ETF 日报 2025.11.19 市场概况： ◼ 今日 A 股上证综指上涨 0.18%，收于 3946.74 点，深证成指下跌 0.00%，收于 13080.09 点，创业板指上涨 0.25%，收于 3076.85 点， 两市 A 股成交金额为 17428 亿元。涨幅靠前的行业有：有色金属 （2.39%）、石油石化（1.67%）、国防军工（1.11%），跌幅靠前的行 业有：综合（-3.08%）、房地产（-2.09%）、传媒（-1.72%）。 股票 ETF： ◼ 今日成交金额靠前的股票 ETF 为：华夏中证 A500ETF 上涨 0.17%， 贴水率为 0.24%；华泰柏瑞中证 A500ETF 上涨 0.16%，贴水率为 0.29%；国泰中证 A500ETF 上涨 0.17%，贴水率为 0.31%。 债券 ETF： ◼ 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 上涨 0.01%， 贴水率为 0.00%；华夏上证基准做市国债 ETF 下跌 0.06%，贴水率 为-0.01%；易方达中证 AAA 科技创新公司债 ETF 上涨 0.02%，贴水 率为-0.25%。 2025 年 11 月 19 日 ...

Market Overview - The market experienced fluctuations with the three major indices opening lower and declining throughout the day, with the Shanghai Composite Index and Shenzhen Component Index dropping over 1% [1] - AI application concepts rose against the trend, while semiconductor concepts showed active performance, and certain robotics stocks strengthened [1] ETF Market Activity - On November 18, the non-monetary ETF market saw significant inflows, with E Fund's ChiNext ETF increasing by 366 million shares and a net inflow of 1.12 billion yuan [1] - Other notable inflows included Bosera's convertible bond ETF with an increase of 76 million shares and a net inflow of 1.03 billion yuan, and Huaxia's SSE government bond ETF with an increase of 7 million shares and a net inflow of 804 million yuan [1] Fund Performance - The top-performing ETFs by net inflow for the month included: - Huaan Gold ETF with a net inflow of 5.12 billion yuan [4] - GF's non-bank financial theme ETF with a net inflow of 3.43 billion yuan [4] - Huatai-PineBridge's Hang Seng Technology ETF with a net inflow of 3.38 billion yuan [4] - The overall ETF market as of November 18 had a total of 32,079.33 billion shares and a total scale of 56,955.37 billion yuan [4] Sector and Theme Trends - The real estate sector saw the largest increase in ETF shares, with two funds tracking it [4] - The largest increase in thematic ETFs was in the China Securities Battery theme, with four funds tracking it [4] - The Hang Seng Technology index had the largest number of tracking funds, totaling 13, while the highest return index was the China Securities Semiconductor, which increased by 2.22% [4]

Report Overview - Report date: October 27, 2025 [5] - Analyst: Ma Yaoshi [5] - Qualification certificate: S1330524050001 [5] - Contact email: mayst@hxzb.cn [5] - Contact phone: 15201282186 [5] Market Overview - A-share market: The Shanghai Composite Index rose 0.71% to 3,950.31 points, the Shenzhen Component Index rose 2.02% to 13,289.18 points, and the ChiNext Index rose 3.57% to 3,171.57 points. The total trading volume of A-shares in the two markets was 1.9918 trillion yuan [2][6] - Leading gainers: Communications (4.73%), electronics (4.72%), and national defense and military industry (2.34%) [2][6] - Leading losers: Petroleum and petrochemicals (-1.36%), coal (-1.29%), and food and beverages (-1.18%) [2][6] Stock ETF - Top trading volume: The top three were the Harvest Shanghai - Science and Technology Innovation Board Chip ETF (up 5.40% with a discount rate of 5.47%), the ChinaAMC Shanghai - Science and Technology Innovation Board 50 ETF (up 4.21% with a discount rate of 4.31%), and the ChinaAMC CSI A500 ETF (up 1.38% with a discount rate of 1.49%) [3][7] Bond ETF - Top trading volume: The top three were the Haitong Fortune CSI Short - Term Financing Bond ETF (up 0.01% with a discount rate of 0.01%), the Bosera CSI Convertible and Exchangeable Bond ETF (up 0.43% with a discount rate of 0.54%), and the ChinaAMC Shanghai Benchmark Market - Making Treasury Bond ETF (down 0.02% with a discount rate of - 0.02%) [4][9] Gold ETF - Gold prices: AU9999 fell 0.60%, and Shanghai Gold fell 0.49% [12] - Top trading volume: The top three were the Huaan Gold ETF (down 0.49% with a discount rate of - 0.60%), the E Fund Gold ETF (down 0.50% with a discount rate of - 0.58%), and the Bosera Gold ETF (down 0.51% with a discount rate of - 0.63%) [12][13] Commodity Futures ETF - Performance: The Dacheng Non - Ferrous Metals Futures ETF rose 1.22% with a discount rate of 1.67%, the CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.40% with a discount rate of - 0.03%, and the ChinaAMC Feed Soybean Meal Futures ETF fell 0.26% with a discount rate of 4.36% [13][14] Cross - Border ETF - Overseas indices: The Dow Jones Industrial Average rose 0.31%, the Nasdaq Composite rose 0.89%, the S&P 500 rose 0.58%, and the German DAX rose 0.23% the previous day. The Hang Seng Index rose 0.74%, and the Hang Seng China Enterprises Index rose 0.68% today [15] - Top trading volume: The top three were the E Fund CSI Hong Kong Securities Investment Theme ETF (up 1.28% with a discount rate of 1.65%), the Huatai - Peregrine CSI Korea Exchange Sino - Korean Semiconductor ETF (up 4.36% with a discount rate of 4.36%), and the Huatai - Peregrine Hang Seng Technology ETF (up 1.01% with a discount rate of 2.05%) [15][16] Money ETF - Top trading volume: The top three were the Yin Hua Day - to - Day Profit ETF, the Hua Bao Add - Benefit ETF, and the CCB Add - Benefit Money ETF [17][19]

Market Overview - The market experienced a day of fluctuations with all three major indices closing higher. The consumer electronics sector showed active performance, while the chip industry chain continued its strong momentum. In contrast, the film and tourism sectors collectively adjusted downwards [1]. ETF Market Activity - On September 22, the non-monetary ETF market saw significant inflows, with the following notable changes: - Huaxia SSE Benchmark Market-making Government Bond ETF increased by 0.10 billion shares, with a net inflow of 10.60 billion yuan. - Fortune CSI Hong Kong Stock Connect Internet ETF saw an increase of 7.21 billion shares, with a net inflow of 7.54 billion yuan. - Guotai CSI Coal ETF increased by 3.72 billion shares, with a net inflow of 4.06 billion yuan [1][2]. Fund Performance - The following ETFs experienced notable changes in fund shares and net inflows: - Huaxia SSE Consumer Electronics Theme ETF increased by 2.10 billion shares, with a net inflow of 2.43 billion yuan, marking a rise of 4.47%. - The Huaxia SSE Sci-tech Innovation Board 50 ETF saw a decrease of 11.34 billion shares, with a net outflow of 16.55 billion yuan [2][4]. Top ETFs by Net Inflows - As of September 22, the top 20 ETFs by net inflow for the month included: - Fortune CSI Hong Kong Stock Connect Internet ETF with a net inflow of 112.08 billion yuan and a total fund size of 944.80 billion yuan. - Guotai CSI All-Index Securities Company ETF with a net inflow of 107.26 billion yuan and a total fund size of 530.29 billion yuan [4]. Overall Market Statistics - The total ETF shares in the market reached 29,431.79 billion shares, with a total scale of 53,325.26 billion yuan. The energy sector saw the largest increase in shares, while the theme with the largest increase was the CSI Animation and Game Index [4].

Report Summary Report Industry Investment Rating No industry investment rating information is provided in the report. Core View The report presents the market performance of A - shares and various ETFs on September 19, 2025, including the performance of the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, as well as the performance of different types of ETFs such as stock ETFs, bond ETFs, gold ETFs, commodity futures ETFs, cross - border ETFs, and money ETFs. Summary by Category Market Overview - The Shanghai Composite Index fell 0.30% to 3820.09 points, the Shenzhen Component Index fell 0.04% to 13070.86 points, and the ChiNext Index fell 0.16% to 3091.00 points. The trading volume of A - shares in the two markets was 23498 billion yuan. The top - performing industries were coal (1.97%), non - ferrous metals (1.19%), and building materials (1.05%), while the bottom - performing industries were automobiles (- 1.94%), pharmaceuticals and biotechnology (- 1.41%), and computers (- 1.26%) [2][6] Stock ETF - The top - trading - volume stock ETFs included the Huaxia Shanghai Science and Technology Innovation Board 50 ETF, which fell 1.31% with a premium rate of - 1.30%; the E Fund ChiNext ETF, which fell 0.16% with a premium rate of - 0.26%; and the Huaxia CSI A500 ETF, which rose 0.09% with a premium rate of 0.10% [3][7] Bond ETF - The top - trading - volume bond ETFs included the Haifutong CSI Short - Term Financing ETF, which rose 0.00% with a premium rate of 0.00%; the Huaxia Shanghai Benchmark Market - Making Treasury Bond ETF, which fell 0.18% with a premium rate of - 0.24%; and the Bosera CSI Convertible and Exchangeable Bond ETF, which fell 0.69% with a premium rate of - 0.77% [4][9] Gold ETF - Gold AU9999 rose 0.31% and Shanghai Gold rose 0.38%. The top - trading - volume gold ETFs included the Huaan Gold ETF, which rose 0.46% with a premium rate of 0.06%; the Bosera Gold ETF, which rose 0.41% with a premium rate of 0.06%; and the E Fund Gold ETF, which rose 0.46% with a premium rate of 5.55% [12] Commodity Futures ETF - The Dacheng Non - Ferrous Metals Futures ETF rose 0.12% with a premium rate of 0.03%; the Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.31% with a premium rate of - 0.99%; and the Huaxia Feed Soybean Meal Futures ETF rose 0.56% with a premium rate of 3.32% [13] Cross - border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.27%, the Nasdaq rose 0.94%, the S&P 500 rose 0.48%, and the German DAX rose 1.35%. On this day, the Hang Seng Index rose 0.00% and the Hang Seng China Enterprises Index rose 0.17%. The top - trading - volume cross - border ETFs included the E Fund CSI Hong Kong Securities Investment Theme ETF, which fell 0.71% with a premium rate of - 1.35%; the Huatai - Peregrine Hang Seng Technology ETF, which rose 0.36% with a premium rate of - 0.08%; and the Huaxia Hang Seng Technology ETF, which rose 0.24% with a premium rate of - 0.15% [15] Money ETF - The top - trading - volume money ETFs were the Yin Hua Day - to - Day ETF, Huabao Tianyi ETF, and Money ETF Jianxin Tianyi [17]

Core Viewpoint - The Shanghai Composite Index experienced a decline of 0.37%, while the Shanghai Benchmark Marketable Government Bond Index reported at 113.38 points [1]. Group 1: Index Performance - The Shanghai Benchmark Marketable Government Bond Index has decreased by 0.23% over the past month and by 0.08% over the last three months, but it has increased by 0.50% year-to-date [2]. - The index is based on bonds listed on the Shanghai Stock Exchange that meet specific criteria, reflecting the overall performance of liquid bonds on the exchange [2]. Group 2: Index Composition and Adjustments - The index consists entirely of unrated bonds, with a 100.00% allocation to such securities [2]. - The sample for the index is adjusted monthly, with changes taking effect on the first trading day of each month. In cases of temporary adjustments, bonds may be removed from the index based on specific events [2]. Group 3: Related Investment Products - Public funds tracking the Shanghai Marketable Government Bonds include the Huaxia Shanghai Benchmark Marketable Government Bond ETF [2].

Group 1 - The core point of the article highlights the recent performance of the Huaxia SSE Benchmark Market-Making Government Bond ETF (511100), which has seen a decline of 0.26% on July 24, with a cumulative drop of 0.67% over five consecutive trading days [1] - The fund was established in December 2023 with a total size of 398 million yuan and has achieved a cumulative return of 9.06% since inception [1] - As of the end of 2024, institutional investors hold 71.63% of the total shares, while individual investors account for 28.37% [1] Group 2 - The current fund manager, Mr. Wen Shilun, has a master's degree and has held various positions within Huaxia Fund Management Co., Ltd. since August 2022, managing multiple funds including the Huaxia SSE Benchmark Market-Making Government Bond ETF [2] - The top five holdings of the Huaxia SSE Benchmark Market-Making Government Bond ETF account for a total of 63.09%, with the largest being the 24 Government Bond 23 at 17.69% [3]

Group 1 - The core point of the article highlights the recent performance of the Huaxia Shanghai Stock Exchange Benchmark Market-Making Government Bond ETF (511100), which has seen a decline of 0.03% on May 15, with a cumulative drop of 0.37% over four consecutive trading days [1] - The fund was established in December 2023, with a total size of 486 million yuan and an accumulated return of 8.94% since inception [1] - As of the end of 2024, institutional investors hold 71.63% of the total shares, while individual investors account for 28.37% [1] Group 2 - The current fund manager, Mr. Wen Shilun, has a master's degree and has held various positions in the industry, including roles at Huaxia Fund Management Co., Ltd. and Zhongrong Fund Management Co., Ltd. [2] - Mr. Wen has been managing multiple funds since March 2023, including the Huaxia Shanghai Stock Exchange Benchmark Market-Making Government Bond ETF since December 13, 2023 [2] Group 3 - As of March 31, 2025, the top five holdings of the Huaxia Shanghai Stock Exchange Benchmark Market-Making Government Bond ETF account for a total of 63.34%, with the largest being 24 Government Bond 23 at 16.18% [3] - The other top holdings include 25 Government Bond 01 (15.29%), 24 Government Bond 21 (11.77%), 24 Government Bond 17 (10.20%), and 24 Special Government Bond 02 (9.90%) [3]