Report Industry Investment Rating No relevant content provided. Core Viewpoints The report comprehensively analyzes the secondary market and ETF products from multiple perspectives. It presents the performance of major indexes and industries, and details the market performance, fund flows, trading volume, margin trading, and new issuance and listing of ETFs during the sample period from September 22 to September 26, 2025 [1][10]. Summary According to the Directory 1. Secondary Market Overview - **Index Performance**: During the sample period, the Science and Technology Innovation 50, SGE Gold 9999, and ChiNext Index ranked among the top in terms of weekly returns, with 6.47%, 3.32%, and 1.96% respectively. The PE valuation quantile of the S&P 500 was the highest at 99.20%, while that of the Nikkei 225 was the lowest at 85.66% [10]. - **Industry Performance**: In the sample period, the power equipment, non - ferrous metals, and electronics industries ranked among the top in terms of returns, with 3.86%, 3.52%, and 3.51% respectively. The social services, comprehensive, and commercial retail industries ranked relatively low, with - 5.92%, - 4.61%, and - 4.32% respectively. In terms of valuation, the non - ferrous metals, power equipment, and electronics industries had the highest valuation quantiles, at 99.59%, 99.59%, and 98.36% respectively, while the non - bank finance, agriculture, forestry, animal husbandry, and fishery, and comprehensive industries had relatively low valuation quantiles, at 23.36%, 36.07%, and 42.42% respectively [14]. 2. ETF Product Overview 2.1 ETF Market Performance - **By Product Type**: Commodity ETFs had the best average performance, with a weighted average return of 3.19%, while style ETFs had the worst average performance, with a weighted average return of - 0.75% [18]. - **By Listing Plate**: ETFs related to the Science and Technology Innovation Board and the Science and Technology Innovation and Entrepreneurship 50 had better market performance, with weighted average returns of 5.81% and 4.32% respectively. The CSI 2000 and Hong Kong stock ETFs had relatively poor performance, with weighted average returns of - 1.14% and - 0.39% respectively [18]. - **By Industry Sector**: The technology sector ETFs had the best average performance, with a weighted average return of 3.29%, while the consumer sector ETFs had the worst average performance, with a weighted average return of - 2.81% [19]. - **By Theme**: Chip semiconductor and new energy ETFs had better performance, with weighted average returns of 8.94% and 4.53% respectively. Innovative drug and non - bank ETFs had relatively poor performance, with weighted average returns of - 1.62% and - 0.87% respectively [19]. 2.2 ETF Fund Inflows and Outflows - **By ETF Category**: Bond ETFs had the largest net inflow of funds, reaching 780.27 billion yuan, while QDII ETFs had the smallest net inflow, at - 27.15 billion yuan [23]. - **By Tracking Index and Listing Plate**: ChiNext - related ETFs had the largest net inflow of funds, at 5.49 billion yuan, while CSI 300 ETFs had the smallest net inflow, at - 38.82 billion yuan [23]. - **By Industry Sector**: Technology sector ETFs had the largest net inflow of funds, at 168.58 billion yuan, while cyclical sector ETFs had the smallest net inflow, at - 16.01 billion yuan [25]. - **By Theme**: Chip semiconductor and robot ETFs had the largest net inflows of funds, at 100.50 billion yuan and 40.39 billion yuan respectively. New energy and central state - owned enterprise ETFs had the smallest net inflows, at - 9.15 billion yuan and - 5.19 billion yuan respectively [25]. 2.3 ETF Trading Volume - **By ETF Category**: QDII ETFs had the largest increase in the average daily trading volume change rate, at 0.86%, while bond ETFs had the largest decrease, at - 12.18% [28]. - **By Tracking Index and Listing Plate**: US stock ETFs had the largest increase in the average daily trading volume change rate, at 26.66%, while the CSI 1000 had the largest decrease, at - 26.70% [31]. - **By Industry Sector**: The technology sector had the largest increase in the average daily trading volume change rate, at 3.39%, while the biomedical sector had the largest decrease, at - 32.00% [34]. - **By Theme**: Non - bank and chip semiconductor ETFs had the largest average daily trading volumes in the past 5 days, at 185.49 billion yuan and 156.03 billion yuan respectively. Chip semiconductor and consumer electronics ETFs had the largest increases in the average daily trading volume change rate, at 23.15% and 12.23% respectively. Innovative drug and military industry ETFs had the largest decreases, at - 33.90% and - 24.21% respectively [36]. 2.4 ETF Margin Trading During the sample period, the net margin purchase of all stock - type ETFs was - 0.80 billion yuan, and the net short - selling was - 1.13 billion yuan. The E Fund CSI Hong Kong Securities Investment Theme ETF had the largest net margin purchase, and the GF CSI 1000 ETF had the largest net short - selling [42]. 2.5 ETF New Issuance and Listing During the sample period, 11 funds were established and 21 funds were listed [3][44].

Market Overview - As of September 26, the total ETF margin balance in the two markets was 111.718 billion, a decrease of 4.945 billion from the previous trading day [1] - The financing balance was 103.993 billion, down by 4.625 billion, while the securities lending balance was 7.725 billion, a decrease of 320 million [1] - In the Shanghai market, the ETF margin balance was 77.055 billion, down by 4.577 billion, with a financing balance of 70.266 billion, decreasing by 4.262 billion [1] - The Shenzhen market's ETF margin balance was 34.663 billion, a decrease of 368 million, with a financing balance of 33.727 billion, down by 36.3 million [1] ETF Margin Balance - The top three ETFs by margin balance on September 26 were: - Huaan Yifu Gold ETF (7.393 billion) - E Fund Gold ETF (5.855 billion) - Huaxia Hang Seng (QDII-ETF) (4.129 billion) [2] - The top ten ETFs by margin balance included: - Huatai-PB CSI 300 ETF (3.834 billion) - Guotai CSI All-Share Securities Company ETF (3.705 billion) - Bosera Gold ETF (3.552 billion) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on September 26 were: - Hai Fu Tong CSI Short Bond ETF (1.459 billion) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (1.179 billion) - E Fund CSI Hong Kong Securities Investment Theme ETF (1.060 billion) [3] - The top ten ETFs by financing buy amount included: - Huatai-PB Southern Dongying Hang Seng Technology Index (QDII-ETF) (1.023 billion) - Huaxia Hang Seng Internet Technology (QDII-ETF) (682 million) [4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on September 26 were: - Jiashi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF (208 million) - Guotai CSI Semiconductor Materials and Equipment Theme ETF (128 million) - E Fund ChiNext ETF (125 million) [5] - The top ten ETFs by financing net buy amount included: - Tianhong CSI Robotics ETF (42.66 million) - China Merchants CSI Semiconductor Industry ETF (34.55 million) [6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on September 26 were: - Huatai-PB CSI 300 ETF (13.386 million) - Guolian An CSI All-Share Semiconductor Products and Equipment ETF (6.164 million) - Huaxia CSI 1000 ETF (6.163 million) [7] - The top ten ETFs by securities lending sell amount included: - Southern CSI 500 ETF (5.669 million) - Southern CSI 1000 ETF (5.053 million) [8]

（原标题：两市ETF融资余额减少46.25亿元） 最新两市ETF两融余额为1117.18亿元，环比上一交易日减少49.45亿元，其中，ETF融资余额环比减少46.25亿元，融券余额环比减少3.20亿元。 证券时报•数据宝统计显示，截至9月26日，两市ETF两融余额为1117.18亿元，较上一交易日减少49.45亿元，环比减少4.24%，其中，ETF融资余额 为1039.93亿元，较上一交易日减少46.25亿元，环比减少4.26%。 具体来看，深市ETF最新两融余额346.63亿元，较上一日减少3.68亿元，ETF融资余额337.27亿元，环比减少3.63亿元，融券余量4.70亿份，环比增 加517.74万份，增幅1.11%，ETF最新融券余额9.35亿元，环比减少473.45万元。沪市ETF最新两融余额770.55亿元，较上一日减少45.77亿元，ETF 融资余额702.66亿元，环比减少42.62亿元，融券余量20.39亿份，环比减少4783.00万份，降幅2.29%，ETF最新融券余额67.89亿元，环比减少3.15 亿元。 相关标的ETF中，最新融资余额超亿元的有124只，融资余额最多的是华安黄金易(E ...

Market Overview - As of September 25, the total ETF margin balance in the two markets reached 116.663 billion yuan, an increase of 1.237 billion yuan from the previous trading day [1] - The financing balance was 108.618 billion yuan, up by 1.222 billion yuan, while the securities lending balance was 8.045 billion yuan, increasing by 14.6684 million yuan [1] - In the Shanghai market, the ETF margin balance was 81.633 billion yuan, rising by 878 million yuan, with a financing balance of 74.528 billion yuan, up by 872 million yuan [1] - In the Shenzhen market, the ETF margin balance was 35.03 billion yuan, increasing by 359 million yuan, with a financing balance of 34.09 billion yuan, up by 350 million yuan [1] ETF Margin Financing Balances - The top three ETFs by margin financing balance on September 25 were: - Huaan Yifu Gold ETF (7.366 billion yuan) - E Fund Gold ETF (5.868 billion yuan) - Fortune China Bond 7-10 Year Policy Financial Bond ETF (4.275 billion yuan) [2] ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on September 25 were: - Huatai-PB Southbound Hang Seng Technology Index (1.469 billion yuan) - Hai Fu Tong China Bond Short-term ETF (1.319 billion yuan) - Huaxia Hang Seng Internet Technology ETF (1.289 billion yuan) [3][4] ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on September 25 were: - Hai Fu Tong China Bond Short-term ETF (454 million yuan) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (158 million yuan) - Huaxia China Securities Robotics ETF (139 million yuan) [5][6] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on September 25 were: - Huatai-PB CSI 300 ETF (32.2565 million yuan) - Huaxia SSE 50 ETF (15.568 million yuan) - Huaxia CSI 1000 ETF (9.7095 million yuan) [7][8]

Market Overview - As of September 24, the total ETF margin balance in the two markets reached 115.426 billion yuan, an increase of 0.337 billion yuan from the previous trading day [1] - The financing balance was 107.397 billion yuan, up by 0.171 billion yuan, while the securities lending balance was 8.03 billion yuan, increasing by 0.166 billion yuan [1] - In the Shanghai market, the ETF margin balance was 80.755 billion yuan, with a financing balance of 73.656 billion yuan and a securities lending balance of 7.098 billion yuan [1] ETF Margin Balance - The top three ETFs by margin balance on September 24 were: 1. Huaan Yifu Gold ETF (7.397 billion yuan) 2. E Fund Gold ETF (5.879 billion yuan) 3. FTSE China Government Bond 7-10 Year ETF (4.271 billion yuan) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on September 24 were: 1. E Fund Hong Kong Securities Investment Theme ETF (1.579 billion yuan) 2. Hai Fu Tong Short-term Bond ETF (1.44 billion yuan) 3. Huatai-PB Southbound Hang Seng Technology Index ETF (1.338 billion yuan) [3][4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on September 24 were: 1. Hai Fu Tong Short-term Bond ETF (177 million yuan) 2. Guotai Junan Semiconductor Materials and Equipment Theme ETF (175 million yuan) 3. Bosera Convertible Bonds and Exchangeable Bonds ETF (109 million yuan) [5][6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on September 24 were: 1. Huatai-PB CSI 300 ETF (32.6634 million yuan) 2. Southbound CSI 500 ETF (20.276 million yuan) 3. Huaxia SSE 50 ETF (13.561 million yuan) [7][8]

Market Overview - As of September 23, the total ETF margin balance in the two markets reached 115.089 billion, an increase of 0.363 billion from the previous trading day [1] - The financing balance was 107.225 billion, up by 0.336 billion, while the securities lending balance was 7.864 billion, increasing by 27.198 million [1] - In the Shanghai market, the ETF margin balance was 80.451 billion, rising by 0.362 billion, with a financing balance of 73.506 billion, up by 0.333 billion [1] - The Shenzhen market's ETF margin balance was 34.638 billion, with a slight increase of 50.22 million, and a financing balance of 33.719 billion, up by 2.5775 million [1] ETF Margin Balance - The top three ETFs by margin balance on September 23 were: - Huaan Yifu Gold ETF (7.361 billion) - E Fund Gold ETF (5.936 billion) - FTSE China Government Bond 7-10 Year ETF (4.316 billion) [2] ETF Financing Amount - The top three ETFs by financing amount on September 23 were: - Hua Tai Ba Rui Southbound Hang Seng Technology Index ETF (1.418 billion) - Bosera China Convertible Bond ETF (1.412 billion) - E Fund China Securities Investment Theme ETF (1.224 billion) [3] ETF Net Financing Amount - The top three ETFs by net financing amount on September 23 were: - Guotai CSI All Share Securities Company ETF (131 million) - Hua Tai Ba Rui Southbound Hang Seng Technology Index ETF (122 million) - Huaan Yifu Gold ETF (111 million) [5] ETF Securities Lending Amount - The top three ETFs by securities lending amount on September 23 were: - Southern CSI 500 ETF (77.1542 million) - Southern CSI 1000 ETF (39.2484 million) - Hua Tai Ba Rui CSI 300 ETF (27.7884 million) [7]

Market Overview - As of September 22, the total ETF margin balance in the two markets reached 114.726 billion, an increase of 3.705 billion from the previous trading day [1] - The financing balance was 106.89 billion, up by 3.66 billion, while the securities lending balance was 7.836 billion, increasing by 45.067 million [1] - In the Shanghai market, the ETF margin balance was 80.089 billion, rising by 3.379 billion, with a financing balance of 73.173 billion, up by 3.331 billion [1] - The Shenzhen market's ETF margin balance was 34.638 billion, increasing by 326 million, with a financing balance of 33.716 billion, up by 330 million [1] ETF Margin Balance - The top three ETFs by margin balance on September 22 were: - Huaan Yifu Gold ETF (7.25 billion) - E Fund Gold ETF (5.945 billion) - Fortune China Bond 7-10 Year Policy Financial Bond ETF (4.334 billion) [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 22 were: - Hai Fudong China Bond Short-term ETF (3.516 billion) - Fortune China Bond 7-10 Year Policy Financial Bond ETF (2.679 billion) - Huatai-PB Southbound Hang Seng Technology Index (1.536 billion) [3][4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on September 22 were: - Fortune China Bond 7-10 Year Policy Financial Bond ETF (1.575 billion) - Bosera China Bond 0-3 Year National Development Bank Bond ETF (404 million) - Huatai-PB Southbound Hang Seng Technology Index (305 million) [5][6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on September 22 were: - Southbound China 500 ETF (41.520 million) - Huatai-PB Shanghai and Shenzhen 300 ETF (23.913 million) - Huaxia Shanghai 50 ETF (19.792 million) [7][8]

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]