一、ETF行业快讯1.三大指数集体上涨，多只游戏板块ETF涨超4% 今日，三大指数集体上涨，上证综指上涨0.87%，深证成指上涨1.53%，创业板指上涨1.77%。多只游戏 板块ETF上涨，其中，游戏ETF（516010.SH）上涨4.14%，游戏ETF（159869.SZ）上涨4.11%，游戏 ETF华泰柏瑞（516770.SH）上涨4.04%。 2.超700亿元资金借道ETF逆市加仓 据21世纪经济报道，上周（11月17日至21日），A股市场遭遇大幅调整，上证指数周跌幅超过3%，创 业板指跌超6%，创下近几个月来最大单周跌幅。然而，在市场回调之际，大量资金却借道ETF逆市布 局。Wind数据显示，上周沪深两市股票型ETF和跨境型ETF合计净流入701.21亿元，其中宽基指数ETF 净流入359.31亿元，成为资金涌入的主要方向。业内人士认为，市场大趋势没变，此时资金回流ETF说 明很多资金是趁调整抄底。 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（11月25日，下同）三大指数集体上涨，其中上证指数上涨 0.87%，收于3870.02点，日内最高3882.03点；深证成指上涨1.53 ...

Group 1 - The A-share market opened higher on November 25, with the CSI A500 index rising over 1% [1] - Among the constituent stocks, Huadian Co. hit the daily limit, while Giant Network, Fangda Carbon, Feilihua, and Kying Network saw significant gains [2] - The CSI A500 ETF Tianhong (159360) recorded a trading volume exceeding 20 million yuan and experienced a net subscription of 6 million units during the day, indicating active trading [2] Group 2 - The CSI A500 ETF Tianhong has seen a net inflow of over 21 million yuan over the past four days, reflecting strong investor interest [2] - The Shanghai Gold ETF (159830) rose by 1.69%, marking its second consecutive day of gains, with a year-to-date net inflow of 1.351 billion yuan, the highest among similar products in the Shenzhen market [2] - The management fee for the Shanghai Gold ETF is 0.25%, and the fund custody fee is 0.05%, both lower than the average for similar products, and it supports T+0 trading [3] Group 3 - Bank of America predicts that gold prices could reach $5,000 per ounce by 2026, driven by ongoing factors behind the recent surge in gold prices [3] - Central banks have been significant buyers of gold in recent years, although some may reduce their gold holdings temporarily as their allocations exceed targets [3] - Overall, there is still potential for an increase in the proportion of gold in global central bank reserves [3]

Group 1 - The report highlights that active equity funds are expected to experience a value reassessment due to favorable market conditions and policy support, despite previous underperformance [4][6][10] - The active equity funds have shown significant excess returns in a structural bull market, particularly those focused on advanced manufacturing themes [4][5][6] - The report suggests a "core + satellite" investment strategy to capitalize on the current market environment, emphasizing the importance of thematic investments in state-owned enterprises, technology, and consumption sectors [4][5][6] Group 2 - The ETF market has seen a substantial breakthrough in both quantity and scale, with the total ETF size surpassing 1 trillion yuan, indicating a shift towards high-quality development [4][5][10] - The report notes that the growth of passive products is driven by policy support, technological advancements, and increased demand, particularly in the non-ferrous metals and TMT sectors [4][5][10] - The report anticipates a continued trend of strong performance in popular sectors, with a focus on technology and financial real estate, as well as the potential for expansion in niche ETFs [4][5][10] Group 3 - The report outlines a multi-dimensional ETF quantitative allocation strategy that leverages macro timing, momentum, and advanced modeling techniques to capture diverse returns [4][5][10] - It emphasizes the importance of asset allocation to achieve stable risk-adjusted returns, particularly in a "slow bull" market [4][5][10] - The report suggests that the focus should be on sectors with strong momentum and lower crowding, especially in technology, to capture excess returns [4][5][10]

Core Insights - Retirement planning is rapidly evolving due to concerns over Social Security shortfalls and rising healthcare costs, necessitating immediate attention to income potential for those nearing retirement [2] - Traditional retirement strategies focusing on bonds, stocks, drawdowns, and cash reserves are becoming outdated, as cash loses purchasing power and bonds offer lower yields [4][5] Investment Strategies - The new approach to retirement income blends income generation with long-term market participation, utilizing ETFs that provide structured monthly payments while allowing for portfolio growth [6] - The JPMorgan Equity Premium Income ETF (JEPI) is highlighted for its reliability, focusing on high-quality US stocks and enhancing monthly income through options, yielding 8.38% with a year-to-date return of 5.83% in 2025 [7][8] - The Vanguard Total Stock Market ETF (VTI) offers a lower yield of 1.16% but has delivered a total return of 15.26% in 2025, indicating a potential for growth despite lower immediate income [8]

Group 1 - The market has seen a rapid increase in the number of ETFs, with 32 China Securities A500 ETFs established, and the scale of Huatai-PB China Securities A500 ETF reaching 25.697 billion yuan as of November 20, while some ETFs have scales below 10 million yuan [1] - The regulatory body encourages fund managers to develop ETF products based on market conditions and investor needs, advising against following trends and mass applications that could lead to poor fundraising and unstable operations [1] - The China Securities Regulatory Commission (CSRC) will implement measures such as batch registration and guiding reasonable initial scale settings to ensure orderly fundraising and listing of ETFs, preventing adverse market impacts [1] Group 2 - The rapid growth of ETF products has led to issues with similar names and low recognition, complicating investor decision-making [2] - The Shanghai Stock Exchange and Shenzhen Stock Exchange have issued guidelines for ETF naming conventions to enhance product identification, requiring names to include core investment elements and fund manager abbreviations by March 31, 2026 [2] - Industry participants have begun to respond, with several fund managers, including Dacheng Fund, changing ETF names to align with the new guidelines, improving product recognition [2] Group 3 - The standardization of ETF naming proposed by the exchanges aims to resolve investor identification challenges and promote industry standardization and regulation [3] - The company has already incorporated fund manager names into nearly 70 of its ETFs, enhancing product recognition and aiding investors in making informed decisions [3]

Core Insights - Private equity firms are becoming significant holders of ETFs, with 154 firms entering the top ten holders of 190 newly listed ETFs this year, holding a total of 2.929 billion shares [1][2][11] Group 1: Private Equity Participation - Subjective private equity firms are the main subscribers of ETFs, with 76 firms holding 1.122 billion shares, accounting for 38.31% of the total [2][3] - Quantitative private equity firms follow, with 41 firms holding 0.950 billion shares, representing 32.43% of the total [2][3] - Mixed subjective and quantitative private equity firms are less common, with 37 firms holding 0.857 billion shares, making up 29.26% of the total [2][3] Group 2: Size of Private Equity Firms - Small and medium-sized private equity firms show a stronger preference for ETFs, with 79 small firms holding 1.155 billion shares (39.43%) and 49 medium firms holding 1.154 billion shares (39.40%) [3][4] - In contrast, large private equity firms (26 firms) hold only 0.620 billion shares, accounting for 21.17% of the total [3][4] Group 3: ETF Characteristics and Appeal - ETFs are valued for risk diversification, operational efficiency, cost advantages, strategy flexibility, and liquidity management, making them attractive to private equity firms [5][6] - The total number of ETFs issued this year reached 322, with a total issuance of 244.644 billion shares, marking a year-on-year increase of 79.89% in quantity and 91.83% in volume [6] Group 4: Focus on Sci-Tech Board ETFs - Private equity firms are particularly interested in Sci-Tech Board ETFs, with 48 firms entering the top ten holders of these ETFs, holding a total of 0.820 billion shares [1][6] - Among the ETFs with significant holdings by private equity, those related to the Sci-Tech Board constitute a notable portion, with 4 out of 12 ETFs holding at least 50 million shares [6] Group 5: Controversies Surrounding ETF Investments - There are debates regarding the implications of private equity firms heavily investing in ETFs, with some questioning whether this reflects a lack of research capability [10] - Some private equity firms engage in arbitrage strategies, participating in ETF launches while hedging risks through related index futures [10]

Core Insights - Private equity firms have become significant holders of ETFs in 2023, with 154 firms entering the top ten holders of 190 newly listed ETFs, collectively holding 2.929 billion shares [1] Group 1: Private Equity Involvement - Subjective private equity firms are the main subscribers of ETFs, with 76 firms holding a total of 1.122 billion shares, accounting for 38.31% of the total shares [1] - Smaller private equity firms, those with assets under 2 billion, are more actively subscribing, with their total subscriptions accounting for nearly 79% [1] Group 2: Focus on Sci-Tech Board ETFs - Sci-Tech Board ETFs are particularly favored by private equity, with firms entering the top ten holders of 48 ETFs that include "Sci-Tech Board" in their names, collectively holding 0.82 billion shares [1]

Core Viewpoint - Hong Kong stocks experienced a slight decline, with the Hang Seng Index down 0.38% and the Hang Seng Tech Index down 0.69%, while the dividend sector showed resilience with gains in certain central enterprise stocks [1][2] Group 1: Market Performance - The Hang Seng Index fell by 0.38% and the Hang Seng Tech Index decreased by 0.69% on November 19 [1] - The Central Enterprise Dividend Index (931233.CSI) rose by 0.42%, with notable increases in stocks such as China People's Insurance Group (over 3%) and China Petroleum & Chemical Corporation (nearly 3%) [1] - The National Central Enterprise Dividend ETF (159281) recorded a trading volume of 52.05 million yuan with a real-time premium rate of 0.27% [1] Group 2: Fund Flows - As of November 18, the Central Enterprise Dividend ETF has seen net inflows for seven consecutive trading days, with a net inflow rate of 27.80% over the last five trading days, leading among similar products [1][2] - The Southbound funds have recorded net inflows in 19 out of the last 20 trading days, totaling over 120 billion HKD [2] Group 3: ETF Characteristics - The Central Enterprise Dividend ETF closely tracks the Central Enterprise Dividend Index, which selects stable dividend-paying central enterprises with high dividend yields [2] - The Tech ETF (159128) tracks the Tech Index and includes stocks eligible for trading under the Shanghai-Hong Kong Stock Connect, allowing for T+0 trading without QDII quota restrictions [2] Group 4: Analyst Insights - Dongwu Securities indicated that the Hong Kong market is likely to experience short-term fluctuations, but the current position presents long-term investment attractiveness [3]

Report Summary 1. Market Overview - On November 19, 2025, the Shanghai Composite Index rose 0.18% to 3946.74 points, the Shenzhen Component Index fell 0.00% to 13080.09 points, and the ChiNext Index rose 0.25% to 3076.85 points. The total trading volume of A-shares in the two markets was 1742.8 billion yuan. The top-performing sectors were non-ferrous metals (2.39%), petroleum and petrochemicals (1.67%), and national defense and military industry (1.11%), while the worst-performing sectors were comprehensive (-3.08%), real estate (-2.09%), and media (-1.72%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs were Huaxia CSI A500 ETF (up 0.17%, premium rate 0.24%), Huatai-PineBridge CSI A500 ETF (up 0.16%, premium rate 0.29%), and Guotai CSI A500 ETF (up 0.17%, premium rate 0.31%) [3][7]. - The table shows detailed information of the top ten trading volume stock ETFs, including code, fund name, price, change rate, tracking index, IOPV, premium rate, trading volume, and latest share [8]. 3. Bond ETFs - The top trading volume bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01%, premium rate 0.00%), Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (down 0.06%, premium rate -0.01%), and E Fund CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.02%, premium rate -0.25%) [4][9]. - The table presents information of the top five trading volume bond ETFs, including code, fund name, price, change rate, premium rate, and trading volume [10]. 4. Gold ETFs - Gold AU9999 rose 2.00% and Shanghai Gold rose 2.02%. The top trading volume gold ETFs were Huaan Gold ETF (up 2.02%, premium rate 2.12%), Bosera Gold ETF (up 2.02%, premium rate 2.13%), and E Fund Gold ETF (up 2.00%, premium rate 2.14%) [12]. - The table provides details of the top five trading volume gold ETFs, including code, fund name, price, change rate, trading volume, IOPV, and premium rate [13]. 5. Commodity Futures ETFs - Huaxia Feed Soybean Meal Futures ETF fell 1.59% with a premium rate of 0.99%, Dacheng Non-ferrous Metals Futures ETF rose 0.73% with a premium rate of 0.42%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF had a change rate of 0.00% with a premium rate of -0.01% [15]. - The table shows information of commodity futures ETFs, including code, fund name, price, change rate, trading volume, IOPV, premium rate, tracking index, and tracking index change rate [16]. 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average fell 1.07%, the Nasdaq Composite fell 1.21%, the S&P 500 fell 0.83%, and the German DAX fell 1.77%. On November 19, the Hang Seng Index fell 0.38% and the Hang Seng China Enterprises Index fell 0.26%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.19%, premium rate -0.11%), GF CSI Hong Kong Innovative Drugs ETF (down 0.52%, premium rate -0.29%), and Huatai-PineBridge Hang Seng Technology ETF (down 0.54%, premium rate -0.44%) [17]. - The table shows details of the top five trading volume cross-border ETFs, including code, fund name, trading volume, change rate, and premium rate [18]. 7. Money Market ETFs - The top trading volume money market ETFs were Yin Hua Day Profit ETF, Hua Bao Tian Yi ETF, and Jian Xin Tian Yi Money Market ETF [19]. - The table presents information of the top three trading volume money market ETFs, including code, fund name, and trading volume [21].

Core Insights - Central Huijin's latest investment activities indicate a significant increase in ETF holdings, with total holdings reaching approximately 1.53 trillion yuan, marking a 19% increase from the previous quarter [1][3][11] - The investment strategy focuses on maintaining a stable position in core broad-based ETFs, particularly in major indices like CSI 300 and SSE 50, reflecting a commitment to market stability [3][13] - Adjustments in specific asset management plans suggest a responsive approach to market trends, with notable actions such as the complete liquidation of a high-dividend ETF [6][7] Investment Holdings Overview - As of September 30, Central Huijin's total ETF holdings increased from 1.29 trillion yuan to approximately 1.53 trillion yuan, a rise of about 2.4 billion yuan [3][11] - The number of ETFs with holdings exceeding 20% reached 28, with a total market value of 1.48 trillion yuan, reflecting a quarterly increase of 233.2 billion yuan [1][7] - The main contributors to the growth in holdings were the core broad-based ETFs, with significant increases in net asset values due to a recovering stock market [6][11] Specific ETF Performance - Fourteen broad-based ETFs saw substantial increases in market value, while only one sector ETF experienced a decline [4] - Central Huijin Investment maintained a stable number of holdings in 15 ETFs, with a total market value of approximately 777.98 billion yuan, reflecting a 19.23% increase [3][6] - Central Huijin Asset also held 12 ETFs, with a total market value of about 697.56 billion yuan, marking an 18.26% increase [6] Strategic Adjustments - The asset management plans under Huaxia and E Fund made strategic adjustments, including the complete liquidation of a high-dividend ETF and a reduction in automotive sector ETF holdings [6][7] - Analysts suggest these adjustments are aimed at aligning with market trends and sector performance expectations [7] Long-term Investment Philosophy - Central Huijin's investment approach emphasizes long-term stability and diversification, focusing on broad-based ETFs to support market stability [13] - The organization is viewed as a "national team" in the capital market, reinforcing investor confidence through its substantial and stable holdings [13][14]