策略说明: · 恒泰证券研究所基于策略报告《行业轮动下的策略组合报告:基于行业风格延续和切 换视角下的定量分析》(20241007)和《股票型ETF市场概览与配置方法研究:以基于 行业轮动策略的ETF组合为例》（20241013）,构建基于行业和主题ETF的策略组合。 恒泰证券 HENGTAI SECURITIES 研究所 行业轮动ETF策略周报 (20250818-20250824) 证券研究报告·策略周报 证券分析师:张一 S0670524030001 010-83270999-97050 zhangy i@cnht. com. cn 2025年8月25日 证券分析师:李杜 S0670524040001 021-50800937 l idu@cnht. com. cn 图表3: 行业轮动ETF策略建仓以来累计收益率(20241014-20250822) 策略更新: | 基金代码 | ETF名称 | ETF市值 | 持有情况 | 重仓申万 行业 | | 周度择时信号 日度择时信号 | | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | | 及权重 ...

Strategy Overview - Hengtai Securities has developed an ETF strategy based on industry rotation and thematic investments, referencing previous reports from October 2024[2] - The strategy includes a combination of industry and thematic ETFs to optimize investment performance[2] ETF Holdings and Performance - The total value of the ETFs held is approximately 144.96 billion CNY, with significant allocations in sectors such as communication equipment (73.61%) and gaming (81.29%)[3] - The strategy achieved a cumulative net return of about 2.04% from August 11 to August 15, 2025, underperforming the CSI 300 ETF by 0.64%[3] - Since October 14, 2024, the strategy's cumulative return is approximately 9.26%, with an underperformance of 1.20% relative to the CSI 300 ETF[3] Weekly Recommendations - For the week of August 18 to August 22, 2025, the recommended sectors include communication equipment, precious metals, and gaming[12] - New positions will be added in communication equipment ETF, industrial metals ETF, and innovative pharmaceuticals ETF, while continuing to hold positions in gold stocks, gaming ETF, and satellite ETF[12] Risk Considerations - There is a risk of rapid style shifts within a week, which could impact ETF performance[7] - Some ETFs may experience abnormal increases in discount rates, posing additional risks to investors[7]

Group 1 - The ETF market showed mixed performance with the Asia-Pacific Select ETF (159687) leading gains at 3.95% [1] - The Industrial Nonferrous ETF (560860) increased by 2.89%, while the Nonferrous 50 ETF (159652) rose by 2.71% [1] - The banking ETFs experienced declines, with the Banking ETF Fund (515020) down by 2.84%, the Southern Banking ETF (512700) falling by 2.81%, and the Banking ETF Index Fund (516210) decreasing by 2.8% [1]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.21%, while the Shenzhen Component Index rose by 0.85% and the ChiNext Index increased by 1.16% [1] - The total market turnover reached 10,137 billion, an increase of 111 billion compared to the previous day, with over 3,600 stocks rising [1] ETF Performance - The Industrial Metal ETF (560860) led the gains with an increase of 3.12%, followed by the Nonferrous Metal 50 ETF (159652) at 3.02%, and the Communication ETF (515880) at 2.95% [2] - Other notable ETFs included the Communication Equipment ETF (159583) with a rise of 2.87% and the Nonferrous Metal ETF Fund (159880) increasing by 2.85% [2] Xiaomi's New Car Launch - Xiaomi's new car model, the YU7, was launched during the "Xiaomi Car and Home Ecosystem" conference, achieving over 200,000 pre-orders within 3 minutes and surpassing 289,000 pre-orders in the first hour [2][3] - Analysts from Guojin Securities believe that the YU7, with its long range and fast charging capabilities, is likely to secure a position in the mid-to-large pure electric SUV market, indicating strong sales potential [3]