Core Insights - The announcement from China Merchants Fund indicates a significant managerial change in 11 index funds, effective from November 13, with new appointments and departures of fund managers [1] Fund Manager Changes - Liao Yuzhou has been appointed to manage 5 funds, including the China Securities Vaccine and Biotechnology ETF and the China Securities New Energy Vehicle Index [1] - Dou Fucheng has taken over 6 funds, including the China Securities Internet of Things Theme ETF and the China Securities A100 ETF [1] - Hou Hao has stepped down from 5 funds, while also sharing management responsibilities on 2 funds with new appointees [1] - Xu Rongman and Liu Zhongjie have also resigned from managing 2 and 1 funds respectively, with some funds now co-managed with new hires [1] Background of New Managers - Liao Yuzhou and Dou Fucheng joined China Merchants Fund in April 2025 and currently serve as fund managers in the index product management division [2] - Liao Yuzhou has previous experience in risk control and quantitative research roles at various financial institutions [2] - Dou Fucheng has a background in quantitative research and investment management at Manulife Fund [2]

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].

Group 1 - The total trading volume of the CSI A100 Index ETF reached 147 million yuan today, representing a week-on-week increase of 48.85% [1] - The Huabao CSI A100 ETF (562000) had a trading volume of 48.53 million yuan, up 34.01 million yuan from the previous trading day, with a week-on-week increase of 234.21% [1] - The China Merchants CSI A100 ETF (159631) recorded a trading volume of 14.69 million yuan, an increase of 7.09 million yuan from the previous day, with a week-on-week increase of 93.26% [1] Group 2 - The CSI A100 Index (000903) rose by 0.17% at the close, while the average increase of related ETFs tracking the index was 0.18% [2] - The top-performing ETFs included Huabao CSI A100 ETF (562000) and Tianhong CSI A100 ETF (512060), both increasing by 0.39% [2] - The Dachen CSI A100 ETF (159923) saw a significant trading volume increase of 917.88% compared to the previous trading day [2]

Core Points - The total trading volume of the CSI A100 Index ETF reached 118 million yuan today, an increase of 40.13 million yuan compared to the previous trading day, representing a growth rate of 51.22% [1] Trading Volume Summary - The Huafu CSI A100 ETF (561880) had a trading volume of 41.13 million yuan today, up 33.67 million yuan from the previous day, with a growth rate of 451.31% [1] - The GF CSI A100 ETF (512910) recorded a trading volume of 18.71 million yuan, an increase of 447,490 yuan, with a growth rate of 31.43% [1] - The CMB CSI A100 ETF (159631) saw a trading volume of 16.71 million yuan, up 357,710 yuan, with a growth rate of 27.24% [1] - The BoShi CSI A100 ETF (561770) and the YiFangDa CSI A100 ETF (159686) also showed significant increases in trading volume, with growth rates of 99.51% and 88.62% respectively [1] Market Performance Summary - As of market close, the CSI A100 Index (000903) fell by 0.33%, while the average decline for related ETFs tracking the CSI A100 Index was 0.31% [1] - The ETFs with the largest declines included the FuGuo CSI A100 ETF (561180) and the Jiashi CSI A100 ETF (159661), which dropped by 0.45% and 0.42% respectively [1]

Core Viewpoint - The trading volume of the CSI A100 Index ETF reached 103 million yuan today, showing a significant increase of 45.58 million yuan or 79.50% compared to the previous trading day [1] Trading Volume Summary - The Huabao CSI A100 ETF (562000) had a trading volume of 24.51 million yuan, an increase of 9.49 million yuan or 63.12% from the previous day [1] - The China Merchants CSI A100 ETF (159631) recorded a trading volume of 15.22 million yuan, up by 7.69 million yuan or 101.99% [1] - The Huafu CSI A100 ETF (561880) saw a trading volume of 10.85 million yuan, increasing by 7.42 million yuan or 216.64% [1] - The Industrial Bank CSI A100 ETF (561200) and the Fortune CSI A100 ETF (561180) had the highest increases in trading volume, with increases of 446.08% and 439.32% respectively [1] Market Performance Summary - The CSI A100 Index (000903) rose by 0.85% by the end of the trading day, while the average increase for related ETFs tracking the CSI A100 Index was 0.67% [1] - The top-performing ETFs included the Huaxia CSI A100 ETF (159627) and the Harvest CSI A100 ETF (159661), which increased by 0.93% and 0.86% respectively [1]

Group 1 - The total trading volume of the CSI A100 Index ETF reached 115 million yuan today, an increase of 45.90 million yuan compared to the previous trading day, representing a growth rate of 66.89% [1] - The Huafu CSI A100 ETF (561880) had a trading volume of 31.41 million yuan today, up by 27.87 million yuan from the previous day, with a growth rate of 787.59% [1] - The Huabao CSI A100 ETF (562000) recorded a trading volume of 32.95 million yuan, an increase of 12.15 million yuan, with a growth rate of 58.45% [1] Group 2 - The CSI A100 Index (000903) rose by 0.08% at market close, while the average increase for related ETFs was 0.10% [2] - The top-performing ETFs included the Huitianfu CSI A100 ETF (159630) and the Jiashi CSI A100 ETF (159661), which increased by 0.36% and 0.35% respectively [2] - The worst-performing ETFs were the China Merchants CSI A100 ETF (159631) and the Southern CSI A100 ETF (560380), which decreased by 0.20% and 0.10% respectively [2]