- The report introduces the **RSI (Relative Strength Index)** as a quantitative factor. The construction idea is to measure the relative strength of price movements over a specific period to identify overbought or oversold market conditions. The formula is: $ RSI = 100 - \frac{100}{1 + RS} $, where $ RS $ is the ratio of the average gain to the average loss over a 12-day period. An RSI > 70 indicates an overbought market, while RSI < 30 indicates an oversold market[2] - Another quantitative factor mentioned is **Net Purchase (NETBUY)**, which measures the net inflow or outflow of funds for ETFs. The formula is: $ NETBUY(T) = NAV(T) - NAV(T-1) \times (1 + R(T)) $, where $ NAV(T) $ is the net asset value on day $ T $, $ NAV(T-1) $ is the net asset value on the previous day, and $ R(T) $ is the return on day $ T $[2] - The report also tracks **Institutional Holdings** as a factor, which is derived from the latest annual or semi-annual reports of ETFs, excluding holdings by linked funds. This factor provides an estimate of institutional participation in the ETF[3] - The report includes **T+0 Trading** as a feature for certain ETFs, indicating whether same-day buy-and-sell transactions are allowed[2] - The report provides a detailed breakdown of ETF performance across various indices, including **broad-based indices** (e.g., CSI 300, CSI 500, CSI 1000) and **thematic indices** (e.g., semiconductor, renewable energy, artificial intelligence). Performance metrics include RSI, net purchase, and institutional holdings[4] - The **RSI values** for ETFs tracking broad-based indices range from 35.83 to 52.12, with thematic ETFs showing a wider range, such as 30.25 for robotics and 63.73 for banking[4] - **Net purchase values** vary significantly, with some ETFs showing large outflows (e.g., -10.82 billion for Nasdaq 100 ETFs) and others showing inflows (e.g., 10.01 billion for Hang Seng Technology ETFs)[4] - **Institutional holdings** also vary widely, with some ETFs having over 90% institutional participation (e.g., CSI 800 ETFs) and others below 20% (e.g., certain thematic ETFs like robotics)[4]

- The report tracks the weekly performance and fund flows of broad-based ETFs, including average returns and fund inflows/outflows[1][2] - The top ten broad-based ETFs by fund inflows and outflows are listed, with specific details on fund size, weekly returns, and trading volume[3][4] - The report also covers the weekly performance and fund flows of sector-themed ETFs, Smart Beta ETFs, and Hong Kong Stock Connect ETFs[5][6] - The report provides a detailed breakdown of the number, size, and trading statistics of equity ETFs, categorized by index and sector[9][10] - Overseas ETFs experienced a net outflow of 34.23 billion yuan over the past week, with significant outflows from large-cap value styles and specific sectors like banking[11][12][13] - The report lists the top ten individual stocks by net fund outflows, including companies like Kweichow Moutai and CATL[15][16][17]

Core Insights - Central Huijin's latest investment activities indicate a significant increase in ETF holdings, with total holdings reaching approximately 1.53 trillion yuan by the end of Q3, marking a quarter-on-quarter increase of about 240 billion yuan, or 19% [1][2][9] ETF Holdings Overview - Central Huijin's four main investment entities held a total ETF market value of approximately 1.53 trillion yuan as of September 30, up from 1.29 trillion yuan at the end of Q2, reflecting a growth of about 240 billion yuan [2][5] - The core entities, Central Huijin Investment and Central Huijin Asset, primarily focus on broad-based index ETFs, particularly in the CSI 300, SSE 50, CSI 500, and CSI 1000 indices, acting as a "market stabilizer" [2][10] - The top four holdings are all CSI 300 ETFs from various fund managers, which constitute the majority of the portfolio [2] Performance of Specific ETFs - Central Huijin Investment maintained its holdings in 15 ETFs with over 20% ownership, totaling a market value of approximately 777.8 billion yuan, an increase of 125.5 billion yuan, or 19.23% [2][3] - Central Huijin Asset held 12 ETFs with over 20% ownership, with a total market value of about 697.6 billion yuan, reflecting an increase of 107.7 billion yuan, or 18.26% [2][3] Strategic Adjustments - The asset management plan under Huaxia Fund made strategic adjustments, including completely liquidating its holdings in the Huaxia Hang Seng China Enterprises High Dividend ETF and reducing its position in the CSI 800 Automotive and Parts ETF [3][4] - These adjustments are believed to be in response to market trends and sector performance expectations [4] Historical Context and Future Outlook - Central Huijin's ETF holdings have consistently reached new highs over the past two years, with a notable increase in 2023, where it began to utilize ETF purchases to stabilize market expectations and boost investor confidence [6][8] - By the end of 2024, Central Huijin's ETF holdings are projected to reach approximately 10.5 trillion yuan, indicating a significant growth trajectory [7] - Analysts expect Central Huijin to continue its focus on core broad-based ETFs while its asset management plans may adopt a more flexible approach towards sector-specific ETFs [11][12]

Core Insights - The domestic ETF market has seen significant growth in 2025, with total assets increasing by nearly 2 trillion yuan, surpassing 5.7 trillion yuan for the first time [1][2] - The market has shifted focus from broad index ETFs in 2024 to industry-themed ETFs in 2025, driven by sectors like innovative pharmaceuticals, AI, chips, banking, and non-ferrous metals [1][2] - Hua Bao Fund has experienced rapid growth in its ETF business, with a 60.80% increase in management scale, reaching 131.49 billion yuan in the first ten months of 2025 [1][2] ETF Market Performance - The total scale of stock ETFs in the market grew by 836.80 billion yuan, marking a 28.98% increase [2] - Hua Bao Fund's stock ETFs expanded to 39, with a management scale increase of 49.72 billion yuan, reaching a historical high of 131.49 billion yuan [2] - As of October 31, 2025, Hua Bao Fund's total ETF scale (including money market ETFs) surpassed 200 billion yuan, reaching 204.73 billion yuan, ranking in the top 10 of the public fund industry [2] Key ETFs and Their Performance - The brokerage ETF (512000) has become a market leader, with a net profit of 182.55 billion yuan for 49 listed brokerages, a 61.87% year-on-year increase [3] - Despite a modest year-to-date increase of 6.05% for the brokerage index, significant capital inflows into the brokerage ETF indicate a potential for valuation recovery [3] - Other notable ETFs include the financial technology ETF (159851) with a net inflow of 53.54 billion yuan, and the banking ETF (512800) with 105.95 billion yuan [3] Growth of High-Value ETFs - The number of ETFs with over 10 billion yuan in scale has increased, with three ETFs surpassing the 10 billion yuan mark in 2025 [4] - Hua Bao Fund now has five stock ETFs in the "billion club," with a combined scale of 106.29 billion yuan [4] - The brokerage ETF (512000) is nearing the 40 billion yuan mark, while the medical ETF (512170) leads its category with a scale of 25.64 billion yuan [4] Investment Returns - The growth in ETF scale is supported by substantial returns, with 23 of Hua Bao Fund's ETFs yielding over 20% returns since the beginning of 2025 [5] - Notable performers include the Hong Kong Stock Connect Innovative Pharmaceutical ETF (520880) with an 83.47% increase and the Entrepreneurial Board AI ETF (159363) with an 80.97% increase [5]

Core Viewpoint - The domestic ETF market has seen significant growth in 2025, with total scale exceeding 5.7 trillion yuan, driven by thematic ETFs in sectors like innovative pharmaceuticals, AI, chips, banking, and non-ferrous metals, contrasting with the focus on broad index ETFs in 2024 [2][4]. Market Performance - In the first ten months of 2025, the total scale of stock ETFs in the market increased by 836.8 billion yuan, marking a growth rate of 28.98% [4]. - Hua Bao Fund's stock ETFs grew by 60.80% to reach a management scale of 131.49 billion yuan, setting a new historical high [4][6]. - As of October 31, 2025, Hua Bao Fund's total ETF scale (including money market ETFs) surpassed 200 billion yuan, reaching 204.73 billion yuan, ranking it among the top 10 in the public fund industry [4][6]. Thematic ETFs - Thematic ETFs have become increasingly popular, with Hua Bao Fund's stock ETFs seeing a net inflow of 33.66 billion yuan in the first ten months of 2025, indicating strong market interest [11]. - The top five ETFs, referred to as the "Five Flowers," include the broker ETF (512000), financial technology ETF (159851), bank ETF (512800), Hong Kong internet ETF (513770), and chemical ETF (516020), all of which have attracted significant capital inflows [11][13]. Performance of Specific ETFs - The broker ETF (512000) has seen a net profit of 182.55 billion yuan from 49 listed brokers, with a year-on-year growth of 61.87% [11]. - The financial technology ETF (159851) has attracted 5.35 billion yuan in net inflows, while the bank ETF (512800) has seen inflows of 10.6 billion yuan [11]. - The innovative pharmaceutical ETF (520880) has shown a remarkable increase of 83.47% since the beginning of 2025, while the AI ETF (159363) and non-ferrous metal ETF (159876) have increased by 80.97% and 74.80%, respectively [22][24]. Growth of ETF Scale - The number of stock ETFs under Hua Bao Fund has expanded to 39, with a total scale exceeding 100 billion yuan for several ETFs, indicating a strong presence in the market [16][17]. - The bank ETF (512800) and financial technology ETF (159851) have both surpassed the 10 billion yuan mark, contributing to Hua Bao Fund's position in the "100 billion ETF club" [16][27].

Core Insights - The domestic ETF market has seen significant growth in 2025, with total assets increasing by nearly 2 trillion yuan, surpassing 5.7 trillion yuan for the first time [1][2] - The market has shifted focus from broad index ETFs in 2024 to industry-themed ETFs in 2025, driven by sectors like innovative pharmaceuticals, AI, chips, banking, and non-ferrous metals [1] - Hua Bao Fund has experienced rapid growth in its ETF business, with a 60.80% increase in management scale, reaching 131.49 billion yuan in the first ten months of 2025 [2][6] ETF Market Performance - The total scale of stock ETFs in the market grew by 836.80 billion yuan, marking a 28.98% increase [2] - Hua Bao Fund's stock ETFs expanded to 39, with a management scale increase of 49.72 billion yuan, reaching a historical high of 131.49 billion yuan [2] - As of October 31, 2025, Hua Bao Fund's total ETF scale (including money market ETFs) surpassed 200 billion yuan, reaching 204.73 billion yuan, ranking in the top 10 of the public fund industry [2] Sector Highlights - The brokerage sector has become a favorite among investors, with the brokerage ETF (512000) reflecting strong performance, as the net profit of 49 listed brokerages reached 182.55 billion yuan, a year-on-year increase of 61.87% [5] - Despite a modest year-to-date increase of 6.05% for the brokerage index, it remains undervalued, suggesting potential for valuation recovery [5] - The financial technology ETF (159851) has also attracted significant inflows, with 5.35 billion yuan in net inflows in 2025 [5][6] Investment Trends - Hua Bao Fund's stock ETFs have seen cumulative net inflows of 33.66 billion yuan in the first ten months of 2025, setting a new record [6] - The top five ETFs, referred to as the "Five Flowers," have become indicators of market sentiment towards related sectors [6] - The number of ETFs with over 10 billion yuan in scale has increased, with the banking ETF (512800), financial technology ETF (159851), and Hong Kong Internet ETF (513770) all surpassing this threshold [9] Performance of Underlying Indices - Among the indices tracked by Hua Bao Fund's ETFs, 23 have returned over 20% since the beginning of 2025, with 7 indices exceeding 50% [12] - Notable performers include the Hong Kong Innovative Pharmaceuticals ETF (520880) with an 83.47% increase, and the AI ETF (159363) with an 80.97% increase [12][18]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report presents daily tracking data of various ETFs, including wide - based and theme ETFs, covering information such as intraday market trends, management fees, tracking indices, T + 0 trading, market capitalization, price changes, RSI, net subscriptions, trading volumes, and institutional holding ratios [2][4] 3. Summary by Related Categories 3.1 Data Description - The table tracks daily frequency data of ETFs and is divided into "wide - based" and "theme" sub - tables according to the tracking indices. The "wide - based" ETFs track mainstream wide - based indices like CSI 300, while "theme" ETFs track industry/style indices [2] - The fund pool is constructed by selecting one or several relatively large - scale ETFs in each type for analysis [2] - The RSI is calculated based on the ratio of average gains to average losses over a 12 - day period. RSI>70 indicates an over - bought market, and RSI<30 indicates an over - sold market [2] - The net subscription amount is calculated using the formula NETBUY(T) = NAV(T)–NAV(T - 1)*(1 + R(T)), where NAV(T - 1) is the previous trading day's ETF net value [2] 3.2 Wide - based ETFs - For CSI 300 ETFs, such as Huatai - PineBridge CSI 300 ETF (510300.SH) with a market capitalization of 426.101 billion yuan and a price decline of 2.01%, and E Fund CSI 300 ETF (510310.SH) with a market capitalization of 303.338 billion yuan and a price decline of 1.92% [4] - For CSI 500 ETFs, Southern CSI 500 ETF (510500.SH) has a market capitalization of 140.102 billion yuan and a price decline of 1.88%, while Huaxia CSI 500 ETF (512500.SH) has a market capitalization of 17.245 billion yuan and a price decline of 2.02% [4] - For SSE 50 ETFs, Huaxia SSE 50 ETF (510050.SH) has a market capitalization of 180.021 billion yuan and a price decline of 1.55%, and E Fund SSE 50 ETF (510100.SH) has a market capitalization of 4.381 billion yuan and a price decline of 1.59% [4] 3.3 Theme ETFs - In the consumer electronics sector, Huaxia China Securities Consumption Electronics Theme ETF (159732.SZ) has a market capitalization of 4.23 billion yuan and a price decline of 5.38%, and Fullgoal CSI Consumption Electronics Theme ETF (561100.SH) has a market capitalization of 1.092 billion yuan and a price decline of 5.37% [6] - In the non - bank sector, Guotai CSI All - Index Securities Company ETF (512880.SH) has a market capitalization of 57.426 billion yuan and a price increase of 0.24%, and Huabao CSI All - Index Securities Company ETF (512000.SH) has a market capitalization of 36.827 billion yuan and a price increase of 0.17% [6] - In the bank sector, Huabao CSI Bank ETF (512800.SH) has a market capitalization of 14.648 billion yuan and a price increase of 0.39%, and Tianhong CSI Bank ETF (515290.SH) has a market capitalization of 5.969 billion yuan and a price increase of 0.43% [6]

Core Insights - The Chinese stock ETF market has experienced significant growth in both scale and inflow, with the total stock ETF size reaching a historical high of 3.71 trillion yuan by the end of September, marking an increase of 820.82 billion yuan or approximately 28.43% year-to-date [5][6][10] - In September alone, stock ETFs saw a net inflow of 112.31 billion yuan, with industry-themed ETFs attracting 94.13 billion yuan while broad index ETFs faced a net outflow of 47.91 billion yuan [5][10] Market Performance - As of September 30, the total ETF market reached 5.63 trillion yuan, with stock ETFs comprising 65.88% of this total [5] - The stock ETF market's net inflow in September was the second occurrence of surpassing 100 billion yuan this year, following April [5][6] - The last three trading days of September saw significant inflows of 22.12 billion yuan, 12.39 billion yuan, and 12.42 billion yuan respectively [5] Investment Trends - The most popular sectors for investment included securities, batteries, and Hong Kong internet stocks, while broad index ETFs like the STAR 50 and CSI 300 experienced net outflows [6][10] - Notable inflows were recorded in specific ETFs, such as the Fortune Hong Kong Internet ETF and Guotai Junan Securities ETF, which saw inflows of 12.35 billion yuan and 11.68 billion yuan respectively [10] Fund Performance - In September, the CSI 300 index rose by 3.2%, while the ChiNext 50 surged by 14.4%, indicating strong performance across major indices [6] - The top-performing industry indices included the new energy battery sector, which increased by 32.14%, and the semiconductor sector, which rose by 17.75% [6][11] Future Outlook - Analysts predict continued growth in stock ETFs driven by policy support, improved market conditions, and rising demand for wealth management among residents [7][11] - The preference for industry-themed ETFs is expected to persist, particularly in sectors with clear policy backing and substantial growth potential [12]

Core Insights - The number of stock ETFs with assets exceeding 10 billion yuan has increased to 56 as of September 19, 2023, up from 47 at the end of June, indicating a growing interest in these investment vehicles [2][3] - The recent entrants into the "billion club" are primarily industry-themed ETFs, particularly in sectors such as chemicals, resources, robotics, and batteries, with some products experiencing over a tenfold increase in scale since June [3][4] - There has been a significant net inflow of funds into industry-themed ETFs, with 17 ETFs attracting over 1.5 billion yuan in net inflows from September 1 to September 19, 2023, highlighting a trend of capital concentration in specific sectors [5][6] Industry Trends - The rapid growth of specific industry-themed ETFs reflects investor optimism towards certain sectors, driven by economic structural transformation and supportive industrial policies, particularly in high-tech and advanced manufacturing [4][6] - Fund companies have been actively launching and promoting ETFs focused on niche industries, which has contributed to the increase in ETF sizes, aligning with market investment hotspots [4][6] Investor Behavior - Funds flowing into industry-themed ETFs can be categorized into three types: those seeking stable returns (favoring sectors like beverages), those optimistic about industry prospects (investing in robotics), and those attracted by valuation advantages and event-driven opportunities (focusing on brokers, chemicals, and gold stocks) [6][7] - The influx of funds into these ETFs indicates a shift towards a more strategic approach among investors, with some focusing on long-term growth trends while others engage in short-term trading based on market sentiment [7][8] Market Volatility - The volatility of popular ETFs is evident, with significant price fluctuations observed in the leading ETFs during the period from September 1 to September 19, 2023, where some ETFs experienced declines after previous gains [8][9] - Investors are advised to avoid blindly following trends in ETF investments, as the concentration of capital in popular sectors can lead to inflated valuations and potential corrections if market sentiment shifts [9]

Core Viewpoint - The article highlights a significant shift in investor behavior towards industry-themed ETFs, particularly in the context of increased market volatility, with a notable preference for sectors with reasonable valuations and high earnings certainty [3][5][6]. Summary by Sections ETF Market Trends - From September 1 to September 9, 12 industry-themed ETFs saw net inflows exceeding 1 billion yuan, with battery ETFs emerging as a new favorite among investors [1][3]. - The battery ETFs, including Guangfa Battery ETF, Huatai-PB Battery 50 ETF, and CMB Battery ETF, attracted net inflows of 3.523 billion yuan, 2.297 billion yuan, and 2.117 billion yuan respectively during this period [3][6]. Sector Rotation - There has been a clear rotation of funds from technology sectors like chips and artificial intelligence to high-growth sectors such as batteries and brokerages, reflecting a preference for assets with reasonable valuations and earnings certainty [5][6]. - The total net inflow for battery-themed ETFs exceeded 10 billion yuan from September 1 to September 9, with significant returns observed in the previous month [6][7]. Performance of Broker ETFs - The Guotai Securities ETF recorded a net inflow of 5.084 billion yuan from September 1 to September 9, marking it as the only ETF to surpass 5 billion yuan in inflows during this period [9][10]. - The overall market activity has remained high, benefiting brokerages, which are directly impacted by trading volumes and margin financing [10]. Cross-Border ETF Activity - There has been a notable inflow into Hong Kong stock ETFs, with 15.36 billion yuan flowing in from September 1 to September 5, indicating growing investor confidence in the Hong Kong market [11]. Changing Investment Behavior - Since June, non-broad-based ETFs have seen rapid growth, with net inflows reaching 227.9 billion yuan from June to August, while broad-based ETFs experienced significant outflows [13]. - The shift towards non-broad-based ETFs suggests a change in how retail investors are entering the market, with ETFs becoming a preferred investment vehicle due to their flexibility and lower costs [13][14].