H 无 F T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T TH ETF网格策略 ETF网格策略重点关注标的 (1) 游戏ETF（159869.SZ） 据国家新闻出版署统计数据,2025年12月，共 有144款国产网络游戏与3款进口游戏获批，2025年 全年版号发放总数1771个，创下自2019年以来近7 年新高,较2024年增长超20%。版号发放的常态 化、可预期,彰显监管层对游戏产业健康发展的持 续支持。海外市场方面，据中新网报道，2025年上 半年,中国自主研发游戏在海外市场的实际销售收 入为95.01亿美元，同比增长11.07%，显示出国产 游戏强劲的出海能力。而从供应端考虑，Al在游戏 美术、代码、剧情生成等环节的应用，能够利于降 低开发成本、提升效率,并有望催生玩法创新。 作文在关研究创新部 测区间为近 120 交易日,数据戴至 2025/12/31;由于数据获取限制,该回测基于每日前复权收 假设交易费用为 0:回测结采可能与真实交易情况不同:回测结果基于历史数据,不代表未来 亚大精选 ETF（159687.SZ） 注:回测区 ...

H 手机 ETF网格策略 ETF网格策略重点关注标的 (1) 游戏ETF（159869.SZ） 据国家新闻出版署统计数据,2025年11月，共 有178款国产网络游戏与6款进口游戏获批,过审游 戏数量再创新高，1月至11月累计发放游戏版号 1624个,已远超去年全年总额,也成为近几年版号 发放数量最多的一年。版号发放的常态化、可预 期，为游戏行业发展提供稳定基础。海外市场方 面,据中新网报道,2025年上半年，中国自主研发 游戏在海外市场的实际销售收入为95.01亿美元，同 比增长11.07%，显示出国产游戏强劲的出海能力。 而从供应端考虑,Al技术在游戏美术、代码、剧情 生成等环节的应用,能够利于降低开发成本、提升 效率，并有望催生玩法创新。 图1: 游戏 ETF(159869.SZ) 网格策略回测收益曲线, 游戏ETF(159869.SZ) R M S S S E S R B B S E E E B B B E E B B B S E F E R W R S E F E R W R S S E F E B B B S E S E S B TF买入持有累计收益率(%) 资料来源:Wind. 华宝证券研究创新 ...

Group 1: Mobile Games - The article discusses the growth and potential of the mobile gaming industry, highlighting its increasing popularity and revenue generation in recent years [1]. Group 2: ETF Grid Strategy - The ETF grid strategy focuses on several key ETFs, including the Hang Seng Innovative Drug ETF (520500.SH), which benefits from unprecedented domestic policy support for innovative drug development, such as the establishment of a "dual directory" multi-level payment system [3][4]. - The innovative drug pipeline in China has reached 7,041 projects, accounting for 29.5% of the global total, with a year-on-year growth of 15.1%, significantly outpacing the global average [4]. - The military ETF (512560.SH) is expected to benefit from a historical high defense budget of 1.81 trillion yuan in 2025, which represents a 7.2% increase, although it remains below 1.3% of GDP [7]. - The liquor ETF (512690.SH) has shown wide fluctuations in 2025, with an average daily amplitude of 1.77%, providing opportunities for frequent trading and profit capture [11]. - The Sci-Tech Chip Design ETF (588780.SH) focuses on the chip design sector, which is crucial for China's strategy to achieve technological self-reliance amid global competition [14].

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].