Group 1: ETF Market Overview - As of January 23, 2026, there are 1,419 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 57,783.49 billion [2] - The breakdown includes 1,102 stock ETFs (35,709.89 billion), 53 bond ETFs (7,345.75 billion), 27 money market ETFs (1,548.63 billion), 17 commodity ETFs (3,081.67 billion), 208 cross-border ETFs (10,023.22 billion), and 12 unlisted ETFs (74.34 billion) [2] Group 2: Recent ETF Listings and Performance - From January 19 to January 23, 2026, eight new stock ETFs were listed, including two battery-themed ETFs and six others related to chip design [3] - Nine new ETFs were established during the same period, with a total issuance scale of 4.416 billion [3] - The median weekly return for stock ETFs was 0.88%, with the gold stock ETF showing the highest increase of 13.17%, while the semiconductor ETF experienced a decline of 3.86% [4] Group 3: PB-ROE Framework and Strategy - The PB-ROE framework categorizes industries into six quadrants, focusing on high PB and high ROE industries in the third quadrant and low PB and medium ROE industries in the fifth quadrant [5] - Backtesting from 2017 to February 2024 shows that only the third and fifth quadrants achieved excess returns, with annualized excess returns of 4.27% and 1.55%, respectively [5] - A combined PB-ROE ETF rotation strategy yielded an annualized return of 11.93% and an annualized excess return of 13.22%, with a cumulative return of 27.65% since 2023, outperforming the CSI 300 index by 6.19% [6][7] Group 4: Investment Recommendations - The report recommends focusing on the communication, agriculture, forestry, animal husbandry, fishery, and transportation sectors, corresponding to their respective industry ETFs [7] - Additionally, the report suggests attention to breeding ETFs, satellite ETFs, pharmaceutical ETFs, securities ETFs, and AI-themed ETFs for the upcoming week [9]

Group 1 - The core viewpoint from various public funds, including Cathay, Zhongou, Great Wall, and Founder Fubon, indicates that the A-share market is expected to transition from a phase of single valuation recovery to a new stage of profit and valuation resonance, with an overall positive investment outlook for the coming year [1] - The three major A-share indices showed mixed performance on December 29, with the Shanghai Composite Index rising by 0.04% to 3965.28 points, marking its ninth consecutive day of gains, while the Shenzhen Component Index and the ChiNext Index fell by 0.49% and 0.66%, respectively [1] Group 2 - On December 29, six new funds were launched, primarily equity and bond funds, with the Guangfa Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF aiming to raise 80 billion yuan [2] - As of November 2025, the total managed scale of 165 public fund institutions reached 37.02 trillion yuan, marking a significant milestone as it surpassed 37 trillion yuan for the first time, with an annual increase of over 3.9 trillion yuan [2] - The technology sector is witnessing a shift as leading companies like Xinyi, Cambrian, Zhongji Xuchuang, and ZTE are attracting significant public fund investments, indicating a transition from speculative narratives to sustainable cash flow as new core assets [2]

Group 1 - The core viewpoint of the article highlights a decrease in new fund issuance, with only 8 new funds launched during the last week of 2025, all of which are equity-related products [2][3] - The new funds include 4 equity funds and 2 mixed secondary bond funds, indicating a continued focus on equity investments despite a cooling bond market [3][4] - The longest subscription period for the new funds is approximately three months, while some funds have a subscription period as short as one day [2][3] Group 2 - Among the 8 new funds, 4 have set clear fundraising targets, with the highest being 80 million units for the Guangfa STAR Market Chip ETF and 60 million units for the Zhongyin Securities Anyi fund [3] - The new funds primarily focus on sectors such as technology and digital economy, with several funds tracking industry-specific indices [3][4] - The article notes that the bond market's profitability is declining, leading to a decrease in bond fund issuance, although "fixed income +" funds continue to be introduced [3]

Core Viewpoint - The new fund issuance in the last week of 2025 saw a decrease, with only 8 new funds launched, all of which are "equity" products, indicating a continued focus on equity funds despite a turbulent market environment [2][5]. Fund Issuance Overview - In the week of December 29 to December 31, only 8 new funds were launched, marking a decline in the number of new fund issuances [2][3]. - The issuance was concentrated on December 29, with 4 funds starting their subscription, while December 30 and 31 saw 2 funds each [4]. - The longest subscription period was for the Qianhai Kaiyuan Xinghe fund, lasting around 3 months, while some funds had a subscription period as short as 1 day [4]. Fund Types and Focus - All 8 new funds are categorized as "equity" products, with 2 being mixed secondary bond funds and the rest being equity funds [6]. - Among the new funds, 4 are index equity funds tracking specific industry indices, focusing on sectors like semiconductor and artificial intelligence [7]. - The active equity funds include the Dachen Hong Kong Stock Hengxin, a QDII mixed fund targeting the Hong Kong market, and the Shanzheng Asset Management Digital Economy fund, focusing on the digital economy sector [7]. Bond Market Trends - The bond market's profitability has weakened, leading to a continued decline in bond fund issuances; however, "fixed income +" funds are still being introduced [8]. - This week saw the launch of 2 mixed secondary bond funds, indicating some activity in the bond fund space despite the overall downturn [8].

Group 1 - The Guangfa Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (589163) will be available for subscription from December 29, 2025, to January 16, 2026, with a maximum initial fundraising scale of 8 billion yuan [1] - The fund will be managed by Guangfa Fund, with Luo Guoqing serving as the fund manager [1] - The performance benchmark for the fund is the return rate of the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index [1]

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Viewpoints of the Report - Last week (from December 22, 2025, to December 26, 2025), the median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500ETF had the highest return with a median increase of 4.04%. By sector, the cyclical ETF had the highest return with a median of 5.37%. By theme, the new energy vehicle ETF had the highest return with a median of 7.17% [1][13]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan, and the overall scale increased by 132.202 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan; by sector, the consumer ETF had the least net redemption of 580 million yuan; by hot theme, the pharmaceutical ETF had the largest net subscription of 408 million yuan [2][30][36]. 3. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500, STAR Market, ChiNext, CSI 1000, A500, SSE 50, and SSE 300 ETFs had median returns of 4.04%, 4.00%, 3.92%, 3.78%, 2.75%, 1.96%, and 1.41% respectively. The median returns of commodity, cross - border, bond, and money - market ETFs were 3.59%, 0.16%, 0.13%, and 0.02% respectively [13]. - By sector, the median returns of cyclical, technology, large - financial, and consumer - sector ETFs were 5.37%, 3.93%, 1.50%, and - 0.16% respectively. By theme, the new energy vehicle, military, and photovoltaic ETFs had relatively strong performance with median returns of 7.17%, 5.84%, and 5.38% respectively, while the bank, liquor, and pharmaceutical ETFs had relatively weak performance with median returns of - 0.89%, - 0.79%, and - 0.16% respectively [19]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.8155 trillion yuan, 970.1 billion yuan, and 804.6 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 257 billion yuan and 177.9 billion yuan respectively. Among broad - based ETFs, the SSE 300 and A500ETFs had larger scales of 1.1944 trillion yuan and 299.7 billion yuan respectively [21]. - By sector, the technology - sector ETF had a scale of 430.5 billion yuan, followed by the cyclical - sector ETF with a scale of 215.9 billion yuan. The large - financial and consumer ETFs had relatively smaller scales of 197.6 billion yuan and 185.5 billion yuan respectively. By hot theme, the chip, securities, and pharmaceutical ETFs had the highest scales of 148 billion yuan, 141 billion yuan, and 101.9 billion yuan respectively [24][25]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan and the overall scale increased by 132.202 billion yuan; money - market ETFs had a net redemption of 8.324 billion yuan and the overall scale decreased by 8.307 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan, and its scale increased by 56.639 billion yuan; the SSE 300ETF had the largest net redemption of 5.897 billion yuan [30]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500ETFs were at the 83.92%, 86.40%, 97.69%, 95.55%, 63.15%, and 97.86% quantiles respectively, and the price - to - book ratios were at the 64.26%, 72.88%, 99.59%, 65.46%, 63.64%, and 97.86% quantiles respectively. Compared with the previous week, the valuation quantiles of the A500ETF increased significantly [37]. - Among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; by sector, the consumer and large - financial ETFs had relatively moderate valuation quantiles; by sub - theme, the liquor and new energy vehicle ETFs had relatively low valuation quantiles [44]. ETF Margin Trading and Short Selling - As of last Thursday, the margin balance of equity ETFs increased from 47.637 billion yuan in the previous week to 47.882 billion yuan, and the short - selling volume decreased from 2.44 billion shares in the previous week to 2.433 billion shares. Among the top 10 ETFs in terms of average daily margin purchases and short - selling volumes, the STAR Market ETF and the securities ETF had relatively high average daily margin purchases, and the CSI 1000ETF and the SSE 300ETF had relatively high average daily short - selling volumes [4][45][52]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked in the top three in terms of the total scale of listed non - money ETFs. This week, two ETFs, GF SSE STAR Market Chip ETF and Huabao SSE STAR Market Chip ETF, will be issued [5][56].

Report Summary 1. Investment Rating of the Industry The document does not mention the investment rating of the industry. 2. Core Viewpoints - Last week (from December 22, 2025, to December 26, 2025), the median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500ETF had the highest return; among sector ETFs, the cyclical ETF had the highest return; among hot - topic ETFs, the new energy vehicle ETF had the highest return [1][13][59]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription; among sector ETFs, the consumer ETF had the smallest net redemption; among theme ETFs, the pharmaceutical ETF had the largest net subscription [2][30][36][59]. - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked top three in the total scale of listed non - monetary ETFs. This week, two ETFs, GF Shanghai Stock Exchange Science and Technology Innovation Chip ETF and Huabao Shanghai Stock Exchange Science and Technology Innovation Chip ETF, will be issued [5][53][59]. 3. Summary by Directory ETF Performance - The median weekly return of equity ETFs was 2.75%. The median returns of CSI 500, STAR Market, ChiNext, CSI 1000, A500, SSE 50, and SSE 500 ETFs were 4.04%, 4.00%, 3.92%, 3.78%, 2.75%, 1.96%, and 1.41% respectively. The median returns of commodity, cross - border, bond, and money - market ETFs were 3.59%, 0.16%, 0.13%, and 0.02% respectively [1][13]. - By sector, the median returns of cyclical, technology, large - finance, and consumer sector ETFs last week were 5.37%, 3.93%, 1.50%, and - 0.16% respectively. By hot - topic classification, the median returns of new energy vehicle, military, and photovoltaic ETFs were 7.17%, 5.84%, and 5.38% respectively, showing relative strength, while those of bank, liquor, and pharmaceutical ETFs were - 0.89%, - 0.79%, and - 0.16% respectively, showing relative weakness [19]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.8155 trillion yuan, 970.1 billion yuan, and 804.6 billion yuan respectively. Among broad - based ETFs, the SSE 500 and A500ETFs had relatively large scales [21]. - By sector, the scale of the technology sector ETF was 430.5 billion yuan, followed by the cyclical sector ETF with 215.9 billion yuan. The scales of large - finance and consumer ETFs were relatively small [24]. - By hot - topic, the scales of chip, securities, and pharmaceutical ETFs were the highest, reaching 148 billion yuan, 141 billion yuan, and 101.9 billion yuan respectively [25]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan and a total scale increase of 132.202 billion yuan; money - market ETFs had a net redemption of 83.24 billion yuan and a total scale decrease of 83.07 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan, and the SSE 500ETF had the largest net redemption of 58.97 billion yuan [30]. - By sector, the consumer ETF had the smallest net redemption of 580 million yuan last week, and the technology ETF had the largest net redemption of 6.453 billion yuan. By hot - topic, the pharmaceutical ETF had the largest net subscription of 408 million yuan, and the chip ETF had the largest net redemption of 6.68 billion yuan [32][33]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the SSE 50, SSE 500, CSI 500, CSI 1000, ChiNext, and A500ETFs were at the 83.92%, 86.40%, 97.69%, 95.55%, 63.15%, and 97.86% quantile levels respectively, and the price - to - book ratios were at the 64.26%, 72.88%, 99.59%, 65.46%, 63.64%, and 97.86% quantile levels respectively. Compared with the previous week, the valuation quantile of the A500ETF increased significantly [37]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumer, and technology sector ETFs were at the 81.53%, 31.82%, 28.61%, and 94.39% quantile levels respectively, and the price - to - book ratios were at the 77.91%, 56.60%, 35.86%, and 90.52% quantile levels respectively. Compared with the previous week, the valuation quantile of the cyclical ETF increased significantly [38]. - Overall, among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; among sectors, the consumer and large - finance ETFs had relatively moderate valuation quantiles; among sub - themes, the liquor and new energy vehicle ETFs had relatively low valuation quantiles [44]. ETF Margin Trading and Short Selling - As of last Thursday, the margin trading balance of equity ETFs increased from 47.637 billion yuan in the previous week to 47.882 billion yuan, and the short - selling volume decreased from 2.44 billion shares in the previous week to 2.433 billion shares. Among the top 10 ETFs with the highest average daily margin buying amount and short - selling volume, the STAR Market ETF and the securities ETF had relatively high average daily margin buying amounts, and the CSI 1000ETF and the SSE 500ETF had relatively high average daily short - selling volumes [45][50][51]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked top three in the total scale of listed non - monetary ETFs. Huaxia had high management scales in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs; E Fund had high management scales in scale index ETFs and cross - border ETFs; Huatai - PineBridge had high management scales in scale index ETFs and theme, style, and strategy index ETFs [53]. - Five new ETFs were established last week, and two ETFs, GF Shanghai Stock Exchange Science and Technology Innovation Chip ETF and Huabao Shanghai Stock Exchange Science and Technology Innovation Chip ETF, will be issued this week [56].

Core Insights - 16 hard technology-themed funds, including the GF SSE STAR Chip ETF and GF SSE STAR Chip Design Theme ETF, have been approved, indicating a strong focus on semiconductor and AI sectors, which enhances investment opportunities in the semiconductor industry chain [1][2] Group 1: Fund Overview - The GF SSE STAR Chip ETF closely tracks the SSE STAR Chip Index (000685.SH), which selects companies involved in the semiconductor materials, design, manufacturing, packaging, and testing sectors, reflecting the overall performance of the semiconductor industry on the STAR Market [2] - As of November 21, the top three industries in the index by weight are digital chip design (50.0%), semiconductor equipment (17.5%), and integrated circuit manufacturing (15.6%), with leading companies like Haiguang Information and SMIC making up over 60% of the index [2] - The index has shown a cumulative increase of 138.78% since its base date (December 31, 2019), with a year-to-date increase of 47.40%, indicating strong growth momentum and potential for excess returns [2] Group 2: Chip Design Focus - The GF SSE STAR Chip Design Theme ETF targets the chip design sector, tracking the SSE STAR Chip Design Theme Index (950162.CSI), which includes companies engaged in chip design on the STAR Market [3] - The index has a high concentration in digital chip design, with over 80% weight in this sector, featuring leading companies like Cambricon and Lattice Semiconductor among its top ten constituents [3] - Since its base date (December 31, 2019), the index has achieved a cumulative increase of 68.60%, with a year-to-date increase of 45.00%, highlighting investment opportunities in the high-growth chip design segment [3] Group 3: Company Performance - GF Fund Management has launched six products focused on STAR Market indices, covering mainstream indices like STAR 50, STAR 100, and STAR 200, as well as popular thematic indices such as STAR Growth and STAR AI [3] - In terms of scale and liquidity, the STAR 50 ETF and AI-themed ETFs rank among the top in their categories, while the STAR 100 Enhanced ETF has delivered a return of 43.21% from the beginning of the year to November 21, outperforming the STAR 100 index's 37.83% increase during the same period [3] - The performance of the STAR 100 Enhanced ETF places it first among 13 ETFs tracking the same index, demonstrating GF Fund Management's expertise in STAR Market investments [3]

Core Insights - 16 hard technology-themed funds, including the GF SSE STAR Chip ETF and GF SSE STAR Chip Design Theme ETF, have been approved, indicating a strong market focus on semiconductor and AI sectors [1][2] - The approval of these funds is seen as a move to channel resources into hard technology fields, enhancing capital market support for technological innovation and the real economy [1] Group 1: Fund Details - The GF SSE STAR Chip ETF tracks the SSE STAR Chip Index (000685.SH), which includes companies across the semiconductor value chain, reflecting the overall performance of the chip industry [1] - As of November 21, the top three industries in the index by weight are digital chip design (50.0%), semiconductor equipment (17.5%), and integrated circuit manufacturing (15.6%) [1] - The index has shown a cumulative increase of 138.78% since its base date (December 31, 2019), with a year-to-date increase of 47.40% [1] Group 2: Chip Design Focus - The GF SSE STAR Chip Design Theme ETF focuses specifically on the chip design sector, tracking the SSE STAR Chip Design Theme Index (950162.CSI) [2] - The index has a high concentration in digital chip design, with over 80% weight in this area, featuring leading companies like Cambricon and Montage Technology [2] - Since its base date (December 31, 2019), the index has achieved a cumulative increase of 68.60%, with a year-to-date increase of 45.00% [2] Group 3: Company Performance - GF Fund Management has launched six products focused on the STAR Market indices, covering major indices like STAR 50, STAR 100, and popular thematic indices such as AI [3] - The STAR 50 ETF (588060) and AI ETF (588760) rank among the top in terms of scale and liquidity within their categories [3] - The STAR 100 Enhanced ETF (588680) has delivered a return of 43.21% year-to-date as of November 21, outperforming the STAR 100 index's 37.83% increase, ranking first among 13 similar ETFs [3]