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 ...

Group 1: Machinery Industry - In August 2025, the production of metal cutting machine tools in China reached approximately 71,000 units, a year-on-year increase of 16.4%, while the cumulative production from January to August was about 564,000 units, up 14.6% year-on-year, indicating a recovery in downstream manufacturing demand [2] - The production of industrial robots in August 2025 was about 64,000 units, a year-on-year increase of 14.4%, with a cumulative production of approximately 521,000 units from January to August, reflecting a year-on-year growth of 29.9% [2] - Manufacturing fixed asset investment in China grew by 5.1% year-on-year from January to August 2025, and cumulative export value increased by 5.9% year-on-year, supporting the stabilization of manufacturing demand [2] Group 2: Lithium Battery Equipment - In August 2025, the sales of new energy vehicles in China reached approximately 1.395 million units, a year-on-year increase of 26.8%, with total sales from January to August amounting to about 9.62 million units, up 36.7% year-on-year [3] - The installed capacity of power batteries in August 2025 was approximately 62.5 GWh, a year-on-year increase of 32.4%, while the total production of power batteries reached 139.6 GWh, up 37.3% year-on-year [3] - Cumulative installed capacity of power batteries from January to August 2025 grew by 43.1% to 417.9 GWh, and total production increased by 54.3% to 970.7 GWh, indicating a robust growth trajectory for the new energy vehicle sector [3] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.1 percentage points to 49.4% in August 2025, with key sub-indices such as production and new orders showing improvement, suggesting a recovery in manufacturing supply and demand [4] - The report maintains a "buy" rating for the machinery industry, highlighting opportunities in the general automation sector and lithium battery equipment sector due to the expected recovery in manufacturing demand [5] - Recommended companies include Haomai Technology in the general automation sector and Xianlead Intelligent and Hangke Technology in the lithium battery equipment sector [5]

Core Insights - The launch of the E Fund Shanghai Stock Exchange Sci-Tech Innovation Board New Energy ETF on September 22 marks the total number of Sci-Tech Innovation Board ETFs reaching 101 [1] - The previous listing of the Huatai-PineBridge Shanghai Stock Exchange Sci-Tech Innovation Board Innovative Drug ETF on September 19 pushed the total number of Sci-Tech Innovation Board ETFs to over 100 [1] - The overall management scale of Sci-Tech Innovation Board ETFs is nearly 300 billion, making it the segment with the highest proportion of index investment in A-shares [1] Industry Development - The Sci-Tech Innovation Board has developed a multi-layered index product system covering broad-based, thematic, and strategic indices, with continuous structural optimization and maturation of the ecosystem [1] - Over the past five years, the growth of Sci-Tech Innovation Board ETFs has provided investors with diversified investment tools and has become a significant channel for directing social funds towards "hard technology" enterprises [1] - A complete system has been formed in broad-based indices, represented by the Sci-Tech 50, Sci-Tech 100, Sci-Tech 200, and Sci-Tech Comprehensive Index [1] - Thematic indices cover key areas of new productive forces, including artificial intelligence, chips, new energy, and innovative drugs [1] Future Outlook - Market analysts indicate that the series of indices from the Sci-Tech Innovation Board demonstrate excellent long-term performance and possess notable long-term allocation value [1] - The investment ecosystem of the Sci-Tech Innovation Board is expected to further develop and improve with the implementation of the "Eight Measures" and "1+6" reform policies [1]

Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. Core Viewpoints of the Report - China's innovative drug industry is at a historical inflection point, moving towards the "global leadership" stage, with innovation upgrades, accelerated internationalization, and a profit inflection point [1][18]. - The Sci - Tech Innovation New Drug Index (931852.CSI) can accurately capture the industry's prosperity and core growth targets, with strong performance and fundamental support [1]. - The Huatai - PineBridge Shanghai Sci - Tech Innovation Board Innovative Drug ETF (589120) provides a convenient tool for investors to access the core assets of innovative drugs on the Sci - Tech Innovation Board [1]. Summary According to the Directory 1. Sci - Tech Innovation New Drug Index: Grasp Industry Prosperity and Capture Growth Targets - **Industry Representation and Growth Capture Ability**: The Sci - Tech Innovation New Drug Index, also known as the Shanghai Sci - Tech Innovation Board Innovative Drug Index (931852.CSI), selects 30 large - cap stocks related to innovative drugs from the Sci - Tech Innovation Board, reflecting the overall performance of the sector [5]. - **Dispersed Component Weights**: The index focuses on high - quality leading companies. Its weight distribution is relatively dispersed, with companies in the 30 - 50 billion yuan market - cap range having a high proportion. The top ten weighted stocks account for 63.85% of the total weight, and most stocks have shown an upward trend after being included in the index [7][9]. - **Strong Index Elasticity**: The Shanghai Sci - Tech Innovation Board Innovative Drug Total Return Index has a more prominent upward trend compared to similar indices. Since the second quarter of 2025, its cumulative increase of 82.66% and risk - adjusted return - to - risk ratio of 2.31 are significantly higher than those of similar indices [11][13]. - **Revenue Growth and Profit Improvement Expectations**: The index's constituent stocks are expected to have high - speed revenue growth and improved profitability. Market consensus predicts that the total revenue will continue to grow, and the net profit attributable to shareholders is expected to turn positive in 2025 and reach 7.537 billion yuan in 2026 [14]. 2. China's Innovative Drug Industry Enters a New Stage of "Global Leadership" - **Innovation Upgrade**: China has achieved a transformation from "imitation - following" to "original innovation" in the field of innovative drugs. The number of self - developed First - in - Class (FIC) drugs has increased from 9 in 2015 to 120 in 2024, accounting for 31% of the global pipeline, second only to the United States. Chinese pharmaceutical companies also show global competitiveness in popular target areas [21][24]. - **Accelerated Internationalization**: The internationalization of domestic innovative drugs is accelerating. Nine domestic innovative drugs from eight companies have been approved for listing in the United States. The license - out business has also entered a period of explosive growth, with an increase in upfront payments and total transaction amounts [27][29]. - **Profit Inflection Point**: With the commercialization of innovative drugs and the normalization of external licensing, Chinese innovative pharmaceutical companies have reached a profit inflection point. For example, the sales of Vemurafenib of Alis in 2024 reached 3.5 billion yuan, a year - on - year increase of 77%, and the global sales of Zanubrutinib of BeiGene in 2024 were 2.6 billion US dollars (about 19 billion yuan), a year - on - year increase of 105% [33]. 3. Huatai - PineBridge Shanghai Sci - Tech Innovation Board Innovative Drug ETF (589120) - The fund is an index fund under Huatai - PineBridge Fund, with Luo Hao as the proposed fund manager. It has a management fee of 0.50% and a custody fee of 0.10%. It uses a full - replication method to track the Shanghai Sci - Tech Innovation Board Innovative Drug Index, aiming to minimize tracking deviation and error [1][35][36]. - The fund will be issued from August 25 to September 5, 2025, with different subscription rates based on the amount of subscription shares [37][38]. 4. Fund Manager Information - Huatai - PineBridge Fund was established in February 2005. It is a first - class comprehensive asset management company in China, known as the "stock - picking expert". It has a complete range of business licenses and a well - developed product layout. As of August 21, 2025, it has 61 non - monetary ETF products, with a total scale of over 93.6 billion yuan [1][39].

（原标题：汇添富上证科创板创新药ETF开启认购） 汇添富上证科创板创新药ETF（589123）将于2025年8月25日至2025年9月5日进行发售，该基金的场内 简称为创新药基，基金管理人为汇添富基金，由罗昊担任该基金的基金经理。 该基金的业绩比较基准为：上证科创板创新药指数收益率。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

Report's Investment Rating for the Industry No investment rating for the industry is provided in the report. Core Views of the Report - The Chinese innovative drug industry is entering a new stage of "global leadership" with policy support, showing trends of innovation upgrade, accelerated internationalization, and reaching a profit inflection point [1][20]. - The Sci - Tech Innovative Drug Index (931852.CSI) can accurately capture the industry's prosperity and core growth targets, with strong performance, elastic growth, and solid fundamental support [1]. - The Huatai - PineBridge Shanghai Sci - Tech Innovation Board Innovative Drug ETF (589120) is a convenient tool for investors to access the core assets of innovative drugs on the Sci - Tech Innovation Board, closely tracking the index [1]. - The fund manager, Huatai - PineBridge Fund, is a leading comprehensive asset management company with a good reputation and a large number of non - monetary ETF products [1]. Summary According to the Directory 1. Sci - Tech Innovative Drug Index: Grasping Industry Prosperity and Capturing Growth Targets - **Strong Industry Representation and Growth - Capturing Ability**: The index, also known as the Shanghai Sci - Tech Innovation Board Innovative Drug Index, selects 30 large - market - cap stocks related to innovative drugs from the Sci - Tech Innovation Board, reflecting the overall performance of the sector [1][3][5]. - **Dispersed Component Weights**: The index's weight distribution is relatively dispersed, with a high proportion of companies with a market cap between 30 billion and 50 billion RMB. The top ten weighted stocks account for 63.85% of the total weight as of August 21, 2025, and most component stocks have shown an upward trend after being included in the index [7][10]. - **High Elasticity and Prominent Recent Performance**: Since the second quarter of 2025, the index has had a cumulative increase of 82.66% and a risk - adjusted return - to - risk ratio of 2.31, significantly outperforming similar innovative drug indices [1][12][14]. - **Dual Investment Guarantees**: The index's constituent stocks are expected to have high - speed revenue growth and improved profitability. The total revenue is predicted to keep growing, and the net profit attributable to shareholders is expected to turn positive in 2025 and reach 7.537 billion RMB in 2026 [1][15]. 2. The Chinese Innovative Drug Industry Reaches a Historical Inflection Point and Moves Towards "Global Leadership" - **Innovation Upgrade**: China has achieved a shift from "imitation - following" to "original innovation", with an increasing number of First - in - Class (FIC) drugs developed by Chinese pharmaceutical companies. In 2024, the number of self - developed FIC drugs reached 120, accounting for 31% of the global pipeline. Chinese companies also show global competitiveness in popular target areas [24][28]. - **Accelerated Internationalization**: The internationalization of Chinese innovative drugs is on the rise, with both independent overseas expansion and license - out models booming. As of now, 9 domestic innovative drugs from 8 companies have been approved for listing in the US, and license - out transactions have increased significantly [31][33][34]. - **Profit Inflection Point**: With the commercialization of innovative drugs and the normalization of external licensing, Chinese innovative pharmaceutical companies are reaching a profit inflection point. For example, the sales of some drugs like Ailisi's Vemurafenib and BeiGene's Zanubrutinib have increased significantly, and some companies are starting to receive milestone payments [38]. 3. Huatai - PineBridge Shanghai Sci - Tech Innovation Board Innovative Drug ETF (589120) - The fund is a passive index - type ETF product under Huatai - PineBridge Fund, with Luo Hao as the拟任 fund manager. It uses the full - replication method to track the Shanghai Sci - Tech Innovation Board Innovative Drug Index, aiming for a daily average tracking deviation of no more than 0.2% and an annualized tracking error of no more than 2%. The management fee is 0.50% and the custody fee is 0.10% [1][40][41]. 4. Fund Manager Information - Huatai - PineBridge Fund was established in 2005 and is a leading comprehensive asset management company in China. It has a complete range of business licenses and a well - diversified product portfolio. As of August 21, 2025, it has 61 non - monetary ETF products with a total scale of over 93.6 billion RMB [1][44].

Group 1 - On August 25, over 30 public funds were launched simultaneously, including multiple ETF products such as Penghua ChiNext Comprehensive ETF, Huatai-PineBridge SSE STAR Market Innovative Drug ETF, E Fund CSI Financial Technology Theme ETF, and Guolian An CSI A500 Dividend Low Volatility ETF [1] - The Huazhong Hang Seng Hong Kong Stock Connect Technology ETF was listed for trading on August 25, with over 1.4 billion shares issued. As of August 18, individual investors held 95.97% of the shares [1] - On the same day, the People's Bank of China announced a 600 billion yuan MLF operation with a one-year term, conducted through fixed quantity, interest rate bidding, and multiple price level bidding [1]