"三年前存100万，利息能买一辆车；现在存三年，利息只够加三年油。"这句调侃，道出了许多储户对当前银行存款收益的无 奈。小夏最近发现，继存款利率倒挂、"长存利少"后，已经有中小银行直接下架了5年期存款产品。 可能还有一些朋友最近特别看好政策长期支持的新兴科技产业，如果你能忍受一定的波动，不妨看看小夏家的科创创业50ETF （159783）。这只基金由科创板和创业板中市值较大的50只新兴产业股票组成，覆盖新一代信息技术、高端装备制造、新材 料、新能源、数字产业等行业，一键把握"十五五"等政策利好风口。 基于这一逻辑，近期有不少年轻人将目光转向了基金。简单来说，基金就像是水果专家定制的一个"水果拼盘"。假设投资者想 在超市里买某（几）样水果，但考虑逐一购买需要耗费大量资金和时间，则可以考虑买入搭配好的水果拼盘，使用较少的资金 及时间一次性满足品尝多重滋味的需求，也可以降低来自仅购买一种水果却发现品质其不佳而损失资金的风险。 其中，ETF基金兼具省事、省心、省钱、省时又省力的优势，成为了年轻人投资者的首选。今年以来，国内的ETF市场迎来里程 碑式的突破！Wind数据显示，8月25日，国内ETF总规模正式突破5万亿元 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the performance and capital flow of the ETF fund market in the past week (from November 10th to November 14th), including the overall market, different popular sub - types, and innovative themes and sub - industries, to provide reference for investors [1]. 3. Summary According to Relevant Catalogs 3.1 ETF Market Overall Performance - **Market Performance**: Most stock ETFs rose this week. Hong Kong stock pharmaceutical and biological ETFs had the largest increase, with an average increase of 6.10% for funds above a certain scale. Conversely, A - share TMT ETFs and A - share growth ETFs declined significantly, with average decreases of 4.37% and 3.20% respectively for funds above a certain scale [2][5]. - **Capital Flow**: Funds flowed into A - share TMT ETFs and commodity ETFs, with net inflows of 8.239 billion yuan and 5.957 billion yuan respectively throughout the week. In contrast, A - share large - cap ETFs experienced capital outflows, with a net outflow of 7.556 billion yuan throughout the week [3][7]. 3.2 Different Popular Sub - type ETF Fund Market Performance - **A - share ETFs**: Include various types such as broad - based index (full - market, large - cap/super large - cap, small - and medium - cap, science and technology/growth enterprise board), industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, cycle, financial and real estate), SmartBeta (value, growth, dividend, free cash flow), and theme. Different types of funds have different performance in terms of weekly capital flow, weekly return, recent one - month return, and year - to - date return [14][15][16]. - **Hong Kong stock ETFs**: Also cover broad - based index, industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, financial and real estate), SmartBeta (dividend), and theme. Each type shows different performance characteristics [29][30][31]. - **Hong Kong - Shanghai - Shenzhen ETFs**: Include industry and theme types, with different performance in terms of capital flow and return [37][38]. - **US stock ETFs**: Divided into broad - based index and industry types, with corresponding performance data [39][40]. - **Other QDII - ETFs (excluding Hong Kong and US stocks)**: Provide performance information of relevant funds [41]. - **Bond ETFs**: Present the performance of bond - related ETFs [42]. - **Commodity ETFs**: Mainly gold - related ETFs, all showing a certain degree of increase this week [43]. 3.3 Innovative Themes and Sub - industry ETF Fund Market Performance - **TMT Innovation Theme**: Indexes such as animation and games, film and television themes, and financial technology have different weekly and year - to - date returns, and the corresponding representative funds also show corresponding performance [45]. - **Consumption Sub - industry**: Indexes like liquor, food and beverage, and tourism have different performance, and the representative funds follow suit [46]. - **Pharmaceutical Sub - industry**: Indexes such as vaccine and biotechnology, traditional Chinese medicine, and innovative drugs have different returns, and the corresponding funds perform accordingly [47]. - **New Energy Theme**: Indexes including power utilities, green power, and photovoltaic industry have different performance, and the representative funds show corresponding trends [48]. - **Central and State - owned Enterprise Theme**: Indexes such as mainland state - owned enterprises, Hong Kong stock central enterprise dividends, and central enterprise innovation have different returns, and the corresponding funds perform accordingly [49][50]. - **Stable Growth Theme**: Indexes such as coal, real estate, and non - ferrous metals have different performance, and the representative funds follow suit [51]. - **Hong Kong - Shanghai - Shenzhen/Hong Kong Stock Connect Sub - industry**: Indexes such as Hong Kong - Shanghai - Shenzhen Internet, Hong Kong securities, and Hong Kong stock connect pharmaceuticals have different returns, and the corresponding funds perform accordingly [52]. - **Dividend/Dividend Low - Volatility Index Family**: Indexes such as CSI 300 Dividend, CSI Dividend Low - Volatility, and SSE Dividend have different performance, and the corresponding funds follow suit [53]. - **Growth Enterprise Board Index Family**: Indexes such as Science and Technology Innovation Chip, Growth Enterprise Board Growth, and Growth Enterprise Board 50 have different performance, and the corresponding funds follow suit [54].

Market Overview - The Shanghai Composite Index rose by 0.53% to close at 4018.6 points, with an intraday high of 4018.7 points [1] - The Shenzhen Component Index increased by 0.18% to 13427.61 points, reaching a peak of 13502.16 points [1] - The ChiNext Index fell by 0.92% to 3178.83 points, with a maximum of 3236.61 points during the day [1] ETF Market Performance - The median return of stock ETFs was 0.22% [2] - The highest performing scale index ETF was the Penghua CSI 800 Free Cash Flow ETF, with a return of 1.37% [2] - The Tianhong CSI Food and Beverage ETF led the industry index ETFs with a return of 3.96% [2] - The highest return among strategy index ETFs was 1.89% from the ICBC Credit Suisse Shenzhen Dividend ETF [2] - The top performing thematic index ETF was the Fortune CSI Tourism Theme ETF, achieving a return of 5.99% [2] ETF Performance Rankings - The top three ETFs by return were: - Fortune CSI Tourism Theme ETF (5.99%) - Huaxia CSI Tourism Theme ETF (5.66%) - Penghua CSI Liquor ETF (4.5%) [5] - The three ETFs with the largest declines were: - Huaan SSE Sci-Tech Innovation Board New Generation Information Technology ETF (-2.44%) - E Fund National Index New Energy Battery ETF (-2.37%) - GF National Index New Energy Battery ETF (-2.36%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - E Fund ChiNext ETF (inflow of 903 million yuan) - Huitianfu CSI Major Consumption ETF (inflow of 528 million yuan) - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (inflow of 478 million yuan) [8] - The ETFs with the largest outflows were: - Penghua CSI Liquor ETF (outflow of 1.017 billion yuan) - GF National Index New Energy Vehicle Battery ETF (outflow of 741 million yuan) - Huabao CSI All-Index Securities Company ETF (outflow of 291 million yuan) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: - E Fund ChiNext ETF (626 million yuan) - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (561 million yuan) - Guotai Junan CSI All-Index Securities Company ETF (435 million yuan) [11] - The highest margin selling amounts were: - Huatai-PB CSI 300 ETF (35.1 million yuan) - Southern CSI 500 ETF (18.1 million yuan) - Huaxia SSE 50 ETF (11.4 million yuan) [12] Industry Insights - Open Source Securities forecasts a recovery in the food and beverage industry by 2026, with a correlation to macroeconomic conditions [13] - The white liquor sector is currently in a deep adjustment phase, with demand decline affecting company performance [13] - Guoxin Securities sees a bottoming out in the social service sector, supported by favorable funding, policy, and fundamental conditions [14]

Core Points - The E Fund Itaú BBA Brazil IBOVESPA ETF (QDII) will be launched on October 31, 2025, with a maximum initial fundraising limit of 300 million yuan [1] - The fund will be managed by E Fund Management, with Lin Weibin serving as the fund manager [1] - The performance benchmark for the fund is the return rate of the Brazil IBOVESPA index, calculated using the valuation exchange rate [1]

Core Viewpoint - The brokerage ETF fund (515010) has shown a mixed performance with a recent decline, but overall, it has demonstrated significant growth over the past three years, outperforming many comparable funds [3][4]. Performance Summary - As of October 30, 2025, the brokerage ETF fund has decreased by 1.62%, with a latest price of 1.45 yuan. However, it has increased by 4.75% over the past week [3]. - The fund's net asset value has risen by 62.74% over the past three years, ranking it in the top 2 among comparable funds and placing it in the top 19.13% of all index equity funds [4]. - The fund's highest single-month return since inception was 37.91%, with an average monthly return of 7.84% and an annual profit percentage of 60.00% [4]. Liquidity and Trading Activity - The fund experienced a turnover rate of 3.39% during the trading session, with a total transaction volume of 67.21 million yuan. The average daily transaction volume over the past month was 74.14 million yuan [3]. - The latest net outflow of funds was 20.55 million yuan, but over the past five trading days, there were net inflows on four occasions, totaling 21.73 million yuan, averaging 4.35 million yuan per day [3]. Fund Size and Leverage - The current size of the brokerage ETF fund is 1.999 billion yuan, marking a new high in the past year [3]. - The latest margin buying amount reached 7.92 million yuan, with a financing balance of 45.30 million yuan, indicating ongoing leverage activity [3]. Risk and Fee Structure - The fund has a low relative drawdown of 0.03% over the past six months compared to its benchmark, indicating lower risk among comparable funds [5]. - The management fee is 0.15% and the custody fee is 0.05%, both of which are the lowest among comparable funds [5]. Tracking Accuracy - The fund has a tracking error of 0.025% over the past three months, demonstrating high tracking precision compared to similar funds [5]. Sector Composition - The fund closely tracks the CSI All Share Securities Company Index, which reflects the overall performance of various industry companies within the securities sector [5].

Core Viewpoint - The Huaxia CSI Photovoltaic Industry ETF (515373) will be launched for subscription from October 27, 2025, to November 7, 2025, with a cash fundraising limit of 8 billion yuan [1] Group 1 - The fund will be managed by Huaxia Fund, with Li Jun serving as the fund manager [1] - The fund's performance benchmark is the return rate of the CSI Photovoltaic Industry Index [1]

Market Overview - The Shanghai Composite Index rose by 0.1% to close at 3916.23 points, with a daily high of 3931.05 points [1] - The Shenzhen Component Index fell by 0.25% to close at 13086.41 points, with a daily high of 13218.17 points [1] - The ChiNext Index increased by 0.38% to close at 3037.44 points, with a daily high of 3068.84 points [1] ETF Market Performance 1. Overall Performance - The median return of stock ETFs was -0.17% [2] - The top-performing scale index ETF was GF CSI 50 Enhanced Strategy ETF with a return of 1.3% [2] - The highest return among industry index ETFs was China Tai CSI Coal ETF at 2.97% [2] - The highest return among strategy index ETFs was China Tai SSE State-Owned Enterprises Dividend ETF at 1.52% [2] - The top theme index ETF was Fortune CSI Communication Equipment Theme ETF with a return of 2.84% [2] 2. Top Gainers and Losers - The top three ETFs by gain were: - Guotai CSI Coal ETF (2.97%) [4] - Fortune CSI Communication Equipment Theme ETF (2.84%) [4] - Huatai CSI Energy ETF (2.1%) [4] - The top three ETFs by loss were: - E Fund CSI Rare Earth Industry ETF (-3.05%) [4] - Huatai Baichuan CSI Rare Earth Industry ETF (-3.0%) [4] - Harvest CSI Rare Earth Industry ETF (-2.96%) [4] 3. Fund Flow - The top three ETFs by inflow were: - Huabao CSI Bank ETF (8.79 billion) [6] - Harvest CSI Rare Earth Industry ETF (7.17 billion) [6] - Guotai CSI All-Index Securities Company ETF (4.95 billion) [6] - The top three ETFs by outflow were: - Huatai Baichuan CSI 300 ETF (12.7 billion) [6] - Southern CSI 500 ETF (10.87 billion) [6] - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (7.67 billion) [6] 4. Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (5.38 billion) [8] - Guotai CSI All-Index Securities Company ETF (4.9 billion) [8] - Penghua CSI Liquor ETF (2.24 billion) [8] - The top three ETFs by margin selling were: - Southern CSI 500 ETF (1.18 billion) [9] - Southern CSI 1000 ETF (82.27 million) [9] - Huatai Baichuan CSI 300 ETF (33.93 million) [9] Institutional Views - Xinda Securities remains bullish on the coal sector, highlighting its high performance, cash flow, and dividend characteristics, along with macroeconomic improvements and favorable regulatory changes [10] - Zhongtai Securities expresses confidence in the stability and sustainability of the banking sector, recommending attention to city and rural commercial banks with growth potential and low valuations [10]

Core Insights - The trading volume of the SSE 50 Index ETF reached 4.517 billion yuan today, an increase of 2.860 billion yuan compared to the previous trading day, representing a growth rate of 172.57% [1] Trading Performance - The Huaxia SSE 50 ETF (510050) had a trading volume of 3.914 billion yuan, up 2.479 billion yuan from the previous day, with a growth rate of 172.77% [1] - The E Fund SSE 50 ETF (510100) recorded a trading volume of 506 million yuan, an increase of 321 million yuan, reflecting a growth rate of 174.15% [1] - The ICBC SSE 50 ETF (510850) had a trading volume of 34.25 million yuan, up 22.19 million yuan, with a growth rate of 184.07% [1] - The top performers in terms of trading volume increase included the Shenwan Hongyuan SSE 50 Index ETF (510600) and the Bosera SSE 50 ETF (510710), with increases of 4928.61% and 267.15% respectively [1] Market Performance - As of market close, the SSE 50 Index (000016) rose by 1.09%, while the average increase for related ETFs was 0.90% [1] - The top-performing ETFs included the E Fund SSE 50 Enhanced Strategy ETF (563090) and the Dongcai SSE 50 ETF (530050), which increased by 1.30% and 1.05% respectively [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Important news: The total scale of domestic public funds in China has exceeded 36 trillion yuan for the first time; the returns of the first batch of new floating - rate funds are promising; the number of Science and Technology Innovation Board ETFs has exceeded 100 [2]. - Market review: Last week (from September 22, 2025, to September 26, 2025), the major broad - based indices in the A - share market showed an upward trend, while most overseas indices showed a downward trend [2]. - Fund market review: Half of the active equity funds achieved positive returns last week, with the median interval return of active equity funds at 0.38%. The cycle and manufacturing theme funds performed outstandingly [2]. - ETF fund statistics: The top three ETF categories in terms of performance last week were technology, commodity futures, and manufacturing theme ETFs. There were 435 ETFs with net capital inflows and 593 with net outflows [2]. - Fund market dynamics: 41 public funds had new fund managers last week; 61 public funds were newly established, with a total issuance share of 366.07 billion; 16 public funds entered the issuance stage for the first time; as of September 28, 2025, there were 68 public funds waiting to be issued [2]. - Equity fund issuance tracking: The issuance scale of equity funds last week reached 240.73 billion yuan, an increase of 17.15 billion yuan from the previous week. It is expected to bring incremental funds to industries such as electronics, power equipment and new energy, and computers [2]. Summary by Directory 1. Important News 1.1 Market Dynamics - The total scale of domestic public funds in China has exceeded 36 trillion yuan for the first time, with open - end funds being the main driving force for growth [7]. - The returns of the first batch of new floating - rate funds are promising, with an average return close to 13% [8]. - The largest money market fund, Yu'E Bao, has announced a fee reduction, which may drive other large - and medium - sized money market funds to follow suit [9]. 1.2 Product Hotspots - Xingzheng Global Fund has submitted an application for its first ETF, aiming to meet investors' diversified allocation needs [10]. - The first batch of index fund Y - shares has achieved excellent results, with 84 out of 85 funds achieving positive returns [11]. - The number of Science and Technology Innovation Board ETFs has exceeded 100, forming a multi - level index product system [11]. - The China Securities Index Company has officially released the CSI Smart - Selected Hangzhou Innovation 50 Index [12]. 1.3 Overseas/Overseas Markets - Goldman Sachs has reiterated its overweight view on China [13]. - Huaxia Fund (Hong Kong) has launched a new offshore RMB income bond fund [14]. 2. Market Review - Last week, the major broad - based indices in the A - share market showed an upward trend, while most overseas indices showed a downward trend. The electronics and non - ferrous metals industries had the highest increases [14][16]. 3. Fund Market Review 3.1 Active Equity Fund Performance - In the short - term, manufacturing and technology theme funds performed well; in the medium - and long - term, technology and manufacturing theme funds also had outstanding performance [20]. 3.2 Top - Performing Fund Performance Statistics - The top five active equity funds last week were mainly technology - themed funds, with Southern Information Innovation A ranking first [24]. 4. ETF Fund Statistics 4.1 ETF Fund Performance - The top three ETF categories in terms of performance last week were technology, commodity futures, and manufacturing theme ETFs [26]. 4.2 ETF Fund Capital Flow Statistics - Last week, the ETF categories with the largest net capital inflows were technology, bonds, and financial real estate, while the categories with the largest net outflows were strategy style, cycle, and others [29]. 4.3 ETF Fund Premium and Discount Statistics - As of September 26, 2025, the top three ETFs in terms of premium rate were Bosera CSI All - Share Free Cash Flow ETF, Huaxia Feed Soybean Meal Futures ETF, and Puyin AXA CSI A500 ETF [34]. 5. Fund Market Dynamics 5.1 Fund Manager Changes - Last week, 41 public funds had new fund managers, involving 32 fund managers from 23 fund management companies; 52 public funds had fund manager departures, involving 27 fund managers from 20 fund management companies [36][39]. 5.2 Newly Established Funds Last Week - 61 public funds were newly established last week, with a total issuance share of 366.07 billion. The largest number and the largest issuance share were from passive index funds [42]. 5.3 First - Time Issued Funds Last Week - 16 public funds entered the issuance stage for the first time last week, with the largest number being passive index funds [2]. 5.4 Funds Waiting to be Issued - As of September 28, 2025, there were 68 public funds waiting to be issued [2]. 5.5 Equity Fund Issuance Tracking - The issuance scale of equity funds last week reached 240.73 billion yuan, an increase of 17.15 billion yuan from the previous week. It is expected to bring incremental funds to certain industries [2].

Group 1 - The core viewpoint is that the Huaxia New Energy ETF (159368) has seen a significant increase in its performance and capital inflow since September, with a rise of over 22% and an inflow of 880 million yuan [1] - As of September 26, 2025, the Huaxia New Energy ETF's scale has surpassed 1 billion yuan, making it the largest in its category [1] - The ETF tracks the New Energy Index, which includes various sectors such as batteries and photovoltaics, indicating its broad market coverage [1] Group 2 - The Huaxia New Energy ETF has the highest flexibility with a maximum increase of 20% and the lowest fee rate, with a total management and custody fee of only 0.2% [1] - As of September 25, 2025, the ETF's scale reached 961 million yuan, and it has the highest average daily trading volume of 61.98 million yuan over the past month [1] - The ETF's composition includes 51% energy storage and 23.6% solid-state batteries, aligning with current market trends [1]