H Finist ETF网格策略 ETF网格策略重点关注标的 (1) 港股通非银ETF（513750.SH） 据Wind数据统计，2025年截至第三季度，A股 五大上市险企合计归母净利润达4260.39亿元，同比 增长33.54%,主要受险资在股票、权益类基金等方 面的权益投资收益提升驱动所致。当前低利率环境 持续,市场交投保持活跃,险资在监管引导中长期 资金入市的长期指引下提升权益投资占比，有望为 其投资端提供向上弹性。而负债端方面，据财联社1 月27日采访显示，多家保险公司2026年"开门红" 销售火热，其中尤以分红险为最，其销售占比提升 有助于险资优化负债端成本，缓解利差损压力,增 强险资在低利率环境下的经营韧性。 图 1: 港股通非银 ETF(513750.SH) 网格策略回测收益曲线 港股通非银ETF(513750.SH) 025091 2025092 2025092 025091 025090 02509 TF买入持有累计收益率(%) 据文旅部2月24日公布数据，2026年春节假日 期间，全国国内出游合计5.96亿人次，较2025年春 节增加0.95亿人次;国内出游总花费8034.83亿 元，较2 ...

Core Viewpoint - The article discusses various ETF grid strategies focusing on specific sectors, highlighting the growth potential and market dynamics of the gaming, securities, Asia-Pacific, and dividend quality sectors in 2025 [3][10][13]. Group 1: Gaming ETF (159869.SZ) - In December 2025, a total of 1771 game licenses were issued, marking a 20% increase from 2024, indicating a supportive regulatory environment for the gaming industry [3]. - Chinese self-developed games generated $9.501 billion in overseas sales in the first half of 2025, reflecting an 11.07% year-on-year growth, showcasing strong international market performance [3]. - The application of AI in game development is expected to lower costs and enhance efficiency, potentially leading to innovative gameplay [4]. Group 2: Securities ETF Leaders (159993.SZ) - The Shanghai Composite Index rose 18.41% in 2025, with total A-share trading volume reaching 420.21 trillion yuan, a 62.64% increase year-on-year, setting a historical record [6]. - By December 30, 2025, the financing balance in A-shares reached 2.538525 trillion yuan, up 36.91% from the end of 2024, indicating a robust market environment [6]. - Over 60% of the 43 listed brokerages reported a net profit growth exceeding 50% in their Q3 reports, reflecting significant industry performance improvements [7]. Group 3: Asia-Pacific Selected ETF (159687.SZ) - The implementation of the upgraded China-ASEAN Free Trade Area 3.0 and RCEP is expected to enhance trade and investment liberalization in the Asia-Pacific region [9]. - The IMF forecasts a 5.1% economic growth rate for emerging markets and developing economies in Asia in 2025, contributing approximately 60% of global economic growth [10]. - The ETF tracks the FTSE Russell Asia-Pacific Low Carbon Select Index, providing investors access to core assets in the Asia-Pacific region [10]. Group 4: Dividend Quality ETF (159758.SZ) - Recent policies have shifted the corporate ecosystem towards a normalized dividend mechanism, enhancing shareholder returns [13]. - The ETF tracks the CSI Dividend Quality Index, selecting 50 companies with stable dividends and high profitability, aiming to balance high dividends with growth potential [13].

Core Viewpoint - The article discusses various ETF grid strategies focusing on specific sectors, highlighting the growth potential and stability of the gaming, brokerage, Hong Kong central enterprise dividend, and Asia-Pacific selected ETFs, driven by favorable market conditions and regulatory support [3][11][15]. Group 1: Gaming ETF (159869.SZ) - As of November 2025, a record 178 domestic online games and 6 imported games were approved, with a total of 1,624 game licenses issued from January to November, surpassing the previous year's total [3]. - The overseas market for Chinese self-developed games generated actual sales revenue of $9.501 billion in the first half of 2025, reflecting a year-on-year growth of 11.07%, indicating strong international market performance [3]. - The application of AI technology in game development is expected to reduce costs and enhance efficiency, potentially leading to innovative gameplay [4]. Group 2: Brokerage ETF (159842.SZ) - In the third quarter, 42 out of 43 listed brokerages reported positive net profit growth, with over 60% of them exceeding a 50% growth rate, indicating a significant improvement in the securities industry [6]. - The central economic work conference emphasized the need for continuous deepening of capital market reforms, which is expected to enhance the attractiveness of the brokerage sector [7]. - The China Securities Regulatory Commission proposed to "loosen" restrictions for quality institutions, which may improve capital utilization efficiency for leading brokerages [7]. Group 3: Hong Kong Central Enterprise Dividend ETF (513910.SH) - Since the introduction of the new "National Nine Articles" in 2024, policies have been implemented to enhance cash dividend supervision for listed companies, shifting the focus towards regular dividend mechanisms [10]. - Policies aimed at encouraging long-term capital inflows have been introduced, enhancing the investment value of high-dividend assets in a low-interest-rate environment [11]. - Defensive investment strategies are expected to gain favor as year-end approaches, with a focus on stable performance and predictable dividends [11]. Group 4: Asia-Pacific Selected ETF (159687.SZ) - The implementation of the upgraded China-ASEAN Free Trade Area 3.0 and the Regional Comprehensive Economic Partnership (RCEP) is expected to promote trade and investment liberalization in the Asia-Pacific region [15]. - The IMF forecasts a 5.1% economic growth rate for emerging markets and developing economies in Asia in 2025, contributing approximately 60% of global economic growth [15]. - The ETF tracks the FTSE Russell Asia-Pacific Low Carbon Select Index, providing investors with access to core assets in the Asia-Pacific region [15].

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].