Core Viewpoint - The active equity fund market has seen a significant increase in new fund issuance this year, with a doubling of the issuance scale compared to the previous year, indicating a strong recovery in the A-share market and a shift of household savings into capital markets [1][6]. Fund Issuance Trends - As of November 10, the number of new funds issued this year reached 1,354, the highest in nearly three years, with a total issuance scale of 1.02 trillion yuan, up over 6% from the same period last year [4][5]. - The issuance scale of active equity funds reached approximately 1389.72 billion yuan, compared to only 567.8 billion yuan in the same period last year, marking a year-on-year doubling [5]. Popularity of New Funds - Several new funds have sold out on the first day of issuance, indicating strong demand. For example, the 富国兴和混合 fund raised about 30 billion yuan in a single day [4]. - Notable funds that have also seen rapid sales include 鹏华启航量化选股混合 and 中欧价值领航混合, both achieving significant fundraising within a short period [4]. Future Outlook - Industry experts predict that the sales of active equity funds will continue to recover, providing a steady influx of capital into the A-share market, which could create a positive feedback loop [1][6]. - However, there are concerns that if the market experiences a downturn, fund issuance may cool off, leading to a potential shift of funds back to high-performing existing funds [1][6].

Market Overview - The performance of major indices during the sample period shows that the Hang Seng Index, CSI 2000, and CSI 300 had returns of 1.29%, 0.88%, and 0.82% respectively [1] - Among the Shenwan first-level industries, the top performers were electric power equipment, coal, and oil and petrochemicals with returns of 4.98%, 4.52%, and 4.47% respectively, while beauty care, computer, and pharmaceutical biology lagged with returns of -3.10%, -2.54%, and -2.40% [1][14] ETF Product Overview ETF Market Performance - The weighted average return for style ETFs was the highest at 2.58%, while QDII ETFs had the lowest average return at -1.76% [19][21] - The performance of ETFs tracking the STAR Market and CSI 300 was relatively strong, with weighted average returns of 1.73% and 0.77% respectively, while ETFs tracking Japanese and US stocks performed poorly with returns of -3.98% and -1.96% [19][23] ETF Fund Flow - Industry theme ETFs saw the highest net inflow of 17.918 billion, while broad-based ETFs experienced the largest net outflow of 18.503 billion [2][26] - The net inflow for Hong Kong stock ETFs was the highest at 19.994 billion, while the CSI 300 ETF had the lowest net inflow at -8.140 billion [2][26] - Financial real estate sector ETFs had the highest net inflow of 7.643 billion, while cyclical sector ETFs had the lowest net inflow of -1.478 billion [2][29] ETF Trading Volume - The average trading volume for bond ETFs decreased the least at -5.06%, while commodity ETFs saw the largest decrease in average trading volume at -50.74% [33][35] - The trading volume for the CSI 2000 ETF increased the most at 17.68%, while the CSI 1000 ETF saw the largest decrease at -26.41% [36][37] New ETF Issuance and Listing - During the sample period, a total of 8 new funds were established and 9 funds were listed [3]

截至收盘，中证2000指数上涨0.6%，创业板中盘200指数上涨0.5%，中证1000指数上涨0.3%，中证500指数上涨0.2%，科创100指数下跌0.7%。 有分析表示，市场板块轮动快的时候，涨跌不好把握，而中证2000指数覆盖了30个申万一级行业，尤其聚焦机械设备、电子等新兴赛道，既能分散单一板块 的风险，又能精准捕捉轮动带来的收益。 组成,综合反映中国A股市场中一 批小市值公司股票的整体表现,完 整覆盖11个中证一级行业 OL 3 中证2000ETF易方达 跟踪中证2000指数 今日该指数 该指数由中证1000指数样本以外的 规模更小且流动性良好的2000只股 票构成,进一步聚焦中国A股市场 小微盘股的整体表现,指数完整覆 盖11个中证一级行业 今日该指数 l 69 科创100ETF易方达 跟踪上证科创板100指数 该指数由科创板中市值中等且流动 性较好的100只股票组成,聚焦中 小科创企业,电子、医药生物、电 力设备、计算机行业合计占比超 每日经济新闻 ...

截至收盘，创业板中盘200指数上涨0.5%，创业板指数下跌0.9%，创业板成长指数下跌1.1%，相关产品获资金逆势加仓，创业板ETF（159915）全天净申购 近3亿份。 每日经济新闻 ...

Core Viewpoint - The China Securities Investment Fund Industry Association has drafted the "Guidelines for the Management of Theme Investment Style of Publicly Raised Securities Investment Funds" to regulate the management of theme investment funds and address issues such as style drift and high investment concentration [1][2]. Summary by Sections Guidelines Overview - The guidelines aim to standardize the management of theme investment funds, addressing past issues of style drift and high concentration [1][2]. - The guidelines require feedback from fund managers by November 15 [1][2]. Investment Scope and Style Management - Theme investment funds must invest over 80% of non-cash assets in specific investment directions, which include market capitalization, industry, theme, and strategy [2]. - The guidelines specify that fund names must clearly indicate investment direction and align with actual investment practices [2]. - Fund contracts must detail investment direction, style, and frequency of style library updates, avoiding vague terms [2][3]. Style Library Management - The style library must be updated at least once a year and no more than twelve times, with exceptions for passive updates [3]. - Fund managers are required to establish a robust internal management mechanism for theme investment funds, including a clear approval process for the style library [5][6]. Investment Principles and Monitoring - The guidelines emphasize the importance of diversified, long-term investment strategies and avoiding high concentration [4][6]. - Fund managers must monitor investment style stability and make timely adjustments for significant deviations from investment direction [6]. - Fund managers are required to report specific situations to the China Securities Regulatory Commission and the fund industry association [6][7]. Transition Period for Existing Funds - A 24-month transition period is provided for existing funds to adjust their contracts and prospectuses in accordance with the new guidelines [7].

Group 1 - The Shanghai Composite Index increased by 0.5%, with a total market turnover of approximately 2.2 trillion yuan, which is over 170 billion yuan higher than the previous trading day [1] - More than 3,300 stocks rose, with sectors such as liquor, tourism and hotels, beauty care, retail, cultivated diamonds, non-ferrous metals, silicon energy, and phosphate chemicals leading the gains [1] - The Hong Kong stock market showed strong performance, led by consumer stocks, with retail, tourism, innovative pharmaceuticals, and oil and petrochemicals sectors strengthening [1] Group 2 - The CSI A500 Index rose by 0.2%, the CSI 300 Index increased by 0.4%, while the ChiNext Index and the STAR Market 50 Index fell by 0.9% and 0.6% respectively [1] - The Hang Seng China Enterprises Index increased by 1.9% [1] Group 3 - The ChiNext ETF tracks the ChiNext Index, consisting of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, particularly in equipment manufacturing, communications, and electronics, which together account for nearly 60% [2] - The STAR Market 50 ETF tracks the STAR Market 50 Index, composed of 50 stocks with high market capitalization and liquidity, prominently featuring "hard technology" leaders, with semiconductors accounting for over 65%, and combined with medical devices and software development, these sectors make up nearly 80% [2]

Core Viewpoint - The Asset Management Association has drafted the "Guidelines for the Management of Theme Investment Styles in Publicly Raised Securities Investment Funds" to address issues such as "style drift" and high investment concentration in certain products, seeking feedback from fund managers by November 15 [1] Group 1 - The guidelines aim to standardize the contractual agreements of theme investment funds, the management of investment styles by fund managers, and the supervision of investment styles by custodians [1] - The initiative is a response to industry criticisms regarding past instances of style drift and excessive investment concentration [1] - The guidelines provide clear requirements to regulate the management and supervision of investment styles in theme investment funds [1]

Core Viewpoint - The China Securities Investment Fund Association has drafted the "Guidelines for the Management of Theme Investment Styles of Publicly Raised Securities Investment Funds" to regulate the management of theme investment funds and address issues such as style drift and high investment concentration [2][4]. Summary by Sections Guidelines Overview - The guidelines aim to standardize the management of theme investment funds, which are defined as funds investing over 80% of their non-cash assets in specific investment directions [4][5]. - The guidelines are currently open for feedback from fund managers until November 15 [2][4]. Requirements for Theme Investment Funds - Fund names must clearly indicate the investment direction and ensure alignment with actual investments [6]. - Fund contracts should specify investment direction, proportion limits, and style management standards [6][7]. - The guidelines emphasize the establishment of a style library, which should be updated at least once a year and no more than twelve times [7][9]. Investment Style Management - Fund managers are required to create a robust internal management mechanism covering product design, investment management, risk control, and compliance [10]. - There are strict requirements for monitoring investment styles, including adjustments for significant deviations from investment directions and high concentration levels [11][12]. Role of Fund Custodians - Fund custodians are tasked with overseeing the investment style management, including reviewing fund contracts and monitoring compliance with investment direction [14]. - Custodians must report to the China Securities Regulatory Commission and the fund association in cases of non-compliance or significant issues [14]. Transition Period - A 24-month transition period is provided for existing funds to adjust their contracts and prospectuses in accordance with the new guidelines [15].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The US ETF market has new developments, with the issuance of a commodity long - short strategy product and continuous inflow of funds into stock products. Meanwhile, the performance of Korean - related ETF products is outstanding. The US non - money public funds have experienced changes in scale and redemption pressure, and recently, domestic stock funds have seen an expanded outflow [2]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Commodity Long - Short Strategy Product Issuance - Last week, 19 new products were issued in the US, more than half of which were single - stock products. These single - stock products involve 2x leveraged products and products combining options and leverage, targeting various companies such as those in the cryptocurrency, sports, health, and AI sectors [7]. - Stoneport Advisors issued a commodity long - short strategy product, which tracks an index using a quantitative method to construct a long - short strategy for US - listed commodity futures. The index determines the investable pool annually based on the S&P GSCI and Dow Jones Commodity Index, currently including 23 commodities from sectors like agriculture, precious metals, industrial metals, and energy. It decides long - short weights monthly according to the yield trend algorithm [8]. - First Trust issued a "critical metals" ETF, investing in companies mainly earning income from North America and involved in the mining of new - energy - related metals, new - energy vehicle metals, and other technology metals, ultimately selecting 50 stocks [8]. - iShares issued a large - cap core index enhancement product aiming for low tracking error against the Russell 1000 index and excess returns, managed by a quantitative team, and a European corporate bond product using euro - dollar foreign exchange hedging to reduce exchange - rate impact [10]. - KraneShares issued an options strategy product, using a Delta - neutral spread strategy by buying put options and selling call options while selecting stocks to obtain option premium differences [10]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stock Products Continuously Inflow - In the past week, the inflow of US ETFs exceeded $30 billion, with significant inflow into stock products and outflow from Bitcoin ETFs. BlackRock's S&P 500 ETF ranked first in inflow, short - term bond ETFs had obvious inflows, while technology - related products and Bitcoin ETFs had outflows [2][11][14]. - Gold ETFs had relatively stable fund flows last week, and among broad - based ETFs, the S&P 500 had higher inflows than the Nasdaq 100 in the past two weeks [16]. 3.2.2 US ETF Performance: Korean - Related Products Lead in Gains - US - listed stock ETFs have performed excellently this year. Two passive products have gains of over 80%, and 3x leveraged products have gains of over 300%. However, except for the largest product with a scale close to $7 billion, other products have relatively small scales [17]. 3.3 Recent US Ordinary Public Fund Fund Flows - In September 2025, the total amount of US non - money public funds was $23.47 trillion, an increase of $0.49 trillion compared to August 2025. In September, the S&P 500 rose 3.53%, the scale of US domestic equity products increased by 2.13%, and the redemption pressure increased [2][18]. - Last week, the outflow of US domestic equity funds expanded to $37 billion, and bond products also had a slight outflow [2][19].

Group 1 - The core viewpoint of the news highlights the positive economic signals indicated by the recent CPI data, suggesting that domestic demand is being released and economic vitality is steadily increasing [2] - The October CPI data shows a month-on-month increase of 0.2% and a year-on-year increase of 0.2%, with the core CPI rising 1.2%, marking the highest growth since March 2024 [2] - The improvement in price data is comprehensive and solid, reflecting enhanced economic circulation and improved growth quality, driven by effective policies to expand domestic demand and optimize supply [2] Group 2 - The news mentions the launch of three major broad-based ETFs by Huabao Fund, providing investors with diverse options to invest in China [2] - The A50 ETF tracks the CSI A50 Index, focusing on 50 leading companies, while the CSI A100 ETF encompasses the top 100 industry leaders [2] - The trading data for the ETFs shows positive performance, with the A50 ETF and CSI A100 ETF both experiencing slight increases in value [1]