Core Insights - Two stock ETFs have recently announced their listing, with the Southern CSI Battery Theme ETF holding a stock position of 19.92% and the Tianhong SSE Sci-Tech Innovation Board Chip Design Theme ETF holding a stock position of 0.24% [1] ETF Listings and Positions - A total of 20 stock ETFs have announced listings since January, with an average stock position of 21.95%. The highest position is held by the Penghua CSI General Aviation Theme ETF at 65.79%, followed by the Xingquan CSI 300 Quality ETF at 62.01%, the Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF at 40.68%, and the Growth Enterprise Board New Energy ETF at 39.69%. The lowest positions are held by the Tianhong SSE Sci-Tech Innovation Board Chip Design Theme ETF at 0.24%, the Penghua CSI All-Index Food ETF at 0.40%, and the E Fund CSI Hong Kong Stock Connect Medical Theme ETF at 4.78% [1] Fundraising and Share Statistics - The average fundraising for the ETFs announced in January is 367 million shares, with the largest being the Xingquan CSI 300 Quality ETF at 1.157 billion shares, followed by the Huabao CSI All-Index Electric Utility ETF at 719 million shares, and the Tianhong SSE Sci-Tech Innovation Board Chip Design Theme ETF at 607 million shares [1] Institutional Investor Holdings - Institutional investors hold an average of 9.32% of the shares in these ETFs, with the highest proportions in the Ping An Hang Seng China Central Enterprise Dividend ETF at 25.59%, the Penghua CSI General Aviation Theme ETF at 21.34%, and the Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF at 20.28%. The lowest proportions are in the Huabao CSI All-Index Electric Utility ETF at 1.35%, the E Fund SSE Sci-Tech Innovation Board Chip Design Theme ETF at 1.73%, and the Tianhong SSE Sci-Tech Innovation Board Chip Design Theme ETF at 1.78% [2]

Core Viewpoint - Two stock ETFs have announced their listing, with the latest positions showing that the ICBC New Energy ETF has a stock position of 39.69% and the Huabao CSI All Share Utilities ETF has a stock position of 20.33% [1] Group 1: ETF Listings and Positions - A total of 17 stock ETFs have announced listings since January, with an average position of 23.34%. The highest position is held by the Penghua CSI General Aviation Theme ETF at 65.79% [1] - Other ETFs with significant positions include the Xingquan CSI 300 Quality ETF at 62.01%, the Jianxin ChiNext Composite Enhanced Strategy ETF at 40.68%, and the ICBC New Energy ETF at 39.69% [1] - The lowest positions are seen in the Penghua CSI All Share Food ETF at 0.40%, the E Fund CSI Hong Kong Stock Connect Medical Theme ETF at 4.78%, and the Guotai CSI Hong Kong Stock Connect Internet ETF at 4.80% [1] Group 2: Fundraising and Institutional Holdings - The average fundraising for the ETFs listed in January is 351 million shares, with the largest being the Xingquan CSI 300 Quality ETF at 1.157 billion shares, followed by the Huabao CSI All Share Utilities ETF at 719 million shares and the Ping An Hang Seng China Central Enterprises Dividend ETF at 514 million shares [1] - Institutional investors hold an average of 10.48% of the shares, with the highest proportions in the Ping An Hang Seng China Central Enterprises Dividend ETF at 25.59%, the Penghua CSI General Aviation Theme ETF at 21.34%, and the Jianxin ChiNext Composite Enhanced Strategy ETF at 20.28% [2] - ETFs with lower institutional holdings include the Huabao CSI All Share Utilities ETF at 1.35%, the E Fund Shanghai Stock Exchange Sci-Tech Innovation Board Chip Design Theme ETF at 1.73%, and the Huabao CSI Hong Kong Stock Connect Medical Theme ETF at 4.46% [2]

Core Viewpoint - Three stock ETFs have recently published listing announcements, with varying stock positions indicating different investment strategies and market conditions [1] Group 1: ETF Stock Positions - The stock position of the GF Guozhen Industrial Software Theme ETF is 31.04% [1] - The stock position of the E Fund Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme ETF is 5.36% [1] - The stock position of the E Fund CSI Hong Kong Stock Connect Medical Theme ETF is 4.78% [1] - The highest stock position among newly listed ETFs is 65.79% for the Penghua CSI General Aviation Theme ETF [1] - Other notable stock positions include 62.01% for the Xingquan CSI 300 Quality ETF, 40.68% for the Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF, and 35.10% for the Huaxia CSI All-Share Food ETF [1] Group 2: ETF Fundraising and Investor Structure - Since January, 15 stock ETFs have announced listings, with an average fundraising of 333 million shares [2] - The largest fundraising amounts are 1.157 billion shares for the Xingquan CSI 300 Quality ETF, 514 million shares for the Ping An Hang Seng China Central Enterprise Dividend ETF, and 300 million shares for the E Fund CSI Engineering Machinery Theme ETF [2] - Institutional investors hold an average of 11.17% of the shares, with the highest proportions being 25.59% for the Ping An Hang Seng China Central Enterprise Dividend ETF, 21.34% for the Penghua CSI General Aviation Theme ETF, and 20.28% for the Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF [2]

Group 1 - The industrial software sector is expected to benefit from multiple favorable opportunities, with the launch of the GF National Industrial Software Theme ETF aimed at providing investors with easy access to core assets in domestic "intelligent manufacturing" [1] - Industrial software is considered the "digital foundation" of modern industrial systems and a key indicator of a country's manufacturing strength, with policies targeting the update of approximately 2 million sets of industrial software by 2027 [1] - The current core industrial software market is dominated by international giants, while domestic companies are enhancing product capabilities through continuous R&D investment and mergers and acquisitions [1] Group 2 - The GF National Industrial Software Theme ETF closely tracks the National Industrial Software Theme Index, focusing on 50 listed companies involved in industrial R&D design, production informatization, and enterprise management [2] - The index has a high concentration of top components, with the top ten stocks accounting for nearly 58% of the total weight, and small-cap stocks under 5 billion yuan dominate the index [2] - The National Industrial Software Theme Index has seen a cumulative increase of over 200% since its inception, with a year-to-date return of 18.49% as of November 30 [2]

Group 1: Market Overview - The Central Economic Work Conference has prioritized "domestic demand as the main driver" as the top task for next year, emphasizing actions to boost consumption, increase income for urban and rural residents, and upgrade "two new" policies [1] - On December 15, A-shares experienced a "V"-shaped trading pattern, with the Shanghai Composite Index closing down 0.55% at 3867.92 points, the Shenzhen Component Index down 1.1% at 13112.09 points, and the ChiNext Index down 1.77% at 3137.8 points, with total market turnover of 1.79 trillion yuan, a decrease of 324.6 billion yuan from the previous trading day [1] Group 2: Fund News - On December 15, 17 new funds were launched, primarily equity and mixed funds, with the GF National Industrial Software Theme ETF aiming to raise 8 billion yuan; 35 funds distributed dividends, with the highest being 2.3473 yuan per 10 shares for the Huashang Advantage Industry Flexible Allocation Mixed Fund [2] - As of December 15, 138 public fund institutions have made 8546 self-purchases this year, with a net subscription amount of 255.09 billion yuan, a 1733.71% increase compared to the same period in 2024, involving 1561 funds [2] - On December 11, Morgan Stanley announced a suspension of large subscriptions for two QDII products, reducing the subscription limit to 100 yuan or 10 USD; within half a month, 25 QDII products tightened subscription thresholds, indicating a trend of high premiums and tight quotas as the year-end approaches [2][3] Group 3: ETF Market - As of December 15, the total share of domestic ETFs reached 33 trillion shares, with a total scale of 5.78 trillion yuan, reflecting a net increase of over 2 trillion yuan since the beginning of the year, marking a historic growth rate [3] - The surge in ETF scale is attributed to product innovation and changes in investor structure, with significant demand from long-term funds such as insurance and pensions being the primary driver; ETFs are becoming the preferred tool for institutions to allocate to the equity market [3]

Core Viewpoint - The Central Economic Work Conference emphasizes the need for "stability while seeking progress and improving quality and efficiency" in China's economic work for the coming year, highlighting innovation and reform as dual engines for high-quality economic development [1] Industry Development - The current core industrial software market is dominated by international giants, presenting significant opportunities for domestic replacements. Local firms are enhancing product capabilities through continuous R&D investment and mergers and acquisitions [2] - The Chinese industrial software market is projected to reach approximately 319.7 billion yuan in 2024, with a growing global market share. AI empowerment is accelerating the iteration of industrial software, providing development momentum for the industry [2] Policy and Market Opportunities - Recent top-level policies have set a target to update around 2 million sets of industrial software by 2027, providing clear growth opportunities for the market. The demand for digital transformation among enterprises is driving industrial software as a core tool for cost reduction and efficiency improvement [1][2] ETF Overview - The Guangfa National Industrial Software Theme ETF (159145) closely tracks the National Industrial Software Theme Index (980034), focusing on the A-share industrial software industry chain and selecting 50 listed companies involved in industrial R&D design, production informatization, and enterprise management [2] - The index has a high concentration of top components, with the top ten stocks accounting for nearly 58% of the total weight. Stocks with a market capitalization below 50 billion yuan represent over 90% of the index's weight, highlighting a small-cap growth style [2] Performance Metrics - The R&D investment ratio of the index's constituent stocks has been steadily increasing from 2022 to the first three quarters of 2025, laying a solid foundation for long-term profit growth. The National Industrial Software Theme Index has risen over 200% since its inception, with a year-to-date return of 18.49% as of November 30, 2025 [2]

Group 1: Fund News - Bank of China Fund announced a new chairman, Liu Xinqun, effective from December 10, with Zhang Jiawen no longer serving in that role [1] - The first batch of AI-themed ETFs tracking the CSI Innovation and Entrepreneurship Artificial Intelligence Index officially launched on December 11, with E Fund and Huatai-PB Fund announcing the effectiveness of their respective ETFs [2] - The total scale of ETFs in the Shanghai market reached 4.1 trillion yuan by the end of November, an increase of 1.35 trillion yuan from the beginning of the year, representing a growth rate of 50% [3] Group 2: Fund Manager Activities - Zhu Shaoxing reduced his holdings in Xingyu Co., with the latest disclosure showing his fund holding 2 million shares as of December 10, down by 1 million shares from the end of the third quarter [4] Group 3: ETF Market Review - The market rebounded, with the Shanghai Composite Index rising by 0.41%, the Shenzhen Component Index by 0.84%, and the ChiNext Index by 0.97%. The total trading volume in both markets was 2.09 trillion yuan, an increase of 235.1 billion yuan from the previous trading day [4] - The semiconductor sector showed strong performance, with stocks like Yaxin Integration hitting the daily limit and related ETFs rising by as much as 5% [4] Group 4: ETF Performance - The top-performing ETFs included the Sci-Tech Semiconductor ETF, which rose by 5.0% to a price of 1.491 yuan, and the Sci-Tech Semiconductor Equipment ETF, which increased by 4.9% to 1.538 yuan [5] - In contrast, the Energy Chemical ETF saw a decline of 1.17%, with other ETFs experiencing minor declines of less than 1% [6] Group 5: Upcoming Fund Launches - The upcoming fund, Guangfa National Certificate Industrial Software Theme ETF, is a stock-type index fund managed by Xia Haoyang, with a performance benchmark based on the National Certificate Industrial Software Theme Index [7] - Another upcoming fund is the Ping An Hang Seng China Central Enterprise Dividend ETF, managed by Qian Jing and Weng Xin, with a performance benchmark based on the Hang Seng Hong Kong Stock Connect China Central Enterprise Dividend Index [9]