Group 1 - The Shanghai Composite Index (000010) experienced a slight decline of 0.01% as of December 18, 2025, with mixed performance among constituent stocks [1] - Shanghai Airport (600009) led the gains with an increase of 6.70%, while Shengyi Technology (600183) saw the largest decline at 4.86% [1] - The industrial added value for November showed a year-on-year growth of 4.8%, with the equipment manufacturing sector growing by 7.7%, contributing 56.4% to industrial growth [1] Group 2 - The outlook for 2026 indicates a key policy resonance due to the start of China's 14th Five-Year Plan and the U.S. midterm elections, which is expected to drive PPI upward and transition the A-share market into a profit improvement-driven bull market phase [2] - A significant net inflow of funds into the A-share market is anticipated, supported by a favorable liquidity environment and a focus on "domestic demand recovery" and "technological self-reliance" as investment themes [2] - The top ten weighted stocks in the Shanghai 180 Index (000010) account for 26.13% of the index, with notable companies including Kweichow Moutai (600519) and China Ping An (601318) [2]

Core Viewpoint - The trading volume of the Shanghai Stock Exchange 180 Index ETFs increased significantly today, with a total trading volume of 193 million yuan, marking a 51.02% increase compared to the previous trading day [1] Trading Volume Summary - The Huazhang Shanghai 180 ETF (510180) had a trading volume of 129 million yuan, an increase of 56.27 million yuan, representing a 77.00% increase from the previous day [1] - The Southern Shanghai 180 ETF (530580) recorded a trading volume of 19.37 million yuan, up by 6.58 million yuan, with a 51.50% increase [1] - The 180 Index (530300) saw a trading volume of 6.98 million yuan, increasing by 2.82 million yuan, which is a 67.71% rise [1] - The Penghua Shanghai 180 ETF (510040) and Huazhang Shanghai 180 ETF (510180) had the highest increases in trading volume, with increases of 139.46% and 77.00% respectively [1] Market Performance Summary - As of market close, the Shanghai 180 Index (000010) fell by 1.22%, while the average decline for related ETFs was 1.07% [1] - The ETFs with the largest declines included the Shanghai 180 ETF (530800) and Huazhang Shanghai 180 ETF (510180), which dropped by 1.34% and 1.20% respectively [1]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The market is experiencing short-term volatility, but the long-term outlook remains positive, particularly for dividend and technology assets [1] - A barbell strategy is gaining attention, with a focus on increasing equity market allocation among residents [1] Group 2: Index Performance - The Shanghai Stock Exchange 180 Index (000010) has a composition of 90% dividend and 10% technology assets, making it a suitable choice for equity market allocation [1] - As of November 12, 2025, the Shanghai 180 Index rose by 0.38%, with notable increases in constituent stocks such as Baili Tianheng (688506) up by 4.18% and China Aluminum (601600) up by 4.10% [1] Group 3: ETF Tracking - The Shanghai 180 ETF Index Fund (530280) closely tracks the Shanghai 180 Index, which includes 180 large-cap, liquid securities from the Shanghai market [2] - As of October 31, 2025, the top ten weighted stocks in the Shanghai 180 Index accounted for 26.29% of the index, with Kweichow Moutai (600519) being the largest at 4.21% [2][4]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The allocation of residents' assets is gradually increasing in the equity market, benefiting dividend assets first [1] - Technology assets represent economic development trends and have strong long-term growth certainty [1] - The Shanghai Stock Exchange 180 Index follows a barbell strategy with 90% dividend and 10% technology, making it a good choice for equity market allocation [1] Group 2: Index Performance - As of November 7, 2025, the Shanghai Stock Exchange 180 Index (000010) decreased by 0.24% [1] - The top-performing stocks include He Sheng Silicon Industry (603260) up 8.40%, Tongwei Co., Ltd. (600438) up 4.13%, and Daqo New Energy (688303) up 3.91% [1] - The worst-performing stocks include Top Group (601689) down 4.91%, Industrial Fulian (601138) down 4.29%, and Zhongke Shuguang (603019) down 2.72% [1] Group 3: ETF Details - The Shanghai Stock Exchange 180 ETF Index Fund (530280) decreased by 0.16%, with the latest price at 1.24 yuan [1] - Over the past two weeks, the Shanghai Stock Exchange 180 ETF Index Fund has increased by 1.98%, ranking 1/10 among comparable funds [1] - The top ten weighted stocks in the Shanghai Stock Exchange 180 Index as of October 31, 2025, include Kweichow Moutai (600519) and Zijin Mining (601899), accounting for a total of 26.29% [2]

Core Insights - The launch of the Huaxia SSE 180 ETF Linked Fund aims to provide investors with a new tool for participating in the SSE 180 Index, which reflects the performance of 180 large-cap blue-chip companies in the Shanghai market [1][2] - The SSE 180 Index, established in July 2002, is one of the most representative core indices in China's capital market, and its recent optimization in December 2024 enhances its representativeness and investment value [1] - The new fund is part of the broader initiative to attract long-term capital into the market and improve the capital market's ability to serve the real economy [1] Fund Details - The Huaxia SSE 180 ETF Linked Fund tracks the SSE 180 Index and offers a low-threshold, transparent, and efficient investment channel for retail investors [2] - The fund has two share classes: Class A (025478) for long-term holders with a subscription fee, and Class C (025479) for short-term or flexible investors without a subscription fee but with a daily service fee [2] - The appointed fund manager, Zhao Zongting, has 17 years of experience in the securities industry and over 8 years in public fund management, managing several large-scale index funds [2]

Core Viewpoint - In the context of increasing global economic volatility and market uncertainty, there is a rising demand from investors for core assets that provide stable long-term returns. To assist investors in allocating to large-cap blue-chip companies in the Shanghai market, Huaxia Fund officially launched the Huaxia SSE 180 ETF Linked Fund on October 15, 2025, offering a new tool for efficient, convenient, and low-cost participation in the SSE 180 Index investment [1][2]. Summary by Sections Investment Value and Index Optimization - The SSE 180 Index, launched in July 2002, is one of the most representative core indices in China's capital market, consisting of 180 listed companies with good liquidity and large market capitalization. The index underwent a new round of optimization in December 2024, enhancing its representativeness and investment value through liquidity screening, ESG negative screening, and market capitalization screening [1][2]. - The optimized SSE 180 Index showcases three core advantages: 1. More balanced industry distribution, covering various sectors with the largest industry accounting for only 18.83%, effectively diversifying investment risks and reflecting the trend of China's economic transition towards high-end manufacturing and technological innovation [1]. 2. A clearer large-cap style, with stocks over 100 billion in market capitalization accounting for 83% of the index, and 12 stocks exceeding 1 trillion in market capitalization, indicating a concentrated distribution compared to the CSI 300 Index [2]. 3. A high proportion of leading companies, particularly state-owned enterprises, benefiting from state-owned enterprise reforms and stable dividend policies, thus possessing significant long-term investment value [2]. Fund Launch and Features - The newly launched Huaxia SSE 180 ETF Linked Fund aims to track the performance of the SSE 180 Index, providing a low-threshold, high-transparency, and efficient investment channel for off-exchange investors. It offers two classes of shares: Class A (025478) for long-term holding with a subscription fee, and Class C (025479) with no subscription fee, suitable for short-term or flexible allocation needs [3]. - The fund manager, Zhao Zongting, has 17 years of experience in the securities industry and over 8 years in public fund management, currently managing several large-scale index funds [3]. Huaxia Fund's Positioning - As a leading asset management institution in China, Huaxia Fund is one of the earliest companies to develop ETF and linked fund products, with extensive experience in index product management and a strong passive investment team. The launch of the Huaxia SSE 180 ETF Linked Fund further enriches the company's offerings in the mainstream broad-based index sector, providing investors with a robust tool to capture long-term growth opportunities in core assets of the Shanghai market [4].

Core Viewpoint - The A-share market opened lower due to statements related to Trump's tariffs, but this does not change the long-term slow bull trend of the market. Long-term, dividend and technology assets are expected to yield excess returns, with a barbell strategy gaining attention [1]. Group 1: Market Performance - As of October 13, 2025, the Shanghai 180 Index (000010) fell by 1.04%. Among its constituent stocks, Kingsoft Office (688111) led with a rise of 17.18%, while Jiangxi Copper (600362) fell by 5.44% [1]. - The Shanghai 180 ETF Index Fund (530280) decreased by 0.98%, with a latest price of 1.21 yuan. Over the past two weeks, the fund has accumulated a rise of 1.91% [1]. Group 2: Index Composition - The Shanghai 180 Index closely tracks the performance of 180 large-cap, liquid securities from the Shanghai stock market, reflecting the overall performance of core listed companies [2]. - As of September 30, 2025, the top ten weighted stocks in the Shanghai 180 Index include Kweichow Moutai (600519), Zijin Mining (601899), and others, accounting for a total of 26.75% of the index [2]. Group 3: Stock Performance - The performance of key stocks within the index shows varied results, with Kweichow Moutai down by 0.61% and Zhongjin International (688981) up by 2.92% [4].

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The market is experiencing short-term volatility, but the long-term outlook remains positive, particularly for dividend and technology assets [1] - A barbell strategy is gaining attention, with a focus on increasing equity market allocation among residents [1] Group 2: Index Performance - As of October 10, 2025, the Shanghai 180 Index (000010) has decreased by 0.62%, with mixed performance among constituent stocks [1] - Notable gainers include Jiangxi Copper (600362) up 9.99%, and Seres (601127) up 7.10%, while Huakong Technology (603296) led the declines at -6.67% [1] - The Shanghai 180 ETF Index Fund (530280) has decreased by 0.72%, with a recent price of 1.24 yuan, but has seen a 2.89% increase over the past two weeks [1] Group 3: Index Composition - The Shanghai 180 Index consists of 180 large-cap, liquid stocks from the Shanghai market, reflecting the overall performance of core listed companies [2] - As of September 30, 2025, the top ten weighted stocks in the index account for 26.75%, including Kweichow Moutai (600519) and Zijin Mining (601899) [2]

Core Viewpoint - The equity market is recovering with increased confidence, as evidenced by the significant growth in the equity index scale of Huaxia Fund, which increased by 72.3 billion yuan, a 9.7% rise compared to the end of last year [1] Group 1: Product Launch and Index Characteristics - Huaxia's Shanghai Stock Exchange 180 ETF (product code: 510670) will officially launch on October 9, 2025, aimed at providing diverse investment options for investors [1] - The Shanghai 180 Index tracks 180 large-cap, liquid stocks in the Shanghai market, reflecting the overall performance of blue-chip stocks [1] - As of August 31, 2025, the index's constituent stocks have a market capitalization concentrated above 100 billion yuan, with a total weight of 83%, including 12 stocks with a market cap exceeding 1 trillion yuan [1] Group 2: Index Optimization and Performance - The Shanghai 180 Index underwent an optimization last year, enhancing liquidity thresholds and improving the index's return and stability [1] - The selection method was modified to exclude securities with ESG ratings of C and below, aligning better with foreign investment preferences [1] - The index's performance is comparable to the CSI 300 Index, but with significantly lower volatility and drawdown, and it has shown a slight lead in cumulative returns [2] Group 3: Market Outlook and Investment Strategy - As of September 26, 2025, the Shanghai 180 Index has risen by 25.75% over the past year, indicating potential for further upward movement in the market [3] - Current market sentiment and capital levels suggest that there is still room for growth, with domestic and foreign institutional positions at historically low levels [3] - Huaxia Fund is actively building a "research + service + strategy" investment capability system centered on investors, with its equity index scale reaching 820.58 billion yuan, ranking first in the industry as of mid-2025 [3]

Group 1 - The long-term bullish trend in the market is confirmed, with dividend and technology assets expected to yield excess returns over time, making the barbell strategy increasingly relevant [1] - The Shanghai Stock Exchange 180 Index (000010) adopts a barbell strategy with 90% in dividend assets and 10% in technology assets, providing a good option for equity market allocation [1] - As of September 25, 2025, the Shanghai Stock Exchange 180 Index rose by 0.34%, with notable increases in constituent stocks such as Luoyang Molybdenum (603993) up by 9.98% and Jiangxi Copper (600362) up by 7.08% [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Shanghai Stock Exchange 180 Index include Kweichow Moutai (600519), Zijin Mining (601899), and China Ping An (601318), collectively accounting for 26.25% of the index [2] - The performance of the top ten stocks shows mixed results, with Kweichow Moutai down by 0.29% and Zijin Mining up by 4.55%, indicating varying market responses among major constituents [4]