Report Industry Investment Rating No relevant content provided. Core Viewpoints - Important news: The total scale of domestic public funds in China has exceeded 36 trillion yuan for the first time; the returns of the first batch of new floating - rate funds are promising; the number of Science and Technology Innovation Board ETFs has exceeded 100 [2]. - Market review: Last week (from September 22, 2025, to September 26, 2025), the major broad - based indices in the A - share market showed an upward trend, while most overseas indices showed a downward trend [2]. - Fund market review: Half of the active equity funds achieved positive returns last week, with the median interval return of active equity funds at 0.38%. The cycle and manufacturing theme funds performed outstandingly [2]. - ETF fund statistics: The top three ETF categories in terms of performance last week were technology, commodity futures, and manufacturing theme ETFs. There were 435 ETFs with net capital inflows and 593 with net outflows [2]. - Fund market dynamics: 41 public funds had new fund managers last week; 61 public funds were newly established, with a total issuance share of 366.07 billion; 16 public funds entered the issuance stage for the first time; as of September 28, 2025, there were 68 public funds waiting to be issued [2]. - Equity fund issuance tracking: The issuance scale of equity funds last week reached 240.73 billion yuan, an increase of 17.15 billion yuan from the previous week. It is expected to bring incremental funds to industries such as electronics, power equipment and new energy, and computers [2]. Summary by Directory 1. Important News 1.1 Market Dynamics - The total scale of domestic public funds in China has exceeded 36 trillion yuan for the first time, with open - end funds being the main driving force for growth [7]. - The returns of the first batch of new floating - rate funds are promising, with an average return close to 13% [8]. - The largest money market fund, Yu'E Bao, has announced a fee reduction, which may drive other large - and medium - sized money market funds to follow suit [9]. 1.2 Product Hotspots - Xingzheng Global Fund has submitted an application for its first ETF, aiming to meet investors' diversified allocation needs [10]. - The first batch of index fund Y - shares has achieved excellent results, with 84 out of 85 funds achieving positive returns [11]. - The number of Science and Technology Innovation Board ETFs has exceeded 100, forming a multi - level index product system [11]. - The China Securities Index Company has officially released the CSI Smart - Selected Hangzhou Innovation 50 Index [12]. 1.3 Overseas/Overseas Markets - Goldman Sachs has reiterated its overweight view on China [13]. - Huaxia Fund (Hong Kong) has launched a new offshore RMB income bond fund [14]. 2. Market Review - Last week, the major broad - based indices in the A - share market showed an upward trend, while most overseas indices showed a downward trend. The electronics and non - ferrous metals industries had the highest increases [14][16]. 3. Fund Market Review 3.1 Active Equity Fund Performance - In the short - term, manufacturing and technology theme funds performed well; in the medium - and long - term, technology and manufacturing theme funds also had outstanding performance [20]. 3.2 Top - Performing Fund Performance Statistics - The top five active equity funds last week were mainly technology - themed funds, with Southern Information Innovation A ranking first [24]. 4. ETF Fund Statistics 4.1 ETF Fund Performance - The top three ETF categories in terms of performance last week were technology, commodity futures, and manufacturing theme ETFs [26]. 4.2 ETF Fund Capital Flow Statistics - Last week, the ETF categories with the largest net capital inflows were technology, bonds, and financial real estate, while the categories with the largest net outflows were strategy style, cycle, and others [29]. 4.3 ETF Fund Premium and Discount Statistics - As of September 26, 2025, the top three ETFs in terms of premium rate were Bosera CSI All - Share Free Cash Flow ETF, Huaxia Feed Soybean Meal Futures ETF, and Puyin AXA CSI A500 ETF [34]. 5. Fund Market Dynamics 5.1 Fund Manager Changes - Last week, 41 public funds had new fund managers, involving 32 fund managers from 23 fund management companies; 52 public funds had fund manager departures, involving 27 fund managers from 20 fund management companies [36][39]. 5.2 Newly Established Funds Last Week - 61 public funds were newly established last week, with a total issuance share of 366.07 billion. The largest number and the largest issuance share were from passive index funds [42]. 5.3 First - Time Issued Funds Last Week - 16 public funds entered the issuance stage for the first time last week, with the largest number being passive index funds [2]. 5.4 Funds Waiting to be Issued - As of September 28, 2025, there were 68 public funds waiting to be issued [2]. 5.5 Equity Fund Issuance Tracking - The issuance scale of equity funds last week reached 240.73 billion yuan, an increase of 17.15 billion yuan from the previous week. It is expected to bring incremental funds to certain industries [2].

Group 1 - The article discusses the recent performance of the A-share market, noting that 70% of stocks declined, particularly in the innovation and entrepreneurship sector [2][13] - A significant highlight is the market capitalization of Ningde Times (宁德时代) surpassing Kweichow Moutai (贵州茅台), reaching over 1.8 trillion yuan, marking a notable shift in the tech sector's valuation [3][5] - The article emphasizes the impact of urbanization and infrastructure development on Kweichow Moutai's rise, while Ningde Times' growth is attributed to energy transition and technological advancements [6][27] Group 2 - The article outlines two major developments in the internationalization of the Renminbi, including the Hong Kong Securities and Futures Commission's announcement to expand the issuance of Renminbi-denominated fixed income products [18][19] - Tencent's plan to issue 8 billion yuan in dim sum bonds marks a significant move in the offshore Renminbi bond market, indicating a growing trend in Renminbi internationalization [24][25] - The article highlights that by the end of 2024, the proportion of trade settled in Renminbi is expected to rise to 33.9%, the first time exceeding 30% since 2015, reflecting an increasing acceptance of the currency in international trade [27][28] Group 3 - The article suggests that the issuance of high-quality Renminbi assets, such as dim sum bonds, is crucial for maintaining currency stability and attracting foreign investment [28][29] - It notes that currently, dim sum bonds offer a premium of 30-40 basis points compared to domestic bonds of the same maturity, presenting an investment opportunity [32] - The potential narrowing of this premium as the dim sum bond market expands could also create capital gain opportunities for investors [33]