Group 1 - Two stock ETFs have released listing announcements, with the Guangfa CSI All Share Food ETF having a stock position of 29.94% and the Huatai-PineBridge AI ETF at 9.69% [1] - In the past month, 20 stock ETFs have announced listings, with an average position of only 18.34%. The highest position is held by the Huitianfu Hang Seng Index ETF at 69.53% [1] - The average number of shares raised for the newly announced ETFs is 519 million, with the largest being the E Fund CSI AI ETF at 1.336 billion shares [1] Group 2 - Institutional investors hold an average of 13.22% of the shares, with the highest proportions in the Jiao Yin CSI Selected Technology ETF at 48.92% and the Huatai-PineBridge AI ETF at 34.43% [2] - The newly established stock ETFs have varying positions during their construction period, with the Guangfa CSI All Share Food ETF set to list on December 19, 2025, and the Huatai-PineBridge AI ETF on the same date [2][3] - The lowest institutional holding ratios are found in the E Fund CSI A500 Dividend Low Volatility ETF and the Penghua Hang Seng Biotechnology ETF, both below 3% [2]

Core Insights - Two stock ETFs have recently announced their listing, with the latest positions showing a stock position of 30.14% for the Bosera CSI Bank ETF and 10.19% for the Hong Kong Stock Connect Technology ETF [1][2] - In the past month, a total of 26 stock ETFs have announced their listings, with an average position of only 20.04%. The highest position is held by the Morgan Stanley Hang Seng Hong Kong Stock Connect 50 ETF at 54.00% [1][3] - The average fundraising for the newly announced ETFs is 449 million shares, with the leading funds being the China Merchants National Index Hong Kong Stock Connect Technology ETF, the Harvest CSI Sub-Sector Chemical Industry Theme ETF, and the Penghua Hang Seng Biotechnology ETF, with shares of 935 million, 926 million, and 758 million respectively [1][2] ETF Positioning - The Bosera CSI Bank ETF has a stock position of 30.14% and is set to be listed on December 8, 2025, after a fundraising of 203 million shares [2] - The Hong Kong Stock Connect Technology ETF has a stock position of 10.19% and is scheduled for listing on December 8, 2025, with a fundraising of 318 million shares [2] - The Morgan Stanley Hang Seng Hong Kong Stock Connect 50 ETF has the highest stock position at 54.00% and is expected to be listed on November 25, 2025 [3] Institutional Investor Holdings - The average shareholding of institutional investors across these ETFs is 10.55%, with the highest being the Guolian An Hong Kong Stock Connect Technology ETF at 31.99% [2] - Other ETFs with significant institutional holdings include the Huabao CSI Hong Kong Stock Connect Information Technology Comprehensive ETF at 29.99% and the Bosera CSI Bank ETF at 22.72% [2] - Conversely, the Tianhong National Index Hong Kong Stock Connect Technology ETF and the E Fund CSI A500 Dividend Low Volatility ETF have very low institutional holdings at 0.59% and 2.91% respectively [2]

Core Insights - Three stock ETFs have recently announced their listing, with varying stock positions, indicating a diverse investment strategy among these funds [1] - A total of 23 stock ETFs have announced listings in November, with an average stock position of 20.48%, highlighting a trend in ETF investment strategies [1] - Institutional investors hold an average of 10.17% of the shares in these ETFs, with some funds showing significantly higher institutional ownership [2] ETF Listings and Positions - The stock positions for the newly listed ETFs are as follows: - 华夏标普港股通低波红利ETF: 27.20% - 嘉实中证光伏产业ETF: 19.25% - 鹏华恒生生物科技ETF: 1.49% [1] - The highest stock position among the newly listed ETFs is held by 摩根恒生港股通50ETF at 54.00%, followed by 博时国证工业软件主题ETF at 46.74% [1] - The lowest stock positions are seen in 天弘中证农业主题ETF and 兴业中证金融科技ETF, both at 0.00% [1] Fundraising and Share Distribution - The average fundraising for the newly announced ETFs is 4.55 million shares, with the largest being 招商国证港股通科技ETF at 9.35 million shares [1] - The institutional ownership varies significantly, with 国联安港股通科技ETF having 31.99% held by institutions, while 天弘国证港股通科技ETF has only 0.59% [2]

Core Viewpoint - The Chinese photovoltaic industry is entering a fast track driven by policies and technological advancements, with the launch of the Jiashi CSI Photovoltaic Industry ETF aimed at attracting more social capital into this high-value sector [1][2] Industry Summary - The Jiashi CSI Photovoltaic Industry ETF tracks the CSI Photovoltaic Industry Index, which selects up to 50 representative listed companies involved in the photovoltaic industry chain to reflect the overall performance of these securities [1] - The photovoltaic industry is experiencing strong internal development momentum, with technological innovations continuously creating new growth points, leading to a rapid decline in power generation costs and improving economic efficiency [1] - The industry is expected to undergo substantial supply changes and profit recovery due to rapid advancements and favorable conditions, contributing to healthy development and valuation reshaping [1] Company Summary - The Jiashi CSI Photovoltaic Industry ETF is part of Jiashi Fund's efforts to promote green finance, with a focus on providing a diverse range of ESG and green low-carbon themed products across various asset classes and strategies [2] - The ETF aims to serve as an investment tool for investors looking to easily allocate resources to high-quality leaders in the photovoltaic industry [2] - The index covered by the ETF emphasizes the global manufacturing sector, particularly in photovoltaic equipment, and includes a high proportion of high-tech enterprises among its constituent stocks [1]

Core Insights - The Chinese photovoltaic industry is entering a phase driven by policy and technological advancements, with the launch of the Jiashi CSI Photovoltaic Industry ETF aimed at attracting investment into leading companies in the sector [1][2] Industry Overview - The photovoltaic industry focuses on silicon material applications to convert solar energy into electricity, encompassing high-purity polysilicon, solar cells, modules, and related equipment manufacturing. It is characterized by zero emissions, low noise, and reliability [1] - The industry is expected to experience rapid growth over the next five years, driven by strong internal development momentum and continuous technological innovation [1] Investment Tool Characteristics - The Jiashi CSI Photovoltaic Industry ETF tracks the CSI Photovoltaic Industry Index, which selects up to 50 representative listed companies involved in the photovoltaic industry chain [1][2] - The index covers the entire photovoltaic industry chain, with a significant focus on the manufacturing sector, where photovoltaic equipment accounts for 68% of the industry distribution [2] Company Composition - The ETF's constituent stocks include a high proportion of high-tech enterprises, with 66% of the 50 selected companies classified as high-tech [2] - The concentration of individual stocks is relatively high, with the top three stocks accounting for 34% of the index weight, and the top ten stocks making up 58% [2] Financial Outlook - The revenue of the photovoltaic industry index is projected to rebound to 1.46 trillion yuan by 2026, reflecting a year-on-year growth of 15.31% [3] - The net asset return rate is expected to gradually recover to around 10%, aligning with the average over the past five years [3] Strategic Direction - Jiashi Fund is actively pursuing green finance initiatives, launching a variety of ESG and green low-carbon themed products to meet diverse investor needs [3]

Market Review - The A-share market showed a mixed performance last week, with the ChiNext Index, CSI 300, and Shenzhen Component Index gaining 2.35%, while the Sci-Tech 50, CSI 1000, and SME Index lost -5.42%, -2.59%, and -2.29% respectively [6][14] - The total trading volume of major indices decreased, except for the ChiNext Index, indicating a decline in market activity [17] - The People's Bank of China conducted a net withdrawal of 1,204.7 billion yuan through reverse repos, with a total of 2,273.1 billion yuan maturing [24] Fund Performance - Last week, the performance of active equity, flexible allocation, and balanced mixed funds was -0.57%, -0.49%, and -0.26% respectively [32] - Year-to-date, active equity funds have shown the best performance with a median return of 24.10%, followed by flexible allocation and balanced mixed funds at 17.59% and 10.09% respectively [34] - The median excess return for index-enhanced funds was 0.00%, while quantitative hedging funds had a median return of 0.21% last week [36] Fund Issuance - A total of 39 new funds were established last week, with a combined issuance scale of 27.573 billion yuan, an increase from the previous week [4] - 48 funds were reported for issuance, including 10 FOFs and 2 QDIIs, indicating a growing interest in diverse fund products [5] Regulatory Changes - The China Securities Regulatory Commission announced a revision to the sales fee management regulations for public funds, aiming to reduce investor costs by lowering subscription, purchase, and service fees [10] Index Adjustments - FTSE Russell announced adjustments to the FTSE China A50 Index, which will include new stocks such as BeiGene and WuXi AppTec, while removing others like China Nuclear Power and China Unicom [11][12]