Core Viewpoint - Hong Kong stocks experienced a slight decline, with the Hang Seng Index down 0.38% and the Hang Seng Tech Index down 0.69%, while the dividend sector showed resilience with gains in certain central enterprise stocks [1][2] Group 1: Market Performance - The Hang Seng Index fell by 0.38% and the Hang Seng Tech Index decreased by 0.69% on November 19 [1] - The Central Enterprise Dividend Index (931233.CSI) rose by 0.42%, with notable increases in stocks such as China People's Insurance Group (over 3%) and China Petroleum & Chemical Corporation (nearly 3%) [1] - The National Central Enterprise Dividend ETF (159281) recorded a trading volume of 52.05 million yuan with a real-time premium rate of 0.27% [1] Group 2: Fund Flows - As of November 18, the Central Enterprise Dividend ETF has seen net inflows for seven consecutive trading days, with a net inflow rate of 27.80% over the last five trading days, leading among similar products [1][2] - The Southbound funds have recorded net inflows in 19 out of the last 20 trading days, totaling over 120 billion HKD [2] Group 3: ETF Characteristics - The Central Enterprise Dividend ETF closely tracks the Central Enterprise Dividend Index, which selects stable dividend-paying central enterprises with high dividend yields [2] - The Tech ETF (159128) tracks the Tech Index and includes stocks eligible for trading under the Shanghai-Hong Kong Stock Connect, allowing for T+0 trading without QDII quota restrictions [2] Group 4: Analyst Insights - Dongwu Securities indicated that the Hong Kong market is likely to experience short-term fluctuations, but the current position presents long-term investment attractiveness [3]

Report Summary 1. Market Overview - On November 19, 2025, the Shanghai Composite Index rose 0.18% to 3946.74 points, the Shenzhen Component Index fell 0.00% to 13080.09 points, and the ChiNext Index rose 0.25% to 3076.85 points. The total trading volume of A-shares in the two markets was 1742.8 billion yuan. The top-performing sectors were non-ferrous metals (2.39%), petroleum and petrochemicals (1.67%), and national defense and military industry (1.11%), while the worst-performing sectors were comprehensive (-3.08%), real estate (-2.09%), and media (-1.72%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs were Huaxia CSI A500 ETF (up 0.17%, premium rate 0.24%), Huatai-PineBridge CSI A500 ETF (up 0.16%, premium rate 0.29%), and Guotai CSI A500 ETF (up 0.17%, premium rate 0.31%) [3][7]. - The table shows detailed information of the top ten trading volume stock ETFs, including code, fund name, price, change rate, tracking index, IOPV, premium rate, trading volume, and latest share [8]. 3. Bond ETFs - The top trading volume bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01%, premium rate 0.00%), Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (down 0.06%, premium rate -0.01%), and E Fund CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.02%, premium rate -0.25%) [4][9]. - The table presents information of the top five trading volume bond ETFs, including code, fund name, price, change rate, premium rate, and trading volume [10]. 4. Gold ETFs - Gold AU9999 rose 2.00% and Shanghai Gold rose 2.02%. The top trading volume gold ETFs were Huaan Gold ETF (up 2.02%, premium rate 2.12%), Bosera Gold ETF (up 2.02%, premium rate 2.13%), and E Fund Gold ETF (up 2.00%, premium rate 2.14%) [12]. - The table provides details of the top five trading volume gold ETFs, including code, fund name, price, change rate, trading volume, IOPV, and premium rate [13]. 5. Commodity Futures ETFs - Huaxia Feed Soybean Meal Futures ETF fell 1.59% with a premium rate of 0.99%, Dacheng Non-ferrous Metals Futures ETF rose 0.73% with a premium rate of 0.42%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF had a change rate of 0.00% with a premium rate of -0.01% [15]. - The table shows information of commodity futures ETFs, including code, fund name, price, change rate, trading volume, IOPV, premium rate, tracking index, and tracking index change rate [16]. 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average fell 1.07%, the Nasdaq Composite fell 1.21%, the S&P 500 fell 0.83%, and the German DAX fell 1.77%. On November 19, the Hang Seng Index fell 0.38% and the Hang Seng China Enterprises Index fell 0.26%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.19%, premium rate -0.11%), GF CSI Hong Kong Innovative Drugs ETF (down 0.52%, premium rate -0.29%), and Huatai-PineBridge Hang Seng Technology ETF (down 0.54%, premium rate -0.44%) [17]. - The table shows details of the top five trading volume cross-border ETFs, including code, fund name, trading volume, change rate, and premium rate [18]. 7. Money Market ETFs - The top trading volume money market ETFs were Yin Hua Day Profit ETF, Hua Bao Tian Yi ETF, and Jian Xin Tian Yi Money Market ETF [19]. - The table presents information of the top three trading volume money market ETFs, including code, fund name, and trading volume [21].

Core Insights - Central Huijin's latest investment activities indicate a significant increase in ETF holdings, with total holdings reaching approximately 1.53 trillion yuan, marking a 19% increase from the previous quarter [1][3][11] - The investment strategy focuses on maintaining a stable position in core broad-based ETFs, particularly in major indices like CSI 300 and SSE 50, reflecting a commitment to market stability [3][13] - Adjustments in specific asset management plans suggest a responsive approach to market trends, with notable actions such as the complete liquidation of a high-dividend ETF [6][7] Investment Holdings Overview - As of September 30, Central Huijin's total ETF holdings increased from 1.29 trillion yuan to approximately 1.53 trillion yuan, a rise of about 2.4 billion yuan [3][11] - The number of ETFs with holdings exceeding 20% reached 28, with a total market value of 1.48 trillion yuan, reflecting a quarterly increase of 233.2 billion yuan [1][7] - The main contributors to the growth in holdings were the core broad-based ETFs, with significant increases in net asset values due to a recovering stock market [6][11] Specific ETF Performance - Fourteen broad-based ETFs saw substantial increases in market value, while only one sector ETF experienced a decline [4] - Central Huijin Investment maintained a stable number of holdings in 15 ETFs, with a total market value of approximately 777.98 billion yuan, reflecting a 19.23% increase [3][6] - Central Huijin Asset also held 12 ETFs, with a total market value of about 697.56 billion yuan, marking an 18.26% increase [6] Strategic Adjustments - The asset management plans under Huaxia and E Fund made strategic adjustments, including the complete liquidation of a high-dividend ETF and a reduction in automotive sector ETF holdings [6][7] - Analysts suggest these adjustments are aimed at aligning with market trends and sector performance expectations [7] Long-term Investment Philosophy - Central Huijin's investment approach emphasizes long-term stability and diversification, focusing on broad-based ETFs to support market stability [13] - The organization is viewed as a "national team" in the capital market, reinforcing investor confidence through its substantial and stable holdings [13][14]

Core Insights - The trading activity of industry and thematic ETFs has decreased, with only the Sci-Tech Chip ETF (588200) exceeding a transaction amount of 1 billion yuan, reaching 1.627 billion yuan [1][3] - The Hong Kong Innovative Drug ETF (513120) remains active in cross-border ETFs, with a half-day transaction amount exceeding 5 billion yuan, reaching 6.258 billion yuan [1][4] Industry and Thematic ETFs Summary - The Sci-Tech Chip ETF (588200) had a current price of 2.295 yuan, with a decline of 1.88%, and a total transaction amount of 1.627 billion yuan [3] - Other notable ETFs include: - Battery ETF (159755): 1.127 yuan, -2.51%, 0.891 billion yuan - Semiconductor ETF (512480): 1.416 yuan, -2.14%, 0.834 billion yuan - Securities ETF (512880): 1.241 yuan, -0.56%, 0.818 billion yuan - Communication ETF (515880): 2.567 yuan, -2.25%, 0.692 billion yuan [3] Cross-Border ETFs Summary - The Hong Kong Innovative Drug ETF (513120) had a current price of 1.42 yuan, with an increase of 0.35%, and a total transaction amount of 6.258 billion yuan [4] - Other significant cross-border ETFs include: - Hong Kong Securities ETF (513090): 2.195 yuan, -1.48%, 4.084 billion yuan - Hang Seng Technology ETF (513130): 0.778 yuan, -2.14%, 3.300 billion yuan - Hang Seng Technology Index ETF (513180): 0.793 yuan, -2.1%, 2.542 billion yuan [4] Oil and Gas Resource ETFs Summary - The Oil and Gas Resource ETF (563150) saw a half-day increase of 2.04%, with a current price of 1.1 yuan and a transaction amount of 2.884 million yuan [5][6] - The ETF tracks the China Securities Oil and Gas Resource Index, which includes companies involved in oil and gas extraction, services, equipment manufacturing, refining, processing, transportation, and sales [6][7] - Key stocks in the index include: - China Petroleum (601857): 9.85% weight - Sinopec (600028): 8.45% weight - Jereh Group (002353): 7.53% weight [7]

Core Viewpoint - The article discusses the launch of the "Institutional Express" ETF investment tool by Ping An Securities and Tianhong Fund, aimed at helping ordinary investors navigate the fast-changing A-share market and capitalize on investment opportunities driven by institutional investors [1][4]. Group 1: Product Overview - "Institutional Express" is designed to track institutional fund flows and preferences, identifying potential industries of interest for investors [4]. - The tool utilizes a strategy model developed by Tianhong Fund, focusing on four key institutional factors: sell-side analyst expectations, buy-side institutional research, ETF fund flows, and large orders of index constituent stocks [4]. - The model processes data through normalization to create a unified scoring system, generating "strong indices" and "rotation signals" for investment decisions [4]. Group 2: Performance Metrics - The backtesting results from October 17, 2024, to October 23, 2025, show that "Institutional Express" achieved a return of 47.40%, significantly outperforming the CSI 300 index, which returned 16.39% during the same period [8]. - The maximum drawdown for "Institutional Express" was 19.42%, compared to 13.42% for the CSI 300 index, indicating a higher risk profile [8]. Group 3: User Accessibility - The tool is designed to be user-friendly, allowing investors to easily access top industry signals and corresponding ETF products through the Ping An Securities APP [11]. - Since the launch of the ETF section in 2022, the platform has served over ten million users, continuously updating its features based on market sentiment and user feedback [11].

一、ETF行业快讯1.三大指数震荡下挫，科创材料板块ETF逆势上涨 今日，三大指数震荡下挫，上证综指下跌0.39%，深证成指下跌1.03%，创业板指下跌1.4%。多只科创 材料板块ETF上涨，其中，科创新材料ETF汇添富（589180.SH）上涨1.44%，科创材料ETF （588160.SH）上涨1.17%，科创新材料ETF（588010.SH）上涨0.95%。 2.51只指增ETF年内平均净值增长率超30% 据证券日报，今年以来，在市场风格快速轮动的背景下，增强指数型ETF凭借"指数底+主动增"的双重 优势脱颖而出。Wind资讯数据显示，截至11月10日，全市场51只增强指数型ETF悉数实现年内正收益， 平均净值增长率达30.21%。 据上海证券报，内外资机构均在借道ETF布局后市。在近日成立的跨境ETF持有人名单中，多家外资巨 头现身其中。与此同时，各路产业资本也在借道ETF基金入市。在业内人士看来，受政策支持与产品创 新双重驱动，ETF已成为资产配置的重要工具。ETF产品也持续快速扩容，年内已有超300只ETF上市， 数量远超去年全年。 二、今日行情速览1.指数走势 统计A股与海外主要核心指数走势，今 ...

Core Insights - The chemical industry is entering a bottoming phase, with profitability expected to rebound as inventory levels are low and demand gradually recovers [4][7] - The Hong Kong stock market is experiencing short-term volatility due to external liquidity uncertainties, but there is significant long-term valuation recovery potential [7] Market Temperature - The market temperature indicator shows that the Shanghai Composite Index is at a 98.27% percentile for the last ten years, indicating a high valuation level, while the Shenzhen Component Index and the ChiNext Index are at 43% and 25% respectively [1] Sector Performance - The top three sectors with capital inflow are Basic Chemicals (3.405 billion), Electric Equipment (3.398 billion), and Comprehensive (0.401 billion) [2] - The sectors with the highest capital outflow include Computers (-7.842 billion), Electronics (-6.786 billion), and Machinery Equipment (-3.172 billion) [2] ETF Performance - The Chemical ETF has shown a 34.40% increase over the last six months, indicating strong performance in the sector [4] - The New Materials ETF and Green Energy ETF have also demonstrated significant growth, with increases of 43.31% and 51.44% respectively [4] Industry Trends - The chemical sector is witnessing a surge due to rising prices of electrolytes and lithium hexafluorophosphate, reflecting an overall recovery in industry sentiment [4] - The macroeconomic price index has been improving since 2025, suggesting a stabilization in chemical product prices [7]

Group 1: Market Trends - The chemical sector experienced a counter-trend rise on November 7, with related ETFs showing significant gains [1][4] - Multiple chemical and new materials ETFs saw increases of over 3% on November 7, while several new energy ETFs rose by more than 2% [4][5] - The Hong Kong biotech sector faced declines, with leading pharmaceutical stocks dropping over 3% [7] Group 2: ETF Performance - Several Hong Kong stock ETFs saw substantial net inflows recently, particularly in the Hang Seng Technology and Hong Kong innovative drug sectors [2][8] - The A500 ETFs showed high trading activity, with four funds exceeding 20 billion yuan in scale, led by Huatai-PB's A500 ETF at 26.463 billion yuan [6][7] - Overall, nearly 20 billion yuan flowed into ETFs, with significant investments in sectors like securities, banking, and electric grid equipment [10] Group 3: Innovation Drug Sector Outlook - The Hong Kong innovative drug index has dropped over 18% since its peak in September, but many institutions believe the sector may soon rebound [3][11] - Fund managers suggest that the current market conditions present a high-probability zone for long-term investments in the biopharmaceutical sector, recommending balanced allocations across various sub-sectors [11][12] - Upcoming international conferences and positive corporate earnings are expected to act as catalysts for the innovative drug sector [12]

Core Viewpoint - The recent recovery of the Shanghai Composite Index to 4000 points is primarily driven by the restoration of confidence in the capital market, supported by favorable policies and events that have encouraged increased investment from residents [1][2]. Market Performance - As of November 3, the Shanghai Composite Index has seen an annual increase of nearly 19%, marking six consecutive months of gains. The metals sector, particularly non-ferrous metals, has emerged as the biggest winner with a 73.77% increase [2]. - The sub-sector index, the CSI Industrial Non-Ferrous Metals Theme Index, has outperformed the broader index with a year-to-date increase of 74.57%. The corresponding ETF, the Wan Jia CSI Industrial Non-Ferrous Metals Theme ETF, has surged by 78.08%, with its scale exceeding 5.5 billion, a nearly 15-fold increase from the previous year [2][3]. ETF Development - The Industrial Non-Ferrous ETF, launched in February 2023, focuses solely on industrial metals, avoiding the distractions of energy and precious metals. This focus aligns with macroeconomic trends and manufacturing demand, making it a valuable tool for both retail and institutional investors [3][4]. - The ETF's revised index has achieved an impressive year-to-date increase of 81.73% and a rolling P/E ratio of 20.02, lower than the broader non-ferrous metals index [4]. Market Trends - The ETF has shown resilience during market fluctuations, with a smaller adjustment compared to other indices during high volatility periods. It has attracted significant capital inflow, indicating strong recognition from both retail and institutional investors [5]. - The long-term outlook for the industrial non-ferrous metals sector is positive, supported by anticipated interest rate cuts by the Federal Reserve and a recovery in domestic demand for metals in construction and infrastructure [5]. Market Differentiation - The ETF market is experiencing structural differentiation, with a notable contrast between the stagnation of broad-based ETFs and the growth of niche ETFs like the Industrial Non-Ferrous ETF. This indicates a mismatch in supply and demand, as many institutions focus on broad strategies while neglecting specific investor needs [6][7]. - Wan Jia Fund has identified three market gaps: the lack of precise coverage for small-cap stocks, the absence of stable cash flow products, and the opportunity in Hong Kong stocks. The company has successfully launched products addressing these gaps, such as the first National 2000 ETF and a monthly dividend ETF [7][8]. Product Innovation - Wan Jia Fund's approach emphasizes "boutique" strategies, focusing on value rather than competing in crowded markets. This strategy has led to the development of a diverse ETF matrix covering various investment styles and themes [9]. - The success of these products is attributed to a systematic support structure, including a skilled team, effective technology, and a culture of diligence and responsibility [10][11]. Conclusion - The emergence of boutique ETFs reflects a shift from supply-driven to demand-driven strategies, highlighting the importance of precise matching of investment tools to investor needs. This trend suggests that in a competitive market, focusing on niche opportunities can yield better results than broad approaches [12].

Market Overview - The Hong Kong stock market showed a mixed performance today, with technology stocks experiencing an overall pullback while pharmaceutical stocks were selectively active [1] - Southbound funds recorded a net purchase exceeding 10 billion HKD throughout the day [1] Index Performance - The CSI Hong Kong Stock Connect Pharmaceutical and Health Index rose by 0.4% [1] - The CSI Hong Kong Stock Connect Consumer Theme Index fell by 0.1% [1] - The Hang Seng Hong Kong Stock Connect New Economy Index decreased by 0.2% [1] - The Hang Seng Technology Index declined by 0.6% [1] - The CSI Hong Kong Stock Connect Internet Index dropped by 0.8% [1] ETF Inflows - Funds have been utilizing ETFs for "buying the dip," with the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) both experiencing net inflows for four consecutive trading days, totaling approximately 600 million HKD and 200 million HKD respectively [1]