Report Industry Investment Rating No relevant content provided. Core View of the Report Last week, the major domestic stock indices rose across the board, with small and medium - cap indices outperforming large - cap indices. ETFs in different sectors showed mixed performance, and there were significant differences in capital flows among various sectors [1][8]. Summary According to the Table of Contents 1. Fund Market Overview 1.1 Stock Market Last week (2025/09/08 - 2025/09/12), major domestic stock indices all rose. Large - cap indices such as the CSI 300, SSE 50, and SSE Composite Index had weekly changes of 1.38%, 0.89%, and 1.52% respectively. Small and medium - cap indices like the CSI 500, CSI 1000, and ChiNext Index had changes of 3.38%, 2.45%, and 2.10% respectively. Style indices showed mixed performance, with the financial, cyclical, consumer, growth, and stable style indices changing by 0.24%, 1.87%, 0.88%, 3.56%, and 1.14% respectively. Among the growth style, the large - cap, mid - cap, and small - cap growth style indices changed by 2.30%, 2.26%, and - 1.20% respectively. The recent trading activity of A - shares has been oscillating upwards and is currently close to the level in December 2024 [1][8][9]. 1.2 Bond Market and Futures Market Last week, the SSE Convertible Bond Index changed by 0.33%. Pure - bond indices showed mixed performance, with the SSE Treasury Bond, SSE Corporate Bond, and Shenzhen Local Government Bond indices changing by - 0.19%, 0.03%, and - 0.18% respectively. The main contracts of major stock index futures all rose, with the CSI 300, SSE 50, and CSI 500 futures changing by 1.63%, 1.00%, and 3.83% respectively. The prices of 10 - year, 5 - year, and 2 - year Treasury bond futures changed by - 0.16%, 0.07%, and 0.01% respectively [15][16]. 1.3 Commodity Market In the past week, the commodity market showed mixed performance. The Nanhua Precious Metals Index, CRB Commodity Index, and CRB Metal Spot Index changed by 2.34%, 1.33%, and 1.17% respectively. The main contracts of domestic key commodity futures also showed mixed performance. For example, the SHFE Silver, SHFE Gold, and DCE Iron Ore main contracts changed by 2.79%, 2.41%, and 1.59% respectively [18][21]. 2. ETF Market行情统计 The report selects representative ETFs in different sectors of comprehensive and industry themes for long - term tracking. By classifying these ETFs into large - and small - cap styles and monitoring indicators such as changes in circulating shares, net buying funds, and trading volume, it can serve as a reference for market style switching and capital flows [23]. 2.1 Domestic Stock - Type ETF Trading Activity Ranking Using the weekly fund turnover rate as a measure of ETF trading activity, last week's trading hotspots were mainly concentrated in comprehensive indices such as ChiNext 50 and ChiNext, as well as sectors such as semiconductors, home appliances ETF, and bank ETF [24]. 3. Large - and Small - Cap Style Monitoring 3.1 Comprehensive Stock ETF As of last week, the trading volume of comprehensive ETF funds was 103.231 billion yuan, a change of - 29.2 billion yuan from the previous week. Among them, the trading volume of large - and mid - cap style comprehensive ETFs was 38.176 billion yuan, a change of - 10.858 billion yuan; the trading volume of small - and mid - cap comprehensive ETFs was 67.061 billion yuan, a change of - 18.634 billion yuan. The on - site share of comprehensive ETF funds was 352.087 billion shares, a change of - 16.62 billion shares from the previous week. Among them, the on - site share of large - and mid - cap style comprehensive ETFs was 239.009 billion shares, a change of - 7.75 billion shares; the on - site share of small - and mid - cap comprehensive ETFs was 113.078 billion shares, a change of - 8.87 billion shares [26]. 3.2 Theme Stock ETF As of last week, the average weekly change rate of 32 theme ETFs was 2.83%. The average weekly change rate of large - cap style ETFs was 1.55%, and that of small - and mid - cap style ETFs was 3.83%. The total trading volume of the tracked theme ETFs was 93.485 billion yuan, a change of - 28.186 billion yuan from the previous week. Among them, the trading volume of large - cap style ETFs was 52.494 billion yuan, a change of - 8.399 billion yuan; the trading volume of small - and mid - cap style ETFs was 40.992 billion yuan, a change of - 197.87 billion yuan. The on - site share of the tracked theme ETFs was 420.971 billion shares, an increase of 47.27 billion shares from the previous week. Among them, the on - site share of large - and mid - cap style theme ETFs was 212.673 billion shares, an increase of 78.16 billion shares; the on - site share of small - and mid - cap style theme ETFs was 208.298 billion shares, a change of - 30.89 billion shares [27]. 4. Sector Capital Flow Tracking As of last week, among comprehensive ETFs, the top three in terms of returns were the Innovation and Entrepreneurship 50 ETF, 500ETF, and 1000ETF, with changes of 3.91%, 3.29%, and 2.42% respectively. The last three were the 50ETF, ChiNext 50, and 300ETF, with changes of 1.04%, 1.43%, and 1.47% respectively. Among industry - theme ETFs, the top three were the Chip ETF, Semiconductor 50, and Electronic ETF, with changes of 7.79%, 7.62%, and 7.11% respectively. The last three were the Pharmaceutical ETF, Biomedical, and Bank ETF, with changes of - 1.12%, - 1.08%, and - 0.72% respectively. In terms of capital flow, among comprehensive ETFs, the important broad - based index CSI 300 had capital outflows, while the ChiNext and CSI 500ETF had capital inflows. In industry themes, multiple important sectors such as securities and non - ferrous metals had significant capital inflows, while semiconductor chips had capital outflows [31]. 5. Commodity ETF Last week, the tracked commodity ETF funds showed mixed performance. The Gold ETF, Boshi Gold, Soybean Meal ETF, Non - Ferrous Metals Futures, and Energy and Chemical ETF changed by 2.30%, 2.31%, 0.75%, 1.40%, and - 0.84% respectively. The overall on - site share of the tracked commodity ETFs increased by 278 million shares compared with the previous week, and the overall trading volume changed by - 5.371 billion yuan compared with the previous week [36]. 6. Overseas ETF Last week, among the tracked overseas ETF funds, the Nasdaq ETF, H - share ETF, and Hang Seng ETF changed by 0.63%, 3.40%, and 3.77% respectively. The overall on - site share of the tracked overseas ETF funds changed by - 124 million shares compared with the previous week, and the overall trading volume changed by - 1.175 billion yuan compared with the previous week [38]. 7. Money - Market ETF As of the end of last week, the overnight SHIBOR was 1.37%, an increase of 0.05% from the previous week; the one - week SHIBOR was 1.47%, an increase of 0.03% from the previous week. The seven - day annualized yield of Huabao Tianyi decreased by - 0.01% from the previous week, and that of Yinhua Rili decreased by - 0.14% from the previous week. In terms of on - site shares, the on - site share of Huabao Tianyi was 68.379 billion shares, a change of - 619 million shares from the previous week; the on - site share of Yinhua Rili was 70.266 billion shares, a change of - 7.967 billion shares from the previous week [42].

Group 1 - The article discusses the performance and market activity of the 30-year Treasury ETF (511090), which has seen a recent increase of 0.25%, with a latest price of 119.14 yuan [12] - The trading volume for the 30-year Treasury ETF was active, with a turnover rate of 16.56% and a total transaction value of 5.254 billion yuan, indicating strong market interest [12] - The fund has reached a new high in scale at 31.648 billion yuan, with a net inflow of 1.902 billion yuan over the past week, averaging 272 million yuan daily [12] Group 2 - The article highlights the expectations for the central bank to resume Treasury buy-sell operations, which have been paused for eight months, as market conditions are deemed favorable [13] - The resumption of operations is anticipated to stabilize bond prices and adjust interest rate curves, providing a buffer in the current market environment where stocks are strong and bonds are weak [13] - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which includes publicly issued 30-year government bonds, serving as a benchmark for investment performance [12][13]

Habts ETF小伙伴亮相! 鹏宝 今天 10:00 ··· 市场变化莫测,要想乘风破浪,"配置"二字常挂心 头,那该如何选择呢?莫急~鹏友圈里有几位朋友可 以介绍给大家认识哦~它们来自不同领域,适合多样 化需求呢。 均衡配置 年合沉波 神科 素 #鹏友圈自我介绍 #资产配置 国企红利ETF 159515 广告 军名刷而 我是实力雄厚的"优质红利筛选者"-国 红狮,优质国企叠加红利增强,组合底 仓投我一票! 数字经济ETF 560800 我是敏捷聪慧的"AI产业捕捉者"-数小 狐,聚焦数字经济核心产业,成长机会 or长期价值?不好意思,我全要! 30年国债ETF 511090 我是平滑波动的"长期资产守护者"-长 债鲲,T+0灵活交易,高久期、高弹性,对 冲股票的好帮手,流动性好才是真的 好! 双创50ETF 588350 我是灵活敏捷的"双创科技领航员"-双 创燕,紧跟科技走势,新兴龙头一键投 500质量成长ETF 560500 是活力十足的"中小盘黑马挖掘者" 双创熊 截至2025年9月15日 09:59，中证500质量成长指数(930939)上涨0.60%，成分股万向钱潮(000559)上涨 10.0 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week, domestic major stock indices rose across the board, with small and medium - cap indices generally outperforming large - cap indices. The growth style index showed a significant increase, while the financial and stable style indices declined. In the ETF market, both comprehensive and thematic ETFs had increased trading volumes, and there was a clear inflow of funds into sectors such as brokers, consumption, technology, and non - ferrous metals [1][3] Summary by Directory 1. Fund Market Overview 1.1 Stock Market - Last week (2025/08/25 - 2025/08/29), major domestic stock indices all rose. The large - cap indices such as CSI 300, SSE 50, and SSE Composite Index had weekly increases of 2.71%, 1.63%, and 0.84% respectively. Small and medium - cap indices like CSI 500, CSI 1000, and ChiNext Index rose by 3.24%, 1.03%, and 7.74% respectively. Style indices showed mixed performance, with financial, cyclical, consumer, growth, and stable style indices having weekly changes of - 1.31%, 0.94%, 0.54%, 4.45%, and - 0.81% respectively. Among the growth styles, large - cap, mid - cap, and small - cap growth style indices changed by 3.38%, 2.51%, and - 1.33% respectively [1][8] - Recent A - share trading activity has been oscillating upwards and is currently close to the level in December 2024 [9] 1.2 Bond Market and Futures Market - Last week, the SSE Convertible Bond Index fell by 2.68%. Pure - bond indices all rose, with the SSE Treasury Bond, SSE Corporate Bond, and Shenzhen Local Government Bond indices rising by 0.04%, 0.03%, and 0.03% respectively. Major stock index futures contracts all rose, with CSI 300, SSE 50, and CSI 500 futures rising by 0.49%, 0.12%, and 1.70% respectively. 10 - year, 5 - year, and 2 - year Treasury bond futures prices rose by 0.13%, 0.18%, and 0.03% respectively [15][16] 1.3 Commodity Market - In the past week, the commodity market showed mixed performance. The Nanhua Precious Metals Index, CRB Metal Spot Index, and CRB Commodity Index rose by 1.77%, 1.35%, and 0.78% respectively. Domestic key commodity futures contracts also showed mixed results, with DCE Iron Ore, SHFE Silver, and SHFE Nickel futures rising by 2.34%, 1.80%, and 1.75% respectively [18][21] 2. ETF Market行情统计 2.1 Domestic Stock - type ETF Trading Activity Ranking - Using the weekly fund turnover rate (trading volume / on - exchange floating shares) as a measure of ETF trading activity, high turnover rates indicate possible large differences in market views on a sector. Last week, trading hotspots were concentrated in comprehensive indices such as ChiNext 50 and CSI Innovation and Entrepreneurship 50 ETF, as well as sectors like semiconductors, liquor, and securities [24] 3. Size - style Monitoring 3.1 Comprehensive Stock ETF - As of last week, the total trading volume of comprehensive ETFs was 138.425 billion yuan, an increase of 28.081 billion yuan from the previous week. Among them, the trading volume of large - and mid - cap style comprehensive ETFs was 58.276 billion yuan, an increase of 11.307 billion yuan, and that of small - and mid - cap comprehensive ETFs was 84.351 billion yuan, an increase of 19.109 billion yuan. The on - exchange floating shares of comprehensive ETFs were 361.949 billion shares, an increase of 6.94 billion shares from the previous week. Large - and mid - cap style comprehensive ETFs had 241.165 billion shares, an increase of 19.28 billion shares, while small - and mid - cap comprehensive ETFs had 120.785 billion shares, a decrease of 12.34 billion shares [26] 3.2 Thematic Stock ETF - As of last week, the average weekly return of 32 thematic ETFs was 3.39%. The average weekly return of large - cap style ETFs was 0.95%, and that of small - and mid - cap style ETFs was 5.30%. The total trading volume of tracked thematic ETFs was 138.149 billion yuan, an increase of 30.701 billion yuan from the previous week. Large - cap style ETFs had a trading volume of 73.042 billion yuan, an increase of 14.991 billion yuan, and small - and mid - cap style ETFs had a trading volume of 65.107 billion yuan, an increase of 15.711 billion yuan. The on - exchange floating shares of thematic ETFs were 408.707 billion shares, an increase of 6.175 billion shares from the previous week. Large - and mid - cap style thematic ETFs had 193.157 billion shares, an increase of 12.045 billion shares, while small - and mid - cap style thematic ETFs had 215.549 billion shares, a decrease of 5.87 billion shares [27] 4. Sector Fund Flow Tracking - As of last week, among comprehensive ETFs, the top three performers were CSI Innovation and Entrepreneurship 50 ETF, ChiNext 50, and ChiNext, with weekly returns of 11.34%, 8.93%, and 7.63% respectively. The bottom three were CSI 1000 ETF, SSE 50 ETF, and CSI 300 ETF, with returns of 0.80%, 1.50%, and 2.72% respectively. Among industry - thematic ETFs, the top three were 5G ETF, AI Intelligence ETF, and Non - ferrous Metals ETF, with returns of 15.44%, 10.69%, and 8.63% respectively. The bottom three were Coal ETF, Financial ETF, and Bank ETF, with returns of - 3.02%, - 1.95%, and - 1.88% respectively. In terms of fund flows, important broad - based indices such as CSI 300 and small - and mid - cap ETFs in the innovation and entrepreneurship sector had fund inflows. In industry - thematic sectors, significant fund inflows were seen in sectors such as brokers, consumption, technology, and non - ferrous metals [32] 5. Commodity ETF - Last week, tracked commodity ETFs showed mixed performance. Gold ETF, Bosera Gold, Soybean Meal ETF, Non - ferrous Metals Futures ETF, and Energy and Chemicals ETF had returns of 1.46%, 1.47%, 0.61%, 1.24%, and - 1.21% respectively. The on - exchange floating shares of tracked commodity ETFs decreased by 1.41 billion shares from the previous week, while the total trading volume increased by 1.869 billion yuan [36] 6. Overseas ETF - Last week, among tracked overseas ETFs, Nasdaq ETF, H - share ETF, and Hang Seng ETF had returns of 1.19%, - 0.85%, and - 0.45% respectively. The on - exchange floating shares of tracked overseas ETFs decreased by 0.13 billion shares from the previous week, and the total trading volume decreased by 0.549 billion yuan [38] 7. Money Market ETF - As of the end of last week, the overnight SHIBOR rate was 1.32%, a decrease of 0.15% from the previous week, and the one - week SHIBOR rate was 1.53%, an increase of 0.03% from the previous week. The seven - day annualized yield of Huabao Tianyi was 1.06%, an increase of 0.04% from the previous week, and that of Yinhua Rili was 1.04%, unchanged from the previous week. The on - exchange floating shares of Huabao Tianyi were 63.846 billion shares, a decrease of 2.602 billion shares from the previous week, and those of Yinhua Rili were 61.757 billion shares, an increase of 1.95 billion shares from the previous week [42]

Core Viewpoint - The article discusses the potential of quantitative stock selection strategies focused on the ChiNext and Sci-Tech Innovation Board (科创板) in the context of a bullish market, highlighting their strong performance and growth potential [3][4][10]. Group 1: Market Sentiment and Trends - The Shanghai Composite Index has shown a bullish trend, rising for four consecutive weeks, indicating a potential bull market [1]. - Investor sentiment is increasingly optimistic, as observed in discussions within investment circles [2]. Group 2: Performance of Quantitative Strategies - Quantitative stock selection strategies have performed exceptionally well this year, with average excess returns exceeding 15%, and some strategies achieving over 30% [4]. - Strategies focused on the ChiNext and Sci-Tech Innovation Board have outperformed, with absolute returns exceeding 50% in a high-volatility market [4]. Group 3: Characteristics of ChiNext and Sci-Tech Innovation Board - The ChiNext and Sci-Tech Innovation Board exhibit significant growth potential, with impressive returns over the past year and high annualized volatility and turnover rates [8][9]. - The Sci-Tech Innovation Board primarily serves "hard technology" companies, while the ChiNext focuses on growth industries such as new energy and medical technology [9]. Group 4: Policy Support and Market Dynamics - The ChiNext and Sci-Tech Innovation Board benefit from favorable government policies aimed at promoting their development, including recent initiatives to support "hard technology" enterprises [10]. - The boards are characterized by high elasticity, liquidity, and volatility, making them suitable for quantitative strategies to achieve excess returns [11]. Group 5: Specific Attributes of ChiNext and Sci-Tech Innovation Board - High elasticity is observed as companies in these boards can experience significant stock price increases following major technological breakthroughs or product launches [12]. - High liquidity is facilitated by flexible trading rules and active margin trading, enhancing market activity [14]. - High volatility is driven by rapid technological changes and competitive pressures in emerging industries, making these boards attractive for quantitative trading strategies [15].

Group 1 - The first batch of 9 dual innovation 50 ETFs has been approved for 4 years, but their net value has significantly declined since inception due to high initial valuations of constituent stocks [1] - As of June 20, all 15 dual innovation 50 ETFs have reported negative cumulative returns since their establishment, with the first batch experiencing a decline of over 40% [2] - The poor performance of the first batch of dual innovation 50 ETFs is attributed to market conditions, including geopolitical conflicts and slowing domestic economic growth, which have pressured growth stocks [2][3] Group 2 - Despite the underperformance, the total number of shares for dual innovation 50 ETFs has increased significantly, with a total of over 500 billion shares as of June 20, representing a growth of nearly 135% since issuance [3] - The first batch of 9 dual innovation 50 ETFs accounts for about 90% of the total shares, with a growth of approximately 144% from the initial issuance [3] - The industry anticipates that the dual innovation 50 index still holds investment value due to its representation of quality companies in the sci-tech and entrepreneurial sectors [4][5] Group 3 - The dual innovation 50 index includes sectors such as semiconductors, new energy, and biomedicine, which are expected to benefit from policy incentives and industrial upgrades [4] - Compared to other indices, the dual innovation 50 index has a larger sample market capitalization and a more balanced industry distribution, making it a better representation of China's hard technology sector [5] - There is potential for short-term recovery in the dual innovation 50 index due to recent policy support and liquidity easing, while it is viewed as a core tool for long-term investment in hard technology and high growth sectors [5]

中国基金报记者 张燕北 孙晓辉 2021年6月15日，首批9只跟踪中证科创创业50指数（简称双创50指数）的中证科创创业 50ETF（简称双创50ETF）获批，至今已有4年。由于产品获批时，指数成份股多处于估值高 位，首批双创50ETF产品成立以来净值跌幅较大，但在"越跌越买"效应下，基金份额获得显 著增长。 在业内人士看来，双创50指数涵盖科创板和创业板的优质企业，相较于单一市场指数更具代 表性，中长期仍具配置价值。 首批双创ETF业绩不佳 【导读】 首批双创50ETF获批4年份额翻倍 Wind数据显示，截至6月20日，全市场15只双创50ETF自成立以来累计收益悉数告负，其 中，首批产品净值跌幅均在40%以上。 对此，沪上一家中型公募认为，首批双创50ETF表现欠佳，主要是市场环境所致。该双创50 指数聚焦科创板、创业板中的科技和新兴成长企业，具有成长属性，但也伴随着高波动和高 风险。首批产品获批于2021年，当时较多成份股处于估值高位。随后4年，地缘政治冲突、 国内经济增速放缓等诸多因素对成长股形成压制。 北京一家大型公募基金公司表示，双创50指数成份股多为高估值、高波动的科技成长企业， 在市场调整中回 ...

Group 1 - Ningde Times (300750) has seen its stock price decline by 5.02%, marking a significant drop [1] - The Chuang 50 ETF (588380) holds 10.62% of Ningde Times shares, currently experiencing a decline of 1.10% [1] - The stock has fallen for three consecutive days, reaching a new 10-day low [1] Group 2 - The trading volume for Ningde Times reached 15.4843 million yuan, an increase of 31.21% compared to the same time yesterday [1] - In the past month, the trading volume has decreased by 78 million shares [1] - The market is undergoing adjustments, with a suggestion to consider broad-based indices for bottom-fishing opportunities [1]