上周是十一长假后的首个交易周，周四在两融资金大幅回流下市场整体表现较强，上证指数突破3900 点，而周五在中美贸易摩擦再度升温后有所调整。全周来看，创业板周跌3.86%，科创50周跌2.85%。 行业来看，上周有色、煤炭、钢铁表现较好，而传媒、电子、计算机跌幅较多。 从债券市场看，上周债券市场走势呈现分化格局，超长端利率债表现偏弱，10y以内表现相对较强。直 至10月11日，国庆调休日非银未参与交易的背景下，受突发关税博弈影响，长久期品种大幅下行。 从未来货币政策导向来看，预计稳增长政策持续发力，货币政策也会继续大力度支持配合，流动性不需 要太过担忧，泓德基金分析，目前债市最大的扰动除了"股债跷跷板"以外，主要来自以下几个方面：第 一，央行总量政策的边际变化，整体来看，需要关注的重点，是流动性较弱的信用债因潜在赎回风险带 来的短期流动性冲击；第二是前期央行对增量政策的表述篇谨慎的态度，但突发关税政策的不确定性环 境下，基本面定价、宽货币的必要性等因素重新对债市产生影响，整体来看信用债短期内预防性规避弱 流动性资产，还有基金偏好债券品种（政金、二永、长端国债）的价值重估需要短期规避，关税冲突主 要还是博弈方式， ...

Core Viewpoint - The market has shifted towards dividend sectors, with strong resilience in dividend indices and low volatility indices, driven by recent negative overseas news, making high dividend assets attractive for accelerated capital allocation [1][4]. Group 1: Market Performance - As of October 10, 2025, the market's first dividend-themed ETF, the Dividend ETF (510880), and the first low-volatility dividend ETF, the Low Volatility Dividend ETF (512890), have seen significant net inflows since September 15, totaling 10.39 billion and 4.70 billion respectively, ranking them among the top in the market [1][3]. - Daily trading volumes for the Dividend ETF and Low Volatility Dividend ETF have steadily increased since September 18, reaching 8.32 billion and 6.25 billion on October 10, marking a substantial rise from their average daily trading volumes of 4.6 billion and 4.2 billion since the beginning of the year [2]. Group 2: Fund Size and Inflows - The Dividend ETF's fund size has surpassed 200 billion, reaching 200.25 billion, a new high since June 5, 2025, while the Low Volatility Dividend ETF has also reached 204.64 billion, making them the only two dividend-themed ETFs in the domestic market exceeding 200 billion [3][6]. - The number of holders for the Dividend ETF has reached 421,800, making it the only dividend-themed ETF with over 400,000 holders in the market, while the Low Volatility Dividend ETF's linked funds have a total of 1,163,100 holders [5]. Group 3: Investment Outlook - The recent decline in the 10-year government bond yield from 1.90% on September 24 to 1.82% on October 10 has led to a significant increase in the dividend yield of the dividend indices, reaching historical high differentials of 59.26% and 63.05% [4]. - Analysts suggest that the trend of market risk appetite recovery may continue into October, recommending a focus on cyclical high-dividend stocks and potential high-dividend opportunities, particularly in the banking sector, which offers stable dividends and strong operational characteristics [4]. Group 4: Management Expertise - Huatai-PineBridge Fund, a pioneer in ETF management, has over 18 years of experience in dividend-themed index investments, managing a total of 43.097 billion across various dividend ETFs, including the Dividend ETF and Low Volatility Dividend ETF [7].

Core Insights - The performance of public FOFs (Fund of Funds) has significantly improved in the first three quarters of this year, driven by a recovery in the equity market, with all types of FOFs achieving positive returns for the year [1][2]. Performance Overview - All public FOFs achieved positive returns in the first three quarters, with some top products exceeding 70% returns, such as Guotai's Optimal Navigation FOF, which reached a net value return of 77.13% [2][8]. - The average return for public fund managers was 19.77%, with a median of 14.97%, and 169 managers achieving returns over 60% [3]. Market Dynamics - The Shanghai Composite Index rose by 15.84%, the Shenzhen Component Index by 29.88%, and the ChiNext Index by 51.20%, contributing to the valuation uplift of public FOFs [3]. - A total of 20.14 million new A-share accounts were opened in the first three quarters, marking a 49.64% year-on-year increase [3]. Fund Issuance Trends - There were nearly 50 new public FOFs launched in the first three quarters, a significant increase from 23 in the same period last year [4]. - The Morgan Fund's Yingyuan Stable Three-Month Holding A was notable for raising 2.752 billion yuan in just one day, marking it as the first "one-day sold out" FOF product since 2025 [4]. Investment Strategies - Key drivers of FOF performance included technology and resource-themed ETFs, with active management funds also showing strong results [2]. - Recommendations for investment focus on undervalued sectors such as non-ferrous metals and traditional sectors like liquor and home appliances, which have stable profit margins [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report On October 13, 2025, the A-share market showed a downward trend, with different performances among various industries and ETFs. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all declined, while some industries like non-ferrous metals, environmental protection, and steel saw gains, and sectors such as automobiles, household appliances, and beauty care suffered losses. Different types of ETFs also had diverse price movements and trading volumes [2][6]. 3. Summary by Related Catalogs Market Overview - The Shanghai Composite Index fell 0.19% to close at 3889.50 points, the Shenzhen Component Index dropped 0.93% to 13231.47 points, and the ChiNext Index declined 1.11% to 3078.76 points. The total trading volume of A-shares in the two markets was 23745 billion yuan. The top-performing industries were non-ferrous metals (3.35%), environmental protection (1.65%), and steel (1.49%), while the worst-performing were automobiles (-2.33%), household appliances (-1.74%), and beauty care (-1.58%) [2][6]. Stock ETF - The top-traded stock ETFs included the Huaxia Shanghai Science and Technology Innovation Board 50 ETF, which rose 1.18% with a premium rate of 1.37%; the E Fund ChiNext ETF, which fell 1.32% with a premium rate of -1.14%; and the Harvest Shanghai Science and Technology Innovation Board Chip ETF, which increased 2.35% with a premium rate of 2.57% [3][7]. Bond ETF - The leading bond ETFs in terms of trading volume were the Haifutong CSI Short-term Financing Bond ETF, up 0.01% with a premium rate of 0.00%; the Bosera CSI Convertible and Exchangeable Bond ETF, down 0.19% with a premium rate of -0.49%; and the Southern CSI AAA Science and Technology Innovation Corporate Bond ETF, up 0.04% with a premium rate of -0.14% [4][9]. Gold ETF - Gold AU9999 rose 3.24%, and Shanghai Gold increased 2.89%. The top-traded gold ETFs were the Huaan Gold ETF, up 2.99% with a premium rate of 3.14%; the E Fund Gold ETF, up 2.96% with a premium rate of 3.07%; and the Bosera Gold ETF, up 2.98% with a premium rate of 3.14% [12]. Commodity Futures ETF - The Dacheng Non-ferrous Metals Futures ETF fell 0.61% with a premium rate of -1.51%; the Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.08% with a premium rate of -0.14%; and the Huaxia Feed Soybean Meal Futures ETF increased 0.62% with a premium rate of 3.88% [13]. Cross-border ETF - The previous trading day saw the Dow Jones Industrial Average fall 1.90%, the Nasdaq Composite drop 3.56%, the S&P 500 decline 2.71%, and the German DAX fall 1.50%. On this day, the Hang Seng Index fell 1.52%, and the Hang Seng China Enterprises Index dropped 1.45%. The top-traded cross-border ETFs were the E Fund CSI Hong Kong Securities Investment Theme ETF, down 2.35% with a premium rate of -2.15%; the Huatai-PineBridge Hang Seng Technology ETF, down 2.52% with a premium rate of -2.24%; and the Huatai-PineBridge CSI KRX Korea-China Semiconductor ETF, up 0.92% with a premium rate of 0.98% [15]. Money ETF - The top-traded money ETFs were the Yin Hua Day Profit ETF, Huabao Tianyi ETF, and Money ETF Jianxin Tianyi [17].

Core Viewpoint - The market experienced a collective decline in the three major stock indices on October 13, while the Science and Technology Innovation 50 index rose by over 1%. The Dividend Low Volatility ETF (512890) showed resilience, increasing by 0.52% despite the overall market downturn [1]. Fund Performance - The Dividend Low Volatility ETF (512890) had a closing price of 1.156, with a 5-day increase of 0.61% and a total trading volume of 1.156 billion CNY [2]. - Over the past five trading days, the ETF saw a net inflow of 158 million CNY, which increased to 346 million CNY over the last ten days, and reached a total net inflow of 1.299 billion CNY over the last sixty days, indicating strong investor interest [2][3]. Market Outlook - Huaxi Securities suggests that the market impact this month will be less severe than the "April 7 incident," with "turning points and opportunities" being key themes for October [4]. - The industry allocation is expected to favor sectors such as dividends, agriculture, military, and rare earths, while Everbright Securities indicates that the market may enter a phase of wide fluctuations due to multiple factors [4]. Investment Strategy - The Dividend Low Volatility ETF (512890) has achieved a cumulative return of 129.76% since its inception in December 2018, outperforming its benchmark and ranking 82nd among 502 similar products [4]. - The fund has consistently delivered positive returns for six consecutive years from 2019 to 2024, making it one of the few A-share market ETFs to achieve "annual positive returns" [4]. - Experts recommend that investors consider the Dividend Low Volatility ETF as a core component for stable returns in their asset allocation, suggesting a dollar-cost averaging approach to mitigate short-term volatility risks [4].

Group 1 - The market has experienced fluctuations and adjustments recently, but the long-term positive trend remains intact. External shocks leading to asset declines present a good opportunity to increase holdings in the Chinese market [2] - The current external trade risks are relatively clear compared to previous shocks, and domestic financial stability conditions are more apparent, indicating that external disturbances will not end the upward trend [2] - There are structural opportunities alongside short-term adjustments, with continued optimism for technology growth, finance, and certain cyclical sectors. Investors are advised to maintain a balanced allocation and focus on investment opportunities in these areas [2] Group 2 - Huabao Fund has launched three major broad-based ETFs tracking the China A-share market, providing investors with diverse options to invest in China [2] - The A50 ETF focuses on the top 50 core leading companies, while the A100 ETF encompasses the top 100 industry leaders, and the A500 ETF covers a broader range of 500 companies [2] - The total trading volume in the market reached 2.35 trillion yuan, a decrease of 160.9 billion yuan from the previous day, indicating a decline in market activity [1]

Group 1 - The core viewpoint of the article highlights the establishment of a significant investment fund matrix in Minhang District, Shanghai, aiming to create a "100 billion fund, 1 trillion scale" ecosystem through strategic partnerships and social capital involvement [2][3] - The four major fund categories include strategic investment funds, new quality navigation funds, future industry funds, and industrial investment funds, designed to support the entire lifecycle of enterprise growth [2] - The Minhang District's financial policies focus on future investments, technology empowerment, inclusive finance, and regional services, encouraging equity investment institutions to invest in local tech enterprises [2] Group 2 - The establishment of the "100 billion fund, 1 trillion scale" fund cluster is seen as a vital boost for the mother fund industry, which has experienced a significant decline in new fund setups and scales in 2025 [3] - In recent developments, Shanghai has been active in the mother fund and venture capital sectors, with the establishment of the Jing'an Capital Investment Operation Co., which has a registered capital of 12 billion yuan [4] - The Shanghai government has initiated measures to optimize the equity investment environment, supporting the creation of equity investment clusters across various districts [4][5] Group 3 - The Shanghai Future Industry Fund has successfully expanded its scale from 10 billion to 15 billion yuan, actively participating in investments across cutting-edge fields such as brain science and synthetic biology [7] - The Shanghai government has implemented a series of supportive policies for the equity investment industry, including the establishment of district-level guiding funds of no less than 10 billion yuan [5][6] - The Shanghai municipal government has also launched significant initiatives to enhance the development of venture capital and private equity, with a focus on mergers and acquisitions [11][12] Group 4 - The article emphasizes Shanghai's leading position in the mother fund industry, with over 40 mother funds and a total managed scale ranking among the top five in the country [12][13] - Recent policies have been introduced to support the establishment of large-scale S funds, promoting a capital relay mechanism for the cultivation of the sci-tech industry [15] - The Shanghai government is committed to creating a favorable environment for private equity funds, enhancing the attractiveness of the region for investment institutions [14][15]

Report Title - Pioneer Futures Options Daily Report, dated October 13, 2025 [1] Key Information on Option Volatility Option Volatility Ranking - The report provides rankings of at-the-money option implied volatility, 30-day historical volatility, and the real daily range for various option targets. For example, ps2511 ranks 1st in at-the-money option implied volatility with a value of 4.3%, while cj601 ranks 10th with 2.0% [3]. Volatility Analysis - At-the-money option implied volatility reflects the market's expectation of future price fluctuations of the underlying asset. Higher values suggest a greater likelihood of significant price movements. Historical volatility shows past price fluctuations, and if it is lower than implied volatility, option prices may be relatively high. The real daily range indicates the intraday price movement [6]. Exchange - Specific Option Analysis Shanghai Stock Exchange Options 1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main Shanghai 50ETF options on the day is 930,721 contracts, with an open interest of 976,248 contracts. The trading volume ratio of call to put options is 1.13, and the weighted - average implied volatility is 21.08% [21]. - **Volatility Trading**: Suggestions include selling options in months with higher implied volatility curves and buying those in months with lower curves. For options in the same month, sell options with points above the curve and buy those below [23]. - **Risk - Free Arbitrage**: With settlement price execution, the minimum annualized return of the optimal arbitrage portfolio held to maturity is 16.8%; with counter - party price execution, it is 0.81% [27][29]. 1.2 Huatai - Berry SSE 300ETF - **Basic Information**: The trading volume of the main Huatai - Berry SSE 300ETF options on the day is 1,110,954 contracts, with an open interest of 715,169 contracts. The trading volume ratio of call to put options is 0.98, and the weighted - average implied volatility is 21.27% [32]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell options in months with higher curves and buy those in lower - curve months; for the same month, sell high - curve points and buy low - curve points [34]. - **Risk - Free Arbitrage**: With settlement price execution, the minimum annualized return of the optimal arbitrage portfolio held to maturity is 14.5%; with counter - party price execution, there is no minimum annualized return [38][40]. 1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main Southern CSI 500ETF options on the day is 1,607,027 contracts, with an open interest of 718,773 contracts. The trading volume ratio of call to put options is 0.96, and the weighted - average implied volatility is 24.63% [43]. - **Volatility Trading**: Follow the same rules as above for volatility trading [45]. - **Risk - Free Arbitrage**: With settlement price execution, the minimum annualized return of the optimal arbitrage portfolio held to maturity is 34.4%; with counter - party price execution, it is 7.58% [49][51]. 1.4 Huaxia SSE STAR 50ETF - **Basic Information**: The trading volume of the main Huaxia SSE STAR 50ETF options on the day is 1,571,108 contracts, with an open interest of 1,188,741 contracts. The trading volume ratio of call to put options is 1.04, and the weighted - average implied volatility is 51.33% [54]. - **Volatility Trading**: Adopt the same volatility trading strategies [56]. - **Risk - Free Arbitrage**: With settlement price execution, the minimum annualized return of the optimal arbitrage portfolio held to maturity is 35.2%; with counter - party price execution, it is 4.41% [60][62]. 1.5 E Fund SSE STAR 50ETF - **Basic Information**: The trading volume of the main E Fund SSE STAR 50ETF options on the day is 314,143 contracts, with an open interest of 329,369 contracts. The trading volume ratio of call to put options is 1, and the weighted - average implied volatility is 51.4% [65]. - **Volatility Trading**: Use the same rules for volatility trading [67]. - **Risk - Free Arbitrage**: With settlement price execution, the minimum annualized return of the optimal arbitrage portfolio held to maturity is 27.7%; with counter - party price execution, it is 1.89% [71][73].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past three weeks, the US issued nearly 100 new ETF products, with the product issuance speed further increasing [1][6]. - The capital inflow into US ETFs has remained at a high level. In the past month, nearly $180 billion flowed into US ETFs, with over $100 billion flowing into stock products [1][18]. - Aerospace and defense ETFs listed in the US have performed well, with the technology - related product SHLD and European - themed products seeing gains of over 80% [1][23]. - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The redemption pressure eased that month [1][24]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Nearly 100 Products Issued in 3 Weeks - In the past three weeks, the US issued a total of 91 new products, including single - stock leveraged inverse products, leveraged inverse products in the Top5 series targeting popular sectors, and products related to digital currencies [6][10]. - ARK started issuing the DIET series of Buffer ETFs, which have different structures from traditional Buffer products [11]. - Federated Hermes issued a market - neutral ETF at the end of September, using an active quantitative combination method [16]. - Rayliant and ChinaAMC issued the ChinaAMC Transformative China Tech ETF on September 26, tracking an index composed of about 100 Chinese technology - related companies [1][16]. - New managers such as Liberty One and Raymond issued dividend - related strategy products [17]. - Global X and Wisdomtree issued semiconductor and quantum computing ETFs, and military - themed products have attracted high attention [17]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Capital Inflow Remains at a High Level - In the past month, nearly $180 billion flowed into US ETFs, with over $100 billion flowing into stock products. The iShares S&P 500 ETF IVV had an inflow of over $40 billion in the past month, surpassing SPY in scale [18][20]. - Bitcoin and gold products had obvious inflows, while many leveraged products had significant outflows [20]. 3.2.2 US ETF Performance: Aerospace and Defense ETFs Perform Well - Due to the complex global situation this year, aerospace and defense ETFs listed in the US have performed well. The technology - related product SHLD and European - themed products have seen gains of over 80% [23][24]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The scale of domestic stock products increased by 1.62%, and the redemption pressure eased [24]. - In the past four weeks, the outflow level of domestic stock funds in the US has been relatively stable, with outflows exceeding $20 billion in three weeks, while bond products have had stable inflows [25].

Core Insights - The total trading volume of Nasdaq 100 Index ETFs reached 8.663 billion yuan today, marking a week-on-week increase of 67.82% [1] Trading Volume Summary - The trading volume of GF Nasdaq 100 ETF (159941) was 2.415 billion yuan, up by 848 million yuan, a week-on-week increase of 54.11% [1] - The trading volume of Guotai Nasdaq 100 (QDII-ETF) (513100) was 1.698 billion yuan, up by 759 million yuan, a week-on-week increase of 80.84% [1] - The trading volume of Huaxia Nasdaq 100 ETF (QDII) (513300) was 1.121 billion yuan, up by 452 million yuan, a week-on-week increase of 67.63% [1] - Notably, E Fund Nasdaq 100 ETF (QDII) (159696) and China Merchants Nasdaq 100 ETF (QDII) (159659) saw significant increases in trading volume, with increases of 225.85% and 135.94% respectively [1] Market Performance Summary - As of market close, the average decline for Nasdaq 100 related ETFs was 1.49%, with the largest declines seen in China Merchants Nasdaq 100 ETF (QDII) (159659) and Huaxia Nasdaq 100 ETF (QDII) (159632), which fell by 1.95% and 1.80% respectively [2] - Detailed performance data for various ETFs shows that despite the increase in trading volume, most ETFs experienced a decline in value [2]