Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.01%, Shenzhen Component Index up 0.19%, and ChiNext Index down 0.29% as of market close [1] - Total trading volume in Shanghai, Shenzhen, and Beijing reached 25,568 billion, an increase of 756 billion from the previous day [1] ETF Performance - The China-Korea Semiconductor ETF surged by 9.64%, leading the market, driven by the recovery in the semiconductor supply chain [2] - The National 2000 ETF rose by 5.04%, indicating a rebound in small-cap growth stocks [2] - The Electric Grid sector performed well, with the Electric Grid ETF up 3.23% and the Electric Grid Equipment ETFs rising by 3.22% and 2.91% respectively [2] Communication Sector - The communication sector also saw gains, with ETFs in this category rising between 2.73% and 2.78% [3] Declining Sectors - The pharmaceutical sector faced a broad retreat, with the Hang Seng Biotechnology ETF showing the largest decline at -3.89% [4] - Other related ETFs in the healthcare and biotechnology sectors also experienced significant drops, indicating a market shift from defensive sectors to technology growth [4] Trading Activity - The Short-term Bond ETF had a trading volume exceeding 66 billion, leading in activity among ETFs [5] - The top traded ETFs included the Short-term Bond ETF at 661.12 billion and the Silver Day Benefit ETF at 167.16 billion [5] Turnover Rates - Cross-border products showed high trading activity, with the Brazil ETF and China-Korea Semiconductor ETF having turnover rates of 171.99% and 125.76% respectively [6][7] - The National Debt ETF also maintained a strong turnover rate of 88.09%, indicating active trading in interest rate bonds and cross-border assets [7] New ETF Launch - A new Technology Growth ETF by Industrial Bank is set to launch on February 27, with a focus on hard technology and a multi-factor strategy targeting the top 50 securities in various tech sectors [8]

Core Insights - The Huabao Tianyi ETF (511990.SH) experienced a slight increase of 0.01% on February 10, 2026, indicating stable performance in the market [1] - The fund attracted a significant net inflow of 1.182 billion yuan from major investors (transactions over 1 million yuan), ranking it among the top tier in the market [1] - The latest trading volume for the fund reached 106 million shares, with a total transaction value of 10.572 billion yuan, also placing it in the top tier of the market [1]

Market Performance - The A-share market saw a decline across major indices last week, with the small and medium-sized board index, Shanghai Composite Index, and CSI 300 Index showing returns of -1.16%, -1.27%, and -1.33% respectively. In contrast, the STAR 50, ChiNext Index, and CSI 500 Index had poorer returns of -5.76%, -3.28%, and -2.68% respectively [1] - Trading volume for major indices decreased last week, with the food and beverage, textile and apparel, and banking sectors leading in returns at 4.44%, 2.23%, and 2.08% respectively. Conversely, the non-ferrous metals, communication, and electronics sectors lagged with returns of -8.46%, -6.73%, and -5.09% respectively [1] Fund Flows - The ETF market experienced a net inflow of 148.79 billion yuan last week, with cross-border stock ETFs seeing a net inflow of 174.48 billion yuan, while stock ETFs had a net outflow of 14.52 billion yuan [2] - Major indices such as Hang Seng Tech, money market funds, STAR 50, and ChiNext Index saw net inflows of 112.76 billion yuan, 64.09 billion yuan, 50.06 billion yuan, and 26.73 billion yuan respectively. On the other hand, CSI 500, AAA STAR bonds, and CSI 300 experienced net outflows of 116.65 billion yuan, 74.55 billion yuan, and 62.11 billion yuan respectively [2][4] ETF Performance - Specific ETFs such as Huabao Tianyi ETF, Hang Seng Tech ETF, and STAR 50 ETF saw net inflows of 40.59 billion yuan, 38.84 billion yuan, and 30.31 billion yuan respectively. However, the CSI 500 ETF and CSI 300 ETF experienced significant net outflows of 107.94 billion yuan and 56.96 billion yuan respectively [5][9] - The average decline for stock ETFs was 12.22%, with the Hang Seng consumption ETFs showing a relatively high increase of 4.81% [13][15] New ETF Products - A total of 92 funds were reported last week, including 17 ETFs, with new products such as the Hang Seng A-share Electric Grid Equipment ETF and the National Index Oil and Gas ETF [21] - The domestic ETF market has become the largest in Asia, surpassing Japan in scale as of 2025, reflecting rapid growth and diversification since its inception in 2004 [22] New Index Launch - The Hang Seng Index Company introduced the Hang Seng Dual Technology Index, which allocates 75% of its weight to the Hang Seng Technology Index and 25% to the Hang Seng Biotech Index, aiming to reflect the market capitalization differences and represent dual themes [23]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the market performance of A - shares and various ETFs on January 28, 2026, including the performance of the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, as well as the price changes and trading volumes of different types of ETFs [2][3][4]. 3. Summary by Related Catalogs Market Overview - The Shanghai Composite Index rose 0.27% to close at 4151.24 points, the Shenzhen Component Index rose 0.09% to close at 14342.89 points, and the ChiNext Index fell 0.57% to close at 3323.56 points. The trading volume of A - shares in the two markets was 29919 billion yuan. The top - performing industries were non - ferrous metals (5.92%), petroleum and petrochemical (3.54%), and coal (3.42%), while the bottom - performing industries were comprehensive (-2.53%), media (-1.77%), and national defense and military industry (-1.68%) [2][6]. Stock ETF - The top - trading - volume stock ETFs included: Huatai - Peregrine CSI 300 ETF, up 0.32% with a discount rate of 0.24%; E Fund CSI 300 ETF, up 0.29% with a discount rate of 0.19%; and China AMC CSI 300 ETF, up 0.27% with a discount rate of 0.18% [3][7]. - The report also provided a table of the top ten stock ETFs by trading volume, showing details such as code, fund name, price, change rate, tracking index, and discount rate [8]. Bond ETF - The top - trading - volume bond ETFs were: Haifutong CSI Short - term Financing Bond ETF, down 0.00% with a discount rate of 0.00%; China AMC Shanghai Stock Exchange Benchmark Market - making Treasury Bond ETF, up 0.04% with a discount rate of 0.03%; and Bosera CSI Convertible and Exchangeable Bond ETF, up 0.99% with a discount rate of 1.22% [4][9]. - A table of the top five bond ETFs by trading volume was presented, including code, fund name, price, change rate, discount rate, and trading volume [10]. Gold ETF - Gold AU9999 rose 3.57% and Shanghai Gold rose 3.27%. The top - trading - volume gold ETFs were: Huaan Gold ETF, up 3.16% with a discount rate of 3.23%; E Fund Gold ETF, up 3.19% with a discount rate of 3.22%; and Bosera Gold ETF, up 3.20% with a discount rate of 3.20% [10]. - A table of the gold ETFs showed details such as code, fund name, price, change rate, trading volume, IOPV, and discount rate [11]. Commodity Futures ETF - Dacheng Non - ferrous Metals Futures ETF rose 0.74% with a discount rate of 0.98%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.53% with a discount rate of 1.27%; and China AMC Feed Soybean Meal Futures ETF rose 0.76% with a discount rate of 3.92% [11]. - A table provided information on the commodity futures ETFs, including code, fund name, price, change rate, trading volume, IOPV, discount rate, tracking index, and tracking index change rate [12]. Cross - border ETF - The previous trading day, the Dow Jones Industrial Average fell 0.83%, the Nasdaq rose 0.91%, the S&P 500 rose 0.41%, and the German DAX fell 0.15%. On this day, the Hang Seng Index rose 2.58% and the Hang Seng China Enterprises Index rose 2.89%. The top - trading - volume cross - border ETFs were: E Fund CSI Hong Kong Securities Investment Theme ETF, up 0.62% with a discount rate of - 0.43%; Huatai - Peregrine Hang Seng Technology ETF, up 1.88% with a discount rate of 1.56%; and Huatai - Peregrine CSI KRX China - South Korea Semiconductor ETF, up 7.43% with a discount rate of 17.96% [14]. - A table of the top five cross - border ETFs by trading volume was shown [15]. Money ETF - The top - trading - volume money ETFs were: Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jianxin [16]. - A table presented the top three money ETFs by trading volume [17].

Report Overview - The report provides an overview of the A-share market, ETFs, and other financial instruments on January 23, 2026 [2][6]. Market Overview - The Shanghai Composite Index rose 0.33% to 4136.16 points, the Shenzhen Component Index rose 0.79% to 14439.66 points, and the ChiNext Index rose 0.63% to 3349.50 points [2][6]. - The total trading volume of A-shares was 31184 billion yuan [2][6]. - The top-performing sectors were power equipment (3.50%), non-ferrous metals (2.73%), and national defense and military industry (2.65%), while the worst-performing sectors were communication (-1.52%), banking (-0.90%), and coal (-0.76%) [2][6]. Stock ETF - The top-traded stock ETFs were Huatai-PineBridge CSI 300 ETF (-0.49%, discount rate -0.56%), E Fund CSI 300 ETF (-0.46%, discount rate -0.59%), and ChinaAMC CSI 300 ETF (-0.49%, discount rate -0.59%) [3][7]. Bond ETF - The top-traded bond ETFs were Haifutong CSI Short-term Financing Bond ETF (0.02%, discount rate 0.00%), ChinaAMC Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (0.09%, discount rate 0.13%), and Bosera CSI Convertible and Exchangeable Bond ETF (1.28%, discount rate 1.26%) [4][9]. Gold ETF - Gold AU9999 rose 2.46%, and Shanghai Gold rose 2.55%. The top-traded gold ETFs were HuaAn Gold ETF (2.67%, discount rate 2.57%), E Fund Gold ETF (2.73%, discount rate 2.59%), and Bosera Gold ETF (2.67%, discount rate 2.59%) [12]. Commodity Futures ETF - Dacheng Non-ferrous Metals Futures ETF rose 1.61% with a discount rate of 1.56%, China Construction Bank Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 2.54% with a discount rate of 3.68%, and ChinaAMC Feed Soybean Meal Futures ETF fell 0.30% with a discount rate of 3.57% [13]. Cross-border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.63%, the Nasdaq Composite rose 0.91%, the S&P 500 rose 0.55%, and the German DAX rose 1.20%. On January 23, the Hang Seng Index rose 0.45%, and the Hang Seng China Enterprises Index rose 0.51%. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (-0.58%, discount rate -1.29%), GF CSI Hong Kong Innovative Drug ETF (1.30%, discount rate 0.79%), and Huatai-PineBridge Hang Seng Technology ETF (0.67%, discount rate -0.21%) [16]. Money Market ETF - The top-traded money market ETFs were Silver HuaRui Daily Interest ETF, Huabao Tianyi ETF, and China Construction Bank Money Market ETF [18].

Report Summary 1. Market Overview - On December 9, 2025, the Shanghai Composite Index fell 0.37% to close at 3909.52 points, the Shenzhen Component Index fell 0.39% to close at 13277.36 points, and the ChiNext Index rose 0.61% to close at 3209.60 points. The trading volume of A-shares in the two markets was 1917.9 billion yuan. The top-performing sectors were comprehensive (3.45%), communication (2.23%), and electronics (0.78%), while the worst-performing sectors were non-ferrous metals (-3.03%), steel (-2.47%), and real estate (-2.10%) [2][6] 2. Stock ETFs - The top-trading-volume stock ETFs on this day were Huatai-PineBridge CSI A500 ETF, which fell 0.56% with a premium rate of -0.56%; China AMC CSI A500 ETF, which fell 0.26% with a premium rate of -0.34%; and Southern CSI A500 ETF, which fell 0.57% with a premium rate of -0.43% [3][7] 3. Bond ETFs - The top-trading-volume bond ETFs were Haifutong CSI Short-term Financing Bond ETF, which rose 0.01% with a premium rate of -0.00%; Southern Shanghai Stock Exchange Benchmark Market-making Corporate Bond ETF, which rose 0.06% with a premium rate of -0.28%; and GF Shanghai Stock Exchange AAA Science and Technology Innovation Corporate Bond ETF, which rose 0.01% with a premium rate of -0.27% [4][9] 4. Gold ETFs - Gold AU9999 fell 0.73% and Shanghai Gold fell 0.67%. The top-trading-volume gold ETFs were Huaan Gold ETF, which fell 0.70% with a premium rate of -0.82%; E Fund Gold ETF, which fell 0.72% with a premium rate of -0.79%; and Bosera Gold ETF, which fell 0.73% with a premium rate of -0.81% [12] 5. Commodity Futures ETFs - Dacheng Non-ferrous Metals Futures ETF fell 2.19% with a premium rate of -1.41%; China AMC Feed Soybean Meal Futures ETF fell 0.46% with a premium rate of 0.77%; and CCB E Fund Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 1.40% with a premium rate of -1.33% [13] 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average fell 0.45%, the Nasdaq Index fell 0.14%, the S&P 500 fell 0.35%, and the German DAX rose 0.07%. On this day, the Hang Seng Index fell 1.29% and the Hang Seng China Enterprises Index fell 1.62%. The top-trading-volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF, which fell 2.14% with a premium rate of -2.13%; Huatai-PineBridge CSI KRX China-South Korea Semiconductor ETF, which fell 0.86% with a premium rate of 4.19%; and GF CSI Hong Kong Innovative Drugs ETF, which fell 1.44% with a premium rate of -1.37% [15] 7. Money Market ETFs - The top-trading-volume money market ETFs were Yin Hua Day Profit ETF, Hua Bao Tian Yi ETF, and CCB Tian Yi Money Market ETF [17]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On December 1, 2025, the A-share market showed an upward trend, with the Shanghai Composite Index rising 0.65%, the Shenzhen Component Index rising 1.25%, and the ChiNext Index rising 1.31%. The trading volume of the two markets reached 1889.5 billion yuan. The top-performing industries were non-ferrous metals, communication, and electronics, while the bottom-performing industries were agriculture, forestry, animal husbandry, and fishery, environmental protection, and real estate [2][6]. Summary by Directory Market Overview - The Shanghai Composite Index closed at 3914.01, up 0.65%; the Shenzhen Component Index closed at 13146.72, up 1.25%; the ChiNext Index closed at 3092.50, up 1.31%. The trading volume of the two A-share markets was 1889.5 billion yuan. The top-performing industries were non-ferrous metals (2.85%), communication (2.81%), and electronics (1.58%), while the bottom-performing industries were agriculture, forestry, animal husbandry, and fishery (-0.43%), environmental protection (-0.23%), and real estate (-0.06%) [2][6]. Stock ETF - The top-trading-volume stock ETFs were Huaxia CSI A500 ETF (up 1.23%, discount rate 1.18%), Huatai-PineBridge CSI A500 ETF (up 1.32%, discount rate 1.14%), and Guotai CSI A500 ETF (up 1.13%, discount rate 1.16%) [3][7]. Bond ETF - The top-trading-volume bond ETFs were Haifutong CSI Short-term Financing ETF (up 0.00%, discount rate 0.00%), Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (up 0.10%, discount rate 0.13%), and Guotai CSI AAA Scientific and Technological Innovation Corporate Bond ETF (up 0.04%, discount rate 0.00%) [4][9]. Gold ETF - Gold AU9999 rose 1.09%, and Shanghai Gold rose 1.02%. The top-trading-volume gold ETFs were Huaan Gold ETF (up 1.04%, discount rate 1.06%), Boshi Gold ETF (up 1.02%, discount rate 1.08%), and E Fund Gold ETF (up 1.03%, discount rate 1.07%) [12]. Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF fell 2.52%, with a discount rate of 0.63%; Dacheng Non-ferrous Metals Futures ETF rose 1.48%, with a discount rate of 1.76%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.65%, with a discount rate of 0.99% [15]. Cross-border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.61%, the Nasdaq Composite rose 0.65%, the S&P 500 rose 0.54%, and the German DAX rose 0.29%. On December 1, the Hang Seng Index rose 0.67%, and the Hang Seng China Enterprises Index rose 0.47%. The top-trading-volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.20%, discount rate -0.07%), Huatai-PineBridge Hang Seng Technology ETF (up 0.54%, discount rate 0.60%), and Huaxia Hang Seng Technology ETF (up 0.53%, discount rate 0.75%) [17]. Money ETF - The top-trading-volume money ETFs were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jian Xin Tian Yi [19].

Market Overview - The stock market experienced a rebound during the week of November 24-28, 2025, with major indices showing positive performance: Shanghai Composite Index up 1.40%, Shenzhen Component Index up 3.56%, and ChiNext Index up 4.54% [1] - Trading volume remained low, with daily turnover around 1.8 trillion, indicating weak enthusiasm from external investors [1] - The market showed a trend of small-cap stocks outperforming larger ones, with gains increasing from the CSI 300 to the CSI 2000 [1] ETF Performance - Growth sectors saw significant rebounds, with the top-performing ETFs showing gains over 10%: S&P Biotechnology ETF up 12.04% and NASDAQ Biotechnology ETF up 10.43% [2] - The average gain for all ETFs was 2.42%, driven by a rebound in sectors like CPO and telecommunications [2] - The top ten ETFs by gain were all related to growth sectors, indicating a strong recovery in previously popular themes [2] Fund Flow Trends - Overall, there was a net outflow of 279.76 billion, with stock ETFs experiencing a significant outflow of 362.95 billion [6] - In contrast, money market ETFs and cross-border ETFs saw net inflows, indicating a shift towards safer investments [6] - The top inflow ETFs included the Huabao Qiyi ETF with 36.91 billion and the Benchmark Treasury ETF with 29.45 billion [8] Economic Indicators - Fiscal revenue showed a year-on-year increase of 3.16%, driven by higher tax income, while land transfer income continued to decline [5] - General fiscal expenditure fell by 9.78%, reflecting a significant drop compared to the previous month [5] - The real estate sector remains under pressure, with calls for new policies to stimulate the market [5] Upcoming ETF Listings - Two new ETFs are set to launch next week: Penghua Hang Seng Technology ETF and E Fund CSI A500 Dividend Low Volatility ETF, both targeting specific growth and dividend strategies [11][12] - The Hang Seng Technology ETF will focus on major tech stocks in Hong Kong, while the A500 Dividend ETF aims to provide stable returns through high dividend-paying stocks [11][12]

Market Performance - The A-share market saw a decline across major indices last week, with the CSI 300, Shanghai Composite Index, and SME Index showing returns of -3.77%, -3.90%, and -5.10% respectively. The ChiNext Index, CSI 1000, and CSI 500 had lower returns of -6.15%, -5.80%, and -5.78% respectively [1] - In terms of industry performance, banks, food and beverage, and media sectors had relatively better returns of -0.87%, -1.36%, and -1.39% respectively, while sectors like comprehensive, electric equipment and new energy, and basic chemicals lagged with returns of -9.47%, -9.41%, and -8.24% respectively [1] Fund Flows - The ETF market experienced a net inflow of 98 billion, with stock ETFs contributing 54.577 billion, QDII stock ETFs 15.544 billion, commodity ETFs 6.495 billion, bond ETFs 13.8 billion, and money market fund ETFs 7.648 billion. Notably, on November 21, there was a significant inflow of 50 billion aimed at "bottom-fishing" through ETFs [2] - Specific indices such as Hang Seng Technology, money market funds, CSI 500, ChiNext Index, and others saw net inflows ranging from 10.512 billion to 0.3235 billion, while sectors like CSI Bank, CSI Coal, and others experienced net outflows [2][4] ETF Performance - The top-performing ETFs included the S&P Biotechnology ETF and Emerging Asia ETF, with weekly gains of 1.35% and 0.67% respectively. Conversely, several new energy and photovoltaic ETFs saw significant declines, with losses ranging from -11.70% to -13.44% [12][14] - A total of 41 new funds were launched last week, with a combined issuance scale of 35.635 billion, marking an increase from the previous week. This included 14.022 billion in equity funds, 8.056 billion in mixed funds, and 13.557 billion in bond funds [15] Regulatory Changes - The Shanghai and Shenzhen stock exchanges announced new regulations requiring the 5.7 trillion ETF market to standardize fund names. The revised guidelines mandate that fund names must include core investment elements and the fund manager's abbreviation, with a deadline for compliance set for March 31, 2026 [15] - Sixteen hard technology-themed funds were approved on November 21, including the first seven AI ETFs, three chip ETFs, and four chip design theme ETFs, involving multiple fund management companies [16]

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]