Market Performance - The Shanghai Composite Index closed flat, marking a 10-day consecutive rise, while the Shenzhen Component Index increased by 0.49% and the ChiNext Index rose by 0.63% [1] - The Northbound Stock Connect Index fell by 0.4% [1] - Total trading volume across the three markets reached 21,612 billion yuan, an increase of 36 billion yuan compared to the previous day [1] - Over 3,400 stocks declined across the three markets [1] Sector Performance - The humanoid robot, cinema line, AI agents, liquid cooling servers, oil and gas petrochemicals, digital currency, and semiconductor sectors saw the largest gains [1] - The mini-sized Jin Ying Gain Currency ETF experienced a notable increase of 5.01% [1] - The robotics sector surged in the afternoon, with several ETFs including Ping An Fund's Auto Parts ETF, Penghua's Robotics ETF, E Fund's Robotics ETF, and Invesco Great Wall's Robotics 50 ETF all rising over 4% [1] - The chemical sector also performed well, with E Fund's Chemical Industry ETF and Huaxia Fund's Petrochemical ETF rising by 2.57% and 2.45% respectively [1] - The non-ferrous sector saw an increase, with Wan Jia Fund's Industrial Non-Ferrous ETF rising by 2% [1] Declining Sectors - The Hang Seng Index's Hong Kong Stock Connect ETF continued to decline, dropping by 5.85% [1] - Gold prices fell, leading to declines in gold-related ETFs including the Gold Fund ETF, Shanghai Gold ETF, and Gold ETF, which all dropped by 2% [1] - The Hong Kong pharmaceutical sector continued to decline, with the Hong Kong Innovative Drug ETF falling by 1.55% [1]

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - In the US ETF market last week, new product issuance slowed during the year - end holiday, with 7 new products launched. International stock products had significant inflows compared to domestic ones, and developed - market stock products performed better than US stocks. In the US ordinary public - offering fund market, there was an outflow of domestic stock funds and an increase in the outflow of hybrid allocation products [2]. Summary by Relevant Catalogs 1. US ETF Innovation Products: Pacer Issues Export Leaders ETF - Last week, 7 new ETF products were issued in the US, with issuance slowing during the year - end holiday. Multiple thematic ETFs were issued, including a software platform ETF by AOT Invest, an export leaders ETF by Pacer, a growth opportunities ETF by Virtus, and a European market leaders ETF by Xtrackers [7] - The AOT Software Platform ETF selects stocks from software - driven companies using cost - to - revenue ratio, E/P, and ROIC, and weights them by quality factors. Its heavy - weight stocks include Nvidia and Meta, with individual stock weights between 0.5% and 7.5% [7] - The Pacer International Export Leaders ETF selects companies with high overseas revenue and outstanding free - cash - flow growth from the S&P 900 [8] 2. US ETF Dynamics 2.1 US ETF Funds: Cross - border Stock Products See Significant Inflows - In the past week, US ETF inflows slowed slightly, with international stock products having significantly more inflows than domestic ones. Vanguard's multiple products had large inflows, while its growth and value - style ETFs had more outflows, indicating continued optimism about overseas stocks in the new year [9][12] - Gold - related ETFs had large inflows as the gold price hit a new high, showing a positive correlation between funds and performance. S&P 500 ETFs had high - level recent fund fluctuations, and the Russell 2000 ETF had outflows [14] 2.2 US ETF Performance: Developed - market Stock Products Perform Well - This year, developed - market ETFs have generally outperformed US stocks. The S&P 500 has risen less than 20%, while most developed - market products have risen more than 30%, and the EAFE Value ETF has risen more than 40% [15] 3. Recent Fund Flows of US Ordinary Public - offering Funds - In October 2025, the total non - money public - offering funds in the US were $23.70 trillion, an increase of $0.22 trillion from September. The scale of US domestic stock products rose 0.9%, but the redemption pressure was still high [19] - From December 10th to December 17th, the outflow of US domestic stock funds expanded to $47.3 billion, and the outflow of domestic stock products this year has exceeded $700 billion. The outflow of hybrid - allocation products also increased [19]

Core Viewpoint - Gold prices experienced significant volatility on December 29, with a peak of $4581 per ounce followed by a sharp decline to $4316, reflecting a drop of over $265 during the trading session [1] Market Performance - COMEX gold futures closed down 4.45% at $4350.2 per ounce [1] - The China Gold ETF (518850) fell by 0.87%, while the Gold Stock ETF (159562) decreased by 2.27%, and the Nonferrous Metals ETF (516650) dropped by 1.96% [1] Market Influences - The increase in margin requirements by CME Group for gold, silver, and lithium futures contributed to market pressure, potentially triggering short-term adjustments [1] - The meeting between U.S. President Trump and Ukrainian President Zelensky, which both parties described as having made "great progress," may have influenced market sentiment [1] Technical Analysis - Analysts suggest that the recent price correction in gold may be a technical adjustment following a rapid increase, compounded by the upcoming New Year holiday and stricter risk control measures from exchanges [1] - Despite short-term volatility, market analysis indicates strong support for gold prices in the range of $4350 to $4400 per ounce, suggesting limited downside potential [1]

Core Viewpoint - The State Street SPDR Russell 1000 Yield Focus ETF (ONEY) is a passively managed ETF aimed at providing broad exposure to the Large Cap Value segment of the US equity market, with assets exceeding $841.87 million, positioning it as an average-sized ETF in this category [1]. Group 1: Large Cap Value Characteristics - Large cap companies generally have a market capitalization above $10 billion, characterized by stability and predictable cash flows, making them less volatile compared to mid and small cap companies [2]. - Value stocks, while having lower price-to-earnings and price-to-book ratios, have historically outperformed growth stocks in most markets, although they may underperform during strong bull markets [3]. Group 2: Costs and Performance - The ETF has an annual operating expense ratio of 0.2%, categorizing it as one of the cheaper options in the market, and it offers a 12-month trailing dividend yield of 3.12% [4]. - As of December 29, 2025, the ETF has gained approximately 8.66% year-to-date and 7.51% over the past year, with a trading range between $95.52 and $116.46 in the last 52 weeks [8]. Group 3: Sector Exposure and Holdings - The ETF's largest allocation is to the Industrials sector, comprising about 13.7% of the portfolio, followed by Consumer Staples and Financials [5]. - United Parcel Service Cl B (UPS) represents about 2.23% of total assets, with the top 10 holdings accounting for approximately 13.67% of total assets under management [6]. Group 4: Investment Strategy and Alternatives - The ETF aims to match the performance of the Russell 1000 Yield Focused Factor Index, which includes large-cap U.S. equity securities with high value, high quality, and low size characteristics, focusing on high yield [7]. - Alternatives to this ETF include the Schwab U.S. Dividend Equity ETF (SCHD) and the Vanguard Value ETF (VTV), which track similar indices but have significantly larger asset bases and lower expense ratios [11]. Group 5: Overall Market Position - The ETF holds a Zacks ETF Rank of 3 (Hold), indicating it is a reasonable option for investors seeking exposure to the Large Cap Value segment of the market [10]. - Passively managed ETFs like ONEY are increasingly popular due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investors [12].

Core Insights - The article compares two low-cost Vanguard ETFs, the Vanguard Mega Cap Growth ETF (MGK) and the Vanguard Russell 1000 Growth ETF (VONG), focusing on their diversification, sector exposure, and risk profiles for growth-focused investors [1][2]. Group 1: Fund Overview - Both MGK and VONG are passively managed funds from Vanguard that target U.S. large-cap growth stocks, with an expense ratio of 0.07% for both [3]. - As of December 27, 2025, MGK has a 1-year return of 17.59% and a dividend yield of 0.37%, while VONG has a 1-year return of 15.46% and a higher dividend yield of 0.45% [3]. Group 2: Performance & Risk Metrics - Over the past five years, MGK has a maximum drawdown of -36.02%, compared to VONG's -32.72%, indicating MGK's higher volatility [4]. - An investment of $1,000 in MGK would have grown to $2,080 over five years, while the same investment in VONG would have grown to $2,010 [4]. Group 3: Portfolio Composition - VONG tracks the Russell 1000 Growth Index, holding 391 stocks with a significant allocation of 55% in technology, while MGK is more concentrated with only 66 stocks and a 58% allocation in technology [5][6]. - The top holdings for both funds include Nvidia, Apple, and Microsoft, but MGK has higher individual weights in these stocks, leading to greater concentration risk [6]. Group 4: Investment Implications - VONG offers greater diversification with nearly 400 stocks, reducing concentration risk compared to MGK's 66 stocks [7]. - While MGK has outperformed VONG in the past year and five years, the marginal difference in performance suggests that MGK's higher risk may not have yielded significantly better returns [8]. - Future performance may favor MGK if the tech sector continues to thrive, but VONG's diversification could mitigate risks during potential tech downturns [9].

Group 1: AI and Energy Infrastructure - The demand for AI computing power is experiencing explosive growth, posing challenges to global energy infrastructure, with global data center electricity consumption expected to reach 945 terawatt-hours by 2030 [2] - To meet the energy needs of data centers, global investments in power grid construction are increasing, with China leading the way, expecting over 4 trillion yuan in grid investment during the 14th Five-Year Plan [2] - The domestic ultra-high voltage construction is accelerating, with multiple projects completed by the State Grid and several companies winning bids, leading to improved performance for ultra-high voltage companies [2] Group 2: ETF Market Growth - China's ETF market has surpassed 6 trillion yuan, with an increase of 2.29 trillion yuan in 2025, representing a year-on-year growth of over 60% [7] - The market has shifted from slow growth to explosive growth, with a diverse product structure, where broad-based ETFs dominate the scale rankings and gold ETFs show significant growth [7] - 35 ETFs have seen net inflows exceeding 10 billion yuan this year, with strong interest in Hong Kong stocks and bond assets, and 8 ETFs have doubled in value, led by technology themes [7] Group 3: Precious Metals Surge - On December 26, the global precious metals market surged, with gold, silver, and platinum reaching historical highs, driven by factors such as a declining US dollar index, Federal Reserve rate cuts, supply shortages, and investment demand [7] - Silver saw a remarkable increase, with a daily rise of over 10% and an annual increase of 174%, while gold rose by 1.19% with a cumulative annual increase of 72% [7] - The rapid price increase has led to heightened speculative sentiment in the market, with the London silver market facing potential squeeze risks, prompting the Shanghai Futures Exchange to adjust margin ratios [7] Group 4: Commercial Aerospace and Investment - The Shanghai Stock Exchange has released listing rules for commercial rocket companies on the Sci-Tech Innovation Board, with Blue Arrow Aerospace completing IPO counseling and several companies starting their counseling processes [8] - The recent increase in rocket launches in China, including the first flight of Tianbing Technology's Tianlong-3, is supported by policies that provide full-cycle capital support for the commercial aerospace industry [8] - 95 satellite industry chain companies have seen increased investment from financing clients, with 20 stocks favored by institutional investors, indicating strong development momentum and a broad market space [8] Group 5: Changes in Brokerage Industry - In 2025, there is a significant reshuffle among chief economists in Chinese brokerages, with at least 14 firms experiencing personnel changes due to industry mergers and reorganizations [8] - Major mergers, such as the integration of Guotai Junan and Haitong Securities, and the consolidation of Guolian Securities and Minsheng Securities, are influencing personnel arrangements [8] - Smaller brokerages are competing for talent through poaching and internal training to enhance competitiveness, reflecting a strategic restructuring of core intellectual resources in the brokerage industry [8] Group 6: National Venture Capital Fund - The National Venture Capital Guidance Fund has been launched, focusing on early-stage and small investments in the technology sector, with at least 70% of funds directed towards seed and startup companies [9] - The fund operates under a structure of "guidance fund + regional fund + sub-fund," with a 20-year duration and government investment as a limited partner without daily management involvement [9] - This initiative aims to support strategic emerging industries and future industries, mobilizing nearly 1 trillion yuan in local and social capital while avoiding duplicate investments and promoting industry chain development [9] Group 7: Copper Market Dynamics - Jiangxi Copper's stock surged, reaching a maximum increase of 122.13% since April, benefiting from high copper prices, with London copper hitting a historical high on December 25, up 51.54% from April's low [4] - The demand for copper is increasing due to the AI boom and the development of the new energy industry, while supply tightens due to multiple mine shutdowns, leading to an expanding supply-demand gap in 2025-2026 [4] - Jiangxi Copper has abundant resources and cost advantages, with a significant increase in net profit for the first three quarters of the year [4] Group 8: Financial Losses and Legal Actions - Shengyuan Environmental Protection announced significant losses exceeding 80% due to severe losses in a private equity fund, with the fund's net value dropping to 0.1846, resulting in a loss of approximately 46.92 million yuan, exceeding last year's net profit by 10% [4] - Following the discovery of losses, the company established a team to investigate, uncovering potential violations by the fund manager and a lack of oversight by the custodian [4] - The company has taken multiple measures, including reporting to the police and regulatory authorities, and plans to file a lawsuit, with the possibility of not recovering the entire investment principal [4] Group 9: Major Asset Restructuring - Baida Qiancheng announced plans for a significant asset restructuring, intending to acquire 100% of Zhonglian Century's shares and raise matching funds, which is expected to constitute a major asset restructuring [10] - The company has experienced a decline in operations this year, with revenue and net profit decreasing in the first three quarters [10] - After the transaction, Baida Qiancheng will take over the entire industry chain business of Zhonglian Century, transforming from a "content provider" to a "comprehensive marketing solution service provider," enhancing its overall competitiveness and profitability [10] Group 10: Legal Challenges for Wenta Technology - Wenta Technology's chairman announced plans to pursue legal claims potentially reaching 8 billion US dollars due to issues arising from the Nexperia semiconductor incident, with multiple legal actions initiated [10] - The company is willing to negotiate a resolution and is actively working on validating new suppliers after Nexperia halted wafer supply in October [10] - The company expects to complete this validation process between the first and second quarters of 2026, while a shareholders' meeting will review related transactions and the addition of independent directors [10]

Core Insights - Investing in high-dividend yield ETFs can enhance portfolio diversification and provide steady income, appealing to long-term investors and those nearing retirement [1][2] - Quality high-yield ETFs typically consist of mature and financially stable companies, making them attractive for wealth compounding through reinvested dividends [2] Group 1: SPDR Portfolio S&P 500 High Dividend ETF - The SPDR Portfolio S&P 500 High Dividend ETF (SPYD) tracks the top 80 high-dividend-yielding companies in the S&P 500, trading at approximately $43 per share with a trailing 12-month dividend yield of about 4.5% [4][5] - The ETF has a low expense ratio of 0.07%, meaning a $10,000 investment incurs only $7 in annual fees, and it currently manages over $7.3 billion in net assets [4][5] - The fund's top sector exposures include real estate (21.4%), utilities (13.4%), financials (17.3%), and consumer staples (16.3%), with minimal tech sector exposure of less than 2% [5][6] - Since its inception in 2015, the ETF has delivered a total return of about 130%, significantly lower than the S&P 500's over 300% return in the same period [6] Group 2: Schwab US Dividend Equity ETF - The Schwab US Dividend Equity ETF (SCHD) trades around $28 per share with a yield of approximately 3.8%, aiming to mirror the Dow Jones U.S. Dividend 100 Index [9][10] - The ETF focuses on companies with strong balance sheets and consistent dividend payments, holding around 100 stocks, including major names like Bristol Myers Squibb and Coca-Cola [10][12] - With an expense ratio of 0.06%, the fund has nearly $73 billion in assets under management and has delivered a total return of over 200% over the last decade, translating to an annualized return of about 11% to 12% [12][13]

Core Insights - The Vanguard Small-Cap Value ETF (VBR) is noted for its lower cost and higher yield compared to the iShares Russell 2000 Value ETF (IWN), which offers broader diversification and a stronger recent return [2][3] Cost & Size Comparison - VBR has an expense ratio of 0.07% and an AUM of $59.6 billion, while IWN has an expense ratio of 0.24% and an AUM of $11.8 billion [4] - The 1-year return for VBR is 8.22% compared to IWN's 12.77%, and VBR offers a dividend yield of 2.0% versus IWN's 1.6% [4][5] Performance & Risk Comparison - Over the past five years, VBR experienced a maximum drawdown of -24.19%, while IWN had a drawdown of -26.71% [6] - The growth of $1,000 invested over five years would result in $1,502 for VBR and $1,396 for IWN [6] Portfolio Composition - IWN tracks an index with 1,423 holdings, primarily in Financial Services (26%), Industrials (13%), and Health Care (11%), with no single stock heavily influencing returns [7] - VBR holds 840 stocks, focusing on Industrials (22%), Financial Services (20%), and Consumer Discretionary (14%), with its largest holdings making up less than 1% of assets [8] Sector Focus - IWN has a heavier tilt toward financials, while VBR leans more towards industrials, indicating different sector exposures for investors [9]

Core Insights - The Vanguard S&P 500 Growth ETF (VOOG) focuses on growth stocks and has outperformed the Vanguard S&P 500 ETF (VOO) over the past year, but VOO offers lower costs, higher dividend yields, and broader market exposure [1][2] Cost and Size Comparison - VOOG has an expense ratio of 0.07% and VOO has a lower expense ratio of 0.03% - The one-year return for VOOG is 19.3% compared to 15.4% for VOO as of December 18, 2025 - VOO has a higher dividend yield of 1.1% versus 0.5% for VOOG - VOOG has assets under management (AUM) of $21.7 billion, while VOO has AUM of $1.5 trillion [3][4] Performance and Risk Comparison - The maximum drawdown over five years for VOOG is (32.73%) compared to (24.52%) for VOO - An investment of $1,000 in VOOG would grow to $1,920 over five years, while the same investment in VOO would grow to $1,826 [5] Portfolio Composition - VOO holds 505 stocks with a sector mix of 37% technology, 12% financial services, and 11% consumer cyclical, with top holdings including NVIDIA (7.38%), Apple (7.08%), and Microsoft (6.25%) [6] - VOOG concentrates 58% in technology, 12% in consumer cyclicals, and 10% in financial services, with top holdings being NVIDIA (13.53%), Apple (5.96%), and Microsoft (5.96%), resulting in a more concentrated portfolio of 212 holdings [7] Investor Implications - VOO is suitable for investors seeking stability through broader diversification and lower maximum drawdown [8] - VOOG is aimed at investors willing to accept higher risk for greater growth potential, albeit with a higher expense ratio and lower dividend yield [9][10]

Core Insights - The iShares SP Mid-Cap 400 Value ETF (IJJ) and Vanguard Small-Cap Value ETF (VBR) are both value-oriented ETFs targeting U.S. stocks trading below their estimated worth, but they differ in their focus on mid-cap versus small-cap companies [2][8] Cost and Size Comparison - IJJ has an expense ratio of 0.18% and assets under management (AUM) of $8.0 billion, while VBR has a lower expense ratio of 0.07% and significantly larger AUM of $59.6 billion [3][4][9] - VBR offers nearly triple the number of holdings compared to IJJ, with 840 stocks versus IJJ's 309 [3][6] Performance and Risk Metrics - Over the past year, IJJ returned 7.6% while VBR returned 8.06% [3] - The maximum drawdown over five years for IJJ is -22.68%, compared to VBR's -24.19% [5] Portfolio Composition - VBR's largest sector exposures are in industrials (19%), financial services (18%), and consumer cyclicals (13%), indicating broad diversification [6] - IJJ focuses more on mid-cap value stocks, with significant weights in financial services (19%), industrials (15%), and consumer cyclicals (12%) [7] Investment Implications - Cost-conscious value investors may prefer VBR due to its lower fees and broader small-cap exposure, while those seeking a smoother investment experience might opt for IJJ's mid-cap focus, accepting higher costs for potentially reduced volatility [10][11]