Market Overview - The Shanghai Composite Index rose 0.52% to close at 3882.78, the Shenzhen Component Index rose 0.35% to close at 13526.51, and the ChiNext Index remained unchanged at 3238.16. The total trading volume of A-shares in the two markets was 2.1976 trillion yuan. The top-performing sectors were non-ferrous metals (3.22%), national defense and military industry (2.59%), and real estate (2.12%), while the worst-performing sectors were communications (-1.83%), non-bank finance (-1.14%), and comprehensive (-1.06%) [2][6]. Stock ETF - The top-traded stock ETFs today were Huaxia CSI A500 ETF, which rose 0.77% with a discount rate of 0.80%; Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF, which rose 1.75% with a discount rate of 1.70%; and Guotai CSI A500 ETF, which rose 0.59% with a discount rate of 0.71% [3][7]. Bond ETF - The top-traded bond ETFs today were Haifutong CSI Short-term Financing Bond ETF, which rose 0.05% with a discount rate of 0.04%; Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF, which rose 0.05% with a discount rate of 0.04%; and Huatianfu CSI AAA Science and Technology Innovation Bond ETF, which rose 0.03% with a discount rate of -0.01% [4][9]. Gold ETF - Today, the price of gold AU9999 rose 1.04%, and the price of Shanghai Gold rose 1.16%. The top-traded gold ETFs were Huaan Gold ETF, which rose 0.97% with a discount rate of 0.98%; Boshi Gold ETF, which rose 1.26% with a discount rate of 1.27%; and E Fund Gold ETF, which rose 1.23% with a discount rate of 1.20% [12]. Commodity Futures ETF - Today, Dacheng Non-ferrous Metals Futures ETF rose 0.40% with a discount rate of 0.66%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 1.08% with a discount rate of -1.13%; and Huaxia Feed Soybean Meal Futures ETF remained unchanged with a discount rate of 2.75% [13]. Cross-border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.15%, the Nasdaq Composite rose 0.48%, the S&P 500 rose 0.26%, and the German DAX rose 0.02%. Today, the Hang Seng Index rose 0.87%, and the Hang Seng China Enterprises Index rose 1.07%. The top-traded cross-border ETFs today were E Fund CSI Hong Kong Securities Investment Theme ETF, which rose 1.35% with a discount rate of 0.67%; GF CSI Hong Kong Innovative Drugs ETF, which rose 2.89% with a discount rate of 2.86%; and Huatai-PineBridge Hang Seng Technology ETF, which rose 2.02% with a discount rate of 2.22% [15]. Money Market ETF - The top-traded money market ETFs today were Yin Hua Day Profit ETF, Huabao Tianyi ETF, and Jianxin Tianyi Money Market ETF [17].

Core Viewpoint - As of September 23, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 115.089 billion yuan, reflecting an increase of 0.363 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Data - The ETF financing balance stood at 107.225 billion yuan, up by 0.335 billion yuan compared to the previous trading day [1] - The ETF margin short balance was recorded at 7.864 billion yuan, which is an increase of 0.028 billion yuan from the previous trading day [1] Group 2: Net Buy Data - On September 23, a total of 227 ETFs experienced net financing purchases, with the Guotai CSI All-Share Securities Company ETF leading with a net purchase amount of 0.131 billion yuan [1] - Other ETFs with significant net financing purchases included the Huatai-PB Hang Seng Technology ETF, Huaan Gold ETF, Bosera CSI Convertible Bonds and Exchangeable Bonds ETF, Huaxia Hang Seng Technology ETF, Guotai NASDAQ 100 ETF, and Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF [1]

Report Summary 1. Market Overview - A-share market: Shanghai Composite Index fell 0.18% to 3821.83 points, Shenzhen Component Index dropped 0.29% to 13119.82 points, and ChiNext Index rose 0.21% to 3114.55 points. The total trading volume of A-shares was 2518.8 billion yuan [2][6]. - Industry performance: Top gainers were banking (1.52%), coal (1.11%), and power equipment (0.43%); top losers were social services (-3.11%), commerce and retail (-2.90%), and computer (-2.39%) [2][6]. 2. Stock ETFs - Top trading volume: E Fund ChiNext ETF rose 0.36% with a premium rate of 0.33%; Huaxia SSE STAR 50 ETF fell 0.27% with a premium rate of -0.28%; Harvest SSE STAR Market Chip ETF rose 0.42% with a premium rate of 0.51% [3][7]. 3. Bond ETFs - Top trading volume: Haifutong CSI Short - Term Financing Bond ETF had a 0.00% change with a premium rate of -0.01%; Bosera CSI Convertible and Exchangeable Bond ETF fell 0.22% with a premium rate of -0.27%; E Fund CSI AAA Sci - tech Innovation Corporate Bond ETF fell 0.04% with a premium rate of -0.11% [4][9]. 4. Gold ETFs - Gold prices: AU9999 rose 1.33% and Shanghai Gold rose 1.11%. Top trading volume: Huaan Gold ETF rose 1.18% with a premium rate of 1.34%; Bosera Gold ETF rose 1.17% with a premium rate of 1.35%; E Fund Gold ETF rose 1.13% with a premium rate of 1.30% [12]. 5. Commodity Futures ETFs - Performance: ChinaAMC Feed Soybean Meal Futures ETF fell 2.17% with a premium rate of -0.19%; Dacheng Non - Ferrous Metals Futures ETF fell 0.41% with a premium rate of -0.29%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.31% with a premium rate of -0.81% [15]. 6. Cross - border ETFs - Index performance: Previous day, Dow Jones Industrial Average rose 0.14%, NASDAQ rose 0.70%, S&P 500 rose 0.44%, and German DAX fell 0.48%. Today, Hang Seng Index fell 0.70% and Hang Seng China Enterprises Index fell 0.86%. Top trading volume: E Fund CSI Hong Kong Securities Investment Theme ETF fell 2.96% with a premium rate of -3.20%; Huatai - Peregrine Hang Seng Tech ETF fell 1.80% with a premium rate of -1.68%; Huaxia Hang Seng Tech ETF fell 1.77% with a premium rate of -1.45% [17]. 7. Money ETFs - Top trading volume: Yin Hua Day - to - Day Profit ETF, Hua Bao Tian Yi ETF, and Jianxin Tian Yi Money ETF [19].

Report Overview - Report Title: "科技及高制板块交易最热，金融板块资金流入最多——ETF市场周报2025.09.19" [2] - Report Date: September 21, 2025 [2] - Analysts: Li Qianyun, Xiong Jingyan [2] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The ETF market has 1312 products with a total scale of 53110.15 billion yuan. Stock - type ETFs dominate in quantity and scale. In the A - share market, the technology and high - end manufacturing sectors have the highest trading heat, while the financial sector has the most capital inflows. In the Hong Kong and global markets, the technology sector in the Hong Kong market has the highest trading heat, and the technology sector in the Hong Kong market also has the most capital inflows [5] 3. Summary by Directory 3.1 ETF Market Overview - **ETF Quantity Distribution**: There are 1312 ETFs in the market, with a total scale of 53110.15 billion yuan. Stock - type ETFs are the most numerous (1036) and have a scale of 35295.63 billion yuan, accounting for 66.46% of the market scale. Among stock - type ETFs, theme - index ETFs are the most numerous (483) with a scale of 7127.91 billion yuan [9] - **ETF Tracking Index**: In the A - share market, the top three indices with the highest current valuations among the 30 indices with the highest ETF tracking scale are Kechuang 100, Kechuang Chip, and Kechuang 50. In the Hong Kong and global markets, the top three indices with the highest current valuations among the 20 indices with the highest ETF tracking scale are Nasdaq Technology Market - Cap Weighted, Hong Kong Stock Connect Innovative Drugs, and Nasdaq 100. For A - share broad - based indices, the weekly changes of CSI 300, CSI 500, and CSI 1000 are - 0.44%, 0.32%, and 0.21% respectively. The index with the highest weekly increase is Kechuang Semiconductor Materials and Equipment (7.49%), and the index with the highest weekly decrease is Hong Kong Stock Connect Non - Banking (- 6.39%) [5][12][13] 3.2 Equity ETF Valuation - **A - share Market ETF Valuation Overview**: Among the 30 indices with the highest ETF tracking scale in the A - share market, the top three indices with the highest current valuations are Kechuang 100, Kechuang Chip, and Kechuang 50, with current PEs of 277.17, 203.14, and 176.49 respectively. The indices with the highest 3 - year valuation quantiles are ChiNext 50, CNI Chip, and Kechuang Chuangye 50 [17] - **Hong Kong and Global Market ETF Valuation Overview**: Among the 20 indices with the highest ETF tracking scale in the Hong Kong and global markets, the top three indices with the highest current valuations are Nasdaq Technology Market - Cap Weighted, Hong Kong Stock Connect Innovative Drugs, and Nasdaq 100, with current PEs of 37.53, 37.18, and 36.88 respectively. The indices with the highest 3 - year valuation quantiles are S&P 500 Net Total Return, Hang Seng Index, and Hang Seng China Enterprises Index [19] 3.3 A - share Market ETF - **A - share Market ETF Sector Overview**: In the A - share market, the technology and high - end manufacturing sectors have the highest trading heat, with a daily average trading volume of 394.82 billion yuan. The financial sector has the most capital inflows (116.52 billion yuan), and the large - medical sector has the most capital outflows (6.24 billion yuan) [23] - **A - share Market ETF Trading Heat**: The ETF with the highest trading heat is Huaxia SSE STAR Market 50 ETF, with a daily average trading volume of 63.32 billion yuan, tracking the Kechuang 50 index. The top ten ETFs in terms of daily average trading volume involve sectors such as Kechuang & Chuangye, large - cap, technology and high - end manufacturing, and finance. The ETF with the largest increase in trading heat is Harvest SSE STAR Market Chip ETF, with a daily average trading volume increase of 9.11 billion yuan, tracking the Kechuang Chip index [27][29] - **A - share Market ETF Fund Flow**: The ETF with the most capital inflows is Cathay CSI All - China Securities Company ETF, with an inflow of 43.69 billion yuan, tracking the securities company index. The top ten ETFs in terms of inflow involve sectors such as finance, technology and high - end manufacturing, large - cap, and consumption. The ETF with the most capital outflows is Huaxia SSE STAR Market 50 ETF, with an outflow of 41.2 billion yuan, tracking the Kechuang 50 index [32] - **A - share Market ETF Share Growth**: By sector, the sector with a relatively high ETF share growth rate is the home appliance sector, while the sector with a relatively high reduction rate is the computer sector [34] 3.4 Hong Kong and Global Market ETF - **Hong Kong and Global Market ETF Overview**: In the Hong Kong and global markets, the technology sector in the Hong Kong market has the highest trading heat, with a daily average trading volume of 492.24 billion yuan. The technology sector in the Hong Kong market has the most capital inflows (99.43 billion yuan), and the large - cap sector in the Hong Kong market has the most capital outflows (4.84 billion yuan) [38] - **Hong Kong and Global Market ETF Trading Heat**: The ETF with the highest trading heat is E Fund CSI Hong Kong Securities Investment Theme ETF, with a daily average trading volume of 133.59 billion yuan, tracking the Hong Kong Securities index. The top ten ETFs in terms of daily average trading volume involve sectors such as finance, large - medical, and technology. The ETF with the largest increase in trading heat is Huaxia Hang Seng Internet Technology Industry ETF, with a daily average trading volume increase of 28.89 billion yuan, tracking the Hang Seng Internet Technology Industry index [41][45] - **Hong Kong and Global Market ETF Fund Flow**: The ETF with the most capital inflows is Fullgoal CSI Hong Kong Stock Connect Internet ETF, with an inflow of 30.92 billion yuan, tracking the Hong Kong Stock Connect Internet index. The top ten ETFs in terms of inflow involve sectors such as technology, finance, and resources. The ETF with the most capital outflows is Huatai - Peregrine Hang Seng Technology ETF, with an outflow of 6.1 billion yuan, tracking the Hang Seng Technology index [47] 3.5 Industry Crowding Tracking - This week, the home appliance sector has the highest crowding degree, followed by the food and beverage, non - banking finance, and power and public utilities sectors. Compared with last week, the consumer services sector has a relatively large increase in crowding degree, while the steel sector has a decrease. The crowding degree of the consumer services sector is at a high level in the past year, reaching the 88.68% quantile. The crowding degrees of the power equipment and new energy, computer, and comprehensive finance sectors are historically low [52] 3.6 WTS ETF Recommendation - The screening rule is that the WTS AI model scores the indices, selects those with a score above 0.8, then finds the corresponding ETFs, selects those with a daily average trading volume of more than 30 million yuan in the recent 30 days, and selects the ETFs with a lower IOPV premium rate for the same index [55]

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 近段时间以来，港股互联网板块显著回暖，阿里巴巴与腾讯控股等龙头股价持续上涨，与此同时， 多只相关ETF获大额资金流入。其中，富国中证港股通互联网ETF规模已逼近千亿元。多家机构表 示，随着AI业务逐步兑现、业绩改善与空头回补，港股互联网板块正迎来价值重估，头部企业在AI 时代的核心战略价值将逐步体现。 9月以来，阿里巴巴和腾讯控股两大互联网巨头持续上涨。其中，阿里巴巴-W涨幅接近40%。 与此同时，港股互联网和科技相关ETF也持续迎来资金净流入。数据显示，截至9月18日，富国中 证港股通互联网ETF近一个月获得160.49亿元资金净流入，在所有跨境型ETF中排名首位。随着份 额持续增长，截至9月18日，富国中证港股通互联网ETF最新规模达到924.73亿元，接近千亿元规 模大关。 工银国证港股通科技ETF、华夏恒生科技ETF、易方达恒生科技ETF和华泰柏瑞恒生科技ETF等多 只产品近一个月均迎来35亿元以上资金净流入。在上述ETF中，阿里巴巴和腾讯控股均占据较大权 重。 此外，数据显示，截至9月15 ...

Group 1 - The Hong Kong internet sector has shown significant recovery recently, with leading stocks like Alibaba and Tencent experiencing continuous price increases, leading to substantial inflows into related ETFs [1][2] - As of September 18, the Fuqun CSI Hong Kong Internet ETF has seen a net inflow of 160.49 billion yuan over the past month, ranking first among all cross-border ETFs, with its total size reaching 924.73 billion yuan [2] - The short-selling ratio in the Hong Kong market has decreased significantly from a historical high of 20.8% in August to 13.8% by September 12, indicating a recovery in investor sentiment towards internet stocks [3] Group 2 - Analysts believe that Alibaba and Tencent are strategically positioned at the core of the AI era's value chain, particularly in the cloud platform sector, benefiting from their large business bases and strong growth momentum [4] - The cloud business of both companies has shown consistent growth, exceeding expectations in recent quarters, highlighting their potential driven by AI [4] - The deep competitive advantages of Alibaba and Tencent, including long-term technological accumulation and significant capital investment, make their market positions difficult to challenge [4]

Report Summary Report Industry Investment Rating No industry investment rating information is provided in the report. Core View The report presents the market performance of A - shares and various ETFs on September 19, 2025, including the performance of the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, as well as the performance of different types of ETFs such as stock ETFs, bond ETFs, gold ETFs, commodity futures ETFs, cross - border ETFs, and money ETFs. Summary by Category Market Overview - The Shanghai Composite Index fell 0.30% to 3820.09 points, the Shenzhen Component Index fell 0.04% to 13070.86 points, and the ChiNext Index fell 0.16% to 3091.00 points. The trading volume of A - shares in the two markets was 23498 billion yuan. The top - performing industries were coal (1.97%), non - ferrous metals (1.19%), and building materials (1.05%), while the bottom - performing industries were automobiles (- 1.94%), pharmaceuticals and biotechnology (- 1.41%), and computers (- 1.26%) [2][6] Stock ETF - The top - trading - volume stock ETFs included the Huaxia Shanghai Science and Technology Innovation Board 50 ETF, which fell 1.31% with a premium rate of - 1.30%; the E Fund ChiNext ETF, which fell 0.16% with a premium rate of - 0.26%; and the Huaxia CSI A500 ETF, which rose 0.09% with a premium rate of 0.10% [3][7] Bond ETF - The top - trading - volume bond ETFs included the Haifutong CSI Short - Term Financing ETF, which rose 0.00% with a premium rate of 0.00%; the Huaxia Shanghai Benchmark Market - Making Treasury Bond ETF, which fell 0.18% with a premium rate of - 0.24%; and the Bosera CSI Convertible and Exchangeable Bond ETF, which fell 0.69% with a premium rate of - 0.77% [4][9] Gold ETF - Gold AU9999 rose 0.31% and Shanghai Gold rose 0.38%. The top - trading - volume gold ETFs included the Huaan Gold ETF, which rose 0.46% with a premium rate of 0.06%; the Bosera Gold ETF, which rose 0.41% with a premium rate of 0.06%; and the E Fund Gold ETF, which rose 0.46% with a premium rate of 5.55% [12] Commodity Futures ETF - The Dacheng Non - Ferrous Metals Futures ETF rose 0.12% with a premium rate of 0.03%; the Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.31% with a premium rate of - 0.99%; and the Huaxia Feed Soybean Meal Futures ETF rose 0.56% with a premium rate of 3.32% [13] Cross - border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.27%, the Nasdaq rose 0.94%, the S&P 500 rose 0.48%, and the German DAX rose 1.35%. On this day, the Hang Seng Index rose 0.00% and the Hang Seng China Enterprises Index rose 0.17%. The top - trading - volume cross - border ETFs included the E Fund CSI Hong Kong Securities Investment Theme ETF, which fell 0.71% with a premium rate of - 1.35%; the Huatai - Peregrine Hang Seng Technology ETF, which rose 0.36% with a premium rate of - 0.08%; and the Huaxia Hang Seng Technology ETF, which rose 0.24% with a premium rate of - 0.15% [15] Money ETF - The top - trading - volume money ETFs were the Yin Hua Day - to - Day ETF, Huabao Tianyi ETF, and Money ETF Jianxin Tianyi [17]

Group 1 - The total margin balance of ETFs in the Shanghai and Shenzhen markets reached 116.624 billion yuan as of September 17, an increase of 0.864 billion yuan from the previous trading day [1] - The financing balance of ETFs was 108.593 billion yuan, up by 0.799 billion yuan, while the margin balance for securities lending was 8.031 billion yuan, increasing by 0.065 billion yuan [1] - On September 17, 203 ETFs experienced net financing inflows, with the Huaxia Hang Seng Internet Technology ETF leading with a net inflow of 0.393 billion yuan [1] Group 2 - The Food and Beverage ETF (Product Code: 515170) tracks the CSI Sub-Industry Food and Beverage Theme Index and has seen a decline of 1.80% over the past five days [2] - The price-to-earnings ratio for the Food and Beverage ETF is 21.02 times, with the latest share count at 8.11 billion, reflecting an increase of 33 million shares [2] - The main capital flow indicates a net outflow of 45.35 million yuan [2]

Core Insights - The trend of "buying Chinese funds" is gaining popularity among global investors, with Chinese public funds actively exploring overseas markets to provide low-threshold investment tools for accessing China's growth dividends [1][2]. Group 1: Market Expansion - Thai investors are increasingly interested in Chinese funds, exemplified by the launch of the Bualuang China A500 Passive Fund, which links to the Huaxia A500 ETF, allowing local investors to easily invest in Chinese assets [1][2]. - The B-CNA500P fund focuses on high-growth sectors such as technology and consumption, significantly reducing exposure to financial stocks, and targets companies that contribute to China's economic transformation [2][3]. Group 2: Strategic Collaborations - The collaboration between Huaxia Fund and BBLAM represents a shift in the public fund industry's approach to overseas markets, moving from simple capital flows to a dual output of strategy and product [2][3]. - Other notable collaborations include partnerships between various Chinese asset management firms and Southeast Asian markets, such as the cooperation between Fuguo Asset Management and Malaysia's stock exchange [3][4]. Group 3: Global Outreach - Chinese public funds are also making strides in Latin America, with the Itaú Asset Management successfully launching the Itaú E Fund MSCI China A50 ETF in Brazil, enhancing connectivity between Chinese and Brazilian capital markets [4][5]. - In the Middle East, partnerships like that of Fuguo Hong Kong and SEDCO Capital are creating new investment products, allowing local investors to access Chinese assets directly [6][7]. Group 4: Innovative Product Development - The public fund industry is actively exploring various product models, including QDII, Hong Kong Stock Connect, and cross-border wealth management, to facilitate both inbound and outbound investment [7][8]. - The establishment of overseas subsidiaries by Chinese public fund companies has become a crucial strategy for expanding their international presence and sharing the benefits of China's economic growth with global investors [8].

Core Insights - The total scale of ETFs increased by 458.8 billion yuan in the past month, reaching 5.13 trillion yuan, marking a nearly 10% growth [1] - The number of ETF shares rose by 115.4 billion, totaling 2.9 trillion shares, with 16 new products launched, bringing the total to 1,288 [1] - The financial sector saw the largest increase in shares, followed by the sub-segment of the chemical industry and the Hong Kong internet sector [1][2] ETF Performance - Ten products experienced a scale increase of over 10 billion yuan, with several broad-based products growing by over 20 billion yuan, such as Huatai-PB CSI 300 ETF and CSI 300 ETF E-Fund, which grew by 24.3 billion yuan and 21.6 billion yuan respectively [1] - The top-performing thematic ETFs included Guotai Securities ETF and E-Fund ChiNext ETF, both exceeding 10 billion yuan in growth [2] Thematic and Cross-Border ETFs - The chemical industry and artificial intelligence sectors are attracting significant investment, with the Penghua Chemical ETF growing by over 14 billion yuan and the E-Fund AI ETF increasing by 5.6 billion yuan [2] - Cross-border ETFs are becoming a key channel for investing in Hong Kong stocks, with the Fuguo Hong Kong Internet ETF growing by 19.8 billion yuan and the Huatai-PB Hang Seng Technology ETF increasing by 8.2 billion yuan [3] Market Trends - The current low valuation of A-shares and ongoing domestic growth policies are driving demand for broad-based ETFs, which are seen as a risk-diversifying investment option [2] - The demand for cross-border ETFs is rising due to improved valuation expectations in Hong Kong and the attractiveness of technology and financial sectors [3]