Group 1 - E Fund's Shanghai Stock Exchange 380 ETF is set to be listed on September 30, 2025, with a total of 427 million shares for trading [1] - As of September 23, 2025, the fund's asset allocation shows 84.98% in bank deposits and settlement reserves, while stock investments account for 15.02% [1] - In September, a total of 26 stock ETFs have announced their listings, with an average position of only 24.08% [1] Group 2 - The average fundraising for newly announced ETFs in September is 553 million shares, with the largest being the Fortune National Robot Industry ETF at 2.344 billion shares [2] - Institutional investors hold an average of 9.88% of the shares in these ETFs, with the highest being the Guolian An Zhongzheng A500 Dividend Low Volatility ETF at 98.93% [2] - The lowest institutional holding ratios are seen in the Huaan Growth Enterprise Board Artificial Intelligence ETF and the Penghua Growth Enterprise Comprehensive ETF, at 0.55% and 1.52% respectively [2] Group 3 - The newly established stock ETFs are currently in their building phase, with varying levels of stock positions [3] - The highest stock position among the newly listed ETFs is 69.33% for the E Fund's Shanghai Stock Exchange Science and Technology Innovation Board Enhanced Strategy ETF [3] - The Guolian An Zhongzheng A500 Dividend Low Volatility ETF has a stock position of 0.00%, indicating a complete lack of stock investment at the time of listing [3]

近期成立的股票ETF基金建仓期仓位 今日3只股票类ETF发布上市公告书。从公告的最新仓位来看，创业板综ETF银华股票仓位为23.74%， 富国上证科创板200ETF股票仓位为24.83%，易方达中证A500增强策略ETF股票仓位为33.31%。 证券时报·数据宝统计，9月以来共有23只股票型ETF公告上市，平均仓位仅为23.75%，仓位最高的是易 方达上证科创板综合增强策略ETF，仓位为69.33%，仓位居前的还有建信上证科创板200ETF、汇添富 上证科创板人工智能ETF、汇添富中证金融科技主题ETF，仓位分别为54.12%、47.98%、40.87%，仓位 较低的为国联安中证A500红利低波ETF、鹏华科创板半导体材料设备主题ETF、华宝中证A500红利低波 动ETF，仓位分别为0.00%、0.00%、0.00%。 一般来说，ETF上市都要满足基金合同规定的仓位要求，发布上市公告书，距离正式上市时间会差几个 交易日，其间如果仓位较低，会在上市前完成建仓。 9月以来公告上市的ETF中，按上市交易份额统计，平均募集5.80亿份，规模居前的有富国国证机器人 产业ETF、国联安中证A500红利低波ETF、汇添富上 ...

Group 1: ETF Market Overview - As of September 12, 2025, there are 1,292 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 52,387.73 billion [2] - The breakdown of ETFs includes 1,029 stock ETFs (35,315.17 billion), 39 bond ETFs (5,718.88 billion), 27 money market ETFs (1,564.76 billion), 17 commodity ETFs (1,611.53 billion), 173 cross-border ETFs (8,120.58 billion), and 6 unlisted ETFs (52.32 billion) [2] - In the week from September 8 to September 12, 2025, four new stock ETFs were launched, including two fintech-themed ETFs, with a total issuance scale of 5.682 billion [3][4] Group 2: ETF Performance Analysis - The median weekly return for stock ETFs was 1.97%, with the best-performing ETF being the China United Asset Management's Sci-Tech Chip Design ETF, which rose by 10.14% [3][4] - Conversely, the worst performer was the Guotai Junan Sci-Tech Innovation Drug ETF, which fell by 3.12% [4] - The average share change for stock ETFs was an increase of 6.6576 million shares, with the chemical ETF seeing the largest increase of 2.968 billion shares [4] Group 3: PB-ROE Framework and ETF Rotation Strategy - The PB-ROE framework categorizes industries into six quadrants, focusing on high PB and high ROE industries in the third quadrant and low PB and medium ROE industries in the fifth quadrant [5] - Backtesting from 2017 to February 2024 shows that only the third and fifth quadrants achieved excess returns, with annualized excess returns of 4.27% and 1.55%, respectively [5] - The combined PB-ROE rotation strategy yielded an annualized return of 11.93% and an annualized excess return of 13.22% [6] Group 4: Investment Recommendations - The report recommends focusing on the automotive, transportation, and public utilities sectors, corresponding to their respective industry ETFs [8]

Group 1 - The core point of the news is the announcement of the listing of the Guolianan CSI A500 Dividend Low Volatility ETF, which will be listed on September 18, 2025, with a total of 1.247 billion shares [1] - The fund's investment portfolio as of September 11, 2025, shows that 100% of its total assets are in bank deposits and settlement reserves, while stock investments account for 0% [1] - In September, a total of 14 stock ETFs have announced their listings, with an average position of only 25.71%, indicating a generally low investment commitment among newly listed ETFs [1][2] Group 2 - The Guolianan CSI A500 Dividend Low Volatility ETF has the largest listing size among the newly announced ETFs, with 1.247 billion shares, followed by the Huatai-PB SSE STAR 50 ETF with 1.089 billion shares [2] - Institutional investors hold an average of 14.09% of the shares in the newly listed ETFs, with the Guolianan CSI A500 Dividend Low Volatility ETF having a significant institutional ownership of 98.93% [2] - The ETF's low position during the construction period is consistent with the trend observed in other recently established ETFs, which also show low investment levels prior to their official listing [1][3]

Group 1 - Two stock ETFs have released listing announcements, with the ChiNext Composite Index Enhanced ETF having a stock position of 10.24% and the Fortune China Securities Satellite Industry ETF at 24.68% [1] - Since September, a total of 13 stock ETFs have announced listings, with an average position of only 27.68%. The highest position is held by the E Fund Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Enhanced Strategy ETF at 69.33% [1][2] - The ETFs with the highest positions also include the CCB Shanghai Stock Exchange Science and Technology Innovation Board 200 ETF at 54.12%, the Huatai-PB Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF at 47.98%, and the Huatai-PB China Securities Financial Technology Theme ETF at 40.87% [1][2] Group 2 - The average fundraising for the ETFs announced in September is 5.26 billion shares, with the largest being the Huatai-PB Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF at 10.89 billion shares [1][2] - Institutional investors hold an average of 7.56% of the shares, with the highest proportions in the CCB Shanghai Stock Exchange Science and Technology Innovation Board 200 ETF at 32.48%, the Ping An China Securities A500 Dividend Low Volatility ETF at 13.53%, and the Huatai-PB Shanghai Stock Exchange Biotechnology ETF at 10.68% [2]

Core Viewpoint - A total of 11 stock ETFs have announced their listing in September, with varying levels of investment positions, indicating a diverse approach to market entry and investment strategy [1][2]. Group 1: ETF Listings and Investment Positions - The Huazhong Hang Seng Biotechnology ETF will be listed on September 16, 2025, with a total of 918 million shares and a current investment position of 16.67% in stocks [1]. - The average investment position of the newly listed ETFs is 29.54%, with the highest being the E Fund Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Enhanced Strategy ETF at 69.33% [1][2]. - Other ETFs with significant positions include the CCB Shanghai Stock Exchange Science and Technology Innovation Board 200 ETF at 54.12% and the Huitianfu Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF at 40.87% [1]. Group 2: Fund Size and Institutional Ownership - The average number of shares raised by the newly listed ETFs is 552 million, with the largest being the Huitianfu Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF at 1,089 million shares [2]. - Institutional investors hold an average of 8.27% of the shares across these ETFs, with the highest being the CCB Shanghai Stock Exchange Science and Technology Innovation Board 200 ETF at 32.48% [2]. - ETFs with lower institutional ownership include the Penghua Growth Enterprise Board Comprehensive ETF and the E Fund China Securities Financial Technology Theme ETF, with ownership rates of 1.52% and 1.70%, respectively [2].

Group 1 - The E Fund Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Enhanced Strategy ETF (588553) will be available for subscription from August 18 to August 22, 2025, with a maximum initial fundraising scale of 2 billion yuan [1] - The fund is managed by E Fund Management, with Yin Ming serving as the fund manager [1] - The performance benchmark for this fund is the return rate of the Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index [2]