○ 产品成立募集情况： 相关研究 证券分析师 方思齐 A0230525090002 fanasa@swsresearch.com 联系人 方思齐 A0230525090002 fangsq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 2025 年 11 月 11 日 多只指数增强产品本周成立,光优 电网领涨 指数化投资周报 20251111 0 产品成立方面，最近一周易方达恒生生物科技 ETF 等 9 只产品上市；招商中证 800 自由 现金流 ETF 等 20 只产品成立。此外，中金北证 50 指数增强 A、平安恒生指数增强 A 和 国联中证港股通综合指数增强 A 本周成立，指数增强 ETF 再添多员。 募集方面,未来一周 17 只指数产品结束募集, 23 只产品将开始募集。结束募集的指数产 ● 品包括中金中证全指指数增强 A、国投瑞银上证综合指数增强 A、东财中证港股通科技 ETF 等 17 只产品，开始募集的指数产品包括国投瑞银北证 50 成份指数 A、华夏标普港 股通低波红利 ETF、嘉实中证光伏产业 ETF 等 23 只产品。 电报方面,最近一周共计 13 只指数产品 ...

2025 年 11 月 11 日 多只指数增强产品本周成立，光伏 电网领涨 ——指数化投资周报 20251111 ⚫ 产品成立募集情况： 相关研究 - 证券分析师 方思齐 A0230525090002 fangsq@swsresearch.com 联系人 方思齐 A0230525090002 fangsq@swsresearch.com 指 数 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 研 究 ⚫ 产品成立方面，最近一周易方达恒生生物科技 ETF 等 9 只产品上市；招商中证 800 自由 现金流 ETF 等 20 只产品成立。此外，中金北证 50 指数增强 A、平安恒生指数增强 A 和 国联中证港股通综合指数增强 A 本周成立，指数增强 ETF 再添多员。 ⚫ 募集方面，未来一周 17 只指数产品结束募集，23 只产品将开始募集。结束募集的指数产 品包括中金中证全指指数增强 A、国投瑞银上证综合指数增强 A、东财中证港股通科技 ETF 等 17 只产品，开始募集的指数产品包括国投瑞银北证 50 成份指数 A、华 ...

日前，易方达基金、景顺长城基金、银华基金等多家基金管理人同日公告，为旗下含"科"量较高的 ETF(交易型开放式指数基金)新增流动性服务商。据记者梳理，下半年以来已有20余只科技类主题ETF 完成流动性服务商扩容，其中超半数为年内新成立产品。 为何基金管理人频频为旗下科技类主题ETF增加流动性服务商？晨星(中国)基金研究中心分析师崔悦在 接受《证券日报》记者采访时表示，近几年，相较于宽基或其他行业主题ETF，科技类ETF大多有着较 高的市场关注度，加之部分产品规模偏小、成分股流动性或存在一定不足等情况，其二级市场交易对流 动性支持的需求就会更多一点，这就会在一定程度上促使基金管理人通过优化流动性安排来改善交易环 境，增加流动性服务商便是其中的常见举措。 深圳市前海排排网基金销售有限责任公司公募产品运营曾方芳向《证券日报》记者表示，引入流动性服 务商，能够有效提升ETF的流动性水平。这些专业机构通过持续提供双边报价，有助于缩小买卖价差， 降低投资者的交易成本，同时也能减少二级市场价格的异常波动，避免ETF交易价格过度偏离基金净 值。此外，在市场出现大额申购或赎回时，流动性服务商可及时提供流动性支持，保障ETF交易 ...

| 563750 | 汇添富中证500ETF | 2025.10.22 | 2.37 | 2025.10.23 | 19.83 | 2025.10.30 | | --- | --- | --- | --- | --- | --- | --- | | 510670 | 华夏上证180ETF | 2025.10.20 | 2.28 | 2025.10.22 | 19.95 | 2025.10.29 | | 159105 | 易方达恒生生物科技 | 2025.10.20 | 2.45 | 2025.10.27 | 11.82 | 2025.11.03 | | | ETF | | | | | | | 512630 | 广发中证卫星产业 | 2025.10.13 | 11.71 | 2025.10.15 | 33.38 | 2025.10.22 | | | ETF | | | | | | | 530100 | 易方达上证580ETF | 2025.10.10 | 2.13 | 2025.10.15 | 11.61 | 2025.10.22 | | 159285 | 华安国证港股通消费 | 2025.10.09 | 6. ...

Core Insights - Two stock ETFs have recently announced their listing, with aerospace stocks holding a position of 24.05% and the Xinyuan CSI 800 Dividend Low Volatility ETF at 19.25% [1] - In the past month, 22 stock ETFs have announced their listings, with an average position of only 31.88%. The highest position is held by the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF at 98.80% [1][2] - The average fundraising for the newly announced ETFs is 421 million shares, with the leading funds being the GF CSI Satellite Industry ETF, the CMB National Index Hong Kong Stock Connect Technology ETF, and the Huaan National Index Hong Kong Stock Connect Consumer Theme ETF, with shares of 1.171 billion, 935 million, and 639 million respectively [1] ETF Positioning - The average institutional investor holding is 15.39%, with the highest proportions in the Penghua Hong Kong Stock Connect Low Dividend ETF (97.57%), the Fortune Creation Board New Energy ETF (66.53%), and the Harvest Hang Seng Index Hong Kong Stock Connect ETF (59.52%) [2] - The lowest institutional holding proportions are found in the Southern CSI Hong Kong Stock Connect 50 ETF (0.57%), the GF CSI Satellite Industry ETF (1.31%), and the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF (2.20%) [2] Fund Details - The newly listed ETFs include the Aerospace ETF with a position of 24.05%, the Guoshou Anbao CSI A500 Dividend Low Volatility ETF at 0.00%, and the Xinyuan CSI 800 Dividend Low Volatility ETF at 19.25% [2][3] - Other notable ETFs include the CMB National Index Hong Kong Stock Connect Technology ETF with a position of 31.14%, and the Boshi Securities Company ETF at 70.09% [2][3] - The Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF has the highest position at 98.80%, indicating a strong focus on state-owned enterprises [3]

Core Insights - Two stock ETFs have recently announced their listing, with the latest positions showing a stock allocation of 70.09% for Bosera Securities Company ETF and 14.37% for Western Li De Growth Enterprise Comprehensive ETF [1] - A total of 18 stock ETFs have announced listings in October, with an average allocation of only 34.83%. The highest allocation is 98.80% for the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF [1][2] - The average fundraising for the newly announced ETFs in October is 413 million shares, with the largest being the GF CSI Satellite Industry ETF at 1.171 billion shares [1] ETF Allocation and Holdings - The ETFs with the highest stock allocations include: - Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF: 98.80% - Qianhai Kaiyuan CSI Private Enterprises 300 ETF: 82.97% - Fu Guo Growth Enterprise New Energy ETF: 71.45% - Bosera Securities Company ETF: 70.09% [1][3] - The ETFs with the lowest stock allocations include: - Penghua CSI Financial Technology Theme ETF: 0.00% - E Fund SSE 580 ETF: 11.61% - E Fund Hang Seng Biotechnology ETF: 11.82% [1] Institutional Investor Holdings - The average proportion of shares held by institutional investors is 16.25%, with the highest being: - Penghua Hong Kong Stock Connect Low Volatility Dividend ETF: 97.57% - Fu Guo Growth Enterprise New Energy ETF: 66.53% - Jiashi Hang Seng Index Hong Kong Stock Connect ETF: 59.52% [2] - The ETFs with the lowest institutional investor holdings include: - Southern CSI Hong Kong Stock Connect 50 ETF: 0.57% - GF CSI Satellite Industry ETF: 1.31% - Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF: 2.20% [2]

Group 1 - A total of 11 new funds will be publicly issued this week (September 22-26) [1] - Out of the 11 new funds, 5 started issuing on Monday, accounting for 45.45% of the total [2] - The average subscription period for the new funds is 35 days, with the longest being 90 days for two FOFs [2] Group 2 - The shortest subscription period is 1 day for the Ping An Hang Seng Technology Index Fund [3] - Among the new funds, 8 have disclosed their fundraising targets, with the highest being 8 billion units for two funds [3] - The lowest fundraising target is 500 million units for the Ping An Hang Seng Technology Index Fund [3] Group 3 - Index funds are the main contributors, with 6 out of 11 new funds being index funds, representing 54.54% [4] - The new funds also include 4 mixed FOFs and 1 equity mixed fund, totaling 45.45% [4] - The mixed FOFs include funds from various companies, indicating a diverse offering in the market [4] Group 4 - Industry experts believe the current fund issuance market is improving, with an increase in average issuance volume and a rise in equity product issuance [5] - If investor risk appetite continues to rise, the public fund issuance market is expected to recover [5] - The issuance of index funds is likely to remain dominant, with potential growth in actively managed equity funds [5]

Core Insights - This week, 11 new funds are being launched, with index funds being the main focus of the offerings [1][6] Fund Launch Details - Out of the 11 new funds, 5 started issuing on Monday, accounting for 45.45% of the total new funds for the week. The remaining funds were issued on Tuesday (2), Wednesday (0), Thursday (1), and Friday (3) [2] - The average subscription period for the new funds is 35 days, with the longest subscription period being 90 days for two FOF funds [3][2] - The shortest subscription period is 1 day for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme Index Fund [4][5] Fund Types and Goals - Index funds dominate this week's offerings, with 6 out of 11 funds (54.54%) classified as index funds. This includes 5 passive index funds and 1 enhanced index fund [6] - Among the new funds, 8 have disclosed their fundraising targets, with the highest target set at 8 billion units for both the E Fund Shanghai Stock Exchange 580 ETF and the Qianhai Kaiyuan Yutai 3-Month Holding Period Mixed Fund of Funds [4] - The lowest fundraising target is 500 million units for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme Index Fund [5] Market Outlook - Industry experts suggest that the current fund issuance market is improving, with an increase in average issuance volume and a rise in equity product issuance scale. If investor risk appetite continues to grow, the public fund issuance market is expected to recover, with index funds likely remaining the primary focus [6]

Core Viewpoint - This week, 11 new funds are being launched, with index funds being the main focus of the offerings [2][6]. Fund Issuance Overview - A total of 11 new funds will be publicly offered this week from September 22 to September 26, with 5 funds starting on Monday, accounting for 45.45% of the total [4]. - The average subscription period for the new funds is 35 days, with the shortest being 1 day for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme Index Fund [5]. Fund Types and Goals - Among the 11 new funds, 6 are index funds, making up 54.54% of the total, including 5 passive index funds and 1 enhanced index fund [7][8]. - The highest fundraising target among the new funds is 8 billion units for the E Fund's SSE 580 ETF and Qianhai Kaiyuan's 3-month holding period mixed fund of funds (FOF) [5]. - The lowest fundraising target is 500 million units for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme Index Fund [5]. Market Sentiment and Trends - Industry insiders believe that the current fund issuance market is improving, with an increase in average issuance volume and a rise in equity product issuance scale [8]. - If investor risk appetite continues to rise, the public fund issuance market is expected to recover, with index funds likely to remain the primary focus [8].