Group 1: Report Information - Report Date: October 10, 2025 [1] - Report Title: Shenwan Hongyuan Gold ETF Portfolio 202510 [1] - Analysts: Shen Siyi, Deng Hu [3] - Research Support: Bai Haotian [3] - Contact: Shen Enyi [3] Group 2: Investment Ratings - No industry investment ratings are provided in the report. Group 3: Core Views - The report constructs four ETF portfolios, including the macro industry portfolio, macro + momentum industry portfolio, core - satellite portfolio, and trinity style rotation ETF portfolio, based on macro - sensitivity and momentum analysis, aiming to capture investment opportunities in different market environments [5][8]. - The current economic leading indicators are rising, liquidity indicators are slightly tight, and credit indicators remain positive. The portfolios are shifting towards a more balanced allocation, with an increased proportion of consumer sectors [5]. - The trinity style rotation model combines macro - liquidity, fundamental, and market sentiment factors to construct a medium - to long - term style rotation model, providing insights into market style preferences [5][9]. Group 4: ETF Portfolio Construction Methods 4.1 Based on Macro - Method - Calculate macro - sensitivity for broad - based, industry - theme, and Smart Beta ETFs based on economic, liquidity, and credit variables. Traditional cyclical industries are sensitive to the economy, TMT to liquidity, and consumption to credit [8]. - Construct three ETF portfolios (macro industry, macro + momentum industry, and core - satellite) using macro - sensitivity and momentum, and rebalance monthly [8]. 4.2 Trinity Style Rotation ETF Portfolio - Build a medium - to long - term style rotation model centered on macro - liquidity, comparing with the CSI 300 index. Screen macro, fundamental, and market sentiment factors to construct three types of models (growth/value, market - cap, and quality) [9]. Group 5: Portfolio Details 5.1 Macro Industry Portfolio - Select the top 6 industry - theme indices based on macro - sensitivity scores, and equally weight the largest - scale corresponding ETFs. Currently, the portfolio is more balanced with an increased consumer proportion [5][10]. - October 2025 holdings include ETFs related to tourism, home appliances, chemicals, etc. [14]. - In 2025, the portfolio had varying monthly excess returns, with positive excess returns in September [15]. 5.2 Macro + Momentum Industry Portfolio - Combine macro and momentum methods. The pharmaceutical sector's weight is further reduced, and rare earth and battery sectors are selected on the momentum side [5][16]. - October 2025 holdings include multiple industry - themed ETFs [18]. - The portfolio performed well in 2025, with positive excess returns in September after a drawdown in August [19]. 5.3 Core - Satellite Portfolio - Use the CSI 300 as the core and combine broad - based, industry, and Smart Beta portfolios. Weight them at 50%, 30%, and 20% respectively [20][21]. - October 2025 holdings include a mix of broad - based and industry - themed ETFs [24][25]. - The portfolio performed steadily in 2025, outperforming the index almost every month [25]. 5.4 Trinity Style Rotation ETF Portfolio - The model currently favors small - cap growth and high - quality styles. The portfolio's factor exposure and historical performance are presented [26][27]. - October 2025 holdings include ETFs related to small - cap indices and high - growth sectors [31]. - The portfolio has shown certain performance since 2021, with positive excess returns in September 2025 [30].

今年前三季度的行情，是不是像一场"权重搭台、题材唱戏"的大戏？你坐在台下看AI（人工智能）、通 信股涨得热闹，可知道舞台背后的ETF（交易型开放式指数基金）市场里，"题材角儿"已经炸了——行 业、主题ETF直接把规模从年初的不到6000亿元干到了1万亿元，年内增长超77%。 更绝的是，大家买ETF的思路彻底变了。你以为ETF只有"涨得好才有人买"？今年前三季度的行业、主 题ETF这就"打脸"给你看。比如一只煤炭ETF，明明年内跌了5.65%，规模却从28亿元涨到114亿元（年 内增长近300%）。而有些涨得不错的ETF，比如一只芯片ETF年内涨了56.16%，规模反而少了21亿元。 这是什么操作？ 《每日经济新闻》记者就来揭秘行业、主题ETF的"资金密码"：有人"越跌越买"抄底冷门，有人"见好就 收"止盈热门，还有人盯着黄金、AI大肆"囤货"。到底钱往哪流？哪些ETF是"被遗忘的角落"？咱们一 起挖个明白。 份额变动更能说明问题 Wind（万得）数据显示，截至9月30日，全市场共有483只主题指数ETF和84只行业指数ETF，最新规模 分别为7747.85亿元和2876.27亿元，合计规模突破1万亿元。而年初 ...

| 中韩半导体ETF | | | | --- | --- | --- | | 513310 園 | | | | 黄金股ETF基金 | 1.768 | 8.53% | | 159315 | | | | 黄金股ETF | 2.154 | | | 517520 融 | | | | 黄金股票ETF | | 7.95% | | 517400 | | | | 黄金股票ETF | | 7.86% | | 159321 | | | | 黄金股票ETF基金 | 1.745 | 7.65% | | 159322 | | | | 矿业ETF | 1.768 | 7.54% | | 561330 | | | | 黄金股ETF | 2.339 | 7.34% | | 159562 融 | | | | 矿业ETF | 1.800 | 7.27% | | 159690 | | | | 有色金属ETF基金 | 1.740 | 7.14% | | 516650 | | | 10月9日早盘涨幅靠前的ETF 截至10月9日上午收盘，ETF涨幅榜前十名中，大多为黄金ETF产品，多只产品涨逾7%。工银瑞信中证沪深港黄金产业股票ETF、永赢中证沪深港黄 ...

黄金股午后涨势不止，山东黄金、中金黄金、招金黄金、西部黄金、西部矿业等10余股涨停。永赢中证 沪深港黄金产业股票ETF基金经理刘庭宇表示，"对于黄金股来说，其半年度业绩高增长的核心原因在 于金价上涨和产量增加带来的量价齐升。而高增长的业绩又进一步摊薄了金矿公司的PE估值，这意味 着后续黄金股或有望再迎戴维斯双击。 ...

近期，国际金价屡创新高，10月8日国际金价更是首次站上4000美元整数关口，境内金价亦同步走强， 贵金属市场整体呈现上行格局。在金价驱动下，境内黄金ETF规模迅速扩张，多个产品突破百亿元大 关。产业链相关上市公司股价亦大幅上涨，获得了机构投资者的高度关注。多家黄金类上市公司被知名 机构调研，代表性黄金股ETF的单月规模也增加逾50亿元。 有机构分析指出，美联储降息预期与美元信用裂痕持续扩张，共同推动黄金进入新一轮上行周期。历史 经验显示，衰退或滞涨时期黄金表现往往优于其他资产。当前，市场普遍认为，黄金正处于"第三浪"主 升行情初期，长期储备价值和配置优势有望进一步凸显。 金价持续上涨 资金加速回流 证券时报记者注意到，随着黄金价格不断上涨，黄金ETF的规模在近一个月内再次获得显著增长。 数据显示，截至9月30日，代表性产品中已有5只规模突破百亿元，华安黄金ETF规模达到682.63亿元， 较此前600亿元关口继续扩张。数据显示，最近一个月，华安黄金ETF规模增长了108.62亿元，国泰黄 金ETF和博时黄金ETF分别增加29.54亿元和23.62亿元。 华泰证券研究所表示，今年境内黄金ETF的资金流入情况受金 ...

有机构分析指出，美联储降息预期与美元信用裂痕持续扩张，共同推动黄金进入新一轮上行周期。历史 经验显示，衰退或滞涨时期黄金表现往往优于其他资产。当前，市场普遍认为，黄金正处于"第三浪"主 升行情初期，长期储备价值和配置优势有望进一步凸显。 近期，国际金价屡创新高，10月8日国际金价更是首次站上4000美元整数关口，境内金价亦同步走强， 贵金属市场整体呈现上行格局。在金价驱动下，境内黄金ETF规模迅速扩张，多个产品突破百亿元大 关。产业链相关上市公司股价亦大幅上涨，获得了机构投资者的高度关注。多家黄金类上市公司被知名 机构调研，代表性黄金股ETF的单月规模也增加逾50亿元。 金价持续上涨资金加速回流 ETF方面，以永赢中证沪深港黄金产业股票ETF为例，该ETF今年以来涨幅达到86.73%，其重仓股包括 紫金矿业、山东黄金、中金黄金、赤峰黄金、招金矿业等，个股分别收涨99.07%、74.62%、87.21%、 90.70%和194.20%。受益于此，该ETF规模已增至116.69亿元，近一个月增长了54.17亿元。 天风证券研究所指出，黄金股ETF属于权益类基金，其底层资产为黄金产业链上市公司股票，包括金矿 开采及 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since 2025, Yongying Fund has actively expanded its equity passive index product line, emphasizing both the original segmented field layout model and traditional broad - based index and enhanced products. It has formed a product line with prominent features and diverse coverage. In fact, the scale has expanded rapidly in the past year, with the cumulative scale of equity index/enhanced products increasing from 3.478 billion yuan in Q2 2024 to the latest 22.654 billion yuan [4][39]. 3. Summary According to the Table of Contents 3.1 Yongying Index Business: Breaking Through with Innovation in Segmented Fields and Rapidly Expanding the Product Line in the Past Year - Yongying Fund's passive index business started in 2019. After more than six years of operation, it has 26 equity index products, including ETFs and their linked funds in broad - based and industry - themed categories, as well as over - the - counter passive index and enhanced products. The latest total scale of equity ETF products is 19.637 billion yuan (as of September 12, 2025). It also has 6 bond index products, including the Science and Technology Innovation Bond ETF established in September 2025 [4][8]. - The equity index product layout focuses on finding areas with future development opportunities and segmented investment opportunities in relatively mature directions, such as medical device ETFs and Hong Kong medical ETFs in the medical field, and commercial satellite ETFs and general aviation ETFs in the military industry. Quantitatively, it combines multi - dimensional frameworks such as fundamental quantification, traditional multi - factors, and machine learning [9]. 3.2 Product Matrix: Forward - looking Layout in Segmented Industries and Steady Expansion of Broad - based Products 3.2.1 Industry - Themed Products - Yongying's industry - themed ETFs cover segmented sectors such as "medical devices", "gold stocks", and "navigation satellites". They combine high granularity in the technology and general manufacturing fields and the style adaptability of gold stocks, adding high elasticity under segmented forward - looking layouts to passive tools. There are many first - batch ETF products in the market, effectively expanding the scope of passive investment [16]. - The gold stock ETF and medical device ETF are the first and largest products tracking their respective indices, with strong market recognition. The latest scale of the gold stock ETF has exceeded 10 billion yuan. The general aviation ETF and satellite ETF are also the first products tracking relevant indices, with prominent advantages [16]. - The gold stock ETF shows high - volatility characteristics of stocks and has a "leverage effect" compared to gold. It has outperformed in terms of returns this year and in the past year and has received large - scale subscriptions since February this year. The medical device ETF has strong tool attributes. A new Hong Kong - stock - connected medical product was launched in April this year, focusing on the AI + medical direction, with differentiated layout in Hong Kong stocks. Both products have received significant attention and subscriptions since July this year [16][17][19]. 3.2.2 Broad - Based Products - Yongying has built a product system covering multi - level markets in the broad - based index field. It laid the foundation through the ChiNext Index in 2019 and significantly accelerated the new product issuance rhythm this year, launching five new products. The management and custody fees of Yongying CSI 300 ETF and Yongying ChiNext Index are at the lowest level in the market for products tracking similar indices. The total scale of all eight products currently reaches 3.689 billion yuan [21][22]. 3.2.3 Smart Beta Products - Yongying has newly launched two characteristic ETFs in the Smart Beta field. Yongying CSI Hong Kong - Stock - Connected Central State - Owned Enterprise Dividend ETF was established in July 2025, with a scale of 296 million yuan and an average daily trading volume of 26 million yuan this year. Yongying China Securities Free Cash Flow ETF was established in June, with a scale of 33 million yuan. Both products use a 0.50% management fee and 0.10% custody fee structure, providing investors with differentiated allocation tools for dividend factors and cash - flow quality factors [24]. 3.2.4 Index - Enhanced Products - Yongying has shown obvious strategic emphasis and product differentiation in the index - enhanced product line. It started to intensively layout the enhanced product line in the second half of 2024 and accelerated the issuance rhythm in 2025, forming a relatively complete enhanced product matrix. It covers both over - the - counter index - enhanced and index - enhanced ETF models, offering a wide range of coverage [28]. 3.2.5 Bond Index Products - Yongying's bond index products appeared in 2019 and have been continuously expanded. The product line covers four types of diversified products, mainly with medium - and short - term durations. Three policy - financial bond and state - development bond products are the largest in their respective tracking indices, with high market recognition. Yongying China Bond - Preferred Investment - Grade Credit Bond (1 - 3 years) Index, established this year, is the only product tracking this index, with uniqueness [36]. 3.2.6 Summary - This year, Yongying's index business has been actively expanding its product line, forming a product line with prominent features and diverse coverage. The scale of various product lines has expanded rapidly in the past year. Currently, industry - themed products represented by gold stock ETFs and medical device ETFs are still the mainstay. Yongying Fund has a high enthusiasm for layout this year, which is expected to provide investors with an investment toolbox with both breadth and depth [39].

Fund Market - In September, the issuance scale of newly established equity funds reached nearly 66 billion yuan, with a total of 141 fund products established, totaling 118.27 billion yuan, making it the second highest monthly issuance this year [1] - The ETF market saw new members join the 10 billion yuan club, indicating a continuous influx of incremental funds into popular ETFs, driven by a strengthening equity market [1] - Over 78% of private equity firms reported their average positions at the highest level of the year, with many firms increasing their investments in technology and innovative pharmaceutical sectors [1] Quantitative Private Equity - As of September 12, less than 20% of quantitative private equity products achieved positive excess returns in August, indicating a significant underperformance compared to subjective private equity [2] - The management scale of quantitative private equity has nearly halved due to two major drawdowns this year, prompting firms to reduce leverage and limit style exposure [2] Floating Rate Bonds - The issuance of floating rate bonds has significantly rebounded, with 97 bonds issued and a total scale of 275.57 billion yuan, marking a year-on-year increase of 123.5% [2] - Policy bank bonds account for over 80% of the issuance, with expectations for the floating rate bond market to normalize and extend towards medium to long-term maturities [2] Banking Sector - A wave of redemptions for "perpetual bonds" is occurring, with banks like China Construction Bank and CITIC Bank announcing full redemptions of bonds issued in 2020, totaling 729.28 billion yuan this year [3] - This redemption trend is part of banks' strategies to optimize capital structures and reduce financing costs amid a declining interest rate environment [3] Aviation Industry - In August, China's civil aviation transportation volume reached a historical high, with a total turnover of 15.18 billion ton-kilometers and passenger transport volume of 75.36 million, reflecting a year-on-year growth of 8%, 3.3%, and 13.3% respectively [4] Pharmaceutical Industry - The 11th batch of national drug centralized procurement will open for bidding on October 21, covering 55 varieties and 162 specifications, with a focus on key areas such as antiviral drugs and innovative treatments for kidney diseases [4] - The new procurement scheme aims to ensure fair pricing and prevent excessively low bids that could disrupt the market [4] Corporate Developments - The chairman of Bosera Fund, Jiang Xiangyang, has stepped down, with Zhang Dong expected to take over, indicating a significant organizational change within the company [5] - The company Xuan Zhong Ecological is planning a change in control, leading to a temporary suspension of its stock trading [6] - Xiangrikui plans to acquire 100% of the high-end semiconductor materials company Xipu Materials, indicating a strategic move to enhance its product offerings [8] US Stock Market - The three major US stock indices closed higher, with the S&P 500 up 0.49% and the Nasdaq up 0.72%, reflecting a strong performance in the technology sector [9] - The trading volume surged on "Triple Witching Day," marking the third-highest record, as small-cap stocks fell from record highs [9] - The ten-year US Treasury yield rose for three consecutive days, reaching a two-week high, while the dollar index also increased [9]

Group 1 - The equity market is experiencing a strong inflow of funds into popular ETFs, with new members joining the "100 billion club" such as E Fund's National Robot Industry ETF and Yongying's CSI Hong Kong and Shanghai Gold Industry ETF [1] - As of September 19, there are five gold-themed ETFs in the domestic market with assets exceeding 10 billion yuan, including Huaan Gold ETF, which has returned to a scale of 60 billion yuan [1] - The recent rise in gold prices is linked to the inflow of funds from European and American investors, driven by expectations of interest rate cuts by the Federal Reserve [2][3] Group 2 - The E Fund's Robot ETF has seen significant growth, with a net inflow of 8.76 billion yuan this year, reflecting high investor confidence in the humanoid robot industry's development prospects [2][3] - The humanoid robot industry is experiencing technological breakthroughs and increased commercialization, with companies like Tesla and UBTECH receiving substantial orders [3] - Fund managers suggest that the market is likely to continue its upward trend in the second half of the year, encouraging investors to hold onto their positions rather than sell prematurely [3][4]

Group 1 - The scale of Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF has surpassed 10.59 billion yuan, making it the fifth gold ETF in China to exceed 10 billion yuan in scale [1] - As of September 17, the total scale of 14 gold ETFs in the market has exceeded 160 billion yuan, indicating significant inflows into gold ETFs amid rising gold prices [1] - The largest gold ETF in China, managed by Huaan Fund, has also returned to a scale of 63.51 billion yuan, with other major ETFs from Bosera, E Fund, and Guotai Fund following closely [1] Group 2 - Since late August, COMEX gold prices have surged over 10%, reaching a latest quote of 3,706.1 USD/oz, contributing to the substantial increase in the net value of several gold ETFs [2] - UBS Wealth Management's CIO office has raised its gold price targets to 3,800 USD/oz by the end of this year and 3,900 USD/oz by June next year, citing factors such as interest rate cuts and geopolitical uncertainties [2] - Huaan Fund believes that the recent interest rate cut by the Federal Reserve will benefit gold, alongside the high interest costs of U.S. government debt and ongoing central bank gold purchases [2]