1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core View of the Report - The report focuses on the latest developments in the US ETF and mutual fund markets, including new product launches, fund flows, and performance. Specifically, it highlights the issuance of reverse - strategy ETFs, the flow of funds into international stock ETFs exceeding domestic ones, the significant rise in commodity ETFs, and the changes in the flow of US ordinary mutual funds [1]. 3. Summary by Directory 3.1 US ETF Innovation Products: Reverse - Strategy ETF Issuance - Last week, 11 new products were issued in the US. Global X issued 6 zero - coupon bond target - maturity products from 2030 to 2035, which can reduce interest rate fluctuation risks. TappAlpha issued 1.3 - times leveraged products of its TSPY and TDAQ products. Tidal and LOGIQ issued a "reverse - strategy" ETF to find undervalued opportunities in stocks and bonds and can use options to increase returns. KraneShares issued a dynamic Buffer product based on the Nasdaq [4][5]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: International Stock Products' Inflows Exceed US Stocks Again - In the past week, international stock ETFs in the US had more inflows than domestic stock products, and bond ETFs had inflows of over $10 billion. Vanguard S&P 500 ETF was the top product in terms of inflows. Broad - based stock and bond products were at the forefront of inflows, while US stock style products and high - yield bond products had outflows [6][9]. 3.2.2 US ETF Performance: Commodity ETFs Rose Significantly - In the first week of 2026, precious metal assets had obvious increases. Silver ETFs rose by over 8%, platinum ETFs by nearly 10%, and comprehensive commodity ETFs also increased. The largest gold ETF's scale exceeded $150 billion [11]. 3.3 Recent US Ordinary Mutual Fund Fund Flows - In November 2025, the total non - money mutual funds in the US were $23.72 trillion, an increase of $0.03 trillion compared to October. The S&P 500 rose 0.13% in November, while the scale of domestic stock products decreased by 0.15%, and the redemption pressure eased. From December 23 to December 30, 2025, the outflows of domestic stock funds narrowed to less than $10 billion, and the outflows of mixed - allocation products also slowed down [15].

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report The report focuses on the latest developments in the US ETF market and the recent capital flow of US ordinary public - offering funds. It includes the issuance of new ETF products, capital flow trends, and performance of ETFs, as well as the capital flow of public - offering funds [1]. 3. Summary According to the Catalog 3.1 US ETF Innovation Products: Reverse Strategy ETF Issuance - Last week, 11 new products were issued in the US. Global X issued 6 zero - coupon bond target - maturity products from 2030 to 2035, investing in US zero - coupon Treasury bonds to reduce interest - rate fluctuation risks [6]. - TappAlpha issued 1.3 - times leveraged products of its TSPY and TDAQ products, with the original products using a spot + option strategy, linked to the S&P 500 ETF SPY and the Nasdaq 100 ETF QQQ respectively [7]. - Tidal and LOGIQ issued a "reverse strategy" ETF, looking for undervalued opportunities in stocks and bonds through a view opposite to the market, and the product can use tools such as options to increase returns [7]. - KraneShares issued a dynamic Buffer product based on the Nasdaq index, which is similar to a collar strategy, buying put options (actually replicated through futures shorts) and selling call options to maintain a certain long - position exposure while obtaining option premium income [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: International Stock Products' Inflows Exceed US Stocks Again - In the past week, the inflows of US international stock ETFs exceeded those of US domestic stock products again, and bond ETFs had inflows of over $10 billion [8]. - Vanguard S&P 500 ETF continued to be the product with the largest inflow last week. Broad - based stock and bond products were at the forefront of inflows. BlackRock's international stock products had relatively large inflows, while US stock style products and high - yield bond products had outflows [11]. 3.2.2 US ETF Performance: Commodity ETFs Rose Significantly - In the first week of 2026, precious metal assets had obvious increases. The silver ETF rose by more than 8%, the platinum ETF rose by nearly 10%, and the comprehensive commodity ETF also increased. The scale of the largest gold ETF has exceeded $150 billion [14]. 3.3 Recent Capital Flow of US Ordinary Public - Offering Funds - In November 2025, the total amount of non - monetary public - offering funds in the US was $23.72 trillion, an increase of $0.03 trillion compared with October 2025. In November, the S&P 500 rose by 0.13%, and the scale of US domestic stock products decreased by 0.15%, with the redemption pressure easing [18]. - From December 23 to December 30, 2025, the outflows of US domestic stock funds narrowed to less than $10 billion. In the whole year of 2025, the outflows of domestic stock funds were close to $750 billion, and the outflows of mixed - allocation products also slowed down [18].

Core Insights - The article discusses the investment philosophy of Wang Qian, a fund manager at Yongying Fund, who emphasizes value investing despite the current market favoring technology growth styles [1][3]. Investment Philosophy - Wang Qian advocates for a long-term value investment approach, focusing on buying high-quality assets at reasonable prices to ensure sufficient safety margins for fund holders [1][2]. - The evaluation of high-quality assets includes multiple dimensions, with strong competitiveness being a key criterion. Different industries may have varying sources of competitiveness [2]. - Wang Qian prioritizes safety margins when purchasing assets, indicating a disciplined approach to valuation and a willingness to wait for better entry points when assets are overvalued [2]. Market Perspective - Despite the current dominance of technology growth styles, Wang Qian maintains a rational and objective outlook, recognizing that style rotation is a natural market phenomenon [3]. - The rise of index investing has led to increased investor demand for clarity and stability in fund strategies, which Wang Qian acknowledges as essential for building long-term trust with clients [3]. Asset Allocation Strategy - Wang Qian's portfolio is balanced across various sectors, including chemicals, food and beverages, non-bank financials, and agriculture, reflecting a strategy that anticipates a recovery in the economy [4]. - The article highlights the positive impact of recent "anti-involution" policies on midstream industries like photovoltaics, lithium batteries, and chemicals, which may enhance profitability and consumer income [4]. Future Outlook - Wang Qian suggests that once the macroeconomic fundamentals show positive changes, cyclical and domestic demand assets may present significant opportunities for performance [4]. - The article notes that the current market liquidity has improved, which could lead to a gradual shift in market styles as economic conditions evolve [4].

Core Viewpoint - Despite a strong rebound in the U.S. stock market following a 25% decline earlier this year, short positions in the S&P 500 and Nasdaq 100 indices continue to rise, indicating that investors may be employing a contrarian strategy to hedge risks or express doubts about the sustainability of the recovery [1] Group 1: Short Position Trends - According to S3 Partners, the short position in the S&P 500 has increased from 5.4% at the beginning of the year to 5.8% [1] - The short position in the Nasdaq 100 has expanded from less than 5.2% to approximately 6.1% [1] Group 2: Market Performance Comparison - The S&P 500 index has seen a year-to-date increase of only 6%, which is significantly lower than the average gains of 15%-20% in major global markets [1] - S3 Partners highlights that only a few major global indices have underperformed the S&P 500, contributing to its lagging growth compared to the global average [1]