Report Overview - The report is a weekly strategy report on sector rotation ETFs from November 3, 2025, to November 9, 2025 [2] Core Views - The strategy is based on two research reports and constructs a strategy portfolio of sector and thematic ETFs [2] - For the week of November 10, 2025, the model recommends allocating to sectors such as communication equipment, software development, and consumer electronics [2] - The strategy will add holdings of Cloud Computing ETF, Battery ETF, Industrial Non - Ferrous Metals ETF, etc., and continue to hold Communication ETF, VR ETF, etc. Some ETFs and target index trading timing signals gave daily or weekly risk warnings as of last weekend [2] Performance Tracking - From November 3 to November 7, 2025, the cumulative net return of the strategy was approximately - 0.76%, and the excess return relative to the CSI 300 ETF was approximately - 1.58% [2] - Since October 14, 2024, the cumulative out - of - sample return of the strategy was about 25.60%, and the cumulative excess return relative to the CSI 300 ETF was about 2.13% [2] Recommended Portfolio for the Next Week (20251110 - 20251114) | Fund Code | ETF Name | ETF Market Cap (Billion Yuan) | Holding Status | Coincident Shenwan Sector and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 515880 | Communication ETF | 117.77 | Continue to hold | Communication Equipment (75.3%) | 1 | 0 | | 516510 | Cloud Computing ETF | 19.86 | Add | Software Development (30.54%) | 0 | 0 | | 159786 | VR ETF | 2.10 | Continue to hold | Consumer Electronics (28.46%) | 1 | - 1 | | 159755 | Battery ETF | 165.64 | Add | Battery (62.54%) | 1 | 1 | | 560860 | Industrial Non - Ferrous Metals ETF | 56.84 | Add | Industrial Metals (57.65%) | 1 | 1 | | 512220 | TMT ETF | 5.48 | Continue to hold | Semiconductor (37.25%) | 1 | 0 | | 512660 | Military Industry ETF | 142.21 | Add | Aviation Equipment (35.02%) | 0 | - 1 | | 159870 | Chemical Industry ETF | 172.55 | Add | Chemical Products (25.73%) | 1 | 1 | | 159667 | Industrial Mother Machine ETF | 6.04 | Add | Automation Equipment (47.2%) | 1 | - 1 | | 588830 | Science and Innovation New Energy ETF | 10.06 | Add | Photovoltaic Equipment (46.08%) | 1 | 1 | [2] Holdings and Performance in the Past Week (20251103 - 20251107) | Fund Code | ETF Name | ETF Market Cap (Billion Yuan) | Recent 1 - week Return (%) | Holding Status | | --- | --- | --- | --- | --- | | 515880 | Communication ETF | 117.77 | 0.40 | Continue to hold | | 159768 | Real Estate ETF | 5.88 | - 0.66 | Remove | | 159869 | Game ETF | 113.12 | - 0.49 | Remove | | 562050 | Pharmaceutical ETF | 1.06 | - 3.04 | Remove | | 512800 | Bank ETF | 205.57 | 2.71 | Remove | | 159766 | Tourism ETF | 35.92 | 2.32 | Remove | | 512220 | TMT ETF | 5.48 | - 0.47 | Continue to hold | | 159786 | VR ETF | 2.10 | - 2.04 | Continue to hold | | 516560 | Pension ETF | 1.33 | - 1.25 | Remove | | 588700 | Science and Innovation Pharmaceutical ETF (Harvest) | 3.16 | - 5.10 | Remove | | | ETF Portfolio Average Return | | - 0.76 | | | 510300 | CSI 300 ETF | 4277.20 | 0.82 | | | | ETF Portfolio Excess Return | | - 1.58 | | [11]

Group 1 - The article discusses two ETFs: the Cloud Computing ETF and the Chip ETF, which track specific industry indices related to cloud computing and semiconductor sectors respectively [2][5]. - The Cloud Computing ETF tracks the CSI Cloud Computing and Big Data Theme Index, consisting of 50 companies involved in providing cloud computing services, big data services, and related hardware [2]. - The Cloud Computing Index has shown a performance change of 1.7% with a rolling price-to-sales ratio of 4.8 times since its inception [2]. - The Chip ETF tracks the CSI Chip Industry Index, which includes 50 companies engaged in chip design, manufacturing, packaging, testing, and semiconductor materials [2]. - The Chip Index has experienced a performance change of 3.8% with a price-to-book ratio of 7.1 times since its inception [2].

| 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-10-29 | 6878.34万 | 461.16万 | 7.19% | | 2025-10-28 | 6417.18万 | 81.45万 | 1.29% | | 2025-10-27 | 6335.73万 | 365.75万 | 6.13% | | 2025-10-24 | 5969.98万 | 91.27万 | 1.55% | | 2025-10-23 | 5878.72万 | 28.51万 | 0.49% | 小知识 融券方面，当日无融券交易。 融资融券余额6878.34万元，较昨日上涨7.19%。 证券之星消息，10月29日，云计算ETF（516510）融资买入1178.35万元，融资偿还724.22万元，融资净 买入454.13万元，融资余额5786.83万元，近3个交易日已连续净买入累计870.68万元，近20个交易日中 有12个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- ...

半导体芯片板块早盘回调，截至午间收盘，中证云计算与大数据主题指数、中证芯片产业指数均下跌3.9%，中证半导体材料设备主题指数下跌5.3%，半导 体设备ETF易方达（159558）早盘获2500万份净申购。根据Wind数据统计，截至昨日，该产品近5个交易日合计获5.4亿元资金净流入。 每日经济新闻 | 云计算ETF (NO3 | | | 516 | | --- | --- | --- | --- | | 跟踪中证云计算与大数据主题指数 | | | | | | | | .. ///// | | 该指数由50只业务涉及提 | 截至午间收盘 | 该指数 | 该指数自20 | | 供云计算服务、大数据服务 | 该指数涨跌 | 滚动市销率 | 发布以来估值 | | 以及上述服务相关硬件设备 | | | | | 的公司股票组成,覆盖云计 算产业链。 | -3.9% | 4.9倍 | 98.89 | | 芯片ETF易方达 | | | 516 | | 跟踪中证芯片产业指数 | | | | | | | | ·· ///// | | 该指数由50只业务涉及芯 | | | | | 片设计、制造、封装与测 | 截至午间收盘 | 该指数 ...

Group 1 - The article discusses the performance of two ETFs: the Cloud Computing ETF and the Chip ETF, highlighting their respective indices and market trends [2] - The Cloud Computing ETF tracks the CSI Cloud Computing and Big Data Theme Index, which consists of 50 companies involved in cloud computing services, big data services, and related hardware [2] - As of the midday close, the Cloud Computing Index showed a slight increase of 0.1% with a rolling price-to-sales ratio of 5.0 times and a valuation of 99.79 since its inception [2] Group 2 - The Chip ETF tracks the CSI Chip Industry Index, comprising 50 companies engaged in chip design, manufacturing, packaging, testing, and semiconductor materials [2] - The Chip Index experienced a rise of 2.5% with a price-to-book ratio of 8.0 times and a valuation of 93.89 since its launch [2]

Group 1 - On September 25, cloud computing and big data-related ETFs experienced significant growth, with the Cloud 50 ETF (560660) rising over 4% [1][2] - Other ETFs in the sector, such as the Big Data Industry ETF (516700), Cloud Computing ETF (159890), and Cloud Computing 50 ETF (516630), also saw increases of over 3% [2][3] - The Short-term Bond ETF (511360) had the highest trading volume in the market on September 25, with a transaction amount of 22.18 billion [5][6] Group 2 - On September 24, the second batch of 14 sci-tech bond ETFs was launched, attracting a total net inflow of 63.894 billion on the first trading day [7][8] - Five of these sci-tech bond ETFs surpassed 10 billion in scale within just one trading day, indicating strong market interest [7][8] - The active trading of newly launched sci-tech bond ETFs, such as the Guotai ETF (551800) and Huatai ETF (551520), continued on September 25, with transaction amounts of 10.375 billion and 9.505 billion respectively [5][6] Group 3 - The market remains focused on technology sectors, with expectations for strong performance in AI-related hardware and applications, as well as semiconductor and energy storage industries [9] - Despite high risk appetite, the market is currently in a volatile state, with no significant downward pressure anticipated in the long term [9]

Group 1 - The ETF market showed mixed performance on September 25, with the Cloud 50 ETF (560660) increasing by 4.02%, and the Big Data Industry ETF (516700) and Cloud Computing ETF (159890) both rising by 3.60% [1] - Conversely, the Hong Kong Dividend ETF (513690) declined by 1.77%, the Hong Kong Stock Connect Dividend Low Volatility ETF (520890) fell by 1.64%, and the Engineering Machinery ETF (159542) decreased by 1.56% [1]

Group 1: ETF Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index down 0.01%, the Shenzhen Component Index up 0.67%, and the ChiNext Index up 1.58% [1] - Several computer sector ETFs saw significant gains, with Cloud 50 ETF (560660.SH) rising by 4.02%, Big Data Industry ETF (516700.SH) increasing by 3.60%, and Cloud Computing ETF (159890.SZ) also up by 3.60% [1] - Real estate sector ETFs experienced declines, with Real Estate ETF (159768.SZ) down 1.10%, and others also showing negative performance [1] Group 2: AI and Computing Sector Insights - The computer industry is expected to continue its development under a "soft and hard" framework, with strong investment in AI hardware and benefits for domestic AI chip and server manufacturers [2] - The acceleration of enterprise-level AI applications is noted, with technologies like Agent and multimodal capabilities driving B-end commercialization [2] Group 3: Bond ETF Growth - The second batch of 14 newly listed Sci-Tech Bond ETFs attracted significant capital, with five of them reaching over 10 billion yuan in scale, collectively raising 638.94 billion yuan in a single day [2][3] - The total scale of all Sci-Tech Bond ETFs surpassed 230 billion yuan, contributing to the overall bond ETF market exceeding 670 billion yuan [3] Group 4: Sector Performance - In the A-share market, sectors such as media, communication, and non-ferrous metals performed well, with daily increases of 2.23%, 1.99%, and 1.87% respectively [8] - Conversely, textiles, comprehensive sectors, and agriculture showed declines, with daily decreases of -1.45%, -1.30%, and -1.22% respectively [8] Group 5: ETF Performance Rankings - The top-performing ETFs today included Cloud 50 ETF (560660.SH) with a gain of 4.02%, Cloud Computing ETF (159890.SZ) up by 3.60%, and Big Data Industry ETF (516700.SH) also increasing by 3.60% [12] - The average performance of thematic stock ETFs was the best among various categories, with an average increase of 0.85% [9] Group 6: Trading Volume Insights - The top three ETFs by trading volume were the ChiNext ETF (159915.SZ) with 5.2 billion yuan, A500 ETF (512050.SH) with 5.14 billion yuan, and Sci-Tech 50 ETF (588000.SH) with 5.086 billion yuan [14][16]

Market Overview - On September 25, A-shares experienced a volatile upward trend, with the ChiNext Index rising over 2% at one point, reaching a three-year high [1] - The Shanghai Composite Index closed at 3853.30 points, down 0.01%; the Shenzhen Component Index closed at 13445.90 points, up 0.67%; and the ChiNext Index closed at 3235.76 points, up 1.58% [1] - The total trading volume in the Shanghai and Shenzhen markets was 239.18 billion yuan, an increase of 44.6 billion yuan compared to the previous trading day [1] International Indices - The Nikkei 225 Index closed up 0.27% at 45754.93 points, while the Korean Composite Index fell 0.03% to 3471.11 points on the same day [2] - Domestic commodity futures saw most main contracts rise, particularly in copper [2] Bond Market - On September 25, the performance of government bond futures was mixed, with the 30-year bond futures (TL2512) closing at 114.110 yuan, up 0.120 yuan (0.11% increase) [2] - The 10-year bond futures (T2512) closed at 107.610 yuan, down 0.010 yuan (0.01% decrease) [2] - The 5-year bond futures (TF2512) closed at 105.525 yuan, down 0.015 yuan (0.01% decrease) [2] - The 2-year bond futures (TS2512) closed at 102.314 yuan, down 0.010 yuan (0.01% decrease) [2] ETF Performance - On September 25, various ETFs showed mixed results, with the Cloud 50 ETF (560660) rising 4.02%, and the Big Data Industry ETF (516700) increasing by 3.60% [3] - Conversely, the Hong Kong Dividend ETF (513690) fell by 1.77%, and the Hong Kong Dividend Low Volatility ETF (520890) decreased by 1.64% [3] Institutional Insights - Guohai Securities' strategy team released a report indicating that A-shares are expected to advance further in Q4 2025, driven by policy and liquidity, with a more balanced style [4] - Barclays' research team noted that the Federal Reserve's loose monetary policy, global economic slowdown, and reduced market volatility create favorable conditions for emerging market assets [4] - UBS Wealth Management's CIO office suggested that gold prices may have further upside potential due to expected declines in U.S. real interest rates amid continued high inflation [4] - Luo Zhiheng, Chief Economist at Yuekai Securities, stated that the current A-share rally is based on a more solid foundation, with sustainability likely to exceed most historical trends [4]

Market Overview - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index up 0.16% at 3859.62 points, the Shenzhen Component Index up 1.14%, and the ChiNext Index up 2.22% at 3256.38 points, marking a new high since January 2022 [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 155.58 billion yuan, an increase of 135.5 billion yuan compared to the previous day, with 2000 stocks rising across the market [1] Sector Performance - The cloud computing sector showed strong performance, with stocks like Inspur Information and China Electronics Huada Technology hitting the daily limit, and U8 Network rising nearly 9% [1] - The Big Data Industry ETF rose over 4%, while various cloud computing and data ETFs also saw gains exceeding 3.3% [1] ETF Details - The Big Data Industry ETF tracks the CSI Data Index, focusing on data centers, cloud computing, and big data processing, with top holdings including Inspur Information and iFLYTEK [4] - The Cloud Computing ETF tracks the CSI Cloud Computing and Big Data Theme Index, emphasizing AI computing power and covering popular concepts like optical modules and AI servers [4] Corporate Developments - Alibaba announced a partnership with NVIDIA for Physical AI collaboration, covering aspects such as data synthesis, model training, and environment simulation [5] - Alibaba is actively advancing a 380 billion yuan AI infrastructure project and plans to expand its global cloud computing presence with new nodes in Brazil, France, and the Netherlands [6] - JD.com aims to invest in AI development over the next three years, with a focus on creating a trillion-yuan AI ecosystem [6] Policy Support - Multiple government departments are supporting the establishment of international data centers and cloud computing centers in free trade zones and pilot demonstration areas [6] Investment Trends - According to CITIC Securities, the penetration rate of AI large models is still low, indicating significant growth potential in capital expenditure related to AI infrastructure [7] - Internet companies are expected to continue investing heavily in AI infrastructure, with projected capital expenditures exceeding 500 billion yuan by 2026 [7] - Major internet firms are launching cloud expansion strategies, with Alibaba planning to invest over 380 billion yuan in cloud and AI hardware infrastructure [7] International Expansion - Tencent Cloud has embraced internationalization, achieving significant growth in its international business, with a doubling of overseas customer numbers [8] - ByteDance's Volcano Engine is leveraging its extensive experience in digital services to assist Chinese brands in their global expansion [8] AI and Cloud Integration - The demand for AI applications is driving the cloud expansion of major internet companies, with Tencent and Alibaba leading the way in providing comprehensive AI solutions [9] - There is a growing demand for localized AI applications in overseas markets, presenting new business opportunities for internet giants [10]