- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting daily, weekly, monthly, and yearly changes in index returns, with the highest annual return observed for the ChiNext Index at 42.85%[10][11][13] - It compares indices against their moving averages (MA5, MA10, MA20, MA60, MA120, MA250) and their 250-day high and low levels, showing that all indices remain above their 5-day moving averages, except the CSI 2000, which fell below its 10-day moving average[13][14] - The turnover rate and trading volume share are analyzed, with CSI 2000 having the highest turnover rate at 3.56, while the CSI 300 accounts for the largest trading volume share at 26.89%[16][17] - Daily return distributions are examined, revealing that the ChiNext Index has the largest negative skewness and kurtosis deviation, while the CSI 300 has the smallest[23][24] - Risk premium analysis is conducted using the 10-year government bond yield as the risk-free rate, showing that the CSI 1000 and CSI 2000 have higher volatility in risk premiums compared to other indices[26][27][30] - PE-TTM ratios are evaluated as valuation metrics, with CSI 500 and CSI All Index showing the highest 5-year percentile values at 98.18% and 97.44%, respectively, while the ChiNext Index has the lowest at 58.51%[38][41][42] - Dividend yield analysis indicates that the ChiNext Index and CSI 1000 have the highest 5-year historical percentile values at 69.42% and 46.2%, respectively, while CSI 2000 and CSI 500 have the lowest at 20.25% and 16.28%[46][51][52] - The report also tracks the percentage of stocks trading below their net asset value (break-net ratio), with the highest ratio observed for the SSE 50 at 18.0% and the lowest for the ChiNext Index at 1.0%[53]

- The report tracks various types of daily frequency data for ETFs, divided into "broad-based" and "thematic" sub-tables[2] - The RSI (Relative Strength Index) is calculated using the formula: $ RSI = 100 - 100 / (1 + RS) $, where RSI is the ratio of average gains to average losses over a specific period (12 days)[2] - The net subscription amount is calculated using the formula: $ NETBUY(T) = NAV(T) - NAV(T-1) * (1 + R(T)) $, where NETBUY(T) is the net subscription amount, NAV(T-1) is the ETF's net asset value from the previous trading day[2] - The report includes data on whether ETFs support T+0 trading[2] - The report provides detailed information on various ETFs, including tracking index performance, ETF names, security codes, market capitalization, RSI, net subscriptions, trading volume, intraday trend, management fee rate, institutional holdings, and T+0 trading support[4] - The report includes data on institutional holdings as disclosed in the latest annual or semi-annual reports, excluding holdings by corresponding feeder funds[3] - The report notes that missing values represent newly listed funds with insufficient data or funds that have not yet disclosed annual or semi-annual reports[3]

一则未经证实的期权"选秀"传闻，正试图重新点燃一个略显疲态的千亿级赛道。 当中证A500ETF市场关注度渐冷之际，"交易所将遴选两只产品纳入期权标的"的消息在业内流传。第一 财经多方核实，多数机构回应称尚无确切消息。有知情人士透露，该传闻实源自部分业内人士私下讨 论，监管层对此态度审慎，短期内落地概率较低。 这则传闻的发酵，恰处中证A500ETF市场一周年之际。去年10月首批产品上市时，营销大战"卷到极 致"，单月最高吸金超1133亿元，一年间挂钩产品达216只、涉及83家基金公司。 但今年以来资金退潮明显，40只中证A500ETF年内净流出超1096亿元，合计规模缩水近四分之一，超 四成产品规模不足10亿元。头部分化亦同步加剧，华泰柏瑞、易方达旗下产品逆势增长超36%，部分头 部产品规模"贴身肉搏"，还有昔日百亿级产品规模出现"腰斩"。 市场冷却与格局生变，也让基金公司的营销策略悄然分化：有的坚守"持久战"，有的坦言"不得不卷"， 还有的选择"佛系"应对，仅维持基础营销。从"全民追捧"到资金退潮，从"卷到极致"到策略分化，接下 来行业格局如何演变，仍需时间给出答案。 从"全民追捧"到资金退潮 去年10月，首 ...

- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting that all indices experienced an increase on October 20, 2025, with the ChiNext Index (1.98%) and CSI 2000 (1.43%) showing the largest daily gains[1][2][10] - The ChiNext Index achieved the highest annual growth rate of 39.78%, followed by CSI 2000 (28.01%) and CSI 500 (23.47%), while the SSE 50 recorded the smallest annual growth rate of 10.81%[10][11] - The ChiNext Index broke above its 5-day moving average, while other indices remained below their 5-day and 10-day moving averages, with all indices being more than 1.5% away from their 250-day highs[13][14] - The turnover rate of indices on October 20, 2025, was led by CSI 2000 (3.21), followed by CSI 1000 (2.25) and ChiNext Index (2.07), while SSE 50 had the lowest turnover rate at 0.31[16][17] - The distribution of daily returns showed that the ChiNext Index had the largest negative skewness and kurtosis deviation, while CSI 1000 had the smallest negative skewness and kurtosis deviation[23][24] - Risk premium analysis revealed that the ChiNext Index (88.81%) and CSI 2000 (85.08%) had relatively high 5-year percentile values, while CSI 1000 (72.7%) and SSE 50 (62.22%) had lower values[28][30] - PE-TTM analysis indicated that CSI 500 (98.26%) and CSI All Index (95.62%) had high 5-year percentile values, while CSI 2000 (82.89%) and ChiNext Index (58.02%) had lower values[39][41] - Dividend yield analysis showed that the ChiNext Index (71.07%) and CSI 1000 (50.66%) were at relatively high 5-year historical percentile values, while CSI 2000 (24.13%) and CSI 500 (16.61%) were at lower values[50][51] - Current net break rates for indices were reported as follows: SSE 50 (20.0%), CSI 300 (15.67%), CSI 500 (11.6%), CSI 1000 (7.4%), CSI 2000 (3.3%), ChiNext Index (1.0%), and CSI All Index (5.99%)[52][54]

Core Viewpoint - The article presents a comprehensive index map for investors, detailing various stock indices, their codes, selection rules, industry distribution, and average and median market capitalizations of constituent stocks, which will be regularly updated for easy reference [1][2]. Group 1: Types of Indices - The index map includes several categories of stock indices: broad-based indices, strategy indices, industry indices, thematic indices, and overseas indices [4][5]. Group 2: Broad-based Indices - Important broad-based indices in the A-share market include the CSI series such as the CSI 300, CSI 500, CSI 800, and the CSI All Share, which are selected based on the market capitalization of listed companies and cover a wide range of industries [9]. Group 3: Strategy Indices - Common strategy indices in the A-share market include: - CSI 300: Represents large-cap stocks - CSI 500: Represents mid-cap stocks - CSI 1000: Represents small-cap stocks - CSI 2000: Represents micro-cap stocks [11]. - Strategy indices enhance investment options and cater to diverse investor needs [13]. Group 4: Dividend and Value Indices - Dividend indices select stocks with high dividend yields, while value indices focus on stocks with low price-to-earnings and price-to-book ratios, as well as high dividend yields [12]. - Low volatility indices target stocks with lower price volatility, and fundamental indices select stocks based on revenue, cash flow, net assets, and dividend size [12][13].

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]