- The "XinXuan ETF Absolute Return Strategy" aims to achieve both absolute returns and long-term relative returns compared to A-share equities by selecting ETFs from the XinXuan ETF pool. The strategy uses a "drawer method" to test equity ETFs in the market. Over the past three years, the strategy achieved an annualized return of 14.23%, a maximum drawdown of 8.6%, and a Sharpe ratio of 1.44. From the beginning of 2024 to the present, the total return of the XinXuan ETF portfolio is 29.91%, with an excess return of 19.67% compared to equal-weighted ETFs. The Sharpe ratio is 1.18, the maximum drawdown is 6.3%, the volatility is 18.14%, and the Calmar ratio is 3.71. The best-performing ETF in the portfolio during this period is the ChiNext ETF, with a holding period return of 40.69%[11][12] - The "All-Weather Multi-Asset Multi-Strategy ETF Risk Parity Strategy" combines industry rotation, style rotation, and size rotation strategies to enhance the precision of ETF usage and maximize returns. It employs a risk parity approach to reduce overall portfolio volatility by effectively diversifying assets across different asset classes and strategies. The portfolio includes commodities (e.g., gold ETFs), U.S. equities (e.g., S&P 500 ETFs), domestic equities (e.g., industry/style/size rotation), and domestic bonds (e.g., 10-year and 30-year government bond ETFs). From the beginning of 2024 to the present, the strategy achieved a return of 17.51%, a maximum drawdown of 3.62%, a volatility of 4.5%, and a Sharpe ratio of 2.45[14][16][17] - The "China-U.S. Core Asset Portfolio" integrates four strong-trend assets: Baijiu, dividend, gold, and Nasdaq ETFs. It combines the RSRS timing strategy for trend-following markets and technical reversal strategies to form a portfolio. From 2015 to the present, the annualized return of the portfolio is 33.77%, with an excess return of 14.19% compared to equal-weighted indices. The Sharpe ratio is 1.63, the maximum drawdown is 18.23%, and the volatility is 17.91%. The latest holding includes gold ETFs[20] - The "High Prosperity/Dividend Rotation Strategy" alternates between high-growth and dividend strategies based on signals. When the signal indicates high growth, the portfolio includes 50% ChiNext ETFs and 50% STAR 50 ETFs. When the signal indicates dividends, the portfolio includes 50% low-volatility dividend ETFs and 50% central enterprise dividend 50 ETFs. From the beginning of 2021 to the present, the annualized return of the strategy is 19.01%, with an excess return of 22.13% compared to equal-weighted indices. The Sharpe ratio is 0.85, the maximum drawdown is 22.91%, and the volatility is 24.43%. The latest holdings include low-volatility dividend ETFs and central enterprise dividend 50 ETFs (60% combined), as well as ChiNext ETFs and STAR 50 ETFs (40% combined)[23] - The "Dual Bond LOF Enhanced Strategy" adjusts the weights of bond-heavy portfolios and other products to ensure a higher proportion of bonds. The strategy uses the volatility of weekly returns to normalize weights, with bonds typically having lower volatility, thus increasing their weight. From 2019 to the present, the annualized return of the strategy is 6.81%, the Sharpe ratio is 2.55, the maximum drawdown is 2.42%, and the volatility is 2.58%, all outperforming the dual bond LOF benchmark[26] - The "Structured Risk Parity Strategy (QDII)" replaces the XinXuan ETF pool with a strategy pool that includes QDII products, domestic long-term bond ETFs, gold, and domestic dividend ETFs. From the beginning of 2024 to the present, the strategy achieved a return of 22.27%, a maximum drawdown of 2.38%, a volatility of 4.85, and a Sharpe ratio of 2.93[27][29] - **Backtest Results for Strategies** - XinXuan Technical Quantitative Strategy: Total return 29.91%, annualized return 23.33%, maximum drawdown -6.30%, volatility 18.11%, Sharpe ratio 1.13[32] - High Prosperity/Dividend Rotation Strategy: Total return 45.11%, annualized return 34.76%, maximum drawdown -22.04%, volatility 35.90%, Sharpe ratio 0.94[32] - China-U.S. Core Asset Portfolio: Total return 53.79%, annualized return 41.19%, maximum drawdown -10.86%, volatility 17.52%, Sharpe ratio 1.94[32] - Dual Bond Enhanced Strategy: Total return 8.64%, annualized return 6.86%, maximum drawdown -2.26%, volatility 3.51%, Sharpe ratio 1.34[32] - Structured Risk Parity Strategy (QDII): Total return 22.27%, annualized return 17.48%, maximum drawdown -2.38%, volatility 4.85, Sharpe ratio 2.93[32] - All-Weather Multi-Asset Risk Parity Strategy: Total return 17.51%, annualized return 13.80%, maximum drawdown -3.62%, volatility 4.50, Sharpe ratio 2.45[32]

Core Viewpoint - The recent surge in the secondary market prices of gold and bank-themed ETFs reflects a growing preference for stable assets amid global market volatility [2][4][12] Group 1: Bank-Themed ETFs - The banking sector, characterized by low valuations and high dividends, stands out among A-share listed companies, attracting significant investor interest [3][9] - As of April 18, several bank-themed ETFs, including the Huabao CSI Bank ETF, reached historical highs, with the latter showing a 0.98% increase on that day [6][10] - The largest bank-themed ETF, Huabao CSI Bank ETF, has a scale of 7.997 billion yuan, significantly leading over its closest competitor [10] - Active equity funds are also increasing their holdings in the banking sector, with a reported total market value of 55.584 billion yuan, up 22.87% quarter-on-quarter [10] Group 2: Gold-Themed ETFs - Gold-themed ETFs have also seen significant price increases, with both commodity ETFs tracking gold spot contracts and stock ETFs tracking gold-related stocks experiencing over 27% growth this year [8][11] - The largest domestic gold-themed ETF, Huazhong Gold ETF, has a scale of 59.2 billion yuan, followed by Bosera Gold ETF and E Fund Gold ETF [11] - Gold ETFs have attracted substantial net inflows this year, with Huazhong Gold ETF alone receiving 20.9 billion yuan [11] Group 3: Market Conditions and Investor Sentiment - The current uncertain environment has led to increased funds flowing into stable assets like bank and gold-themed ETFs [8][12] - The banking sector's fundamentals are considered stable, with a dividend yield of approximately 6.1%, ranking second among all primary industries [12] - Recent announcements of targeted A-share stock issuances by major state-owned banks signal confidence in the banking sector's future performance, potentially alleviating investor concerns [13]

Core Insights - The ETF market has experienced significant growth, with total market size reaching 3.72 trillion yuan, an increase of 81.57% year-on-year, and the number of ETF holders growing to 20.95 million, a 10.8-fold increase since mid-2019 [2][9] - The report provides a comprehensive analysis of investor behavior, revealing insights into demographics, investment preferences, and strategies, aimed at enhancing the understanding of the ETF ecosystem [1][9] Investor Demographics - Investors aged 30-40 remain the core demographic, accounting for over 30% of the market, while the under-25 age group has seen a remarkable growth rate of 212% [3] - Male investors represent approximately 58% of the ETF market, slightly higher than female investors, although the proportion of female investors in the ETF market exceeds that in the stock market by 1.4 percentage points [3] - Geographically, ETF investors are concentrated in first-tier and new first-tier cities, with Shanghai's ETF customer base accounting for nearly 10% despite only representing 1.7% of the national population [3] Investment Behavior - Approximately 55% of ETF investors have achieved profits of over 2% in the past year, indicating a favorable earning effect, while the proportion of investors facing significant losses is relatively low [2] - The average holding amount for ETF customers has increased from 85,000 yuan in 2020 to 112,000 yuan in 2024, reflecting a rising trend in investment [5] - The report highlights that 44% of customers hold their investments for less than one month, while nearly 27% hold for over a year, with a small fraction maintaining positions for five years or more [5] Investment Preferences - There is a notable preference for high-growth sectors, with the Sci-Tech sector accounting for about 15% of new trading customers, particularly in the Sci-Tech 50 and semiconductor chip sectors [5] - The report indicates that 51.6% of non-investors cite a lack of understanding of ETFs as the primary barrier to entry, while 17.3% express concerns about lower returns compared to stocks [4] Information Sources and Strategies - Nearly 90% of ETF investors pay attention to KOLs (Key Opinion Leaders) across various media, with a preference for those providing regular insights and investment strategies [6] - The report suggests that systematic investment strategies, such as dollar-cost averaging, have shown better performance in terms of average returns and win rates [7][8] - The company emphasizes the importance of diversified asset allocation to mitigate risks and enhance returns, with a focus on various ETF products tailored to different market conditions [8]

Group 1 - BYD's market value has surpassed CATL, reclaiming the top position in the Shenzhen market after several years [1][2] - As of the latest data, BYD's market value stands at 1.07 trillion yuan, leading CATL by a slight margin, while significantly outpacing other companies like Midea Group and Wuliangye [2][3] - CATL has become the top holding stock for public funds, with a total market value held by 2861 funds amounting to 178.575 billion yuan, representing 17.2% of CATL's circulating shares [3][4] Group 2 - Public funds have shown a preference for CATL due to its leading position in the power battery sector and stable performance, while BYD's holdings are less than a quarter of CATL's [3][5] - The rapid growth of ETFs has attracted passive investment towards CATL, which is a major component of both the CSI 300 and ChiNext indices, enhancing its market weight [4][6] - CATL's weight in the CSI 300 index is approximately 3.22%, while BYD's is around 1.62%, indicating a significant difference in public fund allocations [6][7] Group 3 - The traditional investment criteria of public funds favor stable earnings and predictable cash flows, which aligns more with CATL's business model compared to BYD's diversified operations [7][8] - The shift in market preferences towards industry leaders is evident, as new indices are being developed to better reflect the changing economic landscape, moving away from traditional valuation metrics [8][9] - The emergence of new technologies and industries, such as AI chips and power batteries, is challenging public funds' understanding and investment strategies, leading to potential mispricing of growth opportunities [8][9]

Core Insights - The disclosure of public fund annual reports has revealed the holdings of private equity funds, with a total of 6.871 billion shares held by private equity institutions explicitly named "private equity" across 210 managers [1] - Major private equity firms are increasingly favoring Hong Kong and overseas market ETFs, indicating a strategic shift towards international investments [1][2] Group 1: Major Private Equity Holdings - Chongyang Investment has heavily invested in two Hong Kong pharmaceutical ETFs, holding 2.148 billion shares in the Bosera Hang Seng Healthcare ETF and 1.008 billion shares in the GF CSI Hong Kong Innovative Drug ETF, marking a significant increase from the previous year [1][2] - Jinglin Asset's "Jinglin Stable" holds 394 million shares in the Bosera Hang Seng Healthcare ETF and has consistently appeared among the top ten holders since 2022 [6] - Other notable private equity firms like Dongfang Gangwan Investment and Yong'an Guofu Asset have also diversified their portfolios through various ETFs, focusing on different market segments [8][9] Group 2: Investment Strategies and Market Trends - Private equity funds are utilizing ETFs to achieve diversified investments across industries and markets, effectively managing risks associated with individual stocks [11] - The trend of investing in ETFs is seen as a response to increasing market volatility, allowing private equity firms to maintain stable returns while minimizing research costs [11] - New entrants like Honghu Private Equity are targeting the Southeast Asian market, indicating a broader geographical investment strategy among private equity firms [9] Group 3: Other Notable Holdings - High Yi Asset and Ning Quan Asset have significant holdings in money market funds, with 8.06 billion and 7.22 billion shares respectively, indicating a preference for liquidity [13] - He Sheng Asset and Jin De Private Equity are focusing on REITs, with He Sheng holding 1.71 billion shares across nine REITs and Jin De holding 773 million shares across five REITs [16][17]

Core Viewpoint - CITIC Securities has made significant adjustments to its ETF holdings, increasing positions in certain ETFs while reducing others, indicating a strategic shift in investment focus towards specific sectors and market segments [1][9]. Group 1: ETF Holdings Overview - CITIC Securities holds the largest position in the Huaxia SSE 50 ETF with a market value of 2 billion yuan, despite a reduction of 50.91 million shares [2][3]. - The second largest holding is the Huaxia CSI A500 ETF, valued at 1.846 billion yuan, reflecting a stable investment strategy as no changes in holdings were reported [2][3]. - The Southern CSI 1000 ETF has seen an increase of 25.51 million shares, indicating a focus on small-cap stocks, which are expected to perform well in the current market environment [2][4]. Group 2: Increases in Holdings - The Southern CSI 1000 ETF was increased by 255 million shares, highlighting CITIC Securities' positive outlook on small-cap stocks and emerging industries [4][5]. - The Tianhong CSI Bank ETF was increased by 6.534 million shares, reflecting confidence in the banking sector amid a favorable macroeconomic environment [5][6]. - The E-Fund SSE 50 ETF saw an increase of 4.492 million shares, emphasizing the importance of large-cap blue-chip stocks in the investment strategy [5][6]. Group 3: Reductions in Holdings - CITIC Securities reduced its holdings in the Southern CSI 500 ETF by 860 million shares, indicating caution towards mid-cap stocks due to potential market uncertainties [7][8]. - The Huaxia SSE 50 ETF also experienced a reduction of 509 million shares, suggesting a strategic shift in focus away from large-cap stocks [7][8]. - The Southern MSCI China A50 ETF was reduced by 261 million shares, further reflecting a cautious approach to blue-chip stocks in the current market context [7][8]. Group 4: New Entrants and Exits - CITIC Securities entered the top ten holders of 46 new non-cash ETFs, indicating a diversification strategy to capture various market opportunities [9][10]. - The firm exited the top ten holders of the Hai Fu Tong SSE Urban Investment Bond ETF, Southern CSI 300 ETF, and the China Merchants CSI Dividend ETF, marking a significant portfolio adjustment [14][15].

Group 1 - The core viewpoint of the article highlights that Central Huijin's ETF holdings have exceeded 1 trillion yuan, indicating a significant increase in investment in various ETFs, particularly in large-cap and technology-focused sectors [2][3] Group 2 - As of the end of 2024, Central Huijin holds a total of 3.173 billion shares of ETFs, with a market value of 1.05 trillion yuan, reflecting an increase of 816 million shares and 462.4 billion yuan in market value compared to June 2024 [2] - The major ETFs that saw increased holdings include the four leading Hu-Shen 300 ETFs, where the shareholding rose from 1.337 billion shares in mid-2024 to 1.720 billion shares by year-end, with a total market value of 690.5 billion yuan [2] - Central Huijin also significantly increased its holdings in the CSI 1000 ETFs, with shares nearly doubling from 189 million to 373 million, and the market value rising from 53.2 billion yuan to 90.3 billion yuan [2] - The increase in holdings of the Sci-Tech Innovation Board related ETFs is notable, with a total of 1.84 billion shares held by year-end, up over 5.6 million shares from mid-2024, and the market value increasing from 9.3 billion yuan to 18.7 billion yuan [3] - Central Huijin's strategy reflects a comprehensive layout in the A-share market, targeting large-cap blue chips, small and medium enterprises, and technology innovation companies [3]