1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The number of newly issued US ETF products increased significantly last week, with Calamos issuing a Nasdaq Snowball ETF. The US ETF market shows a decrease in investors' risk preference, and pharmaceutical products have performed well. The US general public - offering funds have seen large - scale outflows from domestic stock funds and small - scale inflows into bond products [1] 3. Summary According to the Directory 3.1 US ETF Innovation Products: Calamos Issues Nasdaq Snowball ETF - Last week, 43 new US ETF products were issued, including 13 individual - stock related products and 7 digital - currency related products. YieldMax's new Performance & Distribution Target 25 series aims for a 25% annual dividend, and GraniteShares' YieldBOOST series issued 2 industry - themed leveraged ETF products [6][8] - Vanguard issued 3 active equity ETFs in cooperation with Wellington, First Trust issued a stock - bond - commodity hybrid ETF, and T. Rowe Price issued 4 bond ETFs. Calamos issued a Nasdaq 100 - linked snowball ETF, which aims for a 35% volatility target and reduces knock - in risk through diversified investment [9] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Decrease in Risk Preference - In the past week, the inflow of US ETFs exceeded $30 billion. Despite the poor performance of many assets, stock products still had large inflows, while Bitcoin ETFs continued to see outflows. Vanguard's S&P 500 ETF ranked first in inflows, and Nasdaq ETFs and small - cap ETFs had large outflows, indicating a decrease in risk preference [10][13] 3.2.2 US ETF Performance: Pharmaceutical Products Perform Well - Recently, the pharmaceutical sector has been the second - highest - rising sector in the US (after raw materials). Biotech products have increased by over 20% this year, and broad - based pharmaceutical products generally have returns of over 10% [16] 3.3 Recent Capital Flows of US General Public - Offering Funds - In September 2025, the total amount of non - money public - offering funds in the US was $23.47 trillion, an increase of $0.49 trillion from August. The S&P 500 rose 3.53% in September, and the scale of domestic stock products increased by 2.13%, but the redemption pressure increased. Last week, domestic stock funds continued to see outflows of around $20 billion, with nearly $600 billion in outflows this year, while bond products had small - scale inflows [1][20]

Group 1: Report Industry Investment Rating - No information provided regarding the industry investment rating Group 2: Core Viewpoints of the Report - In the recent week, most A - share ETFs declined, while gold ETFs led the gains with a 3.26% increase, and the technology sector mostly fell. Funds were deployed in the science - innovation sector against the trend, and the ETFs targeting SGE Gold 9999 had the largest net inflow of funds [2][9] Group 3: Summary by Directory 1. Index Product Establishment, Raising, and Application - **Product Establishment and Listing**: Five products were listed, with a concentration on Hong Kong Stock Connect products. Eight products were established, including index - enhanced products such as Zhongjia Beizheng 50 Component Index Enhanced A and Huatai Baorui Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A [1][4] - **Product Issuance Information**: Two index products ended their fundraising in the coming week, and no index products were set to start fundraising [6] - **Product Application Information**: A total of 28 index products were applied for in the recent week, maintaining the diversified characteristics of industry themes, including 18 theme funds and 6 linked funds [7] 2. ETF Market Review - **Overall ETF Performance**: Most A - share ETFs declined, with the declines of Kechuang 50ETF, ChiNext 50ETF, and CSI 500ETF being - 3.83%, - 3.67%, and - 1.24% respectively. Among Hong Kong - stock ETFs, only the Hang Seng ETF rose by 1.30%, and among US - stock ETFs, the S&P 500ETF rose by 2.68%. In commodity ETFs, the non - ferrous ETF rose by 1.26%, and gold rebounded strongly by 3.26% [2][9] - **Industry - based A - share ETF Performance**: The medical category rose significantly, with the Chinese medicine ETF having the highest increase of 3.61%. The chemical ETF also had a relatively high increase of 3.38%. The technology category declined significantly, with the communication ETF, electronic ETF, and chip ETF having declines of - 6.99%, - 5.62%, and - 4.81% respectively [2][13] - **Cross - border ETF Performance**: In the recent week, the major broad - based indices of cross - border markets had mixed performance. The France CAC40 had the highest increase of 2.77%. Among corresponding ETFs, Boshi Hang Seng Healthcare ETF and Hua'an France CAC40ETF rose significantly, while Huatai Baorui CSI Korea Exchange Sino - Korean Semiconductor ETF declined by 4.20% [16] 3. ETF Fund Flow - **Overall ETF Scale**: As of November 14, 2025, there were 1304 ETFs in the entire market, with a total scale of 563.3719 billion yuan, a decrease of 3.914 billion yuan from the previous week. A - share and cross - border ETFs ranked first and second in scale [22] - **Non - monetary ETF Fund Inflow and Outflow**: Among non - monetary ETFs, the ETFs targeting SGE Gold 9999 had the largest net inflow of 5.567 billion yuan, while the ETFs of CSI A500 had the largest net outflow of 4.04 billion yuan [24] - **High - Inflow and High - Liquidity ETFs**: Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50ETF and Southern ChiNext Artificial Intelligence ETF had high fund inflows of 2.495 billion yuan and 2.028 billion yuan respectively. Haifutong CSI Short - term Financing ETF and E Fund CSI Hong Kong Securities Investment Theme ETF had high liquidity [26]

Market Performance - The Shanghai Composite Index fell by 0.97%, closing below 4000 points, while the ChiNext Index dropped by 2.82% [1] - The Hang Seng Index and the Hang Seng Tech Index experienced significant declines, with the latter falling by 2.83% and reaching a low of 3.1% during trading [1] - For the week, the Hang Seng China Enterprises Index and the Hang Seng Index rose by 1.4% and 1.26%, respectively, while the Shanghai Composite Index saw a slight decline of 0.18% [1][2] ETF Performance - The "Global Vision, Betting on China" top ten core ETFs saw a minor pullback of 0.325% this week but recorded a year-to-date increase of 32.62%, outperforming the CSI 300 Index by 15 percentage points [3] - The Hong Kong Innovative Drug ETF was the best performer this week, rising by 5.9% and achieving a year-to-date increase of 93% [7] - The A500 ETF (512050) experienced a slight decline of 1.02% this week but had a net inflow of 2.36 billion yuan over the first four days of the week, totaling 27.07 billion yuan over the past 20 days [3][6] Innovative Drug Sector - The innovative drug sector is showing strong fundamentals, with companies like BeiGene reporting a 41.1% year-on-year revenue increase in Q3, reaching 10.077 billion yuan [9] - The sector is benefiting from a surge in overseas licensing deals, with total transaction amounts exceeding 100 billion USD by October 2025, indicating a significant revaluation of domestic innovative drugs [9] - Policy support, performance realization, and accelerated internationalization are driving improvements in the innovative drug sector's fundamentals, enhancing its medium to long-term investment value [9] U.S. Market Dynamics - The U.S. stock market is facing liquidity challenges due to a prolonged government shutdown and increased debt issuance, which has led to a significant cash drain from the market [12][13] - Hedge funds and institutions have been net sellers of U.S. stocks and ETFs, with over 67 billion USD sold this year, exacerbating liquidity pressures [13] - The Federal Reserve's mixed signals on interest rates have created volatility, particularly affecting technology stocks, as the market adjusts to changing rate expectations [12][14]

Market Performance - US stock market faced significant declines, with all three major indices recording their worst performance since October 10 [1] - Dow Jones dropped over 700 points, S&P 500 fell nearly 1.7%, and Nasdaq briefly dipped below the 50-day moving average [2] Sector Performance - Technology stocks were the primary focus of the sell-off, with Tesla down 7%, Nvidia and Broadcom down 5%, and Disney dropping nearly 8% due to disappointing earnings [2] - Nasdaq technology ETF fell over 3%, while various other ETFs including S&P ETF and Dow Jones ETF declined over 2% [2][3] Valuation Insights - Major US indices are currently at high valuation levels, with Nasdaq index PE at 41.04, S&P 500 at 28.67, and Dow Jones at 31.32 [4] - Year-to-date performance shows significant gains for some tech stocks, with Google up 47.64% and Nvidia up 39.18% [4] Liquidity and Interest Rate Dynamics - Liquidity conditions have rapidly deteriorated, exacerbated by a 44-day government shutdown that froze expected fiscal spending [9] - Increased US debt issuance has withdrawn substantial cash from the market, tightening the financing environment and reducing available lending capital [9] - The Federal Reserve's recent statements indicate a shift in interest rate expectations, with a notable decrease in the probability of a rate cut in December [10][11] Future Earnings Projections - Forecasts suggest that US stock earnings growth could reach 13.5% in 2026, driven by sustained AI demand and easing tariff risks [12] - The market is expected to focus on two main narratives: the ongoing strength of tech stocks, particularly in AI, and a potential recovery in cyclical sectors such as industrials and materials [12]

Core Insights - The article explains the concept of premium rate in ETFs, which represents the percentage of "extra money" spent compared to the actual value of the ETF [1] - It highlights the risks associated with high premium rates, including price corrections, liquidity issues, and the impact of U.S. stock market fluctuations [1] - The article provides guidelines for safely investing in U.S. stock ETFs, emphasizing the importance of scale, liquidity, and understanding the reasons behind premium rates [1] Premium Rate Overview - Premium rate is calculated using the formula: (Market Price - Net Asset Value) ÷ Net Asset Value × 100% [1] - Example provided: An ETF with a net value of 1 yuan and a market price of 1.18 yuan results in a premium rate of 18% [1] Risks of High Premium Rates - Price correction risk: Prices may revert to net asset value once market sentiment cools [1] - Liquidity risk: Low trading volumes in niche ETFs can lead to difficulties in selling without incurring losses [1] - Dual volatility risk: U.S. stock ETFs may reflect market expectations that could differ from actual market performance [1] Investment Guidelines - Prioritize ETFs with larger scale and higher trading volumes to ensure liquidity [1] - Analyze the reasons for premium rates to distinguish between genuine market strength and speculative trading [1] - Monitor year-to-date performance to avoid "chasing highs" as U.S. stocks can also experience corrections [1] - Pay attention to the timing of net asset value updates, as domestic trading uses estimated values during U.S. market hours [1] Latest U.S. Stock ETF Premium Rates - The table lists various ETFs along with their scale, year-to-date performance, and premium rates, indicating that the Nasdaq Technology ETF has a premium rate of 18.52% with a scale of 146.50 billion and a year-to-date increase of 40.19% [2] - Other notable ETFs include the Nasdaq 100 ETF with a premium rate of 13.09% and a scale of 42.39 billion, and the Nasdaq ETF with a premium rate of 9.12% and a scale of 185.44 billion [2]

New Stock Issuance - The stock code 300277 (海联讯) has a subscription period for acquisition rights from November 12 to November 18, 2025[1] - Stock code 603388 (*ST元成) reported severe abnormal fluctuations[1] - Stock code 002478 (常宝股份) announced a significant event with a value of 23[1] Trading Alerts - Stock code 601061 (中信金属) has a trading alert issued on November 8, 2025[1] - Stock code 600078 (澄星股份) has a trading alert issued on November 8, 2025[1] - Stock code 601179 (中国西电) has a trading alert issued on November 8, 2025[1] Abnormal Fluctuations - Stock code 000892 (欢瑞世纪) reported abnormal fluctuations on November 4, 2025[1] - Stock code 603876 (鼎胜新材) reported abnormal fluctuations on November 4, 2025[1] - Stock code 603595 (ST东尼) reported abnormal fluctuations on November 5, 2025[1]

Group 1: Report Summary - The report focuses on the latest developments in US ETFs and public mutual funds, including new product launches, capital flows, and performance [2] Group 2: New US ETF Products - Last week, 19 new products were launched in the US, with more than half being single - stock products. These included 2x leveraged products, leveraged + option strategy products, and other types [5] - Stoneport Advisors issued a commodity long - short strategy product, which uses a quantitative method to construct a long - short strategy for US - listed commodity futures [6] - First Trust launched a "critical metals" ETF, investing in 50 stocks related to new - energy and technology metals [6] - iShares issued a large - cap core index enhancement product and a European corporate bond product [7] - KraneShares launched an options strategy product using a Delta - neutral spread strategy [7] Group 3: US ETF Dynamics 3.1 US ETF Capital Flows - In the past week, US ETF inflows exceeded $30 billion, with significant inflows into stock products and outflows from Bitcoin ETFs [8] - BlackRock's S&P 500 ETF ranked first in inflows, short - term bond ETFs had obvious inflows, while technology - related products and Bitcoin ETFs had outflows [11] 3.2 US ETF Performance - Korean - related products led the gains among US - listed stock ETFs this year. Two passive products had gains of over 80%, and a 3x leveraged product had a gain of over 300%. However, except for the largest product with a scale close to $7 billion, the other products had small scales [14] Group 4: Recent Capital Flows of US Public Mutual Funds - In September 2025, the total amount of non - money public mutual funds in the US was $23.47 trillion, an increase of $0.49 trillion from August 2025. The S&P 500 rose 3.53% in September, and the scale of US domestic equity products increased by 2.13%, but the redemption pressure increased [15] - Last week, the outflows of US domestic equity funds expanded to $37 billion, and bond products also had small outflows [16]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The US ETF market has new developments, with the issuance of a commodity long - short strategy product and continuous inflow of funds into stock products. Meanwhile, the performance of Korean - related ETF products is outstanding. The US non - money public funds have experienced changes in scale and redemption pressure, and recently, domestic stock funds have seen an expanded outflow [2]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Commodity Long - Short Strategy Product Issuance - Last week, 19 new products were issued in the US, more than half of which were single - stock products. These single - stock products involve 2x leveraged products and products combining options and leverage, targeting various companies such as those in the cryptocurrency, sports, health, and AI sectors [7]. - Stoneport Advisors issued a commodity long - short strategy product, which tracks an index using a quantitative method to construct a long - short strategy for US - listed commodity futures. The index determines the investable pool annually based on the S&P GSCI and Dow Jones Commodity Index, currently including 23 commodities from sectors like agriculture, precious metals, industrial metals, and energy. It decides long - short weights monthly according to the yield trend algorithm [8]. - First Trust issued a "critical metals" ETF, investing in companies mainly earning income from North America and involved in the mining of new - energy - related metals, new - energy vehicle metals, and other technology metals, ultimately selecting 50 stocks [8]. - iShares issued a large - cap core index enhancement product aiming for low tracking error against the Russell 1000 index and excess returns, managed by a quantitative team, and a European corporate bond product using euro - dollar foreign exchange hedging to reduce exchange - rate impact [10]. - KraneShares issued an options strategy product, using a Delta - neutral spread strategy by buying put options and selling call options while selecting stocks to obtain option premium differences [10]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stock Products Continuously Inflow - In the past week, the inflow of US ETFs exceeded $30 billion, with significant inflow into stock products and outflow from Bitcoin ETFs. BlackRock's S&P 500 ETF ranked first in inflow, short - term bond ETFs had obvious inflows, while technology - related products and Bitcoin ETFs had outflows [2][11][14]. - Gold ETFs had relatively stable fund flows last week, and among broad - based ETFs, the S&P 500 had higher inflows than the Nasdaq 100 in the past two weeks [16]. 3.2.2 US ETF Performance: Korean - Related Products Lead in Gains - US - listed stock ETFs have performed excellently this year. Two passive products have gains of over 80%, and 3x leveraged products have gains of over 300%. However, except for the largest product with a scale close to $7 billion, other products have relatively small scales [17]. 3.3 Recent US Ordinary Public Fund Fund Flows - In September 2025, the total amount of US non - money public funds was $23.47 trillion, an increase of $0.49 trillion compared to August 2025. In September, the S&P 500 rose 3.53%, the scale of US domestic equity products increased by 2.13%, and the redemption pressure increased [2][18]. - Last week, the outflow of US domestic equity funds expanded to $37 billion, and bond products also had a slight outflow [2][19].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The attention on thematic ETFs in the US has increased, with new products in sectors such as electricity, natural gas, and unmanned driving [7][8]. - US ETFs have seen continuous inflows into equity products, while gold ETFs have continued to experience outflows [10]. - Bond products among US ETFs have performed well this year, with broad - based composite bond products and 20 - year - plus Treasury bond ETFs achieving notable returns [14]. - In September 2025, the total amount of non - money public funds in the US increased, but the redemption pressure on domestic equity products rose. Last week, domestic equity funds saw outflows approaching $20 billion, while bond products returned to inflows [4][16]. 3. Summary by Catalog 3.1 US ETF Innovation Products: Thematic ETF Attention Grows - Last week, there were 20 new ETF products issued in the US. Franklin Templeton issued 5 different municipal bond products [7]. - Arin Risk Advisors issued a tail - risk ETF, which aims to avoid risks during market downturns through active management and has a flexible portfolio structure [8]. - VistaShares issued an electricity ETF, Global X issued a natural gas ETF, and REX Shares issued an unmanned driving ETF, indicating increased attention to relevant themes [8]. - Roundhill expanded leveraged + option weekly dividend products, and Rex Shares issued an option product [9]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Equity Products See Continuous Inflows - In the past week, US ETFs had inflows of over $30 billion, with significant inflows into equity products and continuous outflows from gold ETFs. The SPDR S&P 500 ETF had inflows of over $15 billion, leading other products. Growth ETFs had inflows, while leveraged ETFs continued to experience outflows [10][12]. 3.2.2 US ETF Performance: Bond Products Perform Well - This year, US stocks have performed well, and bonds have also delivered good returns. Broad - based composite bond products have yields of over 6%, and 20 - year - plus Treasury bond ETFs have yields of over 7%. Short - term bonds and municipal bonds have relatively weaker performance [14]. 3.3 Recent Fund Flows of US Ordinary Public Funds - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August. The scale of domestic equity products increased by 2.13%, but the redemption pressure increased. Last week, domestic equity funds saw outflows approaching $20 billion, while bond products returned to inflows [4][16].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The attention to thematic ETFs in the US has increased, with various new ETF products launched last week, including municipal bond products, power ETFs, natural gas ETFs, and unmanned driving ETFs. [7][8] - US ETFs have seen continuous inflows into stock products, with significant inflows into the S&P 500 ETF and growth ETFs, while gold ETFs and leveraged ETFs have continued to experience outflows. [11] - US bond ETFs have performed well this year, with broad - based composite bond products yielding over 6% and 20 - year - plus Treasury bond ETFs yielding over 7%. [15] - In September 2025, the total amount of non - money public funds in the US increased, and last week, domestic stock funds in the US saw outflows approaching $20 billion, while bond products returned to inflows. [17] 3. Summary by Directory 3.1 US ETF Innovation Products: Thematic ETFs Gain Attention - Last week, 20 new products were launched in the US, including 5 different municipal bond products from Franklin Templeton. [7] - Arin Risk Advisors issued a tail - risk ETF, aiming to avoid risks during market downturns through active management. The product's positions are divided into regular, tail - risk protection, and tactical positions. [8] - The attention to thematic ETFs has increased, with new power, natural gas, and unmanned driving ETFs launched. Roundhill and Rex Shares also issued leveraged + option weekly dividend products and option products respectively. [8][10] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stock Products See Continuous Inflows - In the past week, US ETFs received inflows of over $30 billion, with significant inflows into stock products and continuous outflows from gold ETFs. The S&P 500 ETF from State Street received inflows of over $15 billion, leading other products. Growth ETFs had inflows, while leveraged ETFs continued to have outflows. [11] 3.2.2 US ETF Performance: Bond Products Perform Well - This year, US stocks have performed well, and bonds have also delivered good returns. Broad - based composite bond products have yields of over 6%, and 20 - year - plus Treasury bond ETFs have yields of over 7%. Short - term bonds and municipal bonds have relatively weaker performance. [15] 3.3 Recent Capital Flows of US Ordinary Public Funds - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August 2025. The scale of domestic stock products increased, but the redemption pressure also rose. Last week, domestic stock funds in the US saw outflows approaching $20 billion, while bond products returned to inflows. [17]