工业和信息化部近日印发通知，启动国家新兴产业发展示范基地创建工作。示范基地面向2035年和"十 五五"时期国家发展战略，聚焦新一代信息技术、新能源、新材料、生物、高端装备、智能网联新能源 汽车、绿色环保、低空装备、航空航天等新兴产业重点领域。计划到2035年，创建100个左右园区类示 范基地、1000个左右企业类示范基地。 此外，11月23日，第二十二届中国国际半导体博览会（IC China 2025）在北京国家会议中心开幕。工业 和信息化部有关负责人表示，将从三方面推动集成电路产业高质量发展。一是促进产业链协同创新。围 绕集成电路设计、制造、封测、设备、材料等全产业链环节，加强资源整合和优化配置，推动集成电路 产业与人工智能、新能源、智能网联汽车等战略性新兴产业深度融合，拓展应用场景，提升产业链价 值。二是持续营造良好产业环境。三是坚持开放合作。提升国际合作层次和水平，支持建立区域性合作 平台，深化技术标准合作，共同制定全球通用的行业标准。 电子行业延续高景气度，2025年前三季度整体营收同比增长11%，归母净利润同比增长29%。其中，消 费电子板块受益于传统旺季，第三季度营收和归母净利润同比分别增长19% ...

Group 1 - The A-share market showed a collective rise on October 15, 2025, with the ChiNext Index increasing by 2.36%, driven by a rebound in technology stocks and significant activity in sectors like robotics, consumer electronics, and pharmaceuticals [1] - Shenwan Hongyuan Securities noted that the technology industry will continue to see more catalysts compared to cyclical sectors before spring 2026, suggesting a prolonged trend in technology growth [1] - Longjiang Securities expressed optimism about the AI computing power industry, highlighting that leading companies in the optical module sector have a significant upside in valuation compared to historical peaks [1] Group 2 - Chinese photovoltaic companies have recently secured nearly 25 GW of overseas orders since September, showcasing strong performance in international markets [2] - The National Development and Reform Commission and the State Administration for Market Regulation have issued guidelines to combat price disorder in the photovoltaic industry, which is expected to support domestic prices for components and wind turbines [2] - Zhongyuan Securities anticipates a rebound in earnings growth across most industries in the upcoming Q3 reports, driven by low base effects from the previous year, which will bolster market confidence [2] Group 3 - As of October 15, 2025, the ChiNext ETF (159952) rose by 2.35%, with a notable increase of over 37% in the past three months [3] - The top ten weighted stocks in the ChiNext Index account for 57.49% of the index, with significant gains from companies like Longying Precision and Xunwei Communication [3] - The ChiNext ETF has seen a net inflow of 580 million yuan over the past week, indicating strong investor interest [3] Group 4 - The ChiNext ETF closely tracks the ChiNext Index, consisting of 100 stocks with high market capitalization and liquidity, focusing on strategic emerging industries such as power equipment and biomedicine [4]

Core Viewpoint - The market showed strong enthusiasm for investment, with significant inflows into stock ETFs, particularly in sectors like AI and new energy, despite a slight decline in the Shanghai Composite Index [1][2]. Fund Flows - Over the past week, the total net inflow into stock ETFs reached over 286 billion yuan, with notable inflows on three consecutive days [1]. - On Friday alone, the total net inflow into stock ETFs was 71.24 billion yuan, with A-share ETFs contributing 38.42 billion yuan [2]. - Industry-themed ETFs, particularly those tracking the securities index and Hong Kong internet index, saw the highest net inflows, totaling 35.02 billion yuan and 31.71 billion yuan respectively [4]. ETF Performance - The securities ETF experienced a net inflow of nearly 48 billion yuan, while the broker ETF saw a net inflow of approximately 23 billion yuan [6]. - The top-performing ETFs included the securities ETF with a net inflow of 47.91 billion yuan and the Hong Kong internet ETF with 45.69 billion yuan [7]. - The robot ETF from E Fund had a net inflow of 4.2 billion yuan, indicating strong interest in the robotics sector [4][5]. Sector Insights - The AI and new energy sectors are driving market performance, with the ChiNext Index rising by 2.34% and the Sci-Tech 50 Index by 1.84% over the week [2]. - The human-shaped robot industry is expected to gain more attention as production schedules become clearer in the coming years [8]. Outflows - In contrast, several ETFs tracking the ChiNext 50 Index and convertible bond indices faced significant outflows, indicating profit-taking behavior among investors [9].

Group 1 - The A-share market saw all three major indices open lower but then rise, with the ChiNext Index reaching a new high of 3168.68 points on September 18, 2025, marking a 24.19% increase over the past month, outperforming other major indices [1] - The semiconductor sector experienced strong gains, with SMIC hitting a new high, while the CPO and humanoid robot concepts remained active [1] - As of September 18, 2025, the ChiNext Index was up 0.40%, and the ChiNext ETF (Guangfa, 159952) rose by 0.47%, achieving a four-day consecutive increase [1] Group 2 - The ChiNext ETF (Guangfa) reached a new high in scale at 15.037 billion yuan and a new three-month high in shares at 7.898 billion [2] - The ETF has seen continuous net inflows over the past four days, with a peak single-day net inflow of 360 million yuan, totaling 1.007 billion yuan [2] - Recent favorable developments in the new energy industry include breakthroughs in solid-state battery technology, rising demand for energy storage, and efforts to stabilize prices [2] Group 3 - The ChiNext Index is heavily weighted in the new energy sector, with battery (22.03%), communication equipment (16.30%), securities (7.84%), and photovoltaic equipment (4.98%) being the primary industries [1] - The ChiNext ETF closely tracks the ChiNext Index, consisting of 100 stocks with high market capitalization and liquidity, focusing on strategic emerging industries such as power equipment, biomedicine, and electronics [2]

2025年9月17日早盘，创业板指低开后拉升走强，盘中涨近2%，最高报3143.62点，再创年内新高！盘 面上看，多元金融、光学光电子、电机、消费电子、汽车零部件等板块涨幅居前。 创业板ETF广发(159952)，紧密跟踪创业板指数，由创业板中市值大、流动性好的100只股票构成，聚焦 电力设备、医药生物、电子等战略性新兴产业，集中反映中国创新创业企业的整体表现。场外联接 (A：003765；C：003766；E：019817；F：021739；Y：022896)。 政策面方面，国家发改委、能源局近日发布《新型储能规模化建设专项行动方案（2025—2027年）》， 明确提出到2027年全国新型储能装机规模达1.8亿千瓦以上，华金证券指出，该政策将推动长时储能技 术攻关和多元储能体系构建，破解当前储能面临的成本高、寿命短、安全性差等痛点。同时，数据中心 作为高耗能场景，在AI算力需求驱动下，对高可靠性供电系统的需求激增，新型储能已成为其电力保 障的"新刚需"。 长江证券指出，当前泛科技板块内部呈现轮动特征，机器人及相关零部件领域表现活跃，受马斯克即将 召开Optimus机器人技术会议等事件催化，减速器、传感器等方 ...

Quantitative Models and Construction Methods 1. Model Name: Industry Crowdedness Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowdedness levels of Shenwan First-Level Industry Indices on a daily basis, identifying industries with high or low crowdedness levels to provide insights for potential investment opportunities[3] - **Model Construction Process**: The model calculates the crowdedness levels of various industries based on daily data. It identifies industries with significant changes in crowdedness levels and tracks the inflow and outflow of major funds in these industries. For example, on the previous trading day, industries such as non-ferrous metals, electrical equipment, and electronics had high crowdedness levels, while food and beverage, as well as beauty care, exhibited lower levels[3] - **Model Evaluation**: The model provides a useful tool for identifying industry trends and fund flow dynamics, which can help investors make informed decisions[3] 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model is used to screen ETF products with potential arbitrage opportunities by calculating the Z-score of their premium rates over a rolling window[4] - **Model Construction Process**: The model involves the following steps: 1. Calculate the premium rate of an ETF product as the percentage difference between its market price and its net asset value (NAV) 2. Compute the Z-score of the premium rate over a rolling window to identify deviations from the mean 3. Highlight ETF products with significant Z-scores as potential arbitrage opportunities while also flagging the risk of price corrections[4] - **Model Evaluation**: The model effectively identifies ETFs with potential mispricing, offering opportunities for arbitrage while cautioning about associated risks[4] --- Backtesting Results of Models 1. Industry Crowdedness Monitoring Model - **Key Observations**: - Non-ferrous metals, electrical equipment, and electronics had the highest crowdedness levels on the previous trading day[3] - Food and beverage, as well as beauty care, exhibited the lowest crowdedness levels[3] - Significant changes in crowdedness were observed in the automotive and light industry sectors[3] 2. Premium Rate Z-Score Model - **Key Observations**: - The model flagged ETF products with significant Z-scores as potential arbitrage opportunities[4] - Specific ETFs and their associated signals were not detailed in the report[4] --- Quantitative Factors and Construction Methods No specific quantitative factors were explicitly mentioned in the report. The focus was primarily on the construction and application of the two models described above. --- Backtesting Results of Factors No explicit backtesting results for individual factors were provided in the report. The analysis was centered on the models and their outputs.

Market Overview - The market experienced a V-shaped rebound on August 28, with the ChiNext Index leading the gains, and the STAR 50 Index rising over 7% [1][8] - A-shares had a total trading volume of 3 trillion yuan, a decrease of 196.9 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index rose by 1.14%, the Shenzhen Component Index increased by 2.25%, and the ChiNext Index surged by 3.82% [1] Sector Performance - The computing power and chip sectors were the main focus, with over 2,800 stocks rising in the market [1] - CPO and other computing hardware stocks maintained strong performance, with Tianfu Communication and several others reaching historical highs [4] - Chip stocks collectively surged, with more than 10 stocks, including Zhangjiang Hi-Tech, hitting the daily limit [4] Notable Stocks - Cambricon Technologies' stock price reached 1,587.91 yuan per share, up 15.73%, with a market capitalization of approximately 664.3 billion yuan, surpassing Kweichow Moutai [6] - Kweichow Moutai's stock price was reported at 1,446.1 yuan per share, down 0.13%, with a market capitalization of about 1.82 trillion yuan [6] ETF Performance - Technology growth sectors showed strong performance, with significant increases in related ETF products. For instance, the performance of various ETFs from GF Fund since August includes: - STAR 50 ETF (588060) up 21.43% - STAR 100 ETF (588980) up 16.29% - ChiNext ETF (159952) up 16.96% - Double Innovation 50 ETF (588320) up 23.83% [10][11] Policy Support - Recent favorable policies for the technology growth sector include guidelines from the People's Bank of China and other departments to support new industrialization and the implementation of "Artificial Intelligence+" actions [11] - The total computing power scale is growing at an annual rate of approximately 30%, providing a solid foundation for the technology industry [11]

Core Viewpoint - The technology growth sector is experiencing strong performance driven by favorable policies in artificial intelligence and computing power, with significant increases in related ETF products [1] Group 1: Market Performance - The performance of various ETFs in the technology growth sector has been notable, with the following returns since August: - 科创50ETF龙头 (588060) at 21.43% - 科创100ETF广发 (588980) at 16.29% - 创业板ETF广发 (159952) at 16.96% - 双创50ETF增强 (588320) at 23.83% [1] - The 科创50指数 focuses on 50 major securities with over 60% in the semiconductor industry, providing a benchmark for core assets in the 科创板 [2] - The 创业板ETF广发 has seen over 60% growth since its inception, with a current scale exceeding 12.8 billion [3] Group 2: Policy Support - Recent policies from the People's Bank of China and other departments aim to support new industrialization and promote the application of artificial intelligence, encouraging long-term capital into technology enterprises [1] - The domestic computing power infrastructure is rapidly developing, with an annual growth rate of approximately 30%, providing a solid foundation for the technology industry [1] Group 3: Investment Opportunities - Investors can leverage index funds to capture opportunities in hard technology companies listed on the 科创板 and 创业板 [2] - The 双创50ETF增强 offers a strategy to capture leading companies from both the 科创板 and 创业板, showing a notable increase of 23.83% since August [3] - The 科创100ETF广发, launched on July 23, has increased by 16.22% since its inception, covering mid-cap companies in the 科创板 [2]

2025年8月28日创业板再度爆发，截至午盘创业板指大涨超3%，盘中创近3年新高！有市场分析认为， 随着市场信心持续回升，流动性环境向好，当前A股市场整体趋势持续向好，有望延续震荡上行趋势。 国泰海通表示，DeepSeek-V3.1 使用了 UE8M0 FP8 Scale 的参数精度， UE8M0 FP8是针对即将发布的下 一代国产芯片设计，国产芯片有望得到大规模应用。新一代的国产芯片纷纷开始支持FP8，随着国产AI 芯片设计技术、制造工艺等方面的提升，且随着国产大模型的持续发展以及对国产芯片的适配和支持， 国产算力的市占率有望持续提升，国产芯片的行情有望持续推进。 规模方面，创业板ETF广发最新规模达120.90亿元，创近3月新高。份额方面，创业板ETF广发近1周份 额增长8160.00万份。资金流入方面，拉长时间看，创业板ETF广发近5个交易日内有4日资金净流入， 合计"吸金"1.70亿元。 创业板ETF广发(159952)，紧密跟踪创业板指数，由创业板中市值大、流动性好的100只股票构成，聚焦 电力设备、医药生物、电子等战略性新兴产业，集中反映中国创新创业企业的整体表现。场外联接 (A：003765；C ...

Group 1 - The ChiNext Index (399006) has shown a strong increase of 2.00% as of July 8, 2025, with notable gains in stocks such as Ruijie Networks (301165) up by 8.98% and Sungrow Power Supply (300274) up by 8.92% [1] - The ChiNext ETF by GF (159952) has seen a cumulative increase of 5.48% over the past two weeks, with a trading volume of 76.9 million yuan on July 7, 2025 [1] - The ChiNext ETF has experienced a significant growth in scale, with an increase of 75.67 million yuan over the past two weeks and an increase of 800.2 million shares over the past year [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the ChiNext Index account for 51.16% of the index, with notable companies including CATL (300750) and Mindray Medical (300760) [2] - The relative PE of the ChiNext Index compared to the CSI 300 Index is at a historical 5.9% percentile, indicating a relatively high cost-performance ratio [2] - The computer sector is experiencing accelerated demand for AI and domestic innovation, while the electronics sector benefits from AI-enabled traditional smart terminals [2] Group 3 - The ChiNext ETF is designed to invest in a basket of leading ChiNext stocks, with a daily price fluctuation limit of ±20%, making it suitable for active trading [3] - The GF ChiNext ETF closely tracks the ChiNext Index and consists of 100 stocks with high market capitalization and liquidity, focusing on strategic emerging industries [3]