Market Overview - The Shanghai Composite Index rose by 0.05% to close at 3836.77 points, with a daily high of 3854.33 points [1] - The Shenzhen Component Index increased by 0.37% to close at 12585.08 points, reaching a high of 12655.29 points [1] - The ChiNext Index gained 0.31%, closing at 2929.04 points, with a peak of 2951.43 points [1] ETF Market Performance - The median return of stock ETFs was 0.2%, with the highest return from the Penghua SSE Sci-Tech Innovation Board 200 ETF at 3.01% [2] - The highest performing industry ETF was the China Securities Satellite Industry ETF, yielding 4.25% [2] - The highest return among thematic ETFs was the China Securities Aerospace Industry ETF, which achieved 5.01% [2] ETF Gain and Loss Rankings - The top three ETFs by gain were: - Huaxia China Securities Aerospace Industry ETF (5.01%) - Tianhong China Securities Aerospace Industry ETF (4.66%) - Wanji China Securities Aerospace Industry ETF (4.64%) [4] - The top three ETFs by loss were: - Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (-2.14%) - Huaxia China Securities Sci-Tech Innovation 50 ETF (-1.88%) - Jiashi China Securities Rare Metals Thematic ETF (-1.68%) [4] ETF Fund Flow - The top three ETFs by fund inflow were: - Huatai-PB SSE 300 ETF (inflow of 3.665 billion yuan) - Huaxia SSE 50 ETF (inflow of 1.53 billion yuan) - Southern CSI 500 ETF (inflow of 895 million yuan) [6] - The top three ETFs by fund outflow were: - Huabao CSI Bank ETF (outflow of 211 million yuan) - Fuguo CSI Military Industry Leaders ETF (outflow of 209 million yuan) - Guotai CSI Coal ETF (outflow of 207 million yuan) [6] ETF Margin Trading Overview - The highest margin buy amounts were for: - Huaxia SSE Sci-Tech Innovation 50 ETF (593 million yuan) - E Fund ChiNext ETF (440 million yuan) - Guotai CSI All-Share Securities Company ETF (415 million yuan) [8] - The highest margin sell amounts were for: - Huatai-PB SSE 300 ETF (34.95 million yuan) - Southern CSI 500 ETF (7.56 million yuan) - Huaxia SSE 50 ETF (3.97 million yuan) [9] Institutional Insights - Shenwan Hongyuan expects strong resonance between demand and supply in China's military trade, driven by expanding global military trade demand and enhanced product capabilities [10] - Debon Securities highlights a historic opportunity for the commercial aerospace industry, transitioning from manufacturing to application, with significant growth in low-orbit satellite demand [11]

● 本报记者 王鹤静 今年5月，证监会印发《推动公募基金高质量发展行动方案》，明确提出坚持以投资者为本、强化核心 投研能力建设、建立健全基金公司收入报酬与投资者回报绑定机制等核心要求，为行业高质量发展划定 清晰路径。 近期，证监会发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》。此举将推动公募基金 的基础性制度建设进一步完善，使基金产品的投资风格更稳定、更清晰，让投资者"所见即所得"，更精 准地根据自身需求匹配合适的产品。 当前，公募基金行业正走向更加成熟的发展阶段，行业发展规模与影响力正在不断提升。国泰基金认 为，公募基金的高质量发展是专业能力、信任体系与责任担当的深度融合，唯有坚守长期主义，公募基 金才能真正成为资本市场稳健运行的"压舱石"，成为投资者可信赖的财富管理伙伴。 坚持以投资者为本 践行公募基金长期主义 公募基金的长期主义，始终围绕投资者的需求与成长构建体系。《行动方案》提出，优化基金运营模 式，建立健全基金公司收入报酬与投资者回报绑定机制，包括建立与基金业绩表现挂钩的浮动管理费收 取机制、强化业绩比较基准的约束作用、加强透明度建设、稳步降低基金投资者成本等。国泰基金认 为，这些举措都 ...

Group 1 - The report aims to track large purchases and net active purchases through transaction detail data, building relevant indicators [1] - The top five industries for large purchases in the last five trading days are: Banking, Real Estate, Steel, Comprehensive, and Textile & Apparel [2] - The top five industries for net active purchases in the last five trading days are: Banking, Transportation, Pharmaceuticals, Real Estate, and Oil & Petrochemicals [2] Group 2 - The top five ETFs for large purchases in the last five trading days are: Guotai CSI A500 ETF, Guotai SSE 10-Year Treasury ETF, Harvest S&P Oil & Gas Exploration and Production Selected Industry ETF, Southern Growth Enterprise Board AI ETF, and Hai Futong SSE Urban Investment Bond ETF [2] - The top five ETFs for net active purchases in the last five trading days are: Guotai SSE 10-Year Treasury ETF, E Fund CSI 300 Non-Bank ETF, Yinhua SSE Sci-Tech Innovation Board 100 ETF, Huabao CSI Nonferrous Metals ETF, and Penghua CSI Liquor ETF [2]

Report Summary 1. Market Overview - On November 19, 2025, the Shanghai Composite Index rose 0.18% to 3946.74 points, the Shenzhen Component Index fell 0.00% to 13080.09 points, and the ChiNext Index rose 0.25% to 3076.85 points. The total trading volume of A-shares in the two markets was 1742.8 billion yuan. The top-performing sectors were non-ferrous metals (2.39%), petroleum and petrochemicals (1.67%), and national defense and military industry (1.11%), while the worst-performing sectors were comprehensive (-3.08%), real estate (-2.09%), and media (-1.72%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs were Huaxia CSI A500 ETF (up 0.17%, premium rate 0.24%), Huatai-PineBridge CSI A500 ETF (up 0.16%, premium rate 0.29%), and Guotai CSI A500 ETF (up 0.17%, premium rate 0.31%) [3][7]. - The table shows detailed information of the top ten trading volume stock ETFs, including code, fund name, price, change rate, tracking index, IOPV, premium rate, trading volume, and latest share [8]. 3. Bond ETFs - The top trading volume bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01%, premium rate 0.00%), Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (down 0.06%, premium rate -0.01%), and E Fund CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.02%, premium rate -0.25%) [4][9]. - The table presents information of the top five trading volume bond ETFs, including code, fund name, price, change rate, premium rate, and trading volume [10]. 4. Gold ETFs - Gold AU9999 rose 2.00% and Shanghai Gold rose 2.02%. The top trading volume gold ETFs were Huaan Gold ETF (up 2.02%, premium rate 2.12%), Bosera Gold ETF (up 2.02%, premium rate 2.13%), and E Fund Gold ETF (up 2.00%, premium rate 2.14%) [12]. - The table provides details of the top five trading volume gold ETFs, including code, fund name, price, change rate, trading volume, IOPV, and premium rate [13]. 5. Commodity Futures ETFs - Huaxia Feed Soybean Meal Futures ETF fell 1.59% with a premium rate of 0.99%, Dacheng Non-ferrous Metals Futures ETF rose 0.73% with a premium rate of 0.42%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF had a change rate of 0.00% with a premium rate of -0.01% [15]. - The table shows information of commodity futures ETFs, including code, fund name, price, change rate, trading volume, IOPV, premium rate, tracking index, and tracking index change rate [16]. 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average fell 1.07%, the Nasdaq Composite fell 1.21%, the S&P 500 fell 0.83%, and the German DAX fell 1.77%. On November 19, the Hang Seng Index fell 0.38% and the Hang Seng China Enterprises Index fell 0.26%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.19%, premium rate -0.11%), GF CSI Hong Kong Innovative Drugs ETF (down 0.52%, premium rate -0.29%), and Huatai-PineBridge Hang Seng Technology ETF (down 0.54%, premium rate -0.44%) [17]. - The table shows details of the top five trading volume cross-border ETFs, including code, fund name, trading volume, change rate, and premium rate [18]. 7. Money Market ETFs - The top trading volume money market ETFs were Yin Hua Day Profit ETF, Hua Bao Tian Yi ETF, and Jian Xin Tian Yi Money Market ETF [19]. - The table presents information of the top three trading volume money market ETFs, including code, fund name, and trading volume [21].

从客户数量来看，根据2025年中报，国泰中证A500ETF总户数位列同类首位，是第二名的三倍多，更多 人选择中证A500ETF（159338），感兴趣的投资者或可关注中证A500ETF（159338）。 （文章来源：每日经济新闻） 根据wind数据，中证A500ETF（159338）盘中净流入2700万份，资金抢筹更均衡的大宽基。 相关机构表示，展望后市，从机会项上看，有效突破4000点需要主线逻辑和赚钱效应的相互配合；从风 险项看，经济基本面的滞后、外围市场的波动和个别板块获利筹码的了结压力均对行情的进一步演绎形 成一定隐忧。但中国经济企稳向好的趋势和政策面的鼓励支持均没有变，A股牛市的确定性仍在逐渐加 强，回调或是买入良机。随着反内卷政策的不断落地，国内经济走出"价格-需求"负反馈螺旋的概率已 不断增加。 ...

Core Viewpoint - As of November 14, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 118.423 billion yuan, showing a decrease of 0.311 billion yuan from the previous trading day [1] Summary by Category ETF Margin Balance - The ETF financing balance is 110.189 billion yuan, down by 0.103 billion yuan from the previous trading day [1] - The ETF margin short balance is 8.234 billion yuan, decreasing by 0.208 billion yuan compared to the previous trading day [1] Net Buy Activity - On November 14, 248 ETFs experienced net financing purchases, with the top net purchase being the Huaxia Hang Seng Internet Technology ETF, which saw a net buy of 0.174 billion yuan [1] - Other ETFs with significant net buy amounts include the E Fund ChiNext ETF, E Fund CSI Overseas Internet ETF, GF CSI Hong Kong Innovative Medicine ETF, GF Shanghai Gold ETF, and Guotai Junan CSI A500 ETF [1]

Group 1 - The Shanghai Composite Index has once again surpassed the 4000-point mark, with the CSI A500 ETF (159338) seeing a net inflow of 165 million units, indicating a more balanced capital influx into broad-based indices [1] - The recent "14th Five-Year Plan" report has positively set the tone to boost confidence, emphasizing the focus on economic development and accelerating the construction of a unified national market, which provides solid support for the medium to long-term outlook of the A-share market [1] - As US-China trade negotiations progress and expectations for Federal Reserve interest rate cuts strengthen, overseas disruptive factors are gradually diminishing, allowing the A-share market to refocus on domestic narratives [1] Group 2 - In terms of customer numbers, the Guotai CSI A500 ETF ranks first in its category, with total accounts being more than three times that of the second-ranked competitor, indicating a growing preference among investors for the CSI A500 ETF (159338) [1]

Group 1 - The core viewpoint of the news is that Liao Co., Ltd. (002131.SZ) reported a decrease in institutional holdings in its third-quarter report for 2025, with a total of 8 institutional investors holding 224 million shares, accounting for 3.31% of the total share capital, which is a decline of 0.74 percentage points compared to the previous quarter [1] - Among public funds, 4 funds reduced their holdings compared to the previous quarter, including Guangfa CSI Media ETF and Penghua CSI Media Index (LOF) A, with a slight decrease in the proportion of holdings [1] - A total of 80 public funds that did not disclose their holdings this quarter include major funds such as A500 Fund and Guangfa CSI A500 ETF [1] Group 2 - From the perspective of foreign investment, there was an increase in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a slight rise in the proportion of holdings [2] - One foreign institution, BARCLAYS BANK PLC, did not disclose its holdings this quarter [2]

Group 1 - The core viewpoint is that with the ongoing US-China trade negotiations and the strengthening expectations of Federal Reserve interest rate cuts, the most turbulent times from overseas disturbances may be gradually passing [1] - The "14th Five-Year Plan" public report positively sets the tone to boost confidence, build consensus, and solidify the long-term narrative of the current market trend [1] - The previous risk-averse trading has led to a "rebalancing" that is gradually digesting structural cost-performance issues, suggesting a focus on the advantages of economic prosperity, industry trends, and policy support [1] Group 2 - The China Securities A500 ETF (159338) is highlighted as a tool for balanced allocation between growth and value, aiding investors in navigating market structural volatility [1] - According to the mid-2025 report, the total number of accounts for the Guotai China Securities A500 ETF ranks first among its peers, being more than three times that of the second place [1] - More investors are choosing the China Securities A500 ETF (159338), indicating growing interest in this investment option [1]

Core Insights - The article emphasizes the growth and significance of the Science and Technology Innovation Board (STAR Market) in China, highlighting its role as a driving force for innovation and investment opportunities in the tech sector [3] - It discusses the performance and strategic positioning of Guotai Fund, particularly in the ETF market, showcasing its differentiated product offerings and robust growth despite market challenges [4][5] Group 1: ETF Market Performance - As of October 1, 2025, the number of STAR Market ETFs reached 102, with a total scale of nearly 300 billion yuan, indicating a thriving ETF ecosystem [3] - Guotai Fund's ETF business has shown significant growth, with a single-week increase of nearly 20 billion yuan in late September 2025, contributing to an annual growth exceeding 100 billion yuan [3][4] - Guotai Fund's CES Semiconductor ETF surpassed 10 billion yuan, becoming a preferred tool for investors in the semiconductor industry [5] Group 2: Strategic Positioning and Growth - Guotai Fund has adopted a differentiated and refined operational strategy since launching its first industry ETF in 2011, focusing on a comprehensive product line across various asset classes [4] - The fund's proactive approach has led to the establishment of a complete product ecosystem, including unique offerings like coal and steel ETFs, and targeted investments in technology sectors [4][5] - The fund's commitment to long-term growth and investor experience has resulted in a balanced approach between scale and quality, with a focus on sustainable returns [7] Group 3: Challenges and Areas for Improvement - Despite the growth in ETFs, Guotai Fund faces challenges in its wide-based ETF segment, with the Guotai CSI A500 ETF experiencing a significant drop in scale from 281 billion yuan to 184.38 billion yuan by mid-2025 [16] - The active equity management segment has shown weakness, with stock and mixed fund sizes declining to 97.38 billion yuan and 335.94 billion yuan respectively, indicating a need for improved performance [18] - The fund's research and investment capabilities require enhancement, particularly in talent development and the integration of quantitative tools to better capture market opportunities [19]