Core Viewpoint - The Hong Kong Technology ETF (513020) experienced a decline of 3.00% on October 13, with a trading volume of 464 million yuan, indicating a significant market movement in the technology sector [1] Group 1: Fund Performance - The total shares of the Hong Kong Technology ETF increased by 126 million, bringing the latest total to 3.593 billion shares, with an increase of 825 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated at 4.651 billion yuan [1] - Since its establishment on January 19, 2022, the fund has achieved a return of 29.44%, with a one-month return of 1.89% [1] Group 2: Management and Benchmark - The fund is managed by Guotai Fund Management Co., Ltd., with Liang Xing as the fund manager [1] - The performance benchmark for the Hong Kong Technology ETF is the CSI Hong Kong Stock Connect Technology Index, adjusted for valuation exchange rates [1]

Group 1 - The Hong Kong Technology ETF (159751) experienced a slight decline of 0.08% on October 9, with a trading volume of 435 million yuan [1] - The fund's shares increased by 10 million, bringing the total shares to 947 million, with a total increase of 211 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.197 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Technology ETF is the CSI Hong Kong Stock Connect Technology Index return [1] - The fund is managed by Penghua Fund Management Co., Ltd., with Zhang Yuxiang as the fund manager [1] - Since its inception on December 10, 2021, the fund has achieved a return of 26.44%, with a return of 9.52% over the past month [1]

Group 1 - Hong Kong stocks strengthened today, with technology-related concepts such as semiconductors, integrated circuits, and chips leading the gains [1] - As of the market close, the CSI Hong Kong Stock Connect Internet Index rose by 2.3%, the Hang Seng Technology Index increased by 2.1%, and the Hang Seng Hong Kong Stock Connect New Economy Index climbed by 1.9% [1] - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index and the CSI Hong Kong Stock Connect Consumer Theme Index both rose by 1.8% [1] Group 2 - According to Wind data, as of last Friday, the net inflow for the E Fund Hang Seng Technology ETF (513010) exceeded 4 billion yuan in the past month, ranking first among similar ETFs [1] - The Hang Seng New Economy ETF tracks the Hang Seng Hong Kong Stock Connect New Economy Index, which consists of the 50 largest stocks in "new economy" sectors within the Stock Connect range [2] - The Hang Seng Technology ETF tracks the Hang Seng Technology Index, composed of the 30 largest stocks highly related to technology, with over 90% of the index comprising information technology and consumer discretionary sectors [2] Group 3 - The Hang Seng Medical ETF tracks the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index, which includes 50 highly liquid and large-cap stocks in the healthcare sector, accounting for over 90% of the index [2] - The Hang Seng Internet ETF tracks the CSI Hong Kong Stock Connect Internet Index, consisting of stocks from 30 leading internet companies, primarily in information technology and consumer discretionary sectors [2] - The Hang Seng Consumer ETF tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which includes 50 large-cap consumer stocks, with nearly 60% in consumer discretionary [3]

Core Viewpoint - The A-share market has entered an upward platform period, with investor sentiment leaning towards risk aversion before the holiday, but a potential recovery in trading willingness post-holiday due to reduced macro uncertainties [1] Market Analysis - The market is expected to experience a period of low-volume fluctuations as the positive feedback from capital continues and the fundamentals improve [1] - After the holiday, there is a window for policy and performance layout as investor trading willingness is likely to recover [1] Investment Strategy - Investors are advised to make slight adjustments to their positions, focusing on low-position sectors such as Hong Kong technology, domestic computing power, and robotics [1] - The report highlights the importance of sectors benefiting from "anti-involution," including chemicals, batteries, and leading consumer goods companies [1]

Group 1 - The Hong Kong Technology ETF (513020) increased by 1.07% on September 22, with a trading volume of 493 million yuan [1] - The fund's shares rose by 105 million, bringing the total shares to 3.141 billion, with an increase of 722 million shares over the last 20 trading days [1] - The latest net asset value of the fund is 4.155 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Technology ETF is the CSI Hong Kong Stock Connect Technology Index, adjusted for valuation exchange rates [1] - The fund is managed by Guotai Fund Management Co., Ltd., with Liang Xing as the fund manager [1] - Since its establishment on January 19, 2022, the fund has achieved a return of 32.29%, with a one-month return of 6.40% [1]

Group 1: Core Insights - The report analyzes the fund flow of exchange-traded index funds from September 15 to September 19, 2025, highlighting significant trends in various categories [1][2]. - The overall fund flow indicates a mixed performance across different index categories, with notable outflows in major indices like the Shanghai Composite and CSI 300 [6][7]. Group 2: Fund Flow by Category - The Shanghai 50 index had a fund size of 159.46 billion yuan, with a weekly decline of 1.71% and a net outflow of 5.98 billion yuan [6]. - The CSI 300 index, with a fund size of 983.45 billion yuan, experienced a slight decline of 0.39% and a significant net outflow of 33.92 billion yuan [6]. - The ChiNext index showed a positive trend with a weekly increase of 2.17% and a net inflow of 5.76 billion yuan, indicating investor interest in growth sectors [6]. - In the technology sector, the large technology category saw a fund size of 216.69 billion yuan, with a weekly increase of 2.20% and a substantial net inflow of 58.01 billion yuan [7]. - The large financial category faced a decline of 3.20% with a net inflow of 140.61 billion yuan, suggesting a shift in investor sentiment [7]. Group 3: Sector Performance - The healthcare sector had a fund size of 100.16 billion yuan, with a weekly decline of 2.11% and a modest net inflow of 5.94 billion yuan, reflecting cautious investor behavior [7]. - The manufacturing sector reported a fund size of 72.82 billion yuan, with a weekly increase of 2.19% and a net inflow of 64.79 billion yuan, indicating resilience in this area [7]. - The consumer sector showed a slight decline of 0.24% with a net inflow of 32.55 billion yuan, suggesting mixed investor confidence [7]. Group 4: International Indices - The Nasdaq 100 index had a fund size of 78.42 billion yuan, with a weekly increase of 1.84% and a net outflow of 0.67 billion yuan, indicating fluctuating investor interest [11]. - The S&P 500 index reported a fund size of 20.84 billion yuan, with a slight increase of 0.50% and a net inflow of 0.77 billion yuan, reflecting stable performance [11]. - The Hang Seng index had a fund size of 19.17 billion yuan, with a weekly increase of 0.40% and a net outflow of 3.72 billion yuan, suggesting challenges in the Hong Kong market [11].

Core Viewpoint - The A-share market is experiencing short-term volatility due to external disturbances, with major indices showing mixed performance and a decline in trading activity, influenced by multiple factors [4][5]. Short-term Volatility Reasons - Increased external disturbances, including fluctuations in the US dollar post-Fed rate cuts and geopolitical uncertainties, are putting pressure on risk appetite [4]. - The market is seeing a concentration of adjustments in traditional sectors such as metals, real estate, and finance, with a notable release of profit-taking pressure [4]. - The trading congestion level of the index is at a relatively high position compared to the past two years, indicating increased trading activity and profit-taking behavior, yet the core assets represented by the CSI 300 have not exceeded last year's pre-National Day highs, suggesting potential for upward movement [4][5]. Domestic Funds and Industry Trends - Despite a slight decline in trading volume on September 19, overall fund activity remains high, with margin financing balance at 2.54% of A-share market capitalization and 11.8% of trading volume, both at near-high levels [6]. - Retail investor participation is increasing, with net inflows into stock ETFs excluding broad-based ETFs, and a continued preference for growth sectors, although some funds are shifting towards cyclical and value sectors [6]. Mid-term Fundamental Trends - High-frequency data and macro indicators show signs of stabilization, with the M1-M2 spread continuing to rise, indicating a shift of household deposits towards the stock market [8]. - The Producer Price Index (PPI) showed year-on-year improvement in August, with upstream prices recovering, suggesting that the capacity cycle is stabilizing [8]. Market Outlook - The market is expected to maintain a volatile consolidation pattern in the short term, with trading volume stabilization being a key observation indicator [12]. - Investment strategies should focus on high-growth sectors while also considering low-valuation defensive sectors to balance risk [15].

Group 1 - The Hong Kong technology sector showed strong performance in early trading on September 19, with the Hong Kong Technology 30 ETF (513160) initially rising by 1.17% and trading volume exceeding 2.8 billion yuan [1] - Notable stocks leading the gains included SenseTime-W, InnoCare Pharma, Hua Hong Semiconductor, and SMIC, while stocks like Oriental Selection and Meitu led the declines [1] - Since August 29, the ETF has seen a continuous net inflow of funds, accumulating 1.29 billion yuan over 15 trading days [1] Group 2 - NVIDIA announced a $5 billion investment in Intel, resulting in a 22.77% increase in Intel's stock price, which has heightened market interest in the technology sector [1] - The progress of Alibaba's chip business (Pingtouge) is also attracting attention, contributing to the positive sentiment in the technology sector [1] - CITIC Securities reported that the performance of Hong Kong stocks in the first half of 2025 is stabilizing with positive growth, and they expect a turning point in performance growth in the second half of 2025 [1] Group 3 - The Hong Kong Technology 30 ETF (513160) closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes mainland companies engaged in technology business listed in Hong Kong [2] - The top ten holdings of the ETF include major technology stocks such as SMIC, Kuaishou-W, Tencent Holdings, Alibaba-W, and Xiaomi Group-W [2] - For ordinary investors, investing directly in multiple Hong Kong technology stocks can be complex, but this ETF allows for a simplified investment in a basket of quality technology companies [2]

1. Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds - Data Date: September 8 - 12, 2025 - Research Institution: Great Wall Securities Industrial Finance Research Institute - Analyst: Jin Ling - Report Date: September 17, 2025 [1] 2. Core View - The report presents the capital flow, fund scale, and weekly price change data of various exchange-traded index funds from September 8 - 12, 2025, covering comprehensive, industry theme, style strategy, enterprise nature, regional, QDII, bond, commodity, and index-enhanced funds. 3. Summary by Category Comprehensive Index Funds - **Fund Performance**: The Shanghai Composite 50 had a fund scale of 15.9456 billion yuan, a weekly increase of 0.99%, and a net weekly capital outflow of 394 million yuan; the CSI 300 had a scale of 98.3449 billion yuan, a rise of 1.51%, and an outflow of 4.095 billion yuan; the CSI 500 had a scale of 14.012 billion yuan, a 3.41% increase, and an inflow of 1.174 billion yuan [6]. Industry Theme Index Funds - **Sector Performance**: The large technology sector had a fund scale of 21.6688 billion yuan, a 5.13% increase, and an outflow of 6.616 billion yuan; the large finance sector had a scale of 12.8483 billion yuan, a 0.92% rise, and an inflow of 11.468 billion yuan; the large health sector had a scale of 10.0161 billion yuan, a 0.50% decline, and an inflow of 6.432 billion yuan [7]. Style Strategy Index Funds - **Style Performance**: The dividend style had a fund scale of 5.9877 billion yuan, a 1.01% increase, and an inflow of 633 million yuan; the growth style had a scale of 730.6 million yuan, a 3.02% increase, and an outflow of 252 million yuan; the value style had a scale of 330.8 million yuan, a 1.11% increase, and an outflow of 102 million yuan [9]. QDII Index Funds - **Overseas Market Performance**: The Nasdaq 100 had a fund scale of 7.8421 billion yuan, a 0.73% increase, and an outflow of 197 million yuan; the S&P 500 had a scale of 2.0837 billion yuan, a 0.69% increase, and an outflow of 38 million yuan; the German DAX had a scale of 975 million yuan, a 0.43% decline, and an inflow of 101 million yuan [11]. Bond Index Funds - **Bond Type Performance**: The 30-year bond had a fund scale of 896.9 million yuan, a 1.18% decline, and an inflow of 149 million yuan; the 10-year bond had a scale of 409 million yuan, a 0.20% decline, and no net inflow; the 5 - 10-year bond had a scale of 3.8952 billion yuan, a 0.26% decline, and an outflow of 302 million yuan [12]. Commodity Index Funds - **Commodity Performance**: Gold had a fund scale of 7.0887 billion yuan, a 2.33% increase, and an inflow of 2.095 billion yuan; soybean meal had a scale of 419.3 million yuan, a 0.75% increase, and an inflow of 12 million yuan; non-ferrous metals had a scale of 74.5 million yuan, a 1.40% increase, and an inflow of 7.7 million yuan [12]. Index-Enhanced Funds - **Index Enhancement Performance**: The Shanghai Composite 50 index-enhanced fund had a scale of 76 million yuan, a 0.99% increase, and no net inflow; the CSI 300 had a scale of 320.9 million yuan, a 1.30% increase, and an outflow of 108 million yuan; the CSI 500 had a scale of 197.8 million yuan, a 2.72% increase, and an inflow of 21.6 million yuan [12].

Core Viewpoint - The Hong Kong Technology 50 ETF (159750) experienced a 2.14% increase in value on September 5, with a trading volume of 81.78 million yuan, indicating positive market sentiment towards technology stocks in Hong Kong [1] Group 1: Fund Performance - The fund's latest net asset value is calculated at 918 million yuan [1] - Since its inception on January 26, 2022, the fund has achieved a return of 9.12% [1] - Over the past month, the fund has delivered a return of 2.84% [1] Group 2: Fund Activity - On the same day, the fund's shares increased by 2 million, bringing the total shares to 842 million [1] - In the last 20 trading days, the fund's shares have increased by 17.4 million [1] Group 3: Management Information - The fund is managed by China Merchants Fund Management Co., Ltd., with Liu Chongjie as the fund manager [1] - The performance benchmark for the fund is the China Securities Hong Kong Technology Index return (adjusted for exchange rates) [1]