【手游 ETF网格策略 ETF网格策略重点关注标的 (1) 恒生创新药ETF (520500.SH) 国内政策制度对创新药发展的支持力度空前， 如构建"双目录"多层次支付体系，直接疏通创新 药从实验室到临床支付的"最后一公里";如完善 "双通道"管理机制，显著提升创新药的商业化和 可及性;如积极助力搭建全球交易平台,并为创新 药海外上市探索价格保密机制，助力我国创新药走 出中国，走向世界。在多层次政策利好下，我国医 药行业经历了从"仿制"到"创新"，从"跟跑" 到"并跑"甚至部分"领跑"的长足发展。据 Citeline旗下Pharmaprojects团队所撰写的《2025 年医药研发年度回顾白皮书》数据显示，截至2025 年1月，我国在研管线7041个，全球占比29.5%， 稳居全球第二,在研管线数量同比增长15.1%，增 速远超全球平均水平。据央视网数据,2025年上半 年我国创新药对外授权（License-out）总金额突破 660亿美元,超过2024年全年519亿美元的交易总 额,其中多笔交易金额超过10亿美元,展现出我国 创新药实力的显著提升和全球化进程的提速。该 ETF跟踪的是恒生创新药指数。该指数 ...

Core Viewpoint - The article discusses various ETFs that are positioned to benefit from specific economic trends and government policies, highlighting their potential for investment returns. Group 1: Saudi ETF (159329.SZ) - Saudi Arabia's "Vision 2030" aims to diversify its economy away from oil dependency, targeting a non-oil GDP export share increase from 16% to at least 50% [3] - The ETF's holdings reflect this diversification, with over 40% in the financial sector and more than 20% in consumer and technology sectors, while traditional fossil fuels account for only about 10% [3] - A proposed amendment by the Saudi Capital Market Authority could allow foreign ownership in listed companies to exceed 50%, potentially attracting more foreign investment [4] Group 2: Bank ETF (512800.SH) - A policy initiative encourages large state-owned insurance companies to increase their investments in A-shares, which may lead to a sustained inflow of long-term capital [6] - The ETF tracks the CSI 800 Bank Index, which had a dividend yield of 4.40% as of September 30, 2025, significantly higher than the market average and the yield on ten-year government bonds [7] Group 3: Military Industry ETF (515660.SH) - China's defense budget for 2025 is set at 1.81 trillion yuan, a 7.2% increase, but still below 1.3% of GDP, compared to 3.5% for the U.S. and 6.3% for Russia [10] - The ETF tracks the CSI Defense Index, focusing on core areas such as aviation equipment, missiles, and new materials, which are expected to benefit from improvements in the defense sector's fundamentals [10]

Group 1 - The article emphasizes the potential of the Saudi ETF (159329.SZ) as Saudi Arabia aims to diversify its economy away from oil dependency through its "Vision 2030" plan, which includes 96 strategic goals such as increasing the non-oil GDP contribution from 16% to at least 50% and elevating its global economic ranking from 19th to 15th [3][4] - As of October 13, the Saudi ETF's underlying holdings reflect this economic transformation, with over 40% in the financial sector and more than 20% in consumer and technology sectors, while traditional fossil fuels account for only about 10% [3][4] - A recent report indicates that the Saudi Capital Market Authority (CMA) is considering a significant amendment to allow foreign ownership in Saudi listed companies to exceed 50%, which could attract more foreign investment into the Saudi capital market [4] Group 2 - The article discusses the Tourism ETF (159766.SZ) and highlights the Chinese government's initiatives to boost domestic tourism consumption, including measures such as the "Hundred Cities, Hundred Districts" tourism consumption action plan and various policies to enhance travel experiences [6][7] - During the 2025 National Day and Mid-Autumn Festival holiday, over 29,000 cultural and tourism activities were held, with more than 4.8 billion yuan in consumption subsidies distributed, leading to 888 million domestic trips, an increase of 123 million trips year-on-year, and total domestic spending of 809 billion yuan, up by 108.2 billion yuan [7]

Core Viewpoint - The article discusses the ETF grid strategy, focusing on new economic sectors and financial sectors, highlighting investment opportunities in China's evolving economy and the financial market's recovery [3][4][6]. Group 1: New Economic ETF - The New Economic ETF (159822.SZ) aligns with the government's 2025 work report, emphasizing the development of new productive forces and the integration of technology and industry innovation [3]. - This ETF indirectly tracks the S&P China New Economy Index through full holdings in the ICBC South China S&P China New Economy Industry ETF (3167.HK), focusing on leading companies in artificial intelligence, internet, biotechnology, and innovative pharmaceuticals [3]. - The ETF aims to capture new growth drivers in China's economy while diversifying regional risks [3]. Group 2: Financial ETF - The Financial ETF (510230.SH) tracks the Shanghai Stock Exchange 180 Financial Index, with significant allocations in banking (62%), securities (20%), and insurance (18%) sectors [4][6]. - As of June 30, 2025, the banking sector's dividend yield reached 5.86%, surpassing the market average and the ten-year government bond yield, making it an attractive option for long-term funds [4]. - The securities sector saw a substantial increase in brokerage revenue, with a 50.69% year-on-year growth in H1 2025, indicating a recovery in sector performance [4][6]. - The insurance sector is expected to benefit from supportive policies, alleviating pressure on liabilities, while the stock investment balance of life insurance companies reached nearly 2.9 trillion yuan, a 50% year-on-year increase, suggesting a shift towards equity asset allocation [6].

Core Viewpoint - The article discusses the potential impact of U.S. Federal Reserve's interest rate cuts and the implications for various ETFs, particularly in the context of consumer demand and market liquidity [2][3]. Group 1: U.S. Economic Indicators - U.S. Treasury Secretary indicated a possible 50 basis points rate cut in September, with unemployment claims reaching 235,000, the highest since June [2]. - Continuing claims for unemployment benefits hit 1.972 million, the highest since November 2021, indicating a cooling labor market [2]. - Federal Reserve Chairman Powell signaled a dovish stance at the Jackson Hole meeting, suggesting a need to adjust policy due to rising inflation risks and declining employment risks [2]. Group 2: Impact on Consumer Demand - A potential rate cut could boost U.S. consumer demand, providing a favorable environment for economic recovery [3]. - The extension of tariff suspension on China by President Trump may mitigate the impact of new tariffs on domestic consumer prices and spending [3]. Group 3: ETF Performance and Strategy - The S&P Consumer ETF (159529.SZ) has shown promising backtest results over the past 120 trading days, indicating potential for future performance [4]. - The Hang Seng Technology Index ETF (513180.SH) has seen significant net inflows from southbound funds, totaling HKD 731.2 billion in the first half of 2025, which is 91% of last year's total [5]. - The Hang Seng Technology Index covers 30 leading tech companies listed in Hong Kong, with a current PE-TTM of 22.25, below the historical average [6]. - The New Economy ETF (159822.SZ) aims to track the performance of China's new economy sectors, focusing on high-growth areas such as internet technology and healthcare [9].