重要新闻提示 央行连续第11个月增持黄金 国家外汇局：9月末我国外汇储备规模为33387亿美元 2025年国庆档（10月1日—10月8日）档期总票房（含预售）突破16亿元 财经新闻 7. 券商10月月度"金股"陆续出炉。Wind数据显示，截至10月7日，已有近200只标的入围券商10月"金 股"名单。从推荐热度来看，兆易创新获5家机构共同推荐，位列10月"金股"推荐榜首位。对于A股后 市，业内人士研判，四季度市场机会可能更多集中在科技成长领域，建议投资者把握"高切低"机遇，锚 定科技大类中前期滞涨的盈利上修股进行切换；此外，供需格局优化的资源周期品等投资机遇也值得关 注。 8. 国庆、中秋双节假期步入尾声，A股市场10月行情即将展开。多家一线私募机构最新观点显示，私募 行业普遍对节后A股表现持乐观预期，认为外围市场向好与国内消费复苏将为行情提供支撑，同时看好 市场结构性机会，科技成长仍是核心关注方向。 9. 新华社记者从中国科学院金属研究所获悉，该所科研团队近日在固态锂电池领域取得突破，为解决固 态电池界面阻抗大、离子传输效率低的关键难题提供了新路径。该研究成果已于近日发表在国际学术期 刊《先进材料》上。 科 ...

Core Insights - The domestic ETF market in China has experienced rapid growth during the "14th Five-Year Plan" period, with the number of ETF products exceeding 1,300 and the total scale surpassing 5.6 trillion yuan by the end of Q3 2025, making China the largest ETF market in Asia, surpassing Japan [1][2] - The shift in investor demographics towards younger and more online participants has contributed to the increasing popularity of ETFs, which offer a convenient way to invest in specific sectors [1][4] - Future innovations in the ETF market are expected to be driven by Smart Beta strategies, index-enhanced ETFs, and cross-border ETFs, supported by stable long-term investments from institutions like Central Huijin [1][5] Market Expansion - From the end of 2020 to the end of Q3 2025, the number of domestic ETF products grew from 378 to 1,325, while the total fund size increased from 1.11 trillion yuan to 5.63 trillion yuan, marking a significant expansion [2] - In 2023 alone, the ETF market saw the addition of 279 new products and an increase of 1.9 trillion yuan in fund size, both setting historical records for a single year [2] Popular Products - Several industry-themed ETFs have emerged as "blockbuster products," indicating that ETFs are becoming essential tools for investors to participate in sector trends. Notable examples include the Fuguo CSI Hong Kong Internet ETF, which has become the largest Hong Kong-themed ETF, and others focusing on sectors like finance and technology [2] Investor Demographics - The number of ETF holders has significantly increased, with notable growth in specific ETFs such as the Huaan Gold ETF and the Huaxia CSI Robotics ETF, which saw increases of nearly 170,000 and over 150,000 holders, respectively [3] - The diversity of ETF investors has expanded to include various institutional and individual participants, such as Central Huijin, insurance companies, pension funds, and retail investors [3] Investment Trends - The trend towards "packaged" investment strategies through ETFs is gaining traction, as they allow investors to easily access core assets in specific sectors without the need to select individual stocks, aligning with the demand for stable investment approaches [4] - The rise of younger investors in the ETF market is notable, with "post-80s" investors making up 29.98% of the market, "post-90s" at 22.15%, and "post-00s" showing a staggering growth rate of 212% [5]

Core Insights - The SPDR S&P Emerging Markets Dividend ETF (EDIV) offers investors exposure to the emerging markets sector, focusing on high dividend yield stocks [1][5] - Smart beta ETFs, like EDIV, utilize non-cap weighted strategies to potentially outperform traditional market cap weighted indexes [2][3] - The fund is sponsored by State Street Investment Management and has assets exceeding $878.48 million [5] Fund Characteristics - EDIV seeks to match the performance of the S&P Emerging Markets Dividend Opportunities Index, which includes 100 high dividend yield stocks from emerging markets [5] - The ETF has an annual operating expense ratio of 0.49% and a 12-month trailing dividend yield of 4.51% [6] - The top holdings include Ptt Pcl Nvdr (PTT) at 3.98% of total assets, with the top 10 holdings comprising 27.02% of total assets [7] Performance Metrics - The ETF has gained approximately 14.51% year-to-date and 6.75% over the past year, with a trading range of $32.61 to $39.81 in the last 52 weeks [8] - EDIV has a beta of 0.53 and a standard deviation of 13.60% over the trailing three-year period, indicating medium risk [9] Alternatives and Comparisons - Other ETFs in the emerging markets space include Vanguard FTSE Emerging Markets ETF (VWO) and iShares Core MSCI Emerging Markets ETF (IEMG), with VWO having $101.04 billion in assets and IEMG at $109.75 billion [11] - VWO and IEMG have lower expense ratios of 0.07% and 0.09% respectively, making them potentially more attractive for cost-conscious investors [11][12]

Group 1: ETF Overview - The First Trust International Developed Capital Strength ETF (FICS) debuted on December 15, 2020, and is categorized as a smart beta ETF providing broad exposure to the Foreign Large Growth ETF segment [1] - FICS is managed by First Trust Advisors and has accumulated over $210.33 million in assets, positioning it as one of the larger ETFs in its category [5] - The fund aims to match the performance of the International Developed Capital Strength Index, which focuses on well-capitalized companies in developed markets outside the U.S. [6] Group 2: Cost and Performance - FICS has an annual operating expense ratio of 0.70%, which is competitive within its peer group, and a 12-month trailing dividend yield of 2.38% [7] - Year-to-date, FICS has returned approximately 12.69%, with a 12-month return of about 2.06% as of September 29, 2025 [10] - The fund has a beta of 0.76 and a standard deviation of 14.15% over the trailing three-year period, indicating effective diversification of company-specific risk with around 57 holdings [11] Group 3: Holdings and Sector Exposure - FICS's top holdings include Gea Group Ag (2.39% of total assets), Royal Bank Of Canada, and Astrazeneca Plc, with the top 10 holdings accounting for approximately 22.65% of total assets [8][9] - The ETF offers diversified exposure, minimizing single stock risk, and is transparent about its holdings, which are disclosed daily [8] Group 4: Alternatives and Market Position - FICS may not be suitable for investors seeking to outperform the Foreign Large Growth ETF segment, with alternatives such as Invesco Dorsey Wright Developed Markets Momentum ETF and Invesco S&P International Developed Quality ETF available [12][13] - Investors looking for lower-cost options may consider traditional market cap weighted ETFs that aim to match the returns of the Foreign Large Growth ETF [14]

Core Insights - The JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM) is a smart beta ETF launched on January 7, 2015, providing broad exposure to the emerging markets category [1] - JPEM is managed by J.P. Morgan and aims to match the performance of the FTSE Emerging Diversified Factor Index [5][6] Fund Characteristics - JPEM has accumulated over $349.73 million in assets, categorizing it as an average-sized ETF in the Broad Emerging Market ETFs space [5] - The fund has an annual operating expense ratio of 0.44%, which is competitive within its peer group, and a 12-month trailing dividend yield of 4.81% [7] Performance Metrics - As of September 26, 2025, JPEM has returned approximately 15.84% year-to-date and 9.96% over the past year, with a trading range between $48.41 and $59.87 in the last 52 weeks [10] - The fund has a beta of 0.52 and a standard deviation of 12.41% over the trailing three-year period, indicating a medium risk profile [11] Holdings and Sector Exposure - JPEM's top holdings include China Construction Bank (1.5% of total assets), Taiwan Semiconductor, and Infosys Ltd, with the top 10 holdings accounting for about 10.13% of total assets [8][9] Alternatives - Other ETFs in the emerging markets space include Vanguard FTSE Emerging Markets ETF (VWO) and iShares Core MSCI Emerging Markets ETF (IEMG), with VWO having $100.55 billion in assets and IEMG at $109.23 billion, both offering lower expense ratios [13]

Core Insights - The John Hancock Multifactor Mid Cap ETF (JHMM) debuted on September 28, 2015, and provides broad exposure to the Mid Cap Blend category of the market [1] Fund Overview - JHMM is managed by John Hancock and has accumulated over $4.4 billion in assets, positioning it as one of the larger ETFs in its category [5] - The fund aims to match the performance of the John Hancock Dimensional Mid Cap Index, which includes U.S. companies ranked between the 200th and 951st largest by market capitalization [5] Cost Structure - The annual operating expenses for JHMM are 0.42%, which is competitive with most peer products [6] - The fund has a 12-month trailing dividend yield of 0.99% [6] Sector Allocation - JHMM's largest sector allocation is in Industrials, comprising approximately 20.5% of the portfolio, followed by Financials and Information Technology [7] - The top 10 holdings account for about 5.47% of the total assets under management, with United Rentals Inc (URI) being the largest individual holding at 0.73% [8] Performance Metrics - As of September 25, 2025, JHMM has gained about 8.21% year-to-date and approximately 8.35% over the past year [10] - The ETF has traded between $50.32 and $65.26 in the past 52 weeks, with a beta of 1.04 and a standard deviation of 17.64% over the trailing three-year period, indicating medium risk [10] Alternatives - Other ETFs in the mid-cap space include Vanguard Mid-Cap ETF (VO) and iShares Core S&P Mid-Cap ETF (IJH), which have significantly larger assets of $88.19 billion and $99.33 billion respectively [12] - VO has a lower expense ratio of 0.04%, while IJH charges 0.05%, making them potentially more attractive options for cost-conscious investors [12]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since 2025, Yongying Fund has actively expanded its equity passive index product line, emphasizing both the original segmented field layout model and traditional broad - based index and enhanced products. It has formed a product line with prominent features and diverse coverage. In fact, the scale has expanded rapidly in the past year, with the cumulative scale of equity index/enhanced products increasing from 3.478 billion yuan in Q2 2024 to the latest 22.654 billion yuan [4][39]. 3. Summary According to the Table of Contents 3.1 Yongying Index Business: Breaking Through with Innovation in Segmented Fields and Rapidly Expanding the Product Line in the Past Year - Yongying Fund's passive index business started in 2019. After more than six years of operation, it has 26 equity index products, including ETFs and their linked funds in broad - based and industry - themed categories, as well as over - the - counter passive index and enhanced products. The latest total scale of equity ETF products is 19.637 billion yuan (as of September 12, 2025). It also has 6 bond index products, including the Science and Technology Innovation Bond ETF established in September 2025 [4][8]. - The equity index product layout focuses on finding areas with future development opportunities and segmented investment opportunities in relatively mature directions, such as medical device ETFs and Hong Kong medical ETFs in the medical field, and commercial satellite ETFs and general aviation ETFs in the military industry. Quantitatively, it combines multi - dimensional frameworks such as fundamental quantification, traditional multi - factors, and machine learning [9]. 3.2 Product Matrix: Forward - looking Layout in Segmented Industries and Steady Expansion of Broad - based Products 3.2.1 Industry - Themed Products - Yongying's industry - themed ETFs cover segmented sectors such as "medical devices", "gold stocks", and "navigation satellites". They combine high granularity in the technology and general manufacturing fields and the style adaptability of gold stocks, adding high elasticity under segmented forward - looking layouts to passive tools. There are many first - batch ETF products in the market, effectively expanding the scope of passive investment [16]. - The gold stock ETF and medical device ETF are the first and largest products tracking their respective indices, with strong market recognition. The latest scale of the gold stock ETF has exceeded 10 billion yuan. The general aviation ETF and satellite ETF are also the first products tracking relevant indices, with prominent advantages [16]. - The gold stock ETF shows high - volatility characteristics of stocks and has a "leverage effect" compared to gold. It has outperformed in terms of returns this year and in the past year and has received large - scale subscriptions since February this year. The medical device ETF has strong tool attributes. A new Hong Kong - stock - connected medical product was launched in April this year, focusing on the AI + medical direction, with differentiated layout in Hong Kong stocks. Both products have received significant attention and subscriptions since July this year [16][17][19]. 3.2.2 Broad - Based Products - Yongying has built a product system covering multi - level markets in the broad - based index field. It laid the foundation through the ChiNext Index in 2019 and significantly accelerated the new product issuance rhythm this year, launching five new products. The management and custody fees of Yongying CSI 300 ETF and Yongying ChiNext Index are at the lowest level in the market for products tracking similar indices. The total scale of all eight products currently reaches 3.689 billion yuan [21][22]. 3.2.3 Smart Beta Products - Yongying has newly launched two characteristic ETFs in the Smart Beta field. Yongying CSI Hong Kong - Stock - Connected Central State - Owned Enterprise Dividend ETF was established in July 2025, with a scale of 296 million yuan and an average daily trading volume of 26 million yuan this year. Yongying China Securities Free Cash Flow ETF was established in June, with a scale of 33 million yuan. Both products use a 0.50% management fee and 0.10% custody fee structure, providing investors with differentiated allocation tools for dividend factors and cash - flow quality factors [24]. 3.2.4 Index - Enhanced Products - Yongying has shown obvious strategic emphasis and product differentiation in the index - enhanced product line. It started to intensively layout the enhanced product line in the second half of 2024 and accelerated the issuance rhythm in 2025, forming a relatively complete enhanced product matrix. It covers both over - the - counter index - enhanced and index - enhanced ETF models, offering a wide range of coverage [28]. 3.2.5 Bond Index Products - Yongying's bond index products appeared in 2019 and have been continuously expanded. The product line covers four types of diversified products, mainly with medium - and short - term durations. Three policy - financial bond and state - development bond products are the largest in their respective tracking indices, with high market recognition. Yongying China Bond - Preferred Investment - Grade Credit Bond (1 - 3 years) Index, established this year, is the only product tracking this index, with uniqueness [36]. 3.2.6 Summary - This year, Yongying's index business has been actively expanding its product line, forming a product line with prominent features and diverse coverage. The scale of various product lines has expanded rapidly in the past year. Currently, industry - themed products represented by gold stock ETFs and medical device ETFs are still the mainstay. Yongying Fund has a high enthusiasm for layout this year, which is expected to provide investors with an investment toolbox with both breadth and depth [39].

Core Insights - The WisdomTree India Earnings ETF (EPI) is a smart beta ETF that debuted on February 22, 2008, providing broad exposure to the Asia-Pacific (Emerging) ETFs category [1] - Smart beta ETFs aim to outperform traditional market cap weighted indexes by using alternative weighting strategies based on fundamental characteristics [2][3] - EPI has amassed over $2.9 billion in assets, making it one of the largest ETFs in the Asia-Pacific (Emerging) ETFs space [5] Fund Details - EPI is managed by WisdomTree and seeks to match the performance of the WisdomTree India Earnings Index, which measures the performance of profitable companies incorporated and traded in India [5][6] - The fund has an annual operating expense ratio of 0.84%, which is relatively high compared to other options in the market [7] - EPI has a 12-month trailing dividend yield of 0.27% [7] Holdings and Sector Exposure - The fund's holdings are primarily in US Dollar, accounting for approximately 116.47% of total assets, with significant positions in Wt India Investment Portfolio Inc and HDFC Bank Limited [8] - The top 10 holdings represent about 205.13% of total assets under management, indicating a concentrated investment strategy [9] Performance Metrics - As of September 19, 2025, EPI has added approximately 0.51% year-to-date but is down about -7.73% over the past year [11] - The ETF has traded between $40.08 and $50.82 in the last 52 weeks, with a beta of 0.48 and a standard deviation of 15.12% over the trailing three-year period, categorizing it as a medium-risk investment [11] Alternatives - Other ETFs in the space include Franklin FTSE India ETF (FLIN) and iShares MSCI India ETF (INDA), which have lower expense ratios and larger asset bases [12][13] - FLIN has $2.5 billion in assets with an expense ratio of 0.19%, while INDA has $9.45 billion with an expense ratio of 0.62% [13]

Group 1: Core Insights - The FlexShares Quality Dividend ETF (QDF) debuted on December 14, 2012, and provides broad exposure to the Style Box - All Cap Blend category of the market [1] - The ETF industry has been traditionally dominated by market capitalization weighted indexes, but smart beta strategies offer alternatives for investors seeking to outperform the market through stock selection [2][3] - QDF has amassed over $1.96 billion in assets, making it one of the larger ETFs in its category, and it aims to match the performance of the Northern Trust Quality Dividend Index [5] Group 2: Fund Characteristics - The Northern Trust Quality Dividend Index focuses on high-quality income-oriented U.S. equity securities, emphasizing long-term capital growth and expected dividend payments [6] - QDF has an annual operating expense ratio of 0.37% and a 12-month trailing dividend yield of 1.74% [7] - The ETF has a significant allocation in the Information Technology sector, comprising about 33.1% of the portfolio, with top holdings including Apple Inc (7.63%), Nvidia Corp, and Microsoft Corp [8][9] Group 3: Performance Metrics - As of September 17, 2025, QDF has a return of approximately 12.09% and has increased by about 13.63% year-to-date [11] - The ETF has traded between $59.99 and $78.78 over the past 52 weeks, with a beta of 0.93 and a standard deviation of 15.46% over the trailing three-year period, indicating medium risk [11] - QDF effectively diversifies company-specific risk with around 139 holdings [11] Group 4: Alternatives - Other ETFs in the market include iShares Core S&P Total U.S. Stock Market ETF (ITOT) and Vanguard Total Stock Market ETF (VTI), which have significantly larger assets and lower expense ratios of 0.03% [13] - Investors seeking lower-cost options may consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - All Cap Blend [14]

Core Viewpoint - The article emphasizes the importance of setting a reasonable and scientific performance benchmark for public funds, particularly in the context of the growing scale of the CSI 300 index. It discusses how active equity funds can consistently outperform benchmarks by managing style and industry deviations effectively [1][17]. Group 1: Benchmark and Performance - The CSI 300 index serves as the primary benchmark, composed of various style factors. Active fund managers primarily focus on quality, prosperity, and momentum factors, while dividend and low valuation factors can lead to underperformance when they are strong [1][17]. - The difficulty of beating benchmarks is a common challenge for asset management institutions globally, with only about 50% of active equity funds in A-shares outperforming their benchmarks over the past 20 years [17][18]. Group 2: Style and Industry Deviation - Controlling style deviation is more critical than controlling industry deviation for fund managers aiming to outperform benchmarks. Excessive deviation can significantly impact performance negatively [3][22]. - Successful fund managers tend to exhibit smaller deviations in style and industry, maintaining a balanced approach regardless of market conditions [5][24]. Group 3: Stock Selection and Market Timing - Stock selection is more impactful on performance than industry selection, with a focus on identifying high-potential stocks rather than frequently rotating industries [26]. - Market timing is debated among fund managers, with evidence suggesting that while many lack timing ability, strategic timing can enhance returns during volatile periods [12][34]. Group 4: Risk Management and Strategy - A U-shaped risk convexity strategy is proposed to enhance the risk-return profile of portfolios, emphasizing the importance of managing volatility in equity assets [27][28]. - The relationship between volatility and returns is highlighted, with low volatility stocks often yielding better returns in the A-share market, contrary to the general belief that higher volatility equates to higher returns [9][29]. Group 5: Future Considerations - The article suggests that in the absence of clear industry trends, public funds must balance their strategies to achieve stable excess returns by leveraging combination management approaches [20][21].