Investment Rating - The report indicates a positive investment sentiment towards the sectors of non-ferrous metals, chemicals, and construction materials, with significant capital inflows into related ETFs [1][6][12]. Core Insights - Recent trends show a divergence in the ETF market, with broad-based ETFs experiencing net outflows while sector-specific ETFs, particularly in non-ferrous metals, electronics, and basic chemicals, are seeing substantial net inflows [2][6]. - Non-ferrous metals ETFs recorded a net inflow exceeding 26 billion yuan in the past week, with consistent daily inflows even during market downturns [12][26]. - The satellite industry, construction materials, and real estate sectors also attracted notable capital, with inflows exceeding 10% of their respective fund sizes [8][12]. Summary by Sections ETF Market Overview - The overall ETF market has seen a net outflow of over 300 billion yuan, with broad-based ETFs like the CSI 300 experiencing significant withdrawals [2][24]. - Sector-specific ETFs, particularly in non-ferrous metals, electronics, and basic chemicals, have continued to attract capital, indicating strong investor interest [2][6]. Capital Inflows - Non-ferrous metals ETFs had a net inflow of 263.21 billion yuan, marking a 100% historical percentile for the week [7][26]. - Basic chemicals ETFs also saw a net inflow of 98.77 billion yuan, maintaining a strong position in the market [7][26]. - The electronics sector recorded a net inflow of 101.14 billion yuan, reflecting a high level of investor engagement [7][26]. New ETF Launches - In the past week, 10 new ETFs were launched, raising a total of 6.546 billion yuan, with the largest being the first shipbuilding industry ETF [3][37]. - The new ETFs cover various themes, including non-ferrous metals, photovoltaics, and biotechnology, indicating a diversification of investment opportunities [3][36]. Performance Metrics - The absolute return ETF simulation portfolio has shown a year-to-date increase of 2.06%, with a weekly return of 0.03% [4][40]. - The portfolio's annualized return since 2016 stands at 6.51%, with a maximum drawdown of 4.65% [4][40].

- The report discusses the absolute return ETF simulation portfolio, which has increased by 7.47% year-to-date as of September 26, 2025. The portfolio's asset allocation weights are calculated based on recent trends, with stronger assets receiving higher risk budgets. Equity asset internal allocation weights are determined using a monthly industry rotation model and timing views on dividend assets[36][37] - The backtesting results of the absolute return ETF simulation portfolio from May 5, 2016, to September 26, 2025, show an annualized return of 6.61%, annualized volatility of 3.81%, maximum drawdown of 4.65%, Sharpe ratio of 1.73, and Calmar ratio of 1.42[37] - The report highlights the performance of domestic gold ETFs, which have seen a resurgence in net inflows since domestic gold prices broke previous highs. As of September 26, 2025, the total scale of 14 domestic gold ETFs reached 1629 billion yuan, an increase of nearly 160 billion yuan compared to the end of August, approaching the high point of April 24, 2025[12][14][16]