Core Insights - The internationalization of the securities industry is experiencing rapid development, with a significant shift in the role of Chinese securities firms from "participants" to "main players" in the Hong Kong market [2][3] - The report from the China Securities Association indicates that securities firms with a high degree of internationalization have seen their international business revenue account for approximately 25% of total income, marking it as a crucial profit source [3][4] Group 1: Domestic Securities Firms - Chinese securities firms have established 38 overseas primary subsidiaries, extending their business reach globally through various branches and subsidiaries [3][4] - In 2024, Chinese securities firms facilitated 64 companies to list on the Hong Kong Stock Exchange, raising a total of 864 billion HKD, and in the first nine months of 2025, they assisted 65 companies, raising 1,874 billion HKD [3] - Firms like Industrial Securities, GF Securities, and Orient Securities are leveraging Hong Kong as a base to explore digital assets, cross-border risk management, and European mergers and acquisitions [4] Group 2: Foreign Securities Firms - There are currently 16 foreign securities firms operating in China, with 11 being foreign-controlled, including five wholly foreign-owned companies [5][6] - Foreign firms are diversifying their services beyond traditional trading and underwriting to include investment consulting and asset management, aiming to capture opportunities in the evolving financial landscape [5][6] - Different types of foreign firms, such as international investment banks and commercial banks, are adopting distinct development paths based on their backgrounds and strengths [6][7] Group 3: Challenges and Future Outlook - Despite significant achievements, the internationalization of the securities industry faces deep-rooted challenges, including the need for better capital strength and management integration for Chinese firms [8][9] - Foreign firms are struggling with local adaptation, often facing difficulties in balancing global operational standards with local market needs [8][9] - The China Securities Association aims to enhance the international capabilities of the industry through improved self-regulation and collaboration, anticipating a more favorable institutional environment for internationalization [9][10]

Core Insights - The internationalization of the securities industry is experiencing rapid development, with Chinese securities firms expanding their global presence through 38 overseas subsidiaries, while foreign firms are establishing a foothold in China with 16 institutions [2][4][8] - Securities companies with a high degree of internationalization have seen their international business revenue account for approximately 25% of total income, marking this segment as a significant source of profit growth [3][4] Group 1: Domestic Securities Firms - Chinese securities firms have transitioned from being "participants" to "main players" in the Hong Kong market, facilitating the return of Chinese concept stocks and supporting IPOs [5] - In 2024, Chinese securities firms assisted 64 companies in raising a total of 864 million HKD in Hong Kong, and from January to September 2025, they helped 65 companies raise 1.874 billion HKD [5] - Different firms are leveraging differentiated positioning, with examples including 兴业证券 (Industrial Securities) and 广发证券 (Guotai Junan Securities) focusing on digital assets and cross-border risk management [5][6] Group 2: Foreign Securities Firms - The ongoing opening of China's financial market has led foreign securities firms to diversify their services beyond traditional trading and underwriting to include investment consulting and asset management [8][9] - There are currently 16 foreign securities firms in China, with 11 being foreign-controlled, including five wholly foreign-owned companies [8][9] - Foreign firms are adopting different development paths based on their backgrounds, such as international investment banks providing comprehensive financial services and commercial bank-affiliated firms focusing on fixed income and asset securitization [9][10] Group 3: Challenges and Future Outlook - Despite significant achievements, the internationalization of the securities industry faces challenges, including the need for better capital strength and management integration for Chinese firms, and the struggle for foreign firms to adapt to local markets [12][13] - The China Securities Association aims to enhance international capabilities and support the implementation of new policies to foster a more conducive environment for the internationalization of the securities industry [12][13] - Future developments will require balancing opportunities and risks, as well as internationalization and localization, which will be critical for all market participants [13]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report The report provides a comprehensive overview of the global commodity ETF market, including its development history, market structure, user groups, and application scenarios. It also compares the Chinese and overseas commodity ETF markets, highlighting the gaps and potential for development in the Chinese market. Commodity ETFs have become a core financial tool for investors to gain exposure to commodity risks, driven by factors such as inflation hedging and portfolio diversification [1][2][3]. 3. Summary According to Relevant Catalogs 3.1 Commodity ETF Development History 3.1.1 Overseas Commodity ETF Development History - **Stage 1 (Late 1990s - Early 2000s)**: The development of commodity ETFs began in the late 20th to early 21st century. Early products used futures contracts as underlying assets, and precious metals became the breakthrough for early commodity ETFs. In 2003, Australia launched the Gold Bullion Securities (GBS), and in 2004, the US launched the SPDR Gold Shares (GLD), the first large - scale and widely - adopted commodity ETF [13][14]. - **Stage 2 (2005 - 2010s)**: Commodity ETFs entered a period of rapid development with diversified product targets. The global financial crisis in 2008 led to an increase in the asset scale of gold ETFs and the diversification of commodity ETF structures, including the emergence of ETN [16][17]. - **Stage 3 (2015 - Present)**: The commodity ETF market has become more diversified. Theme - based commodity ETFs have developed rapidly, and there is a clear differentiation in investor preferences between institutional and retail investors [19]. 3.1.2 Chinese Commodity ETF Development History - **Stage 1 (2013 - 2014)**: China's commodity ETFs started late but developed rapidly. The first domestic gold ETF was launched in 2013, and several other gold ETFs were launched in 2014 [23]. - **Stage 2 (2019 - Present)**: The domestic commodity ETF market has become more diversified, covering non - precious metal sectors such as agricultural products, industrial metals, and energy [24]. 3.2 Commodity ETF Market Structure and Current Situation 3.2.1 Generalized and Narrow - Sense Commodity ETFs Generalized commodity ETFs include narrow - sense commodity ETFs (funds), commodity ETCs (physical collateral certificates), and commodity ETNs (unsecured bonds). Narrow - sense commodity ETFs can be further divided into physical, equity, and futures - based types [27]. 3.2.2 Market Scale The commodity ETF market has been growing in recent years, but its overall scale accounts for a relatively small proportion of the global ETF market. The market is highly concentrated regionally, with the US and Europe leading in terms of scale [37][40]. 3.2.3 Classification Scale Characteristics - **By Fund Type**: Narrow - sense commodity ETFs and commodity ETCs have seen stable growth in quantity and asset scale, while commodity ETNs have shown high volatility. The US is the main market for narrow - sense commodity ETFs and commodity ETNs, and Europe is the main market for commodity ETCs [42][50]. - **By Investment Target**: Asset allocation in generalized commodity ETFs is mainly concentrated in precious metals. In commodity ETNs, the composite index and energy play important roles [53][55]. 3.2.4 Concentration Characteristics and Top Products The asset scale of commodity ETFs is highly concentrated. Commodity ETCs and agricultural - themed generalized commodity ETFs have the highest concentration. The top 20 products are mainly precious - metal - based ETFs, showing concentration in fund type, asset target, and listing region [77][80][81]. 3.3 Commodity ETF User Groups and Application Scenarios 3.3.1 Investor Structure Overview Institutional investors' holding scale in the global generalized commodity ETF market has been growing steadily, while the holding ratio has remained relatively stable. Institutional investors prefer precious metals and composite index ETFs, narrow - sense commodity ETFs, and large - scale products. There are significant regional differences in investor structure [86][92][104]. 3.3.2 Investor Allocation Logic and Demand Scenarios - **Core Financial Tool**: Commodity ETFs are used for industry rotation investment, event - driven trading, theme investment, and earning roll - over returns [2]. - **Inflation Hedging**: Commodity ETFs are used to hedge inflation and are an important part of asset allocation during high - inflation periods [132][133]. - **Portfolio Diversification**: Commodity ETFs have low correlations with traditional financial assets, which can reduce portfolio volatility and enhance returns [145]. - **Currency Risk Hedging and Hedging**: Commodity ETFs can be used for currency risk hedging and hedging operations, especially suitable for small and medium - sized enterprises [149]. 3.4 Comparison of Chinese and Overseas Commodity ETFs The Chinese commodity ETF market has made great progress but still lags behind mature markets in terms of product coverage, strategy design, investor structure, and market liquidity. The Chinese market mainly consists of traditional passive products and a retail - dominated investor structure, with great potential for development [3].

Group 1 - The ETF market opened with mixed performance, with the Huabao Sci-Tech AI ETF (589520) leading the gains at 1.92% [1] - The Sci-Tech Board AI ETF (588930) increased by 1.72%, while the Guotai Sci-Tech Chip ETF (589100) rose by 1.54% [1] - The Energy and Chemical ETF (159981) experienced the largest decline at 3.63%, followed by the Coal ETF (515220) down 2.24%, and the Commodity ETF (510170) falling by 1.57% [1]

Group 1 - The overall performance of ETFs showed mixed results, with mining ETFs leading the gains at 1.70% [1] - Gold stock ETFs also performed well, increasing by 1.54% [1] - Commodity ETFs rose by 1.37%, indicating a positive trend in this sector [1] Group 2 - On the downside, the biotechnology vaccine ETFs experienced the largest decline, falling by 1.67% [1] - Financial technology ETFs also faced losses, with a drop of 1.67% and 1.56% respectively [1]