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Sou Hu Cai Jing· 2025-10-16 09:00

Market Overview - The fourth quarter has seen increased market volatility, with major indices in Europe and the US experiencing record daily fluctuations, impacting both technology and cyclical sectors [1] - The sharp fluctuations in US Treasury yields have affected global risk-free interest rates, while commodities like oil and gold have shown extreme price movements due to a tug-of-war between safe-haven demand and liquidity [1] ETF Market Activity - A significant influx of capital into equity ETFs has been observed, with net subscriptions reaching 31.49 billion yuan on October 10, followed by an additional 24.61 billion yuan on October 13, totaling over 56 billion yuan in just two trading days [2] - Over the five trading days following the holiday, 84.2 billion yuan flowed into ETFs, indicating a strong market signal [2] Gold ETFs Performance - Gold is experiencing a historic surge, with spot gold prices surpassing $4,240 per ounce, marking a 60% increase year-to-date, the largest annual gain since 1979 [3] - The 华夏黄金ETF (518850) and 黄金股ETF (159562) have emerged as market leaders, with year-to-date increases of 55.37% and 97.26%, respectively [5][4] - In the past 20 trading days, 华夏黄金ETF attracted 1.303 billion yuan, while 黄金股ETF saw inflows of 1.676 billion yuan [8] Chip Sector ETFs - Despite recent adjustments in the technology sector, particularly in chips and semiconductors, funds have continued to flow into ETFs like 科创50ETF, 芯片ETF, and 科创半导体ETF, which saw net inflows of 2.303 billion yuan, 1.936 billion yuan, and 766 million yuan, respectively, over the last five trading days [12][14] - The 科创50ETF has a significant semiconductor exposure of 66.8%, while the 科创半导体ETF focuses on upstream semiconductor manufacturers [15] Hong Kong Market ETFs - The Hong Kong stock market has been a focal point for investors, with the 恒生科技指数ETF and 恒生互联网ETF attracting substantial capital, with net inflows of 2.007 billion yuan and 1.709 billion yuan, respectively, in the five trading days post-holiday [17] - Year-to-date, southbound capital has reached a record net purchase of 119.31 billion HKD, indicating strong interest in Hong Kong equities [17] 华夏基金's Position - 华夏基金 has established itself as a leader in the ETF market, with a total management scale of 899.5 billion yuan and 15 ETFs exceeding 10 billion yuan in assets [22][24] - The firm has positioned its products strategically across three major investment themes: gold, chips, and Hong Kong stocks, providing investors with high liquidity and effective tools for market participation [22][26]