Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View On November 20, 2025, the A-share market generally declined, with the Shanghai Composite Index down 0.40%, the Shenzhen Component Index down 0.76%, and the ChiNext Index down 1.12%. Different sectors had varying performances, and various types of ETFs also showed different trends in price changes and discount rates [2][6]. 3. Summary by Related Catalogs Market Overview - The Shanghai Composite Index closed at 3931.05, down 0.40%; the Shenzhen Component Index closed at 12980.82, down 0.76%; the ChiNext Index closed at 3042.34, down 1.12%. The total trading volume of A-shares in the two markets was 1722.8 billion yuan. The top-performing sectors were building materials (1.40%), comprehensive (0.87%), and banks (0.86%), while the worst-performing sectors were beauty care (-2.39%), coal (-2.10%), and power equipment (-1.96%) [2][6]. Stock ETF - The top trading volume stock ETFs included Huaxia CSI A500 ETF (down 0.61%, discount rate -0.65%), Guotai CSI All - Securities Company ETF (down 0.33%, discount rate -0.23%), and Huatai - Berie CSI A500 ETF (down 0.57%, discount rate -0.56%) [3][7]. Bond ETF - The top trading volume bond ETFs were Huaxia Shanghai Stock Exchange Benchmark Market - Making Treasury Bond ETF (down 0.05%, discount rate 0.03%), Haifutong CSI Short - Term Financing ETF (up 0.01%, discount rate 0.01%), and Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF (unchanged, discount rate 0.00%) [4][9]. Gold ETF - Gold AU9999 was down 0.58% and Shanghai Gold was down 0.55%. The top trading volume gold ETFs were Huaan Gold ETF (down 0.57%, discount rate -0.46%), E Fund Gold ETF (down 0.62%, discount rate -0.49%), and Bosera Gold ETF (down 0.60%, discount rate -0.47%) [12]. Commodity Futures ETF - Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF was down 0.33%, discount rate -0.38%; Dacheng Non - Ferrous Metals Futures ETF was down 0.22%, discount rate 0.02%; Huaxia Feed Soybean Meal Futures ETF was down 0.10%, discount rate 1.75% [13]. Cross - Border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.10%, the Nasdaq rose 0.59%, the S&P 500 rose 0.38%, and the German DAX fell 0.04%. On this day, the Hang Seng Index rose 0.02%, and the Hang Seng China Enterprises Index fell 0.08%. The top trading volume cross - border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.19%, discount rate 0.45%), Huatai - Berie Hang Seng Technology ETF (down 1.21%, discount rate -0.89%), and Huaxia Hang Seng Technology ETF (down 1.19%, discount rate -0.80%) [15]. Money ETF - The top trading volume money ETFs were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF [17].

Market Overview - The Shanghai Composite Index rose 0.70% to close at 4016.33 points, the Shenzhen Component Index rose 1.95% to close at 13691.38 points, and the ChiNext Index rose 2.93% to close at 3324.27 points. The trading volume of A-shares in the two markets was 2290.9 billion yuan. The top-performing sectors were power equipment (4.79%), non-ferrous metals (4.28%), and non-bank finance (2.08%), while the bottom-performing sectors were banks (-1.98%), comprehensive (-0.56%), and food and beverage (-0.56%) [2][6]. Stock ETF - The top-trading-volume stock ETFs were Huaxia CSI A500 ETF, which rose 1.35% with a discount rate of 1.32%; Cathay CSI All-China Securities Company ETF, which rose 2.22% with a discount rate of 2.22%; and Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF, which rose 1.29% with a discount rate of 1.27% [3][7]. - The top ten trading-volume stock ETFs and their detailed information are presented in Chart 1, including code, fund name, price, return, tracking index, IOPV, discount rate, trading volume, and latest share [8]. Bond ETF - The top-trading-volume bond ETFs were Haifutong CSI Short-Term Financing Bond ETF, which rose 0.01% with a discount rate of -0.00%; Huaxia Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF, which rose 0.09% with a discount rate of -0.17%; and Boshi CSI Convertible and Exchangeable Bond ETF, which rose 1.05% with a discount rate of 0.77% [4][9]. - The top five trading-volume bond ETFs and their detailed information are presented in Chart 2, including code, fund name, price, return, discount rate, and trading volume [10]. Gold ETF - Gold AU9999 rose 1.82%, and Shanghai Gold rose 1.03%. The top-trading-volume gold ETFs were Huaan Gold ETF, which rose 1.11% with a discount rate of 1.34%; E Fund Gold ETF, which rose 1.11% with a discount rate of 1.32%; and Boshi Gold ETF, which rose 1.15% with a discount rate of 1.35% [12]. - The top five trading-volume gold ETFs and their detailed information are presented in Chart 3, including code, fund name, price, return, trading volume, IOPV, and discount rate [13]. Commodity Futures ETF - Dacheng Non-Ferrous Metals Futures ETF rose 1.61% with a discount rate of 0.89%; Huaxia Feed Soybean Meal Futures ETF fell 0.36% with a discount rate of 2.96%; and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.56% with a discount rate of 0.40% [13]. - The detailed information of commodity futures ETFs, including code, fund name, price, return, trading volume, IOPV, discount rate, tracking index, and tracking index return, is presented in Chart 4 [14]. Cross-Border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.34%, the Nasdaq Composite rose 0.80%, the S&P 500 rose 0.23%, and the German DAX fell 0.12%. The Hong Kong stock market was closed today. The top-trading-volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF, which rose 1.70% with a discount rate of 1.91%; Huatai-PineBridge CSI Korea Exchange Sino-Korean Semiconductor ETF, which rose 3.52% with a discount rate of 7.52%; and GF CSI Hong Kong Innovative Drug ETF, which rose 0.89% with a discount rate of 0.83% [15]. - The top five trading-volume cross-border ETFs and their detailed information are presented in Chart 5, including code, fund name, trading volume, return, and discount rate [16]. Money Market ETF - The top-trading-volume money market ETFs were Yin Hua Day Profit ETF, Hua Bao Add Benefit ETF, and Money Market ETF Jianxin Add Benefit [17]. - The top three trading-volume money market ETFs and their trading volumes are presented in Chart 6 [19].

Report Summary 1. Market Overview - On September 29, 2025, the Shanghai Composite Index rose 0.90% to 3862.53 points, the Shenzhen Component Index rose 2.05% to 13479.43 points, and the ChiNext Index rose 2.74% to 3238.01 points. The total trading volume of A-shares in the two markets was 2178.4 billion yuan. The top-performing sectors were non-bank finance (3.84%), non-ferrous metals (3.78%), and power equipment (3.07%), while the worst-performing sectors were coal (-0.84%), banking (-0.46%), and social services (-0.24%) [2][6] 2. Stock ETFs - The top-traded stock ETFs were Cathay CSI All-Share Securities Company ETF (up 5.00% with a discount rate of 5.09%), Southern CSI A500 ETF (up 1.74% with a discount rate of 1.87%), and Huaxia CSI A500 ETF (up 1.39% with a discount rate of 1.52%) [3][7] 3. Bond ETFs - The top-traded bond ETFs were Haifutong CSI Short-term Bond ETF (up 0.01% with a discount rate of 0.01%), Cathay CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.01% with a discount rate of 0.01%), and Huatai-PineBridge CSI AAA Science and Technology Innovation Bond ETF (unchanged with a discount rate of -0.01%) [4][9] 4. Gold ETFs - Gold AU9999 rose 1.16% and Shanghai Gold rose 1.17%. The top-traded gold ETFs were Huaan Gold ETF (up 1.21% with a discount rate of 1.16%), E Fund Gold ETF (up 1.19% with a discount rate of 1.12%), and Bosera Gold ETF (up 1.24% with a discount rate of 1.16%) [12] 5. Commodity Futures ETFs - Dacheng Non-ferrous Metals Futures ETF fell 0.23% with a discount rate of -0.32%, Huaxia Feed Soybean Meal Futures ETF fell 0.51% with a discount rate of 2.33%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.15% with a discount rate of -0.38% [13] 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.65%, the Nasdaq Composite rose 0.44%, the S&P 500 rose 0.59%, and the German DAX rose 0.87%. On September 29, the Hang Seng Index rose 1.89% and the Hang Seng China Enterprises Index rose 1.62%. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 6.63% with a discount rate of 7.63%), GF CSI Hong Kong Innovative Drugs ETF (up 0.74% with a discount rate of 1.71%), and Huaxia Hang Seng Tech ETF (up 0.71% with a discount rate of 2.41%) [15] 7. Money Market ETFs - The top-traded money market ETFs were Silver Hua Dayi ETF, Huabao Tianyi ETF, and Money Market ETF Jianxin Tianyi [17]

Report Summary Market Overview - On September 18, 2025, the Shanghai Composite Index fell 1.15% to 3831.66 points, the Shenzhen Component Index dropped 1.06% to 13075.66 points, and the ChiNext Index declined 1.64% to 3095.85 points. The total trading volume of A-shares in the two markets was 3167 billion yuan. The top-performing sectors were electronics (0.93%), communication (0.19%), and social services (0.03%), while the worst-performing sectors were non-ferrous metals (-3.56%), comprehensive (-2.85%), and non-bank finance (-2.81%) [2][6]. Stock ETFs - The top-traded stock ETFs on this day were Huaxia Shanghai Science and Technology Innovation Board 50 ETF (up 0.69% with a premium rate of 0.71%), E Fund ChiNext ETF (down 1.67% with a premium rate of -1.71%), and GF China Securities All-Securities Company ETF (down 2.92% with a premium rate of -2.91%) [3][7]. Bond ETFs - The top-traded bond ETFs were Haifutong China Securities Short-term Financing Bond ETF (up 0.01% with a premium rate of 0.00%), Huaxia Shanghai Benchmark Market-making Treasury Bond ETF (down 0.11% with a premium rate of -0.12%), and Bosera China Securities Convertible and Exchangeable Bond ETF (down 0.62% with a premium rate of -0.74%) [4][9]. Gold ETFs - Gold AU9999 fell 0.87% and Shanghai Gold dropped 1.21%. The top-traded gold ETFs were Huaan Gold ETF (down 1.28% with a premium rate of -1.27%), Bosera Gold ETF (down 1.26% with a premium rate of -1.22%), and E Fund Gold ETF (down 1.31% with a premium rate of -1.26%) [12]. Commodity Futures ETFs - Dacheng Non-ferrous Metals Futures ETF fell 1.04% with a premium rate of -1.05%, Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF dropped 0.99% with a premium rate of -1.13%, and Huaxia Feed Soybean Meal Futures ETF declined 0.15% with a premium rate of 2.14% [13]. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.57%, the Nasdaq Composite fell 0.33%, and the S&P 500 dropped 0.10%, while the German DAX rose 0.13%. On this day, the Hang Seng Index fell 1.35% and the Hang Seng China Enterprises Index dropped 1.46%. The top-traded cross-border ETFs were E Fund China Securities Hong Kong Securities Investment Theme ETF (down 3.40% with a premium rate of -2.88%), Huatai-PineBridge Hang Seng Technology ETF (down 1.66% with a premium rate of -1.25%), and Huaxia Hang Seng Technology ETF (down 1.52% with a premium rate of -1.23%) [15]. Money Market ETFs - The top-traded money market ETFs were Yin Hua Day Profit ETF, Hua Bao Tian Yi ETF, and Jian Xin Tian Yi Money Market ETF [17].

Market Overview - The Shanghai Composite Index rose 1.51% to close at 3883.56 points, the Shenzhen Component Index rose 2.26% to close at 12441.07 points, and the ChiNext Index rose 3.00% to close at 2762.99 points. The total trading volume of A-shares in the two markets was 3177.7 billion yuan. The top-performing sectors were communication (4.85%), non-ferrous metals (4.63%), and real estate (3.32%) [2][6] Stock ETF - The top-traded stock ETFs were Huaxia SSE Science and Technology Innovation Board 50 ETF (up 2.49%, discount rate of 3.39%), E Fund ChiNext ETF (up 2.82%, discount rate of 2.93%), and Guotai CSI All-Share Securities Company ETF (up 1.05%, discount rate of 1.14%) [3][7] - The top ten stock ETFs by trading volume and their detailed information are presented in a table, including code, fund name, price, change rate, tracking index, tracking index change rate, IOPV, discount rate, trading volume, and latest share reference [8] Bond ETF - The top-traded bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01%, discount rate of 0.00%), Boshi CSI Convertible and Exchangeable Bond ETF (up 0.27%, discount rate of 0.66%), and Penghang ChinaBond 30-Year Treasury Bond ETF (up 0.45%, discount rate of 0.35%) [4][9] - The top five bond ETFs by trading volume and their detailed information are presented in a table, including code, fund name, price, change rate, discount rate, and trading volume [10] Gold ETF - Gold AU9999 rose 0.52% and Shanghai Gold rose 0.69%. The top-traded gold ETFs were Huaan Gold ETF (up 0.66%, discount rate of 0.46%), Boshi Gold ETF (up 0.67%, discount rate of 0.47%), and E Fund Gold ETF (up 0.63%, discount rate of 0.44%) [12] - The top five gold ETFs by trading volume and their detailed information are presented in a table, including code, fund name, price, change rate, trading volume, IOPV, and discount rate [13] Commodity Futures ETF - The top-traded commodity futures ETFs were China Construction Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF (up 0.60%, discount rate of 0.38%), Huaxia Feed Soybean Meal Futures ETF (up 1.06%, discount rate of 0.76%), and Dacheng Non-ferrous Metals Futures ETF (up 1.06%, discount rate of 1.04%) [15] - The information of commodity futures ETFs is presented in a table, including code, fund name, price, change rate, trading volume, IOPV, discount rate, tracking index, and tracking index change rate [16] Cross-border ETF - The Dow Jones Industrial Average rose 1.89%, the Nasdaq Composite rose 1.88%, the S&P 500 rose 1.52%, and the German DAX rose 0.29% in the previous trading session. The Hang Seng Index rose 1.94% and the Hang Seng China Enterprises Index rose 1.85% today. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.74%, discount rate of 1.22%), Huatai-PineBridge Hang Seng Tech ETF (up 4.01%, discount rate of 4.05%), and Huaxia Hang Seng Tech ETF (up 4.20%, discount rate of 4.05%) [17] - The top five cross-border ETFs by trading volume and their detailed information are presented in a table, including code, fund name, trading volume, change rate, and discount rate [18] Money Market ETF - The top-traded money market ETFs were Huabao Tianyi ETF, Yin Hua Rili ETF, and China Construction Tianyi Money Market ETF. The top three money market ETFs by trading volume and their trading volumes are presented in a table [19][21]

Report Summary 1. Market Overview - The Shanghai Composite Index rose 0.01% to close at 3582.30 points, the Shenzhen Component Index fell 0.37% to close at 11059.04 points, and the ChiNext Index fell 0.01% to close at 2310.67 points. The total trading volume of A-shares in the two markets was 1898.7 billion yuan. The top-performing sectors were non-bank finance (1.29%), beauty care (0.59%), and household appliances (0.58%), while the worst-performing sectors were building materials (-2.27%), national defense and military industry (-1.60%), and machinery and equipment (-1.29%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs were Huaxia SSE STAR 50 ETF (up 0.47%, premium rate 0.46%), Huatai-PineBridge CSI 300 ETF (down 0.05%, premium rate 0.15%), and Cathay CSI All-Securities Company ETF (up 0.84%, premium rate 0.89%) [3][7]. 3. Bond ETFs - The top trading volume bond ETFs were Fullgoal CSI AAA Science and Technology Innovation Corporate Bond ETF (down 0.10%, premium rate -0.11%), Haitong CSI Short-Term Financing Bond ETF (up 0.00%, premium rate -0.02%), and Penghua CCDC 30-Year Treasury Bond ETF (down 0.18%, premium rate 0.08%) [4][9]. 4. Gold ETFs - Gold AU9999 rose 1.04% and Shanghai Gold rose 0.98%. The top trading volume gold ETFs were HuaAn Gold ETF (up 0.99%, premium rate 0.94%), E Fund Gold ETF (up 0.97%, premium rate 0.89%), and Bosera Gold ETF (up 0.98%, premium rate 0.94%) [12]. 5. Commodity Futures ETFs - The top trading volume commodity futures ETFs were Huaxia Feed Soybean Meal Futures ETF (up 0.35%, premium rate 0.41%), CCB E Fund YiSheng Energy and Chemical Futures ETF (down 1.08%, premium rate -0.18%), and Dacheng Nonferrous Metals Futures ETF (down 0.35%, premium rate -0.23%) [13][14]. 6. Cross-Border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.40%, the Nasdaq fell 0.39%, the S&P 500 rose 0.06%, and the German DAX fell 1.09%. Today, the Hang Seng Index rose 1.62% and the Hang Seng China Enterprises Index rose 1.82%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 2.89%, premium rate 2.40%), GF CSI Hong Kong Innovative Drugs ETF (down 0.07%, premium rate 0.07%), and Huaxia Hang Seng Internet Technology Industry ETF (up 3.86%, premium rate 3.42%) [15]. 7. Money Market ETFs - The top trading volume money market ETFs were Silver HuaRiLi ETF, HuaBaoTianYi ETF, and CCB TianYi Money Market ETF [17][19].

Report Summary 1. Market Overview - The Shanghai Composite Index rose 1.04% to close at 3455.97, the Shenzhen Component Index rose 1.72% to close at 10393.72, and the ChiNext Index rose 3.11% to close at 2128.39. The total trading volume of A-shares in the two markets was 1639.7 billion yuan. The top-performing sectors were non-bank finance (4.46%), national defense and military industry (3.36%), and computer (2.99%), while the bottom-performing sectors were coal (-1.00%), petroleum and petrochemical (-0.57%), and transportation (-0.21%) [2][6] 2. Stock ETFs - The top trading volume stock ETFs were Huatai-PineBridge CSI 300 ETF (up 1.65%, discount rate 1.59%), Cathay CSI All-Securities Company ETF (up 5.37%, discount rate 5.36%), and ChinaAMC SSE STAR Market 50 ETF (up 1.85%, discount rate 1.79%) [3][7] 3. Bond ETFs - The top trading volume bond ETFs were ChinaAMC SSE Benchmark Market-Making Corporate Bond ETF (down 0.01%, discount rate 0.03%), Haitong CSI Short-Term Financing Bond ETF (down 0.01%, discount rate -0.02%), and Bosera Shenzhen Benchmark Market-Making Credit Bond ETF (down 0.03%, discount rate 0.02%) [4][9] 4. Gold ETFs - Gold AU9999 rose 0.34% and Shanghai Gold rose 0.26%. The top trading volume gold ETFs were HuaAn Gold ETF (up 0.27%, discount rate 0.28%), E Fund Gold ETF (up 0.21%, discount rate 0.25%), and Bosera Gold ETF (up 0.23%, discount rate 0.31%) [12] 5. Commodity Futures ETFs - ChinaAMC Feed Soybean Meal Futures ETF fell 1.32% with a discount rate of -1.20%, CCB E Fund YiSheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.45% with a discount rate of -0.86%, and Dacheng Nonferrous Metals Futures ETF rose 0.30% with a discount rate of 0.46% [13][14] 6. Cross-Border ETFs - The previous trading day, the Dow Jones Industrial Average rose 1.19%, the Nasdaq Composite rose 1.43%, the S&P 500 rose 1.11%, and the German DAX rose 1.60%. Today, the Hang Seng Index rose 1.23% and the Hang Seng China Enterprises Index rose 1.15%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 8.51%, discount rate 8.63%), GF CSI Hong Kong Innovative Drug ETF (up 0.69%, discount rate 0.53%), and ChinaAMC Hang Seng Tech ETF (up 1.26%, discount rate 1.54%) [15] 7. Money Market ETFs - The top trading volume money market ETFs were Silver HuaRiLi ETF, Huabao TianYi ETF, and CCB TianYi Money Market ETF [17][18]