Group 1 - The core viewpoint of the news is that the Shanghai 180 Index has shown a positive trend, with a notable increase in the manufacturing PMI, indicating a return to expansion after eight months [1] - The Shanghai 180 Index rose by 0.44%, with significant gains from constituent stocks such as Jiangxi Copper (up 9.91%) and Zijin Mining (up 5.09%) [1] - The recent market rally is attributed to a marginal easing of liquidity tightening expectations, which has led to a global risk asset recovery [1] Group 2 - The Shanghai 180 ETF closely tracks the Shanghai 180 Index, which consists of 180 large-cap and liquid stocks from the Shanghai market [2] - As of November 28, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 26.13% of the index, including major companies like Kweichow Moutai and Ping An Insurance [2] - The Shanghai 180 ETF has various connection funds available for investors, enhancing accessibility to the index [2]

截至2025年12月19日 11:12，上证180指数(000010)上涨0.54%，成分股中国中免(601888)上涨6.94%，药 明康德(603259)上涨3.55%，传音控股(688036)上涨3.18%，航发动力(600893)上涨2.84%，海光信息 (688041)上涨2.74%。上证180ETF指数基金(530280)上涨0.59%，最新价报1.2元。 数据来源：wind 消息面上，中央经济工作会议的召开为资本市场锚定发展方向。会议明确从促消费、增收入两端提振居 民消费能力，推动固定资产投资止跌回稳，提出适当增加中央预算内投资规模、发挥新型政策性金融工 具作用等举措，有望改善宏观经济基本面。同时，会议释放流动性宽松信号，提出灵活运用降准降息等 政策工具，叠加美联储如期降息且明年仍有降息空间，海外流动性宽松对人民币汇率掣肘减轻，预计将 为A股市场带来增量资金，利好宽基ETF表现。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况 ...

Core Viewpoint - The overall market sentiment remains cautiously optimistic, with no significant negative trends observed in the fundamental performance of key sectors, particularly in technology and growth stocks [1] Group 1: Market Performance - As of November 26, 2025, the Shanghai 180 Index rose by 0.30%, with notable increases in stocks such as Haiguang Information (3.95%) and Zhongke Shuguang (3.53%) [1] - The Shanghai 180 ETF Index Fund also saw a slight increase of 0.17%, marking its third consecutive rise [1] Group 2: Sector Analysis - The technology growth sector, including communications and semiconductors, continues to show strong performance, suggesting that recent market adjustments may be positioning for future gains [1] - Despite a slowdown in policy support compared to the first half of the year, the overall market remains in a loose monetary environment, which is expected to support recovery in the technology sector [1] Group 3: Investment Strategy - A "barbell strategy" is recommended for investment, suggesting to maintain positions in growth sectors like communications, semiconductors, and innovative pharmaceuticals while being cautious with short-term operations [1] - Defensive investments in dividend-paying sectors are advised to mitigate risks during market fluctuations [1] Group 4: Index Composition - The Shanghai 180 Index comprises 180 large-cap stocks selected for their market capitalization and liquidity, reflecting the overall performance of core listed companies in the Shanghai securities market [2] - As of October 31, 2025, the top ten weighted stocks in the index account for 26.29% of the total index, with notable companies including Kweichow Moutai and China Ping An [2]

Group 1 - Foreign institutional investors have increased their holdings in Chinese stocks, with the top 40 global investment institutions' holdings rising to 1.1%, the highest level since Q1 2023 [1] - Despite short-term market fluctuations, the long-term trend for the stock market remains bullish, with dividend and technology assets expected to yield excess returns [1] - The Shanghai Stock Exchange 180 Index employs a barbell strategy, consisting of 90% dividend and 10% technology assets, making it a favorable choice for equity market allocation [1] Group 2 - As of November 13, 2025, the Shanghai 180 Index has increased by 0.27%, with notable gains in stocks such as Zhaoyi Innovation (up 7.79%) and China Merchants Energy (up 5.41%) [2] - The Shanghai 180 ETF closely tracks the Shanghai 180 Index, which includes 180 securities selected for their large market capitalization and liquidity, reflecting the overall performance of core listed companies in the Shanghai securities market [2] - The top ten weighted stocks in the Shanghai 180 Index account for 26.29% of the index, with Kweichow Moutai being the largest at 4.21% [2][4]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The allocation of residents' assets is gradually increasing in the equity market, which is expected to benefit dividend assets first [1] - Technology assets represent the trend of economic development and have strong long-term growth certainty [1] - The Shanghai Stock Exchange 180 Index follows a barbell strategy with 90% in dividend and 10% in technology, making it a good choice for equity market allocation [1] Group 2: Index Performance - As of October 29, 2025, the Shanghai Stock Exchange 180 Index (000010) rose by 0.31%, with notable increases in component stocks such as Industrial Fulian (601138) up 7.37% and Huaneng International (600011) up 6.86% [1] - The Shanghai Stock Exchange 180 ETF Index Fund (530280) is experiencing a tug-of-war in the market, with the latest quote at 1.24 yuan [1] - Over the week leading up to October 28, 2025, the Shanghai Stock Exchange 180 ETF Index Fund accumulated a rise of 1.97%, ranking 1/10 among comparable funds [1] Group 3: Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange 180 Index (000010) include Kweichow Moutai (600519), Zijin Mining (601899), and others, accounting for a total of 26.75% of the index [2]

Core Viewpoint - The recent short-term market fluctuations do not alter the long-term bullish trend of the stock market, with dividend and technology assets expected to yield excess returns over time [1] Group 1: Market Trends - The long-term investment strategy emphasizes a barbell approach, combining dividend and technology assets, which are anticipated to benefit from increased equity market allocation by residents [1] - The Shanghai Stock Exchange 180 Index (000010) is structured with a 90% allocation to dividend assets and 10% to technology assets, making it a suitable choice for equity market investment [1] Group 2: Performance Data - As of October 16, 2025, the Shanghai Stock Exchange 180 Index rose by 0.45%, with notable increases in constituent stocks such as China Life (601628) up 4.37% and Zhaoyi Innovation (603986) up 4.17% [1] - The Shanghai 180 ETF Index Fund (530280) increased by 0.33%, with a current price of 1.23 yuan, and has shown a cumulative increase of 1.57% for the month as of October 15, 2025, ranking 1st among comparable funds [1] Group 3: Index Composition - The Shanghai 180 Index includes 180 large-cap, liquid stocks from the Shanghai market, with the top ten weighted stocks accounting for 26.75% of the index [2] - The top ten stocks by weight include Kweichow Moutai (600519), Zijin Mining (601899), and China Ping An (601318), among others [2][4]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The market is experiencing short-term volatility, but the long-term outlook remains positive, particularly for dividend and technology assets [1] - A barbell strategy is gaining attention, with a focus on increasing equity market allocation among residents [1] Group 2: Index Performance - As of September 26, 2025, the Shanghai 180 Index (000010) decreased by 0.18%, with mixed performance among constituent stocks [1] - The top-performing stocks included Seris (601127) with a 10.00% increase, while the worst performers were Hengrui Medicine (600276) down 3.75% and WuXi AppTec (603259) down 3.34% [1] Group 3: ETF Tracking - The Shanghai 180 ETF Index Fund closely tracks the Shanghai 180 Index, which selects 180 securities with large market capitalization and good liquidity from the Shanghai stock market [2] - As of August 29, 2025, the top ten weighted stocks in the Shanghai 180 Index accounted for 26.25% of the index, with Kweichow Moutai (600519) being the largest at 4.92% [2][4]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The allocation of residents' assets is gradually increasing in the equity market, which is expected to benefit dividend assets first [1] - Technology assets represent the trend of economic development and have strong long-term growth certainty [1] - The Shanghai Stock Exchange 180 Index follows a barbell strategy with 90% in dividend and 10% in technology, making it a good choice for equity market allocation [1] Group 2: Index Performance - As of September 23, 2025, the Shanghai Stock Exchange 180 Index (000010) decreased by 0.03%, with mixed performance among constituent stocks [1] - Notable gainers include Transsion Holdings (688036) up 4.00%, Industrial Fulian (601138) up 3.70%, and Ningbo Port (601018) up 2.97% [1] - The Shanghai Stock Exchange 180 ETF Index Fund (530280) fell by 0.25%, with the latest price at 1.2 yuan [1] - Over the past two weeks, the Shanghai Stock Exchange 180 ETF Index Fund has increased by 1.44%, ranking 1 out of 9 comparable funds [1] Group 3: Top Holdings - As of August 29, 2025, the top ten weighted stocks in the Shanghai Stock Exchange 180 Index (000010) include Kweichow Moutai (600519), Zijin Mining (601899), and others, accounting for a total of 26.25% [2] - The top ten stocks by weight are as follows: - Kweichow Moutai: -0.52%, 4.92% - Zijin Mining: 1.97%, 2.96% - China Ping An: -0.40%, 2.75% - Hengrui Medicine: 0.07%, 2.62% - China Merchants Bank: -0.29%, 2.62% - Yangtze Power: -0.15%, 2.28% - WuXi AppTec: 0.30%, 1.97% - Industrial Bank: -0.60%, 1.78% - SMIC: -1.10%, 1.67% - Beijing-Shanghai High-Speed Railway: -0.19%, 1.63% [4]

Core Viewpoint - The Shanghai 180 ETF index fund (530280) has seen significant net inflows of nearly 11 million yuan over the past five trading days, indicating a bullish trend despite seasonal divergences among investors [1][2]. Fund Performance - As of March 26, 2025, the Shanghai 180 Index (000010) decreased by 0.31%, with mixed performance among constituent stocks [1]. - The Shanghai 180 ETF index fund (530280) has experienced a cumulative increase of 3.21% since its inception [1]. - The fund's latest price is 1.03 yuan, with a trading volume of 14.42 thousand yuan and a turnover rate of 0.55% [1]. Fund Inflows and Growth - The Shanghai 180 ETF index fund recorded a net inflow of 463.14 thousand yuan recently, totaling 1,079.77 thousand yuan over the last five trading days [2]. - The fund has seen a significant growth in scale, with an increase of 10.53 million yuan over the past week, ranking it 1st among comparable funds [1]. - The fund's shares increased by 10.50 million shares in the past week, also ranking 1st among comparable funds [1]. Market Sentiment and Outlook - Recent market sentiment shows increased divergence among investors, with concerns about the upcoming April decisions and potential adjustments in the market [5]. - Factors contributing to investor concerns include the decline in AI and robotics enthusiasm, uncertainty in Q1 earnings reports, and potential impacts from U.S. tariff policies [5]. - Despite these concerns, analysts believe that the April decisions may only cause minor disturbances, as historical data suggests that market pricing has already accounted for some of these risks [5].