Core Insights - ZTE Information (688258.SH) reported its Q3 2025 results, revealing that as of October 23, 2025, eight institutional investors held a total of 9.866 million shares, representing 8.14% of the company's total equity, a decrease of 1.78 percentage points from the previous quarter [1] Institutional Holdings - The total institutional holding in ZTE Information decreased by 1.78 percentage points compared to the previous quarter [1] - The institutional investors include major entities such as Industrial and Commercial Bank of China and various mutual funds [1] Public Fund Activity - One public fund, Debon Stable Growth Flexible Allocation Mixed A, increased its holdings by 0.50% compared to the previous quarter [2] - Two public funds, Nuon Active Return Mixed A and Huashan Small and Medium Cap Growth Mixed, reduced their holdings by a total of 0.31% [2] - A total of 284 public funds did not disclose their holdings this quarter, including several notable funds [2] Social Security Fund Involvement - Two new social security funds disclosed their holdings in ZTE Information, namely the National Social Security Fund 114 Portfolio and the National Social Security Fund 418 Portfolio [2] Foreign Investment - J.P. Morgan Securities PLC did not disclose its holdings in the current quarter, indicating a lack of foreign investment reporting [3]

Core Insights - As of October 22, 2025, a total of 6 institutional investors hold shares in Jingbeifang (002987.SZ), with a combined holding of 510 million shares, representing 58.85% of the total share capital [1] - The institutional holding ratio decreased by 1.55 percentage points compared to the previous quarter [1] - Among public funds, only one fund, Huabao CSI Financial Technology Theme ETF, increased its holdings, with an increase ratio of 0.31% [1] - Two public funds, Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, reported a slight decrease in holdings compared to the previous quarter [1] - A total of 73 public funds did not disclose their holdings this period, including notable funds such as GF CSI 1000 ETF and China Ocean Quality Growth Mixed Fund [1] - From the foreign investment perspective, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.19% [2] - Barclays Bank PLC is noted as a foreign institution that did not disclose its holdings this period [2]

Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Viewpoints - The bond market in China showed a volatile trend. Before the National Day (2025.09.22 - 2025.09.30), it maintained a weak oscillation, and after the National Day (2025.10.09 - 2025.10.10), the bond market sentiment improved, and the yields generally declined. The central bank will continue to support liquidity, and the bond supply in the fourth quarter may gradually decrease, so the relatively fragile situation of the bond market sentiment is expected to improve. However, the current market's continuous bullish sentiment is not strong, and the repair amplitude may be relatively limited [2][9]. - The US Treasury yields fluctuated. Before the National Day, they rose, and during and after the National Day, they declined. The continuous "shutdown" of the US government and the divergence of Fed officials on interest - rate cuts have affected the market [10]. - REITs continued to face pressure. Before and after the National Day, the CSI REITs Total Return Index declined, with only the environmental protection and people's livelihood sector rising slightly after the National Day. In the primary market, there were new developments for some REITs [11]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Pan - Fixed - Income Market Review and Observation - **Bond Market Review**: Before the National Day, the 1 - year Treasury yield decreased by 1.72BP to 1.37%, the 10 - year yield decreased by 0.42BP to 1.86%, and the 30 - year yield increased by 5.7BP to 2.25%. After the National Day, the 1 - year yield decreased by 0.88BP to 1.37%, the 10 - year yield decreased by 1.45BP to 1.85%, and the 30 - year yield increased by 3.68BP to 2.28%. Due to the relief of the pressure to realize floating profits at the end of the quarter and the central bank's continuous support for market liquidity, the bond market sentiment improved [2][9]. - **US Treasury Yield Fluctuation**: Before the National Day, the 1 - year US Treasury yield increased by 8BP to 3.68%, the 2 - year yield increased by 3BP to 3.60%, and the 10 - year yield increased by 2BP to 4.16%. During and after the National Day, the 1 - year yield decreased by 8BP to 3.60%, the 2 - year yield decreased by 8BP to 3.52%, and the 10 - year yield decreased by 11BP to 4.05%. The continuous "shutdown" of the US government and the divergence of Fed officials on interest - rate cuts affected the market [10]. - **REITs Performance**: Before the National Day, the CSI REITs Total Return Index decreased by 0.92% to 1061.47 points, and all types of REITs generally declined. After the National Day, the index decreased by 0.26% to 1058.71 points, with only the environmental protection and people's livelihood sector rising slightly. As of October 10, 2025, 16 REITs had completed fundraising and listing in 2025. Last week, 3 new public REITs and 1 expansion - offering REIT made new progress [11]. 1.2. Public Fund Market Dynamics - The first foreign - funded consumer REIT, Huaxia CapitaLand Commercial REIT, was successfully listed on the Shanghai Stock Exchange on September 29, 2025. It is the 75th public REIT in China and a benchmark case for the internationalization, diversification, and specialization of the Chinese public REIT market [3][12]. 2. Pan - Fixed - Income Fund Index Performance Tracking - **Currency Enhancement Index**: Last week (2025.10.09 - 2025.10.10), it rose by 0.00%, with a cumulative return of 4.16% since its establishment. It aims at liquidity management, pursues a curve that surpasses money - market funds and rises smoothly, and mainly allocates money - market funds and inter - bank certificate of deposit index funds. The performance comparison benchmark is the CSI Money Fund Index [4][13][15]. - **Pure Bond Index**: - **Short - Term Bond Fund Preferred Index**: Last week, it rose by 0.00%, with a cumulative return of 4.27% since its establishment. It aims at liquidity management, pursues a smooth - rising curve on the basis of ensuring drawdown control, and mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities. The performance comparison benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money - Market Fund Index [4][13][18]. - **Medium - and Long - Term Bond Fund Preferred Index**: Last week, it rose by 0.01%, with a cumulative return of 6.06% since its establishment. It invests in medium - and long - term pure bond funds, pursues stable returns while controlling drawdowns, and selects 5 funds each period. It adjusts the duration and the ratio of credit bond funds and interest - rate bond funds according to market conditions [4][14][20]. - **Fixed - Income + Index**: - **Low - Volatility Fixed - Income + Preferred Index**: Last week, it fell by 0.18%, with a cumulative return of 3.99% since its establishment. The equity center is positioned at 10%, and 10 funds are selected each period. It selects fixed - income + targets with an equity center within 15% in the past three years and recently. The performance comparison benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [4][14][22]. - **Medium - Volatility Fixed - Income + Preferred Index**: Last week, it fell by 0.45%, with a cumulative return of 5.59% since its establishment. The equity center is positioned at 20%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 15% and 25% in the past three years and recently [4][14][23]. - **High - Volatility Fixed - Income + Preferred Index**: Last week, it fell by 0.42%, with a cumulative return of 7.78% since its establishment. The equity center is positioned at 30%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 25% and 35% in the past three years and recently [4][14][27]. - **Convertible Bond Fund Preferred Index**: Last week, it rose by 0.89%, with a cumulative return of 23.01% since its establishment. It selects bond - type funds with a convertible - bond investment proportion of at least 60% in the latest period and at least 80% on average in the past four quarters as the sample space, and selects 5 funds to form the index [4][14][29]. - **QDII Bond Fund Preferred Index**: Last week, it rose by 0.23%, with a cumulative return of 10.37% since its establishment. It selects 6 funds with stable returns and good risk control based on the credit and duration of overseas bonds [4][14][32]. - **REITs Fund Preferred Index**: Last week, it fell by 0.19%, with a cumulative return of 34.27% since its establishment. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset types of REITs [4][14][33].

Macro and Strategy Research - The report discusses the evolution of exchange rate systems globally, categorizing them into four types: hard peg, soft peg, floating exchange rates, and others. It highlights that the choice of exchange rate systems is influenced by various constraints, including trade development and financial stability, alongside monetary policy independence [3] - The Chinese yuan's exchange rate mechanism is based on market supply and demand, referencing a basket of currencies, and follows a managed floating exchange rate system. This system has evolved through four stages, balancing government guidance and market demand while ensuring financial stability [3][4] Yuan Exchange Rate Analysis Framework - A "3+1" framework is established for analyzing the yuan's exchange rate from long, medium, and short-term perspectives, incorporating institutional regulation. Long-term factors focus on purchasing power parity, interest rate parity, and behavioral equilibrium exchange rate models. Medium-term factors emphasize the impact of the balance of payments, while short-term factors consider market sentiment and investor psychology [4] - The People's Bank of China plays a crucial role in stabilizing the foreign exchange market through various counter-cyclical adjustment measures to prevent market volatility and herd behavior [4] Yuan Exchange Rate Model Prediction - The report constructs a prediction model for the yuan's spot exchange rate using key indicators such as the US-China 2-year bond yield spread, PMI export orders, and the US dollar index. The model shows a good fit with an R^2 of 0.92, indicating a strong predictive capability for exchange rate turning points, although it notes limitations during periods of policy changes and external shocks [4] Fixed Income Research - The report indicates that the issuance guidance rates for credit bonds have generally increased, with a change of -13 basis points from the end of Q2 2025 to the end of Q3 2025. The total issuance scale in Q3 2025 saw a slight decrease, with corporate bonds and medium-term notes experiencing reduced issuance, while short-term financing bonds and targeted tools saw increases [6][7] - The credit bond market showed a slight increase in transaction volume in Q3 2025, with corporate bonds and medium-term notes seeing decreased transaction amounts. The overall yield on credit bonds has been on the rise, particularly in September [7] - The report suggests that despite market fluctuations, the conditions for a comprehensive bear market in credit bonds are insufficient, and a long-term downward trend in yields is anticipated. The strategy recommends increasing allocations during adjustments, focusing on the trend of interest rate bonds while considering individual bond coupon values [7][8] Fund Research - The report notes that all major equity market indices rose, with the largest increase in the Sci-Tech 50 index, which rose by 6.47%. The report also highlights that the public fund scale reached a new high [10][11] - In the ETF market, there was a net inflow of 103.12 billion yuan, with bond ETFs receiving the most significant inflow due to the establishment of new Sci-Tech bond ETFs. The average daily trading volume in the ETF market reached 476.15 billion yuan [11][12]

Group 1: ETF Industry News - Major indices collectively rose, with the securities ETFs experiencing significant gains. The leading securities ETF (159993.SZ) increased by 5.61%, while the broker ETF (159842.SZ) rose by 5.19% and the securities ETF from Fuqu (515850.SH) increased by 5.07% [1][3] - The banking sector saw declines in several ETFs, with the banking ETF index fund (516210.SH) down by 0.52%, the Tianhong banking ETF (515290.SH) down by 0.42%, and the banking ETF (159887.SZ) down by 0.39% [1] Group 2: Public Fund Scale - The total scale of public funds in China surpassed 36 trillion yuan, marking a new historical high for the fifth time this year. The growth was primarily driven by active equity funds, with stock fund net value increasing by 12.76% month-on-month [2] Group 3: Market Overview - On September 29, the three major indices rose collectively, with the Shanghai Composite Index up by 0.9% to close at 3862.53 points, the Shenzhen Component Index up by 2.05% to 13479.43 points, and the ChiNext Index up by 2.74% to 3238.01 points [3] - Over the past five trading days, the STAR 50, ChiNext Index, and CSI A500 showed strong performance, with increases of 4.39%, 4.19%, and 2.23% respectively [3] Group 4: Sector Performance - In today's performance, the non-bank financial, non-ferrous metals, and power equipment sectors led the gains, with daily increases of 3.84%, 3.78%, and 3.07% respectively. Conversely, the coal, banking, and social services sectors lagged behind with declines of -0.84%, -0.46%, and -0.24% [4] - Over the past five trading days, power equipment, non-ferrous metals, and non-bank financial sectors also performed well, with increases of 6.77%, 6.4%, and 2.91% respectively [4] Group 5: ETF Market Performance - The average daily performance of various ETF categories showed that the thematic stock index ETFs performed the best with an average increase of 1.53%, while bond ETFs had the poorest performance with an average increase of only 0.01% [5] - The top three performing stock ETFs today were the securities ETF leader (159993.SZ) with a gain of 5.61%, the battery 50 ETF (159796.SZ) with a gain of 5.20%, and the broker ETF (159842.SZ) with a gain of 5.19% [7] - The top three ETFs by trading volume were the securities ETF (512880.SH) with a trading volume of 7.892 billion yuan, the A500 ETF from Southern (159352.SZ) with 6.056 billion yuan, and the A500 ETF fund (512050.SH) with 5.728 billion yuan [8]

一、ETF行业快讯1.三大指数集体上涨，证券ETF爆发 今日，三大指数集体上涨，上证综指上涨0.9%，深证成指上涨2.05%，创业板指上涨2.74%。多只非银金融板块ETF上涨，其中，证券ETF龙头(159993.SZ)上 涨5.61%，券商ETF(159842.SZ)上涨5.19%，证券ETF富国(515850.SH)上涨5.07%。银行板块多只ETF下跌，银行ETF指数基金(516210.SH)下跌0.52%，银行 ETF天弘(515290.SH)下跌0.42%，银行ETF(159887.SZ)下跌0.39%。2.公募规模突破36万亿再创新高 据证券时报，据中基协最新披露的数据，截至8月末，我国公募基金总规模突破36万亿元大关，年内第五次创下历史新高。分产品类型来看，受益于8月权益 市场的欢腾以及增量资金的踊跃，担纲规模增长主力的为主动权益类基金，其中股票基金净值环比增幅高达12.76%，从历史数据来看，单月实现两位数增 长亦实属罕见，美国、中国香港市场的升温也带动QDII规模的上扬。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，今日(9月29日，下同)三大指数集体上涨，其中上证指数上涨0 ...

Group 1 - The event "Investment has Young" aims to bridge the gap between public funds and young investors, promoting financial literacy and rational investment among university students [1][9] - The activity featured interactive sessions where fund managers shared their investment experiences and explained complex financial concepts in relatable terms, enhancing students' understanding of public fund operations and A-share market risks [3][5] - A financial literacy interactive experience was included, allowing students to reflect on their risk preferences through scenario-based questions, with fund managers providing real-time feedback to encourage rational investment thinking [7] Group 2 - The event was organized by Jiashi Fund in collaboration with several other funds, emphasizing the importance of high-quality development in public funds as part of a broader initiative [1][9] - The initiative is part of a larger action plan to promote the high-quality development of public funds, aligning with the goals of the "New Era, New Fund, New Value" campaign [1] - Jiashi Fund plans to continue engaging with universities and industry partners to spread the message of rational investment and support young individuals in their wealth management and career planning journeys [9]

Market Overview - The major indices in the equity market showed mixed performance, with the ChiNext Index rising by 2.34% and the Shanghai 50 Index declining by 1.98% [2] - Among the 31 first-level industries, 13 experienced gains, with the top five performing industries being coal, electrical equipment, electronics, automobiles, and machinery [2] - The five industries with the largest declines were banking, non-ferrous metals, non-bank financials, steel, and agriculture [2] Public Fund Market - The scale of the Shanghai and Shenzhen ETF exceeded 5.1 trillion yuan [2] - In the past month, 14 actively managed equity funds were closed early [2] - Among equity funds, the average increase for equity-oriented funds was 0.63%, while fixed income plus funds saw an average decline of 0.08% with a positive return ratio of 41.65% [2] - Pure bond funds had an average increase of 0.03%, and pension target FOFs rose by an average of 0.54% [2] - QDII funds averaged an increase of 1.37%, with a positive return ratio of 81.14% [2] Fund Positioning - The industries with the highest increases in active equity fund positions were media, coal, and electrical equipment, while the largest decreases were in electronics, pharmaceuticals, and comprehensive sectors [3] - The overall positioning of active equity funds was measured at 77.69% as of September 19, 2025, a decrease of 0.51 percentage points from the previous period [3] ETF Market - The ETF market saw a net inflow of 13.612 billion yuan last week, with cross-border ETFs contributing a net inflow of 16.079 billion yuan [3] - Stock ETFs experienced a net inflow of 4.856 billion yuan [3] - The average daily trading volume in the ETF market reached 469.267 billion yuan, with an average daily turnover rate of 10.34% [3] - Major inflow themes included brokerages, robotics, and gold ETFs, while broad-based funds continued to see outflows, particularly from the Shanghai Stock Exchange STAR 50, CSI 300, and CSI A500 indices [3] Fund Issuance - A total of 31 new funds were issued last week, a decrease of 24 from the previous period, while 56 new funds were established, an increase of 17 [3] - The total amount raised by new funds was 70.735 billion yuan, an increase of 48.941 billion yuan from the previous period [3]

Market Overview - The equity market saw all major indices rise last week, with the Sci-Tech 50 increasing by 5.48% and both the Small and Medium-sized Board Index and the CSI 500 rising over 3% [3] - Among the 31 first-level industries, 26 experienced gains, with the top five performing sectors being electronics, real estate, agriculture, media, and non-ferrous metals; the bottom five were comprehensive, banking, oil and petrochemicals, pharmaceuticals, and leisure services [3] Public Fund Market - The National Development and Reform Commission issued a notice to further promote the regular application and recommendation of real estate investment trusts (REITs) in the infrastructure sector [4] - The average increase for equity funds was 2.28%, while fixed income plus funds rose by 0.16%, with a positive return ratio of 54.51%; pure bond funds saw an average decline of 0.15% [4] - The overall equity fund position was measured at 78.29% as of September 12, 2025, an increase of 1.25 percentage points from the previous period [4] ETF Market - The ETF market experienced a net inflow of 4.434 billion yuan last week, with cross-border ETFs seeing a net inflow of 18.693 billion yuan, while stock ETFs had a net outflow of 5.382 billion yuan [5] - The average daily trading volume in the ETF market reached 439.932 billion yuan, with a daily turnover rate of 10.20% [5] - Major inflow themes included brokerages, batteries, and Hong Kong innovative pharmaceuticals, while broad-based funds continued to see outflows [5] Fund Issuance - A total of 55 new funds were issued last week, an increase of 11 from the previous period, with 39 newly established funds, up by 1 [6] - The total amount raised by new funds was 21.794 billion yuan, a decrease of 5.779 billion yuan from the prior period [6]

Market Overview - The A-share market saw all major indices rise last week, with the Sci-Tech 50, Small and Medium-sized Enterprises Index, and CSI 500 Index leading with returns of 5.48%, 3.66%, and 3.38% respectively, while the CSI 300, Shanghai Composite, and ChiNext Index lagged with returns of 1.38%, 1.52%, and 2.10% respectively [1][9] - In terms of trading volume, all major indices except the Sci-Tech 50 experienced a decline in trading volume last week [10] - The electronic, real estate, and agriculture sectors performed well, with returns of 5.98%, 5.82%, and 4.52% respectively, while the banking, comprehensive finance, and pharmaceutical sectors underperformed with returns of -0.64%, -0.58%, and -0.28% respectively [1][14] Fund Issuance and Performance - A total of 46 funds were reported last week, a decrease from the previous week, including 3 FOFs and 3 QDIIs [2] - Last week, 40 new funds were established with a total issuance scale of 21.794 billion yuan, which is a decrease from the previous week [3] - The Huashang Hong Kong Stock Connect Value Return Fund completed its fundraising on September 8, raising over 1 billion yuan with a subscription confirmation ratio of 32.95% [5] - The performance of open-end public funds showed that active equity, flexible allocation, and balanced mixed funds had returns of 2.18%, 1.73%, and 0.91% respectively [29][36] Fund Sales and Management - As of last week, there were 243 ordinary FOF funds, 119 target date funds, and 152 target risk funds in the open-end public fund category [35] - The top three fund sales institutions by equity fund holdings were Ant Fund, China Merchants Bank, and Tian Tian Fund, with holdings of 822.9 billion yuan, 492 billion yuan, and 349.6 billion yuan respectively [7] - The target date funds had the best median performance this year, with a cumulative return of 13.94% [36] Bond Market - As of last Friday, the central bank's reverse repo net injection was 196.1 billion yuan, with reverse repos maturing at 1,068.4 billion yuan, resulting in a net open market injection of 1,264.5 billion yuan [17] - The yield on government bonds of different maturities has increased, with credit spreads widening by 3.69 basis points [18][23] Sector Performance - Over the past month, the communication sector has seen the highest cumulative increase of 25.38%, while the comprehensive finance sector has experienced a cumulative decline of 5.53% [14] - Year-to-date, the communication, non-ferrous metals, and electronics sectors have shown high cumulative returns of 63.94%, 60.31%, and 38.03% respectively, while sectors like coal, transportation, and food and beverage have the lowest returns [14][16]