Group 1 - The report highlights the performance of the "Xinxuan ETF Absolute Return Strategy," which achieved an annualized return of 14.23% over the past three years, with a maximum drawdown of only 8.6% and a Sharpe ratio of 1.44 [10] - As of 2024, the total return of the Xinxuan ETF portfolio is 54.04%, outperforming the equal-weighted ETF by 11.1%, with a Sharpe ratio of 1.55 and a maximum drawdown of 6.3% [10] - The latest holdings of the Xinxuan ETF strategy include various ETFs such as the Innovation Drug ETF (15%) and the Bank ETF (10%) [11] Group 2 - The "All-Weather Multi-Asset Risk Parity Strategy" has yielded a return of 27.75% since the beginning of 2024, with a maximum drawdown of 3.62% and a Sharpe ratio of 2.56 [13] - This strategy diversifies across different assets and strategies, including gold ETFs and U.S. equity ETFs, to enhance returns while reducing overall portfolio volatility [15] Group 3 - The "Recovery Fixed Income+" strategy aims to balance inflation and credit factors while maintaining liquidity, utilizing a monthly rotation among 15 high-liquidity ETFs in the Hong Kong market [19] - Since 2021, this strategy has achieved an annualized return of 7.63% with a volatility of 7.06% and a Sharpe ratio of 1.07 [19] Group 4 - The "China-U.S. Core Asset Portfolio" includes strong trend assets such as liquor, dividends, gold, and the Nasdaq, achieving an annualized return of 33.66% since early 2015, outperforming equal-weighted indices by 12.11% [21] - The latest holdings in this portfolio include the Dividend ETF [23] Group 5 - The "High Prosperity/Dividend Rotation Strategy" has generated an annualized return of 25.49% since early 2021, significantly outperforming equal-weighted indices by 22.91% [26] - The strategy adjusts holdings based on economic signals, switching between high-growth ETFs and dividend ETFs [26] Group 6 - The "Double Bond LOF Enhancement Strategy" has achieved an annualized return of 6.43% since early 2019, with a Sharpe ratio of 2.48 and a maximum drawdown of 2.42% [29] - This strategy focuses on increasing the weight of bonds in the portfolio while maintaining exposure to other assets [29] Group 7 - The "Structured Risk Parity Strategy (QDII)" has yielded a return of 28.53% since the beginning of 2024, with a maximum drawdown of 2.38% and a Sharpe ratio of 2.57 [32] - This strategy combines domestic long-term bond ETFs with QDII equity products and gold to enhance returns [32] Group 8 - The report indicates that 24 new public funds were established this week, raising a total of 141.73 billion yuan, with 14 new index funds accounting for 65.90 billion yuan of this total [39] - The new index funds include various themes such as technology, agriculture, and energy [39] Group 9 - As of November 14, 2025, A-share, bond, commodity, and cross-border ETFs saw net subscription amounts of 122.0 billion yuan, -2.7 billion yuan, 59.4 billion yuan, and 102.4 billion yuan, respectively [49] - In the A-share ETF segment, the net inflow was led by sectors such as electric power equipment and new energy [50]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The performance of the first batch of Sci - tech Bond ETFs has been on the market for nearly 4 months, and the second batch for nearly 2 months. There is a differentiation in the yields of different products within the same batch, with some Sci - tech Bond ETFs leading in performance [1]. - Products tracking the "Shenzhen AAA Sci - tech Bonds" have outperformed. The best - performing Sci - tech Bond ETFs in both batches are the only ones tracking the "Shenzhen AAA Sci - tech Bonds" in their respective batches [2]. - Most Sci - tech Bond ETFs continue to increase their duration, while the duration of benchmark - making credit bond ETFs is relatively stable [3]. - The trading volume ratio of Sci - tech Bond ETFs and benchmark - making ETFs to credit bonds remains low. Attention should be paid to the investment opportunities in the constituent bonds of Sci - tech Bond ETFs, especially when the spread between "non - constituent bonds - constituent bonds" is high [3]. 3. Summary by Related Catalogs 3.1 Performance Differentiation of Sci - tech Bond ETFs - In the first batch, the best - performing is Invesco Great Wall Sci - tech Bond ETF with a since - listing yield of 0.35%, followed by E Fund Sci - tech Bond ETF with a yield of 0.29%, and the yields of other ETFs are below 0.2% [1]. - In the second batch, the best - performing is Wanjia Sci - tech Bond ETF with a since - listing yield of 0.48%, and the yields of Huatai - Peregrine, Dacheng, and Tianhong Sci - tech Bond ETFs are between 0.41% - 0.46% [1]. 3.2 Reasons for Performance Differentiation - The "Shenzhen AAA Sci - tech Bonds" have performed relatively well. The index yield of the "Shenzhen AAA Sci - tech Bonds" in the past 3 months is 0.32%, while those of the "CSI AAA Sci - tech Bonds" and "Shanghai AAA Sci - tech Bonds" are 0.21% and 0.20% respectively [2]. - There are only 2 ETFs tracking the "Shenzhen AAA Sci - tech Bonds", so the trading is less crowded. Also, the "Shenzhen AAA Sci - tech Bonds" do not have requirements for the implied ratings of constituent bonds, leaving a certain spread [2]. 3.3 Scale and Component Bond Changes - On November 14, the scale of credit bond ETFs reached 493.7 billion yuan, basically unchanged from November 7. The weekly scale changes of each ETF are generally within (- 2%, 2%) [2]. - The newly issued central and state - owned enterprise bonds with a term of over 5 years are still the types of bonds being increased by Sci - tech Bond ETFs. The 2 - 3 - year term is also a major term for bond - increasing, mainly in the finance and power industries. The bonds being reduced are concentrated in the 2 - 3 - year term, mainly in the building materials industry [2]. 3.4 Duration Changes - 18 Sci - tech Bond ETFs, accounting for 75%, continue to increase their duration. Among them, China Merchants Sci - tech Bond ETF's duration increased by 0.2 years to 4.05 years last week, becoming the Sci - tech Bond ETF with the longest duration [3]. - The duration of benchmark - making credit bond ETFs is relatively stable, basically unchanged from November 7 [3]. 3.5 Individual Bond Strategy - The trading volume ratio of Sci - tech Bond ETFs and benchmark - making ETFs to credit bonds remains low. Attention should be paid to the investment opportunities in the constituent bonds of Sci - tech Bond ETFs. When the spread between "non - constituent bonds - constituent bonds" is high, there is room for compression [3]. - Last week, the spreads between the "non - constituent bonds - constituent bonds" of Sichuan Expressway Investment Group, Dongfeng Motor Group, and China Railway Co., Ltd. have narrowed from over 20bp to within 20bp. This week, attention should continue to be paid to the non - constituent bonds of Shaanxi Yanchang Petroleum, China National Energy Conservation and Environmental Protection Group, and China Merchants Highway Network Technology [3].

Core Insights - The bond ETF market has reached a new high, with a total scale of 706.29 billion yuan as of November 14, 2023, marking significant growth despite market volatility [2] - Factors contributing to this growth include favorable policies, product innovation, and increased liquidity from market makers [2][3] Market Growth - The bond ETF market has expanded significantly this year, with a net inflow of over 427 billion yuan, indicating strong investor interest [2] - Notably, 20 ETFs have seen net inflows exceeding 10 billion yuan, with short-term bond ETFs attracting nearly 40 billion yuan and 30-year treasury ETFs over 29 billion yuan [2] Investor Demand - Investor demand is driven by a low-interest environment, leading to increased sensitivity to fund fees among investors [2] - The limited number of bond ETFs, such as only two 30-year treasury index funds available, enhances their appeal due to operational convenience and flexibility [3] Market Outlook - The central bank's bond purchasing operations are expected to boost market confidence, with a focus on medium to short-term treasury bonds [4] - The overall market is anticipated to perform better than the third quarter, with a potential recovery in the bond market expected in the fourth quarter [4] Investment Strategies - Investment strategies should consider a defensive approach in the short term, waiting for favorable conditions in the equity market before taking more aggressive positions [5] - A multi-asset ETF strategy is recommended for investors seeking stable returns, combining low-volatility bond ETFs with equity ETFs to balance risk and reward [5]

Group 1 - The core viewpoint of the article highlights the significant growth of bond ETFs in China, reaching a new high of 706.29 billion yuan as of November 14, driven by favorable policies, product innovation, and ease of trading [2][5][3]. Group 2 - The bond ETF market has expanded notably this year, with a net inflow of over 427 billion yuan, including 20 ETFs with net inflows exceeding 10 billion yuan each, such as the short-term bond ETF with nearly 40 billion yuan and the 30-year government bond ETF with over 29 billion yuan [5]. - Factors contributing to the popularity of bond ETFs include increased investor sensitivity to fund fees in a low-interest environment, regulatory support for product innovation, and enhanced liquidity from market makers [5][6]. - The limited number of bond ETFs, such as only two 30-year government bond index funds and two convertible bond index funds, along with the operational convenience and flexibility of trading, further enhance their attractiveness [6][7]. - Looking ahead, the central bank's bond purchasing operations are expected to boost market confidence, with a forecast of a stable bond market in the short term, while investors are encouraged to adopt multi-asset ETF strategies to seize opportunities [9][10]. - The overall economic recovery and reduced net financing scale of government bonds are seen as favorable for the bond market, with expectations of a better performance in the fourth quarter compared to the third quarter [9][10]. - Investment strategies suggested include a multi-asset ETF configuration that combines stable bond ETFs with stock ETFs to achieve a balance of risk and return in a volatile market [11].

Core Viewpoint - The recent surge in premiums for several cross-border ETFs has raised concerns among fund companies, prompting multiple warnings about the risks associated with high premiums in the market [1][2][4]. Group 1: Premiums and Risk Warnings - As of November 14, several cross-border ETFs, including E Fund MSCI US 50 ETF and Huaxia Nomura Nikkei 225 ETF, have reported premiums exceeding 6%, with E Fund's premium reaching 6.66% [2][3]. - Fund companies have issued multiple risk warnings, advising investors to be cautious of the high premium status and the potential for significant losses if they invest blindly [2][3]. - The high premiums are attributed to supply-demand imbalances in the secondary market, exacerbated by insufficient QDII quotas, which prevent fund companies from arbitraging to correct price discrepancies [1][5]. Group 2: Investor Interest and Market Dynamics - There remains a strong interest in cross-border ETFs among investors, particularly in newly launched products like the Brazilian cross-border ETFs, which saw rapid sales [4][5]. - The popularity of certain ETFs is linked to their holdings in well-known technology companies such as Apple, Nvidia, and Microsoft, providing investors with opportunities to participate in these technology sectors [3][4]. - The expansion of cross-border ETF offerings is driven by both management initiatives and investor demand, as the current range of available ETFs in China is relatively limited [4][5]. Group 3: Market Trends and Future Outlook - The trend of investing in international markets is growing, with an increasing number of funds targeting regions like Germany, France, and Southeast Asia, thereby diversifying the investment landscape [5]. - The recent adjustments to the Hong Kong Stock Connect ETF list indicate a broader acceptance and integration of cross-border investment products in the Chinese market [5]. - Analysts suggest that the fundamental cause of premium occurrences in QDII ETFs is the short-term supply-demand mismatch, which can fluctuate based on market sentiment and external factors [5].

1. Report Industry Investment Rating The document does not provide an investment rating for the industry. 2. Core View of the Report This week, the public offering REITs market saw a slight increase, with a decrease in trading volume. Both the equity - type and franchise - type public offering REITs indices rose. There are 23 public offering REITs funds awaiting listing, and the market is expected to continue expanding. In the context of asset shortage, public offering REITs have the advantages of high dividends and medium - low risks, and their allocation cost - performance is relatively high [2][4][40]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: Slight Increase in the Public Offering REITs Market This Week - **Market Index Performance**: As of November 14, 2025, the China Securities REITs Index rose 0.82% to 818.17 compared to last week, and the China Securities REITs Total Return Index was 1050.45, up 0.86% from last week [9]. - **Trading Volume and Turnover**: The total trading volume of the REITs market this week was 710 million shares, a 3.14% week - on - week decline, and the trading amount was 2.844 billion yuan, a 1.15% week - on - week decline. The market turnover rate was 2.83%, down from 2.96% last week [11]. - **Index Performance by Asset Type**: Equity - type and franchise - type public offering REITs indices rose by 0.68% and 0.31% respectively. Among them, transportation infrastructure REITs had the highest increase, and municipal facilities REITs had the highest decline [4][14]. - **Trading Volume and Turnover by REITs Type**: Most types of public offering REITs saw an increase in trading volume and turnover. Water conservancy facilities, new infrastructure, warehousing and logistics, energy infrastructure, and transportation infrastructure REITs had increased trading volume, while others decreased. The daily average turnover rate of some types also changed accordingly [19][21]. - **Single - Product Performance**: Among the 77 public offering REITs, 56 rose, 20 fell, and 1 remained unchanged. The top - rising products included Zhongjin Shandong Hi - Speed Group Expressway REIT, etc., and the top - falling products included Huatai Zijin Nanjing Jianye Industrial Park REIT, etc. [23]. 3.2 Primary Market: 23 Public Offering REITs Funds Awaiting Listing - **Issuance Situation**: As of November 14, 2025, a total of 77 public offering REITs had been issued, with a total issuance scale of 198.1 billion yuan. In 2025, 18 public offering REITs were issued, 2 in October, and none in November [3][30]. - **Pending Listings**: There are 23 public offering REITs funds awaiting listing, including 10 for initial offerings and 13 for expansion. In terms of project status, 10 have passed, 7 have been feedback, 4 have been questioned, and 2 have been accepted [32]. 3.3 Public Offering REITs Policies and Market Dynamics - **Xiamen Anju Group's Plan**: On November 12, Xiamen Anju Group announced plans to use enterprise - bond investment projects as underlying assets for the expansion of Zhongjin Xiamen Anju REIT. The application materials have been officially accepted by the CSRC and the Shanghai Stock Exchange [35][36]. - **NDRC's Recommendation**: As of November 12, the National Development and Reform Commission has recommended 105 REITs projects to the CSRC, with 83 successfully listed, raising 207 billion yuan and expected to drive over 1 trillion yuan in new project investments [37]. - **Early End of Subscription for Huaxia Anbo Warehouse REIT**: On November 12, Huaxia Anbo Warehouse REIT announced the early end of the public - investor subscription and proportionate allocation due to over - subscription [38]. 3.4 Investment Suggestions This week, the REITs index rose slightly, and the trading volume decreased. The market is expected to continue expanding. In the context of asset shortage, public offering REITs have high dividends and medium - low risks, with high allocation cost - performance [4][40].

王麦琪 制图 "永赢现象"A/B面 ◎记者 王彭 在竞争白热化的国内公募基金行业，一家年轻的基金公司正以令人瞩目的速度崛起。凭借在固收领域的 深厚根基，以及在指数、主动权益产品上的前瞻性"卡位"，永赢基金管理规模快速增长，被业界称 为"永赢现象"。 随着"永赢现象"逐渐走入行业视野，其"剑走偏锋"的发展路径亦引发业内深度思考与探讨。一面是，永 赢基金凭借独特的业务打法与产品策略实现了快速崛起，成为业内借鉴的样本；另一面则是，其高速成 长背后所隐含的行业共性问题与潜在风险不容小觑。 淡季播种"等风来" 银行系出身的永赢基金，成立仅十二载，在短短5年内，市场排名持续提升，非货规模于今年三季度末 一路杀到行业第18位。 细究永赢基金的成长路径，其实并不复杂——战略清晰，打法精准，节奏得当。这种模式在其产品布局 上体现得淋漓尽致：以固收业务为"压舱石"，以权益类产品为"开路先锋"，在细分赛道上频频落子、前 瞻卡位。这种"淡季播种，旺季收获"的布局思路，使其在竞争激烈的基金行业中开辟了一条差异化发展 之路。 在近一年主动权益基金业绩排行榜上，永赢基金旗下多只产品表现突出，成为市场关注焦点。Choice数 据显示：截至1 ...

国海富兰克林基金总经理徐荔蓉： 中国资产全球再定价 把握港股长期投资机遇 ◎记者 王彭 今年以来，港股市场表现亮眼，恒生指数、恒生国企指数和恒生科技指数均实现显著上涨，在全球主要 市场中排名靠前。近日，国海富兰克林基金总经理兼投资总监徐荔蓉在接受上证报记者采访时表示，港 股市场正处在估值修复、流动性改善和盈利增长三重因素驱动的上行通道中。对于投资者而言，通过合 理的资产配置，并使用"主动+被动"的工具，或能更好把握这轮中国资产全球再定价的历史性机遇。 港股估值修复尚未结束 关于港股本轮上涨，徐荔蓉分析称，这是估值洼地修复、流动性结构质变、盈利改善三重因素叠加的结 果。这三者并非孤立存在，而是相互强化：资金流入推动估值修复，估值修复为企业融资和发展创造更 好条件，而盈利改善又有望进一步吸引资金流入。 "站在当前时点，我依然对港股市场保持乐观。这轮行情并非简单的反弹，而是中国资产在全球再定价 过程中的一个重要阶段。"徐荔蓉称。 在"定价误差"中寻找机会 徐荔蓉还特别强调了"逆向投资"策略在港股市场的作用。他表示，港股作为一个典型的离岸市场，其走 势经常受到海外流动性、国际政治关系、美元汇率波动等外部因素影响，这导 ...

Choice数据显示，截至11月12日，债券ETF共有53只，今年以来增加32只；规模则从去年底的1799.87亿 元升至7054.23亿元。百亿级债券ETF也批量涌现，截至11月12日，30只债券ETF规模在百亿元以上，而 2024年底仅有5只。在业内人士看来，今年以来债券ETF频现新品种，为投资者提供了丰富的资产配置 工具，后续更多创新产品值得期待 ◎记者 赵明超 债券ETF发展迅猛，最新规模已突破7000亿元，今年以来增长5200多亿元。与此同时，百亿级ETF阵营 持续扩容，在当前上市的53只债券ETF中，规模突破百亿元的产品有30只。 百亿级债券ETF达30只 Choice数据显示，截至11月12日，债券ETF共有53只，今年以来增加32只；规模则从去年底的1799.87亿 元升至7054.23亿元。 值得注意的是，百亿级债券ETF批量涌现。截至11月12日，30只债券ETF规模在百亿元以上，而2024年 底仅有5只。 具体来看，海富通中证短融ETF规模为686.1亿元，博时中证可转债及可交换债券ETF规模为572.63亿 元，富国中债7-10年政策性金融债ETF规模为437.27亿元，鹏扬中债-30 ...

公募发力红利产品 把握稳健资金"升级需求" 红利基金发行与资金流入"双向升温"的背后，折射出资金对于偏稳健方向权益资产的青睐。业内人士表 示，红利基金有望成为引导稳健型资金进入权益市场的重要跳板 ◎记者 朱妍 随着居民稳健投资需求升级，以及市场风格趋于均衡，公募基金正密集布局红利类产品。数据显示，四 季度以来，红利基金规模较三季度末增加80亿元，且新成立了14只产品。业内人士认为，资金流入与发 行加码的背后，是资金寻求稳健增值的需求，未来红利基金有望成为引导稳健型资金进入权益市场的重 要"跳板"。 Choice数据显示，截至11月13日，四季度以来，已有14只红利基金宣告成立。更多产品还在申报流程 中，涉及交银施罗德基金、银华基金、永赢基金、国联安基金等多家公募旗下产品。 "红利资产的配置价值是一直存在的，即便价格下跌，股息率也会提升，对中长期资金的吸引力反而会 增强。没有明确投资方向时可以增加红利权重，若有更好的方向则可降低其权重。"沪上某基金经理 说。 关于后续投资，国泰基金认为，投资者可延续均衡型配置。建议保持景气度主线，例如产品价格底部稳 步抬升的煤炭、仍处于涨价区间的光伏，以及受益于半导体周期的芯片 ...