Core Insights - The article reveals the "Top Ten Core ETFs" for 2026, selected through extensive voting by millions of members of the platform, highlighting the growing interest in ETFs as investment vehicles [3][5][11] - The performance of the previous year's core ETFs showed a return of 27.86%, outperforming the CSI 300 index by 10.20%, indicating strong investor confidence in these selected funds [9] Summary by Sections Introduction of Top Ten Core ETFs - The list includes ETFs such as the ChiNext 50 ETF, Hang Seng Technology ETF, and others, with total assets ranging from 21.55 billion to 396.09 billion yuan [3] - The ETFs are designed to remain unchanged throughout the year, allowing for a consistent evaluation of their performance [3] Rationale for Launching Core ETF Combinations - The article references Warren Buffett's advocacy for index funds, emphasizing the advantages of ETFs, including high transparency, low costs, and flexibility in trading [4] - ETFs are positioned as a long-term investment solution, appealing to both novice and experienced investors [4] Market Context and Trends - The year 2025 marked a significant transformation in China's capital markets, with A-shares breaking through the 4000-point barrier and total market capitalization exceeding 100 trillion yuan [7] - The article notes a global shift in monetary order, with increasing gold purchases by central banks and a trend towards de-dollarization [7][8] Growth of ETFs - The rapid growth of the ETF market is highlighted, with total assets surpassing 6 trillion yuan, indicating a fundamental change in investment strategies and financial ecosystems [8] - The article suggests that 2025 is just the beginning of a new era for Chinese assets, with a growing consensus on long-term investments [8] Conclusion and Future Outlook - The performance of the 2026 core ETFs will be closely monitored, with expectations for continued strong performance in the evolving market landscape [13]

Core Insights - The top-performing ETFs of 2025 have been identified, with significant returns across various sectors [1] Group 1: ETF Performance - The Communication ETF achieved the highest annual return with a growth of 125.81% [1] - The Communication Equipment ETF followed closely, securing the second position with a return of 121.37% [1] - The Mining ETF ranked third with a return of 106.11% [1] Group 2: Notable ETFs - The ChiNext AI ETF from Huabao and the Non-ferrous Mining ETF from China Merchants both saw their returns double within the year [1] - The Industrial Non-ferrous ETF also experienced a doubling of its returns [1] - A total of 15 ETFs, including Non-ferrous Metals ETF and Gold Stocks ETF, recorded annual gains exceeding 90% [1]

Core Insights - The total net inflow for Ethereum spot ETFs reached $67.8366 million on December 30, with all nine ETFs experiencing net inflows [1] - Grayscale Ethereum Trust ETF (ETHE) recorded the highest single-day net inflow of $50.1874 million, while its historical total net outflow stands at $5.049 billion [1] - The total net asset value of Ethereum spot ETFs is currently $17.994 billion, with a net asset ratio of 5.04% relative to Ethereum's total market capitalization, and cumulative net inflows have reached $12.4 billion [1]

Group 1 - Grayscale has submitted a Form S-1 registration statement to the U.S. SEC for the Grayscale Bittensor Trust (TAO) [1] - The product is intended to be renamed to Grayscale Bittensor Trust ETF upon registration effectiveness and listing on NYSE Arca [1] - The sole asset of the trust is the native token TAO of the Bittensor Network [1]

Core Viewpoint - Standard Chartered analyst Geoffrey Kendrick forecasts that XRP's price could reach $8 by 2026, indicating an upside of over 300% from current levels around $1.90 [1] Regulatory and Market Sentiment - Kendrick believes that improving regulatory clarity and potential ETF access could significantly expand XRP's investor base and real-world usage [1] - Despite this, skepticism remains prevalent, with XRP down approximately 7% year-to-date and social market sentiment remaining low [1] AI Perspectives - ChatGPT emphasizes that achieving a price target above historical highs requires more than just regulatory momentum, stating that a move to $8 would need renewed conviction rather than mere discovery [3] - It further notes that to justify a 300%+ price increase, there must be clear evidence of accelerating real-world settlement volumes and consistent institutional adoption [4] - Grok takes a more critical view, questioning the realism of the $8 target and suggesting that legacy finance models may misinterpret crypto as a commodity rather than a network [5] ETF and Market Dynamics - ChatGPT argues that ETF approval alone is not enough to trigger a significant price revaluation, as ETFs create access but do not guarantee demand or utility [6] - Grok concurs, stating that XRP's long history may work against the bullish case, indicating that the asset is mature with a well-understood ceiling [7] Current Market Status - Analysts report that XRP is trading well below its all-time high, with technical indicators showing little confirmation of a sustained breakout [9] - As of the latest report, XRP was trading at $1.86, down over 15% in the past month, and lacks a clear pathway to a durable uptrend according to CCN analyst Victor Olanrewaju [10]

Core Viewpoint - The event "Investor-Centric, Return-Driven Development" focused on enhancing investor understanding and practical skills related to ETF products and strategies, aiming to foster a healthy market ecosystem in line with investor education efforts [1]. Group 1: Event Overview - The event was co-hosted by the China Securities Investor Service Center and Dongfang Securities on November 14, 2025, in Shenzhen, under the guidance of the Shanghai Stock Exchange [1]. - The main objective was to improve investors' recognition and operational capabilities regarding ETF products [1]. Group 2: Course Content - The first session featured an expert from the Shanghai Stock Exchange, who explained the concept and product system of ETFs, detailing their operational principles and characteristics, while analyzing various types of ETFs and their applicable scenarios [3]. - The second session was led by an expert from China Merchants Fund, who introduced diversified ETF strategies and basic concepts of ETF options, providing practical case studies to illustrate asset allocation and arbitrage methods [3]. Group 3: Participant Engagement - The event attracted numerous seasoned investors and high-net-worth individuals from Shenzhen, fostering a vibrant atmosphere for interaction and discussion [5]. - Participants actively engaged in discussions on ETF allocation strategies, industry rotation timing, and option strategy details, reflecting a strong market enthusiasm for ETFs as efficient investment vehicles [5]. Group 4: Future Outlook - Dongfang Securities plans to leverage its research strengths and enhance collaboration with industry stakeholders to expand investor knowledge of ETFs and derivatives, aiming to capture long-term opportunities in a technology-driven era [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, 7 new products were issued in the US, with a slowdown in new issuances during the year - end holiday period. Multiple thematic ETFs were issued, including a software platform ETF by AOT Invest and an export leaders ETF by Pacer [2][5]. - In the past week, the inflow of US ETFs slowed slightly, with international equity products seeing significantly more inflows than domestic equity products. This may indicate continued optimism about overseas stocks in the new year. Gold - related ETFs had significant inflows as the gold price hit a new high [2][7]. - This year, developed - market ETFs have generally outperformed US stocks. The S&P 500 has risen by less than 20%, while most developed - market products have risen by more than 30%, and the EAFE Value ETF has risen by more than 40% [2][12]. - In October 2025, the total non - money mutual funds in the US reached $23.70 trillion, an increase of $0.22 trillion from September. The redemption pressure on domestic equity products was still high. From December 10th to 17th, the outflow of domestic equity funds expanded to $47.3 billion, and the annual outflow of domestic equity products has exceeded $700 billion [2][16]. Summary by Directory 1. US ETF Innovation Products: Pacer Issues Export Leaders ETF - Last week, 7 new ETF products were issued in the US, including Pacer International Export Leaders ETF, Amplify Stablecoin Technology ETF, etc. [5]. - AOT Invest issued a software platform ETF, selecting stocks from software - driven companies based on cost - to - revenue ratio, E/P, and ROIC, and using quality factors instead of market - cap weighting. The top - weighted stocks include Nvidia, Meta, etc., with individual stock weights ranging from 0.5% to 7.5% [2][5]. - Pacer's export leaders ETF selects companies with high overseas revenue ratios and prominent free - cash - flow growth from the S&P 900 [6]. - Virtus assisted its sub - manager Silvant in issuing a growth opportunities ETF, which is a stock all - weather product using a bottom - up fundamental stock - selection method [6]. - Xtrackers issued a European market leaders ETF, tracking a Stoxx - related index that selects 40 leading companies in each sector of European enterprises [6]. 2. US ETF Dynamics 2.1 US ETF Funds: Cross - Border Equity Products See Significant Inflows - In the past week, the inflow of US ETFs slowed slightly, with international equity products having significantly more inflows than domestic equity products. Vanguard's multiple products had large inflows, while its growth and value - style ETFs had more outflows [7][10]. - The inflow and outflow rankings of the top 10 US ETFs from December 22nd to 26th are presented, with Vanguard S&P 500 ETF having the largest inflow and iShares Core S&P 500 ETF having the largest outflow [10]. - The daily fund flows of major US ETFs in the past 2 weeks are tracked. The recent fund fluctuations of S&P 500 ETFs remain at a high level, the Russell 2000 ETF has outflows, and gold - related ETFs have significant inflows as the gold price hits a new high [11]. 2.2 US ETF Performance: Developed - Market Equity Products Perform Well - This year, developed - market ETFs have generally outperformed US stocks. The S&P 500 has risen by less than 20%, while most developed - market products have risen by more than 30%, and the EAFE Value ETF has risen by more than 40% [12]. - The scale and year - to - date returns of the top 10 US developed - market ETFs are listed, with Vanguard FTSE Developed Markets ETF having a scale of $193.09 billion and a year - to - date return of 35.61% [13]. 3. Recent Fund Flows of US Ordinary Mutual Funds - In October 2025, the total non - money mutual funds in the US reached $23.70 trillion, an increase of $0.22 trillion from September. The S&P 500 rose by 2.27% in October, and the scale of domestic equity products increased by 0.9%, but the redemption pressure was still high [16]. - From December 10th to 17th, the outflow of US domestic equity funds expanded to $47.3 billion, and the annual outflow of domestic equity products has exceeded $700 billion. The outflow of hybrid - allocation products has also increased [16].

Fund Overview - The fund is named "Ping An Hang Seng Hong Kong Stock Connect Technology Theme Exchange-Traded Fund" with a code of 159152 [17] - It is classified as an equity fund and operates as an open-ended index fund [17] - The fund aims to closely track the performance of the Hang Seng Hong Kong Stock Connect Technology Theme Index [17][18] Fundraising Details - The initial fundraising cap is set at 2 billion RMB, excluding interest and subscription fees [5][19] - The fundraising period is from January 12 to January 16, 2026, with a maximum duration of three months [6][24] - Investors can subscribe through online and offline cash methods, with a minimum subscription of 1,000 shares for online and 50,000 shares for offline subscriptions [4][32] Subscription Process - Investors must have a Shenzhen A-share account or a Shenzhen securities investment fund account to participate [34] - Subscription fees are capped at 0.80% of the subscription amount [4][28] - The fund allows multiple subscriptions, but the total subscription amount is subject to the fundraising cap [4][19] Fund Management and Custody - The fund is managed by Ping An Fund Management Co., Ltd., and the custodian is China Merchants Bank [1][59] - The fund's assets will be verified by a qualified accounting firm after the fundraising period [54] Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by regulations [21] - Investors must ensure that the funds used for subscription are legally sourced [8]

1. Report's Investment Rating for the Industry - No information provided regarding the report's investment rating for the industry 2. Core Viewpoints - After the Christmas holiday, the decline of US stocks may suppress the opening of today's A - share market. However, the current market index is still in a benign state with an overall tone of continued volatile upward movement, and there is no need to worry about a pull - back at the index level. But as the market approaches 4000 points, it is not advisable to chase higher in the short term, especially when only large - cap stocks are rising, as market volatility will increase [1][2] 3. Summary by Relevant Catalogs 3.1 Important News - CME globally increased the performance bond for metal varieties [4] - The price of silver has repeatedly hit new highs, and Elon Musk expressed concerns about it [4] - During the US - Ukraine presidential talks, there were differences in the statements about the US - Ukraine security guarantee agreement. Trump also had a phone call with Putin before meeting Zelensky. They also discussed a referendum for a peace plan, but the two sides have not reached an agreement on key territorial issues, and a tri - party meeting is not ruled out [4] - Starting from the early morning of December 27th, local time, the Russian army launched large - scale air strikes on multiple places in Ukraine, mainly targeting energy and civilian infrastructure, and controlled two cities in the Zaporizhzhia region [4] - The Japanese cabinet approved a record - high initial budget for fiscal year 2026, totaling 122.3 trillion yen, and it is expected to achieve a primary fiscal surplus for the first time in 28 years [4] - The Ministry of Finance will expand the scale of fiscal expenditure next year, implement a special action to boost consumption, continue to allocate funds to support the replacement of consumer goods with new ones, and promote employment and income growth for residents [4] - The National Venture Capital Guidance Fund was launched to guide financial capital to invest in long - term and hard - tech projects [5] - China imposed counter - measures on 20 US military - related enterprises and senior management personnel [6] - As of December 27th, the scale of Chinese ETFs reached 6.03 trillion yuan, breaking through the 6 - trillion - yuan mark for the first time in history [6] - The Shanghai and Shenzhen Stock Exchanges introduced fee - reduction measures for 2026, with an expected fee reduction of over 1.9 billion yuan [7] - The People's Bank of China and the State Administration of Foreign Exchange decided to promote the cross - border corporate RMB and foreign currency integrated fund pool business nationwide based on the pilot experience in some regions [7] 3.2 Futures Market Tracking - The report presents detailed data on the performance, trading volume, and positions of various futures contracts such as the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index futures contracts, including closing prices, settlement prices, price changes, trading volume changes, position changes, etc. [9][10] 3.3 Spot Market Tracking - The report shows the performance of various spot market indices, including the current points, daily, weekly, monthly, and annual price changes, trading volumes, and price - to - earnings ratios of indices such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, and others. It also analyzes the performance of different sectors and the impact of market styles on major indices [33][34][35] 3.4 Liquidity Tracking - The report includes charts on central bank open - market operations (showing money injection, money withdrawal, and net money injection) and Shibor interest rates [49][50][51]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Last week (12/22 - 12/26), bond - type ETFs had a net capital inflow of 54.515 billion yuan. The net unit value of bond ETFs showed marginal recovery. There was no new issuance of bond ETFs. The trading volume and turnover rate of various bond ETFs showed different changes, and the performance of different types of bond ETFs also varied [2][12]. 3. Summary According to Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][16]. 3.2 Stock Product Tracking - As of December 26, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 152.6 billion yuan, 426.4 billion yuan, and 60.9 billion yuan respectively, with credit - bond ETFs accounting for 66.6% of the total scale. The circulating market values of Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF ranked top two, at 65.1 billion yuan and 52.3 billion yuan respectively [18]. - Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.586 billion yuan, 31.621 billion yuan, and decreased by 2.768 billion yuan respectively. Products with significant scale growth last week included Yinhuakongchuangzhai ETF, Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF, and Huatianfu CSI AAA Kechuang Bond ETF, with a year - on - year scale growth of over 6 billion yuan [20]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 124.8 billion yuan and 340.5 billion yuan respectively, increasing by 7.262 billion yuan and 56.694 billion yuan compared with the previous week [22]. 3.3 ETF Performance Tracking - Last week, the cumulative net unit values of interest - rate bond ETFs and credit - bond ETFs closed at 1.18 and 1.03 respectively [23]. - As of December 26, based on February 7 as the base date, the average cumulative return of benchmark - market - making credit - bond ETFs rose to 0.89%; based on July 17 as the base date, the cumulative return of science - innovation bond ETFs marginally recovered to 0.22%, returning to the positive range [29]. 3.4 Premium/Discount Rate Tracking - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.11%, - 0.06%, and - 0.10% respectively. The average trading price of credit - bond ETFs was lower than the fund's net unit value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.25% and - 0.07% respectively [36]. 3.5 Turnover Rate Tracking - Last week, the turnover rate was in the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of the three types of products all increased marginally, reaching 136%, 102%, and 84% respectively. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern CSI AAA Science and Technology Innovation Corporate Bond ETF, and Yongying Science - Innovation Bond ETF had relatively high turnover rates [41].