Group 1: Report General Information - Report Date: December 18, 2025 [1] - Analyst: Wang Hongbing [1] - SAC Number: S0870523060002 [1] - Related Reports: "Analysis of the Allocation Value of Securities ETF", "Analysis of the Allocation Value of Bank ETF", "November Allocation Strategy for Chinese Medicine ETF" [2] Group 2: Core Views - The Golden Stocks ETF (517520.SH) managed by Yongying Fund tracks the CSI Shanghai - Shenzhen - Hong Kong Gold Industry Stock Index (931238.CSI), with the index abbreviation SSH Gold Stocks [3]. - From September 11 to December 12, 2025, the best convergent stock of the Golden Stocks ETF is Chifeng Gold (600988.SH), selected by considering the deviation of constituent stocks from the gold stock index and research coverage [3]. - Chifeng Gold's bottom - valuation in 2024 based on the expected EPS of 2024 was close to 16 times PE. Based on 16 times PE, from 2024 to 2025 (up to December 12, 2025), most of the stock price fluctuations of Chifeng Gold did not exceed the value range defined by the fundamental value of T - 1 year and the expected fundamental value of T + 2 year. As of December 12, 2025, the expected per - share fundamental values of Chifeng Gold from 2025 to 2027 were 26.02, 33.01, and 38.65 yuan respectively, and the closing price was 31.2 yuan per share, still lower than the per - share fundamental value in 2026 [3]. - According to the position of Chifeng Gold's closing price in the expected per - share fundamental value range from 2025 to 2027, the closing position on December 12, 2025 was 58.97% [3]. - From October to December 12, 2025, the Sharpe ratio and return - drawdown ratio of the Golden Stocks ETF based on the dynamic position allocation of Chifeng Gold were better than those of the buy - and - hold strategy. The allocation strategy achieved an end - of - period return of 4.99% with a maximum drawdown of 5.52%, while the buy - and - hold strategy of the Golden Stocks ETF achieved an end - of - period return of - 0.1% with a maximum drawdown of 14.93% [4][11] Group 3: Report Industry Investment Rating - No relevant content provided Group 4: Summary by Directory 1. Golden Stocks ETF Allocation Value Analysis - The Golden Stocks ETF tracks the CSI Shanghai - Shenzhen - Hong Kong Gold Industry Stock Index, and the best convergent stock in the recent 3 months is Chifeng Gold [3][10]. - Chifeng Gold's bottom - valuation in 2024 was 16 times PE, and its stock price fluctuations from 2024 - 2025 (up to December 12, 2025) mostly stayed within the fundamental value range. The expected per - share fundamental values from 2025 - 2027 were 26.02, 33.01, and 38.65 yuan respectively, with a closing price of 31.2 yuan per share on December 12, 2025 [3][10]. - The closing position on December 12, 2025 was 58.97% based on the fundamental value range [3][11]. - From October to December 12, 2025, the dynamic position allocation strategy based on Chifeng Gold outperformed the buy - and - hold strategy in terms of Sharpe ratio and return - drawdown ratio, achieving an end - of - period return of 4.99% with a maximum drawdown of 5.52%, while the buy - and - hold strategy had an end - of - period return of - 0.1% and a maximum drawdown of 14.93% [4][11]

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]

Core Viewpoint - The Shanghai Basic 300 Index has shown a mixed performance with a slight increase of 0.02% on the latest trading day, reflecting a 2.88% rise over the past month and a 7.58% increase over the last three months, while year-to-date it has risen by 3.00% [1] Group 1: Index Performance - The Shanghai Basic 300 Index closed at 8033.05 points with a trading volume of 100.827 billion yuan [1] - The index series includes the Basic 200, 300, and 500 indices, which are based on fundamental value metrics such as revenue, cash flow, net assets, and dividends [1] - The index aims to mitigate the over-allocation of overvalued securities by breaking the link between market capitalization and weight [1] Group 2: Index Holdings - The top ten weighted stocks in the Shanghai Basic 300 Index include SMIC (1.04%), Dongwu Securities (1.02%), and Changshu Bank (0.98%) [2] - The index is fully composed of stocks listed on the Shanghai Stock Exchange [3] Group 3: Sector Allocation - The sector distribution of the index holdings is as follows: Industrial (26.97%), Materials (14.39%), Financials (10.86%), Information Technology (8.52%), Healthcare (8.34%), Consumer Discretionary (8.33%), Consumer Staples (5.08%), Energy (5.03%), Communication Services (4.55%), Real Estate (4.05%), and Utilities (3.88%) [3] - The index samples are adjusted annually, with changes implemented on the next trading day after the second Friday of June [3]