiration [2]. 3. Summary by Related Catalogs 3.1 Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of the Shanghai - Shenzhen 300 Index, CSI 1000 Index, Shanghai - Shenzhen related ETFs all decreased. For example, the Shanghai - Shenzhen 300 Index closed at 4564.95, down 23.34; the CSI 1000 Index closed at 7340.41, down 46.80. The trading volumes of most underlying assets changed, with some increasing and some decreasing [3]. - **Option Market Statistics**: The trading volumes and open interests of various options also changed. For instance, the trading volume of Shanghai - Shenzhen 300 Index options was 172,768, up 6704; the open interest was 233,386, down 1521. The VL - PCR and OI - PCR of different options varied, such as the VL - PCR of Shanghai - Shenzhen 300 Index options was 60.97%, and the OI - PCR was 78.20% [3]. 3.2 Option Volatility Statistics - **Near - month Options**: The ATM - IV, IV changes, and other volatility - related indicators of different options showed different trends. For example, the ATM - IV of Shanghai - Shenzhen 300 Index options was 15.02%, up 1.08%; the ATM - IV of Shanghai - Shenzhen 300 ETF options was 15.82%, down 0.13% [6]. - **Next - month Options**: Similar to near - month options, the ATM - IV and other indicators of next - month options also had different changes. For instance, the ATM - IV of Shanghai - Shenzhen 300 Index options was 16.40%, down 0.54% [6]. 3.3 Option Index Data Statistics - No specific analysis content is provided, only the table title is given [7]. 3.4 Different Option Types Analysis - **Shanghai 50 Index Options**: Multiple charts are provided, including the full - contract PCR chart, the main - contract skewness chart, the volatility cone chart, and the volatility term - structure chart, which can be used to analyze the market situation of Shanghai 50 Index options [10]. - **Shanghai - Shenzhen 300 Index Options**: Similar to Shanghai 50 Index options, multiple charts are used to analyze the market situation of Shanghai - Shenzhen 300 Index options, such as the full - contract PCR chart and the main - contract volatility chart [14][16]. - **CSI 1000 Index Options**: The report presents relevant charts for CSI 1000 Index options to help analyze its market characteristics [20][21]. - **Shanghai 50 ETF Options**: Various charts are provided to analyze the market of Shanghai 50 ETF options, including the main - contract volatility chart and the full - contract PCR chart [24][26]. - **Huatai - Baorui 300 ETF Options**: Multiple charts are used to analyze the market situation of Huatai - Baorui 300 ETF options [28][30]. - **Southern CSI 500 ETF Options**: The report uses charts to analyze the market of Southern CSI 500 ETF options [32][33]. - **Huaxia Science and Technology Innovation 50 ETF Options**: Relevant charts are provided for the analysis of Huaxia Science and Technology Innovation 50 ETF options [42][43]. - **E Fund Science and Technology Innovation 50 ETF Options**: Multiple charts are used to analyze the market situation of E Fund Science and Technology Innovation 50 ETF options [46][51]. - **Harvest 300 ETF Options**: The report presents charts to analyze the market of Harvest 300 ETF options [54][55]. - **Harvest CSI 500 ETF Options**: Various charts are used to analyze the market situation of Harvest CSI 500 ETF options [59][60]. - **Growth Enterprise Market ETF Options**: Multiple charts are provided to analyze the market of Growth Enterprise Market ETF options [64][66]. - **Shenzhen 100 ETF Options**: The report uses charts to analyze the market situation of Shenzhen 100 ETF options [68][70].

- The report includes the construction of the RSI (Relative Strength Index) factor, which is calculated using the formula: $ RSI = 100 - 100 / (1 + RS) $, where RS represents the ratio of average gains to average losses over a 12-day period. RSI values above 70 indicate an overbought market, while values below 30 suggest an oversold market [2] - The report also introduces the calculation of net subscription (NETBUY), defined as $ NETBUY(T) = NAV(T) - NAV(T-1) * (1 + R(T)) $, where NETBUY(T) represents the net subscription amount, NAV(T) is the ETF's net asset value on day T, and R(T) is the return on day T [2] - The report tracks various ETFs categorized into "Broad-based" and "Thematic" indices, such as CSI 300, CSI 500, and industry-specific indices like non-bank financials, dividends, and China internet sectors. It provides daily performance metrics, including RSI values, net subscription amounts, and institutional holding percentages [2][4][7] - The RSI factor is evaluated as a useful indicator for identifying market conditions, such as overbought or oversold states, aiding in short-term trading decisions [2] - The net subscription metric is assessed as a valuable measure for understanding fund flows and investor sentiment towards specific ETFs [2] - RSI values for various ETFs range from 11.05 to 77.25, reflecting diverse market conditions across different indices and sectors [4][7] - Net subscription values vary significantly, with some ETFs showing positive inflows while others exhibit outflows, indicating mixed investor sentiment across different funds [4][7]

Core Insights - As of November 19, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 123.74 billion yuan, showing a decrease of 0.073 billion yuan from the previous trading day [1] ETF Financing Overview - The financing balance for ETFs is 115.846 billion yuan, which represents an increase of 0.171 billion yuan compared to the previous trading day [1] - The margin balance for ETF short selling is 7.894 billion yuan, reflecting a decrease of 0.244 billion yuan from the previous trading day [1] Net Buy Analysis - On November 19, 272 ETFs experienced net financing purchases, with the top net purchase being the Guotai Nasdaq 100 ETF, which saw a net buy of 98.7539 million yuan [1] - Other ETFs with significant net buy amounts include Huatai-PB Hang Seng Technology ETF, Huaxia SSE Sci-Tech Innovation Board 50 ETF, and others [1]

Core Viewpoint - The FOF (Fund of Funds) market has experienced a significant rebound in both issuance and existing scale since the fourth quarter, indicating a renewed interest and demand from investors [1][2]. Issuance Trends - The issuance of FOF products has accelerated in the fourth quarter, reaching a total of 227.95 billion yuan, a substantial increase compared to less than 1 billion yuan in the same period last year [2]. - The quarterly issuance trend shows a clear "surge" in the fourth quarter, surpassing the combined issuance of the first three quarters, which were 141.47 billion yuan, 186.04 billion yuan, and 65.32 billion yuan respectively [2]. - Currently, there are 11 FOF products being issued, with 10 being mixed-asset FOFs, indicating a positive outlook on equity assets by fund managers [2]. Fundraising Success - Several newly established FOF products have achieved impressive fundraising results within a short time frame, such as 55.77 billion yuan raised in one day by Huatai-PB Yingtai Stable 3-Month Holding [3]. Existing Scale Recovery - The existing scale of FOF products has risen to 2154.93 billion yuan, with the number of products increasing to 529, marking a recovery above the 2000 billion yuan threshold [4]. - This recovery follows a decline in the previous year due to market adjustments and decreased risk appetite, highlighting a renewed attractiveness of FOFs among institutional and individual investors [4]. Performance and Investor Sentiment - FOF products have shown strong performance this year, with several achieving over 50% returns, and the average and median returns exceeding 10%, significantly better than the previous year [5]. - The mixed-asset FOFs have been particularly favored as they enhance investment returns while controlling risks, appealing to retail investors looking to participate in equity markets [5].

Group 1 - Multiple dividend-themed funds announced their dividend distribution plans on November 19 [1] - Huatai-PB Central Enterprises Dividend ETF Link plans to distribute 0.1 yuan per 10 fund shares [1] - Tianhong Central Dividend Low Volatility 100 ETF Link and Tianhong Central State-Owned Enterprises Dividend 50 Index will distribute 0.05 yuan per 10 fund shares each [1]

Market Overview - The market experienced a morning surge followed by a decline, with the Shenzhen Composite Index and Shanghai Composite Index turning negative, while the CSI A500 Index fell by 0.01% [1] - The military industry sector showed active performance, while the banking sector strengthened, and the chemical sector saw a mid-session rally. Conversely, the film and media sectors weakened [1] ETF Performance - As of the morning close, ETFs tracking the CSI A500 Index saw a slight decline, with 12 related ETFs having transaction volumes exceeding 100 million yuan, and 3 surpassing 3.1 billion yuan [1] - The transaction volumes for the top three A500 ETFs were as follows: Huatai-PB A500 ETF at 3.589 billion yuan, A500 ETF Fund at 3.406 billion yuan, and E Fund A500 ETF at 3.161 billion yuan [1] Analyst Insights - Some brokerages indicated that the fundamental logic of the A-share market has not changed significantly in the short term, suggesting that the impact of overseas markets on the main index is relatively limited. The Shanghai Composite Index has been oscillating around the 4000-point mark for some time, indicating limited downside potential [2] - Following a period of continuous adjustment, the market may present opportunities for low-cost positioning [2]