Core Viewpoint - The A-share market experienced a significant pullback on November 21, with the ChiNext Index dropping over 4%, the Shenzhen Component Index down 3.41%, and the Shanghai Composite Index falling 2.45%. Despite this, stock ETFs saw a net inflow of over 40 billion yuan as investors engaged in bottom-fishing and increased their positions [1]. Group 1: ETF Market Overview - As of November 21, the total scale of 1,262 stock ETFs in the market reached 4.47 trillion yuan, with a reduction in scale primarily due to the market downturn [2]. - On November 21, the overall net inflow of funds into stock ETFs was 407.57 billion yuan, indicating a strong interest from investors to buy at lower prices [2]. - The net inflows were led by broad-based ETFs and industry-themed ETFs, with net inflows of 272.7 billion yuan and 73.57 billion yuan, respectively [2]. Group 2: Specific ETF Inflows - The ETFs tracking the CSI 300 Index saw a net inflow of 48.9 billion yuan, while those tracking the CSI 500 Index had a net inflow of 39 billion yuan [2]. - The net inflows for the ChiNext Index ETF and the STAR 50 Index ETF were 37.8 billion yuan and 38.6 billion yuan, respectively [2]. - Notable single product inflows included 27.87 billion yuan for the E Fund ChiNext ETF and 24.04 billion yuan for the Huaxia STAR 50 ETF [2]. Group 3: Sector-Specific Inflows - The technology sector, particularly the artificial intelligence and robotics segments, also attracted significant investment, with net inflows of 9.1 billion yuan and 10.2 billion yuan, respectively [3]. - The brokerage sector, often seen as a market leader, recorded net inflows of 11.85 billion yuan for the Guotai Fund's securities ETF and 4.76 billion yuan for the Huabao Fund's brokerage ETF [3]. Group 4: ETF Outflows - The banking sector experienced notable outflows, with a total of 4.6 billion yuan leaving the sector on the same day [6]. - The top outflowing ETFs included the Battery 50 ETF with a net outflow of 4.22 billion yuan and the Bank ETF with a net outflow of 3.21 billion yuan [7]. Group 5: Market Outlook - Short-term market fluctuations are anticipated due to expectations of a Federal Reserve interest rate cut, but the downside potential for indices is limited due to policy support and stabilizing measures [8]. - Mid-term prospects for the A-share market appear positive, with potential structural opportunities in dividend-paying sectors and areas supported by policy initiatives [8].

Group 1 - The 30-year government bond ETF from Bosera has seen a price increase of 0.27%, reaching 106.1 yuan as of October 16, 2025, with a cumulative increase of 2.60% over the past year [3] - The liquidity of the Bosera 30-year government bond ETF is notable, with a turnover rate of 7.39% and a transaction volume of 1.304 billion yuan, while the average daily transaction volume over the past month was 3.716 billion yuan [3] - The Ministry of Finance successfully issued 11 billion yuan of government bonds in Hong Kong, with a subscription multiple of 3.13 times, indicating strong investor interest [3] Group 2 - The National Bureau of Statistics reported a 0.1% month-on-month increase in China's CPI for September, with a year-on-year decrease of 0.3%, while the core CPI rose by 1%, marking the first return to a 1% increase in 19 months [3] - The PPI remained flat month-on-month and decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [3] - The issuance of RMB bonds in Hong Kong is expected to enhance the use and influence of the RMB in international financial markets, promoting the internationalization of the currency [3] Group 3 - Citic Securities noted that public funds currently hold nearly 40% of convertible bonds, a historical high, driven by the growth of passive ETF shares [4] - The latest scale of the Bosera 30-year government bond ETF reached 17.621 billion yuan, closely tracking the Shanghai Stock Exchange's 30-year government bond index [4] - The index reflects the overall performance of government bonds with a 30-year maturity listed on the Shanghai Stock Exchange [4]

Group 1 - The core viewpoint indicates that after a period of adjustment, the equity market has resumed its upward trend, with the Shenzhen Composite Index and the ChiNext Index reaching new highs for the year [2][10][11] - The market's overall performance has not shown signs of decline despite recent fluctuations, with trading volume remaining above 2 trillion yuan, reflecting strong short-term market sentiment [2][10][11] - Positive macroeconomic indicators, such as recovering PPI data and strong core CPI, along with stable industrial output and retail sales, have provided a solid foundation for market growth [2][10][11] Group 2 - The report emphasizes the importance of core sectors, particularly in the context of a structural market rally driven by performance expectations in the technology innovation sectors [3][11][13] - It suggests a "barbell strategy" for asset allocation, recommending continued investment in strong concepts within the innovation sectors like chips and robotics while also considering defensive positions in metals and gold [5][14] - The report highlights that the current market environment remains favorable for strong sectors, with liquidity at high levels and a lack of negative factors in the medium to long term [3][11][14] Group 3 - The bond market is experiencing a decline as funds flow into equities, making it less attractive for investors, with a recommendation to consider flexible short-term bonds to hedge risks [6][36] - In the commodity market, gold stands out as a strong performer amidst a generally volatile environment, with ongoing central bank purchases reinforcing its investment appeal [7][37] - The report advises maintaining gold positions in the short term while adopting a wait-and-see approach for the medium to long term [8][38]