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 ...

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 ...

（文章来源：证券时报网） Wind统计显示，截至11月18日，沪深两市ETF两融余额为1238.13亿元，较上一交易日增加38.1亿元。其 中，ETF融资余额为1156.75亿元，较上一交易日增加39亿元；ETF融券余额为81.38亿元，较上一交易 日减少0.9亿元。 具体来看，11月18日有297只ETF获融资净买入，其中，富国中债7—10年政策性金融债ETF获融资净买 入额居首，净买入17.39亿元；融资净买入金额居前的还有博时中债0—3年国开行ETF、国泰上证5年期 国债ETF、华安黄金ETF、海富通中证短融ETF、易方达创业板ETF、易方达中证海外互联ETF等。 ...

Group 1: Oil and Gas Sector Performance - The oil and gas sector showed strong performance on November 14, with multiple related ETFs rising over 1% [1] - The leading oil and gas ETF, Bosera Oil and Gas ETF (561760), recorded a gain of 2.02%, while other ETFs like Oil and Gas Resource ETF (159309) and (563150) also saw increases of 1.68% and 1.48% respectively [4][5] - The best-performing sector this week was the innovative drug sector, with several ETFs gaining over 7% in the last five trading days [4] Group 2: Technology Sector Weakness - The technology sector, particularly in subcategories like chips, internet, cloud computing, and AI, experienced significant declines in ETF performance [2][6] - Despite the weak performance of many technology-themed ETFs, there remains a strong inflow of funds into artificial intelligence ETFs, indicating continued investor interest [3][9] Group 3: Fund Inflows and Market Sentiment - Despite the overall weak performance of technology-themed ETFs, there was a notable net inflow of over 1.1 billion yuan into the Southern Growth Enterprise Board AI ETF from November 10 to 13, even as it dropped over 2.6% [9][10] - The top inflow ETFs included Southern Growth Enterprise Board AI ETF with a net inflow of 5.45 billion yuan, and other ETFs like Huatai Golden ETF and ICBC Hong Kong Stock Innovation Drug ETF also saw significant inflows [10] Group 4: Chemical Industry Outlook - The chemical industry is expected to reach an inflection point, with ongoing "anti-involution" self-regulation actions and demand recovery expectations driving strength in the sector [11] - The chemical sector has been in a bottoming phase since early 2023, and with new capacity nearing its end, the industry is poised for improvement in supply-demand dynamics by 2026 [11]

Core Viewpoint - The public FOF funds have achieved remarkable performance in Q3 2025, with all funds reporting positive returns for the year, marking an unprecedented situation in the market [1][3]. Performance Highlights - The top-performing FOF product has recorded a return of nearly 70% this year, significantly outperforming many actively managed equity funds [2][5]. - The leading FOF fund, Guotai Youxuan Lianhang One-Year Holding FOF, achieved a return of 66.7%, followed by Guotai Industry Rotation Stock C at 60.3% and E Fund Gold Theme at 55.3% [3][4]. Fund Growth and Popularity - The total scale of public FOF funds increased from 165.7 billion yuan at the end of Q2 to 193.4 billion yuan by the end of Q3, with the number of funds rising from 517 to 518 [7][10]. - Some FOF products have seen their scale grow more than tenfold, indicating strong investor interest and confidence [10][12]. Investment Strategies and Trends - FOF funds have shown a significant preference for gold-themed funds, which accounted for 40% of the top ten performing FOF funds, reflecting a strategic focus on risk-averse assets amid rising geopolitical risks and fluctuating inflation expectations [5][19]. - The international gold price has been strong, surpassing $2,600 per ounce in Q3, contributing to the performance of gold-related investments [5][19]. Major Holdings and Adjustments - The top five funds held by FOFs include Hai Fudong Zhongzheng Short Bond ETF, Huazheng Gold ETF, and several other bond ETFs, indicating a strong focus on fixed-income securities [13][15]. - FOFs have increased their holdings in Huazheng Gold ETF by over 70 million shares in Q3, demonstrating a proactive approach to asset allocation [6][18]. Future Outlook - FOF fund managers are looking to balance their portfolios with a focus on technology and cyclical sectors for Q4, while maintaining a solid foundation in bond and gold investments [20][22]. - The consensus among FOF managers is to adopt a flexible and balanced investment strategy to navigate potential market volatility while seeking excess returns [22].

Group 1 - As of November 12, five ETFs in the market have seen net inflows exceeding 2 billion yuan, including Yinhua Rili A, Huaan Gold ETF, Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF, E Fund ChiNext ETF, and E Fund CSI 300 Non-Bank ETF [1] - Recently, the trading of Sci-Tech bond theme ETFs has been active, with four of the top ten ETFs by single-day trading volume on November 12 being Sci-Tech bond theme ETFs, namely Guotai Sci-Tech Bond ETF (551800), CMB Sci-Tech Bond ETF (551900), Huatai-PB Sci-Tech Bond ETF (551520), and Southern Sci-Tech Bond ETF (159700) [1] - The Shanghai Securities Exchange International Investor Conference opened in Shanghai on November 12, where the Vice Chairman of the China Securities Regulatory Commission, Li Ming, stated that the door to China's capital market will continue to open wider, emphasizing a market-oriented, legal, and international approach to steadily expand high-level institutional openness [1]

Core Viewpoint - The FOF (Fund of Funds) market has seen significant growth in 2023, with a notable increase in both the number and scale of newly established funds, driven by a favorable stock market environment and diverse asset allocation strategies [1][2][6]. Group 1: FOF Market Growth - In 2023, the total scale of FOFs surpassed 200 billion yuan, with 17 funds raising over 1 billion yuan each [1][2]. - The number of newly established FOFs exceeded 60, significantly higher than the 35 established in the entirety of 2024, with total fundraising exceeding 56 billion yuan, marking an increase of over 400% compared to 2024 [2][3]. - Notable FOFs include the 富国智悦稳健90天持有FOF, which raised 17.93 billion yuan, and the 华泰柏瑞盈泰稳健3个月持有FOF, which raised 55.77 billion yuan [2][3]. Group 2: Diversification and Asset Allocation - FOFs have expanded their investment scope from primarily active funds to include passive index funds and REITs, reflecting a trend towards multi-asset allocation [4][5]. - As of the end of Q3, the most favored index funds by FOFs included gold ETFs and bond ETFs, with significant increases in holdings compared to previous quarters [4][5]. - The top ten index funds held by FOFs are predominantly bond ETFs, indicating a strategic focus on fixed-income assets [5]. Group 3: Performance and Challenges - Despite the growth, FOFs still represent a small portion of the overall fund market, which exceeds 36 trillion yuan, with over 60% of FOFs having a scale of less than 200 million yuan [7][8]. - The performance of some FOFs has been underwhelming, leading to a high rate of fund closures, with 72 FOFs liquidated since 2017, 31 of which occurred in 2025 [7]. - Challenges include a lack of investor understanding of FOF structures, concerns over dual fee mechanisms, and a need for improved investment quality and research capabilities [7][8].

Core Insights - The FOF (Fund of Funds) market has seen significant growth in 2023, with a total fundraising scale exceeding 200 billion yuan, marking an increase of over 400% compared to the previous year [1][4][6] - The number of FOF products established this year has surpassed 60, significantly exceeding the total of 35 for the entire year of 2024 [2][3] - The popularity of FOFs is attributed to the recovery of the A-share market and the diversification of underlying assets, including ETFs and REITs [5][6] Group 1: FOF Market Growth - The newly established FOF by the company has raised nearly 1.8 billion yuan, becoming a "hit" product in this category [1] - The total number of FOFs established this year has reached over 60, with a cumulative fundraising scale exceeding 56 billion yuan [2] - The overall scale of FOFs has surpassed 200 billion yuan, although it remains small compared to the total mutual fund market of over 36 trillion yuan [1][4] Group 2: Product Performance and Characteristics - The FOFs are increasingly diversifying their underlying assets, moving from primarily active funds to include passive index funds and REITs [4][5] - The most favored index funds among FOFs include gold ETFs and bond ETFs, with significant increases in holdings compared to previous quarters [4][5] - The performance of FOFs has been bolstered by strategic asset allocation, particularly in high-growth sectors such as technology and consumer goods [5] Group 3: Challenges and Future Outlook - Despite the growth, over 60% of FOFs have a scale of less than 200 million yuan, indicating a significant disparity in performance and investor experience [6][7] - The FOF market faces challenges such as a shortage of professional talent and insufficient research capabilities, which need to be addressed to improve investment quality [7] - There is a need for enhanced risk management strategies and cross-market knowledge within FOF research teams to navigate market volatility effectively [7]

Core Viewpoint - The FOF (Fund of Funds) market is experiencing significant growth in both the number of products and total fundraising, with a notable increase in "small blockbuster" FOFs, indicating a trend towards diversified asset allocation and the need for improved cross-market investment capabilities [1][2][6]. Group 1: FOF Market Growth - As of November 12, 2023, a new FOF from the Wanguo Fund raised nearly 1.8 billion yuan, contributing to over 60 FOFs established this year with a total fundraising exceeding 56 billion yuan, significantly higher than the 10.6 billion yuan raised in 2024 [1][2]. - The total scale of FOFs has surpassed 200 billion yuan, with 17 products raising over 1 billion yuan each, highlighting a growing interest in FOFs despite the overall market size being significantly smaller than the underlying funds [1][9]. Group 2: Performance of New FOFs - The newly established Wanguo Zhiyue Stable 90-Day Holding FOF raised 1.793 billion yuan with 5,835 effective subscriptions, while another product, Wanguo Hengyi 3-Month Holding ETF-FOF, raised 414 million yuan [2][5]. - In October alone, several FOFs raised over 2 billion yuan, including Huatai Bairui Yingtai Stable 3-Month Holding FOF, which raised 5.577 billion yuan, indicating a strong demand for these investment vehicles [3][5]. Group 3: Diversification and Asset Allocation - FOFs are increasingly diversifying their underlying assets, now including passive index funds and REITs, with a notable preference for gold and bond ETFs among FOF managers [6][7]. - The top ten most held index funds by FOFs are predominantly bond ETFs, reflecting a strategic shift towards safer asset classes amid market volatility [7][10]. Group 4: Challenges and Opportunities - Despite the growth, over 60% of FOFs have a scale of less than 200 million yuan, indicating a significant disparity in size compared to the underlying public funds, which exceed 30 trillion yuan [9]. - The FOF market faces challenges such as investor perception of complex structures and concerns over double fees, which may hinder further growth [9][10].