1. Report's Industry Investment Rating - No information provided regarding the report's industry investment rating 2. Core Viewpoints of the Report - Last week, 21 new ETF products were issued in the US, with multiple managers launching series of products, including Trump Media & Technology Group issuing 5 Truth Social ETFs and planning to issue digital - currency related products in the future [4][5] - In the past week, the inflow of US ETFs was relatively stable, with domestic stock products' inflow exceeding that of international stocks again, and gold ETFs experiencing outflows [7][9] - In 2025, the US pharmaceutical sector, especially the biotech field, performed well, with many products rising over 25% and State Street's products performing best, rising over 35% [12] - In November 2025, the total non - money public funds in the US increased by $0.03 trillion compared to October. The scale of domestic stock products decreased by 0.15%, and the redemption pressure eased. From December 17th to 23rd, the outflow of domestic stock funds narrowed to around $20 billion, while mixed - allocation products continued to see outflows and bond products continued to see inflows [14] 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Trump Media & Technology Group Issues ETF - 21 new US ETF products were issued last week. Tuttle Capital issued an option - strategy product based on Magnificent 7. Trump Media & Technology Group issued 5 Truth Social ETFs tracking indexes related to national interests and political party stances, and plans to issue digital - currency related products in the future [4][5] - Opal Capital issued a high - concentration ETF investing in 15 - 30 high - quality companies with long - term growth potential, and a disciplined US stock ETF selecting 60 - 170 stocks through a disciplined approach [5] - Founder ETF issued another ETF investing in founder - led companies, tracking the Founder - Led Index [5] - Innovator issued 4 two - way Buffer products, which provide positive returns in both rising and falling markets with certain return caps [6] - Gabelli issued an ETF investing in the sports and live - performance industries, whose companies have stable revenue and strong pricing power [6] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Gold ETFs Experience Outflows - In the past week, US ETF inflows were relatively stable, with domestic stock products' inflow exceeding that of international stocks. Vanguard S&P 500 ETF and State Street S&P 500 had certain inflows, and broad - based stock and bond products were among the top in inflows, while gold and silver ETFs had outflows [7][9] 3.2.2 US ETF Performance: Biomedical Products Perform Excellent - In 2025, the US pharmaceutical sector, especially the biotech field, performed well. Many products in this field rose over 25%, and State Street's products performed best, rising over 35% [12] 3.3 Recent US Ordinary Public Fund Fund Flows - In November 2025, the total non - money public funds in the US were $23.72 trillion, an increase of $0.03 trillion compared to October. The S&P 500 rose 0.13% in November, and the scale of US domestic stock products decreased by 0.15%, with redemption pressure easing [14] - From December 17th to 23rd, the outflow of US domestic stock funds narrowed to around $20 billion, mixed - allocation products continued to see outflows, and bond products continued to see inflows [14]

风起香江。当投资者还在热议全球市场短期波动时，港股市场正以"黑马"之姿领跑全球主要市场。 2025年以来，港股市场迎来显著回暖，恒生指数年内上涨近30%，恒生科技指数亦录得25%以上涨幅，在全球资本市场中走出强势行情。这轮上涨并非偶 然，而是估值优势、资产质量提升、资金持续流入与市场生态重塑多重因素共振的结果。 在此背景下，港股市场正从离岸市场的"彼岸"色彩中逐渐蜕变，成为映射中国科技发展与经济复苏的核心资产池，其长期投资价值也正被市场深度发掘。 估值锚定安全边际 产业布局贴合核心赛道 更为关键的是，从AI科技到生物医疗，从消费升级到高端制造，港股已成为观察中国新经济发展的重要窗口。在全球科技革命浪潮背景下，港股市场更 是已经汇聚国内AI完整产业链，包括底层算力硬件、中层大模型与技术平台，以及多元应用场景平台。 与此同时，越来越多A股优质龙头企业宣布赴港上市，进一步充实了港股的资产"家底"，让港股市场得以充分共享中国经济转型与产业升级的红利。 Wind数据显示，今年香港股票市场平均每日交易额超过2000亿港元，较去年翻一番。截至12月2日，香港有91个IPO募资，总金额达2590.65亿港元。 新股市场的赚钱 ...