Group 1: Report Industry Investment Rating - No information provided regarding the industry investment rating Group 2: Core Viewpoints of the Report - In the recent week, most A - share ETFs declined, while gold ETFs led the gains with a 3.26% increase, and the technology sector mostly fell. Funds were deployed in the science - innovation sector against the trend, and the ETFs targeting SGE Gold 9999 had the largest net inflow of funds [2][9] Group 3: Summary by Directory 1. Index Product Establishment, Raising, and Application - **Product Establishment and Listing**: Five products were listed, with a concentration on Hong Kong Stock Connect products. Eight products were established, including index - enhanced products such as Zhongjia Beizheng 50 Component Index Enhanced A and Huatai Baorui Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A [1][4] - **Product Issuance Information**: Two index products ended their fundraising in the coming week, and no index products were set to start fundraising [6] - **Product Application Information**: A total of 28 index products were applied for in the recent week, maintaining the diversified characteristics of industry themes, including 18 theme funds and 6 linked funds [7] 2. ETF Market Review - **Overall ETF Performance**: Most A - share ETFs declined, with the declines of Kechuang 50ETF, ChiNext 50ETF, and CSI 500ETF being - 3.83%, - 3.67%, and - 1.24% respectively. Among Hong Kong - stock ETFs, only the Hang Seng ETF rose by 1.30%, and among US - stock ETFs, the S&P 500ETF rose by 2.68%. In commodity ETFs, the non - ferrous ETF rose by 1.26%, and gold rebounded strongly by 3.26% [2][9] - **Industry - based A - share ETF Performance**: The medical category rose significantly, with the Chinese medicine ETF having the highest increase of 3.61%. The chemical ETF also had a relatively high increase of 3.38%. The technology category declined significantly, with the communication ETF, electronic ETF, and chip ETF having declines of - 6.99%, - 5.62%, and - 4.81% respectively [2][13] - **Cross - border ETF Performance**: In the recent week, the major broad - based indices of cross - border markets had mixed performance. The France CAC40 had the highest increase of 2.77%. Among corresponding ETFs, Boshi Hang Seng Healthcare ETF and Hua'an France CAC40ETF rose significantly, while Huatai Baorui CSI Korea Exchange Sino - Korean Semiconductor ETF declined by 4.20% [16] 3. ETF Fund Flow - **Overall ETF Scale**: As of November 14, 2025, there were 1304 ETFs in the entire market, with a total scale of 563.3719 billion yuan, a decrease of 3.914 billion yuan from the previous week. A - share and cross - border ETFs ranked first and second in scale [22] - **Non - monetary ETF Fund Inflow and Outflow**: Among non - monetary ETFs, the ETFs targeting SGE Gold 9999 had the largest net inflow of 5.567 billion yuan, while the ETFs of CSI A500 had the largest net outflow of 4.04 billion yuan [24] - **High - Inflow and High - Liquidity ETFs**: Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50ETF and Southern ChiNext Artificial Intelligence ETF had high fund inflows of 2.495 billion yuan and 2.028 billion yuan respectively. Haifutong CSI Short - term Financing ETF and E Fund CSI Hong Kong Securities Investment Theme ETF had high liquidity [26]

基金周报摘要 行业资讯 产品动态 机构动态 01 行业资讯 ◆基民适当性管理新规正出台 智通财经 2025-11-14 投资者保护再迎规范性文件。中国证券投资基金业协会最新发布了《公开募集证券投资基金投资者适当性管理细则（征求意见稿）》，面向社会 公开征求意见。 征求意见稿从基金销售行为出发，进一步细化并规范基金管理人及销售机构的适当性管理行为，规范了风险承受能力评估频次、基金风险等级划 分、风险不匹配处置、65岁以上投资者特别保护、直播销售等重点环节的管理要求，进一步体现"卖者尽责、买者自负"监管导向。该意见反馈截 止时间为2025年11月26日。 ◆两家公募跻身全球二十强 基民适当性管理新规正出台 两家公募跻身全球二十强 安信基金获批QDII业务资格 平安基金新增创金启富为销售机构 主动权益基金募集规模同比翻倍 债券ETF规模突破7000亿元 跨境ETF规模突破9000亿元 港股基金规模超万亿元 年内新发基金数创近三年新高 10只"5毛基"净值重回1元 近百只基金近期密集清盘预警 上海证券报 2025-11-15 随着指数化投资发展提速，中国公募基金公司国际竞争力增强，截至三季度末，有两家机构跻身全球ET ...

2025 年 11 月 17 日 黄金 ETF 涨幅领先，科创板块逆市 净申购 ——指数化投资周报 20251117 ⚫ 产品成立募集情况： 产品成立方面，最近一周作为跨境配置主要方向的天弘国证港股通科技 ETF、国联安恒生 港股通科技主题 ETF 等 5 只产品上市；长盛中证 A500 指数增强 A 等 8 只产品成立。中 加北证 50 成份指数增强 A、华泰柏瑞上证科创板综合指数增强 A 等指数增强产品集中成 立。 募集方面，未来一周 2 只指数产品结束募集，无指数产品将开始募集。结束募集的指数产 品创金合信中证 A500 指数增强 A 和华泰保兴中证全指指数增强 A 等 2 只产品。 申报方面，最近一周共计 28 只指数产品进行申报。近期新申报基金维系行业主题多元特 点，聚焦不同内容赛道主题基金包括易方达中证细分化工产业主题 ETF、华宝国证商用卫 星通信产业 ETF、广发国证工业软件主题 ETF 等 18 只产品；联接基金包括南方中证港股 通互联网 ETF 联接、兴业中证全指自由现金流 ETF 联接基金等 6 只产品。 证 券 研 证券分析师 方思齐 A0230525090002 fangsq@sws ...

Group 1: Fund Issuance and Market Trends - The issuance of public funds has reached a three-year high, with 1,378 funds launched this year, surpassing last year's total of 1,143 [1] - The average subscription period for new funds has significantly decreased to 16.31 days from 22.63 days last year, indicating a recovery in the fund issuance market [1] - Index funds have gained prominence, with 813 new index funds accounting for 59% of the total new funds issued this year [1] Group 2: Gold Jewelry Price Trends - Domestic gold jewelry prices have experienced a three-day decline, with specific brands reporting significant price drops, such as Lao Miao and Lao Feng Xiang [1] Group 3: Lithium Carbonate Market Outlook - Analysts predict a strong supply-demand balance for lithium carbonate by 2026, with global supply expected to reach 207.8 million tons and demand at 197.7 million tons, indicating a notable improvement in the surplus situation compared to this year [3] - The chairman of Ganfeng Lithium forecasts that lithium carbonate prices could exceed 150,000 to 200,000 yuan per ton by 2026 if demand growth accelerates beyond 30% [4] Group 4: Pharmaceutical Industry Developments - Merck has announced a significant acquisition of Cidara Therapeutics for approximately $9.2 billion, focusing on a long-acting antiviral drug for flu prevention, which shows a 76% efficacy in trials [5] - The acquisition is expected to create a substantial market opportunity, potentially exceeding $10 billion if the drug is approved [5] Group 5: Automotive Industry Insights - In October 2025, automotive consumption fell by 7% year-on-year, totaling 425.5 billion yuan, while production and investment in the automotive sector continued to grow [3] Group 6: Storage Market Performance - The global storage market reached a record high of $58.459 billion in Q3 2025, with DRAM and NAND markets showing significant growth [3] - Samsung regained its position as the leading DRAM supplier with a market share of 34.8%, slightly ahead of SK Hynix [3] Group 7: Travel Industry Challenges - Travel agencies are facing a high rate of cancellations for group tours to Japan, with some agencies reporting over 60% of bookings being canceled [6] Group 8: Corporate Actions and Financial Updates - Several companies, including Tianwei Foods and Proya, have submitted applications for H-share listings, indicating ongoing interest in capital market activities [10][12] - Yongtai Technology announced the commencement of trial production for its lithium battery additive project, reflecting advancements in the lithium battery supply chain [15]

Core Insights - The public fund issuance market has experienced significant changes since 2025, with a total of 1,378 public funds issued as of November 17, 2025, surpassing last year's total of 1,143 and marking a three-year high [1][2] - The average subscription period for newly issued funds has decreased to 16.31 days from 22.63 days last year, indicating a recovery in the fund issuance market [1] Fund Issuance Statistics - The total number of public funds issued in 2025 includes 762 equity funds and 250 bond funds, with equity funds accounting for 55.30% of the total [2][6] - Among the newly issued funds, passive index funds have become increasingly popular, with 813 index funds issued, representing 59.00% of the total [3][4] Market Trends - The rise of index investing is notable, with 736 out of 762 equity funds being index funds, which constitutes 96.59% of the equity fund category [4][5] - The trend towards passive investment is evident, as 646 of the 813 index funds are passive index funds, making up 79.46% of the index fund total [5] Investor Behavior - The younger generation of investors is becoming a significant force in the market, showing a higher acceptance and trust in public funds, which injects new vitality into the industry [3] - There is a clear shift in investor preference towards equity assets, as evidenced by the substantial increase in the issuance of equity funds compared to the decline in bond fund issuance [6] Issuer Landscape - A total of 131 public fund institutions have issued new funds in 2025, with 22 institutions issuing 20 or more new funds, indicating a "Matthew Effect" in the industry [7]

Core Insights - The Shanghai Stock Exchange (SSE) held its annual International Investors Conference, focusing on the theme of "Value Leading, Open Empowerment" for the next five years [1] - SSE Chairman Qiu Yong outlined five key development areas for the SSE, emphasizing risk prevention, regulatory strength, and high-quality development [1] Market Performance - The total market capitalization of the stock market surpassed 60 trillion yuan, with a trading volume of 546 trillion yuan, representing growth of 40% and 96% respectively during the "14th Five-Year Plan" period [2] - The bond custody volume reached 19.1 trillion yuan, a 44% increase, making it the largest bond market among global exchanges [2] - The fund market's total market capitalization was 4.2 trillion yuan, with a trading volume of 133 trillion yuan, reflecting growth of 359% and 221% respectively [2] Quality Improvement Initiatives - During the "14th Five-Year Plan," SSE implemented reforms to enhance the quality of listed companies, with average annual revenue and net profit growth rates of 3.8% and 4.6% respectively [3] - The SSE has seen significant activity in mergers and acquisitions, with 1,061 asset restructuring disclosures and 114 major asset restructurings [3] - The total amount of dividends and buybacks exceeded 7.6 trillion yuan, accounting for over 70% of the total market dividends [3] International Capital Inflow - The A-share market has shown a stable upward trend, with international capital continuing to flow into the Chinese market, bolstered by improved investor confidence [4] - Global asset management firms expressed optimism about the long-term investment value of the Chinese market due to macroeconomic stability and policy optimization [5] Cross-Border Investment Opportunities - SSE has made progress in institutional openness, enhancing the Qualified Foreign Institutional Investor (QFII) system and improving transparency and predictability in the policy environment [5] - The SSE has deepened its mutual connectivity mechanisms, with significant trading volumes in cross-border products, including a cumulative transaction of 103 trillion yuan through the Shanghai-Hong Kong Stock Connect [5] - The SSE launched the China-Singapore Exchange's Asia 100 Index series during the conference, further promoting international collaboration [5] Future Development Directions - The "15th Five-Year Plan" emphasizes the need to steadily expand institutional openness, providing guidance for capital market cooperation [6] - SSE aims to create a more open and inclusive market ecosystem, offering diverse products and efficient services to global investors [6]

Group 1 - The ETF market has seen a surge in new products, with 11 ETFs launched between November 10 and November 16, including two that invest in the Brazilian market and four focused on Hong Kong technology sectors [1][2] - The popularity of cross-border ETFs is increasing due to their high transparency, flexibility, and lower costs, making them important vehicles for investors to diversify risks and capture opportunities in overseas markets [2][3] - Several thematic ETFs targeting specific sectors such as chemicals, technology, and aviation have also been successfully launched, indicating a trend towards specialized investment products [2][3] Group 2 - Multiple ETFs are currently in the subscription phase, with notable products including those focused on the automotive and internet sectors, indicating ongoing interest and demand in the market [3][4] - The A-share market is expected to see a return to positive earnings growth by 2025-2026, supported by policy measures, which may provide a favorable environment for ETF investments [4] - Fund managers express optimism about the equity market, highlighting that despite previous gains, there remains potential for further valuation increases, particularly in technology and cyclical sectors [4]

Core Insights - The total issuance scale of new funds has exceeded 1 trillion yuan this year, with 1,377 new funds established and a total issuance of 995.977 billion yuan as of November 16 [1][2] - The number and scale of newly established equity funds have significantly surpassed the entire year of 2024, with 996 equity funds issued totaling 517.338 billion yuan [1][2] Fund Issuance Overview - Several new funds have ended their fundraising early, indicating strong demand, with notable examples including the China Europe Fund and multiple others that are set to be established soon [1][2] - The public fund sector is accelerating its layout, with many new products currently in the issuance or waiting phase, suggesting that the new fund issuance scale is likely to exceed that of 2024 [2] Equity Fund Performance - The rebound in fund performance, particularly in equity funds, has been notable, especially in the fourth quarter, with an increase in the number of popular funds indicating a positive capital flow [2][3] Fund Types and Innovations - The issuance of equity index funds has accelerated, with a richer product line providing diversified investment tools, including the first batch of various ETFs launched this year [4] - Bond ETFs have also seen significant expansion, with the number increasing from 21 to 53 since the beginning of the year [4] - The introduction of new model floating management fee funds has been a highlight, with 46 such funds established, totaling over 55 billion yuan in issuance [4][5] Fee Structure Innovations - The new model floating management fee funds have a fee structure that adjusts based on the fund's performance during the investor's holding period, enhancing the alignment of interests between fund managers and investors [5]

Choice数据显示，截至11月12日，债券ETF共有53只，今年以来增加32只；规模则从去年底的1799.87亿 元升至7054.23亿元。百亿级债券ETF也批量涌现，截至11月12日，30只债券ETF规模在百亿元以上，而 2024年底仅有5只。在业内人士看来，今年以来债券ETF频现新品种，为投资者提供了丰富的资产配置 工具，后续更多创新产品值得期待 ◎记者 赵明超 债券ETF发展迅猛，最新规模已突破7000亿元，今年以来增长5200多亿元。与此同时，百亿级ETF阵营 持续扩容，在当前上市的53只债券ETF中，规模突破百亿元的产品有30只。 百亿级债券ETF达30只 Choice数据显示，截至11月12日，债券ETF共有53只，今年以来增加32只；规模则从去年底的1799.87亿 元升至7054.23亿元。 值得注意的是，百亿级债券ETF批量涌现。截至11月12日，30只债券ETF规模在百亿元以上，而2024年 底仅有5只。 具体来看，海富通中证短融ETF规模为686.1亿元，博时中证可转债及可交换债券ETF规模为572.63亿 元，富国中债7-10年政策性金融债ETF规模为437.27亿元，鹏扬中债-30 ...

今年以来，商品ETF市场迎来"双丰收"：规模较年初增长超200%，达到2300亿元；业绩表现可圈可点， 最高超53%。 业内人士表示，商品ETF的规模和业绩实现双增长，是避险需求、政策预期与资金虹吸共同作用的结 果。 年内规模增长205% 数据显示，截至11月13日，今年以来，17只商品ETF资金合计净流入966.24亿元，总规模达到2314亿 元，较年初增长205.79%。其中，华安黄金ETF以878.37亿元规模领先；博时、易方达旗下黄金ETF规模 也较大，分别为390.71亿元、338.66亿元。 汇成基金研究中心表示，商品基金规模增长主要源于三大核心驱动：其一，避险需求集中爆发，地缘冲 突与经济不确定性推动黄金ETF规模大幅增长，占商品ETF总增量的约70%，因其优化资产配置、对冲 权益风险的功能凸显；其二，政策与市场环境优化，证监会推动指数化投资高质量发展，叠加养老金、 保险等中长期资金加速入市，个人投资者占比持续提升，被动投资理念普及；其三，ETF产品优势契合 当前投资者需求，低费率、高透明和交易便捷性比较符合分散化配置诉求。 晨星（中国）基金研究中心分析师崔悦表示，商品ETF以黄金ETF为主，黄 ...