Group 1 - Two stock ETFs have released listing announcements, with the Guangfa CSI All Share Food ETF having a stock position of 29.94% and the Huatai-PineBridge AI ETF at 9.69% [1] - In the past month, 20 stock ETFs have announced listings, with an average position of only 18.34%. The highest position is held by the Huitianfu Hang Seng Index ETF at 69.53% [1] - The average number of shares raised for the newly announced ETFs is 519 million, with the largest being the E Fund CSI AI ETF at 1.336 billion shares [1] Group 2 - Institutional investors hold an average of 13.22% of the shares, with the highest proportions in the Jiao Yin CSI Selected Technology ETF at 48.92% and the Huatai-PineBridge AI ETF at 34.43% [2] - The newly established stock ETFs have varying positions during their construction period, with the Guangfa CSI All Share Food ETF set to list on December 19, 2025, and the Huatai-PineBridge AI ETF on the same date [2][3] - The lowest institutional holding ratios are found in the E Fund CSI A500 Dividend Low Volatility ETF and the Penghua Hang Seng Biotechnology ETF, both below 3% [2]

Core Viewpoint - The Huatai-PineBridge Hang Seng Index Hong Kong Stock Connect ETF is set to be listed on December 15, 2025, with a total trading share of 344 million, and is currently in the accumulation phase with a significant stock investment ratio of 69.53% [1] Group 1: ETF Listing and Investment Composition - The Huatai-PineBridge ETF has a total asset allocation of 14.27% in bank deposits and settlement reserves, while stock investments account for 69.53% of total assets [1] - In the past month, 23 stock ETFs have announced their listings, with an average position of only 19.69%, making the Huatai-PineBridge ETF the highest at 69.53% [1] - Other ETFs with high positions include Morgan Stanley Hang Seng Hong Kong Stock Connect 50 ETF at 54.00%, Bosera National Certificate Industrial Software Theme ETF at 46.74%, and CMB International CSI 800 Free Cash Flow ETF at 44.72% [1] Group 2: Institutional Investor Participation - Among the recently listed ETFs, the average number of shares raised is 483 million, with the top three being the Huatai-PineBridge ETF, the Innovation and Entrepreneurship Artificial Intelligence ETF at 933 million, and the Jiashi CSI Sub-Segmented Chemical Industry Theme ETF at 926 million [2] - The average proportion of shares held by institutional investors is 11.11%, with the highest being the Innovation and Entrepreneurship Artificial Intelligence ETF at 34.43% [2] - ETFs with lower institutional investor holdings include Tianhong National Certificate Hong Kong Stock Connect Technology ETF at 0.59% and E Fund CSI A500 Dividend Low Volatility ETF at 2.91% [2]

Core Insights - Two stock ETFs have recently announced their listing, with the latest positions showing a stock position of 30.14% for the Bosera CSI Bank ETF and 10.19% for the Hong Kong Stock Connect Technology ETF [1][2] - In the past month, a total of 26 stock ETFs have announced their listings, with an average position of only 20.04%. The highest position is held by the Morgan Stanley Hang Seng Hong Kong Stock Connect 50 ETF at 54.00% [1][3] - The average fundraising for the newly announced ETFs is 449 million shares, with the leading funds being the China Merchants National Index Hong Kong Stock Connect Technology ETF, the Harvest CSI Sub-Sector Chemical Industry Theme ETF, and the Penghua Hang Seng Biotechnology ETF, with shares of 935 million, 926 million, and 758 million respectively [1][2] ETF Positioning - The Bosera CSI Bank ETF has a stock position of 30.14% and is set to be listed on December 8, 2025, after a fundraising of 203 million shares [2] - The Hong Kong Stock Connect Technology ETF has a stock position of 10.19% and is scheduled for listing on December 8, 2025, with a fundraising of 318 million shares [2] - The Morgan Stanley Hang Seng Hong Kong Stock Connect 50 ETF has the highest stock position at 54.00% and is expected to be listed on November 25, 2025 [3] Institutional Investor Holdings - The average shareholding of institutional investors across these ETFs is 10.55%, with the highest being the Guolian An Hong Kong Stock Connect Technology ETF at 31.99% [2] - Other ETFs with significant institutional holdings include the Huabao CSI Hong Kong Stock Connect Information Technology Comprehensive ETF at 29.99% and the Bosera CSI Bank ETF at 22.72% [2] - Conversely, the Tianhong National Index Hong Kong Stock Connect Technology ETF and the E Fund CSI A500 Dividend Low Volatility ETF have very low institutional holdings at 0.59% and 2.91% respectively [2]

Core Insights - The E Fund CSI A500 Dividend Low Volatility ETF is set to be listed on December 1, 2025, with a total of 692 million shares for trading [1] - As of November 24, 2025, the fund's asset allocation shows 90.15% in bank deposits and settlement reserves, while stock investments account for 9.84% [1] - A total of 24 stock ETFs have announced listings in November, with an average allocation of only 20.03% [1] Fund Details - The E Fund CSI A500 Dividend Low Volatility ETF was established on November 17, 2025, and is currently in the accumulation phase [1] - The fund's investment strategy indicates a low stock allocation during its initial phase, which is common for newly listed ETFs [1] - Other ETFs with higher allocations include Morgan Stanley Hang Seng Stock Connect 50 ETF at 54.00%, and others like Bosera National Industrial Software Theme ETF and Southern CSI Hong Kong Stock Connect Internet ETF with allocations of 46.74% and 45.33% respectively [1] Institutional Holdings - Among the newly listed ETFs, the average institutional investor holding is 9.87%, with the highest being 31.99% for the Guolian An Hong Kong Stock Connect Technology ETF [2] - The E Fund CSI A500 Dividend Low Volatility ETF has a low institutional holding of 2.91% [2] - The data indicates a varied interest from institutional investors across different ETFs, with some showing significantly higher engagement [2]

Market Overview - The Shanghai Composite Index rose by 0.11% to close at 3954.79 points, with a weekly high of 4025.7 points [1] - The Shenzhen Component Index increased by 0.67% to 13378.21 points, reaching a peak of 13700.25 points [1] - The ChiNext Index gained 0.5%, closing at 3187.53 points, with a maximum of 3331.86 points [1] - Global markets saw most major indices rise, with the Nasdaq Composite up 2.24%, the Dow Jones Industrial Average up 0.75%, and the S&P 500 up 0.71% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 0.97%, while the Nikkei 225 Index surged by 6.31% [1] ETF Market Performance - The median weekly return for stock ETFs was 0.23% [2] - The highest weekly return among scale index ETFs was 2.4% for the Jiashi Zhongchuang 400 ETF [2] - The South China CSI New Energy ETF led industry index ETFs with a return of 5.94% [2] - The highest return in strategy index ETFs was 2.37% for the China Southern CSI All-Share Dividend Quality ETF [2] - The Jiashi CSI Battery Theme ETF achieved the highest return among thematic index ETFs at 7.75% [2] ETF Performance Rankings - The top five stock ETFs by weekly return were: - Jiashi CSI Battery Theme ETF (7.75%) - Huatai-PB CSI Battery Theme ETF (7.56%) -招商中证电池主题ETF (7.52%) - 富国中证电池主题ETF (7.51%) - 浦银安盛中证光伏产业ETF (7.04%) [4][5] - The five stock ETFs with the largest declines were: - 国联安上证科创板芯片设计主题ETF (-5.35%) - 华安上证科创板芯片ETF (-5.11%) - 国泰上证科创板芯片ETF (-5.06%) - 博时上证科创板芯片ETF (-5.05%) - 南方上证科创板芯片ETF (-5.05%) [4][5] ETF Liquidity - Average daily trading volume for stock ETFs increased by 13.3%, with average daily trading volume rising by 46.7% and turnover rate increasing by 0.22% [6] ETF Fund Flows - The top five stock ETFs by fund inflow were: - 华泰柏瑞沪深300ETF (inflow of 5.084 billion) - 华夏上证科创板50成份ETF (inflow of 1.647 billion) - 华夏上证50ETF (inflow of 1.535 billion) - 国泰中证全指证券公司ETF (inflow of 1.353 billion) - 嘉实上证科创板芯片ETF (inflow of 959 million) [9] - The five stock ETFs with the largest outflows were: - 鹏华中证酒ETF (outflow of 351 million) - 华安创业板50ETF (outflow of 334 million) - 汇添富中证电池主题ETF (outflow of 284 million) - 南方中证申万有色金属ETF (outflow of 279 million) - 嘉实中证稀土产业ETF (outflow of 256 million) [10] ETF Financing and Margin Trading - The financing balance for stock ETFs increased from 47.486 billion to 49.145 billion, while the margin balance rose from 2.5678 billion to 2.6069 billion [11] ETF Market Size - The total market size for ETFs reached 5699.032 billion, an increase of 6.878 billion from the previous week [15] - Stock ETFs accounted for 3724.471 billion, representing 65.4% of the total ETF market size [15][17] ETF Issuance and Establishment - No new ETFs were issued last week, but eight new ETFs were established, including 天弘国证港股通科技ETF and 摩根恒生港股通50ETF [18] Institutional Insights - 财通证券 is optimistic about the solid-state battery industry, expecting breakthroughs in technology and increased industrialization by 2025 [18] - 中国银河证券 believes traditional lithium battery equipment manufacturers will maintain their advantages in the solid-state battery market, suggesting a focus on developments in equipment and orders [18]

Core Viewpoint - The Hong Kong stock market has gained significant attention this year, driven by substantial inflows of southbound capital and emerging industrial opportunities, leading to increased market activity [1] Group 1: Market Activity and Capital Inflows - As of September 30, 2025, southbound capital net purchases reached a record high of 1.17 trillion HKD, the highest since the establishment of the Hong Kong Stock Connect in 2014, indicating strong investor confidence in the market [1] - The Morgan Fund's Morgan Hang Seng Stock Connect 50 ETF was officially launched on October 13, allowing investors to subscribe through various brokerage channels [1] Group 2: Index Composition and Sector Distribution - The Hang Seng Stock Connect 50 Index, compiled by the Hang Seng Index Company, includes the top 50 stocks within the Stock Connect that have high liquidity and market capitalization, reflecting the overall performance of high-quality enterprises in the Hong Kong stock market [1] - The index covers 11 primary sectors, with the top three being Consumer Discretionary (28.51%), Financials (27.12%), and Information Technology (25.26%), balancing traditional finance and emerging growth sectors [1] - The top ten weighted stocks include leading companies from both new economy and financial sectors, collectively accounting for over 60% of the index, highlighting the potential for investors to capture growth in core Hong Kong assets [1] Group 3: Product Features and Management - The Morgan Hang Seng Stock Connect 50 ETF features a unique dividend mechanism, where if the ETF's excess return relative to the benchmark index is positive on the last trading day of each quarter, a mandatory dividend will be distributed, with at least 60% of the excess return allocated to investors [2] - As of June 30, 2025, Morgan Asset Management is the second-largest active ETF manager globally, with an ETF management scale of 276 billion USD, and ranked first in net inflows for active ETFs in 2024 [2] - The proposed fund manager, Wei Zhihao, has 11 years of experience in the securities industry and has been managing funds since February 2021, including the Morgan S&P Hong Kong Stock Connect Low Volatility Dividend ETF and the Morgan Hang Seng Technology ETF [2]

Core Viewpoint - The Morgan Hang Seng Stock Connect 50 ETF (520953) is set to launch from October 13 to October 24, 2025, with a maximum fundraising target of 2 billion yuan [1] Group 1 - The fund will be managed by Morgan Asset Management, with He Zhihao as the fund manager [1] - The performance benchmark for the fund is the Hang Seng Stock Connect 50 Index return (adjusted for exchange rates) [1]