Quantitative Factors and Construction Methods - **Factor Name**: Large Order Transaction Amount Ratio **Factor Construction Idea**: This factor captures the buying behavior of large capital by analyzing the proportion of large order transaction amounts in the total daily transaction amount[8] **Factor Construction Process**: 1. Use tick-by-tick transaction data to identify buy and sell orders based on the sequence numbers of bids and asks 2. Filter transactions by order size to identify large orders 3. Calculate the proportion of large buy order transaction amounts in the total daily transaction amount **Formula**: $ \text{Large Order Transaction Amount Ratio} = \frac{\text{Large Buy Order Transaction Amount}}{\text{Total Daily Transaction Amount}} $ **Evaluation**: This factor effectively reflects the buying behavior of large capital[8] - **Factor Name**: Net Active Buy Transaction Amount Ratio **Factor Construction Idea**: This factor measures the active buying behavior of investors by calculating the net active buy transaction amount as a proportion of the total daily transaction amount[8] **Factor Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on the buy/sell indicator 2. Subtract the active sell transaction amount from the active buy transaction amount to obtain the net active buy transaction amount 3. Calculate the proportion of the net active buy transaction amount in the total daily transaction amount **Formula**: $ \text{Net Active Buy Transaction Amount Ratio} = \frac{\text{Active Buy Transaction Amount} - \text{Active Sell Transaction Amount}}{\text{Total Daily Transaction Amount}} $ **Evaluation**: This factor provides insights into the active buying tendencies of investors[8] --- Factor Backtesting Results - **Large Order Transaction Amount Ratio**: - Top 10 stocks with the highest 5-day average values: 1. Hanjiang Heshan (603616.SH): 93.5%, 99.2% time-series percentile[10] 2. Minbao Optoelectronics (301362.SZ): 89.7%, 98.4% time-series percentile[10] 3. Hangdian Co., Ltd. (603618.SH): 86.1%, 99.6% time-series percentile[10] 4. Jinzhengda (002470.SZ): 85.2%, 83.9% time-series percentile[10] 5. Guofa Co., Ltd. (600538.SH): 84.9%, 92.4% time-series percentile[10] 6. Shunna Co., Ltd. (000533.SZ): 84.7%, 100.0% time-series percentile[10] 7. Quanzhu Co., Ltd. (603030.SH): 84.6%, 94.4% time-series percentile[10] 8. Beijing Investment Development (600683.SH): 84.5%, 96.0% time-series percentile[10] 9. Chongqing Steel (601005.SH): 84.3%, 52.2% time-series percentile[10] 10. Huadian International (600027.SH): 83.6%, 95.2% time-series percentile[10] - **Net Active Buy Transaction Amount Ratio**: - Top 10 stocks with the highest 5-day average values: 1. Minsheng Bank (600016.SH): 21.1%, 100.0% time-series percentile[11] 2. Kairuide (002072.SZ): 20.3%, 99.6% time-series percentile[11] 3. Intercontinental Oil & Gas (600759.SH): 19.5%, 100.0% time-series percentile[11] 4. Boen Group (001366.SZ): 17.8%, 100.0% time-series percentile[11] 5. Bowan Technology (600883.SH): 17.5%, 99.6% time-series percentile[11] 6. Xiangyou Technology (600476.SH): 16.8%, 99.2% time-series percentile[11] 7. Zhejiang Commercial Bank (601916.SH): 16.8%, 94.4% time-series percentile[11] 8. General Elevator (300931.SZ): 15.9%, 100.0% time-series percentile[11] 9. Weier Pharmaceutical (603351.SH): 15.3%, 94.0% time-series percentile[11] 10. Ruierte (002790.SZ): 15.2%, 98.4% time-series percentile[11]

Report Summary on February 5, 2026 1. Market Overview - The Shanghai Composite Index fell 0.64% to close at 4075.92 points, the Shenzhen Component Index dropped 1.44% to close at 13952.71 points, and the ChiNext Index declined 1.55% to close at 3260.28 points. The total trading volume of A - shares in the two markets was 21945 billion yuan. The top - rising sectors were beauty care (3.21%), banking (1.57%), and food and beverage (1.31%), while the top - falling sectors were non - ferrous metals (-4.57%), power equipment (-3.41%), and communication (-2.39%) [2][6] 2. Stock ETFs - The top - trading volume stock ETFs: Huaxia CSI A500ETF fell 1.37% with a discount rate of -1.23%; Huatai - Ber瑞 CSI A500ETF dropped 1.22% with a discount rate of -1.16%; Southern CSI 500ETF declined 2.04% with a discount rate of -1.90% [3][7] - The top ten stock ETFs by trading volume are presented in detail in Chart 1, including their codes, prices, price changes, tracking indices, and other information [8] 3. Bond ETFs - The top - trading volume bond ETFs: Haifutong CSI Short - Term Financing Bond ETF remained unchanged with a discount rate of 0.00%; Bosera CSI Convertible and Exchangeable Bond ETF fell 0.63% with a discount rate of -0.78%; E Fund Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF dropped 0.04% with a discount rate of -0.16% [4][9] - The top five bond ETFs by trading volume are shown in Chart 2, including their codes, prices, price changes, and trading volumes [10] 4. Gold ETFs - Today, gold AU9999 fell 3.05% and Shanghai Gold dropped 3.15%. The top - trading volume gold ETFs: Huaan Gold ETF fell 3.17% with a discount rate of -3.35%; Bosera Gold ETF dropped 3.29% with a discount rate of -3.46%; E Fund Gold ETF declined 3.30% with a discount rate of -3.50% [12] - The top five gold ETFs by trading volume are presented in Chart 3, including their codes, prices, price changes, trading volumes, and other information [13] 5. Commodity Futures ETFs - Dacheng Non - Ferrous Metals Futures ETF fell 3.70% with a discount rate of -3.83%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF dropped 1.70% with a discount rate of -1.36%; Huaxia Feed Soybean Meal Futures ETF rose 0.25% with a discount rate of 5.21% [13] - Information on commodity futures ETFs, including their codes, prices, price changes, trading volumes, and tracking indices, is presented in Chart 4 [14] 6. Cross - border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.53%, the Nasdaq Composite declined 1.51%, the S&P 500 dropped 0.51%, and the German DAX fell 0.72%. Today, the Hang Seng Index rose 0.14% and the Hang Seng China Enterprises Index rose 0.50%. The top - trading volume cross - border ETFs: E Fund CSI Hong Kong Securities Investment Theme ETF fell 1.20% with a discount rate of -0.88%; Huaxia Hang Seng Tech ETF dropped 0.42% with a discount rate of 0.38%; Huatai - Ber瑞 Hang Seng Tech ETF declined 0.57% with a discount rate of 0.26% [15] - The top five cross - border ETFs by trading volume are shown in Chart 5, including their codes, trading volumes, price changes, and discount rates [16] 7. Money ETFs - The top - trading volume money ETFs are Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jian Xin [17] - The top three money ETFs by trading volume are presented in Chart 6, including their codes and trading volumes [18]

ETF 日报 2026.02.03 市场概况： ◼ 今日 A 股上证综指上涨 1.29%，收于 4067.74 点，深证成指上涨 2.19%，收于 14127.11 点，创业板指上涨 1.86%，收于 3324.89 点， 两市 A 股成交金额为 25658 亿元。涨幅靠前的行业有：综合 （5.63%）、国防军工（4.42%）、机械设备（3.98%），跌幅靠前的行 业有：银行（-0.85%）。 股票 ETF： ◼ 今日成交金额靠前的股票 ETF 为：华夏中证 A500ETF 上涨 2.24%， 贴水率为 1.90%；华泰柏瑞中证 A500ETF 上涨 2.19%，贴水率为 1.86%；南方中证 A500ETF 上涨 2.06%，贴水率为 1.96%。 债券 ETF： ◼ 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 涨跌幅为 0.00%，贴水率为-0.00%；博时中证可转债及可交换债券 ETF 上涨 2.45%，贴水率为 2.49%；华夏上证基准做市国债 ETF 下跌 0.05%， 贴水率为-0.04%。 2026 年 02 月 03 日 ETF 日报 证券研究报告-ETF 日报 分析师：马遥识 ...

Report Summary 1. Market Overview - On December 25, 2025, the Shanghai Composite Index rose 0.47% to close at 3959.62 points, the Shenzhen Component Index rose 0.33% to close at 13531.41 points, and the ChiNext Index rose 0.30% to close at 3239.34 points. The trading volume of A-shares in the two markets was 1944.1 billion yuan [2][6]. - The top - performing sectors were National Defense and Military Industry (2.91%), Light Industry Manufacturing (1.59%), and Machinery and Equipment (1.51%). The under - performing sectors were Comprehensive (-1.12%), Non - ferrous Metals (-0.77%), and Commerce and Retail (-0.47%) [2][6]. 2. Stock ETFs - The top - traded stock ETFs were Huatai - Peregrine CSI A500 ETF (up 0.16%, discount rate 0.25%), China Asset Management CSI A500 ETF (up 0.25%, discount rate 0.31%), and Southern CSI A500 ETF (up 0.08%, discount rate 0.21%) [3][7]. 3. Bond ETFs - The top - traded bond ETFs were Haifutong CSI Short - term Financing Bond ETF (up 0.01%, discount rate -0.01%), China Asset Management CSI AAA Sci - tech Innovation Corporate Bond ETF (up 0.17%, discount rate -0.05%), and Southern Shanghai Stock Exchange Benchmark Market - making Corporate Bond ETF (up 0.03%, discount rate -0.04%) [4][9]. 4. Gold ETFs - Gold AU9999 fell 0.47% and Shanghai Gold fell 0.61%. The top - traded gold ETFs were Huaan Gold ETF (down 0.79%, discount rate -0.66%), E Fund Gold ETF (down 0.76%, discount rate -0.63%), and Bosera Gold ETF (down 0.74%, discount rate -0.60%) [12]. 5. Commodity Futures ETFs - Dacheng Non - ferrous Metals Futures ETF fell 0.56% with a discount rate of 0.44%, Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.16% with a discount rate of 0.26%, and China Asset Management Feed Soybean Meal Futures ETF rose 0.05% with a discount rate of 3.52% [13]. 6. Cross - border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.60%, the Nasdaq rose 0.22%, and the S&P 500 rose 0.32%. German stocks were closed, and Hong Kong stocks were closed on this day. The top - traded cross - border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.29%, discount rate -0.16%), Huatai - Peregrine CSI KRX Korea - China Semiconductor ETF (up 0.28%, discount rate 2.92%), and GF CSI Hong Kong Innovative Drugs ETF (up 0.08%, discount rate -0.22%) [15]. 7. Money ETFs - The top - traded money ETFs were Yin Hua Day - Profit ETF, Huabao Tianyi ETF, and Money ETF [17].

Market Overview - On December 22, 2025, the Shanghai Composite Index rose 0.69% to close at 3917.36 points, the Shenzhen Component Index rose 1.47% to close at 13332.73 points, and the ChiNext Index rose 2.23% to close at 3191.98 points. The trading volume of A-shares in the two markets was 1882.4 billion yuan. The top-performing sectors were communication (4.28%), comprehensive (2.63%), and electronics (2.62%), while the bottom-performing sectors were media (-0.61%), banking (-0.52%), and beauty care (-0.45%) [2][6] Stock ETF - The top-traded stock ETFs on this day were Huatai-PineBridge CSI A500 ETF, which rose 1.22% with a discount rate of 1.28%; ChinaAMC CSI A500 ETF, which rose 1.03% with a discount rate of 1.20%; and Guotai CSI A500 ETF, which rose 1.03% with a discount rate of 1.16%. The top ten stock ETFs by trading volume are also listed in the report, including information such as price, change rate, tracking index, and discount rate [3][7][8] Bond ETF - The top-traded bond ETFs were Haifutong CSI Short-term Financing Bond ETF, which remained unchanged with a discount rate of -0.01%; China Merchants CSI AAA Science and Technology Innovation Corporate Bond ETF, which rose 0.06% with a discount rate of -0.18%; and Penghua Shanghai Stock Exchange AAA Science and Technology Innovation Bond ETF, which rose 0.03% with a discount rate of -0.18%. The top five bond ETFs by trading volume are also detailed [4][9][10] Gold ETF - Gold AU9999 rose 1.77% and Shanghai Gold rose 1.96%. The top-traded gold ETFs were Huaan Gold ETF, which rose 2.13% with a discount rate of 2.01%; Boshi Gold ETF, which rose 2.01% with a discount rate of 1.92%; and E Fund Gold ETF, which rose 2.01% with a discount rate of 1.91%. The top five gold ETFs by trading volume are presented [12][13] Commodity Futures ETF - Dacheng Nonferrous Metals Futures ETF rose 0.83% with a discount rate of 1.38%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.65% with a discount rate of 1.81%; and ChinaAMC Feed Soybean Meal Futures ETF fell 0.10% with a discount rate of 3.06%. Information on these commodity futures ETFs is provided [15][16] Cross-border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.38%, the Nasdaq Composite rose 1.31%, the S&P 500 rose 0.88%, and the German DAX rose 0.37%. On this day, the Hang Seng Index rose 0.43% and the Hang Seng China Enterprises Index rose 0.43%. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF, which fell 0.10% with a discount rate of -0.79%; Huatai-PineBridge CSI KRX China-South Korea Semiconductor ETF, which rose 3.57% with a discount rate of 6.06%; and GF CSI Hong Kong Innovative Drug ETF, which fell 1.18% with a discount rate of -1.53%. The top five cross-border ETFs by trading volume are shown [18][19] Money ETF - The top-traded money ETFs on this day were Yin Hua Day Profit ETF, Hua Bao Add Benefit ETF, and Money ETF. The top three money ETFs by trading volume are listed [20][21]

Market Overview - The Shanghai Composite Index rose 0.36% to close at 3890.45 points, the Shenzhen Component Index rose 0.66% to close at 13140.21 points, and the ChiNext Index rose 0.49% to close at 3122.24 points. The total trading volume of A-shares in the two markets was 1748.9 billion yuan. The top-performing sectors were commerce and retail (3.66%), comprehensive (2.22%), and light industry manufacturing (2.17%), while the bottom-performing sectors were banking (-0.44%), electronics (-0.29%), and coal (-0.29%) [2][6] Stock ETF - The top-traded stock ETFs were Huatai-PineBridge CSI A500 ETF (up 0.65% with a discount rate of 0.65%), ChinaAMC CSI A500 ETF (up 0.78% with a discount rate of 0.76%), and Southern CSI A500 ETF (up 0.66% with a discount rate of 0.68%) [3][7] Bond ETF - The top-traded bond ETFs were Haifutong CSI Short-term Commercial Paper ETF (up 0.00% with a discount rate of -0.01%), ChinaAMC Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (down 0.03% with a discount rate of 0.09%), and Penghua Shanghai Stock Exchange AAA Sci-Tech Innovation Bond ETF (up 0.06% with a discount rate of -0.16%) [4][9] Gold ETF - The top-traded gold ETFs were HuaAn Gold ETF (down 0.05% with a discount rate of -0.11%), Bosera Gold ETF (down 0.02% with a discount rate of -0.10%), and E Fund Gold ETF (down 0.02% with a discount rate of -0.11%) [12] Commodity Futures ETF - The top-traded commodity futures ETFs were Dacheng Non-ferrous Metals Futures ETF (up 1.00% with a discount rate of 0.91%), CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF (up 0.75% with a discount rate of 0.85%), and ChinaAMC Feed Soybean Meal Futures ETF (up 0.31% with a discount rate of 2.82%) [13] Cross-border ETF - The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 1.56% with a discount rate of 0.73%), GF CSI Hong Kong Innovative Drug ETF (up 2.17% with a discount rate of 1.43%), and Huatai-PineBridge Hang Seng Technology ETF (up 1.84% with a discount rate of 0.94%) [16] Money Market ETF - The top-traded money market ETFs were Huabao Tianyi ETF, Yin Hua Day Profit ETF, and Money Market ETF [18]

Report Summary 1. Market Overview - The Shanghai Composite Index rose 0.16% to close at 3876.37 points, the Shenzhen Component Index fell 1.29% to close at 13053.97 points, and the ChiNext Index fell 2.17% to close at 3107.06 points. The trading volume of A-shares in the two markets was 1677 billion yuan. The top-performing sectors were banking (1.97%), coal (1.89%), and petroleum and petrochemicals (1.25%), while the bottom-performing sectors were power equipment (-2.22%), communications (-1.58%), and electronics (-1.51%) [2][6]. 2. Stock ETFs - The top-trading-volume stock ETFs were Huatai-PineBridge CSI A500 ETF (down 0.73%, premium rate -0.60%), ChinaAMC CSI A500 ETF (down 0.69%, premium rate -0.62%), and Southern CSI A500 ETF (down 0.74%, premium rate -0.59%) [3][7]. 3. Bond ETFs - The top-trading-volume bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01%, premium rate -0.01%), China Merchants CSI AAA Technology Innovation Corporate Bond ETF (up 0.01%, premium rate -0.23%), and Penghua SSE AAA Sci-Tech Innovation Bond ETF (up 0.03%, premium rate -0.18%) [4][9]. 4. Gold ETFs - Gold AU9999 rose 0.29% and Shanghai Gold rose 0.09%. The top-trading-volume gold ETFs were HuaAn Gold ETF (up 0.09%, premium rate 0.23%), Bosera Gold ETF (up 0.08%, premium rate 0.21%), and E Fund Gold ETF (up 0.07%, premium rate 0.20%) [12]. 5. Commodity Futures ETFs - Dacheng Non-ferrous Metals Futures ETF rose 0.16% with a premium rate of 0.51%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.26% with a premium rate of 1.40%; China Feed Soybean Meal Futures ETF fell 0.21% with a premium rate of 1.73% [15]. 6. Cross-border ETFs - The previous trading day saw the Dow Jones Industrial Average down 0.47%, the Nasdaq down 1.81%, the S&P 500 down 1.16%, and the German DAX down 0.48%. Today, the Hang Seng Index rose 0.12% and the Hang Seng China Enterprises Index fell 0.02%. The top-trading-volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 1.11%, premium rate -1.13%), Huatai-PineBridge Hang Seng Tech ETF (down 1.26%, premium rate -1.60%), and GF CSI Hong Kong Innovative Drug ETF (up 0.16%, premium rate -0.21%) [17]. 7. Money Market ETFs - The top-trading-volume money market ETFs were YinHua RiLi ETF, HuaBao TianYi ETF, and Money Market ETF [19].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - On December 17, 2025, the A - share market showed an upward trend, with the Shanghai Composite Index rising 1.19% to 3870.28 points, the Shenzhen Component Index rising 2.40% to 13224.51 points, and the ChiNext Index rising 3.39% to 3175.91 points. The total trading volume of A - shares in the two markets was 1834.5 billion yuan. The sectors with the highest gains were communication (5.07%), non - ferrous metals (3.03%), and electronics (2.48%), while the sectors with the highest losses were agriculture, forestry, animal husbandry and fishery (- 0.54%), national defense and military industry (- 0.20%), and coal (- 0.11%) [2][6]. 3. Summary by Directory Market Overview - The Shanghai Composite Index rose 1.19% to 3870.28 points, the Shenzhen Component Index rose 2.40% to 13224.51 points, and the ChiNext Index rose 3.39% to 3175.91 points. The trading volume of A - shares in the two markets was 1834.5 billion yuan. The communication, non - ferrous metals, and electronics sectors led the gains, while the agriculture, forestry, animal husbandry and fishery, national defense and military industry, and coal sectors led the losses [2][6]. Stock ETF - The top - traded stock ETFs were Huatai - Peregrine CSI A500 ETF (up 1.90% with a discount rate of 2.09%), China Asset Management CSI A500 ETF (up 1.75% with a discount rate of 2.04%), and Southern CSI A500 ETF (up 1.93% with a discount rate of 2.12%). The table also provided details of the top ten traded stock ETFs [3][7][8]. Bond ETF - The top - traded bond ETFs were Haifutong CSI Short - Term Financing ETF (up 0.00% with a discount rate of - 0.02%), China Asset Management Shanghai Stock Exchange Benchmark Market - Making Treasury Bond ETF (up 0.21% with a discount rate of 0.23%), and China Merchants CSI AAA Science and Technology Innovation Corporate Bond ETF (unchanged with a discount rate of - 0.22%). The table showed the top five traded bond ETFs [4][9][10]. Gold ETF - Gold AU9999 rose 0.81% and Shanghai Gold rose 0.76%. The top - traded gold ETFs were Huaan Gold ETF (up 0.76% with a discount rate of 0.95%), Bosera Gold ETF (up 0.76% with a discount rate of 0.94%), and E Fund Gold ETF (up 0.77% with a discount rate of 0.94%). The table presented the top five traded gold ETFs [12][13]. Commodity Futures ETF - Dacheng Non - Ferrous Metals Futures ETF rose 0.96% with a discount rate of 0.50%, China Asset Management Feed Soybean Meal Futures ETF fell 0.71% with a discount rate of 2.05%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.68% with a discount rate of 0.75%. The table provided an overview of commodity futures ETFs [15][16]. Cross - border ETF - The previous trading day saw the Dow Jones Industrial Average fall 0.62%, the Nasdaq rise 0.23%, the S&P 500 fall 0.24%, and the German DAX fall 0.63%. On December 17, the Hang Seng Index rose 0.92% and the Hang Seng China Enterprises Index rose 0.98%. The top - traded cross - border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 1.91% with a discount rate of 1.48%), China Asset Management Hang Seng Technology ETF (up 0.97% with a discount rate of 0.80%), and Huatai - Peregrine Hang Seng Technology ETF (up 0.99% with a discount rate of 0.76%). The table showed the top five traded cross - border ETFs [17][18]. Money ETF - The top - traded money ETFs were Yin Hua Day Profit ETF, Huabao Add - Benefit ETF, and Jianxin Add - Benefit Money ETF. The table presented the top three traded money ETFs [19][21].

Report Summary 1. Market Overview - On December 15, 2025, the Shanghai Composite Index fell 0.55% to 3867.92 points, the Shenzhen Component Index dropped 1.10% to 13112.09 points, and the ChiNext Index declined 1.77% to 3137.80 points. The total trading volume of A - shares in the two markets was 1794.5 billion yuan. The top - rising sectors were non - bank finance (1.59%), commerce and retail (1.49%), and agriculture, forestry, animal husbandry and fishery (1.24%), while the top - falling sectors were electronics (- 2.42%), communication (- 1.89%), and media (- 1.63%) [2][6] 2. Stock ETF - The top - traded stock ETFs on this day were: Huatai - Peregrine CSI A500 ETF, down 0.65% with a discount rate of - 0.73%; Huaxia CSI A500 ETF, down 0.60% with a discount rate of - 0.66%; and Southern CSI A500 ETF, down 0.41% with a discount rate of - 0.49% [3][7] 3. Bond ETF - The top - traded bond ETFs were: Haifutong CSI Short - Term Financing Bond ETF, with a change of 0.00% and a discount rate of - 0.01%; Huaxia Shanghai Stock Exchange Benchmark Market - Making Treasury Bond ETF, down 0.25% with a discount rate of - 0.14%; and Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF, down 0.01% with a discount rate of - 0.03% [4][9] 4. Gold ETF - Gold AU9999 rose 1.30% and Shanghai Gold rose 1.32%. The top - traded gold ETFs were: Huaan Gold ETF, up 1.34% with a premium rate of 1.46%; Boshi Gold ETF, up 1.34% with a premium rate of 1.44%; and E Fund Gold ETF, up 1.38% with a premium rate of 1.47% [12] 5. Commodity Futures ETF - Dacheng Non - ferrous Metals Futures ETF fell 1.35% with a discount rate of - 0.74%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.68% with a premium rate of 0.41%; Huaxia Feed Soybean Meal Futures ETF fell 0.20% with a premium rate of 1.95% [13] 6. Cross - border ETF - The previous trading day, the Dow Jones Industrial Average fell 0.51%, the Nasdaq Composite fell 1.69%, the S&P 500 dropped 1.07%, and the German DAX fell 0.45%. On this day, the Hang Seng Index fell 1.34% and the Hang Seng China Enterprises Index fell 1.78%. The top - traded cross - border ETFs were: E Fund CSI Hong Kong Securities Investment Theme ETF, up 0.24% with a discount rate of - 0.80%; Huatai - Peregrine Hang Seng Technology ETF, down 2.16% with a discount rate of - 2.19%; and GF CSI Hong Kong Innovative Drug ETF, down 3.23% with a discount rate of - 3.78% [15] 7. Money ETF - The top - traded money ETFs were: Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF [17]

Report Summary 1. Market Overview - On December 12, 2025, the Shanghai Composite Index rose 0.41% to 3889.35 points, the Shenzhen Component Index rose 0.84% to 13258.33 points, and the ChiNext Index rose 0.97% to 3194.36 points. The trading volume of A-shares in the two markets was 2119.2 billion yuan. The top-performing sectors were non-ferrous metals (1.50%), electronics (1.46%), and power equipment (1.42%), while the worst-performing sectors were commercial and retail (-1.28%), comprehensive (-1.18%), and building materials (-0.47%) [2][6]. 2. Stock ETFs - The top-trading stock ETFs on this day were Huatai-PineBridge CSI A500 ETF (up 0.65%, discount rate 0.71%), ChinaAMC CSI A500 ETF (up 0.61%, discount rate 0.75%), and Guotai CSI A500 ETF (up 0.78%, discount rate 0.72%). The report also listed the top ten trading stock ETFs, including details such as price, change rate, tracking index, and discount rate [3][7][8]. 3. Bond ETFs - The top-trading bond ETFs were Haifutong CSI Short - Term Financing Bond ETF (change rate 0.00%, discount rate -0.01%), Southern Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF (up 0.02%, discount rate -0.14%), and E Fund CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.01%, discount rate -0.24%). The top five trading bond ETFs were also presented in the report [4][9][10]. 4. Gold ETFs - Gold AU9999 rose 1.25% and Shanghai Gold rose 1.31% on this day. The top - trading gold ETFs were HuaAn Gold ETF (up 1.28%, discount rate 1.35%), Bosera Gold ETF (up 1.29%, discount rate 1.34%), and E Fund Gold ETF (up 1.26%, discount rate 1.33%). The report also showed the top five trading gold ETFs [12][13]. 5. Commodity Futures ETFs - Dacheng Non - Ferrous Metals Futures ETF rose 2.11% with a discount rate of 2.01%, ChinaAMC Feed Soybean Meal Futures ETF rose 0.67% with a discount rate of 2.87%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 1.17% with a discount rate of -1.49%. The report provided an overview of commodity futures ETFs [15][16]. 6. Cross - border ETFs - The previous trading day saw the Dow Jones Industrial Average rise 1.34%, the Nasdaq fall 0.25%, the S&P 500 rise 0.21%, and the German DAX rise 0.68%. On this day, the Hang Seng Index rose 1.75% and the Hang Seng China Enterprises Index rose 1.62%. The top - trading cross - border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 2.28%, discount rate 1.96%), Huatai - PineBridge Hang Seng Technology ETF (up 1.79%, discount rate 1.55%), and GF CSI Hong Kong Innovative Drug ETF (up 0.70%, discount rate 0.77%). The top five trading cross - border ETFs were also included in the report [17][18]. 7. Money Market ETFs - The top - trading money market ETFs on this day were Silver HuaRiLi ETF, Huabao Tianyi ETF, and Money Market ETF Jianxin Tianyi. The report listed the top three trading money market ETFs [19][21]. Industry Investment Rating - There is no information about the industry investment rating in the report. Core View - The report mainly presents the market performance of A - shares on December 12, 2025, including the performance of major indices, sectors, and various types of ETFs, providing data and information for investors to understand the market situation.