（文章来源：每日经济新闻） 信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深市场中选取涉及半导体、软件 开发、计算机设备等信息技术领域的上市公司证券作为指数样本，侧重反映信息技术创新主题的整体表 现。指数成分股平均市值较大，行业配置以半导体和软件开发为主，同时涵盖计算机设备及IT服务等领 域，全面展现信创产业的多元化发展格局。 国投证券指出，9月29日，DeepSeek正式发布 DeepSeek-V3.2-Exp 模型，这是一个实验性 （Experimental）的版本。作为迈向新一代架构的中间步骤，V3.2-Exp在V3.1-Terminus的基础上引入了 DeepSeek Sparse Attention（一种稀疏注意力机制），针对长文本的训练和推理效率进行了探索性的优化 和验证。在新模型的研究过程中，公司使用高级语言 TileLang 进行快速原型开发，以支持更深入的探 索。此次DeepSeek使用的TileLang是由北京大学计算机学院杨智副教授团队主导开发的一款开源AI算子 编程语言，其核心价值在于能够将高级别的数据流描述，自动转换并优化为高效的底层代码（如CUDA 或A ...

Group 1 - The stock ETF market experienced a net outflow of approximately 8 billion yuan on September 22, reversing a three-day trend of net inflows [2][7] - The total scale of all stock ETFs reached 4.41 trillion yuan, with a total trading volume of 213.53 billion yuan, a decrease of 10% compared to the previous day [3] - The 2000 ETF surged to a limit-up, closing with a premium of nearly 9%, while various consumer electronics and chip-related ETFs saw significant gains [3][4] Group 2 - The semiconductor industry chain continued to show strength, with multiple chip concept stocks reaching historical highs, and several chip ETFs rising over 4.5% [4] - The top-performing ETFs included the 2000 ETF, which had a trading volume of 130 million yuan and a daily increase of 10%, and the consumer electronics ETF from Fu Guo, which rose by 5.84% [5] - The broad-based ETFs saw the largest net outflows, totaling 7.18 billion yuan, while the science and technology sector ETFs experienced significant inflows [7][9] Group 3 - The Hong Kong market ETFs saw a net inflow of 2.27 billion yuan, with the Hong Kong Internet ETF leading with an inflow of 754 million yuan [9][10] - Major public funds have seen continued inflows into their ETFs, indicating a preference for products from leading fund companies [11][12] - The latest scale of the Yi Fang Da fund's ETFs reached 791.94 billion yuan, with a net inflow of 4.28 billion yuan on the previous day [12][13]

Group 1 - The China Securities Information Technology Application Innovation Industry Index (931247) has seen a strong increase of 1.70% as of September 16, 2025, with notable gains from constituent stocks such as Zhongke Shuguang (603019) up 8.49%, Foxit Software (688095) up 6.41%, and Haiguang Information (688041) up 6.31% [3] - The Xinchuang ETF (562570) has risen by 1.51%, with a latest price of 1.48 yuan, and has accumulated a weekly increase of 4.07% as of September 15, 2025, ranking in the top third among comparable funds [3] - The Xinchuang ETF has shown significant liquidity with an intraday turnover of 4.76% and a transaction volume of 25.2587 million yuan, while the average daily transaction volume over the past month reached 80.0323 million yuan, ranking first among comparable funds [3] Group 2 - The Xinchuang ETF closely tracks the China Securities Information Technology Application Innovation Industry Index, which selects up to 50 listed companies involved in various segments such as basic hardware, software, application software, information security, and external devices [4] - As of August 29, 2025, the top ten weighted stocks in the index include Zhongke Shuguang (603019), Haiguang Information (688041), and others, collectively accounting for 50.4% of the index [4] - The top ten stocks by weight include Hengsheng Electronics (600570) at 6.07%, Zhongke Shuguang (603019) at 5.58%, and Haiguang Information (688041) at 5.09%, among others [6]

Market Performance Overview - The domestic equity market indices generally rose during the week of September 8 to September 12, 2025, with the CSI 500 increasing by 3.38%, while the bond market experienced a pullback [4] - The electronic, real estate, and agriculture sectors saw the highest gains, whereas the comprehensive, banking, and oil & petrochemical sectors faced the largest declines [4] Fund Product Issuance - A total of 40 new funds were established this week, with a combined issuance of 21.794 billion units. This included 18 equity funds, 13 mixed funds, 6 bond funds, and 3 FOF funds [5] - Overall, 55 new funds were issued across the market, categorized as 21 bond funds, 16 equity funds, 13 mixed funds, 3 FOF funds, 1 REIT, and 1 international (QDII) fund [5] Fund Performance Tracking - Most industry-themed funds, except for the pharmaceutical sector, saw net asset value increases, with TMT-themed funds showing significant gains of 4.63% [6] - The median net asset value change for passive index funds was 1.91%, with chip, information technology, and electronic ETFs performing particularly well [6] ETF Market Tracking - Domestic stock ETFs experienced continued net outflows, particularly in broad-based themes like the STAR Market, while financial real estate and new energy sector ETFs saw significant net inflows [7] - The median return for stock ETFs was 1.93%, with a net outflow of 4.352 billion yuan, while Hong Kong stock ETFs had a median return of 3.09% and a net inflow of 21.168 billion yuan [7] Fund Positioning Monitoring - The estimated positioning of actively managed equity funds increased by 0.3 percentage points compared to the previous week, with increased allocations to non-ferrous metals, basic chemicals, and telecommunications [9] - Conversely, sectors such as pharmaceuticals, national defense, and electronics saw reductions in funding [9] ESG Financial Products Tracking - This week, 23 new green bonds were issued, totaling 17.202 billion yuan, contributing to a cumulative issuance of 4.78 trillion yuan across 4,119 green bonds [10] - The median net asset value changes for ESG funds were 2.10% for actively managed equity funds, 0.94% for passive index funds, and -0.08% for bond funds, with green and low-carbon economy funds performing notably well [10]

Group 1 - The total profit from on-market ETFs and off-market funds today is 104,000, with on-market ETFs earning 24,000 and off-market funds earning 80,000 [1] - The company invested 700,000 in the merger of Zhongke Shuguang and Haiguang Information, participating in arbitrage with a focus on Xinchuang ETFs and Jiashi Information Industry [1] - After selling 700,000 of Xinchuang funds, the market temperature quickly rose above 50 degrees, leading to a decision to liquidate the remaining 300,000 Xinchuang funds [1][3] Group 2 - The Xinchuang funds previously generated a total return of over 20%, but after the third liquidation, the funds surged by 46.8%, resulting in a missed opportunity of 460,000 [3] - The market temperature for A-shares is currently at 66.35 degrees, indicating a high market sentiment where buying occurs below 30 degrees and selling above 50 degrees [4][7] - The allocation in various sectors shows that the electronics sector is standard-weighted with a year-to-date return of 30.17%, while the communication sector (5G) is not allocated but has a return of 44.91% [4][5] Group 3 - The Hong Kong market temperature is at 47.96 degrees, suggesting that retail investors have not yet entered the market in large numbers despite the high temperature [7] - The allocation in the Hong Kong market shows a super allocation in the automotive sector with a year-to-date return of 38.29% and a standard allocation in the Hang Seng Technology sector with a return of 26.40% [6]

Group 1 - The computer industry is expected to experience both performance and valuation improvements, with the Xinchuang industry being a key focus area [1] - The rapid development of AI technology is driving new growth in the industry, as enterprise clients increase their demand for AI-related services, including GPU leasing and API token usage [1] - The Xinchuang ETF (159537) tracks the Guozheng Xinchuang Index (CN5075), which focuses on the information technology innovation sector and reflects the overall performance of listed companies in the Xinchuang industry [1] Group 2 - The Guozheng Xinchuang Index includes companies from various sub-sectors such as basic hardware, basic software, application software, and information security, showcasing significant technological attributes and growth characteristics [1] - Investors without stock accounts can consider the Guotai Guozheng Information Technology Innovation Theme ETF Initiated Link C (020279) and Link A (020278) [1]

Core Viewpoint - The article discusses various ETF strategies and highlights specific ETFs that are expected to benefit from current economic conditions and government policies in China and the U.S. [3][5][7] Group 1: U.S. Economic Impact on ETFs - The S&P Consumer ETF (159529.SZ) is influenced by weakening U.S. economic data, cooling inflation expectations, and political factors, with suggestions for a potential 50 basis point rate cut by the Federal Reserve in September [3][5] - The extension of tariff suspension on China by U.S. President Trump is expected to mitigate the impact of new tariffs on U.S. consumer prices and spending [3] Group 2: Domestic Policy Support for ETFs - The Xinchuang ETF (562570.SH) is set to benefit from a 1 trillion yuan investment in over 8,400 projects across various sectors, including electronics and energy equipment, as part of a government initiative to support domestic industries [5][6] - The ETF tracks the Zhongzheng Xinchuang Index, focusing on the domestic replacement of chips, hardware, software, and servers, which aligns with national security and industrial safety goals [5] Group 3: New Economic Growth and ETFs - The New Economy ETF (159822.SZ) aligns with the government's focus on developing new productive forces and promoting technology and industrial innovation [7][8] - This ETF indirectly tracks the S&P China New Economy Industry Index, investing in leading companies across high-growth sectors such as internet technology, consumer upgrades, healthcare, and fintech [7]

Group 1 - The ETF market on August 8 showed mixed performance, with the construction materials ETF from E Fund (159787) leading gains at 2.18% [2] - The photovoltaic ETF (560980) and the infrastructure ETF (516950) both increased by 2.05% [2] - The software index ETF (560360) experienced the largest decline, falling by 3.07%, followed closely by the innovation-driven ETF (562570) which dropped 3.02% [2] - The computer ETF from Southern (159586) decreased by 2.87% [2]

Market Overview - A-shares experienced a slight pullback with the Shanghai Composite Index down 0.12%, Shenzhen Component down 0.26%, and ChiNext down 0.38% as of August 8, 2025, with a total trading volume of 171.02 billion [1] ETF Performance - The top-performing ETF was the Building Materials ETF (159787) with a gain of 2.18%, followed by the Photovoltaic ETF (260980) and Infrastructure ETF (216950), both up 2.05% [1] - The worst-performing ETFs included the Software Index ETF (260360) down 3.07% and the Innovation ETF (562570) down 3.02% [3] Policy Insights - Recent anti-involution policies are expected to enhance market competition and improve the valuation of low-valued manufacturing sectors, particularly in the photovoltaic industry [2] - The focus is on sectors with low stock prices and those benefiting from policy expectations, such as float glass and certain consumer building materials [2] Trading Activity - The Short-term Bond ETF (511360) had the highest trading volume at 25.82 billion, followed by the Silver Day Benefit ETF (211880) at 17.91 billion [4] - The Benchmark Government Bond ETF (511100) led in turnover rate at 283.49%, indicating high trading activity [5] Upcoming ETF Launches - Five new ETFs are set to begin fundraising on August 11, 2025, including the Growth ETF (159559) and the Hong Kong Innovative Drug ETF (159286) [6] - The upcoming ETFs will track various indices focusing on high-growth companies and innovative drug sectors [7]

Group 1 - The ETF market showed mixed performance on August 8, with the engineering machinery ETF (159542) leading gains at 2.15% [2] - The Nikkei 225 ETF from E Fund (513000) and the Nikkei ETF (513520) both increased by 2.13% [2] - The Xinchuang ETF (562570) experienced the largest decline, dropping by 2.28%, followed by the Xinchuang ETF Fund (562030) at 2.21% and the Xinchuang 50 ETF (560850) at 2.17% [2]