◼ 今日成交金额靠前的股票 ETF 为：华夏中证 A500ETF 上涨 0.53%， 贴水率为 0.40%；易方达创业板 ETF 上涨 2.23%，贴水率为 2.18%； 国泰中证 A500ETF 上涨 0.62%，贴水率为 0.47%。 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 0.00%， 贴水率为 0.00%；博时中证可转债及可交换债券 ETF 下跌 0.80%， 贴水率为-0.99%；国泰中证 AAA 科技创新公司债 ETF 下跌 0.10%， 贴水率为-0.11%。 ETF 日报 2025.11.26 市场概况： ◼ 今日 A 股上证综指下跌 0.15%，收于 3864.18 点，深证成指上涨 1.02%，收于 12907.83 点，创业板指上涨 2.14%，收于 3044.69 点， 两市 A 股成交金额为 17974 亿元。涨幅靠前的行业有：通信 （4.64%）、综合（1.79%）、电子（1.58%），跌幅靠前的行业有：国 防军工（-2.25%）、社会服务（-0.97%）、传媒（-0.82%）。 股票 ETF： 2025 年 11 月 26 日 ETF ...

Market Overview - The Shanghai Composite Index rose by 0.05% to close at 3836.77 points, with a daily high of 3854.33 points [1] - The Shenzhen Component Index increased by 0.37% to close at 12585.08 points, reaching a high of 12655.29 points [1] - The ChiNext Index gained 0.31%, closing at 2929.04 points, with a peak of 2951.43 points [1] ETF Market Performance - The median return of stock ETFs was 0.2%, with the highest return from the Penghua SSE Sci-Tech Innovation Board 200 ETF at 3.01% [2] - The highest performing industry ETF was the China Securities Satellite Industry ETF, yielding 4.25% [2] - The highest return among thematic ETFs was the China Securities Aerospace Industry ETF, which achieved 5.01% [2] ETF Gain and Loss Rankings - The top three ETFs by gain were: - Huaxia China Securities Aerospace Industry ETF (5.01%) - Tianhong China Securities Aerospace Industry ETF (4.66%) - Wanji China Securities Aerospace Industry ETF (4.64%) [4] - The top three ETFs by loss were: - Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (-2.14%) - Huaxia China Securities Sci-Tech Innovation 50 ETF (-1.88%) - Jiashi China Securities Rare Metals Thematic ETF (-1.68%) [4] ETF Fund Flow - The top three ETFs by fund inflow were: - Huatai-PB SSE 300 ETF (inflow of 3.665 billion yuan) - Huaxia SSE 50 ETF (inflow of 1.53 billion yuan) - Southern CSI 500 ETF (inflow of 895 million yuan) [6] - The top three ETFs by fund outflow were: - Huabao CSI Bank ETF (outflow of 211 million yuan) - Fuguo CSI Military Industry Leaders ETF (outflow of 209 million yuan) - Guotai CSI Coal ETF (outflow of 207 million yuan) [6] ETF Margin Trading Overview - The highest margin buy amounts were for: - Huaxia SSE Sci-Tech Innovation 50 ETF (593 million yuan) - E Fund ChiNext ETF (440 million yuan) - Guotai CSI All-Share Securities Company ETF (415 million yuan) [8] - The highest margin sell amounts were for: - Huatai-PB SSE 300 ETF (34.95 million yuan) - Southern CSI 500 ETF (7.56 million yuan) - Huaxia SSE 50 ETF (3.97 million yuan) [9] Institutional Insights - Shenwan Hongyuan expects strong resonance between demand and supply in China's military trade, driven by expanding global military trade demand and enhanced product capabilities [10] - Debon Securities highlights a historic opportunity for the commercial aerospace industry, transitioning from manufacturing to application, with significant growth in low-orbit satellite demand [11]

ETF 日报 2025.11.24 市场概况： ◼ 今日 A 股上证综指上涨 0.05%，收于 3836.77 点，深证成指上涨 0.37%，收于 12585.08 点，创业板指上涨 0.31%，收于 2929.04 点， 两市 A 股成交金额为 17406 亿元。涨幅靠前的行业有：国防军工 （4.31%）、传媒（3.49%）、计算机（2.41%），跌幅靠前的行业有： 石油石化（-1.21%）、煤炭（-1.09%）、银行（-0.79%）。 股票 ETF： ◼ 今日成交金额靠前的股票 ETF 为：华夏中证 A500ETF 上涨 0.18%， 贴水率为 0.13%；华泰柏瑞沪深 300ETF 下跌 0.15%，贴水率为- 0.13%；国泰中证 A500ETF 涨跌幅为 0.00%，贴水率为 0.13%。 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%；博时中证可转债及可交换债券 ETF 下跌 0.08%， 贴水率为 0.06%；华夏中证 AAA 科技创新公司债 ETF 上涨 0.01%， 贴水率为-0.21%。 2025 年 11 月 24 ...

ETF 日报 2025.11.21 市场概况： ◼ 今日 A 股上证综指下跌 2.45%，收于 3834.89 点，深证成指下跌 3.41%，收于 12538.07 点，创业板指下跌 4.02%，收于 2920.08 点， 两市 A 股成交金额为 19839 亿元。跌幅靠前的行业有：综合（- 5.50%）、有色金属（-5.26%）、电力设备（-5.17%）。 股票 ETF： ◼ 今日成交金额靠前的股票 ETF 为：易方达创业板 ETF 下跌 4.03%， 贴水率为-3.93%；华泰柏瑞沪深 300ETF 下跌 2.40%，贴水率为- 2.41%；华夏中证 A500ETF 下跌 2.78%，贴水率为-2.77%。 债券 ETF： ◼ 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 下跌 0.00%， 贴水率为 0.00%；博时中证可转债及可交换债券 ETF 下跌 0.77%， 贴水率为-0.88%；中银上证 AAA 科创债 ETF 上涨 0.02%，贴水率为 -0.21%。 2025 年 11 月 21 日 ETF 日报 证券研究报告-ETF 日报 分析师：马遥识途 资格证书：S1330524050 ...

Report Summary 1. Market Overview - On November 19, 2025, the Shanghai Composite Index rose 0.18% to 3946.74 points, the Shenzhen Component Index fell 0.00% to 13080.09 points, and the ChiNext Index rose 0.25% to 3076.85 points. The total trading volume of A-shares in the two markets was 1742.8 billion yuan. The top-performing sectors were non-ferrous metals (2.39%), petroleum and petrochemicals (1.67%), and national defense and military industry (1.11%), while the worst-performing sectors were comprehensive (-3.08%), real estate (-2.09%), and media (-1.72%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs were Huaxia CSI A500 ETF (up 0.17%, premium rate 0.24%), Huatai-PineBridge CSI A500 ETF (up 0.16%, premium rate 0.29%), and Guotai CSI A500 ETF (up 0.17%, premium rate 0.31%) [3][7]. - The table shows detailed information of the top ten trading volume stock ETFs, including code, fund name, price, change rate, tracking index, IOPV, premium rate, trading volume, and latest share [8]. 3. Bond ETFs - The top trading volume bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01%, premium rate 0.00%), Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (down 0.06%, premium rate -0.01%), and E Fund CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.02%, premium rate -0.25%) [4][9]. - The table presents information of the top five trading volume bond ETFs, including code, fund name, price, change rate, premium rate, and trading volume [10]. 4. Gold ETFs - Gold AU9999 rose 2.00% and Shanghai Gold rose 2.02%. The top trading volume gold ETFs were Huaan Gold ETF (up 2.02%, premium rate 2.12%), Bosera Gold ETF (up 2.02%, premium rate 2.13%), and E Fund Gold ETF (up 2.00%, premium rate 2.14%) [12]. - The table provides details of the top five trading volume gold ETFs, including code, fund name, price, change rate, trading volume, IOPV, and premium rate [13]. 5. Commodity Futures ETFs - Huaxia Feed Soybean Meal Futures ETF fell 1.59% with a premium rate of 0.99%, Dacheng Non-ferrous Metals Futures ETF rose 0.73% with a premium rate of 0.42%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF had a change rate of 0.00% with a premium rate of -0.01% [15]. - The table shows information of commodity futures ETFs, including code, fund name, price, change rate, trading volume, IOPV, premium rate, tracking index, and tracking index change rate [16]. 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average fell 1.07%, the Nasdaq Composite fell 1.21%, the S&P 500 fell 0.83%, and the German DAX fell 1.77%. On November 19, the Hang Seng Index fell 0.38% and the Hang Seng China Enterprises Index fell 0.26%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.19%, premium rate -0.11%), GF CSI Hong Kong Innovative Drugs ETF (down 0.52%, premium rate -0.29%), and Huatai-PineBridge Hang Seng Technology ETF (down 0.54%, premium rate -0.44%) [17]. - The table shows details of the top five trading volume cross-border ETFs, including code, fund name, trading volume, change rate, and premium rate [18]. 7. Money Market ETFs - The top trading volume money market ETFs were Yin Hua Day Profit ETF, Hua Bao Tian Yi ETF, and Jian Xin Tian Yi Money Market ETF [19]. - The table presents information of the top three trading volume money market ETFs, including code, fund name, and trading volume [21].

Market Performance - The Shanghai Composite Index rose by 1.08% last week, closing at 3997.56 points, with a peak of 4012.01 points [1] - The Shenzhen Component Index increased by 0.19%, closing at 13404.06 points, with a high of 13496.7 points [1] - The ChiNext Index saw a rise of 0.65%, ending at 3208.21 points, with a maximum of 3240.34 points [1] - In contrast, major global indices experienced declines, with the Nasdaq Composite down 3.04%, the Dow Jones Industrial Average down 1.21%, and the S&P 500 down 1.63% [1] ETF Market Performance - The median weekly return for stock ETFs was 0.31% [2] - The highest weekly return among scale index ETFs was 2.9% for the Penghua CSI 800 Free Cash Flow ETF [2] - The top-performing industry index ETF was the Southern CSI New Energy ETF, with a return of 5.33% [2] - The highest return in thematic index ETFs was 10.92% for the Huaxia CSI Electric Grid Equipment Thematic ETF [4] ETF Liquidity and Fund Flow - Average daily trading volume for stock ETFs decreased by 15.7%, while average daily trading volume increased by 9.3% [6] - The top five stock ETFs with the highest inflows included the Guotai CSI All-Share Securities Company ETF, which saw an inflow of 400 million yuan [9] - The top five stock ETFs with the largest outflows included the E Fund ChiNext ETF, which experienced an outflow of 290 million yuan [10] ETF Financing and Margin Trading - The financing balance for stock ETFs decreased from 49.1454 billion yuan to 47.9148 billion yuan [11] - The highest financing buy amount was 486 million yuan for the Huaxia SSE Sci-Tech 50 ETF [11] ETF Market Size and Composition - The total market size for ETFs reached 572.989 billion yuan, with stock ETFs accounting for 373.4058 billion yuan [14] - Stock ETFs represent 79.0% of the total number of ETFs and 65.2% of the total market size [16] New ETF Issuance - No new ETFs were issued last week, but eight new ETFs were established, including the Huaxia CSI Photovoltaic Industry ETF [17] Industry Insights - Industrial chain restructuring in the photovoltaic sector is anticipated, with Q3 showing a trend of reduced losses in the main chain [17] - The supply-demand relationship in the photovoltaic industry is expected to recover rapidly, driven by supply-side structural reforms and new technological changes [17]

Core Insights - The total margin balance of ETFs in the two markets reached 121.972 billion yuan, an increase of 0.55% from the previous trading day, with a net increase of 666.5 million yuan [1] - The financing balance of ETFs increased by 0.63% to 113.717 billion yuan, while the margin balance decreased by 46.0556 million yuan [1] Group 1: ETF Financing Balances - The latest financing balance for ETFs with over 100 million yuan includes: Huaan Gold ETF at 8.09 billion yuan, E Fund Gold ETF at 5.69 billion yuan, and Huaxia Hang Seng ETF at 4.106 billion yuan [2] - The largest increases in financing balances were seen in: Ping An High-Grade Corporate Bond ETF (up 1539.76%), CSI Shanghai State-Owned Enterprises ETF (up 343.76%), and CSI Bank ETF (up 143.90%) [2][3] - The largest decreases in financing balances were observed in: ChiNext ETF (down 69.83%), E Fund MSCI China A-Share International ETF (down 48.53%), and Fortune Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (down 37.65%) [2][3] Group 2: ETF Margin Trading - The latest margin trading balances show that the top three ETFs by margin balance are: Southern CSI 500 ETF at 2.663 billion yuan, Southern CSI 1000 ETF at 2.557 billion yuan, and Huaxia CSI 1000 ETF at 488 million yuan [5] - The largest increases in margin balances were recorded for: Huaxia Shanghai Stock Exchange 50 ETF (up 7.2774 million yuan), Huaxia CSI 1000 ETF (up 5.2407 million yuan), and GF CSI 1000 ETF (up 1.9931 million yuan) [6] - The largest decreases in margin balances were noted for: Southern CSI 1000 ETF (down 21.2003 million yuan), Southern CSI 500 ETF (down 14.2984 million yuan), and Huatai-PineBridge Shanghai and Shenzhen 300 ETF (down 9.3083 million yuan) [6] Group 3: Net Financing Buy/Sell - The top net financing buy amounts were for: Pengyang Zhongdai - 30-Year Treasury Bond ETF at 1.796695 billion yuan, Bosera Shanghai Stock Exchange 30-Year Treasury Bond ETF at 1.420409 billion yuan, and Bosera Convertible Bond ETF at 1.222903 billion yuan [4][5] - The top net financing sell amounts were for: Fortune Zhongdai 7-10 Year Policy Financial Bond ETF at 364.33 million yuan, Bosera Zhongdai 0-3 Year National Development Bank ETF at 166.06 million yuan, and CSI 2000 at 40.4111 million yuan [4][5]

Report Summary 1. Market Overview - On October 31, 2025, the Shanghai Composite Index fell 0.81% to 3954.79 points, the Shenzhen Component Index dropped 1.14% to 13378.21 points, and the ChiNext Index declined 2.31% to 3187.53 points. The total trading volume of A - shares in the two markets was 2350.1 billion yuan. The top - performing sectors were Medicine and Biology (2.42%), Media (2.39%), and Commerce and Retail (2.08%), while the worst - performing sectors were Communication (-4.07%), Electronics (-3.06%), and Non - ferrous Metals (-2.03%) [2][6] 2. Stock ETFs - The top - trading - volume stock ETFs on this day were: Huatai - Peregrine CSI 300 ETF, which fell 1.39% with a premium rate of -1.38%; ChinaAMC CSI A500 ETF, down 1.10% with a premium rate of -1.09%; and ChinaAMC SSE STAR Market 50 ETF, dropped 3.06% with a premium rate of -3.02% [3][7] 3. Bond ETFs - The top - trading - volume bond ETFs were: Haifutong CSI Short - term Financing Bond ETF, up 0.01% with a premium rate of 0.01%; ChinaAMC CSI AAA Science and Technology Innovation Corporate Bond ETF, rose 0.12% with a premium rate of -0.09%; and Bosera CSI Convertible and Exchangeable Bond ETF, increased 0.07% with a premium rate of 0.00% [4][9] 4. Gold ETFs - Gold AU9999 rose 1.61% and Shanghai Gold increased 1.26%. The top - trading - volume gold ETFs were: Huaan Gold ETF, up 1.03% with a premium rate of 1.37%; Bosera Gold ETF, rose 1.14% with a premium rate of 1.29%; and E Fund Gold ETF, increased 1.09% with a premium rate of 1.28% [12] 5. Commodity Futures ETFs - Dacheng Non - ferrous Metals Futures ETF fell 0.61% with a premium rate of -0.99%; ChinaAMC Feed Soybean Meal Futures ETF rose 0.36% with a premium rate of 2.23%; and CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF dropped 0.40% with a premium rate of -1.24% [15] 6. Cross - border ETFs - The previous trading day, the Dow Jones Industrial Average fell 0.23%, the Nasdaq dropped 1.57%, the S&P 500 declined 0.99%, and the German DAX fell 0.02%. On this day, the Hang Seng Index dropped 1.43% and the Hang Seng China Enterprises Index fell 1.91%. The top - trading - volume cross - border ETFs were: E Fund CSI Hong Kong Securities Investment Theme ETF, down 2.34% with a premium rate of -2.53%; GF CSI Hong Kong Innovative Drugs ETF, up 5.12% with a premium rate of 4.29%; and Huatai - Peregrine Hang Seng Technology ETF, dropped 1.25% with a premium rate of -1.69% [17] 7. Money Market ETFs - The top - trading - volume money market ETFs were Huabao Tianyi ETF, Yin Hua Rili ETF, and CCB Tianyi Money Market ETF [19]

Market Overview - As of October 30, the total ETF margin balance in the two markets is 118.284 billion yuan, a decrease of 3.25 billion yuan from the previous trading day [1] - The financing balance is 110.05 billion yuan, down by 3.193 billion yuan, while the securities lending balance is 8.234 billion yuan, reduced by 57.9547 million yuan [1] - In the Shanghai market, the ETF margin balance is 82.462 billion yuan, a decrease of 2.532 billion yuan, with a financing balance of 75.209 billion yuan, down by 2.477 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 35.822 billion yuan, a decrease of 719 million yuan, with a financing balance of 34.841 billion yuan, down by 715 million yuan [1] ETF Margin Balance - The top three ETFs by margin balance on October 30 are: - Huaan Yifu Gold ETF (8.181 billion yuan) - E Fund Gold ETF (5.722 billion yuan) - Huaxia Hang Seng (QDII-ETF) (4.116 billion yuan) [2] - The detailed top 10 ETFs by margin balance are provided in the table [2] ETF Financing Amount - The top three ETFs by financing amount on October 30 are: - Huatai-PB Southbound Hang Seng Technology Index (QDII-ETF) (2.015 billion yuan) - E Fund China Securities Hong Kong Investment Theme ETF (2.008 billion yuan) - Haifutong China Securities Short-term Bond ETF (1.703 billion yuan) [3] - The detailed top 10 ETFs by financing amount are provided in the table [4] ETF Net Financing Amount - The top three ETFs by net financing amount on October 30 are: - Huaan Growth Enterprise Board 50 ETF (114 million yuan) - E Fund CSI 300 Medical and Health ETF (62.307 million yuan) - Huabao CSI All-Index Securities Company ETF (49.924 million yuan) [5] - The detailed top 10 ETFs by net financing amount are provided in the table [6] ETF Securities Lending Amount - The top three ETFs by securities lending amount on October 30 are: - Huaxia Shanghai 50 ETF (32.5105 million yuan) - Huatai-PB CSI 300 ETF (22.6088 million yuan) - Southern CSI 500 ETF (18.3234 million yuan) [7] - The detailed top 10 ETFs by securities lending amount are provided in the table [8]

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]