2025 年 11 月 03 日 相关研究 证券分析师 方思齐 A0230525090002 fangsq@swsresearch.com 邓虎 A0230520070003 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 2025 年 11 月 ETF 行业轮动组合 蛋 基于国泰股票 ETF 行业轮动投资策略研究 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 denghu@swsresearch.com 截止到 2025 年二季度, 市场上的 2587 只非货币指数基金资产规模共计 5.61 万亿元 (规 ○ 模不计 ETF 联接基金）,较上季度规模增加 0.64 万亿元, 继续呈现增长态势。具体到 ETF 方面，截止至 2025 年 10 月 31 日，全市场共有 1346 只 ETF，最新总规模为 57038.30 亿元,较之前一周增加 103.75 亿元。其中,A 股类 ETF 和跨境类 ETF 规模位居前两位, 分别为 37056.52 亿元 9106.74 亿元。 最近一周 A 股类 ETF 规模增加 69.93 亿元。 ● 自 ...

股 票 基 金 证 券 研 究 报 告 证券分析师 方思齐 A0230525090002 fangsq@swsresearch.com 邓虎 A0230520070003 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 - denghu@swsresearch.com ⚫ 截止到 2025 年二季度，市场上的 2587 只非货币指数基金资产规模共计 5.61 万亿元（规 模不计 ETF 联接基金），较上季度规模增加 0.64 万亿元，继续呈现增长态势。具体到 ETF 方面，截止至 2025 年 10 月 31 日，全市场共有 1346 只 ETF，最新总规模为 57038.30 亿元，较之前一周增加 103.75 亿元。其中，A 股类 ETF 和跨境类 ETF 规模位居前两位， 分别为 37056.52 亿元 9106.74 亿元。最近一周 A 股类 ETF 规模增加 69.93 亿元。 ⚫ 自 2011 年 3 月 31 日，国泰基金首次推出国泰上证 180 金融 ETF 以来，持续在 ETF 领 域进行深耕 ...

Group 1 - Robotech (300757.SZ) reported its Q3 2025 results on October 29, 2025, with 17 institutional investors holding a total of 61.84 million A-shares, representing 36.90% of the total share capital [1] - The top ten institutional investors collectively hold 36.82% of the shares, with a decrease of 1.48 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, including Huaxia Growth Enterprise Board New Energy ETF, Tianhong CSI Photovoltaic A, and Dacheng Value Pioneer Flexible Allocation A, with a slight increase in the holding ratio [2] - Three public funds reduced their holdings, including Photovoltaic ETF, Southern CSI 500 ETF, and Puyin Ansheng CSI Photovoltaic Industry ETF, with a slight decrease in the holding ratio [2] - Five new public funds were disclosed this period, including Bank of China Securities Anhong Bond A and Huatai-PB CSI Photovoltaic Industry ETF, while 185 public funds were not disclosed this period, including Tianhong CSI Photovoltaic Industry ETF and Southern CSI New Energy ETF [2]

Core Viewpoint - The article highlights the rapid establishment and performance of new equity funds in the A-share market, with over 120 funds achieving returns exceeding 20% since their inception, driven by a favorable market environment and proactive fund management strategies [2][4][6]. Market Performance - Since the second half of the year, the A-share market has shown active performance, with the Shanghai Composite Index rising by 11.48% and the Shenzhen Component Index increasing by 21.25% from July 1 to October 17. The ChiNext Index and the STAR 50 Index have performed even better, with increases of 36% and 35% respectively [5]. New Fund Performance - As of October 17, 122 new equity funds established since the second quarter have recorded net value growth rates exceeding 20%, with 66 of these funds achieving growth rates over 30%. For instance, the Invesco Great Wall Emerging Industry fund, established on April 1, has seen a net value increase of 66.81% [6][7]. Fund Manager Strategies - Fund managers have been aggressive in their investment strategies, quickly initiating positions after fund establishment. This proactive approach has allowed them to capitalize on market uptrends. The article notes that many successful new funds have focused on technology growth sectors and resource areas, benefiting from the strong performance of technology innovation and non-ferrous metal sectors in recent months [7][8]. Continued Optimism - As the market enters the fourth quarter, fund managers remain optimistic and continue to actively build positions. New funds established in late September and October have also shown quick net value changes, indicating a sustained aggressive investment approach [9][10]. Investment Focus - The current market trend favors technology growth and cyclical dividend styles, with fund managers believing that despite potential short-term adjustments, there are still ample opportunities for investment. They emphasize a balanced approach that combines offensive and defensive strategies, focusing on high-growth technology stocks while also investing in stable cyclical leaders to mitigate risks [11].

Core Insights - The A-share market has shown a fluctuating upward trend in the second half of the year, with over 100 newly established equity funds achieving returns exceeding 20% since their inception [1][2]. Group 1: Market Performance - From July 1 to October 17, the Shanghai Composite Index rose by 11.48%, while the Shenzhen Component Index increased by 21.25%. The ChiNext Index and the STAR 50 Index performed even better, with increases of 36% and 35% respectively [2]. - A total of 122 newly established equity funds since the second quarter have recorded a net value growth rate exceeding 20%, with 66 of these funds achieving growth rates over 30% [2]. Group 2: Fund Performance - Notable funds include the Invesco Great Wall Emerging Industries Fund, which was established on April 1 and saw a net value increase of 66.81% by October 17, and the Taiping Technology Pioneer A Fund, which achieved a growth rate of 43.32% [2]. - Passive index funds also benefited from rapid positioning, such as the Southern ChiNext AI ETF, which saw a net value increase of 66.77% since its establishment on April 23 [3]. Group 3: Investment Strategy - Fund managers are optimistic about the market outlook, actively building positions post-fund establishment to capitalize on upward market opportunities. The majority of high-performing new funds focus on technology growth sectors and some allocate to resource sectors [3][4]. - The current market environment is characterized by high volatility, yet fund managers maintain a proactive stance in building positions, with a focus on technology growth and cyclical sectors [4][5].

方思齐 (8621)23297818× fangsq@swsresearch.com 2025 年 10 月 12 日 2025 年 10 月 ETF 行业轮动组合构 建 ——基于国泰股票 ETF 行业轮动投资策略研究 股 票 基 金 证 券 研 究 报 证券分析师 方思齐 A0230525090002 fangsq@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 告 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 - ⚫ 截止到 2025 年二季度，市场上的 2587 只非货币指数基金资产规模共计 5.61 万亿元（规 模不计 ETF 联接基金），较上季度规模增加 0.64 万亿元，继续呈现增长态势。具体到 ETF 方面，截止至 2025 年 9 月 30 日，截止至 2025 年 9 月 30 日，全市场共有 1325 只 ETF， 最新总规模为 56267.83 亿元。其中，A 股类 ETF 和跨境类 ETF 规模位居前两位，分别 为 36897.29 ...

Core Insights - The latest ESG public fund weekly ranking indicates a divergence in performance between broad ESG theme funds and pure ESG funds, with broad ESG index funds showing significant gains while pure ESG funds struggled [1] Fund Performance Summary Overall ESG Fund Performance - The observation period for the latest ESG public fund weekly ranking was from September 1 to September 5, with the latest net values as of September 5 [1] - Pure ESG theme index funds saw four funds decline, contrasting with previous weeks where all funds had positive returns [1] Broad ESG Theme Funds - Broad ESG index funds achieved an average return of 11.31%, while broad ESG actively managed funds had an average return of 10.02% [1] - In contrast, pure ESG actively managed funds had an average return of 0.95%, and pure ESG index funds only managed a return of 0.05% [1] Top Performing ESG Funds - The top 10 ESG funds by weekly return included: - 华夏创业板新能源ETF with a weekly return of 13.13% [2] - 国泰创业板新能源ETF with a weekly return of 12.89% [2] - 汇丰晋信低碳先锋A with a weekly return of 12.79% [3] - The top 10 actively managed ESG theme funds showed lower returns, with 易方法ESG责任投资 at 2.21% [3] Index Fund Performance - The top 10 ESG index funds had minimal returns, with 博时可持续发展100ETF at 0.59% [5] - Broad ESG index funds also showed limited performance, with the highest being 华夏创业板新能源ETF at 13.13% [5] Fund Classification - ESG funds are categorized into two main types: ESG theme funds and broad ESG theme funds, further divided into actively managed and index funds [6] - The weekly ranking includes four categories: ESG theme actively managed funds, ESG theme index funds, broad ESG theme actively managed funds, and broad ESG theme index funds [6]

Core Insights - A total of 12 stock ETFs have announced their listing since June, with the highest allocation being 40.89% for the Great Wall CSI Dividend Low Volatility 100 ETF [1][2] - The average allocation for these newly announced ETFs is only 19.43%, indicating a generally conservative approach to investment during the current period [1][2] Group 1: ETF Listings and Allocations - The Great Wall CSI Dividend Low Volatility 100 ETF will be listed on June 18, 2025, with a total of 320 million shares [1] - The fund's asset allocation as of June 11, 2025, shows 59.08% in bank deposits and settlement reserves, while stock investments account for 40.89% [1] - Other ETFs with significant allocations include the Invesco Great Wall CSI 300 Enhanced Strategy ETF at 39.95%, the Huatai-PB SSE STAR Market New Materials ETF at 32.39%, and the Harvest SSE STAR Market Comprehensive Enhanced Strategy ETF at 26.95% [1] Group 2: Fund Sizes and Investor Composition - The average number of shares raised for the newly listed ETFs is 394 million, with the largest being the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 590 million shares [2] - Institutional investors hold an average of 19.12% of the shares in these ETFs, with the highest proportions in the Xingyin SSE STAR Market Comprehensive Price ETF at 59.97%, the Bank of China CSI All Share Free Cash Flow ETF at 51.12%, and the Tianhong CSI A500 Enhanced Strategy ETF at 31.23% [2] - ETFs with lower institutional ownership include the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 4.09%, the Guotai Chuangye Board New Energy ETF at 5.68%, and the Chuangye Board ETF Dongcai at 5.93% [2]

Group 1 - Two stock ETFs have released listing announcements, with the Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF holding a stock position of 32.39% and the E Fund SSE Sci-Tech Innovation Board 200 ETF holding 11.00% [1] - Since June, a total of 10 stock ETFs have announced their listings, with an average position of only 18.12%. The highest position is held by the Invesco Great Wall CSI 300 Enhanced Strategy ETF at 39.95% [1] - The ETFs with the highest positions include Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF (32.39%), Harvest SSE Sci-Tech Innovation Board Comprehensive Enhanced Strategy ETF (26.95%), and Huaan Hang Seng Index Hong Kong Stock Connect ETF (21.94%) [1] Group 2 - The average fundraising for the ETFs announced since June is 418 million shares, with the largest being Huaan Hang Seng Index Hong Kong Stock Connect ETF (590 million shares), Harvest SSE Sci-Tech Innovation Board Comprehensive Enhanced Strategy ETF (536 million shares), and Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (518 million shares) [1] - The average proportion of shares held by institutional investors is 18.84%, with the highest being Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (59.97%), Bank of China CSI All Share Free Cash Flow ETF (51.12%), and Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF (21.83%) [2] - The ETFs with the lowest institutional investor holdings include Huaan Hang Seng Index Hong Kong Stock Connect ETF (4.09%), Guotai Junan ChiNext New Energy ETF (5.68%), and ChiNext ETF Dongcai (5.93%) [2]

Market Overview - A-shares experienced narrow fluctuations in the first half of the week, followed by a brief rise and subsequent decline, with overall performance remaining stable and trading volume maintaining at over 1 trillion [1] - The three major indices saw a continuous recovery, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 1.13%, 1.42%, and 2.32% respectively [1] - The bond market showed a slight decline but remained at a relatively high level, reflecting a decrease in overall market risk appetite [1] ETF Performance - The average increase of all ETFs was 1.47%, with cross-border ETFs performing particularly well, averaging a rise of 2.23% [1] - AI and innovative pharmaceuticals were the main growth drivers, with top-performing ETFs in these sectors showing significant gains, such as the Huabao ChiNext AI ETF rising by 6.57% [2][3] - Conversely, consumer and automotive ETFs experienced notable declines, with the Greater Bay Area ETF dropping by 2.21% [4][5] Fund Flow Trends - The ETF market saw a net outflow of 24.88 billion, with a notable decrease in market activity [6] - Conservative investment preferences led to significant inflows into bond ETFs, with the Short-term Bond ETF attracting 14.69 billion, making it the top inflow [8] - The Shanghai Corporate Bond ETF recorded a weekly trading volume of 363.50 billion, indicating strong interest in bond funds [10] Upcoming ETF Listings - Four new ETFs are set to launch next week, including the Guotai ChiNext New Energy ETF, which tracks a representative index of the new energy industry [11] - The Invesco CSI 300 Enhanced Strategy ETF aims to provide returns exceeding the index through active management, focusing on high-quality core assets [12]