Group 1: ETF Market Overview - As of January 23, 2026, there are 1,419 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 57,783.49 billion [2] - The breakdown includes 1,102 stock ETFs (35,709.89 billion), 53 bond ETFs (7,345.75 billion), 27 money market ETFs (1,548.63 billion), 17 commodity ETFs (3,081.67 billion), 208 cross-border ETFs (10,023.22 billion), and 12 unlisted ETFs (74.34 billion) [2] Group 2: Recent ETF Listings and Performance - From January 19 to January 23, 2026, eight new stock ETFs were listed, including two battery-themed ETFs and six others related to chip design [3] - Nine new ETFs were established during the same period, with a total issuance scale of 4.416 billion [3] - The median weekly return for stock ETFs was 0.88%, with the gold stock ETF showing the highest increase of 13.17%, while the semiconductor ETF experienced a decline of 3.86% [4] Group 3: PB-ROE Framework and Strategy - The PB-ROE framework categorizes industries into six quadrants, focusing on high PB and high ROE industries in the third quadrant and low PB and medium ROE industries in the fifth quadrant [5] - Backtesting from 2017 to February 2024 shows that only the third and fifth quadrants achieved excess returns, with annualized excess returns of 4.27% and 1.55%, respectively [5] - A combined PB-ROE ETF rotation strategy yielded an annualized return of 11.93% and an annualized excess return of 13.22%, with a cumulative return of 27.65% since 2023, outperforming the CSI 300 index by 6.19% [6][7] Group 4: Investment Recommendations - The report recommends focusing on the communication, agriculture, forestry, animal husbandry, fishery, and transportation sectors, corresponding to their respective industry ETFs [7] - Additionally, the report suggests attention to breeding ETFs, satellite ETFs, pharmaceutical ETFs, securities ETFs, and AI-themed ETFs for the upcoming week [9]

今日3只股票类ETF发布上市公告书。从公告的最新仓位来看，华宝上证科创板芯片ETF股票仓位为 9.13%，景顺长城中证全指电力公用事业ETF股票仓位为30.25%，易方达中证全指食品ETF股票仓位为 10.41%。 银 | 基金代 | 基金简称 | 基金成立 | 募集规模 | 上市公告数据 | 上市公告书披露股 | 上市日期 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | 日 | （亿份） | 截止日期 | 票仓位（%） | | | 560160 | 易方达中证全指食品 | 2026.01.19 | 2.83 | 2026.01.20 | 10.41 | 2026.01.27 | | | ETF | | | | | | | 589190 | 华宝上证科创板芯片 ETF | 2026.01.19 | 3.79 | 2026.01.20 | 9.13 | 2026.01.27 | | 589220 | 国泰上证科创板 | 2026.01.16 | 8.53 | 2026.01.19 | 20.01 | 2026.01.26 | | | 200ETF | ...

Group 1 - The Huabao Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (589193) will be launched from December 30, 2025, to January 27, 2026 [1] - The fund is referred to as "Kechuang Chip Base" in the market and is managed by Huabao Fund with Cao Xucheng as the fund manager [1] - The performance benchmark for the fund is the return rate of the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index [1]

Group 1 - The core viewpoint of the article highlights a decrease in new fund issuance, with only 8 new funds launched during the last week of 2025, all of which are equity-related products [2][3] - The new funds include 4 equity funds and 2 mixed secondary bond funds, indicating a continued focus on equity investments despite a cooling bond market [3][4] - The longest subscription period for the new funds is approximately three months, while some funds have a subscription period as short as one day [2][3] Group 2 - Among the 8 new funds, 4 have set clear fundraising targets, with the highest being 80 million units for the Guangfa STAR Market Chip ETF and 60 million units for the Zhongyin Securities Anyi fund [3] - The new funds primarily focus on sectors such as technology and digital economy, with several funds tracking industry-specific indices [3][4] - The article notes that the bond market's profitability is declining, leading to a decrease in bond fund issuance, although "fixed income +" funds continue to be introduced [3]

Core Viewpoint - The new fund issuance in the last week of 2025 saw a decrease, with only 8 new funds launched, all of which are "equity" products, indicating a continued focus on equity funds despite a turbulent market environment [2][5]. Fund Issuance Overview - In the week of December 29 to December 31, only 8 new funds were launched, marking a decline in the number of new fund issuances [2][3]. - The issuance was concentrated on December 29, with 4 funds starting their subscription, while December 30 and 31 saw 2 funds each [4]. - The longest subscription period was for the Qianhai Kaiyuan Xinghe fund, lasting around 3 months, while some funds had a subscription period as short as 1 day [4]. Fund Types and Focus - All 8 new funds are categorized as "equity" products, with 2 being mixed secondary bond funds and the rest being equity funds [6]. - Among the new funds, 4 are index equity funds tracking specific industry indices, focusing on sectors like semiconductor and artificial intelligence [7]. - The active equity funds include the Dachen Hong Kong Stock Hengxin, a QDII mixed fund targeting the Hong Kong market, and the Shanzheng Asset Management Digital Economy fund, focusing on the digital economy sector [7]. Bond Market Trends - The bond market's profitability has weakened, leading to a continued decline in bond fund issuances; however, "fixed income +" funds are still being introduced [8]. - This week saw the launch of 2 mixed secondary bond funds, indicating some activity in the bond fund space despite the overall downturn [8].

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Viewpoints of the Report - Last week (from December 22, 2025, to December 26, 2025), the median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500ETF had the highest return with a median increase of 4.04%. By sector, the cyclical ETF had the highest return with a median of 5.37%. By theme, the new energy vehicle ETF had the highest return with a median of 7.17% [1][13]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan, and the overall scale increased by 132.202 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan; by sector, the consumer ETF had the least net redemption of 580 million yuan; by hot theme, the pharmaceutical ETF had the largest net subscription of 408 million yuan [2][30][36]. 3. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500, STAR Market, ChiNext, CSI 1000, A500, SSE 50, and SSE 300 ETFs had median returns of 4.04%, 4.00%, 3.92%, 3.78%, 2.75%, 1.96%, and 1.41% respectively. The median returns of commodity, cross - border, bond, and money - market ETFs were 3.59%, 0.16%, 0.13%, and 0.02% respectively [13]. - By sector, the median returns of cyclical, technology, large - financial, and consumer - sector ETFs were 5.37%, 3.93%, 1.50%, and - 0.16% respectively. By theme, the new energy vehicle, military, and photovoltaic ETFs had relatively strong performance with median returns of 7.17%, 5.84%, and 5.38% respectively, while the bank, liquor, and pharmaceutical ETFs had relatively weak performance with median returns of - 0.89%, - 0.79%, and - 0.16% respectively [19]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.8155 trillion yuan, 970.1 billion yuan, and 804.6 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 257 billion yuan and 177.9 billion yuan respectively. Among broad - based ETFs, the SSE 300 and A500ETFs had larger scales of 1.1944 trillion yuan and 299.7 billion yuan respectively [21]. - By sector, the technology - sector ETF had a scale of 430.5 billion yuan, followed by the cyclical - sector ETF with a scale of 215.9 billion yuan. The large - financial and consumer ETFs had relatively smaller scales of 197.6 billion yuan and 185.5 billion yuan respectively. By hot theme, the chip, securities, and pharmaceutical ETFs had the highest scales of 148 billion yuan, 141 billion yuan, and 101.9 billion yuan respectively [24][25]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan and the overall scale increased by 132.202 billion yuan; money - market ETFs had a net redemption of 8.324 billion yuan and the overall scale decreased by 8.307 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan, and its scale increased by 56.639 billion yuan; the SSE 300ETF had the largest net redemption of 5.897 billion yuan [30]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500ETFs were at the 83.92%, 86.40%, 97.69%, 95.55%, 63.15%, and 97.86% quantiles respectively, and the price - to - book ratios were at the 64.26%, 72.88%, 99.59%, 65.46%, 63.64%, and 97.86% quantiles respectively. Compared with the previous week, the valuation quantiles of the A500ETF increased significantly [37]. - Among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; by sector, the consumer and large - financial ETFs had relatively moderate valuation quantiles; by sub - theme, the liquor and new energy vehicle ETFs had relatively low valuation quantiles [44]. ETF Margin Trading and Short Selling - As of last Thursday, the margin balance of equity ETFs increased from 47.637 billion yuan in the previous week to 47.882 billion yuan, and the short - selling volume decreased from 2.44 billion shares in the previous week to 2.433 billion shares. Among the top 10 ETFs in terms of average daily margin purchases and short - selling volumes, the STAR Market ETF and the securities ETF had relatively high average daily margin purchases, and the CSI 1000ETF and the SSE 300ETF had relatively high average daily short - selling volumes [4][45][52]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked in the top three in terms of the total scale of listed non - money ETFs. This week, two ETFs, GF SSE STAR Market Chip ETF and Huabao SSE STAR Market Chip ETF, will be issued [5][56].

Report Summary 1. Investment Rating of the Industry The document does not mention the investment rating of the industry. 2. Core Viewpoints - Last week (from December 22, 2025, to December 26, 2025), the median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500ETF had the highest return; among sector ETFs, the cyclical ETF had the highest return; among hot - topic ETFs, the new energy vehicle ETF had the highest return [1][13][59]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription; among sector ETFs, the consumer ETF had the smallest net redemption; among theme ETFs, the pharmaceutical ETF had the largest net subscription [2][30][36][59]. - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked top three in the total scale of listed non - monetary ETFs. This week, two ETFs, GF Shanghai Stock Exchange Science and Technology Innovation Chip ETF and Huabao Shanghai Stock Exchange Science and Technology Innovation Chip ETF, will be issued [5][53][59]. 3. Summary by Directory ETF Performance - The median weekly return of equity ETFs was 2.75%. The median returns of CSI 500, STAR Market, ChiNext, CSI 1000, A500, SSE 50, and SSE 500 ETFs were 4.04%, 4.00%, 3.92%, 3.78%, 2.75%, 1.96%, and 1.41% respectively. The median returns of commodity, cross - border, bond, and money - market ETFs were 3.59%, 0.16%, 0.13%, and 0.02% respectively [1][13]. - By sector, the median returns of cyclical, technology, large - finance, and consumer sector ETFs last week were 5.37%, 3.93%, 1.50%, and - 0.16% respectively. By hot - topic classification, the median returns of new energy vehicle, military, and photovoltaic ETFs were 7.17%, 5.84%, and 5.38% respectively, showing relative strength, while those of bank, liquor, and pharmaceutical ETFs were - 0.89%, - 0.79%, and - 0.16% respectively, showing relative weakness [19]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.8155 trillion yuan, 970.1 billion yuan, and 804.6 billion yuan respectively. Among broad - based ETFs, the SSE 500 and A500ETFs had relatively large scales [21]. - By sector, the scale of the technology sector ETF was 430.5 billion yuan, followed by the cyclical sector ETF with 215.9 billion yuan. The scales of large - finance and consumer ETFs were relatively small [24]. - By hot - topic, the scales of chip, securities, and pharmaceutical ETFs were the highest, reaching 148 billion yuan, 141 billion yuan, and 101.9 billion yuan respectively [25]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan and a total scale increase of 132.202 billion yuan; money - market ETFs had a net redemption of 83.24 billion yuan and a total scale decrease of 83.07 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan, and the SSE 500ETF had the largest net redemption of 58.97 billion yuan [30]. - By sector, the consumer ETF had the smallest net redemption of 580 million yuan last week, and the technology ETF had the largest net redemption of 6.453 billion yuan. By hot - topic, the pharmaceutical ETF had the largest net subscription of 408 million yuan, and the chip ETF had the largest net redemption of 6.68 billion yuan [32][33]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the SSE 50, SSE 500, CSI 500, CSI 1000, ChiNext, and A500ETFs were at the 83.92%, 86.40%, 97.69%, 95.55%, 63.15%, and 97.86% quantile levels respectively, and the price - to - book ratios were at the 64.26%, 72.88%, 99.59%, 65.46%, 63.64%, and 97.86% quantile levels respectively. Compared with the previous week, the valuation quantile of the A500ETF increased significantly [37]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumer, and technology sector ETFs were at the 81.53%, 31.82%, 28.61%, and 94.39% quantile levels respectively, and the price - to - book ratios were at the 77.91%, 56.60%, 35.86%, and 90.52% quantile levels respectively. Compared with the previous week, the valuation quantile of the cyclical ETF increased significantly [38]. - Overall, among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; among sectors, the consumer and large - finance ETFs had relatively moderate valuation quantiles; among sub - themes, the liquor and new energy vehicle ETFs had relatively low valuation quantiles [44]. ETF Margin Trading and Short Selling - As of last Thursday, the margin trading balance of equity ETFs increased from 47.637 billion yuan in the previous week to 47.882 billion yuan, and the short - selling volume decreased from 2.44 billion shares in the previous week to 2.433 billion shares. Among the top 10 ETFs with the highest average daily margin buying amount and short - selling volume, the STAR Market ETF and the securities ETF had relatively high average daily margin buying amounts, and the CSI 1000ETF and the SSE 500ETF had relatively high average daily short - selling volumes [45][50][51]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked top three in the total scale of listed non - monetary ETFs. Huaxia had high management scales in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs; E Fund had high management scales in scale index ETFs and cross - border ETFs; Huatai - PineBridge had high management scales in scale index ETFs and theme, style, and strategy index ETFs [53]. - Five new ETFs were established last week, and two ETFs, GF Shanghai Stock Exchange Science and Technology Innovation Chip ETF and Huabao Shanghai Stock Exchange Science and Technology Innovation Chip ETF, will be issued this week [56].

Core Insights - The approval of multiple hard technology fund products, including the Huabao Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, is significant for guiding investments in key sectors like chips and artificial intelligence, aligning with national strategies and industrial policies [1][4] - The Huabao Shanghai Stock Exchange Chip ETF tracks the SSE Science and Technology Innovation Board Chip Index, which includes 50 companies involved in semiconductor materials, chip design, manufacturing, packaging, and testing, reflecting the overall performance of representative chip industry companies [4] - The latest "14th Five-Year Plan" emphasizes breakthroughs in critical technologies across various sectors, including integrated circuits and artificial intelligence, positioning China's chip industry for substantial growth [4] Fund Management and Performance - Huabao Fund manages the largest on-market money market ETF, Huabao Tianyi ETF, with an asset management scale of 131.49 billion yuan as of October 2025, ranking it among the top in the industry [5] - Huabao Fund has developed a comprehensive ETF matrix focused on high-tech strategic emerging industries, including various AI-related ETFs and sector-specific funds, enhancing its product offerings [6] - The "High Dividend ETF Family" has gained significant scale, with Huabao Fund holding the largest bank ETF and several other notable dividend-focused ETFs [7] Investment Returns - In the first three quarters of 2025, Huabao Fund's ETFs generated a total profit of 16.895 billion yuan for investors, with equity ETFs contributing 16.261 billion yuan, showcasing strong performance in the index fund and ETF investment space [7]