Market Overview - The performance of major indices during the sample period shows that the CSI 2000, ChiNext Index, and CSI 1000 had the highest returns of 4.99%, 4.54%, and 3.77% respectively [1][10] - Among the Shenwan first-level industries, the top performers were Communication, Electronics, and Comprehensive, with returns of 8.70%, 6.05%, and 4.43% respectively, while Oil & Petrochemicals, Banking, and Coal had the lowest returns of -0.73%, -0.59%, and -0.51% [1][16] ETF Product Overview Market Performance - QDII ETFs had the best average performance with a weighted average return of 3.38%, while Bond ETFs had the worst performance with a return of -0.22% [20][21] - The CSI 2000 and US stock corresponding ETFs performed well with weighted average returns of 5.11% and 5.01% respectively, while the CSI 300 and MSCI China A-share concept ETFs performed poorly with returns of 1.53% and 1.87% [20] Fund Flow - Style ETFs saw the highest net inflow of 4.767 billion, while Industry Theme ETFs experienced the largest net outflow of -17.934 billion [2][25] - Hong Kong stock ETFs had the highest net inflow of 9.446 billion, while ChiNext-related ETFs had the lowest net inflow of -6.817 billion [2][25] - The Consumer sector ETFs had the highest net inflow of 0.530 billion, while Technology sector ETFs had the lowest net outflow of -11.843 billion [2][28] Trading Volume - Broad-based ETFs had the highest increase in average daily trading volume, with a change rate of 3.16%, while Commodity ETFs saw the largest decrease of -20.26% [33][34] - The CSI 1000 ETF had the highest increase in average daily trading volume change rate at 29.75%, while Japanese stock ETFs had the largest decrease at -40.25% [36] New Issuance and Listing - During the sample period, a total of 2 new funds were established and 8 funds were listed [3]

Core Insights - The trading volume of the SSE 50 Index ETFs reached 2.493 billion yuan today, an increase of 732 million yuan from the previous trading day, representing a growth rate of 41.55% [1] Trading Volume Summary - The Huaxia SSE 50 ETF (510050) had a trading volume of 2.032 billion yuan today, up by 576 million yuan, with a growth rate of 39.60% compared to the previous day [1] - The E Fund SSE 50 ETF (510100) recorded a trading volume of 422 million yuan, increasing by 167 million yuan, with a growth rate of 65.36% [1] - The E Fund SSE 50 Enhanced Strategy ETF (563090) had a trading volume of 7.024 million yuan, up by 3.179 million yuan, with a growth rate of 82.68% [1] - The Bosera SSE 50 ETF (510710) and Tianhong SSE 50 ETF (530000) saw significant increases in trading volume, with growth rates of 244.18% and 105.24% respectively [1] Market Performance Summary - As of the market close, the SSE 50 Index (000016) rose by 0.02%, while the average performance of related ETFs declined by 0.06% [2] - The Tianhong SSE 50 ETF (530000) and the SSE 50 ETF Dongcai (530050) were among the top performers, increasing by 0.22% and 0.09% respectively [2] - The Huazhong SSE 50 ETF (510190) and the Shenwan Lingxin SSE 50 Open-Ended Index Fund (510600) experienced the largest declines, falling by 0.23% and 0.18% respectively [2]

Group 1 - The core viewpoint of the articles highlights the declining interest rates on bank deposits, particularly the disappearance of 5-year deposit products among small and medium-sized banks, indicating a broader trend in the banking industry under pressure from narrowing net interest margins [1][2][3] - Recent statistics show that dozens of small and medium-sized banks have lowered deposit rates, with some products decreasing by over 60 basis points, and many banks have removed 5-year deposit products from their offerings [1][2] - The net interest margin for commercial banks was reported at 1.42% in Q2 2025, a decrease of 0.01 percentage points from Q1, remaining at historically low levels [1][2] Group 2 - In response to declining deposit rates, many young investors are turning to funds, particularly ETFs, which offer a diversified investment approach with lower risk compared to individual stock purchases [2][3] - The domestic ETF market has seen significant growth, surpassing 5 trillion yuan in total scale, with stock ETFs experiencing the most substantial increase, growing by 512.37 billion yuan in just four months [2] - Various ETF options are recommended for different investment strategies, including A500 ETF for balanced exposure to core assets, a dividend-focused ETF for lower volatility, and a technology-focused ETF for those willing to accept some risk [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the performance and capital flow of the ETF fund market in the past week (from November 10th to November 14th), including the overall market, different popular sub - types, and innovative themes and sub - industries, to provide reference for investors [1]. 3. Summary According to Relevant Catalogs 3.1 ETF Market Overall Performance - **Market Performance**: Most stock ETFs rose this week. Hong Kong stock pharmaceutical and biological ETFs had the largest increase, with an average increase of 6.10% for funds above a certain scale. Conversely, A - share TMT ETFs and A - share growth ETFs declined significantly, with average decreases of 4.37% and 3.20% respectively for funds above a certain scale [2][5]. - **Capital Flow**: Funds flowed into A - share TMT ETFs and commodity ETFs, with net inflows of 8.239 billion yuan and 5.957 billion yuan respectively throughout the week. In contrast, A - share large - cap ETFs experienced capital outflows, with a net outflow of 7.556 billion yuan throughout the week [3][7]. 3.2 Different Popular Sub - type ETF Fund Market Performance - **A - share ETFs**: Include various types such as broad - based index (full - market, large - cap/super large - cap, small - and medium - cap, science and technology/growth enterprise board), industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, cycle, financial and real estate), SmartBeta (value, growth, dividend, free cash flow), and theme. Different types of funds have different performance in terms of weekly capital flow, weekly return, recent one - month return, and year - to - date return [14][15][16]. - **Hong Kong stock ETFs**: Also cover broad - based index, industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, financial and real estate), SmartBeta (dividend), and theme. Each type shows different performance characteristics [29][30][31]. - **Hong Kong - Shanghai - Shenzhen ETFs**: Include industry and theme types, with different performance in terms of capital flow and return [37][38]. - **US stock ETFs**: Divided into broad - based index and industry types, with corresponding performance data [39][40]. - **Other QDII - ETFs (excluding Hong Kong and US stocks)**: Provide performance information of relevant funds [41]. - **Bond ETFs**: Present the performance of bond - related ETFs [42]. - **Commodity ETFs**: Mainly gold - related ETFs, all showing a certain degree of increase this week [43]. 3.3 Innovative Themes and Sub - industry ETF Fund Market Performance - **TMT Innovation Theme**: Indexes such as animation and games, film and television themes, and financial technology have different weekly and year - to - date returns, and the corresponding representative funds also show corresponding performance [45]. - **Consumption Sub - industry**: Indexes like liquor, food and beverage, and tourism have different performance, and the representative funds follow suit [46]. - **Pharmaceutical Sub - industry**: Indexes such as vaccine and biotechnology, traditional Chinese medicine, and innovative drugs have different returns, and the corresponding funds perform accordingly [47]. - **New Energy Theme**: Indexes including power utilities, green power, and photovoltaic industry have different performance, and the representative funds show corresponding trends [48]. - **Central and State - owned Enterprise Theme**: Indexes such as mainland state - owned enterprises, Hong Kong stock central enterprise dividends, and central enterprise innovation have different returns, and the corresponding funds perform accordingly [49][50]. - **Stable Growth Theme**: Indexes such as coal, real estate, and non - ferrous metals have different performance, and the representative funds follow suit [51]. - **Hong Kong - Shanghai - Shenzhen/Hong Kong Stock Connect Sub - industry**: Indexes such as Hong Kong - Shanghai - Shenzhen Internet, Hong Kong securities, and Hong Kong stock connect pharmaceuticals have different returns, and the corresponding funds perform accordingly [52]. - **Dividend/Dividend Low - Volatility Index Family**: Indexes such as CSI 300 Dividend, CSI Dividend Low - Volatility, and SSE Dividend have different performance, and the corresponding funds follow suit [53]. - **Growth Enterprise Board Index Family**: Indexes such as Science and Technology Innovation Chip, Growth Enterprise Board Growth, and Growth Enterprise Board 50 have different performance, and the corresponding funds follow suit [54].

Market Overview - The Shanghai Composite Index rose by 0.53% to close at 4018.6 points, with an intraday high of 4018.7 points [1] - The Shenzhen Component Index increased by 0.18% to 13427.61 points, reaching a peak of 13502.16 points [1] - The ChiNext Index fell by 0.92% to 3178.83 points, with a maximum of 3236.61 points during the day [1] ETF Market Performance - The median return of stock ETFs was 0.22% [2] - The highest performing scale index ETF was the Penghua CSI 800 Free Cash Flow ETF, with a return of 1.37% [2] - The Tianhong CSI Food and Beverage ETF led the industry index ETFs with a return of 3.96% [2] - The highest return among strategy index ETFs was 1.89% from the ICBC Credit Suisse Shenzhen Dividend ETF [2] - The top performing thematic index ETF was the Fortune CSI Tourism Theme ETF, achieving a return of 5.99% [2] ETF Performance Rankings - The top three ETFs by return were: - Fortune CSI Tourism Theme ETF (5.99%) - Huaxia CSI Tourism Theme ETF (5.66%) - Penghua CSI Liquor ETF (4.5%) [5] - The three ETFs with the largest declines were: - Huaan SSE Sci-Tech Innovation Board New Generation Information Technology ETF (-2.44%) - E Fund National Index New Energy Battery ETF (-2.37%) - GF National Index New Energy Battery ETF (-2.36%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - E Fund ChiNext ETF (inflow of 903 million yuan) - Huitianfu CSI Major Consumption ETF (inflow of 528 million yuan) - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (inflow of 478 million yuan) [8] - The ETFs with the largest outflows were: - Penghua CSI Liquor ETF (outflow of 1.017 billion yuan) - GF National Index New Energy Vehicle Battery ETF (outflow of 741 million yuan) - Huabao CSI All-Index Securities Company ETF (outflow of 291 million yuan) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: - E Fund ChiNext ETF (626 million yuan) - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (561 million yuan) - Guotai Junan CSI All-Index Securities Company ETF (435 million yuan) [11] - The highest margin selling amounts were: - Huatai-PB CSI 300 ETF (35.1 million yuan) - Southern CSI 500 ETF (18.1 million yuan) - Huaxia SSE 50 ETF (11.4 million yuan) [12] Industry Insights - Open Source Securities forecasts a recovery in the food and beverage industry by 2026, with a correlation to macroeconomic conditions [13] - The white liquor sector is currently in a deep adjustment phase, with demand decline affecting company performance [13] - Guoxin Securities sees a bottoming out in the social service sector, supported by favorable funding, policy, and fundamental conditions [14]

Core Points - The E Fund Itaú BBA Brazil IBOVESPA ETF (QDII) will be launched on October 31, 2025, with a maximum initial fundraising limit of 300 million yuan [1] - The fund will be managed by E Fund Management, with Lin Weibin serving as the fund manager [1] - The performance benchmark for the fund is the return rate of the Brazil IBOVESPA index, calculated using the valuation exchange rate [1]

Core Viewpoint - The brokerage ETF fund (515010) has shown a mixed performance with a recent decline, but overall, it has demonstrated significant growth over the past three years, outperforming many comparable funds [3][4]. Performance Summary - As of October 30, 2025, the brokerage ETF fund has decreased by 1.62%, with a latest price of 1.45 yuan. However, it has increased by 4.75% over the past week [3]. - The fund's net asset value has risen by 62.74% over the past three years, ranking it in the top 2 among comparable funds and placing it in the top 19.13% of all index equity funds [4]. - The fund's highest single-month return since inception was 37.91%, with an average monthly return of 7.84% and an annual profit percentage of 60.00% [4]. Liquidity and Trading Activity - The fund experienced a turnover rate of 3.39% during the trading session, with a total transaction volume of 67.21 million yuan. The average daily transaction volume over the past month was 74.14 million yuan [3]. - The latest net outflow of funds was 20.55 million yuan, but over the past five trading days, there were net inflows on four occasions, totaling 21.73 million yuan, averaging 4.35 million yuan per day [3]. Fund Size and Leverage - The current size of the brokerage ETF fund is 1.999 billion yuan, marking a new high in the past year [3]. - The latest margin buying amount reached 7.92 million yuan, with a financing balance of 45.30 million yuan, indicating ongoing leverage activity [3]. Risk and Fee Structure - The fund has a low relative drawdown of 0.03% over the past six months compared to its benchmark, indicating lower risk among comparable funds [5]. - The management fee is 0.15% and the custody fee is 0.05%, both of which are the lowest among comparable funds [5]. Tracking Accuracy - The fund has a tracking error of 0.025% over the past three months, demonstrating high tracking precision compared to similar funds [5]. Sector Composition - The fund closely tracks the CSI All Share Securities Company Index, which reflects the overall performance of various industry companies within the securities sector [5].

Core Viewpoint - The Huaxia CSI Photovoltaic Industry ETF (515373) will be launched for subscription from October 27, 2025, to November 7, 2025, with a cash fundraising limit of 8 billion yuan [1] Group 1 - The fund will be managed by Huaxia Fund, with Li Jun serving as the fund manager [1] - The fund's performance benchmark is the return rate of the CSI Photovoltaic Industry Index [1]

Market Overview - The Shanghai Composite Index rose by 0.1% to close at 3916.23 points, with a daily high of 3931.05 points [1] - The Shenzhen Component Index fell by 0.25% to close at 13086.41 points, with a daily high of 13218.17 points [1] - The ChiNext Index increased by 0.38% to close at 3037.44 points, with a daily high of 3068.84 points [1] ETF Market Performance 1. Overall Performance - The median return of stock ETFs was -0.17% [2] - The top-performing scale index ETF was GF CSI 50 Enhanced Strategy ETF with a return of 1.3% [2] - The highest return among industry index ETFs was China Tai CSI Coal ETF at 2.97% [2] - The highest return among strategy index ETFs was China Tai SSE State-Owned Enterprises Dividend ETF at 1.52% [2] - The top theme index ETF was Fortune CSI Communication Equipment Theme ETF with a return of 2.84% [2] 2. Top Gainers and Losers - The top three ETFs by gain were: - Guotai CSI Coal ETF (2.97%) [4] - Fortune CSI Communication Equipment Theme ETF (2.84%) [4] - Huatai CSI Energy ETF (2.1%) [4] - The top three ETFs by loss were: - E Fund CSI Rare Earth Industry ETF (-3.05%) [4] - Huatai Baichuan CSI Rare Earth Industry ETF (-3.0%) [4] - Harvest CSI Rare Earth Industry ETF (-2.96%) [4] 3. Fund Flow - The top three ETFs by inflow were: - Huabao CSI Bank ETF (8.79 billion) [6] - Harvest CSI Rare Earth Industry ETF (7.17 billion) [6] - Guotai CSI All-Index Securities Company ETF (4.95 billion) [6] - The top three ETFs by outflow were: - Huatai Baichuan CSI 300 ETF (12.7 billion) [6] - Southern CSI 500 ETF (10.87 billion) [6] - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (7.67 billion) [6] 4. Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (5.38 billion) [8] - Guotai CSI All-Index Securities Company ETF (4.9 billion) [8] - Penghua CSI Liquor ETF (2.24 billion) [8] - The top three ETFs by margin selling were: - Southern CSI 500 ETF (1.18 billion) [9] - Southern CSI 1000 ETF (82.27 million) [9] - Huatai Baichuan CSI 300 ETF (33.93 million) [9] Institutional Views - Xinda Securities remains bullish on the coal sector, highlighting its high performance, cash flow, and dividend characteristics, along with macroeconomic improvements and favorable regulatory changes [10] - Zhongtai Securities expresses confidence in the stability and sustainability of the banking sector, recommending attention to city and rural commercial banks with growth potential and low valuations [10]

Core Insights - The trading volume of the SSE 50 Index ETF reached 4.517 billion yuan today, an increase of 2.860 billion yuan compared to the previous trading day, representing a growth rate of 172.57% [1] Trading Performance - The Huaxia SSE 50 ETF (510050) had a trading volume of 3.914 billion yuan, up 2.479 billion yuan from the previous day, with a growth rate of 172.77% [1] - The E Fund SSE 50 ETF (510100) recorded a trading volume of 506 million yuan, an increase of 321 million yuan, reflecting a growth rate of 174.15% [1] - The ICBC SSE 50 ETF (510850) had a trading volume of 34.25 million yuan, up 22.19 million yuan, with a growth rate of 184.07% [1] - The top performers in terms of trading volume increase included the Shenwan Hongyuan SSE 50 Index ETF (510600) and the Bosera SSE 50 ETF (510710), with increases of 4928.61% and 267.15% respectively [1] Market Performance - As of market close, the SSE 50 Index (000016) rose by 1.09%, while the average increase for related ETFs was 0.90% [1] - The top-performing ETFs included the E Fund SSE 50 Enhanced Strategy ETF (563090) and the Dongcai SSE 50 ETF (530050), which increased by 1.30% and 1.05% respectively [1]