股 票 基 金 证 券 研 究 报 告 证券分析师 ——基于国泰股票 ETF 行业轮动投资策略研究 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 权 益 量 化 研 究 方思齐 A0230525090002 fangsq@swsresearch.com 联系人 方思齐 A0230525090002 fangsq@swsresearch.com 2025 年 12 月 04 日 2025 年 12 月 ETF 行业轮动组合构 建 相关研究 - | 1. 国泰基金 | 管理规模大，布局完整 3 | | | ETF | | --- | --- | --- | --- | --- | | 1.1 | 3 | 国内 ETF | | 市场发展概况 | | 1.2 | 4 | 国泰基金 | | ETF 布局完整 | | 2. 12 | 组合：家电 ETF、上证综指 ETF、现金流 ETF、 | 月 | ETF | | | 2000ETF | 等 5 | | | | | 2.1 ETF | 行业轮动策略构建简介 5 | | | | | | 2.2 组合历史表现 6 | | | | ...

二、ETF市场表现 1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为-0.7%。其中按照不同分类，规模指数ETF中国泰中证2000ETF收益率最 高，为0.52%；行业指数ETF中国泰中证全指建筑材料ETF收益率最高，为0.46%；策略指数ETF中长城 中证红利低波动100ETF收益率最高，为0.47%；风格指数ETF中汇添富中证800价值ETF收益率最高，为 0.15%；主题指数ETF中华夏中证5G通信主题ETF收益率最高，为0.53%。 2、股票型ETF涨跌幅排行 昨日股票型ETF涨幅最高的3只ETF及其收益率分别为：华夏中证5G通信主题ETF（0.53%）、国泰中 证2000ETF（0.52%）、长城中证红利低波动100ETF（0.47%）。涨幅前10详情见下表： | 美别 | 代码 | 悲金名称 | 涨跌幅(%) | | --- | --- | --- | --- | | 股票型 | 515050.SH | 华夏中证5G通信主题ETF | 0.53% | | 股票型 | 561370.SH | 国泰中证2000周旧 | 0.52% | | 股票型 | 159228.SZ | 长城中证红利低 ...

Group 1 - The core point of the news is the performance and financial details of Ying Tang Intelligent Control Co., Ltd., which saw a stock price increase of 5.13% to 11.27 CNY per share, with a total market capitalization of 12.792 billion CNY [1] - Ying Tang's main business includes the distribution of electronic components, semiconductor devices, integrated circuits, and software development, with electronic components accounting for 91.59% of its revenue [1] - The company was established on July 6, 2001, and went public on October 19, 2010, indicating a long-standing presence in the market [1] Group 2 - Guotai Fund has a significant holding in Ying Tang, with its Guotai CSI 2000 ETF (561370) owning 9,000 shares, representing 0.32% of the fund's net value, ranking as the fourth-largest holding [2] - The Guotai CSI 2000 ETF has shown a year-to-date return of 29.64% and a one-year return of 28.3%, indicating strong performance relative to its peers [2] - The fund was established on September 13, 2023, with a current size of 32.4956 million CNY, reflecting its recent entry into the market [2]

Core Insights - The total trading volume of the CSI 2000 Index ETF reached 954 million yuan today, an increase of 371 million yuan from the previous trading day, representing a growth rate of 63.61% [1] Trading Volume Summary - The CSI 2000 ETF (563300) had a trading volume of 583 million yuan today, up 311 million yuan from the previous day, with a growth rate of 114.40% [1] - The Southern CSI 2000 ETF (159531) recorded a trading volume of 189 million yuan, an increase of 22.71 million yuan, with a growth rate of 13.68% [1] - The GF CSI 2000 ETF (560220) had a trading volume of 9.87 million yuan, up 7.75 million yuan, with a growth rate of 364.87% [1] - The top increases in trading volume were seen in the Bosera CSI 2000 ETF (159533) and GF CSI 2000 ETF (560220), with increases of 366.55% and 364.87% respectively [1] Market Performance - As of market close, the CSI 2000 Index (932000) fell by 3.99%, while the average decline for related ETFs tracking the CSI 2000 Index was 3.70% [1] - The ETFs with the largest declines included the Huatai-PineBridge CSI 2000 ETF (159536) and the Guotai CSI 2000 ETF (561370), both down by 4.19% [1]

资料显示，深圳市英唐智能控制股份有限公司位于广东省深圳市宝安区新安街道海旺社区宝兴路6号海 纳百川总部大厦B座6层,7层,8层，成立日期2001年7月6日，上市日期2010年10月19日，公司主营业务涉 及电子元器件分销,半导体元件、集成电路以及其他电子零部件的研发、制造、销售,软件研发、销售及 维护等业务。主营业务收入构成为：电子元器件产品91.59%，芯片设计制造8.06%，物联网产品 0.18%，软件销售及维护0.15%，其他0.02%。 11月18日，英唐智控涨5.2%，截至发稿，报11.33元/股，成交9.24亿元，换手率7.96%，总市值128.60亿 元。 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓英唐智控。国泰中证2000ETF（561370）三季度持有股数9000 股，占基金净值比例为0.32%，位居第四大重仓股。根据测算，今日浮盈赚取约5040元。 国泰中证2000ETF（561370）成立日期2023年9月13日，最新规模3249.56万。今年以来收益37.63%，同 类排名1089/4212；近一年收益35.76%，同类排名1030/3956；成立以来收益38.29%。 ...

Core Points - Information Development's stock price has dropped by 5.04% on November 5, reaching 62.72 CNY per share, with a total market capitalization of 15.57 billion CNY [1] - The company has experienced a continuous decline for four consecutive days, with a total drop of 14.53% during this period [1] Company Overview - Information Development Co., Ltd. was established on October 29, 1997, and went public on June 11, 2015 [1] - The company is located at 6011 Songze Avenue, Qingpu District, Shanghai, and specializes in information system development and services in various sectors, including archives, food traceability, and legal affairs [1] - The revenue composition of the company includes: Technical Support and Services (43.98%), System Integration (36.63%), Application Software Development and Sales (19.09%), and Others (0.30%) [1] Fund Holdings - Guotai Fund has a significant holding in Information Development through its Guotai CSI 2000 ETF (561370), which held 1,100 shares as of the third quarter, accounting for 0.26% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 3,663 CNY, with a total floating loss of 12,400 CNY during the four-day decline [2] Fund Manager Performance - The fund manager, Ma Yiwen, has been in position for 2 years and 91 days, managing assets totaling 10.148 billion CNY, with the best fund return of 85.49% and the worst return of -7.04% during their tenure [3] - Co-manager Liu Fangyuan has been in position for 209 days, managing assets of 563 million CNY, with the best return of 47.93% and the worst return of -2.32% during their tenure [3]

Group 1 - The core point of the news is that Dongli Source (600405.SH) reported its Q3 2025 results, highlighting an increase in institutional investor holdings [1] - As of October 30, 2025, there are 2 institutional investors holding a total of 4.0838 million shares, representing 0.67% of the total share capital [1] - The institutional holding ratio increased by 0.60 percentage points compared to the previous quarter [1] Group 2 - Five public funds were disclosed in this period, including Zhongzheng 2000, Southern Zhongzheng 2000 ETF, Ping An Zhongzheng 2000 Enhanced Strategy ETF, Jiashi Zhongzheng 2000 ETF, and Guotai Zhongzheng 2000 ETF [1]

Group 1 - Information Development (300469.SZ) reported its Q3 2025 results, with 10 institutional investors holding a total of 54.55 million shares, representing 21.98% of the total share capital [1] - The top ten institutional investors include Shanghai CITIC Electronics Development Co., Ltd., and UBS AG, with their combined holding ratio increasing by 1.49 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, namely Zhongzheng 2000 and Guotai Zhongzheng 2000 ETF, while two funds, including Fidelity Low Carbon Growth Mixed A and Southern Zhongzheng 2000 ETF, reduced their holdings [2] - There were 25 public funds that did not disclose their holdings this quarter, including Fidelity Enjoy Dividend Preferred Mixed A and Huaxia Pan Yi One-Year Open Mixed [2] - Two new foreign institutions disclosed their holdings this quarter, including UBS AG and Hong Kong Central Clearing Limited [2]

Core Insights - Anuoqi (300067.SZ) released its Q3 2025 financial report on October 28, 2025, indicating a total of 80.4875 million A-shares held by institutional investors, representing 6.97% of the total share capital [1] - The institutional holding ratio increased by 0.07 percentage points compared to the previous quarter [1] - Four public funds were disclosed this period, including CSI 2000, Southern CSI 2000 ETF, Huaxia Growth Enterprise Comprehensive ETF, and Guotai CSI 2000 ETF [1] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.11% compared to the last period [1]

Core Insights - Zhejiang Dongri's stock price has declined by 5.46% to 46.88 CNY per share, with a total market capitalization of 19.745 billion CNY, and a cumulative drop of 5.52% over the last three days [1] Company Overview - Zhejiang Dongri Co., Ltd. was established on October 6, 1997, and listed on October 21, 1997. The company is located in Wenzhou, Zhejiang Province, and its main business includes wholesale trading of agricultural products and fresh food distribution [1] - The revenue composition of Zhejiang Dongri is as follows: 36.25% from wholesale market operations, 33.04% from product sales, 15.61% from agricultural market development, 9.44% from manufacturing, 4.78% from leasing, 0.57% from other income, and 0.30% from software development [1] Fund Holdings - The Guotai Fund has a significant holding in Zhejiang Dongri through the Guotai CSI 2000 ETF (561370), which held 1,000 shares in the second quarter, accounting for 0.26% of the fund's net value [2] - The fund has experienced a floating loss of approximately 2,710 CNY today and a total floating loss of 2,900 CNY over the past three days [2] Fund Manager Performance - The fund managers of Guotai CSI 2000 ETF are Ma Yiwen and Liu Fangyuan. Ma Yiwen has been in charge for 2 years and 82 days, with a total asset size of 6.894 billion CNY and a best return of 96.01% during the tenure [3] - Liu Fangyuan has been managing the fund for 200 days, with an asset size of 1.151 billion CNY and a best return of 47.93% during the tenure [3]