Core Viewpoint - The A-share market experienced a pullback from October 13 to October 17, with major indices declining, while gold ETFs saw significant gains, indicating a shift towards defensive assets in the current market environment [1][5]. Market Performance - The Shanghai Composite Index fell by 1.47%, the Shenzhen Component Index dropped by 4.99%, and the ChiNext Index decreased by 5.71% during the specified period [1]. - Over 1,100 out of more than 1,300 ETFs in the market recorded declines, highlighting a broad market downturn [1]. Gold ETFs - All top ten ETFs by weekly performance were gold-focused, each with gains exceeding 10%, and these ten gold ETFs have risen over 60% year-to-date [1][2]. - Fourteen ETFs linked to the SGE Gold 9999 Index and the Shanghai Gold Index all saw weekly gains surpassing 10%, with some reaching new highs since their inception [2][3]. Fund Flows - The overall net inflow into ETFs exceeded 60 billion yuan, with gold ETFs attracting significant investment, particularly those linked to the SGE Gold 9999 Index, which collectively saw over 16 billion yuan in net inflows [5][7]. - Defensive assets, including gold and dividend low-volatility ETFs, received considerable attention from investors, reflecting a preference for stability amid market volatility [5][7]. Trading Activity - The CSI A500 Index products led in trading volume, with a total of 134.74 billion yuan, while gold ETFs also ranked high in trading activity [8][9]. - The A500 ETF from E Fund recorded a trading volume exceeding 17 billion yuan, placing it among the top products in its category [8]. Investment Insights - Analysts suggest focusing on core growth assets, as current valuations are at historical lows, providing potential for recovery [10]. - The upcoming earnings reports may highlight structural opportunities in sectors like technology and resources, while external uncertainties could increase market volatility [10]. Dividend Announcements - The Sci-Tech 50 ETF is set to distribute dividends for the first time, with a payout of 0.14 yuan per 10 shares held, marking a significant milestone for this product [11]. - The E Fund CSI Dividend ETF also announced a dividend of 0.52 yuan per 10 shares, with key dates for registration and payment outlined [11].

Group 1 - The A-share market experienced a surge in sentiment last week, with gold-related ETFs leading the gains, many rising over 8% [1] - The A500 ETF and the Sci-Tech 50 ETF were among the most actively traded products, with total trading volume nearing 120 billion yuan [1] - The Hong Kong stock market saw significant interest in technology and internet sectors, with several ETFs receiving substantial net inflows [2] Group 2 - The Hang Seng Technology ETF was notably active, and the Hong Kong securities ETF had a trading volume exceeding 62 billion yuan, maintaining its position as the top equity ETF for five consecutive weeks [2] - The short-term bond ETF attracted over 4 billion yuan in net inflows, marking it as the most popular ETF in the market [2] - The innovation drug sector in Hong Kong is undergoing changes, with a new index composition that will enhance the purity of the innovation drug index [2] Group 3 - Looking ahead, the economic fundamentals are expected to continue their mild recovery, with structural opportunities in the market likely to persist [3] - The policy support is gradually becoming evident, with fiscal spending accelerating and major project construction maintaining a steady pace [3] - The manufacturing sector is optimizing, and consumer spending is showing moderate recovery, providing a stable foundation for economic performance [4] Group 4 - The market is anticipated to remain in a volatile state, presenting opportunities for low-position allocations amid increased fluctuations [4] - The current credit cycle is stabilizing, with a trend of marginal improvement in credit conditions expected to continue throughout the year [4] - There is a focus on selective participation in themes such as AI applications and "anti-involution" under the current risk appetite [4]