Core Viewpoint - The securities sector is experiencing significant growth, with a notable increase in trading volume and stock prices, indicating a bullish market trend [1][2]. Market Activity - As of January 6, 2026, the Securities ETF (159841) recorded a turnover of 10.27% and a transaction volume of 1.091 billion yuan, reflecting active market trading [1]. - The CSI All Share Securities Company Index (399975) surged by 4.13%, with key stocks such as Huayin Securities (002945) and Huazheng Securities (600909) both rising by 9.99% [1]. Product Highlights - The securities sector is characterized by strong beta attributes, closely linked to capital market performance, making it a "bull market flag bearer" [1]. - Historical data shows that during market rebounds, the securities sector significantly outperforms the broader market [1]. Industry Performance - In the first three quarters of 2025, 46 comparable listed securities firms achieved adjusted revenues of 432.6 billion yuan and net profits attributable to shareholders of 179 billion yuan, marking year-on-year growth of 45% and 62%, respectively [2]. - The increase in brokerage net income and proprietary trading net income has been a core driver of industry performance [2]. Structural Changes - The securities industry's role as an intermediary in financing new productive forces and facilitating long-term capital allocation is becoming increasingly prominent [2]. - Policy measures aimed at encouraging long-term funds, such as social security, insurance, and wealth management, to enter the market are expected to provide structural business growth for the brokerage sector [2].

Group 1: Real Estate Sector - The real estate sector showed strong performance on December 10, with multiple stocks hitting the daily limit, leading real estate ETFs to rank high in the ETF market's gainers list [1][3] - Notable real estate ETFs included: - 159768.SZ Real Estate ETF with a price of 0.575 and a daily increase of 3.79% - 159707.SZ Real Estate ETF with a price of 0.64 and a daily increase of 3.73% - 512200.SH Real Estate ETF with a price of 1.534 and a daily increase of 3.09% [4] Group 2: Agriculture Sector - The agriculture sector performed well, with themes such as seed industry, land transfer, and aquatic products showing strong performance, leading agriculture-related ETFs to rank among the top gainers [2][5] - The sentiment in the seed industry has been notably boosted, with ongoing commercialization of biological breeding benefiting leading companies [5] Group 3: Technology Sector - Technology ETFs experienced significant inflows, with several ETFs seeing net inflows exceeding 1 billion yuan last week, and continued inflows in the first two trading days of this week [2][9] - The top net inflows for technology ETFs included: - 159352.OF Southern CSI A500 ETF with a net inflow of 15.66 billion yuan - 159600.OF Harvest CSI AAA Technology Innovation Corporate Bond ETF with a net inflow of 10.95 billion yuan [10] Group 4: Bond ETFs - Bond ETFs were actively traded, with several types such as Short-term Bond ETF, Benchmark Treasury Bond ETF, and Yinhua Daily Benefit ETF seeing transaction amounts exceeding 10 billion yuan [7][8] - The Short-term Bond ETF had a transaction amount of 401.12 billion yuan and a turnover rate of 54.79% [8] Group 5: Investment Recommendations - Institutions suggest focusing on gold and innovative pharmaceuticals as key investment directions, with gold expected to benefit from potential monetary easing and a shift in global credit dynamics [11] - The release of China's first commercial insurance innovative drug catalog is seen as a significant step for the innovative drug industry, potentially enhancing investment opportunities in the healthcare sector [11]

Group 1: Macro Timing Strategy - The macro timing strategy has an annualized return of 7.67% as of October 31, 2025, with a Sharpe ratio of 1.45 and a Calmar ratio of 1.67, indicating a maximum drawdown of -4.60% [2][4][5] - The latest portfolio allocation includes 7.01% in CSI 300 ETF, 7.99% in CSI 500 ETF, 55.94% in government bond ETF, 11.63% in soybean meal ETF, 5.02% in non-ferrous ETF, 7.40% in gold ETF, and 5.00% in currency ETF, with no allocation to S&P 500 ETF and corporate bond ETF [7][8] Group 2: Momentum Strategy - The momentum strategy has an annualized return of 18.25% since January 2020, with a Sharpe ratio of 0.88 and a Calmar ratio of 0.64, experiencing a maximum drawdown of -28.72% [9][10] - The latest portfolio allocation includes 27.01% in Huatai-PB CSI Telecom Theme ETF, 24.92% in Fuguo CSI Tourism Theme ETF, 21.52% in Xinhua CSI Cloud Computing 50 ETF, 16.38% in Huatai-PB CSI Smart Car ETF, and 8.17% in Huaxia CSI Artificial Intelligence ETF [13][14] Group 3: Sector Rotation Strategy - The sector rotation strategy has an annualized return of 10.00% since 2020, with an excess return of 7.27% relative to CSI 300, and a maximum drawdown of -42.98% [15] - The latest portfolio includes home appliance ETF, green power ETF, steel ETF, new energy vehicle ETF, financial ETF, and agricultural ETF, while excluding non-ferrous metals ETF and transportation ETF [18][19] Group 4: Copula-Based Second-Order Stochastic Dominance Strategy - The Copula-based second-order stochastic dominance strategy has an annualized return of 14.41% since January 2020, with a Sharpe ratio of 0.68 and a maximum drawdown of -42.62% [20][24] - The latest portfolio allocation includes 5.00% in Huaxia CSI Petrochemical Industry ETF, 85.00% in Fuguo CSI 800 Bank ETF, 5.00% in Fuguo CSI All-Index Securities Company ETF, and 5.00% in Bosera CSI Oil and Gas Resources ETF [23][25] Group 5: Quantile Random Forest Technology ETF Allocation Strategy - The quantile random forest technology ETF allocation strategy has an annualized return of 13.54% since 2020, with a Sharpe ratio of 0.76 and a maximum drawdown of -29.89% [26] - The latest portfolio allocation consists of 95.63% in technology ETFs, including 4.78% in Jiahua National Communication ETF, 4.78% in Tianhong CSI Photovoltaic Industry ETF, 4.78% in Huabao CSI Military Industry ETF, 76.51% in Ping An CSI Consumer Electronics Theme ETF, and 4.78% in Fuguo CSI Technology 50 Strategy ETF [29][30]

Group 1 - The core viewpoint of the article highlights the significant changes in the National Social Security Fund's (NSSF) investment strategy as reflected in its third-quarter report, indicating a strong confidence in the macroeconomic outlook and industry structural changes [2] - The total market value of NSSF's holdings increased from 663.04 billion to 840.75 billion, marking a quarter-on-quarter growth of 26.8%, driven by both market recovery and proactive increases in holdings [3] - The NSSF's industry allocation shows a diverse pattern with a focus on technology, cyclical recovery, and stable finance, with the information technology sector being the standout performer [6] Group 2 - The information technology sector saw a substantial increase in holdings from 3.08 billion shares to 5.02 billion shares, reflecting a 63% quarter-on-quarter growth, driven by the acceleration of semiconductor equipment localization and rising demand for AI computing power [6][8] - Traditional cyclical industries also demonstrated strong recovery, with the materials sector growing by 16% and the energy sector by 35%, while the financial sector maintained stable holdings with negligible changes [6] - The NSSF's investment strategy indicates an evolution towards higher growth sectors while maintaining stability in financial assets, showcasing a balance between growth and stability [8] Group 3 - The top five sectors in NSSF's holdings include industrial electrical components and equipment (6.2%), information technology electronic components (6.1%), and materials fertilizer and agrochemicals (4.9%), indicating a concentrated investment in high-growth areas [8] - The NSSF's increased allocation to traditional sectors like real estate reflects confidence in policy support, while its focus on high-growth sectors like electronics and semiconductors shows a willingness to accept higher valuations [8][15] - The article suggests that investors can learn from the NSSF's balanced allocation approach, particularly in sectors like industrial electrical components, which includes key products related to carbon neutrality [11][13]

Core Viewpoint - The article emphasizes the investment opportunities in three high-growth sectors as indicated by the adjustments made by the National Social Security Fund (NSSF) in its portfolio, reflecting its insights into macroeconomic trends and industrial structural changes [3]. Group 1: Portfolio Growth and Confidence - The total market value of NSSF holdings increased from 663.04 billion to 840.75 billion, marking a quarterly growth of 26.8%, driven by both market recovery and proactive increases in holdings [4]. - The NSSF's industry allocation shows a diverse strategy with a focus on "technology leadership, cyclical recovery, and financial stability" [6]. Group 2: Sector-Specific Insights - The information technology sector saw a significant increase in holdings from 3.08 billion shares to 5.02 billion shares, a remarkable growth of 63%, driven by the acceleration of semiconductor equipment localization, sustained demand for AI computing power, and a recovery in the consumer electronics inventory cycle [7]. - Traditional cyclical industries also demonstrated strong recovery, with the materials sector growing by 16% and the energy sector by 35%, while the financial sector maintained stable holdings with negligible changes [7]. Group 3: Investment Strategy Evolution - The NSSF's investment philosophy is evolving, showing a notable increase in allocation to high-growth sectors like technology and advanced manufacturing while maintaining stable financial asset allocations [9]. - The top five sectors by NSSF holdings include industrial electrical components and equipment (6.2%), information technology electronic components (6.1%), and materials fertilizer and agrochemicals (4.9%) [9]. Group 4: ETF Recommendations - Investors can consider ETFs that align with NSSF's focus, such as the Carbon Neutrality ETF and New Energy Vehicle ETF, which cover key products in the industrial electrical components sector [12]. - For the information technology sector, the Electronic ETF and Chip ETF are recommended, as they align with NSSF's investments in high-end electronic components and semiconductors [14][16]. Group 5: Agricultural and Chemical Sector Focus - The materials sector, particularly fertilizer and agrochemicals, reflects a strong emphasis on food security strategy, with relevant ETFs like the Agriculture ETF and Chemical ETF being noteworthy for investors [18][19].

Investment Rating - The report recommends a positive investment rating for sectors such as securities, communication equipment, and liquor [2]. Core Insights - The strategy report indicates a model recommendation for the week of September 1, 2025, to allocate investments in sectors including securities, communication equipment, and liquor, with additional holdings in various ETFs [2]. - The strategy has achieved a cumulative net return of approximately 6.58% during the period from August 25 to August 29, 2025, outperforming the CSI 300 ETF by about 3.86% [2][11]. - Since October 14, 2024, the strategy has recorded a cumulative return of approximately 23.53%, with an excess return of about 5.20% compared to the CSI 300 ETF [2]. Summary by Sections Strategy Update - For the week of September 1, 2025, the model recommends adding holdings in the securities broker ETF, consumer 30 ETF, and defense ETF, while continuing to hold communication equipment ETF, satellite ETF, and battery ETF [2]. Performance Tracking - The strategy's cumulative net return from August 25 to August 29, 2025, is approximately 6.58%, with an excess return of about 3.86% over the CSI 300 ETF [2][11]. - The cumulative return since October 14, 2024, is approximately 23.53%, with an excess return of about 5.20% compared to the CSI 300 ETF [2].

Group 1 - The core viewpoint of the article highlights the mixed performance of ETFs, with the Artificial Intelligence 50 ETF (517800) leading the gains at 5.06% [1] - The Online Consumption ETF (159728) also showed strong performance, increasing by 4.11% [1] - The Artificial Intelligence ETF (515980) rose by 3.43%, indicating a positive trend in AI-related investments [1] Group 2 - On the downside, the Hong Kong Stock Connect 100 ETF (159788) experienced the largest decline, falling by 1.08% [1] - The New Energy Leaders ETF (159752) and the Agriculture ETF (516550) both decreased by 0.94%, reflecting challenges in these sectors [1]

ETF Industry News - Major indices showed mixed performance with the Shanghai Composite Index down 0.39%, Shenzhen Component Index up 0.26%, and ChiNext Index down 0.76. Several agricultural sector ETFs saw gains, including E Fund Agricultural ETF (562900.SH) up 2.94%, Agricultural ETF (159825.SZ) up 2.90%, and Agricultural 50 ETF (516810.SH) up 2.85. In contrast, multiple electronic sector ETFs declined, with AI ETF (588760.SH) down 3.35%, Chip Design ETF (588780.SH) down 3.10%, and AI ETF on the Sci-Tech Innovation Board (588930.SH) down 2.69 [1][5]. Domestic ETF Scale - The total scale of domestic ETFs has surpassed 5 trillion yuan, reaching a historic high of 5.07 trillion yuan as of August 25. The breakdown includes stock ETFs at 3.46 trillion yuan, cross-border ETFs at 753.72 billion yuan, bond ETFs at 555.90 billion yuan, commodity ETFs at 153.26 billion yuan, and money market ETFs at 142.47 billion yuan [2]. Growth of Equity ETFs - The equity ETF market in China has seen significant growth, with a total scale of 41,170.94 billion yuan as of August 25, marking a year-to-date increase of 7,982.72 billion yuan, or 24.05%. A total of 718 equity ETFs have experienced growth this year, with 23 products increasing by over 10 billion yuan. Industry experts suggest that with policy support and market maturity, equity ETFs are expected to play a crucial role in market stability and asset allocation [3]. Brokerage ETF Business - The top three brokerages in terms of ETF holdings remain unchanged, with China Galaxy leading at 23.46% market share, followed by Shenwan Hongyuan at 17.25%. CITIC Securities, China Merchants Securities, and Guotai Junan hold 6.71%, 4.72%, and 4.71% respectively. The rankings indicate stability in the brokerage sector's ETF business [4]. Market Performance Overview - On August 26, the A-share market showed mixed results, with the Shanghai Composite Index down 0.39% to 3,868.38 points, the Shenzhen Component Index up 0.26% to 12,473.17 points, and the ChiNext Index down 0.76% to 2,742.13 points. The top performers over the past five trading days include the Sci-Tech Innovation 50, with a gain of 14.26% [5]. Sector Performance - In sector performance, Agriculture, Beauty Care, and Basic Chemicals led the day with gains of 2.62%, 2.04%, and 1.26% respectively. Conversely, the Pharmaceutical, Non-Bank Financials, and Steel sectors lagged with declines of -1.09%, -1.06%, and -0.98% [7]. ETF Market Overview - The average performance of various ETF categories indicates that commodity ETFs performed the best with an average increase of 0.15%, while cross-border ETFs had the worst performance with an average decline of -0.85% [10]. Top Performing ETFs - The top five performing ETFs today include E Fund Agricultural ETF (562900.SH) with a gain of 2.94%, Online Consumption ETF (159728.SZ) up 2.92%, and Agricultural ETF (159825.SZ) up 2.90%. Other notable mentions include Agricultural 50 ETF (516810.SH) up 2.85% and Livestock Breeding ETF (516670.SH) up 2.78% [12][13]. ETF Trading Volume - The top three ETFs by trading volume today were Sci-Tech Innovation 50 ETF (588000.SH) with 6.126 billion yuan, A500 ETF (512050.SH) with 5.828 billion yuan, and ChiNext ETF (159915.SZ) with 5.706 billion yuan [15][16].

Group 1 - The overall performance of ETFs on the 26th showed mixed results, with some gaining while others declined [2] - The leading performer was the agricultural ETF from Yifangda (562900), which increased by 2.94% [2] - The online consumption ETF (159728) and another agricultural ETF (159825) also saw significant gains of 2.92% and 2.90% respectively [2] Group 2 - The worst performer was the CSI A500 Enhanced ETF (561090), which fell by 5.08% [2] - The Sci-Tech Chip ETF Index (588920) and the Rare Earth ETF from Yifangda (159715) experienced declines of 4.18% and 3.39% respectively [2]

Core Viewpoint - The ETF market on August 26 showed mixed performance, with agricultural ETFs leading gains while others, particularly in technology and rare earth sectors, experienced declines [2] Group 1: ETF Performance - Agricultural 50 ETF (516810) led the gains with an increase of 3.59% [2] - E Fund Agricultural ETF (562900) rose by 3.55% [2] - Agricultural ETF (159825) increased by 3.53% [2] - Zhongzheng A500 Enhanced ETF (561090) was the biggest loser, declining by 5.0% [2] - Sci-Tech Chip ETF Index (588920) fell by 3.32% [2] - Rare Earth ETF E Fund (159715) decreased by 2.96% [2]