统计显示，创业板指数ETF今日合计成交额88.87亿元，环比上一交易日增加38.07亿元，环比增幅为 74.94%。 创业板指数ETF11月21日成交额变动 | 基金代码 | 基金简称 | 今日涨跌幅 | 今日成交额 | 较上一交易日增加 | 环比增幅 | | --- | --- | --- | --- | --- | --- | | 159915 | 易方达创业板ETF | -4.03% | 70.02亿元 | 27.80亿元 | 65.83% | | 159952 | 广发创业板ETF | -3.96% | 9.80亿元 | 6.63亿元 | 208.89% | | 159977 | 天弘创业板ETF | -4.04% | 2.88亿元 | 1.45亿元 | 100.75% | | 159971 | 富国创业板ETF | -3.68% | 1.58亿元 | 1.02亿元 | 184.55% | | 159205 | 创业板ETF东财 | -3.92% | 1.26亿元 | 4925.45万元 | 64.46% | | 159957 | 华夏创业板ETF | -3.96% | 1.53亿元 | 2817.7 ...

Core Viewpoint - The "National Team," including Central Huijin Investment and its asset management plans, has maintained a stable position in broad-based ETFs while making minor adjustments in sector-specific ETFs, reflecting a strategic approach to stabilize the A-share market [1][2][3]. Group 1: ETF Holdings and Performance - The "National Team" has kept its holdings in broad-based ETFs largely unchanged, with significant performance in the third quarter, where the average increase of ETFs held exceeded 20%, resulting in a scale increase of over 200 billion yuan [2][6]. - As of mid-2025, the "National Team" holds over 40% of the total A-share ETF market, indicating a strong influence on market stability [3]. - The total scale of ETFs held by Central Huijin Investment and its asset management plans reached 1.55 trillion yuan by the end of the third quarter, marking an increase of over 200 billion yuan from the previous quarter [7]. Group 2: Specific ETF Adjustments - Central Huijin Asset Management's two specialized asset management plans have shown more frequent trading activity, including a reduction in holdings of specific ETFs, which should not be interpreted as a broader "National Team" strategy [4][5]. - Notably, the specialized plans reduced their holdings in the Guotai Zhongzheng 800 Automotive and Parts ETF by 800,000 shares in July, and completely divested from the Huaxia Hang Seng China Mainland Enterprises High Dividend ETF [4]. Group 3: Market Conditions and Influences - The significant rebound in the A-share market during the third quarter was a primary driver of the "National Team's" unrealized gains, supported by favorable domestic liquidity conditions and expectations of U.S. Federal Reserve interest rate cuts [8]. - Factors such as policy support, active trading, and capital inflows contributed to the overall positive market performance, with a notable increase in risk appetite among investors [8].

Core Insights - Central Huijin shows strong commitment to broad-based ETFs, maintaining stable holdings while flexibly adjusting industry-themed ETFs [1][3] Group 1: Broad-based ETFs - Central Huijin's holdings in broad-based ETFs remained stable, with 15 out of 21 ETFs held at over 20% share remaining unchanged by the end of Q3 [1] - The number of ETFs held by Central Huijin with over 20% share increased to 16, with a total holding of 194.71 billion shares [1] - Major broad-based ETFs like Huatai-PineBridge CSI 300 ETF and E Fund CSI 300 ETF saw significant net value growth in Q3, with 22 broad-based ETFs growing over 10% [2] Group 2: Industry-themed ETFs - Central Huijin's asset management plans adopted a more flexible strategy for industry-themed ETFs, with lower holding ratios compared to broad-based ETFs [3] - The Huaxia Huijin asset management plan reduced holdings in two industry-themed ETFs, indicating a responsive approach to market trends [3] - Top-performing industry-themed ETFs included Huaxia CSI 5G Communication Theme ETF and Huabao CSI Electronic 50 ETF, with net value growth rates exceeding 40% [4]

Core Viewpoint - Central Huijin's investment strategy reflects a strong commitment to broad-based ETFs while demonstrating flexibility in sector-themed ETFs, indicating a dual approach to asset allocation [1][4]. Group 1: Broad-based ETFs - Central Huijin shows strong holding stability in broad-based ETFs, with 15 out of 21 ETFs held at the end of Q2 remaining unchanged in Q3, maintaining a shareholding ratio above 20% [2]. - The total holdings in broad-based ETFs reached 1,947.11 billion shares for Central Huijin Investment Co. and 1,626.04 billion shares for Central Huijin Asset Management Co. by the end of Q3 [2]. - Notable growth was observed in mainstream broad-based ETFs, with some experiencing net asset value growth rates exceeding 50% in Q3, and 22 ETFs showing growth rates over 10% [2][5]. Group 2: Sector-themed ETFs - Central Huijin's asset management plans exhibit a more flexible adjustment strategy in sector-themed ETFs, with significant reductions in holdings for specific ETFs [4]. - The two asset management plans reduced their holdings in the Guotai CSI 800 Automotive and Parts ETF and completely divested from the Huaxia Hang Seng China Enterprises High Dividend ETF [4]. - High-performing sector-themed ETFs included the Huaxia CSI 5G Communication Theme ETF and the Huabao CSI Electronic 50 ETF, with net asset value growth rates exceeding 40% [5]. Group 3: Investment Philosophy - Central Huijin's approach to broad-based and sector-themed ETFs reflects a macroeconomic strategy focused on long-term stability and value discovery, with a lower sensitivity to short-term market fluctuations [3][5]. - The adjustments in sector-themed ETFs are aimed at optimizing returns and managing risks by closely following market trends and industry conditions [5]. - The distinction in strategies for broad-based and sector-themed ETFs illustrates Central Huijin's management philosophy of adapting asset allocation based on economic cycles and industry dynamics [5].

Core Insights - Nanda Optoelectronics (300346.SZ) reported its Q3 2025 results, revealing that 27 institutional investors hold a total of 86.582 million shares, accounting for 12.53% of the company's total equity [1] Institutional Holdings - The top ten institutional investors collectively hold 11.74% of Nanda Optoelectronics, with a decrease of 0.81 percentage points compared to the previous quarter [1] Public Fund Activity - In the current period, 15 public funds increased their holdings, with a total increase ratio of 1.29%, including funds like Guotai CSI Semiconductor Materials and Equipment Theme ETF and Harvest CSI Semiconductor Index Enhanced Initiation A [2] - Conversely, 3 public funds reduced their holdings, with a total decrease ratio of 0.71%, including funds like Guolianan Semiconductor ETF and E Fund Growth Enterprise Board ETF [2] - There were 5 new public funds disclosed in this period, while 215 public funds were not disclosed compared to the previous quarter [2] Foreign Investment - One new foreign institution, Hong Kong Central Clearing Limited, disclosed its holdings in this period [3]

Group 1 - The core viewpoint of the news is that XW Communication (300136.SZ) has reported a decrease in institutional holdings in its A-shares, with the top ten institutional investors holding a total of 1.10 billion shares, representing 11.38% of the total share capital, down by 3.97 percentage points from the previous quarter [1] Group 2 - In the public fund sector, there were two public funds that increased their holdings, accounting for an increase of 0.40%, while two public funds decreased their holdings by 0.33% [2] - Three new public funds were disclosed this period, while 283 public funds were not disclosed again, including major funds like Huashan Growth 50 ETF and Huaxia 5G Communication Theme ETF [2] Group 3 - For social security funds, there was an increase in holdings from one fund, the National Social Security Fund 103 Portfolio, with an increase of 0.10% [2] - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 2.63% [2]

Core Insights - The total trading volume of the ChiNext Index ETFs reached 6.76 billion yuan today, an increase of 1.8 billion yuan compared to the previous trading day, representing a growth rate of 36.3% [1] Trading Volume Summary - E Fund ChiNext ETF (159915) had a trading volume of 5.67 billion yuan, up 1.67 billion yuan from the previous day, with a growth rate of 41.84% [1] - Tianhong ChiNext ETF (159977) recorded a trading volume of 279 million yuan, an increase of 71.59 million yuan, with a growth rate of 34.51% [1] - GF ChiNext ETF (159952) saw a trading volume of 396 million yuan, up 38.43 million yuan, with a growth rate of 10.73% [1] - The top increases in trading volume were seen in Huaxia ChiNext ETF (159957) and E Fund ChiNext ETF (159915), with increases of 53.30% and 41.84% respectively [1] Market Performance - As of market close, the ChiNext Index (399006) rose by 0.73%, while the average increase of related ETFs tracking the ChiNext Index was 0.58% [1] - The best-performing ETFs included Harvest ChiNext Enhanced Strategy ETF (159675) and Industrial Bank ChiNext ETF (159958), which increased by 0.89% and 0.72% respectively [1] - The worst-performing ETF was BOCI ChiNext (159821), which decreased by 0.08% [1]

Core Viewpoint - Tianhong Fund has reported a decline in net profit despite a slight increase in revenue, indicating a troubling trend in its financial performance and competitive position within the industry [1][3][23]. Financial Performance - In the first half of 2025, Tianhong Fund achieved operating revenue of 2.78 billion yuan, a year-on-year increase of 4.01%, while net profit fell to 917 million yuan, a decrease of 2% [1]. - Historical performance shows a significant decline, with revenue and net profit dropping from 10.125 billion yuan and 3.069 billion yuan in 2018 to 5.394 billion yuan and 1.679 billion yuan in 2024, respectively [1]. Market Position - As of mid-2025, Tianhong Fund's management scale is 1.2 trillion yuan, ranking fifth in the industry, a significant drop from its previous top position [3]. - The fund's reliance on money market funds has led to structural issues, as these funds now account for approximately 70% of its total scale [4]. Product Performance - Tianhong's money market fund, Yu'ebao, has seen its annualized yield drop to 1.087% as of July 2025, ranking low among similar products [4]. - The scale of Yu'ebao has decreased from a peak of 1.69 trillion yuan in 2018 to 793.22 billion yuan by June 2025 [4]. Management and Strategy Issues - Frequent changes in leadership, with four different chairpersons in recent years, have raised concerns about the stability and long-term planning of Tianhong Fund [7][8]. - The new chairman, Huang Chenli, lacks extensive experience in the fund industry, which may affect investor confidence [8]. Regulatory Impact - Regulatory measures have forced Tianhong Fund to reduce the scale of Yu'ebao, reflecting concerns over systemic risks associated with large money market funds [8]. Competitive Landscape - Tianhong Fund faces increased competition as it no longer holds a unique position within the Ant Group ecosystem, leading to a shift from a "flow dividend" to "flow competition" [9]. - The fund's performance in equity funds has lagged behind industry averages, with stock and mixed fund returns consistently underperforming [10][12]. Talent and Management Challenges - The departure of key fund managers has weakened Tianhong Fund's research and investment capabilities, leading to a reliance on less experienced personnel [20][21]. - The fund's ETF business, which started late, struggles to compete with established players, and its product offerings face challenges in differentiation [17][18]. Conclusion - Tianhong Fund is experiencing significant challenges due to over-reliance on money market funds, management instability, and competitive pressures, which have collectively led to a decline in its market position and financial performance [23].

1. Report Information - Report Title: ETF Performance Tracking and Fund Flow Weekly Report (2025.09.08 - 2025.09.12) - Report Date: September 15, 2025 [1] 2. Core Viewpoints - This week, overseas ETF funds showed an overall outflow trend, with a significant decline compared to the previous two weeks, recording a net outflow of 0.60 billion yuan. Foreign investors' allocation attitude this week was inclined to wait - and - see. The electronics and computer sectors continued to attract attention, but short - term attention should still be paid to changes in overseas risk preferences and the support of domestic policies to confirm future trends [16] 3. Summary by Directory 3.1 Wide - based ETFs - **Fund Inflow/Outflow**: Some wide - based ETFs had significant fund inflows and outflows. For example, Tianhong ChiNext ETF had a fund inflow of 41.60 billion yuan, while Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF had a fund outflow of 41.89 billion yuan [4] - **Performance**: Different wide - based ETFs had varying weekly price changes. For instance, Tianhong ChiNext ETF had a weekly increase of 2.11%, and Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF had a 5.38% increase [4] 3.2 Industry Theme, Smart Beta, and Hong Kong Stock Connect ETFs - **Industry Theme ETFs**: The average weekly price change of industry theme ETFs varied across different sectors. The average weekly price change of some sectors reached up to 5.30%, while others were relatively lower [6] - **Smart Beta ETFs**: The average weekly price change of Smart Beta ETFs also showed differences among sectors such as technology, medicine, and finance. There were also corresponding fund inflows and outflows [10][12] - **Hong Kong Stock Connect ETFs**: The average weekly price change and fund inflow/outflow of Hong Kong Stock Connect ETFs were presented. For example, the average weekly price change of some Hong Kong Stock Connect ETFs was around 3.17% [28] 3.3 Equity ETFs - **Statistics**: The report provided statistics on the number, scale, and trading volume of equity ETFs corresponding to different indices. For example, the funds corresponding to the CSI 300 index had a total scale of 327.41 billion yuan, accounting for 30.28% of the total scale [14] 3.4 Overseas ETFs - **Overall Fund Flow**: Overseas ETFs had a net outflow of 0.60 billion yuan this week. In terms of style indices, CSI 500 and CSI 1000 attracted funds, while the ChiNext Index, SSE 50, CSI A500, and CSI 300 shifted from inflows to outflows, with the CSI 300 being significantly sold off [16] - **Industry - level Allocation**: At the industry level, the electronics and computer sectors received significant additional allocations, while sectors such as automobiles, power equipment, and banks showed net fund outflows [16] - **Individual Stock Allocation**: Some individual stocks like BYD and CATL saw fund withdrawals, while Shenghong Technology was the most - increased stock with an increase of 0.05 billion yuan [16][21]

Group 1 - The total trading volume of the ChiNext Index ETFs reached 12.412 billion yuan today, an increase of 2.607 billion yuan compared to the previous trading day, representing a growth rate of 26.59% [1] - Specifically, the E Fund ChiNext ETF (159915) had a trading volume of 9.856 billion yuan today, up by 1.489 billion yuan, with a growth rate of 17.79% [1] - The GF ChiNext ETF (159952) recorded a trading volume of 896 million yuan, an increase of 341 million yuan, with a growth rate of 61.42% [1] Group 2 - The Tianhong ChiNext ETF (159977) saw a trading volume of 512 million yuan today, increasing by 297 million yuan, with a remarkable growth rate of 137.38% [1] - The Bank of China Securities ChiNext ETF (159821) and the Fortune ChiNext ETF (159971) had significant increases in trading volume, with growth rates of 251.20% and 174.81% respectively [1] - The ChiNext Index (399006) closed down by 4.25%, while the average decline of related ETFs was 4.07%, with the Fortune ChiNext ETF (159971) and the Eastmoney ChiNext ETF (159205) experiencing the largest declines of 4.42% and 4.41% respectively [1]