Market Overview - As of September 19, the total ETF margin balance in the two markets is 111.02 billion yuan, a decrease of 0.93 billion yuan from the previous trading day [1] - The financing balance is 103.23 billion yuan, down by 0.82 billion yuan, while the securities lending balance is 7.79 billion yuan, a decrease of 0.11 billion yuan [1] - In the Shanghai market, the ETF margin balance is 76.71 billion yuan, down by 0.053 billion yuan, with a financing balance of 69.84 billion yuan, decreasing by 0.042 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 34.31 billion yuan, down by 0.039 billion yuan, with a financing balance of 33.39 billion yuan, decreasing by 0.039 billion yuan [1] ETF Margin Balance - The top three ETFs by margin balance on September 19 are: - Huaan Yifu Gold ETF (7.178 billion yuan) - E Fund Gold ETF (5.951 billion yuan) - Huaxia Hang Seng (QDII-ETF) (4.145 billion yuan) [2] - The top ten ETFs by margin balance include: - Huatai-PB CSI 300 ETF (3.951 billion yuan) - Guotai CSI All-Share Securities Company ETF (3.667 billion yuan) - Bosera Gold ETF (3.562 billion yuan) - Southern CSI 500 ETF (3.249 billion yuan) - E Fund Hang Seng China Enterprises (QDII-ETF) (2.996 billion yuan) - Southern CSI 1000 ETF (2.863 billion yuan) - Fuguo China Bond 7-10 Year Policy Financial Bond ETF (2.759 billion yuan) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on September 19 are: - Hai Fudong CSI Short Bond ETF (1.774 billion yuan) - Huatai-PB Southern Dongying Hang Seng Technology Index (QDII-ETF) (1.550 billion yuan) - E Fund CSI Hong Kong Securities Investment Theme ETF (1.129 billion yuan) [3][4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on September 19 are: - Fuguo China Bond 7-10 Year Policy Financial Bond ETF (114 million yuan) - Southern CSI 500 ETF (54.7842 million yuan) - Guotai Shanghai Stock Exchange 10-Year Treasury Bond ETF (50.0333 million yuan) [5][6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on September 19 are: - Southern CSI 1000 ETF (28.6697 million yuan) - Huatai-PB CSI 300 ETF (28.595 million yuan) - Southern CSI 500 ETF (26.3429 million yuan) [7][8]

Market Overview - As of September 17, the total ETF margin balance in the two markets reached 116.624 billion yuan, an increase of 0.864 billion yuan from the previous trading day [1] - The financing balance was 108.593 billion yuan, up by 0.799 billion yuan, while the securities lending balance was 8.031 billion yuan, increasing by 64.591 million yuan [1] - In the Shanghai market, the ETF margin balance was 80.95 billion yuan, rising by 0.607 billion yuan, with a financing balance of 73.863 billion yuan, up by 0.538 billion yuan [1] - The Shenzhen market's ETF margin balance was 35.674 billion yuan, increasing by 0.257 billion yuan, with a financing balance of 34.73 billion yuan, up by 0.262 billion yuan [1] ETF Margin Balance - The top three ETFs by margin balance on September 17 were: - Huaan Yifu Gold ETF (7.426 billion yuan) - E Fund Gold ETF (6.051 billion yuan) - Huaxia Hang Seng (QDII-ETF) (4.166 billion yuan) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on September 17 were: - E Fund CSI Hong Kong Securities Investment Theme ETF (2.01 billion yuan) - Huaxia Hang Seng Internet Technology Industry (QDII-ETF) (1.686 billion yuan) - Huatai-PineBridge Southern East England Hang Seng Technology Index (QDII-ETF) (1.472 billion yuan) [3][4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on September 17 were: - Huaxia Hang Seng Internet Technology Industry (QDII-ETF) (393 million yuan) - Guotai CSI All-Share Securities Company ETF (124 million yuan) - Huatai-PineBridge Southern East England Hang Seng Technology Index (QDII-ETF) (97.379 million yuan) [5][6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on September 17 were: - Huatai-PineBridge CSI 300 ETF (33.724 million yuan) - Southern CSI 500 ETF (29.163 million yuan) - Southern CSI 1000 ETF (14.2345 million yuan) [7][8]

Market Overview - As of September 16, the total ETF margin balance in the two markets reached 115.76 billion yuan, an increase of 3.448 billion yuan from the previous trading day [1] - The financing balance was 107.794 billion yuan, up by 3.321 billion yuan, while the securities lending balance was 7.966 billion yuan, increasing by 127 million yuan [1] - In the Shanghai market, the ETF margin balance was 80.343 billion yuan, rising by 3.077 billion yuan, with a financing balance of 73.326 billion yuan, up by 2.956 billion yuan [1] - The Shenzhen market's ETF margin balance was 35.417 billion yuan, an increase of 371 million yuan, with a financing balance of 34.468 billion yuan, up by 365 million yuan [1] ETF Margin Balance - The top three ETFs by margin balance on September 16 were: - Huaan Yifu Gold ETF (7.52 billion yuan) - E Fund Gold ETF (6.072 billion yuan) - Huaxia Hang Seng (QDII-ETF) (4.171 billion yuan) [2] ETF Financing Amount - The top three ETFs by financing amount on September 16 were: - Hai Fu Tong Zhong Zheng Short Bond ETF (3.597 billion yuan) - Fu Guo Zhong Dai 7-10 Year Policy Financial Bond ETF (2.970 billion yuan) - E Fund Zhong Zheng Hong Kong Securities Investment Theme ETF (1.772 billion yuan) [3][4] ETF Net Financing Amount - The top three ETFs by net financing amount on September 16 were: - Fu Guo Zhong Dai 7-10 Year Policy Financial Bond ETF (1.303 billion yuan) - Bo Shi Zhong Dai 0-3 Year National Development Bank Bond ETF (695 million yuan) - Hai Fu Tong Zhong Zheng Short Bond ETF (333 million yuan) [5][6] ETF Securities Lending Amount - The top three ETFs by securities lending amount on September 16 were: - Southern Zhong Zheng 500 ETF (566.045 million yuan) - Southern Zhong Zheng 1000 ETF (224.473 million yuan) - Huatai Bairui Hu Shi 300 ETF (143.968 million yuan) [7][8]

Market Overview - As of September 15, the total ETF margin balance in the two markets reached 112.31 billion, an increase of 0.61 billion from the previous trading day [1] - The financing balance was 104.47 billion, up by 0.53 billion, while the securities lending balance was 7.84 billion, increasing by 0.0787 billion [1] - In the Shanghai market, the ETF margin balance was 77.27 billion, rising by 0.78 billion, with a financing balance of 70.37 billion, up by 0.71 billion [1] - In the Shenzhen market, the ETF margin balance was 35.05 billion, decreasing by 0.17 billion, with a financing balance of 34.10 billion, down by 0.18 billion [1] ETF Margin Balance - The top three ETFs by margin balance on September 15 were: - Huaan Yifu Gold ETF (7.37 billion) - E Fund Gold ETF (6.10 billion) - Huaxia Hang Seng (QDII-ETF) (4.15 billion) [2] - The detailed top 10 ETFs by margin balance include: - Huatai-PB CSI 300 ETF (4.04 billion) - Bosera Gold ETF (3.52 billion) - Guotai CSI All-Share Securities Company ETF (3.30 billion) - Southern CSI 500 ETF (3.23 billion) - E Fund Hang Seng China Enterprises (QDII-ETF) (3.01 billion) - Southern CSI 1000 ETF (2.89 billion) - Fuguo China Bond 7-10 Year Policy Financial Bond ETF (2.80 billion) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on September 15 were: - Hai Fudong CSI Short Bond ETF (1.95 billion) - E Fund CSI Hong Kong Securities Investment Theme ETF (1.08 billion) - Huaxia SSE STAR 50 Component ETF (0.93 billion) [3] - The detailed top 10 ETFs by financing buy amount include: - Huatai-PB Southern Dongying Hang Seng Technology Index (QDII-ETF) (0.77 billion) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (0.73 billion) - GF CSI Hong Kong Innovative Medicine (QDII-ETF) (0.70 billion) - Huaxia Hang Seng Technology (QDII-ETF) (0.58 billion) - Fuguo China Bond 7-10 Year Policy Financial Bond ETF (0.47 billion) - E Fund ChiNext ETF (0.43 billion) [4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on September 15 were: - Fuguo China Bond 7-10 Year Policy Financial Bond ETF (0.32 billion) - Huaan Yifu Gold ETF (0.14 billion) - Hai Fudong CSI Short Bond ETF (0.12 billion) [5] - The detailed top 10 ETFs by financing net buy amount include: - GF National Standard New Energy Vehicle Battery ETF (0.0986 billion) - Huaxia Hang Seng Internet Technology (QDII-ETF) (0.0826 billion) - Guotai SSE 10-Year Treasury ETF (0.0629 billion) - Huaxia Hang Seng Technology (ODII-ETF) (0.0608 billion) - Hai Fudong SSE Urban Investment Bond ETF (0.0542 billion) - Guotai SSE 5-Year Treasury ETF (0.0533 billion) - Huaxia National Standard Semiconductor Chip ETF (0.0447 billion) [6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on September 15 were: - Southern CSI 500 ETF (0.0713 billion) - Huatai-PB CSI 300 ETF (0.0330 billion) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (0.0205 billion) [7] - The detailed top 10 ETFs by securities lending sell amount include: - Huaxia SSE 50 ETF (0.0060 billion) - Tianhong CSI All-Share Securities Company ETF (0.0005 billion) - Guotai CSI A500 ETF (0.0004 billion) - Huaxia SSE STAR 50 Component ETF (0.0003 billion) - Guotai CSI Coal ETF (0.0002 billion) [8]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The report analyzes the secondary market and ETF product situation from August 9th to September 12th, 2025, including index trends, ETF market performance, fund flows, trading volume, margin trading, and new fund launches [1][20] Summary by Directory 1. Secondary Market Overview - In the sample period, the weekly returns of the Science and Technology Innovation 50, Nikkei 225, and Hang Seng Index ranked among the top, at 5.48%, 4.07%, and 3.82% respectively. The PE valuation quantile of the CSI 500 was the highest at 100.00%, and that of the Nikkei 225 was the lowest at 85.25% [10] - Among the Shenwan primary industries, electronics, real estate, and agriculture, forestry, animal husbandry, and fishery had the highest returns, at 6.15%, 5.98%, and 4.81% respectively. The industries with relatively low returns were comprehensive, banking, and petroleum and petrochemicals, at -1.43%, -0.66%, and -0.41% respectively. The industries with the highest valuation quantiles were non-ferrous metals, real estate, and automobiles, at 100.00%, 100.00%, and 99.59% respectively. The industries with relatively low valuation quantiles were non-bank finance, household appliances, and agriculture, forestry, animal husbandry, and fishery, at 32.23%, 42.56%, and 46.69% respectively [16] 2. ETF Product Overview 2.1 ETF Market Performance - QDII ETFs had the best average performance, with a weighted average return of 2.92%. Bond ETFs had the worst average performance, with a weighted average return of -0.25% [20] - Among the ETFs classified by the listing sectors of the underlying indices and their constituent stocks, the ETFs related to the Science and Technology Innovation Board and Japanese stocks had better market performance, with weighted average returns of 5.46% and 3.92% respectively. The ETFs related to US stocks and the CSI 2000 had relatively poor performance, with weighted average returns of 0.73% and 1.46% respectively [20] - Among the industry sectors, technology sector ETFs had the best average performance, with a weighted average return of 6.08%. Biomedical sector ETFs had the worst average performance, with a weighted average return of -1.08% [21] - Among the themes, chip semiconductor and artificial intelligence ETFs had better performance, with weighted average returns of 7.68% and 6.13% respectively. Innovative drug and bank ETFs had relatively poor performance, with weighted average returns of -2.95% and -0.70% respectively [21] 2.2 ETF Fund Inflows and Outflows - From the perspective of different types of ETFs, industry-themed ETFs had the largest net inflow of funds, at 328.62 billion yuan, while broad-based ETFs had the smallest net inflow, at -231.98 billion yuan [25] - From the perspective of the listing sectors of the underlying indices and their constituent stocks, Hong Kong stock ETFs had the largest net inflow of funds, at 232.46 billion yuan, while ETFs related to the Science and Technology Innovation Board had the smallest net inflow, at -117.21 billion yuan [25] - From the perspective of industry sectors, financial and real estate sector ETFs had the largest net inflow of funds, at 115.88 billion yuan, while technology sector ETFs had the smallest net inflow, at -62.35 billion yuan [26] - From the perspective of themes, non-bank and new energy ETFs had the largest net inflow of funds, at 101.71 billion yuan and 78.60 billion yuan respectively. Chip semiconductor and artificial intelligence ETFs had the smallest net inflow, at -84.66 billion yuan and -28.26 billion yuan respectively [26] 2.3 ETF Trading Volume - From the perspective of different types of ETFs, commodity ETFs had the largest increase in the average daily trading volume change rate, at 22.52%, while broad-based ETFs had the largest decrease, at -13.77% [31] - From the perspective of the listing sectors of the underlying indices and their constituent stocks, Japanese stock ETFs had the largest increase in the average daily trading volume change rate, at 15.15%, while the CSI 500 had the largest decrease, at -27.66% [34] - From the perspective of industry sectors, biomedical sector ETFs had the largest increase in the average daily trading volume change rate, at 8.64%, while financial and real estate sector ETFs had the largest decrease, at -14.80% [37] - From the perspective of themes, non-bank and innovative drug ETFs had the largest average daily trading volume in the past five days, at 258.16 billion yuan and 141.33 billion yuan respectively. New energy and innovative drug ETFs had the largest increase in the average daily trading volume change rate, at 65.65% and 12.15% respectively. Military and chip semiconductor ETFs had the largest decrease in the average daily trading volume change rate, at -43.10% and -22.85% respectively [40] 2.4 ETF Margin Trading - In the sample period, the net margin purchase of all equity ETFs was -1.629 billion yuan, and the net short sale was 398 million yuan. Among all equity ETFs, the Huatai-PineBridge CSI Hong Kong Stock Connect Innovative Drug ETF had the largest net margin purchase, and the Southern CSI 1000 ETF had the largest net short sale [2][46] 2.5 ETF New Launches and Listings - In the sample period, a total of 8 funds were established and 4 funds were listed [3][48]

市场概况 ETF融资买入额 9月12日ETF融资买入额前三位分别为：海富通中证短融ETF(18.66亿元)、博时中证可转债及可交换债券 ETF(13.41亿元)和易方达中证香港证券投资主题ETF(11.91亿元)，前10具体见下表： | 代码 | 基金名称 | 融资买入额 | | --- | --- | --- | | 511360.SH | 海富通中证短融ETF | 18.66亿元 | | 511380.SH | 博时中证可转债及可交换债券ETF | 13.41亿元 | | 513090.SH | 易方达中证香港证券投资主题ETF | 11.91亿元 | | 513120.SH | 广发中证香港创新药(QDII-ETF) | 11.0亿元 | | 588000.SH | 华夏上证科创板50成份ETF | 9.75亿元 | | 513130.SH | 华泰柏瑞南方东英恒生科技指数(QDII-ETF) | 8.98亿元 | | 513330.SH | 华夏恒生互联网科技业(QDII-ETF) | 8.93亿元 | | 513180.SH | 华夏恒生科技(QDII-ETF) | 8.61亿元 | | 15991 ...

Market Overview - As of September 11, the total ETF margin balance in the two markets is 112.707 billion yuan, a decrease of 1.386 billion yuan from the previous trading day [1] - The financing balance is 104.962 billion yuan, down by 1.537 billion yuan, while the securities lending balance is 7.744 billion yuan, an increase of 0.151 billion yuan [1] - In the Shanghai market, the ETF margin balance is 77.21 billion yuan, a decrease of 2.023 billion yuan, with a financing balance of 70.396 billion yuan, down by 2.131 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 35.496 billion yuan, an increase of 0.637 billion yuan, with a financing balance of 34.567 billion yuan, up by 0.594 billion yuan [1] ETF Margin Balance - The top three ETFs by margin balance on September 11 are: - Huaan Yifu Gold ETF (7.273 billion yuan) - E Fund Gold ETF (6.082 billion yuan) - Huaxia Hang Seng (QDII-ETF) (4.153 billion yuan) [2] - The detailed top 10 ETFs by margin balance are provided in the table [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on September 11 are: - E Fund CSI Hong Kong Securities Investment Theme ETF (2.331 billion yuan) - Huaxia SSE STAR Market 50 ETF (1.309 billion yuan) - Huatai-PineBridge Southern East Ying Hang Seng Technology Index (QDII-ETF) (1.286 billion yuan) [3][4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on September 11 are: - E Fund ChiNext ETF (309 million yuan) - GF CSI Hong Kong Innovation Drug (QDII-ETF) (277 million yuan) - Huabao ChiNext Artificial Intelligence ETF (147 million yuan) [5][6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on September 11 are: - Huatai-PineBridge SSE 300 ETF (66.4842 million yuan) - Southern CSI 500 ETF (24.061 million yuan) - Huaxia SSE 50 ETF (22.0263 million yuan) [7][8]

Market Overview - As of September 10, the total ETF margin balance in the two markets is 114.09 billion, a decrease of 1.04 billion from the previous trading day [1] - The financing balance is 106.50 billion, down by 1.77 billion, while the securities lending balance is 7.59 billion, an increase of 729.16 million [1] - In the Shanghai market, the ETF margin balance is 79.23 billion, a decrease of 468.63 million, with a financing balance of 72.53 billion, down by 1.23 billion [1] - In the Shenzhen market, the ETF margin balance is 34.86 billion, a decrease of 571.24 million, with a financing balance of 33.97 billion, down by 534.24 million [1] ETF Margin Balance - The top three ETFs by margin balance as of September 10 are: - Huaan Yifu Gold ETF (7.38 billion) - E Fund Gold ETF (6.14 billion) - Fortune China Bond 7-10 Year Policy Financial Bond ETF (4.30 billion) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on September 10 are: - E Fund CSI Hong Kong Securities Investment Theme ETF (1.84 billion) - Hai Fu Tong CSI Short Bond ETF (1.36 billion) - Hua Tai Bai Rui Southbound Hang Seng Technology Index (QDII-ETF) (1.02 billion) [3] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on September 10 are: - Peng Yang China Bond - 30 Year Treasury ETF (158.00 million) - Hai Fu Tong CSI Short Bond ETF (109.00 million) - E Fund ChiNext ETF (75.25 million) [5] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on September 10 are: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 Component ETF (66.75 million) - Hua Tai Bai Rui CSI 300 ETF (29.76 million) - Southern CSI 500 ETF (11.68 million) [7]

Market Overview - As of September 4, the total ETF margin balance in the two markets reached 109.71 billion yuan, an increase of 610 million yuan from the previous trading day [1] - The financing balance was 102.78 billion yuan, up by 1.039 billion yuan, while the securities lending balance decreased to 6.935 billion yuan, down by 428 million yuan [1] - In the Shanghai market, the ETF margin balance was 75.85 billion yuan, increasing by 842 million yuan, with a financing balance of 69.75 billion yuan, up by 1.202 billion yuan [1] - In the Shenzhen market, the ETF margin balance was 33.86 billion yuan, decreasing by 232 million yuan, with a financing balance of 33.02 billion yuan, down by 163 million yuan [1] ETF Margin Balance - The top three ETFs by margin balance on September 4 were: - Huaan Yifu Gold ETF (7.364 billion yuan) - E Fund Gold ETF (6.232 billion yuan) - Huatai-PB CSI 300 ETF (4.141 billion yuan) [2] - The detailed top 10 ETFs by margin balance include: - Huaxia Hang Seng (QDII-ETF) (4.123 billion yuan) - Bosera Gold ETF (3.542 billion yuan) - Guotai CSI All-Share Securities Company ETF (3.157 billion yuan) - Southern CSI 500 ETF (3.044 billion yuan) - E Fund Hang Seng China Enterprises (QDII-ETF) (3.028 billion yuan) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (2.829 billion yuan) - Southern CSI 1000 ETF (2.727 billion yuan) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on September 4 were: - E Fund CSI Hong Kong Securities Investment Theme ETF (1.729 billion yuan) - Haifutong CSI Short Bond ETF (1.54 billion yuan) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (1.326 billion yuan) [3][4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on September 4 were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (209 million yuan) - Huatai-PB CSI 300 ETF (153 million yuan) - Southern CSI 1000 ETF (116 million yuan) [5][6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on September 4 were: - Southern CSI 500 ETF (39.95 million yuan) - Huatai-PB CSI 300 ETF (15.72 million yuan) - Southern CSI 1000 ETF (13.31 million yuan) [7][8]

Core Insights - The total margin balance of ETFs in the Shanghai and Shenzhen markets reached 109.71 billion yuan as of September 4, showing an increase of 610 million yuan from the previous trading day [1] - The financing balance of ETFs was 102.78 billion yuan, which increased by 1.039 billion yuan compared to the previous trading day [1] - The margin balance for short selling of ETFs was 6.935 billion yuan, reflecting a decrease of 429 million yuan from the previous trading day [1] ETF Financing Activity - On September 4, 245 ETFs experienced net financing inflows, with the Huaxia SSE Sci-Tech Innovation Board 50 ETF leading with a net inflow of 209 million yuan [1] - Other ETFs with significant net financing inflows included the Huatai-PB CSI 300 ETF, Southern CSI 1000 ETF, E Fund SSE Sci-Tech Innovation Board 50 ETF, Guolian An CSI All-Share Semiconductor ETF, and GF Nasdaq 100 ETF [1]