1. Report Summary - Report Date: November 3, 2025 [1] - Report Name: Pioneer Futures Options Daily Report 2. Options Underlying Volatility Ranking - The report presents a ranking of options underlying based on three volatility metrics: implied volatility of at - the - money options, 30 - day historical volatility of the underlying, and the underlying's true range on the day. For example, ps2512 ranks first in implied volatility of at - the - money options with 3.1%, while rm601 ranks first in the underlying's true range on the day with 4.8% [3][4]. - The implied volatility of at - the - money options reflects the market's expectation of future fluctuations of the variety, the 30 - day historical volatility reflects the past actual market size, and the true range on the day reflects the intraday market size [5]. 3. Exchange - Specific Options Analysis 3.1 Shanghai Stock Exchange Options 3.1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options of Shanghai 50ETF on the day is 632,460 lots, the open interest is 897,163 lots, the trading volume ratio of call options to put options is 1.45, and the weighted average implied volatility is 15.93% [19][21]. - **Volatility Trading**: Volatility trading suggestions include selling the month with the curve on top and buying the month with the curve below for different months, and selling the option with the point above the curve and buying the option with the point below the curve for the same month [26]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 4.67% when trading at the settlement price and 1.16% when trading at the counter - party price [28][30]. 3.1.2 Huatai - Berry SSE 300ETF - **Basic Information**: The trading volume of the main options of Huatai - Berry SSE 300ETF on the day is 670,871 lots, the open interest is 740,234 lots, the trading volume ratio of call options to put options is 1.23, and the weighted average implied volatility is 16.61% [31][33]. - **Volatility Trading**: Similar to Shanghai 50ETF, sell the month with the curve on top and buy the month with the curve below for different months, and sell the option with the point above the curve and buy the option with the point below the curve for the same month [37]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 4.45% when trading at the settlement price and 0.18% when trading at the counter - party price [40][42]. 3.1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options of Southern CSI 500ETF on the day is 1,244,691 lots, the open interest is 790,230 lots, the trading volume ratio of call options to put options is 0.9, and the weighted average implied volatility is 20.66% [43][45]. - **Volatility Trading**: Follow the same volatility trading suggestions as above [49]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 25.3% when trading at the settlement price and 5.60% when trading at the counter - party price [52][54]. 3.1.4 Huaxia SSE STAR 50ETF - **Basic Information**: The trading volume of the main options of Huaxia SSE STAR 50ETF on the day is 995,460 lots, the open interest is 1,173,825 lots, the trading volume ratio of call options to put options is 1.15, and the weighted average implied volatility is 37.4% [55][57]. - **Volatility Trading**: Adopt the same volatility trading strategies [62]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 12.3% when trading at the settlement price and 0.66% when trading at the counter - party price [64][66]. 3.1.5 E Fund SSE STAR 50ETF - **Basic Information**: The trading volume of the main options of E Fund SSE STAR 50ETF on the day is 194,205 lots, the open interest is 286,584 lots, the trading volume ratio of call options to put options is 1.34, and the weighted average implied volatility is 38.24% [67][68]. - **Volatility Trading**: Use the same volatility trading methods [72]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 14.6% when trading at the settlement price and 2.75% when trading at the counter - party price [76][78]. 3.2 Shenzhen Stock Exchange Options 3.2.1 Harvest SSE 300ETF - **Basic Information**: The trading volume of the main options of Harvest SSE 300ETF on the day is 126,768 lots, the open interest is 151,843 lots, the trading volume ratio of call options to put options is 0.96, and the weighted average implied volatility is 17.72% [79][81]. - **Volatility Trading**: Apply the same volatility trading suggestions [87]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 19.4% when trading at the settlement price and 1.52% when trading at the counter - party price [89][91].

Group 1 - The National Development Bank Bond ETF (159651.SZ) experienced a slight decline of 0.02% on November 3, 2025 [1] - The fund saw a net outflow of 118 million yuan from major funds (transactions over 1 million yuan), ranking it first in the market [1] - The latest trading volume for the fund was 5.3427 million units, with a total transaction amount of 569 million yuan, placing it at the bottom among comparable funds [1]

Group 1 - The core viewpoint of the article indicates that the Cathay Innovation Drug ETF (589720.SH) experienced a decline of 0.51% on November 3, 2025, with significant net outflows of 13.97 million yuan from major funds [1] - The latest trading volume for the fund was 210 million shares, and the latest trading amount fell below 210 million yuan, resulting in a drop of 24 positions in the overall market ranking compared to the previous trading day [1]

与此同时，该基金最新成交量为9972.08万份，最新成交额跌破100.00亿元，可比基金排名较上一交易日 后退1位。 2025年11月3日，科创债ETF嘉实（159600.SZ）收涨0.02%，主力资金（单笔成交额100万元以上）净流 出13.10亿元，居全市场第一梯队。 ...

11月3日获悉，泉果基金创始人王国斌突然离世，公司稍晚一些将发布相关公告。 公开信息显示，3月20日，泉果基金召开2025年春季策略会上，泉果基金创始人王国斌、泉 果旭源基金经理赵诣等分享了最新观点。 王国斌认为，中国资产近期的强劲表现主要得益于人工智能等领域的创新优势，在多个高端制 造和前沿领域，中国已经取得了全球性的竞争优势。尽管长期面临人口老龄化压力，但未来10 年，中国仍将受益于工程师红利与完整的产业链优势，人工智能等新技术的发展不仅不会导致 就业危机，反而会创造新的就业机会。 资料显示，王国斌，北京大学硕士，中欧国际工商学院EMBA，拥有27年证券从业经验。他是 东方红资产管理创始人，打造了国内首家券商系资产管理公司，并带领公司获得业内首张券商 资管公募牌照。2007年被评为"上海十大杰出青年"。2022年出版个人首部著作《投资中 国》。 泉果基金成立于2022年2月 ，是经中国证监会批准的全国性公募基金管理公司，注册地位于 上海，注册资本为1亿元人民币。 作为著名的"个人系"公募 ，公司由王国斌、任莉、姜荷 泽、李云亮、韦海菁等从业人士共同创立。 来 源 / 券 商 中国 作 者 / 王 小 芊 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Last week, the median weekly return of equity ETFs was 0.01%. Among broad - based ETFs, the CSI 1000ETF had the highest return; among sector ETFs, the cyclical ETF had the highest return; among hot - topic ETFs, the photovoltaic ETF had the highest return [1][13][17]. - Last week, equity ETFs had a net subscription of 18.526 billion yuan. Among broad - based ETFs, the CSI 300ETF had the largest net subscription; among sector ETFs, the technology ETF had the largest net subscription; among theme ETFs, the chip ETF had the largest net subscription [2][27][34]. - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked top three in the total scale of listed non - monetary ETFs. This week, 8 ETFs are to be issued [5][60][63]. 3. Summary According to Relevant Catalogs ETF Performance - From October 27 to October 31, 2025, the median weekly return of equity ETFs was 0.01%. The median returns of CSI 1000, CSI 500, ChiNext, A500, CSI 300, STAR Market, and SSE 50 ETFs were 1.20%, 1.06%, 0.49%, - 0.03%, - 0.40%, - 0.64%, and - 1.07% respectively. The median returns of bond, money - market, cross - border, and commodity ETFs were 0.28%, 0.01%, - 0.74%, and - 1.52% respectively [13]. - Among sectors, the median returns of cyclical, consumer, large - finance, and technology sector ETFs were 1.76%, 0.54%, - 0.64%, and - 1.47% respectively. Among hot - topic categories, the median returns of photovoltaic, new energy vehicle, and liquor ETFs were 6.54%, 4.79%, and 0.96% respectively, showing relatively strong performance; while the median returns of chip, AI, and bank ETFs were - 4.17%, - 2.83%, and - 2.28% respectively, showing relatively weak performance [17]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.6937 trillion yuan, 926.1 billion yuan, and 700 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 216 billion yuan and 161.9 billion yuan respectively [19]. - Last week, equity ETFs had a net subscription of 18.526 billion yuan and a total scale increase of 5.725 billion yuan; money - market ETFs had a net redemption of 6.039 billion yuan and a total scale decrease of 6.024 billion yuan. Among broad - based ETFs, the CSI 300ETF had the largest net subscription of 7.248 billion yuan, and its scale increased by 2.339 billion yuan; the ChiNext - related ETFs had the largest net redemption of 354 million yuan, and its scale increased by 402 million yuan [27][28]. - By sector, last week, the technology ETF had the largest net subscription of 6.922 billion yuan, and its scale decreased by 903 million yuan; the cyclical ETF had the largest net redemption of 10.539 billion yuan, and its scale decreased by 4.598 billion yuan. By hot - topic, the chip ETF had the largest net subscription of 4.683 billion yuan, and its scale decreased by 2.471 billion yuan; the bank ETF had the largest net redemption of 2.822 billion yuan, and its scale decreased by 3.658 billion yuan [32]. ETF Benchmark Index Valuation - As of last Friday, the PE ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 83.35%, 83.43%, 97.28%, 97.20%, 59.03%, and 92.51% quantile levels respectively, and the PB ratios were at the 63.93%, 66.69%, 98.27%, 63.85%, 55.98%, and 91.92% quantile levels respectively. Compared with the previous week, the valuation quantiles of SSE 50, A500, and CSI 300 ETFs decreased significantly [35]. - As of last Friday, the PE ratios of cyclical, large - finance, consumer, and technology sector ETFs were at the 72.96%, 39.24%, 25.80%, and 94.97% quantile levels respectively, and the PB ratios were at the 77.99%, 51.81%, 34.05%, and 92.91% quantile levels respectively. Compared with the previous week, the valuation quantile of the large - finance ETF decreased significantly [38]. - In general, among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; by sector, the consumer and large - finance ETFs had relatively moderate valuation quantiles; by sub - theme, the liquor and photovoltaic ETFs had relatively low valuation quantiles [45]. ETF Margin Trading - As of last Thursday, the margin trading balance of equity ETFs increased from 46.994 billion yuan in the previous week to 48.051 billion yuan, and the short - selling volume increased from 2.568 billion shares in the previous week to 2.66 billion shares. Among the top 10 ETFs with the highest average daily margin - buying amount and short - selling volume, the securities ETF and STAR Market ETF had relatively high average daily margin - buying amounts, and the SSE 50ETF and CSI 300ETF had relatively high average daily short - selling volumes [48][56]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, with relatively high management scales in multiple sub - fields such as scale - index ETFs, theme, style, and strategy - index ETFs, and cross - border ETFs. E Fund ranked second, with relatively high management scales in scale - index ETFs and cross - border ETFs. Huatai - PineBridge Fund ranked third, with relatively high management scales in scale - index ETFs and theme, style, and strategy - index ETFs [57]. - Last week, 7 new ETFs were established. This week, 8 ETFs are to be issued, including Tianhong CSI Agriculture Theme ETF, Yongying CSI Home Appliance ETF, etc [60].

Market Overview - A-shares experienced a pullback last week, with the Shanghai-Shenzhen 300, CSI 500, and CSI 1000 indices showing weekly returns of -0.43%, 1.00%, and 1.18% respectively [1] Fund Flows - The ETF market saw a net inflow of 29.3 billion yuan last week, with stock ETFs contributing 23.426 billion yuan and cross-border stock ETFs adding 4.968 billion yuan. Conversely, commodity ETFs faced a net outflow of 5.963 billion yuan, while bond ETFs gained 13.052 billion yuan [2] - Specific index inflows included the Shanghai-Shenzhen 300, AAA Sci-Tech Bonds, CSI A500, Sci-Tech 50, 0-4 Year Government Bonds, Securities Companies, Hang Seng Technology, and Communication Equipment, which saw net inflows of 7.263 billion yuan, 7.235 billion yuan, 4.548 billion yuan, 3.242 billion yuan, 3.029 billion yuan, 2.962 billion yuan, 2.956 billion yuan, and 2.474 billion yuan respectively [2] ETF Performance - The median return for stocks was 0.30%, with 53% of stocks rising and 47% falling. Active equity funds had a median return of -0.05%, with 48% of funds increasing and 52% decreasing [9] - Major broad-based ETFs mostly declined, with the CSI 500 ETF slightly up, while the Sci-Tech 50 ETF saw a significant drop of -3.17%. In contrast, US ETFs like the NASDAQ and S&P 500 ETFs rose by 1.96% and 3.98% respectively [9] - Among industry ETFs, advanced manufacturing saw notable gains, with the photovoltaic ETF rising by 6.55%, and battery and new energy vehicle ETFs increasing by 5.80% and 4.86% respectively. Conversely, the chip and communication ETFs experienced declines of -4.40% and -2.47% [10] New ETF Products - Recently, three new products including the Huaxia Shanghai Stock Exchange 180 ETF were launched, while 24 products such as the Guoshou Anbao CSI A500 Dividend Low Volatility ETF were established. Additionally, two Brazilian market investment products are set to be launched soon [17] Industry News - The World Gold Council reported a 21% quarter-on-quarter increase in gold jewelry demand in China for Q3, although it still represented an 18% year-on-year decline. Overall retail gold investment and consumption demand reached 152 tons, down 7% year-on-year and 38% quarter-on-quarter [17] - Central Huijin and other entities saw their ETF holdings grow by over 200 billion yuan in a single quarter, maintaining support for the stock market [18][19] - Kweichow Moutai's position among funds has declined, dropping from the third-largest holding to the tenth-largest in just one quarter, reflecting a significant shift in investor sentiment [20]

Market Overview - The bond market showed signs of recovery last week (October 27-31, 2025), with the 1-year government bond yield decreasing by 8.90 basis points to 1.38%, the 10-year yield down by 5.32 basis points to 1.80%, and the 30-year yield down by 6.95 basis points to 2.14%. This recovery was supported by the central bank's resumption of open market operations and the successful meeting between the US and Chinese presidents, which boosted market sentiment [3][14]. - Short-term outlook indicates that the benefits of the central bank's bond purchases have largely been priced in. The stock market's slow bullish trend may continue to suppress bond market sentiment, while upcoming fund rate regulations could lead to redemptions and portfolio adjustments, causing temporary disruptions in the bond market [14]. Public Fund Market Dynamics - On October 31, the China Securities Regulatory Commission (CSRC) released a draft guideline for the performance comparison benchmarks of publicly offered securities investment funds, seeking public feedback. This guideline emphasizes the representation, constraint, evaluation, and interaction of performance benchmarks [17][18][19][20]. Fund Index Performance Tracking - The Money Enhanced Index rose by 0.03% last week, with a cumulative return of 4.24% since inception [4]. - The Short-term Bond Fund Index increased by 0.07%, achieving a cumulative return of 4.42% since inception [5]. - The Medium to Long-term Bond Fund Index saw a rise of 0.28%, with a cumulative return of 6.74% since inception [6]. - The Low Volatility Fixed Income + Fund Index increased by 0.37%, with a cumulative return of 4.58% since inception [7]. - The Medium Volatility Fixed Income + Fund Index rose by 0.33%, achieving a cumulative return of 6.04% since inception [8]. - The High Volatility Fixed Income + Fund Index increased by 0.32%, with a cumulative return of 7.90% since inception [9]. - The Convertible Bond Fund Index rose by 0.94%, achieving a cumulative return of 22.94% since inception [10]. - The QDII Bond Fund Index decreased by 0.07%, with a cumulative return of 10.46% since inception [11]. - The REITs Fund Index increased by 0.99%, achieving a cumulative return of 33.23% since inception [12].

2025.11. 03 本文字数：1211，阅读时长大约2分钟 作者 | 第一财经 魏中原 封图 | 泉果基金官网 王国斌是中国资本市场的元老级人物，是东方证券资产管理业务（即"东方红"品牌）的核心创始人和领军人。在他的带领下，东方红开创了独特的价值 投资体系，并打造了多只长期业绩优异的明星产品。2016年，王国斌从东方红资管董事长的位置上离任，投身一级市场。2022年，王国斌重返公募行 业，泉果基金自成立以来就备受市场关注。 成立三年多，泉果基金吸引了多位基金经理加盟，包括此前获得年度冠军、农银汇理原基金经理赵诣，以及刚登峰、钱思佳、孙伟等。泉果基金在产品 发行上采取精品策略，目前旗下主要公募产品数量不多。 11月3日下午，泉果基金发布公告，总经理王国斌病逝，由任莉代任总经理职务。公告发出后，泉果基金官网已变黑白色。 泉果基金成立后，产品发行正是A股市场整体表现低迷时，在成立前两年的熊市环境中，泉果旭源的净值表现低迷，尤其是以泉果旭源三年持有混合为 代表的旗下产品的收益表现没有达到很多人的预期。 直到今年A股整体行情回暖，泉果基金下面所有的基金成立至今，均为正收益，截至9月30日，泉果旗下全部6只基金成立以 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the document. 2. Core Viewpoints of the Report - Passive index fund scale remains stable, with the proportion of ETFs increasing. By the third quarter of 2025, the total asset scale of 2,823 non - monetary index funds reached 6.72 trillion yuan, an increase of 1.11 trillion yuan from the previous quarter. The scale of ETFs increased by about 1.24 trillion, and their proportion rose by over 6 percentage points [1]. - The gap between the top two index fund managers has narrowed. The top ten target indexes with the largest index fund scale account for 41.34% of the total, slightly down from the previous quarter. The top ten managers account for 69.65% of the index fund scale, with a slight increase in concentration [1]. - In terms of ETF holders, the institutional proportion of industry - themed products has increased, while that of Smart Beta has decreased. As of mid - 2025, the institutional holder proportion of all ETFs after penetrating the linked funds was 62.47%, up from the end of 2024 [1]. - The number and scale of newly issued products have risen. In the third quarter of 2025, 292 index funds were newly established, raising a total of 242.407 billion yuan, an increase in both number and scale compared to the previous quarter [1]. - The application for industry - themed products is stable. In the third quarter of 2025, 222 index funds were approved, slightly more than the previous quarter. Industry - themed index funds were the most approved type [1]. - In the third quarter, the better - performing ETF products were mainly concentrated in growth - related products, and Hong Kong - themed products had high trading activity [1]. 3. Summary According to the Table of Contents 3.1 2025 Third - Quarter Index Fund Market Scale Changes - The total asset scale of 2,823 non - monetary index funds reached 6.72 trillion yuan, an increase of 1.11 trillion yuan from the previous quarter. The scale of ETFs increased by about 1.24 trillion, and their proportion rose by 6.19 percentage points, mainly contributed by on - site trading [6][9]. - The proportion of domestic stock broad - based ETFs declined to 47%, while the proportion of industry - themed products rebounded to about 20% [9]. - The top ten target indexes with the largest index fund scale accounted for 41.34% of the total, slightly down from the previous quarter. The top three target indexes were the CSI 300 Index, CSI A500, and SSE 50 Index [17]. - The top ten index fund managers accounted for 69.65% of the total scale, with a slight increase in concentration. The top three were China Asset Management, E Fund Management, and Huatai - Peregrine Fund Management, and the gap between E Fund and China Asset Management narrowed to less than 20 billion yuan [18]. - In the third quarter of 2025, the top three fund managers with the largest increase in passive index fund scale were E Fund, China Asset Management, and Huatai - Peregrine Fund Management [21]. - Among industry - themed products, Cathay Securities ETF ranked first, and the scale of China AMC Hong Kong Stock Connect Internet ETF nearly doubled. The scale of short - term financing and convertible bond ETFs in bond products continued to rise, and the scale of many gold ETFs increased [24]. - In the second quarter of 2025, among 2,465 non - linked index products, 1,543 had positive scale growth. The top ten products with scale growth were mainly broad - based ETFs, while the products with the largest scale reduction were mainly off - site bond index funds [25]. 3.2 ETF Holder Changes - As of mid - 2025, the institutional holder proportion of all ETFs after penetrating the linked funds was 62.47%, up from the end of 2024. The institutional proportion of industry - themed and cross - border products increased significantly, while that of Smart Beta decreased [30]. - By index, the institutional proportion of broad - based indexes increased, the institutional proportion of the SSE STAR Market 50 Index increased to 34%, and the institutional proportion of the securities company index increased significantly, while that of dividend - related products decreased significantly [34]. - According to the top ten holders of ETFs in the 2025 semi - annual report, Central Huijin's holding amount continued to rise, and insurance funds maintained a high position. China Life's holding amount of ETFs continued to increase, and its proportion of industry - themed products increased while that of Smart Beta decreased [36][40]. 3.3 Third - Quarter Index Fund Raising and Application - In the third quarter of 2025, 292 index funds were newly established, raising a total of 242.407 billion yuan, an increase of 77% from the second quarter. The main source was domestic stock index funds, and the scale of newly established bond index funds also expanded significantly [43][47]. - Among newly established products, ETFs raised 119.657 billion yuan, ordinary index funds raised 89.175 billion yuan, and ETF link funds raised 33.576 billion yuan. Industry - themed funds, bonds, and Smart Beta were the three product types with the fastest - growing issuance volume this quarter [49]. - In the third quarter of 2025, 222 index funds were approved, slightly more than the previous quarter. Industry - themed index funds were the most approved type, with targets mainly including Hong Kong Stock Connect Healthcare, State - owned Enterprise Digital Economy, Hang Seng Technology, SSE STAR Market Artificial Intelligence, and CSI Robot Index [51]. 3.4 Third - Quarter ETF Market Performance - Among domestic stock broad - based ETFs, the top five products with the highest yields in the third quarter all tracked the STAR Market and ChiNext Innovation 50 Index. Among cross - border broad - based ETFs, the best - performing was the E Fund Hang Seng Hong Kong Stock Connect New Economy ETF, with a quarterly yield of 22.39%. Among industry - themed ETFs, the product with the highest quarterly yield was the Cathay CSI All - Share Communication Equipment ETF, with an interval yield of 84.04%. Among Smart Beta ETFs, the top - performing products were mainly related to ChiNext growth and STAR Market growth [53]. - Among domestic broad - based index funds, the top five products with the highest average daily trading volume in the third quarter were China AMC SSE STAR Market 50 ETF, China AMC CSI A500 ETF, E Fund ChiNext ETF, Huatai - Peregrine CSI 300 ETF, and Southern CSI A500 ETF, with an average daily trading volume of over 3 billion yuan. Among cross - border broad - based ETFs, the ones with high trading volume were mainly NASDAQ ETFs. Among industry - themed ETFs, the top five products with the highest trading volume were all Hong Kong - themed products. Among Smart Beta ETFs, three of the top five products with the highest trading volume were dividend - strategy ETFs, and two were free - cash - flow ETFs [55][56].