Market Strategy - The recent market rebound aligns with previous predictions of a "layout window emerging," but the market has not shown a simultaneous increase in volume and price, indicating that the rebound does not change the overall oscillating pattern [6] - The current tension in Sino-Japanese relations is a major factor restraining risk appetite, suggesting a cautious approach to technology growth sectors, which are more sensitive to risk preferences [6] - The real estate market has been in a downward trend since the policy release last September, with recent price increases in the sector driven by changes in policy expectations and capital inflows, but further confirmation of policy effectiveness is needed to sustain this momentum [6] Sector Strategy - In the technology sector, a cautious approach is recommended due to the difficulty in further upward adjustments in expectations amid declining risk appetite [6] - The cyclical consumer manufacturing sector, characterized by medium risk, is expected to gain market consensus as conditions evolve [6] - The real estate sector requires significant fiscal policy measures, such as mortgage interest subsidies, to boost market confidence and reverse negative expectations [6] Defense Industry - Recent U.S. arms sales to Japan, totaling approximately $82 million, may accelerate China's equipment development in response to increasing uncertainties in the Asia-Pacific region [6] - The geopolitical climate, influenced by Japan's military expansion and U.S. support, is likely to drive growth in China's defense capabilities [6]

国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。 数据显示，截至2025年10月31日，中证国防指数(399973)前十大权重股分别为中航沈飞(600760)、航发 动力(600893)、中航光电(002179)、中航西飞(000768)、西部超导(688122)、菲利华(300395)、睿创微纳 (688002)、中航机载(600372)、航天电子(600879)、中航成飞(302132)，前十大权重股合计占比44.41%。 截至2025年11月24日 10:13，中证国防指数(399973)强势上涨2.01%，成分股中国海防(600764)上涨 8.31%，海格通信(002465)上涨4.59%，航天彩虹(002389)上涨4.15%，国科军工(688543)，中航沈飞 (600760)等个股跟涨。国防ETF(512670)上涨1.97%，最新价报0.78元。 军工板块早盘拉升，航母概念上涨。东吴证券指出， 军工板块投资 ...

Group 1 - The total trading volume of Shanghai and Shenzhen Stock Connect today reached 223.368 billion, with Cambricon and Sungrow Power ranking first in trading volume for Shanghai and Shenzhen respectively [1] - The banking sector saw the highest net inflow of funds among various sectors [6][8] Group 2 - The total trading amount for Shanghai Stock Connect was 103.781 billion, while Shenzhen Stock Connect was 119.586 billion [3] - The top ten stocks by trading volume in Shanghai included Cambricon at 1.505 billion and Sungrow Power in Shenzhen at 3.272 billion [4][5] Group 3 - The Defense ETF (512670) experienced a significant increase in trading volume, up 156% compared to the previous trading day [2][15] - The top ten ETFs by trading volume included the Hong Kong Securities ETF at 7.7197 billion and the Gold ETF at 7.5188 billion [14] Group 4 - The top stocks with the highest net inflow of funds included Fulongma at 734 million and Fangda Carbon at 562 million [10] - The stocks with the highest net outflow included Dingfu Lian at -1.571 billion and TBEA at -1.427 billion [11] Group 5 - The banking sector led in net inflow with 8.02 billion, while the electronics sector had the highest net outflow at -137.64 billion [7][9] - The sectors with the highest gains included cultivated diamonds, dairy, and photovoltaic equipment, while Hainan, software development, and CPO sectors saw declines [6]

Core Viewpoint - The trading volume of the Shanghai and Shenzhen Stock Connect reached a total of 223.368 billion, with Cambricon and Sungrow Power leading in individual stock trading volume [1][2] Trading Volume Summary - The total trading amount for Shanghai Stock Connect was 103.781 billion, while Shenzhen Stock Connect was 119.586 billion [2] Top Trading Stocks - In the Shanghai Stock Connect, Cambricon (688256) had a trading volume of 1.505 billion, followed by Industrial Fulian (601138) at 1.202 billion [3] - In the Shenzhen Stock Connect, Sungrow Power (300274) led with a trading volume of 3.272 billion, followed by Zhongji Xuchuang (300308) at 2.988 billion [3] Sector Performance - The banking sector saw the highest net inflow of funds at 0.802 billion, while the electronic sector experienced the largest net outflow [4][6] ETF Trading Summary - The top ETF by trading volume was the Hong Kong Securities ETF (513090) with 7.7197 billion, followed by the Gold ETF (518880) at 7.5188 billion [9][10] - The National Defense ETF (512670) saw a significant increase in trading volume, up 156% compared to the previous trading day [11] Futures Positioning - In the futures market, both long and short positions decreased across major contracts, with the IF contract seeing a larger reduction in short positions [12] Active Stocks on the Dragon and Tiger List - Four-way Reach (300179) experienced a 20% increase, with three institutions buying 113 million [13] - Industrial Fulian (601138) had the highest net outflow of 1.571 billion [8] Institutional and Retail Investor Activity - One prominent retail investor seat bought 69.96 million of Four-way Reach, while Daway Co. and Happy Home were sold off by the same seat for 118 million and 116 million respectively [15][16]

Group 1 - The core viewpoint highlights the increasing demand for gas turbines driven by AI infrastructure and power energy needs, with potential market growth in the hundreds of billions of dollars [1] - Domestic gas turbine suppliers are strategically positioning themselves to support leading overseas gas turbine OEMs, accelerating their international expansion [1] - Triangle Defense, a component of the National Defense ETF, announced a development agreement with Siemens Energy, which includes specific qualifications for supplying certain items and a framework order agreement for product delivery [1] Group 2 - The National Defense ETF closely tracks the CSI National Defense Index, which includes listed companies under the top ten military industrial groups and those involved in supplying weaponry to the armed forces [2] - As of October 31, 2025, the top ten weighted stocks in the CSI National Defense Index account for 44.41% of the index, with significant players including AVIC Shenyang Aircraft Corporation and Aero Engine Corporation of China [2] - The National Defense ETF has the lowest management and custody fees among its peers at 0.40%, making it unique in its category [2]

融资融券余额1.03亿元，较昨日上涨0.86%。 证券之星消息，11月4日，国防ETF（512670）融资买入928.1万元，融资偿还839.84万元，融资净买入 88.26万元，融资余额1.03亿元，近3个交易日已连续净买入累计557.78万元，近20个交易日中有12个交 易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-04 | 88.26万 | 1.03亿 | | | 2025-11-03 | 340.75万 | 1.02亿 | | | 2025-10-31 | 128.77万 | 9875.58万 | | | 2025-10-30 | -344.11万 | 9746.82万 | | | 2025-10-29 | 66.37万 | 1.01亿 | | 融券方面，当日无融券交易。 小知识 融资融券：融资融券交易又称"证券信用交易"或保证金交易，是指投资者向具有融资融券业务资格的证 券公司提供担保物，借入资金买入证券（融资交易）或借入证券并卖出（融券交易）的行为。包括券商 对投资者的融资、 ...

Market Overview - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down by 0.22%, the Shenzhen Component Index down by 0.44%, and the ChiNext Index down by 0.15% [1][3] - The defense and military industry ETFs outperformed the market, with the military ETF from E Fund (512560.SH) rising by 1.47%, the national defense ETF (512670.SH) increasing by 1.46%, and the aerospace ETF (159208.SZ) gaining 1.44% [1][10] ETF Performance - The passive index funds have become the main contributors to the dividend distribution, with significant payouts from major ETFs. For instance, the Huaxia CSI 300 ETF distributed 2.87 billion yuan, while the E Fund CSI 300 ETF had two distributions totaling 2.76 billion yuan and 1.473 billion yuan [2] - The overall performance of ETFs showed that bond ETFs had the best average return of 0.13%, while commodity ETFs had the worst average return of -3.05% [8] - The top-performing ETFs today included the military ETF from E Fund (512560.SH), the national defense ETF (512670.SH), and the aerospace ETF (159208.SZ), with returns of 1.47%, 1.46%, and 1.44% respectively [10] Sector Performance - In terms of sector performance, the defense and military sector ranked high with a daily increase of 1.07%, while the non-ferrous metals sector saw a decline of 2.72% [6] - Over the past five trading days, the communication and electronics sectors showed strong performance with increases of 6.43% and 6.06% respectively, while the real estate and food and beverage sectors lagged behind with declines of -1.6% and -1.26% [6]

Group 1 - The core viewpoint of the news highlights the increasing importance of commercial aerospace in China's strategic development, with a focus on technological breakthroughs and capital acceleration in the industry [1][2]. - The Fourth Plenary Session of the Central Committee added the term "aerospace power," indicating a renewed emphasis on commercial aerospace following the mention of "new growth engines" [1]. - The 14th Five-Year Plan suggests accelerating the development of strategic emerging industries, including new energy, new materials, aerospace, and low-altitude economy, which is expected to create several trillion-yuan markets [1]. Group 2 - The commercial aerospace sector is entering a high-density launch period, with significant advancements in satellite deployment and launch frequency, closely approaching the launch density of SpaceX's Starlink system [2]. - The recent successful launch of the Tianlong-3 large liquid carrier rocket, achieving the simultaneous separation of 36 satellites, marks a significant milestone in China's commercial aerospace capabilities [2]. - The procurement announcement from Yuanxin in July indicates plans for multiple rocket launches, with a total of 94 satellites to be deployed by 2026, further accelerating the launch schedule [2]. Group 3 - According to Xinda Securities, the military industry sector is becoming more attractive in terms of valuation, with recommendations to overweight the military industry, focusing on new combat systems, unmanned equipment, satellite internet, and commercial aerospace [3]. - The National Defense ETF closely tracks the CSI National Defense Index, which includes listed companies under major military groups and those providing equipment to the armed forces, reflecting the overall performance of the defense industry [3]. - The management and custody fees for the National Defense ETF are the lowest among similar ETFs, at only 0.40% [3]. Group 4 - As of September 30, 2025, the top ten weighted stocks in the CSI National Defense Index include companies like AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893), collectively accounting for 45.45% of the index [6].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In the past 3 weeks, nearly 100 new ETF products have been issued in the US, and the issuance speed has further increased. The richness of digital currency - related products has been enhanced, and new products with various strategies have emerged [3][6]. - The capital inflow of US ETFs has remained at a high level. In the past month, nearly $180 billion has flowed in, with over $100 billion into stock products. The iShares S&P 500 ETF IVV has seen significant inflows, and bitcoin and gold products have obvious inflows [3][15]. - Aerospace and defense ETFs in the US have performed well, with some technology - related and European - themed products having涨幅超过 80% [3][19]. - In August 2025, the total amount of non - money public funds in the US increased by $0.41 trillion compared to July. The redemption pressure of domestic stock - type products has eased, and the outflow of domestic stock funds in the past 4 weeks has been relatively stable, while the inflow of bond products has been steady [3][20]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Nearly 100 Products Issued in 3 Weeks - In the past 3 weeks, 91 new products have been issued in the US. Single - stock leveraged reverse products, single - stock option + leverage strategy products, and digital currency - related products have been enriched. There are also new innovations in structured product strategies [6][8][9]. - For example, Rayliant and ChinaAMC issued the China Technology Innovation ETF, tracking an index composed of about 100 Chinese technology - related companies [13]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Capital Inflows Remain at a High Level - In the past month, the total inflow of US ETFs was nearly $180 billion, with over $100 billion into stock products. The iShares S&P 500 ETF IVV had inflows of over $40 billion in the past month, surpassing SPY in scale. Bitcoin and gold products had obvious inflows, while many leveraged products had large outflows [3][15][17]. - The daily capital flows of major US ETFs in the past 2 weeks are presented, and the capital flows of iShares products have tended to be stable, while those of State Street products have fluctuated greatly [18]. 3.2.2 US ETF Performance: Aerospace and Defense ETFs Perform Well - Due to the complex global situation this year, aerospace and defense ETFs listed in the US have performed well. Products such as SHLD related to technology and European - themed products have涨幅超过 80% [3][19][20]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion compared to July. The scale of domestic stock - type products increased by 1.62%, and the redemption pressure eased [20]. - In the past 4 weeks, the outflow level of US domestic stock funds has been relatively stable, with outflows exceeding $20 billion in 3 weeks, while the inflow of bond products has been stable [20][21].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past three weeks, the US issued nearly 100 new ETF products, with the product issuance speed further increasing [1][6]. - The capital inflow into US ETFs has remained at a high level. In the past month, nearly $180 billion flowed into US ETFs, with over $100 billion flowing into stock products [1][18]. - Aerospace and defense ETFs listed in the US have performed well, with the technology - related product SHLD and European - themed products seeing gains of over 80% [1][23]. - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The redemption pressure eased that month [1][24]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Nearly 100 Products Issued in 3 Weeks - In the past three weeks, the US issued a total of 91 new products, including single - stock leveraged inverse products, leveraged inverse products in the Top5 series targeting popular sectors, and products related to digital currencies [6][10]. - ARK started issuing the DIET series of Buffer ETFs, which have different structures from traditional Buffer products [11]. - Federated Hermes issued a market - neutral ETF at the end of September, using an active quantitative combination method [16]. - Rayliant and ChinaAMC issued the ChinaAMC Transformative China Tech ETF on September 26, tracking an index composed of about 100 Chinese technology - related companies [1][16]. - New managers such as Liberty One and Raymond issued dividend - related strategy products [17]. - Global X and Wisdomtree issued semiconductor and quantum computing ETFs, and military - themed products have attracted high attention [17]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Capital Inflow Remains at a High Level - In the past month, nearly $180 billion flowed into US ETFs, with over $100 billion flowing into stock products. The iShares S&P 500 ETF IVV had an inflow of over $40 billion in the past month, surpassing SPY in scale [18][20]. - Bitcoin and gold products had obvious inflows, while many leveraged products had significant outflows [20]. 3.2.2 US ETF Performance: Aerospace and Defense ETFs Perform Well - Due to the complex global situation this year, aerospace and defense ETFs listed in the US have performed well. The technology - related product SHLD and European - themed products have seen gains of over 80% [23][24]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The scale of domestic stock products increased by 1.62%, and the redemption pressure eased [24]. - In the past four weeks, the outflow level of domestic stock funds in the US has been relatively stable, with outflows exceeding $20 billion in three weeks, while bond products have had stable inflows [25].