Market Situation - A-shares opened lower on Tuesday but rallied in the afternoon, with the Shanghai Composite Index closing down 0.0% at 3965.12 points. The Shenzhen Component rose by 0.49%, and the ChiNext Index increased by 0.63% [1] - Among individual stocks, 1840 rose (66 hitting the daily limit), while 3481 fell (19 hitting the lower limit). Notable gainers included Shuangxin Environmental Protection (+187.30%), N Qiangyi (+165.61%), and Yufan Technology (+124.36%). Major losers were *ST Dongtong (-59.27%), Guangdao Tui (-29.49%), and *ST Tianlong (-19.96%) [1] - The energy sector performed well, with oil and gas, automotive parts, and petrochemicals rising by 3.07%, 2.44%, and 1.96% respectively. Conversely, high-dividend sectors saw a collective decline, with power generation equipment, retail, and education down by 2.02%, 1.85%, and 1.75% respectively [1] Futures Market - The four major index futures contracts mostly rose, with IF2603 and IC2603 increasing by 0.36% and 0.59% respectively, while IH2603 fell by 0.03% and IM2603 rose by 0.24%. The basis for these contracts showed some recovery [2] News - The 2026 national subsidy plan was officially released, with the National Development and Reform Commission and the Ministry of Finance announcing a first batch of 625 billion yuan to support the replacement of old consumer goods. New products eligible for subsidies include smart glasses and smart home devices, while categories like home decoration and electric bicycles were removed [3] - For new car purchases, subsidies will be 12% or 10% of the car price, with a cap of 20,000 yuan or 15,000 yuan continuing from 2025 standards. The scope of household appliance subsidies has been narrowed to six categories, with the subsidy rate for first-level energy-efficient appliances reduced from 20% to 15% and the maximum subsidy per appliance decreased from 2000 yuan to 1500 yuan [3] - The Federal Reserve's December meeting minutes indicated a consensus on the need for interest rate cuts, although there were significant disagreements among officials regarding the timing and extent of future rate adjustments [3] Capital Market - On December 30, the A-share market maintained stable trading volume with a total turnover of 2.14 trillion yuan. Northbound capital transactions amounted to 2380.18 billion yuan. The central bank conducted a 3125 billion yuan reverse repurchase operation at a fixed rate of 1.40%, with 593 billion yuan of reverse repos maturing, resulting in a net injection of 2532 billion yuan for the day [4] Operational Suggestions - With short-term negative factors dissipating, indices have rebounded consecutively, and broad-based ETFs have shown significant inflows. The current volatility is on the rise, and the renminbi exchange rate has notably increased, suggesting core assets may trend upward. However, there may be short-term fluctuations due to potential capital withdrawals before the holiday, recommending the continued holding of bull spread combinations and a small amount of selling near-month out-of-the-money call options for hedging [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - As of November 21, ETF products declined overall in the past two weeks. Among domestic major broad - based ETFs, the Shanghai Composite 50 had the smallest decline, and among industry and theme products, the consumption - themed ETF had the smallest decline [2]. - In the past two weeks, among domestic major broad - based ETFs, the Science and Technology Innovation Board 50, CSI 500, ChiNext Index, and CSI 1000 ETFs had the highest net inflows of funds. On November 21, major broad - based and technology - themed ETFs had significant net inflows [2]. - In the past two weeks, funds in cycle, military, and new energy ETFs changed from net outflows to net inflows; funds in technology, dividend, and other large - manufacturing ETFs accelerated their inflows; while the inflow speed of funds in pharmaceutical, consumption, and financial real - estate ETFs slowed down [2]. 3. Summary by Related Catalogs 3.1 ETF Market Review 3.1.1 Main Types of ETF Fund Flows Overview - In terms of broad - based ETFs, the Science and Technology Innovation Board 50, CSI 500, ChiNext Index, and CSI 1000 ETFs had relatively high net inflows in the past two weeks. For example, the Science and Technology Innovation Board 50 had a net inflow of 90.66 billion yuan in the past two weeks [9]. - Among industry - themed ETFs, technology ETFs had an accelerated inflow of funds in the past two weeks, with a net inflow of 322.73 billion yuan. New energy ETFs changed from net outflows to net inflows, with a net inflow of 28.34 billion yuan [9]. 3.1.2 Cumulative Fund Flows of Main Types of ETFs - For broad - based ETFs, since 2025, the fund trend of major broad - based ETFs has changed from outflows to inflows and then back to outflows. In the past two weeks, the overall funds of major broad - based ETFs turned into net inflows [11]. - For industry and theme ETFs, technology ETFs turned to net inflows since March after a large - scale outflow at the beginning of the year, and the inflow speed accelerated in the past two weeks. Cycle, military, and new energy ETFs changed from net outflows to net inflows [17]. - For bond ETFs, since 2025, credit - bond and treasury - bond ETFs have had the highest net inflows. In the past two weeks, convertible - bond ETFs changed from net outflows to net inflows, and treasury - bond ETFs accelerated their net inflows [17]. 3.1.3 ETF Product Structure Distribution - As of November 21, a total of 13 new ETFs were established in the market in the past two weeks, with a total issuance share of 5.828 billion shares. Among them, 12 were stock ETFs and 1 was a QDII - ETF [26]. - Compared with the end of 2024, the scale of various types of ETFs has increased. The scales of bond ETFs, commodity ETFs, industry + dividend ETFs, QDII - ETFs, and broad - based ETFs increased by 313.15%, 204.80%, 105.82%, 52.50%, and 9.24% respectively [26]. 3.1.4 Fund Manager Scale Distribution - As of November 21, China Asset Management had the largest on - exchange ETF scale, reaching 88.8558 billion yuan. The ETF management scale of E Fund expanded by more than 22 billion yuan compared with a year ago [27]. 3.2 Classification of ETF Tracking 3.2.1 Technology - Themed ETF Tracking in the Past Two Weeks - Products tracking the Hang Seng Tech Index had the highest net inflows of funds in the past two weeks, while products tracking semiconductor materials and equipment had net outflows [32]. 3.2.2 Dividend - Themed ETF Tracking in the Past Two Weeks - Products tracking the Hang Seng Hong Kong Stock Connect High - Dividend Low - Volatility Index had the highest net inflows of funds in the past two weeks, while products tracking the A500 Dividend Low - Volatility Index had net outflows [35]. 3.2.3 Consumption - Themed ETF Tracking in the Past Two Weeks - Products tracking the S&P 500 Consumer Select Index had a relatively high premium rate. ETFs tracking the Hang Seng Consumption Index had the highest net inflows of funds in the past two weeks, while products tracking the CSI Tourism Index had net outflows [37]. 3.2.4 Pharmaceutical - Themed ETF Tracking in the Past Two Weeks - ETFs tracking the Hong Kong Stock Connect Innovative Drugs had the highest net inflows of funds in the past two weeks, while products tracking the CSI Traditional Chinese Medicine Index had net outflows [40]. 3.2.5 Large - Manufacturing - Themed ETF Tracking in the Past Two Weeks - Products tracking the Robot Index had the highest net inflows of funds in the past two weeks, while products tracking the CSI National Defense Index had net outflows [43]. 3.2.6 QDII ETF Tracking in the Past Two Weeks - Products tracking the Hang Seng Tech Index had the highest net inflows of funds in the past two weeks, while ETF products tracking the Hang Seng Index had net outflows [46]. 3.3 Popular - Themed ETF Tracking 3.3.1 AI - Themed ETF Tracking in the Past Two Weeks - AI - themed products performed poorly in the past two weeks, with an average return rate of - 7.70%. Products tracking cloud computing had the smallest decline. Since 2025, funds have had an overall net inflow, and in the past two weeks, the net inflow of funds was 9.172 billion yuan [57]. 3.3.2 Robot - Themed ETF Tracking in the Past Two Weeks - Robot - themed products performed poorly in the past two weeks, with an average return rate of - 7.30%. Products tracking the Robot Index had the smallest decline. Since February 2025, funds have shown a rapid inflow trend, and in the past two weeks, the net inflow of funds was 3.556 billion yuan [61].

The provided content does not include any quantitative models or factors, as it primarily focuses on fund performance, ETF market tracking, ESG products, and other financial market updates. There are no specific quantitative models, factor construction methodologies, or related backtesting results mentioned in the documents.