Report Industry Investment Rating - Not provided in the content Core Viewpoints - The consumer electronics ETF (159732.SZ) managed by China Asset Management tracks the Guozheng Consumer Electronics Theme Index (980030). From September 11, 2025, to December 12, 2025, the best convergent stock of the consumer electronics ETF was Huaqin Technology (603296.SH). The choice of the convergent stock considered the trend deviation of the constituent stocks from the consumer electronics index and research coverage [3][10]. - Regarding the valuation of Huaqin Technology's stock price stabilization position in September 2024, it should be based on the 2023 fundamental data (EPS), and the calculated bottom - end valuation is close to 17 times PE. Since the stock price rebound in September 2024, most of the stock price fluctuations have been within the value range defined by the fundamental value of T - 1 year and the expected fundamental value of T+2 years. Based on the data of December 12, 2025, the expected per - share fundamental values of Huaqin Technology from 2025 to 2027 are 67.97, 84.68, and 102.63 yuan respectively, and the closing price of 95.5 yuan per share is still lower than the per - share fundamental value in 2027 [3][10]. - According to the position of Huaqin Technology's closing price in the expected per - share fundamental value range from 2025 to 2027, the closing position on December 12, 2025, was 51.2%. From October 9, 2025, to December 12, 2025, the Sharpe ratio and return - drawdown ratio of the consumer electronics ETF based on the dynamic position allocation of Huaqin Technology were better than those of the buy - and - hold strategy. The allocation strategy achieved a 4.5% terminal return with a maximum drawdown of 4.5%, while the buy - and - hold strategy of the consumer electronics ETF achieved a - 7.02% terminal return with a maximum drawdown of 18.03% [4][11] Summary by Directory 1 Consumer Electronics ETF Configuration Value Analysis - The consumer electronics ETF (159732.SZ) is managed by China Asset Management and tracks the Guozheng Consumer Electronics Theme Index (980030). The best convergent stock from September 11, 2025, to December 12, 2025, was Huaqin Technology (603296.SH) [3][10]. - The bottom - end valuation of Huaqin Technology in September 2024 is close to 17 times PE, and the stock price fluctuations since then are mostly within the defined value range. The expected per - share fundamental values from 2025 to 2027 are 67.97, 84.68, and 102.63 yuan respectively, with a closing price lower than the 2027 value [3][10]. - The closing position on December 12, 2025, was 51.2%. The dynamic position allocation strategy based on Huaqin Technology outperformed the buy - and - hold strategy in terms of Sharpe ratio, return - drawdown ratio, terminal return, and maximum drawdown [4][11]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints - The allocation value of the Securities ETF is gradually becoming reasonable, but the rebound amplitude still depends on future market trends [4][18] - The formation of the phased high - point of the market is due to the fact that the predictable cumulative increase in fundamentals is less than the rebound amplitude [3][9] - The market's choice to correct in late August 2025 was a rational behavior as the stock price high had exceeded the expected fundamental value for 2027 at that time [4][14] 3. Summary by Relevant Catalog 1 Securities ETF Allocation Value Analysis - The Securities ETF (512880.SH) managed by Guotai Fund tracks the CSI All Index Securities Company Index (399975.SZ). From April 1, 2025, to December 3, 2025, its best convergent stock is CITIC Securities (600030) [3][9] - Since its rebound on July 8, 2024, CITIC Securities has experienced two price highs on November 8, 2024, and August 25, 2025, with increases of 104.34% and 91.46% respectively. The expected cumulative increase in the net profit attributable to the parent in 2027 compared to 2023 after the third - quarter report this year is 83%, which is less than the rebound amplitude [3][9] - In the previous bull market, the stock price of CITIC Securities increased by 129.24% from the low point on October 18, 2018, to the high point on July 8, 2020, and the expected increase in net profit in 2022 compared to 2018 was 109.71%, showing that the maximum increase in the stock price was basically consistent with the expected increase in fundamentals two years later [3][11] - The consensus expectation data of CITIC Securities in 2025 is lagging, underestimating its fundamental value. The report uses the net profit growth rate disclosed in the 2025 financial reports as a reference for the full - year net profit growth rate [13][14] - Taking the 13.2 - times PE of the bottom valuation in 2024 as the pricing basis, it is found that the stock price high of CITIC Securities in late August 2025 exceeded the expected fundamental value for 2027 at that time [14][18] - As of December 3, 2025, the closing price of CITIC Securities was 27.15 yuan per share, slightly higher than the expected fundamental value for 2025 of 26.18 yuan per share and lower than the expected fundamental value for 2026 of 29.03 yuan per share, indicating that market sentiment has gradually become rational [4][18]

从上证基本面300指数持仓样本的行业来看，工业占比26.97%、原材料占比14.39%、金融占比10.86%、 信息技术占比8.52%、医药卫生占比8.34%、可选消费占比8.33%、主要消费占比5.08%、能源占比 5.03%、通信服务占比4.55%、房地产占比4.05%、公用事业占比3.88%。 资料显示，指数样本每年调整一次，样本调整实施时间为每年6月的第二个星期五的下一交易日。权重 因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期调整日前，权 重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样 本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，上证基本面300指数十大权重分别为：中芯国际（1.04%）、东吴证券（1.02%）、常 熟银行（0.98%）、亨通光电（0.86%）、赛轮轮胎（0.84%）、明阳智能（0.84%）、财通证券 （0.73%）、郑煤机（0.73%）、明泰铝业（0.71%）、三安光电（0.68%）。 从上证基本面300指数持仓的市场板块来看，上海证券交易所占比100.00%。 金融界 ...