【导读】首批科创成长层股票上市首日，参与配售的ETF发布风险提示 中国基金报记者 若晖 10月28日，科创板成长层迎来首批新注册企业，禾元生物、西安奕材、必贝特正式上市。 多只此前参与配售的ETF发布交易风险提示。华夏基金在风险提示性公告中称，华夏基金旗下 部分ETF参与了首批科创成长层股票的网上/网下配售，并在科创成长层股票上市前以发行价 对单只股票进行估值。 根据《上海证券交易所交易规则》（2023年修订），首次公开发行上市的股票上市后的前5 个交易日不实行价格涨跌幅限制，股价存在大幅波动风险。而科创成长层股票上市首日，ETF 的IOPV仅包含了科创成长层股票的发行价格，未包含其市场价格波动，因此科创成长层股票 上市首日ETF的IOPV可能与其该日的基金份额净值存在一定差异，敬请投资者关注相应的投 资风险。 10月28日，首批3只科创成长层股票在上海证券交易所挂牌上市，多只此前参与网上/网下配 售的ETF发布风险提示。 华夏基金旗下上证50ETF、沪深300ETF公告称，科创成长层股票上市首日，ETF的基金份额 参考净值（IOPV）中仅包含了科创成长层股票的发行价格，未包含其市场价格波动，因此科 创成长层 ...

Core Viewpoint - The central bank's resumption of government bond trading is seen as a response to the current downward trend in interest rates, with market sentiment remaining optimistic despite the need for further support to sustain this downward trend [1] Group 1: Market Sentiment and Bond Trading - The overall sentiment in the bond market is positive, but further support is needed to open up more downward space for interest rates [1] - The 10-year government bond needs to effectively break 1.7% to gain momentum, while higher interest rate positions can still be held during favorable market conditions [1] - Investors are advised to focus on higher-yielding long-term bonds, specifically the 30-year and 50-year government bonds [1] Group 2: National Development Bank Bond ETF (159651) - The National Development Bank Bond ETF (159651) is positioned as a "money+" short-term cash management tool, balancing liquidity management and leverage [1] - As of October 28, 2025, the ETF has increased by 0.05%, with a one-year cumulative increase of 1.59% as of October 27, 2025 [1] - The ETF has a trading volume of 1.90 billion yuan with an active turnover rate of 37.72% [2] Group 3: Performance Metrics of the ETF - The ETF ranks 78 out of 490 in the index bond fund category, placing it in the top 15.92% for six-month net value growth of 0.61% [2] - Since its inception, the ETF has achieved a maximum consecutive monthly increase of 15 months and a maximum increase of 3.90% [2] - The ETF has a management fee of 0.15% and a custody fee of 0.05%, which are among the lowest in comparable funds [2] Group 4: Tracking and Recovery Metrics - The ETF has a tracking error of 0.014% over the past two months, indicating the highest tracking precision among comparable funds [2] - The maximum drawdown over the past six months is 0.12%, with a recovery time of 8 days [2]

Core Viewpoint - The Shanghai Composite Index has reached a ten-year high, indicating a strong upward trend in the A-share market, with significant gains in various constituent stocks and ETFs [1][4]. Market Performance - As of October 28, 2025, the Shanghai Composite Index rose to 4010.73 points, marking a 0.21% increase [1]. - Notable stock performances include Aisen Co., Ltd. (up 11.90%), Tianxiao (up 10.09%), Fujian Cement (up 10.08%), and Fangda Carbon (up 10.08%) [1]. - The Shanghai Composite ETF (510980) has seen a 3.88% increase over the past week, ranking in the top quartile among comparable funds [1]. Liquidity and Trading Activity - The Shanghai Composite ETF recorded a turnover rate of 10.42% with a trading volume of 35.17 million yuan, indicating active market participation [1]. - The average daily trading volume for the ETF over the past week was 51.42 million yuan [1]. Fund Growth and Inflows - The Shanghai Composite ETF has experienced a significant increase in scale, growing by 68.25 million yuan over the past three months, ranking in the second quartile among comparable funds [1]. - The ETF's share count increased by 27 million shares in the same period, also placing it in the second quartile among comparable funds [1][2]. Market Sentiment and Future Outlook - Huaxi Securities suggests that the current A-share market is only in the mid-stage of an upward trend, with improving profitability and a strengthening outlook for the technology sector [4]. - CITIC Securities notes a stabilization in market sentiment despite a slowdown in incremental capital inflows, indicating limited adjustment space in the short term [4]. - The "15th Five-Year Plan" is expected to enhance market risk appetite and provide a clear growth path for A-shares through technological breakthroughs and industrial upgrades [4]. ETF Specifics - The Shanghai Composite ETF (510980) closely tracks the Shanghai Composite Index, which is recognized as a barometer of the A-share market [5]. - The fund's contract will take effect on November 22, 2023, with a performance benchmark based on the Shanghai Composite Index return [6].

免责声明： 本报告中的信息均来源于公开资料，我公司对该等信息的准确性及完整性不作任何保证。在任何情况下 本报告中的信息或所表达的意见不构成我公司实际的投资结果，也不构成任何对投资人的投资建议。 债市继续维持中性，后续机会来自货币政策放松；A股有望迎来风险偏好修复，港股情况与A股类似。 原油中性。 海外方面，中美贸易谈判有所进展，美国9月通胀偏弱支持10月FOMC继续降息，全球风险偏好回升， 黄金大跌，海外股市普涨，油价反弹。 国内方面，三季度GDP同比较二季度的5.2%回落至4.8%，高于彭博一致预期的4.7%，平减指数降幅小 幅收窄，出口走强带动工业增加值回升，但投资及消费仍在低位，内外需分化加剧。A港股风险偏好修 复，股涨债跌，创业板与恒生科技领涨。 市场策略方面，债券方面，上周双降预期重启、赎回新规边际放松传闻利好债市，但风险偏好回升，债 市多空反复，利率偏弱震荡。随着三季度债市的持续调整，债基久期风险已逐步释放，同时基本面和资 金面依然利好债市。但四中全会公报赋予科技重要位置和中美谈判进展积极提振股市风偏，叠加四季度 银行抛券压力和赎回新规扰动，债市或将维持震荡运行，利率趋势性下行需等待新规发布等利空 ...

Core Insights - The main focus of the news is the recent performance and operational updates of Tunan Co., as discussed during a research meeting held by Quanguo Fund on October 21, 2025. The company is experiencing a decline in net profit for Q3 2025, attributed to increased operational costs and production delays in its subsidiaries [1][2]. Financial Performance - As of October 21, 2025, Tunan Co. reported a net profit of 30.39 million yuan for Q3 2025, which represents a decline compared to Q2 2025 [2]. - The company's inventory balance as of Q3 2025 was 749.53 million yuan, reflecting a growth of 38.48% from the beginning of 2025 and a 33.19% increase from the end of Q2 2025 [3]. Operational Updates - Tunan Co.'s subsidiary, Tunan Components, has completed the construction of an automated production line for small aerospace components, achieving an annual production capacity of 500,000 units [3]. - The construction of another automated production line at Tunan Intelligent is ongoing, with an expected completion date by the end of 2025, aiming for an annual output of 10 million small aerospace components [3]. Order and Revenue Forecast - As of June 30, 2025, Tunan Co. had signed contracts worth 1.75 billion yuan that are yet to be fulfilled, with expected revenue recognition of 554.80 million yuan in 2025, 529.98 million yuan in 2026, and 665 million yuan in 2027 [4]. Product Applications and Pricing - The main products of Tunan Co. include high-temperature alloys and special stainless steels, primarily used in aerospace engines, gas turbines, and petrochemical industries [6]. - The pricing strategy is based on a cost-plus model, influenced by market prices of raw materials, with a focus on maintaining stable gross margins despite potential fluctuations in raw material costs [6].

Group 1: Market Overview - The precious metals market is experiencing its largest adjustment of the year, primarily due to a potential easing of geopolitical tensions and profit-taking after a significant rally [1] - Since September, international gold prices have increased by $1,000, leading to considerable profits for long positions, which prompted profit-taking as geopolitical risks did not escalate further [1] - The optimistic sentiment in the precious metals market is a collective response across all varieties, reminiscent of the aggressive market enthusiasm seen in 2011 [1] Group 2: Fund Flows and Economic Indicators - After October, there has been a continuous reduction in Shanghai gold futures positions, while COMEX holdings have been halted due to government shutdowns, indicating a shift in the driving force behind gold prices to ETF funds [1] - The marginal driving force for gold prices is weakening, suggesting an increased probability of short-term adjustments [1] - Recent U.S. CPI data was slightly below expectations, clearing obstacles for potential interest rate cuts in the remaining part of the year, while the quality and independence of data have been challenged due to government shutdowns [2] Group 3: Geopolitical Factors - New rounds of negotiations between China and the U.S. in Malaysia have led to preliminary agreements, which could reduce trade tensions and negatively impact gold prices in the short term [2] - The EU's support for U.S. proposals regarding a ceasefire in the Russia-Ukraine conflict, along with new sanctions on Russia, adds to market volatility, indicating that geopolitical risks may temporarily weigh on gold prices [2] - Despite short-term negative impacts, the complexity of long-term geopolitical dynamics will continue to support gold's safe-haven demand [2] Group 4: Investment Products - Bosera Gold ETF and its linked funds track the performance of gold prices in RMB through investments in gold spot contracts on the Shanghai Gold Exchange, providing investors with diverse investment options in gold [3] - Investors can purchase linked funds through official channels starting from a minimum of 1 RMB, enhancing accessibility for a broader range of investors [3]

Group 1 - The core viewpoint is that gold prices have recovered above $4000 per ounce due to a weaker dollar and expectations of further interest rate cuts by the Federal Reserve, despite a previous drop of over 3% [1] - Short-term factors affecting gold prices include potential easing of international trade tensions, ongoing uncertainty from the U.S. government shutdown, and profit-taking by long positions ahead of key CPI data [1] - The long-term upward trend in gold prices is likely to continue due to ongoing dollar credit risks and the reshaping of global regional dynamics, with gold remaining a preferred asset for hedging against dollar credit risk [1] Group 2 - The Shanghai Gold ETF (518600) has seen a cumulative increase of over 46% in 2025, with an average daily trading volume of 2.59 billion yuan over the past month, indicating sustained market activity [2] - Over the past five years, the net asset value of the Shanghai Gold ETF has increased by 117.70%, showcasing strong profitability with a maximum monthly return of 11.46% since inception [2] - Despite fluctuations in gold prices, there has been a strong willingness for capital to enter the market, with net inflows totaling 932 million yuan over the last ten trading days [2]

Core Insights - The China Securities Regulatory Commission (CSRC) emphasizes the role of long-term funds as stabilizers in the market, promoting reforms in public funds and encouraging the implementation of long-term investment strategies [1] - The low-volatility dividend ETF (512890) is expected to benefit from increased long-term capital inflows due to its characteristics aligning with the demand for stable returns from insurance funds and other long-term investors [1] Group 1: Market Performance - The low-volatility dividend ETF (512890) recorded a single-day trading volume of 983 million yuan on October 27, 2025, representing a 44% increase from the previous week's average daily trading volume of 683 million yuan [2] - From October 17 to October 27, 2025, the ETF saw net inflows on 6 out of 7 trading days, accumulating a total of 1.103 billion yuan, making it the only dividend-themed ETF to surpass 1 billion yuan in net inflows during this period [2] - As of October 27, 2025, the fund size of the low-volatility dividend ETF reached 24.55 billion yuan, making it the only dividend-themed ETF in the market with a size exceeding 24 billion yuan [2] Group 2: Investment Appeal - The latest dividend yield of the low-volatility dividend ETF (512890) stands at 4.17%, significantly higher than the 10-year government bond yield of 1.84%, indicating a strong yield advantage [2] - Investors are increasingly focused on asset quality and stable shareholder returns, making high-dividend, low-volatility assets more attractive in the context of declining long-term interest rates [2] Group 3: Fund Management - Huatai-PB Fund, a pioneer in ETF management in China, has over 18 years of experience in managing dividend-themed index investments, offering a range of products including the low-volatility dividend ETF (512890) and other related ETFs [2] - As of October 27, 2025, Huatai-PB Fund's "dividend family" products have a combined management scale of 45.927 billion yuan [2]

Market Overview - The market experienced fluctuations in the early session, with the Shanghai Composite Index surpassing the 4000-point mark, and the CSI A500 Index rising by 0.26% [1] - The nuclear power sector showed active performance, while the coal sector weakened [1] ETF Performance - As of the morning close, ETFs tracking the CSI A500 Index saw gains of over 1%, with 10 related ETFs having transaction volumes exceeding 100 million yuan, and 3 surpassing 2.6 billion yuan [1] - Specific transaction amounts for A500 ETFs include: A500 ETF Fund at 3.397 billion yuan, CSI A500 ETF at 2.811 billion yuan, and A500 ETF Southern at 2.650 billion yuan [2] Technical Analysis - Analysts indicated that the breakout of the Shanghai Composite Index above 4000 points may open up upward space, suggesting active market participation in the near term [1] - Mid-term outlook remains bullish for the A-share market in the fourth quarter, supported by policies against "involution," increased household savings entering the market, potential Federal Reserve interest rate cuts, and technical reversals [1]

Core Insights - The Jiashi Hang Seng Index Hong Kong Stock Connect ETF is set to be listed on October 31, 2025, with a total of 287 million shares for trading [1] - As of October 24, 2025, the fund's asset allocation shows 71.78% in bank deposits and settlement reserves, while stock investments account for 28.22% [1] - A total of 13 stock ETFs have announced listings in October, with an average position of only 33.06% [1] Fund Statistics - The Jiashi Hang Seng Index Hong Kong Stock Connect ETF has a fundraising scale of 287 million shares, with a position of 28.22% as of October 24, 2025 [2] - Other notable ETFs include the Guangfa CSI Satellite Industry ETF with 1.171 billion shares and a position of 33.38%, and the Huaxia SSE 180 ETF with 2.28 billion shares and a position of 19.95% [2] - The average fundraising for newly announced ETFs in October is 452 million shares, with the Guangfa CSI Satellite Industry ETF leading in scale [2] Institutional Investor Participation - Institutional investors hold an average of 15.83% of the shares in the newly listed ETFs, with the Jiashi Hang Seng Index Hong Kong Stock Connect ETF having 59.52% held by institutions [2] - The highest institutional ownership is seen in the Penghua Hong Kong Stock Connect Low Volatility Dividend ETF at 97.57% [2] - ETFs with lower institutional ownership include the Guangfa CSI Satellite Industry ETF and the Chuangjin Hexin CSI State-Owned Enterprise Dividend ETF, with ownership at 1.31% and 2.20% respectively [2]