Group 1: Overview of Grid Trading Strategy - The essence of "grid trading" is a high buy low sell strategy, which is based on price fluctuations rather than predicting market trends, making it suitable for markets with frequent price movements [3][12] - 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][12] Group 2: Focused ETF Grid Strategy Targets - **Asia-Pacific Selected ETF (159687.SZ)**: This ETF tracks the FTSE Russell Asia-Pacific Low Carbon Selected Index, covering major companies in sectors like semiconductors, internet, automotive, and consumer goods across the Asia-Pacific region. In the first half of 2025, Japan's M&A activity surged with a transaction volume of $232 billion, more than doubling year-on-year, enhancing foreign investment enthusiasm [3][13] - **Photovoltaic ETF (515790.SH)**: The "anti-involution" policy is expected to alleviate overcapacity in the photovoltaic industry, leading to a bottom reversal. Recent government initiatives have aimed at addressing low-price competition and promoting high-quality development in the industry [4][16] - **Coal ETF (515220.SH)**: Extreme summer temperatures are driving up rigid demand for coal, with national electricity load reaching a historical high of 1.465 billion kilowatts on July 4, 2025, an increase of approximately 200 million kilowatts from the end of June [5][17] - **Medical ETF (512170.SH)**: Long-term global aging is driving continuous growth in medical demand. In 2025, several policies supporting the innovative drug industry have been introduced, enhancing the structural investment value of innovative drugs [6][21] Group 3: Additional ETF Grid Strategy Targets - A diverse combination of ETFs with low correlation is recommended for grid trading, such as pairing broad-based and sector-specific ETFs or combining A-shares and Hong Kong stocks to enhance capital utilization and risk diversification [24]

Group 1 - The core viewpoint of the report emphasizes the effectiveness of grid trading strategies in volatile markets, allowing investors to profit from price fluctuations without predicting market trends [3][12] - The report identifies suitable characteristics for grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are appropriate for this strategy [3][12] Group 2 - The semiconductor ETF (512480.SH) is highlighted due to the increasing domestic substitution under technical sanctions and the rising demand for computing chips driven by AI applications, with a predicted 20% year-on-year growth in AI PC, tablet, and mobile phone shipments by 2025 [3][13] - The artificial intelligence ETF (159819.SZ) benefits from government policies promoting AI technology across various sectors, with 433 domestic large models registered by June 30, 2025, indicating a significant push towards industrial transformation [4][16] - The robotics ETF (159770.SZ) is supported by national policies aiming to establish a humanoid robot innovation system by 2025, showcasing advancements in technology and commercial viability [5][19] - The medical ETF (512170.SH) is driven by the aging global population and supportive policies for innovative drug development, aiming to enhance the quality and efficiency of clinical trials and drug approvals [6][20]

Core Viewpoint - Public funds demonstrate medium to long-term investment value through professional management, with "Double Ten Funds" representing concentrated long-term performance. However, short-term performance fluctuations challenge the ability of these funds to deliver excess returns during market volatility [1]. Group 1: Fund Performance Analysis - The recent performance of the Caifeng Value Momentum Mixed Fund, managed by Jin Zicai, has faced significant fluctuations over the past month, raising concerns about its long-term performance amidst short-term volatility [1]. - Historical data shows that the Caifeng Value Momentum Mixed Fund has outperformed mainstream market indices in most years over the past decade, indicating strong management capabilities [1][2]. - In 2024, the fund achieved a return of 12.58%, significantly higher than the benchmark indices, showcasing its potential for recovery and growth [2]. Group 2: Investor Behavior and Strategy - Investors who held the Caifeng Value Momentum Mixed Fund for over five years had an 85% profit rate, with an average annualized return of 12%, while those holding for less than one year had only a 35% profit rate, highlighting the importance of long-term investment [3]. - During periods of significant market downturns, investors are advised to assess whether the fund manager's performance issues stem from market conditions or systemic errors, rather than reacting impulsively to short-term fluctuations [4]. - For investors with timing abilities, employing grid trading strategies can help manage high-volatility funds like those managed by Jin Zicai, transforming emotional timing into disciplined operations [4][5].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For rebar futures, the main contract is expected to operate in the range of 3000 - 2900 this week, and it's recommended to focus on the pressure level at 3000. Steel spot customers can consider a step - by - step selling hedging strategy [7][11]. - For iron ore futures, the main contract is expected to trade in the range of 640 - 770. A grid trading strategy can be considered during the sideways consolidation phase [32][36]. 3. Summary by Directory Rebar Futures 3.1 Mid - term Market Analysis - The expected operating range of the rebar futures main contract this week is 3000 - 2900, and attention should be paid to the pressure at 3000. Weekly rebar production is 228000 tons, apparent consumption is 245000 tons, major steel mills' inventory is 1.83 million tons, and social inventory is 6.38 million tons. The futures price is in a downward channel on the daily level with significant capital outflows. Steel spot customers can consider a step - by - step selling hedging strategy [7]. 3.2 Variety Trading Strategy - Last week's strategy: Steel spot customers were advised to consider a step - by - step selling hedging strategy [10]. - This week's strategy: Spot customers can consider a step - by - step selling hedging strategy, with a reference operating range of 3000 - 2900 and attention to the 3000 pressure level. Steel production enterprises can consider a step - by - step selling hedging strategy for 80% of their spot volume [11][12]. 3.3 Relevant Data Situation - The report mentions "Relevant data situation" multiple times but does not provide specific data details in the given content. It only indicates data sources such as Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [42][47]. Iron Ore Futures 3.1 Mid - term Market Analysis - The iron ore futures main contract is expected to trade in the range of 640 - 770. Last week, global iron ore shipments were 3352000 tons, arrivals at 45 major Chinese ports were 2276000 tons, steel enterprises' inventory was 8.936 million tons, and major domestic port inventory was 13.983 million tons. The daily line of iron ore futures is in a sideways phase, with the main short - selling camp having a slight advantage. A grid trading strategy can be considered during the sideways phase [32]. 3.2 Variety Trading Strategy - Last week's strategy: The Great Wall Futures AI intelligent data model showed that the iron ore futures were in a sideways consolidation phase on the daily line [35]. - This week's strategy: During the sideways consolidation phase, a grid trading strategy can be considered, with a reference antenna of 770, a ground line of 640, 22 grids, and a grid spacing of 6 [36]. 3.3 Relevant Data Situation - Similar to the rebar futures section, the report mentions "Relevant data situation" multiple times but lacks specific data details. The data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [42][47].

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]

Core Insights - The article emphasizes the importance of strategic planning in both warfare and investment, highlighting that a well-thought-out strategy is crucial for success in volatile markets [1] - It introduces six common ETF investment strategies, aiming to help investors find suitable approaches for their investment goals [1] Long-term Strategies - **Dollar-Cost Averaging (DCA)**: This strategy involves investing a fixed amount at regular intervals, which helps to lower the average cost per share over time, especially during market downturns [1][3] - **Grid Trading Strategy**: This method utilizes market price fluctuations by setting predefined buy and sell price points, allowing investors to buy low and sell high [4][6] - **Pyramid Strategy**: This involves adjusting investment amounts based on price movements, buying more when prices are low and less when prices are high, requiring accurate market judgment [10][11] Short-term Strategies - **Core-Satellite Strategy**: This approach divides investments into a core position, typically in broad market ETFs, and satellite positions in sector-specific ETFs to capture excess returns [11] - **Swing Trading Strategy**: This strategy focuses on capitalizing on short-term market fluctuations, suitable for experienced investors who can quickly adapt to market changes [12] - **Sector Rotation Strategy**: This involves switching investments between different sectors based on market signals, aiming to maximize returns while minimizing systemic risks [13] Conclusion - The article concludes that there are various ETF investment strategies, and no single strategy is superior. Investors should analyze their goals, risk tolerance, and market conditions to develop a flexible investment approach [13]

Group 1 - The report outlines a grid trading strategy that capitalizes on price fluctuations rather than predicting market trends, making it suitable for volatile markets [3][14] - Characteristics of suitable grid trading targets include being exchange-traded, having stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate [3][14] Group 2 - The report highlights the pharmaceutical ETF (512010.SH), which benefits from the aging global population and increasing medical demand, alongside policy shifts towards innovation in drug development [5][15] - The report discusses the semiconductor ETF (588290.SH), which is expected to benefit from high industry demand, domestic substitution, and favorable policies, particularly in the context of AI and 5G technologies [6][19] - The robotics ETF (562500.SH) is noted for its transition from experimental to commercial applications, with significant growth projected in the industry supported by national policies [7][21] - The Hang Seng Technology ETF (513260.SH) is highlighted for its coverage of quality tech companies and favorable market conditions, with a current PE-TTM of 21.06, indicating investment potential [8][24] Group 3 - The report suggests that investors can enhance returns by diversifying their grid trading strategies across different ETFs with low correlation, such as combining broad-based and sector-specific ETFs [28] - A table of additional ETFs suitable for grid trading is provided, including various sectors and investment focuses, indicating a broad range of options for investors [29][31]

Group 1: Core Perspective - Velos Markets positions itself as a comprehensive online financial trading platform offering a wide range of financial products including forex, CFDs, cryptocurrencies, and stock indices, catering to both novice and experienced traders [1][24] Group 2: Core Functionality Breakdown - Forex trading services include major currency pairs with leverage options and real-time market analysis, featuring a smart risk control system for beginners and customized leverage for professional traders [2] - CFDs are a key product, covering commodities, indices, and stocks, with a simulator to help new users understand trading logic while allowing experienced users to leverage high-risk features for greater returns [4] - Cryptocurrency trading supports major coins like Bitcoin and Ethereum, with security measures akin to a digital asset vault, and offers strategies for long-term holders to mitigate risks [5] - Stock index trading allows users to engage with major global indices without needing multiple accounts, with tailored index baskets and arbitrage tools available for institutional investors [6] Group 3: User Adaptability Analysis - New user-friendly features include smart investment plans, free market analysis reports, and a simulated trading environment to practice strategies without financial risk [7][8][9] - Professional trader tools include advanced chart analysis, algorithmic trading interfaces, and institutional-level liquidity to facilitate large order executions [10][11][12] Group 4: Market Competitiveness Assessment - Core advantages include a diverse asset coverage reducing account management costs, a robust risk control system for beginners, and extensive educational resources appealing to career changers [14][15] - Potential limitations involve a limited selection of cryptocurrencies compared to specialized platforms and varying regulatory protections across different regions [16][17] Group 5: Investment Strategy Recommendations - Conservative investors may consider a combination of regular investments in indices and low-volatility currency pairs for risk management [18][19] - Aggressive traders could explore cross-border arbitrage opportunities and leverage strategies in high liquidity currency pairs [20] - Institutional users can benefit from customized index baskets and algorithmic trading for high-frequency arbitrage [21][22] Group 6: Conclusion - Velos Markets serves as a versatile platform for both novice and professional traders, offering low entry barriers and educational resources for beginners, while providing extensive operational flexibility for experienced traders, making it a preferred choice for cross-border investment and diversified asset allocation [23][24]

2025 年 05 月 13 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2025/5/13 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 销售服务电话： 021-20515355 2025/5/9》2025-05-09 2、《ETF 及指数产品网格策略周报— 2025/4/22》2025-04-22 3、《ETF 及指数产品网格策略周报— 2025/4/15》2025-04-15 4、《ETF 及指数产品网格策略周报— 2025/4/9》2025-04-09 5、《ETF 及指数产品网格策略周报— 2025/4/1》2025-04-01 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上是一种高抛低吸的交易 策略。但与依赖判断长期走势的趋势交易不同，网格交易是一种基于价格波动 的策略，它不预测市场的具体走势，而是利用价格在一定 ...

2025 年 05 月 09 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2025/5/9 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 销售服务电话： 021-20515355 （2）人工智能 ETF（159819.SZ）：AI 技术迭代推动算力需求呈指数级增长， 根据 IDC 与浪潮信息联合发布的《2025 年中国人工智能计算力发展评估报告》 预测，2023 年至 2028 年，我国 AI 算力规模将以 CAGR 46.2%的速度扩张。 2025 年 3 月《政府工作报告》与 4 月中共中央政治局会议均提及"人工智能+" 行动，鼓励人工智能技术在科研、金融、医疗等场景加速落地，但仅仅相差一 个月，相关表述即从"持续推进"转变为"加快实施"，可见我国对于大力发 展人工智能与"科技兴国"的决心。在政策红利持续加码的情况下，人工智能 ETF 有望充分受益 ...