Core Viewpoint - The announcement from China Merchants Fund regarding the appointment of Dou Fucheng as a new fund manager for several ETFs and LOFs indicates a strategic move to enhance management expertise in key investment areas, particularly in consumer, commodity, and technology sectors. Fund Performance Summary - **China Merchants CSI Hong Kong-Shanghai Consumer Leaders ETF**: Established on January 20, 2022, with a year-to-date return of 10.10% and a cumulative return of -19.20%, net asset value at 0.8080 yuan as of November 12, 2025 [1]. - **China Merchants Commodity LOF**: Established on June 28, 2012, with a year-to-date return of 39.53% and a cumulative return of 139.50%, net asset value at 2.1961 yuan as of November 12, 2025 [1]. - **China Merchants CSI Coal Equal-weight Index LOF**: Established on May 20, 2015, with year-to-date returns of 17.08%, 16.98%, and 16.78% for different share classes, cumulative returns of 69.18%, 12.67%, and 18.96%, net asset values at 1.5705 yuan, 2.2277 yuan, and 2.2156 yuan respectively as of November 12, 2025 [2]. - **China Merchants IoT Theme ETF**: Established on December 15, 2021, with a year-to-date return of 34.36% and a cumulative return of 8.24%, net asset value at 1.0824 yuan as of November 12, 2025 [2]. - **China Merchants A100 ETF**: Established on August 18, 2022, with a year-to-date return of 24.09% and a cumulative return of 24.56%, net asset value at 1.2456 yuan as of November 12, 2025 [2]. - **China Merchants All-Index Dividend Quality ETF**: Established on March 12, 2025, with a cumulative return of 18.59% and net asset value at 1.1850 yuan as of November 12, 2025 [2]. Management Changes Summary - Dou Fucheng has been appointed as a new fund manager for multiple funds, including the China Merchants CSI Hong Kong-Shanghai Consumer Leaders ETF, China Merchants Commodity LOF, China Merchants CSI Coal Equal-weight Index LOF, China Merchants IoT Theme ETF, China Merchants A100 ETF, and China Merchants All-Index Dividend Quality ETF [3][4]. - The previous fund manager for the China Merchants Commodity LOF and China Merchants CSI Coal Equal-weight Index LOF, Hou Hao, has been replaced by Dou Fucheng [4]. - Dou Fucheng's previous experience includes roles at Manulife Investment Management from July 2017 to April 2025, where he served as a quantitative researcher and investment manager [1].

Market Overview - The Shanghai Composite Index rose by 1.14% to close at 3843.6 points, with a daily high of 3845.09 points [1] - The Shenzhen Component Index increased by 2.25% to close at 12571.37 points, reaching a high of 12571.37 points [1] - The ChiNext Index saw a significant rise of 3.82%, closing at 2827.17 points, with a peak of 2827.17 points [1] ETF Market Performance - The median return for stock ETFs was 1.55%, with the highest return from the Invesco CSI 50 ETF at 9.39% [2] - The top-performing industry ETF was the Southern CSI Communication Services ETF, yielding 8.89% [2] - The best-performing thematic ETF was the Bosera CSI Chip ETF, which achieved a return of 15.83% [2] ETF Gains and Losses - The top three ETFs by gain were: Bosera CSI Chip ETF (15.83%), Huaan CSI Chip ETF (9.9%), and Fortune CSI Chip ETF (9.58%) [5] - The three ETFs with the largest declines were: CMB CSI Hong Kong-Shenzhen Consumer Leaders ETF (-1.47%), Harvest CSI Major Consumer ETF (-1.35%), and E Fund CSI Modern Agriculture Theme ETF (-1.21%) [6] ETF Fund Flows - The ETFs with the highest inflows were: Guotai CSI All-Index Communication Equipment ETF (¥788 million), Bosera CSI AI ETF (¥758 million), and Harvest CSI Rare Earth Industry ETF (¥486 million) [8] - The ETFs with the largest outflows were: E Fund ChiNext ETF (¥1.141 billion), Huaxia CSI 50 ETF (¥926 million), and Southern CSI 1000 ETF (¥785 million) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: Huaxia CSI 50 ETF (¥1.196 billion), E Fund ChiNext ETF (¥987 million), and Harvest CSI Chip ETF (¥695 million) [11] - The ETFs with the highest margin selling were: Southern CSI 1000 ETF (¥75.58 million), Southern CSI 500 ETF (¥57.52 million), and Huaxia CSI 1000 ETF (¥40.27 million) [12] Institutional Insights - First Capital Securities highlighted the release of DeepSeek-V3.1, which is expected to enhance the compatibility of domestic AI computing chips, promoting the domestic AI computing chip industry [13] - Guotai Junan Securities emphasized the importance of the "three cycles" resonance for semiconductor valuation expansion, noting the optimistic outlook for the semiconductor industry driven by AI demand and supply chain adjustments [14]