Core Viewpoint - The A500 ETF, as the second largest broad-based index in the A-share market, is expected to ignite a new round of competition, especially with the potential inclusion of selected A500 ETFs as options trading targets by the Shanghai and Shenzhen Stock Exchanges [1][2]. Group 1: Market Dynamics - The first batch of A500 ETFs has been listed for over a year, and the inclusion of options trading targets is anticipated [2]. - Currently, there are over 40 A500-related ETFs listed, with both exchanges holding a significant share of the market [2]. - The total scale of the 40 A500 ETFs and enhanced ETFs is approximately 192.82 billion yuan, with three ETFs exceeding 20 billion yuan in scale [3][6]. Group 2: Trading Activity - On October 20, A500 ETFs dominated trading volumes, with five of the top ten stock ETFs by trading volume being A500 ETFs [4]. - The leading A500 ETF by trading volume was Huaxia A500 ETF, with a trading volume of 5.08 billion yuan, followed by Guotai A500 ETF and Huatai-PineBridge A500 ETF, both exceeding 4 billion yuan [4]. - The total trading volume of A500 ETFs exceeded 27.4 billion yuan, indicating strong liquidity in the market [4]. Group 3: Competitive Landscape - The leading A500 ETFs by scale include Huatai-PineBridge A500 ETF (23.90 billion yuan), Guotai A500 ETF (21.88 billion yuan), and E Fund A500 ETF (21.17 billion yuan) [7][10]. - The competition among A500 ETFs is intensifying, especially as the market anticipates the inclusion of certain ETFs as options trading targets [9][11]. - A total of 17 A500 ETFs meet the criteria for inclusion as options trading targets, highlighting the competitive nature of the market [10][12].

Core Viewpoint - The A-share market is experiencing a decline in investor sentiment following a significant correction last week, leading to lower trading volumes and a temporary halt in the current market trend [1][2]. Group 1: ETF Issuance and Market Trends - As of October 18, 2023, a total of 257 stock ETFs have been established this year, with an issuance scale of 1460.14 billion [3][4]. - The issuance of ETFs has shown a correlation with market conditions, with a peak issuance in February at 261.93 billion, despite the market's volatility in April and subsequent recovery [7][8]. - Monthly ETF issuance has remained relatively stable, with no significant fluctuations in the number of ETFs launched each month [8]. Group 2: ETF Performance and Investor Preferences - The majority of newly issued ETFs are focused on thematic industry indices, which account for over 40% of the total, reflecting investor interest in sectors like technology and anti-involution [10]. - Specific indices such as the ChiNext Composite Index and the Science and Technology Innovation Index have seen significant ETF tracking, with notable year-to-date returns [11][12]. - Despite the overall positive performance of many ETFs, the average issuance scale is 5.68 billion, and over 70% of the ETFs have seen a decrease in scale since issuance [13][15]. Group 3: Challenges for Fund Companies - Fund companies face challenges as the overall scale of newly issued ETFs has decreased by 71 billion since their launch, impacting profitability [15][24]. - The competition among ETF providers is intensifying, with many companies struggling to maintain scale while managing costs associated with new ETF launches [20][21]. - Only a few fund companies, such as GF Fund and Huaxia Fund, have seen significant growth in their newly issued ETFs, while the majority have experienced scale shrinkage [23][24].

- The report provides a snapshot of the A-share market performance, highlighting that all broad-based indices experienced a decline on October 14, 2025, with the largest drops seen in the ChiNext Index (-3.99%) and the CSI 500 (-2.46%) [3][11][12] - All tracked indices have fallen below their 5-day and 10-day moving averages, with the SSE 50 remaining above its 20-day moving average. The ChiNext Index has retreated 9.4% from its 250-day high [3][14] - The turnover rate of the indices on October 14, 2025, was highest for CSI 2000 (4.2), followed by ChiNext Index (3.32), CSI 1000 (3.14), CSI 500 (2.45), CSI All Share Index (2.21), CSI 300 (1.14), and SSE 50 (0.51) [3][16] - The daily return distribution analysis shows that the ChiNext Index has the largest negative skewness and kurtosis deviation, while CSI 1000 has the smallest negative kurtosis deviation [3][22][23] - Risk premium analysis indicates that SSE 50 (42.06%) and CSI 2000 (12.46%) have relatively high 5-year percentile values, while CSI 500 (2.62%) and ChiNext Index (1.19%) are relatively low. The risk premium volatility of CSI 1000 and CSI 2000 is higher compared to other indices [3][27][29] - PE-TTM analysis reveals that CSI 500 (99.01%) and CSI All Share Index (96.53%) have high 5-year percentile values, while CSI 300 (84.21%) and ChiNext Index (57.36%) are relatively low. The PE-TTM values of all indices except ChiNext Index exceed their danger threshold (80%) [4][39][40] - Dividend yield analysis shows that ChiNext Index (69.67%) and CSI 1000 (43.8%) are at relatively high 5-year historical percentiles, while CSI 2000 (19.17%) and CSI 500 (15.21%) are at lower percentiles. Current dividend yields are as follows: SSE 50 (3.29%), CSI 300 (2.67%), CSI 500 (1.33%), CSI 1000 (1.11%), CSI 2000 (0.78%), CSI All Share Index (1.99%), and ChiNext Index (1.01%) [4][49][50] - The current net asset value (NAV) ratios for the indices are as follows: SSE 50 (24.0%), CSI 300 (16.67%), CSI 500 (11.0%), CSI 1000 (7.3%), CSI 2000 (3.35%), ChiNext Index (1.0%), and CSI All Share Index (6.01%) [4][51]

Market Overview - The A-share market experienced a collective decline across the three major indices, with the Shanghai Composite Index remaining above 3900 points [1] - The CSI 600 index fell by 1.6%, the CSI 300 index decreased by 1.3%, the ChiNext index dropped by 3.4%, and the STAR Market 50 index declined by 4.6% [1] - The Hang Seng China Enterprises Index decreased by 1.2% [1] Sector Performance - Sectors showing gains included gas, textile manufacturing, electric grid equipment, and coal [1] - Popular sectors such as precious metals, solid-state batteries, photovoltaic equipment, and computing hardware saw declines [1] - In the Hong Kong market, the entertainment and beverage sectors performed well, while the metals and mining sectors faced losses [1] Index Details - The CSI 300 index consists of 300 stocks with good liquidity and large market capitalization, covering 11 primary industries, with a rolling P/E ratio of 14.4 times [3] - The CSI 500 index includes 500 stocks from various industries, covering 91 out of 93 tertiary industries, with a rolling P/E ratio of 17.1 times [3] - The ChiNext index is composed of 100 stocks with high market capitalization and liquidity, primarily in strategic emerging industries, with a rolling P/E ratio of 45.8 times [3] - The STAR Market 50 index includes 50 stocks with significant market capitalization and liquidity, heavily weighted towards "hard technology," particularly semiconductors, with a rolling P/E ratio of 197.0 times [3] - The Hang Seng China Enterprises Index includes 50 large-cap, actively traded stocks from mainland China listed in Hong Kong, with a rolling P/E ratio of 10.9 times [3]

Group 1 - The article emphasizes the importance of understanding different types of index funds, particularly bond index funds, which are less familiar to most investors compared to stock index funds [2] - It introduces four main categories of indices: broad-based indices, strategy indices, industry indices, and thematic indices [6] Group 2 - For broad-based index investment, it is crucial to consider the balance between large-cap and small-cap stocks, noting that in 2024, large-cap stocks like CSI 300 are expected to perform well while small-cap stocks may lag [8] - A classic combination for investment is the pairing of CSI 300 with CSI 500, and potentially adding CSI 1000 for more small-cap exposure [9] - In strategy index investment, it is important to balance growth and value styles, as A-shares exhibit a rotation between these styles over time [10][11] - The article highlights that from 2019 to 2020, growth style was strong, while from 2021 to 2024, value style is expected to dominate [12] Group 3 - Industry and thematic index investments are characterized by high volatility, with broad-based indices typically experiencing 20%-30% fluctuations annually, while industry indices can see 30%-50% volatility [13] - It is recommended to limit exposure to any single industry to 15%-20% to manage risk effectively [13] - The article advises investors to select long-term themes when investing in thematic indices, citing examples of past popular themes that may no longer be relevant [13]

Core Insights - The top-performing broad-based indices in A-shares for the first three quarters are the ChiNext Index and the Sci-Tech 50 Index, both rising by 51.2% [3][9] - The North Exchange 50 Index has also shown significant growth, increasing by 47.29% year-to-date, with a closing value of 1528 points as of September 30 [3][11] - The performance of these indices sets the stage for an exciting fourth quarter, with speculation on which index will finish the year with the highest growth [3][11] Summary by Index ChiNext Index - The ChiNext Index has a price-to-earnings (P/E) ratio of 45.4, placing it at the 99.3% percentile over the past three years [5] - It experienced a substantial increase of 50.4% in the third quarter, contributing nearly all of its gains for the year [7][9] - The trading volume on September 30 was 580.5 billion yuan, with 97 tracking funds totaling 160.8 billion yuan in assets [7] Sci-Tech 50 Index - The Sci-Tech 50 Index has a P/E ratio of 193, which is at the 100% percentile for the past three and five years, indicating high valuation concerns [9] - It also saw a significant rise of 49% in the third quarter, similar to the ChiNext Index, contributing almost all of its year-to-date gains [9] - The trading volume on September 30 was 99.8 billion yuan, which is less than 20% of the ChiNext Index's trading volume [9] North Exchange 50 Index - The North Exchange 50 Index has a P/E ratio of 71.8, positioned at the 93.7% percentile over the past three years [11] - It had a modest increase of 5.63% in the third quarter, contrasting sharply with the other two indices [11] - Despite the slower growth in the third quarter, it has seen a cumulative increase of over 150% since the start of the current market rally [11]

- The report provides a snapshot of the A-share market performance, highlighting that all broad-based indices experienced a decline on September 26, 2025, with the largest drops seen in the ChiNext Index (-2.6%) and CSI 2000 (-1.55%) [1][2][10] - The report notes that most indices, except SSE 50, fell below their 5-day moving averages, with CSI 1000 and CSI All Share Index also falling below their 10-day moving averages, and SSE 50 and CSI 2000 dropping below their 20-day moving averages [2][13][15] - The turnover rate of the indices on September 26, 2025, is highlighted, with CSI 2000 having the highest turnover rate (3.69), followed by ChiNext Index (3.02) and CSI 1000 (2.67) [2][18] - The daily return distribution of the indices is analyzed, showing that CSI All Share Index has the largest negative kurtosis deviation, while CSI 1000 has the smallest negative kurtosis deviation. CSI All Share Index also has the largest negative skewness, whereas SSE 50 and CSI 300 have the smallest negative skewness [2][23][25] - The risk premium of the indices relative to the 10-year government bond yield is discussed, with SSE 50 (33.65%) and CSI 300 (14.92%) having relatively high 5-year percentile values, while CSI 500 (10.63%) and ChiNext Index (4.68%) have lower values [2][30][32] - The PE-TTM values and percentiles of the indices are analyzed, showing that CSI 500 (99.75%) and CSI All Share Index (96.45%) have high 5-year percentile values, while SSE 50 (82.48%) and ChiNext Index (60.5%) have lower values [3][40][42] - The stock-bond valuation ratio is calculated using the reciprocal of PE-TTM and the difference with the 10-year government bond yield. None of the indices exceed their 80% percentile, and CSI 500 is below its 20% percentile [45][46] - Dividend yield trends are analyzed, showing that ChiNext Index (63.39%) and CSI 1000 (47.19%) are at relatively high 5-year historical percentiles, while CSI 2000 (18.6%) and CSI 500 (15.12%) are at lower percentiles [3][50][53] - The report highlights the current net asset value discount rates of the indices, with SSE 50 having the highest rate (26.0%), followed by CSI 300 (17.33%) and CSI 500 (12.0%), while ChiNext Index has the lowest rate (1.0%) [3][54]

Report Industry Investment Rating - No relevant content found. Core Views - From the perspective of cumulative returns this year, the three best - performing indices are the Micro - cap Index (+65.84%), the ChiNext Index (+47.16%), and the STAR 50 Index (+46.71%), while the three weakest are the CSI Dividend (-2.27%), the Shanghai Composite Index (+14.21%), and the CSI 300 (+15.63%) [10][12]. - Looking ahead, recent option sentiment dimensions indicate a bearish sentiment for the CSI 1000, CSI 300, and CSI 500, and combined with factors such as institutional fund withdrawals, it may suggest further market adjustments. Investors need to manage risks in the short - term [10]. - In terms of positions, the overall stock long - only strategy should maintain a moderately low position, and the neutral strategy should further reduce the position to a moderately low level before the holiday [10]. Summary by Directory 1. Equity Market Review - **Factor Calendar Overview**: This week, most of the equity market rose. The CSI A500 rose 1.19%, the CSI 300 rose 1.07%, the CSI 500 rose 0.98%, the CSI All - Share rose 0.21%, the CSI Dividend fell 0.25%, the CSI 1000 fell 0.55%, and the CSI 2000 fell 1.79%. The best - performing Barra style factors were size, growth, and momentum, with returns of 0.61%, 0.56%, and 0.18% respectively, while the worst were value, BETA, and residual volatility, with returns of -0.41%, -0.61%, and -1.17% respectively [14][15]. - **Main Broad - based Index Review**: - **Short - term Market Activity**: It is at a moderately high level but shows a marginal decline. The CSI All - Share's daily average trading volume was 2.26 trillion yuan. The trading volume proportions of the CSI 300 and CSI 500 increased marginally, while those of the CSI 2000, CSI 1000, and others decreased marginally [20][22]. - **Medium - term Market Activity**: It is at a moderately high level. The CSI All - Share's 20 - day rolling average daily trading volume was 2.39 trillion yuan. The trading volume proportions of the CSI 300 and CSI 500 increased marginally, while those of the CSI 2000, CSI 1000, and others decreased marginally [23][25]. - **Volatility**: Most broad - based indices rose, and volatility generally declined. For example, the CSI 500's volatility was 23.63% (82.41% quantile), with a marginal weekly decline of 0.79% [17][19]. - **Equity Industry Index Review**: This week, 19.4% of industries had positive returns, with the power equipment sector leading. The top three industries in terms of weekly returns were power equipment (3.86%), non - ferrous metals (3.52%), and electronics (3.51%), while the bottom three were retail (-4.32%), comprehensive (-4.61%), and social services (-5.92%) [26]. - **Equity Style Factor Review**: - **Barra Style Factors**: The size, growth, and momentum factors performed well, with returns of 0.61%, 0.56%, and 0.18% respectively, while the value, BETA, and residual volatility factors performed poorly, with returns of -0.41%, -0.61%, and -1.17% respectively [30]. - **Giant Tide Style Indices**: Most of them rose. The top three indices in terms of returns were large - cap growth (2.48%), mid - cap growth (2.30%), and small - cap growth (2.03%), while the bottom three were mid - cap value (0.56%), large - cap value (-0.34%), and small - cap value (-0.85%) [34]. - **Stock Index Futures Market Review**: - **Premium Convergence and Volatility**: The premium of IC, IF, and IM contracts converged, and volatility generally declined [36][38]. - **Impact on Neutral Products**: From the perspective of quarterly - contract hedging, the estimated average returns of neutral products affected by the hedging of IF, IC, and IM contracts were -0.280%, -0.270%, and -0.320% respectively [39]. - **Options Market Review**: This week, implied volatility generally declined, which is expected to be unfavorable for option - buying and arbitrage strategies. The top three products with the highest implied volatility were the E Fund STAR 50 ETF (50.20%), the Huaxia STAR 50 ETF (49.84%), and the E Fund ChiNext ETF (42.33%), while the bottom three were the CSI 300 Index (19.51%), the SSE 50 Index (19.10%), and the Huaxia SSE 50 ETF (18.48%) [41][42]. 2. Strategy Environment Monitoring - **Intraday Alpha Environment for Neutral and Index - Enhancement Strategies**: Overall, it is unfavorable for intraday Alpha accumulation. Although liquidity slightly increased and volatility slightly decreased, the net capital outflow was 516 billion yuan per day this week [44][49]. - **Trading - based Alpha Environment for Neutral and Index - Enhancement Strategies**: Overall, it is unfavorable for trading - based Alpha accumulation. Although trading volume and turnover rate are at high levels and stock differentiation is in a high - level range, the number of stocks outperforming the benchmark index is low and shows a marginal decline [50][55]. - **Holding - based Alpha Environment for Neutral and Index - Enhancement Strategies**: Overall, it is unfavorable for holding - based Alpha accumulation. Although stock liquidity is at a high level, factors such as market style, the proportion of stocks outperforming the index, and factor rotation speed have a negative impact [58][74]. - **Hedging Environment for Neutral Strategies**: The basis spread fluctuation is in a moderately high - level range, posing certain challenges to cost control. The IF, IC, and IM basis spreads all converged this week [75][80]. 3. Future Strategy Research and Judgment - **Return Performance**: From the 20 - day rolling returns, the relative returns of the CSI 1000, CSI 2000, and CSI 500 to the CSI 300 are in the normal range, and the return of the CSI 300 is also in the normal range [84]. - **Derivatives Option Sentiment**: The option sentiment dimension shows that the sentiment of the CSI 1000 is stable, while the CSI 300 and CSI 500 are bearish [88]. - **Derivatives Futures Sentiment**: The futures sentiment dimension shows that the basis spreads of IC, IF, and IM all converged, with a differentiated overall sentiment [92]. - **Risk Preference**: As of September 25, 2025, the margin trading balance was 2.43 trillion yuan, at a high - level range in the past three years, indicating a high risk preference [95]. - **Trading Heat**: The trading heat of the CSI 300, CSI 500, CSI 1000, and CSI 2000, as well as the market trading volume, are at different quantile levels [97]. - **Style Attention Multiple**: The CSI 1000 is in the normal range, the CSI 500 is in the high - level range, and the CSI 2000 is in the extremely low - level range [100]. - **Profit Spread**: The profit spreads of the CSI 1000, CSI 500, CSI 2000, and CSI 300 are in the low or extremely low - level ranges [103]. - **Dividend Spread**: The dividend spreads of the CSI 1000, CSI 500, CSI 2000, and CSI 300 are in the normal range [105]. - **Trading Congestion**: The trading heat of the TMT sector is in the high - level range, the trading heat of the micro - cap sector is in the normal range, and the market trading volume is in the extremely high - level range [111].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No explicit core viewpoints are presented in the provided content. The report mainly offers daily tracking data of various ETFs, including their performance metrics such as trading volume, net subscriptions, and RSI indicators. 3. Summary by Category A. Data Explanation - The report tracks daily frequency data of ETFs, divided into "broad - based" and "theme" sub - tables according to the tracked index categories. The "broad - based" ETFs track mainstream broad - based indices like CSI 300 and CSI 500, while "theme" ETFs track industry/style indices such as non - bank and dividend indices [2]. - A fund pool is constructed by selecting one or several large - scale ETFs in each type for analysis [2]. - The RSI relative strength indicator is calculated based on the ratio of average gains to average losses over a 12 - day period. RSI > 70 indicates an overbought market, and RSI < 30 indicates an oversold market [2]. - The net subscription amount is calculated using the formula NETBUY(T) = NAV(T)–NAV(T - 1)*(1 + R(T)), where NAV(T - 1) is the previous trading day's ETF net value [2]. - The intraday market trend is based on a 5 - minute intraday transaction price trend chart, with red dots representing the day's highest and lowest prices. Some intraday data may be missing [2]. - The institutional holding ratio is the estimated ratio from the latest annual or semi - annual reports of ETF funds, excluding the holding ratio of corresponding linked funds, and the data may have deviations [3]. B. Broad - based ETFs - Multiple ETFs tracking indices like CSI 300, CSI 500, SSE 50, etc. are presented. For example, the Huatai - Peregrine CSI 300 ETF has a circulation market value of 416.721 billion yuan, a decline of 0.94%, an RSI of 60.18, a net subscription of 703 million yuan, and a trading volume of 3.345 billion yuan [4]. - Different ETFs show varying performance in terms of market value, price changes, net subscriptions, and trading volumes. For instance, the Tianhong CSI 300 ETF has a relatively small market value of 8.977 billion yuan and a net subscription of - 53 million yuan [4]. C. Theme ETFs - **Consumer Electronics**: ETFs such as the Huaxia China Securities Consumption Electronics Theme ETF have a market value of 4.423 billion yuan and a decline of 3.44%. They also have different RSI values, net subscriptions, and trading volumes [6]. - **Non - bank**: The Guotai CSI All - Index Securities Company ETF has a market value of 5.4226 billion yuan and a decline of 0.41%. The industry shows diverse performance among different ETFs in terms of price changes, net subscriptions, etc. [6]. - **Banking**: The Huabao CSI Bank ETF has a market value of 1.4223 billion yuan and a gain of 0.13%. Different bank - related ETFs have different institutional holding ratios and trading volumes [6]. - **Dividend**: The Huatai - Peregrine SSE Dividend ETF has a market value of 1.9402 billion yuan and a gain of 0.03%. Dividend - themed ETFs show differences in performance and net subscriptions [6]. - **New Energy**: The Huaxia CSI New Energy Vehicle ETF has a market value of 549.4 million yuan and a decline of 1.50%. New - energy - related ETFs have different price trends and net subscription situations [6]. - **Chip and Semiconductor**: The Huaxia China Securities Semiconductor Chip ETF has a market value of 2.7587 billion yuan and a decline of 1.24%. These ETFs also vary in RSI values and trading volumes [6]. - **Photovoltaic**: The Huatai - Peregrine CSI Photovoltaic Industry ETF has a market value of 1.3512 billion yuan and a decline of 1.07%. Photovoltaic - themed ETFs show different performance metrics [6]. - **Military Industry**: The Guotai CSI Military Industry ETF has a market value of 1.3688 billion yuan and a decline of 0.33%. Military - industry - related ETFs have different price changes and net subscriptions [6]. - **ESG**: The Yifangda CSI Shanghai Environmental Exchange Carbon Neutrality ETF has a market value of 96.5 million yuan and a decline of 0.41%. ESG - related ETFs show different performance characteristics [6]. - **Robot**: The Huaxia CSI Robot ETF has a market value of 2.2068 billion yuan and a decline of 3.25%. Robot - themed ETFs have different RSI values and trading volumes [6]. - **Central and State - owned Enterprises**: The Huitianfu CSI Shanghai State - owned Enterprises ETF has a market value of 796.5 million yuan and a decline of 0.10%. Central and state - owned - enterprise - related ETFs show different performance in the market [6]. - **Artificial Intelligence**: The Yifangda CSI Artificial Intelligence ETF has a market value of 2.421 billion yuan and a decline of 3.25%. AI - themed ETFs vary in net subscriptions and trading volumes [6]. - **Real Estate**: The Nanfang CSI All - Index Real Estate ETF has a market value of 686.9 million yuan and a gain of 0.19%. Real - estate - related ETFs show different price trends [6]. - **Biomedicine**: The Huabao CSI Medical ETF has a market value of 2.6023 billion yuan and a decline of 1.55%. Biomedicine - related ETFs have different performance metrics [6]. - **China Concept Internet**: The Yifangda CSI Overseas Internet ETF has a market value of 4.2085 billion yuan and a decline of 1.85%. China - concept - internet - related ETFs show different net subscriptions and trading volumes [6]. - **Resources**: The Nanfang CSI Shenwan Non - ferrous Metals ETF has a market value of 1.2669 billion yuan and a decline of 0.07%. Resource - related ETFs have different price changes and net subscriptions [6]. - **Consumption**: The Penghua CSI Wine ETF has a market value of 1.9911 billion yuan and a decline of 0.68%. Consumption - related ETFs show different performance in the market [6].

Market Review - The A-share market showed a mixed performance last week, with the STAR 50, ChiNext, and SME indices gaining 6.47%, 1.96%, and 1.75% respectively, while the CSI 1000, SSE Composite, and CSI 500 indices recorded losses of -0.55%, 0.21%, and 0.98% respectively [1][9] - In terms of trading volume, most major indices saw a decline, except for the Shenzhen Component, SME, and STAR 50 indices [12][13] - The electronic, non-ferrous metals, and power equipment & new energy sectors performed well, with returns of 3.67%, 3.24%, and 3.21% respectively, while consumer services, retail, and light industry sectors lagged with returns of -6.71%, -3.92%, and -2.80% respectively [16][17] Fund Performance - Active equity, flexible allocation, and balanced mixed funds achieved returns of 0.40%, 0.32%, and 0.75% respectively last week. Year-to-date, active equity funds have the best performance with a median return of 29.87% [26][29] - The median excess return for index-enhanced funds was 0.01%, while quantitative hedge funds recorded a median return of -0.40%. Year-to-date, index-enhanced funds have a median excess return of 3.40% [30][31] Fund Issuance - A total of 61 new funds were established last week, with a total issuance scale of 366.07 billion yuan, a decrease from the previous week. The majority of new funds were passive index funds and equity mixed funds [38][39] - The newly established funds included 22 passive index funds and 13 equity mixed funds, with issuance scales of 153.55 billion yuan and 50.2 billion yuan respectively [39][40] Public Fund Scale - As of August 31, 2025, the total net asset value of public funds reached a historical high of 36.25 trillion yuan, an increase of 1,195.89 billion yuan compared to the end of July 2025 [7]