Group 1 - In November 2025, A-share new accounts reached 2.3814 million, a month-on-month increase of 3.1% [1] - Cumulatively, from January to November 2025, new accounts totaled 24.8402 million, representing a year-on-year growth of 7.95% [1] - As of December 1, 2025, A-share ETFs experienced a net outflow of approximately 9.5 billion yuan, with significant outflows from major ETFs such as the SSE 50 ETF and CSI 300 ETF [1] Group 2 - Year-to-date, Hong Kong dividend-related ETFs have performed well, with several ETFs, including the Hong Kong Dividend Index ETF, rising over 25% as of December 2, 2025 [1]