外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达1.90%。 公募基金方面，本期较上一期持股增加的公募基金共计7个，主要包括黄金股ETF、平安中证沪深港黄 金产业ETF、中欧中证沪深港黄金产业股票指数发起A、北信瑞丰丰利、北信瑞丰鼎利债券A等，持股 增加占比达0.66%。本期较上一季度持股减少的公募基金共计2个，包括南方中证500ETF、泰信景气驱 动12个月持有期混合A，持股减少占比小幅下跌。本期较上一季度新披露的公募基金共计2个，包括融 通增元债券A、泰信中证200指数。本期较上一季未再披露的公募基金共计799个，主要包括招商行业精 选股票、嘉实价值精选股票A、前海开源金银珠宝混合A、南方中证申万有色金属ETF、嘉实价值长青 混合A等。 对于社保基金，本期较上一期持股增加的社保基金共1个，即全国社保基金一一八组合，持股增加占比 达0.91%。 2025年10月25日，赤峰黄金(600988.SH)发布2025年第三季报。截至2025年10月24日，共有16个机构投 资者披露持有赤峰黄金A股股份，合计持股量达2.61亿股，占赤峰黄金总股本的13.71%。其中， ...

Group 1 - The article highlights that foreign institutions, represented by Barclays and UBS, are actively investing in A-shares and Hong Kong stocks across various sectors, including gold, innovative pharmaceuticals, and semiconductors, with several thematic ETFs achieving high returns this year [2][4][5] - As of the end of Q2, Barclays has become the largest holder in 31 ETFs, focusing on themes such as gold stocks and Hong Kong technology [4][6] - The performance of thematic ETFs has been notable, with the Ping An CSI Hong Kong Gold Industry ETF yielding over 60% and the Huatai-PB Hang Seng Innovative Pharmaceutical ETF exceeding 100% returns year-to-date [4][5] Group 2 - UBS has diversified its investments across over 100 ETFs, including sectors like building materials, green energy, and agriculture, in addition to popular themes [7][8] - Foreign institutions view the Chinese market as an independent asset class, driven by global asset allocation and domestic policy support, which is expected to inject strong momentum into A-shares and Hong Kong stocks [9][8] - The article notes that the "dual carbon" goals are driving global green energy reforms, while advancements in AI and computing power are leading a new wave of technological innovation, creating significant demand for upstream resources [9][8]

Core Viewpoint - Foreign institutions are diversifying their investments in the A-share and Hong Kong stock markets through ETFs, achieving substantial returns in various hot sectors such as gold, innovative pharmaceuticals, and semiconductors [1][2]. Group 1: Heavy Investment in Hot Sectors - Barclays Bank has become the largest holder of 31 ETFs by the end of Q2, focusing on sectors like gold stocks, Hong Kong technology, and innovative pharmaceuticals [1]. - The Ping An CSI Hong Kong and Shanghai Gold Industry ETF, where Barclays holds 1.3134 million shares, has seen a return rate exceeding 60% this year [2]. - The Huatai-PineBridge Hang Seng Innovative Pharmaceutical ETF, with Barclays and UBS as major holders, has achieved a return rate over 100% this year [2]. Group 2: Semiconductor Sector Performance - The semiconductor sector has shown strong performance, with Barclays significantly increasing its holdings in the Guolian An Kechuang Chip Design ETF, becoming the sixth-largest holder by the end of Q2 [3]. - UBS has also increased its stake in the Jiashi Shanghai Stock Exchange Star Market Chip ETF, moving from the eighth to the seventh-largest holder [3]. - Both ETFs have reported returns exceeding 60% and 50% respectively this year [3]. Group 3: Diversified Investment Strategies - UBS has appeared in the top ten holders of over 100 ETFs, indicating a diverse investment strategy that includes sectors like building materials, traditional Chinese medicine, green energy, and agriculture [3]. - Foreign institutions are also exploring investment opportunities in the Hong Kong market, including sectors like automotive, consumer goods, finance, and the internet [3]. Group 4: Continued Inflow of Foreign Capital - Allianz Fund's CIO stated that Chinese assets are now viewed as a standalone asset class, with expectations of continued foreign capital inflow if profit-making effects persist and fundamentals improve [4]. - The recent market uptrend is attributed to favorable funding conditions and a shift in global asset allocation, alongside a transfer of household savings [5]. - Factors such as China's technological competitiveness and the resolution of potential risks in real estate are contributing to the positive sentiment among foreign investors [5]. Group 5: Outlook on Key Sectors - The technology sector is expected to see significant improvements in fundamentals, leading to excess returns in Q3, particularly in semiconductor equipment and other key areas [6]. - The dual carbon goals are driving a global green energy revolution, while advancements in artificial intelligence are leading a new wave of technological innovation [6]. - These trends are expected to create substantial demand for upstream resource products, which have faced supply shortages due to low capital expenditure in recent years [6].

Group 1 - Foreign institutions, represented by Barclays and UBS, are heavily investing in A-shares and Hong Kong stocks across popular sectors such as gold, innovative pharmaceuticals, and semiconductors, while also extending their reach into niche areas like building materials and green energy [1][3] - As of the end of Q2, Barclays has become the largest holder in 31 ETFs, focusing on themes like gold stocks and Hong Kong technology [3] - The performance of ETFs such as the Ping An CSI Hong Kong and Shanghai Gold Industry ETF has exceeded 60% year-to-date, with Barclays emerging as a significant holder [3] Group 2 - The semiconductor sector has shown strong performance, with ETFs like the Guolian Anke Innovation Chip Design ETF and the Jiashi Shanghai Stock Exchange Innovation Board Chip ETF yielding returns of over 60% and 50% respectively this year [4] - UBS has been involved in over 100 ETFs, diversifying its investments into various sectors including building materials, traditional Chinese medicine, green energy, and agriculture [6] - Foreign institutions are optimistic about Chinese assets, viewing the market as an independent asset class, driven by global asset allocation and domestic policy support [8]

Group 1 - Foreign institutions, represented by Barclays and UBS, are actively investing in A-shares and Hong Kong stocks across various sectors, including gold, innovative pharmaceuticals, and semiconductors, as well as niche areas like building materials and green energy [1][4] - As of the end of Q2, Barclays has become the largest holder in 31 ETFs, focusing on themes such as gold stocks, Hong Kong technology, and innovative pharmaceuticals [2] - The Ping An CSI Hong Kong Gold Industry ETF, where Barclays is the largest holder with 1.3134 million shares, has seen a return of over 60% year-to-date as of September 1 [2] Group 2 - The Hong Kong innovative pharmaceutical sector has attracted significant foreign investment, with Barclays and UBS being the top two holders of the Huatai-PineBridge Hang Seng Innovative Pharmaceutical ETF, which has returned over 100% year-to-date [2] - The semiconductor sector has shown strong performance, with ETFs like the Guolian Anke Innovation Chip Design ETF and the Harvest CSI Star Market Chip ETF yielding returns of over 60% and 50% respectively [3] - UBS has appeared in the top ten holders of over 100 ETFs, diversifying its investments into various niche sectors such as building materials, traditional Chinese medicine, green energy, and agriculture [4] Group 3 - Foreign institutions view the Chinese market as an independent asset class, driven by global asset allocation and domestic asset transfer [5] - The recent market uptrend is supported by expectations of U.S. Federal Reserve interest rate cuts and positive domestic policies, which are anticipated to inject strong momentum into A-shares and Hong Kong stocks [5] - The dual carbon goals are driving global green energy reforms, while advancements in artificial intelligence and computing power are leading a new wave of technological innovation, creating significant demand for upstream resources [5]

Core Viewpoint - The report provides an overview of the performance and management of the Ping An CSI Hong Kong-Shenzhen Gold Industry ETF for the second quarter of 2025, highlighting its investment strategy, financial indicators, and compliance with regulations [1][2][3]. Fund Product Overview - Fund Name: Ping An CSI Hong Kong-Shenzhen Gold Industry ETF - Investment Objective: Aim to closely track the performance of the benchmark index with a target of keeping the average tracking deviation within 0.2% and annualized tracking error within 2% [1][2]. - Fund Management: Managed by Ping An Fund Management Co., Ltd. and custodied by China Postal Savings Bank [1][2]. Investment Strategy - The fund employs a full replication method to construct its stock portfolio based on the composition and weight of the benchmark index [2]. - Risk control targets include maintaining an average tracking deviation of less than 0.2% and an annualized tracking error not exceeding 2% [2]. Financial Indicators and Fund Performance - As of the end of the reporting period, the fund's net asset value per share was 1.2093 RMB, with a net value growth rate of 12.44% compared to a benchmark return of 11.04% [8]. - The fund's total shares at the end of the reporting period were 27,411,691 [4][8]. Investment Portfolio Report - The fund's total assets included 92.50% in stocks, with a fair value of 31,594,428.96 RMB [9]. - The fund invested 30.76% of its net value in Hong Kong stocks through the Stock Connect mechanism, amounting to 10,195,135.46 RMB [9]. Industry Allocation - The fund's investments were primarily in the mining industry, accounting for 48.37% of the total net asset value, followed by manufacturing at 11.49% [10][11]. - The fund did not hold any domestic stocks or bonds at the end of the reporting period [15]. Share Changes - The total number of shares at the beginning of the reporting period was 24,411,691, with total subscriptions of 50,000,000 and redemptions of 47,000,000 during the period [12]. - The total shares at the end of the reporting period increased to 27,411,691 [12]. Compliance and Governance - The fund management adhered to relevant laws and regulations, ensuring no harm to the interests of fund shareholders during the reporting period [7]. - There were no abnormal trading activities reported during the period [7].