Group 1 - The core viewpoint of the article indicates that the value style is expected to outperform in the market, especially towards the end of the year, as the technology growth sector faces profit-taking pressures after previous gains [1] - The National Securities Value 100 Index increased by 0.9%, while both the National Securities Growth 100 Index and the National Securities Free Cash Flow Index rose by 0.1% [1] - There is a noted market sentiment where the risk appetite remains low, impacting the performance of growth stocks, while value assets, which have lagged previously, show greater potential for upward movement [1]

东吴证券指出，2025年证券行业交投活跃，权益市场大幅上行，创业板指表现尤为突出，1-10月累 计上涨48.84%，显著跑赢沪深300指数（+17.94%）和上证综指（+17.99%）。资管新规实施后，券商资 管规模企稳，业务结构优化，集合资管规模同比增长25%，主动管理转型趋势明显。权益市场行情向好 带动券商自营业务收益提升，创业板50成分股所在的科技成长板块成为重要配置方向。此外，ETF快速 发展为券商财富管理转型提供新机遇，创业板50相关ETF保有规模快速增长，券商在股票型产品代销中 占比达58%，优势显著。行业整体盈利改善，上市券商前三季度归母净利润同比增长62%，其中创业板 50权重较高的科技、医药等行业贡献显著。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅达20%，该指数从创 业板市场中筛选日均成交额较 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the value of bond allocation has gradually emerged, but the trend market still needs to wait. Most high - performing funds have warned about the short - term risks in the equity market, and convertible bonds need to wait for callback opportunities [2][4]. - High - performing pure - bond funds mainly focus on controlling drawdowns, with cautious operations. High - performing hybrid bond funds focus on technology sectors such as semiconductors and AI, and adjust positions in convertible bonds [3][69]. - High - performing convertible bond funds adjust positions based on valuation changes, and believe that convertible bond valuations will remain high, and focus on the stock market's structural opportunities [4]. 3. Summary According to the Table of Contents 3.1 Market Overview - **Newly - issued bond funds**: In Q3 2025, the number of newly - issued bond funds increased, but the share of newly - issued bond funds was still at a relatively low level in recent years. The number of newly - issued bond funds increased by 17 to 88, and the issuance scale was 146.6 billion shares, slightly higher than the same period last year but still at a low level in the past five years [6][10]. - **Bond fund scale**: The overall scale of bond funds decreased slightly, but the scale of hybrid bond funds increased significantly. The scale of bond funds decreased by 0.17 trillion to 10.74 trillion. Among them, the scale of hybrid bond funds increased by 23.84% quarter - on - quarter, while the scale of medium - and long - term pure - bond funds and short - term pure - bond funds decreased [3][13][18]. 3.2 Portfolio Management - **Fund returns**: In the context of a strong stock market and a weak bond market, the returns of bond funds declined compared to Q2. Hybrid bond funds performed strongly, while medium - and long - term pure - bond funds had negative returns. The weighted average net value of bond funds rose by 0.78% [21]. - **Asset allocation**: In Q3 2025, the proportion of public funds allocated to bonds and cash decreased, while the proportion of stock allocation increased. Open - ended bond funds significantly reduced their bond allocation by 915.233 billion, and the proportion of other types of assets increased [29][30]. - **Bond type combination**: Short - term pure - bond funds continued to increase their allocation to interest - rate bonds, medium - and long - term pure - bond funds continued to increase their allocation to credit bonds, and hybrid bond funds increased their allocation to interest - rate bonds and reduced their allocation to credit bonds and convertible bonds [37]. - **Leverage and duration**: In Q3, the leverage ratios of pure - bond funds and hybrid bond funds decreased significantly, and the durations of various bond funds were reduced to varying degrees. The weighted durations of medium - and long - term pure - bond funds, short - term pure - bond funds, and hybrid bond funds decreased by 0.55 years, 0.16 years, and 0.62 years respectively [48][49]. - **Convertible bond investment**: In Q3 2025, the convertible bond positions of public funds increased, and the proportion of convertible bond positions in bond funds increased quarter - on - quarter. The positions of various rating convertible bonds increased to varying degrees, and public funds increased their positions in convertible bonds in sectors such as petroleum and petrochemicals, power equipment, and computers [57][58]. - **Investor behavior**: Most financial institutions and non - financial entities reduced their convertible bond positions in Q3, but public funds increased their positions by 9.78% [61]. 3.3 Institutional Views - **Operation strategies of high - performing funds**: In Q3 2025, pure - bond assets mainly focused on controlling drawdowns, and most high - performing pure - bond and hybrid bond funds reduced bond durations. High - performing hybrid bond funds focused on technology sectors and adjusted their positions in convertible bonds [69]. - **Market outlook**: High - performing pure - bond funds believe that the allocation value of bonds has gradually emerged, but the trend market still needs to wait. High - performing hybrid bond funds are neutral and optimistic about the bond market, long - term bullish on the A - share market but cautious in the short - term, and cautious about convertible bonds [78][79].

Core Viewpoint - The market sentiment is cautious, with a structural characteristic of "strong defensiveness and weak growth," as evidenced by the performance of various sectors [5][8]. Market Performance - A total of 1,756 stocks rose, while the number of declining stocks was higher, indicating a cautious market sentiment [4][5]. - The trading volume in both markets was approximately 1.9 trillion, down by 2.44%, reflecting a slight decrease in trading activity but still indicating an active market [6]. Fund Flows - There was a net outflow of 1.89 billion from institutional funds, while retail investors saw a net inflow [7][8]. - Institutions are cautiously optimistic, focusing on policy and valuation safety margins, leading to profit-taking in high-valuation tech sectors and increased investments in defensive sectors like mining, insurance, and banking [8]. Investor Sentiment - Retail investor sentiment stands at 75.85%, indicating a strong defensive preference among individual investors [9]. - The average position of investors showed 28.11% increasing positions, 17.33% decreasing positions, and 54.56% remaining unchanged [12].

Group 1: Report Summary - The report is titled "Stop-profit Pressure Eased, Focus on Convertible Bond Trading Opportunities: Weekly Observation of the Convertible Bond Market" and was released on October 28, 2025 [2][4] - The overall view of the convertible bond market is neutral, with trading opportunities greater than trend opportunities. The key to the subsequent trend lies in the equity market [6] Group 2: Convertible Bond Views - With the strengthening of the sentiment in the underlying stocks, convertible bonds followed the upward trend. The stop-profit behavior in the early stage of convertible bonds has eased. With optimistic expectations such as the 14th Five-Year Plan policies and Sino-US relations, convertible bonds are expected to still have good returns, but a market of realizing benefits cannot be ruled out [6][9] - At the current valuation level and equity environment, it is difficult for the valuation of convertible bonds to have a logic of continuous strengthening. It is highly likely to fluctuate around the current point. The key to the subsequent trend still lies in the equity market. Investors should appropriately lower their return expectations for convertible bonds, realize and switch in a timely manner to cope with potential market fluctuations. Institutions with low positions can actively allocate when the price drops [6][9] - The equity market showed an obvious structural rebound. The high-to-low rotation was short-lived, and finally the funds returned to the technology growth sector. The technology growth remains the main line of the market outlook, and the slow bull market remains unchanged [6][9] Group 3: Convertible Bond Review - Market Overall Performance - Last week, the A-share market showed a range-bound trend. The three major stock indexes mostly rose, but the trading volume shrank significantly. All major indexes closed up, with the ChiNext Index rising about 8.05%, the Science and Technology Innovation 50 rising 7.27%, the Shenzhen Component Index rising 4.73%, the China Securities 1000 rising 3.25%, the Shanghai and Shenzhen 300 rising 3.24%, the Shanghai Composite Index rising 2.88%, and the Beijing Stock Exchange 50 rising 2.74% [12] - In terms of industries, growth sectors such as communication, electronics, and power equipment performed outstandingly, while defensive sectors such as agriculture, forestry, animal husbandry and fishery, food and beverage, and beauty care declined. The average daily trading volume decreased by 395.71 billion yuan to 1.79 trillion yuan [12] - The top ten convertible bonds in terms of gains last week were Chenfeng, Jingda, Mengtai, etc.; in terms of trading activity, Tongguang, Guanzhong, Huicheng, etc. were actively traded [12] Group 4: Convertible Bond Review - Transaction and Style Performance - Last week, convertible bonds followed the equity market upward, but the average daily trading volume decreased significantly to 55.852 billion yuan. The China Securities Convertible Bond Index rose 1.45%, the parity center rose 3.2% to 112.7 yuan, and the conversion premium rate center decreased 1.4% to 19.7% [6][17] - In terms of style, high-priced and small-cap convertible bonds performed well, while AAA-rated and defensive convertible bonds performed weakly [6][17]

Report Industry Investment Rating There is no specific industry investment rating provided in the report. Core Viewpoints - Amid repeated trade frictions, the convertible bond market may show strong resilience. Compared with the previous "tariff shock," the current market is in an upward - trending phase with higher trading activity. Although the current valuation is higher, the conversion premium rate is lower, and the implied volatility is higher, weakening the bond - like protection slightly, a market correction may present a layout opportunity [2][6][10]. - In the A - share market, cyclical sectors are relatively dominant, while the technology growth direction faces adjustment pressure. Investors should seize structural opportunities in pro - cyclical varieties and pay attention to the phased adjustment risks in the growth direction [10]. - The convertible bond market shows a slight upward trend, with both large - cap and small - cap bonds performing well. The market continues the structural repair trend, with cyclical and manufacturing sectors presenting more opportunities [10]. - The primary market supply is stable, and clause - based gaming is active. Attention should be paid to the marginal impact of downward adjustment and redemption expectations on the valuation structure and trading rhythm [10]. Summary by Directory Trade Frictions and the Evolution of the Convertible Bond Market - The previous "tariff shock" was an "amplifier" in the downward trend. Currently, the market is in an upward - trending phase, and the potential impact of repeated trade frictions may be more limited. The recent trading activity in the convertible bond market is higher, with an average trading volume of 723.9 billion yuan in the past 5 trading days, compared to 587.0 billion yuan in the previous period [17]. - The current market valuation is higher, the conversion premium rate is lower, and the implied volatility is higher than in the previous period. However, the potential downward space may be restricted by the loose liquidity environment [20]. - The previous "tariff shock" had a greater impact on high - price and small - cap convertible bonds, but they recovered faster. Different industries also showed different performances [33][38]. - Overall, the impact of recent trade frictions on the convertible bond market may be controllable. A significant market adjustment may provide a good buying opportunity [41]. Market Theme Weekly Review - In the week from October 9 to 11, 2025, themes related to non - ferrous metals in the equity market were strong, while technology - growth themes were weak. Indexes related to nickel mines, copper industries, and cobalt mines led the gains, while themes such as automobiles and electronics had significant pullbacks [42]. Market Weekly Tracking Main Stock Indexes and Cyclical Sectors - The A - share main stock indexes were differentiated. Only the Shanghai Composite Index rose, and the ChiNext Index was relatively weak. The CSI 2000 and CSI 500 performed better than the SSE 50 and STAR 50. The net outflow of main funds increased, reflecting the profit - taking and risk - aversion needs of some funds [45]. - Cyclical sectors such as non - ferrous metals, steel, coal, and public utilities were strong, while communication and media sectors were weak. Trading was concentrated in electronics, power equipment, and non - ferrous metals, indicating a divergence in market attention between technology and cyclical sectors [48]. - The market congestion was significantly differentiated. Sectors such as electronics, communication, and machinery had a high historical quantile of trading volume and PB, while sectors such as food and beverage, agriculture, forestry, animal husbandry, and beauty care had relatively low congestion [51]. Convertible Bond Market - The convertible bond market showed a slight upward trend. The CSI Convertible Bond Index was basically flat compared to the previous week. Large - cap and small - cap convertible bonds performed well, but the average daily trading volume decreased slightly [54]. - The valuation structure was differentiated. The median market price fluctuated downward but remained at a high level. The implied volatility increased slightly, indicating differences between bulls and bears [60]. - Cyclical sectors were strong, with non - ferrous metals, coal, and steel leading the gains. Trading was concentrated in power equipment, electronics, and basic chemicals [63]. - Most individual bonds showed an upward trend. Among the convertible bonds in the conversion period, the top five gainers were Guanzhong Convertible Bond, Zhonghuan Convertible Bond 2, Jize Convertible Bond, Haomei Convertible Bond, and Zhenhua Convertible Bond. The top five losers were Hengshuai Convertible Bond, Zhongqi Convertible Bond, Sheng 24 Convertible Bond, Tongguang Convertible Bond, and Huicheng Convertible Bond [65]. Convertible Bond Issuance and Clause Tracking Primary Market Issuance - No new convertible bonds were listed in the week from October 9 to 11, 2025. Six listed companies updated their convertible bond issuance plans, with a total scale of over 60 billion yuan in projects at the exchange - acceptance stage and later [10][70][71]. Clause - Based Events - Five convertible bonds announced potential downward adjustments, two announced no downward adjustments, one announced a potential redemption, and two announced early redemptions. Attention should be paid to the impact of these events on the valuation structure and trading rhythm [10].

Group 1 - The ChiNext Mid-Cap 200 Index fell by 2.4%, the ChiNext Growth Index decreased by 4.4%, and the ChiNext Index dropped by 4.6% [1] - The ChiNext ETF (159915) saw a net subscription of over 300 million units throughout the day, accumulating over 2 billion yuan in the last five trading days, with a latest scale exceeding 112 billion yuan [1] - Shenwan Hongyuan Securities indicated that before spring 2026, the technology sector is expected to have significantly more catalysts compared to the cyclical sectors [1] Group 2 - The technology growth sector may face short-term valuation pressure, but there remains room for long-term cost-effectiveness [1] - The technology growth sector is anticipated to continue its trend [1]

Group 1: Market Overview - In the first three quarters of 2025, major A-share indices showed an upward trend, with the ChiNext Index and the Sci-Tech 50 Index leading with a cumulative increase of 51.2%, while the CSI 300, Shanghai Composite Index, and SSE 50 Index all rose over 10% [1] - The total scale of ETFs increased by 18,963.19 billion yuan, reaching 56,281.34 billion yuan, with stock-type and cross-border ETFs collectively seeing a net inflow of over 200 billion yuan [1] Group 2: ETF Performance - The Hong Kong Stock Connect Internet ETF saw a significant increase of 595.86 billion shares, with a net inflow of 55.178 billion yuan, followed by the CSI 300 ETF and Securities ETF with net inflows of 27.913 billion yuan and 24.466 billion yuan, respectively [4] - Despite the overall positive performance, the Sci-Tech 50 ETF experienced a reduction of 409.37 billion shares and a net outflow of 51.175 billion yuan, while the ChiNext ETF saw a decrease of 92.76 billion shares and a net outflow of 22.488 billion yuan [7] Group 3: Sector Insights - The chemical and robotics-themed ETFs also saw net inflows exceeding 10 billion yuan, indicating strong interest in these sectors [5] - The chemical industry is approaching the end of its capacity expansion phase, with demand expected to gradually recover due to policy support and easing of trade tensions [5] - The robotics sector is witnessing accelerated production, with major companies receiving significant orders, indicating a turning point from research and development to mass production [5][11] Group 4: Fund Flow Trends - The semiconductor and chip ETFs faced substantial net outflows of 11.537 billion yuan and 9.056 billion yuan, respectively, highlighting a shift in investor sentiment despite the global semiconductor market's expected growth [11] - The overall market is experiencing increased volatility, with analysts suggesting that the market will continue to see steady fluctuations while new investment opportunities may arise [8]

Group 1 - The A-share market is experiencing increased volatility, particularly within the technology growth sector, leading to a rise in defensive demand as trading sentiment declines ahead of the upcoming holiday [1] - Since mid-August, high-dividend assets have gained attractiveness, with the Dividend ETF (510880) becoming a key focus for capital allocation [1] - The Dividend ETF (510880) has seen significant trading volume, with an average daily trading volume of 930 million yuan from September 18 to 19, doubling compared to the average daily trading volume since the beginning of the year [1] Group 2 - The Dividend ETF (510880) has reached a new high in fund size of 19.468 billion yuan, making it one of the few dividend-themed ETFs exceeding 10 billion yuan [2] - The low-volatility dividend ETF (512890) has also achieved a fund size of 20.348 billion yuan as of September 19 [2] - The anticipated interest rate cuts by the Federal Reserve are expected to benefit both A-shares and Hong Kong stocks, potentially leading to a structural market rally [2] Group 3 - The Dividend ETF (510880) has a holder count of 421,800, making it the only dividend-themed ETF with over 400,000 holders in the market [3] - The low-volatility dividend ETF (512890) and its linked funds have a combined holder count of 1.1631 million, also making it a significant player in the market [3] Group 4 - The Dividend ETF (510880) has distributed over 4 billion yuan in dividends since its inception, with a total of 42.98 billion yuan in cumulative dividends [4] - The fund has been operational for 18 years and has distributed dividends 18 times [4] Group 5 - Huatai-PB Fund, a pioneer in ETF management, has over 18 years of experience in dividend-themed index investments, managing a total of 42.444 billion yuan across its dividend-themed ETFs [5] - The "Dividend Family" includes multiple ETFs, such as the Dividend ETF (510880) and the low-volatility dividend ETF (512890) [5]

Group 1 - Semiconductor stocks surged, with Zhongwei Company rising over 12%, and other companies like Haiguang Information, Chipone, and SMIC increasing by more than 5% [1] - The STAR 50 Index led the broad market, with the STAR 50 ETF (588080) rising by 3.36% and over 15.8% in the last 10 days [1] - The STAR 50 ETF focuses heavily on the semiconductor industry, with a weight of 66% in semiconductor stocks, including leading companies like Cambricon, SMIC, and Haiguang Information [1] Group 2 - Domestic computing power chips are becoming increasingly popular, with tech giants like Alibaba and Baidu increasing their procurement of domestic computing power [1] - Alibaba revealed plans to address global AI chip supply and policy changes during its earnings call [1] - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, aligning with market expectations, with an 87.7% probability of a rate cut in October [1][2]