Group 1 - The overall performance of ETFs on November 10 showed mixed results, with some sectors experiencing significant gains while others faced declines [1][2] - The tourism ETFs (codes 159766 and 562510) saw notable increases of 5.19% and 4.74% respectively, indicating strong investor interest in the tourism sector [1][2] - The wine ETF (code 512690) also performed well, rising by 3.29%, reflecting positive market sentiment towards the beverage industry [1][2] Group 2 - On the downside, the Sci-Tech Information ETF (code 588260) dropped by 4.16%, suggesting potential concerns in the technology sector [1][2] - The Communication ETF (code 515880) and the 5G Communication ETF (code 515050) experienced declines of 4.14% and 4.04% respectively, indicating challenges in the telecommunications market [1][2] - Other ETFs such as the Growth ETF (code 159259) and the GEM Growth ETF (code 159967) also faced losses, with declines of 3.94% and 3.80% respectively, highlighting a broader trend of weakness in certain growth sectors [2]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The attention to thematic ETFs in the US has increased, with various new ETF products launched last week, including municipal bond products, power ETFs, natural gas ETFs, and unmanned driving ETFs. [7][8] - US ETFs have seen continuous inflows into stock products, with significant inflows into the S&P 500 ETF and growth ETFs, while gold ETFs and leveraged ETFs have continued to experience outflows. [11] - US bond ETFs have performed well this year, with broad - based composite bond products yielding over 6% and 20 - year - plus Treasury bond ETFs yielding over 7%. [15] - In September 2025, the total amount of non - money public funds in the US increased, and last week, domestic stock funds in the US saw outflows approaching $20 billion, while bond products returned to inflows. [17] 3. Summary by Directory 3.1 US ETF Innovation Products: Thematic ETFs Gain Attention - Last week, 20 new products were launched in the US, including 5 different municipal bond products from Franklin Templeton. [7] - Arin Risk Advisors issued a tail - risk ETF, aiming to avoid risks during market downturns through active management. The product's positions are divided into regular, tail - risk protection, and tactical positions. [8] - The attention to thematic ETFs has increased, with new power, natural gas, and unmanned driving ETFs launched. Roundhill and Rex Shares also issued leveraged + option weekly dividend products and option products respectively. [8][10] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stock Products See Continuous Inflows - In the past week, US ETFs received inflows of over $30 billion, with significant inflows into stock products and continuous outflows from gold ETFs. The S&P 500 ETF from State Street received inflows of over $15 billion, leading other products. Growth ETFs had inflows, while leveraged ETFs continued to have outflows. [11] 3.2.2 US ETF Performance: Bond Products Perform Well - This year, US stocks have performed well, and bonds have also delivered good returns. Broad - based composite bond products have yields of over 6%, and 20 - year - plus Treasury bond ETFs have yields of over 7%. Short - term bonds and municipal bonds have relatively weaker performance. [15] 3.3 Recent Capital Flows of US Ordinary Public Funds - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August 2025. The scale of domestic stock products increased, but the redemption pressure also rose. Last week, domestic stock funds in the US saw outflows approaching $20 billion, while bond products returned to inflows. [17]

Core Viewpoint - The article emphasizes the importance of growth investing, highlighting that investors should focus on stocks with high growth potential that are expected to be recognized by the market, rather than solely relying on historical performance [1][2]. Group 1: Growth Investing Effectiveness - Historical data from both Chinese and American stock markets over the past thirty years shows a clear positive correlation between earnings growth and stock price appreciation, validating the effectiveness of growth investing strategies [2][4][5]. - Investors need to position themselves in high-growth companies before the profit growth is fully recognized by the market to avoid missing out on potential gains [2][3]. Group 2: Growth Indices and Their Limitations - Investors can utilize various growth indices, such as the Growth 100 Index, which selects stocks based on their past performance in earnings growth, reflecting a momentum strategy [3][6]. - However, relying solely on historical performance can lead to the risk of missing out on future growth opportunities, as past high growth does not guarantee future performance [3][6]. Group 3: Future Growth Focus - The Growth 100 Index emphasizes future earnings potential rather than historical growth, aiming to identify stocks poised for significant future performance [6][8]. - The index has shown that while its constituent stocks may have lower past growth rates, they are expected to outperform in the following year, indicating a successful identification of future growth opportunities [8][10]. Group 4: Economic Growth Points - The article outlines how different sectors in the Chinese economy have experienced growth spurts influenced by macroeconomic and policy factors, leading to a rotation in stock prices across various industries [13][16]. - The Growth 100 Index has adapted to these changes by adjusting its sector weightings in line with market trends, demonstrating its responsiveness to economic shifts [16][17]. Group 5: Conclusion - The Growth 100 Index distinguishes itself by focusing on future growth potential, allowing it to capture stock price increases driven by earnings growth more effectively than traditional growth indices [18]. - The index is designed to help investors capitalize on high-growth opportunities while mitigating risks associated with slowing sectors, making it suitable for long-term investment strategies [18].