Market Performance - The Shanghai Composite Index fell by 3.9% last week, closing at 3834.89 points, with a high of 3992.4 points [1] - The Shenzhen Component Index decreased by 5.13%, ending at 12538.07 points, with a peak of 13251.78 points [1] - The ChiNext Index dropped by 6.15%, closing at 2920.08 points, with a maximum of 3137.07 points [1] - Major global indices also declined, with the Nasdaq Composite down 2.74%, the Dow Jones Industrial Average down 1.91%, and the S&P 500 down 1.95% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 5.09%, and the Nikkei 225 Index decreased by 3.48% [1] ETF Market Performance - The median weekly return for stock ETFs was -4.56% [2] - The highest weekly return among scale index ETFs was -2.17% for the CCB SSE 50 ETF [2] - The highest weekly return among industry index ETFs was -0.8% for the FTSE China 800 Bank ETF [2] - The highest weekly return among strategy index ETFs was -1.32% for the Harvest CSI 300 Dividend Low Volatility ETF [2] - The highest weekly return among theme index ETFs was -0.15% for the Penghua CSI Media ETF [2] ETF Liquidity and Fund Flows - Average daily trading volume for stock ETFs increased by 32.1%, and average daily turnover rose by 6.8% [6] - The top five stock ETFs with the highest fund inflows included the Huatai-PB CSI 300 ETF with an inflow of 3.876 billion yuan [8] - The top five stock ETFs with the highest fund outflows included the Hua Bao CSI Bank ETF with an outflow of 321 million yuan [8] Financing and Margin Trading - The financing balance for stock ETFs increased from 47.722 billion yuan to 50.553 billion yuan [9] - The highest financing buy amount was for the E Fund ChiNext ETF, totaling 801 million yuan [9] ETF Market Size and Composition - The total size of the ETF market reached 55,994.97 billion yuan, a decrease of 1,305.99 billion yuan from the previous week [13] - Stock ETFs accounted for 64.0% of the total ETF market size, with a total size of 35,817.94 billion yuan [15] - The number of stock ETFs in the market was 1,065 out of a total of 1,355 ETFs [10] New ETF Issuance - No new ETFs were issued last week, but eight new ETFs were established, including the Harvest Hang Seng Technology ETF and the Penghua Hang Seng Biotechnology ETF [16] Institutional Insights - Pacific Securities highlighted the importance of advancements in AI foundational model technology, particularly in e-commerce and advertising sectors [16] - Galaxy Securities noted the potential of AI video and social ecosystems, emphasizing the shift towards ecological construction and scene penetration in various industries [17]

Core Viewpoint - The market is experiencing an upward trend with the Shanghai Composite Index breaking a 10-year high at 4030.40 points, leading to discussions on whether investors should switch sectors as the year-end approaches [1] Market Trends - The market is currently in a policy vacuum period, with strong sectors like semiconductors, AI, and chips showing lackluster performance recently [1] - Historical patterns indicate that value stocks such as banks, non-bank financials, and food and beverage sectors have a win rate exceeding 70% during the year-end period (November-December) [3] - The banking sector saw a 9.36% increase in December 2024, while technology sectors like computers and electronics gained a 15% increase in January 2023 [3] Sector Performance - The Consumer sector, particularly the liquor segment, has shown strong performance despite pressure from fundamentals after the third-quarter reports [1] - The China Securities Dividend Index tends to perform well before year-end, indicating a potential shift in market focus [1] Investment Strategies - Two key investment tracks are highlighted: 1. **Cyclical Recovery in Undervalued Industries**: Traditional industries are seeing improvements in supply-demand dynamics, with sectors like white goods, engineering machinery, and commercial vehicles being identified as having global competitive advantages [6] 2. **Defensive High-Dividend Strategies**: High-dividend assets are viewed as a stabilizing force in investment portfolios, particularly in uncertain market conditions [10] Fund Performance - The China Securities Major Consumer Index has nearly doubled in size since 2023, with the Huatai-PineBridge China Securities Major Consumer ETF leading with a scale exceeding 20 billion [7] - The demand for long-term dividend investments remains strong, driven by the ongoing asset shortage in the banking sector [11] Index and Fund Recommendations - The S&P Hong Kong Stock Connect Low Volatility Dividend Index and the Hang Seng High Dividend Low Volatility Index are recommended for investors seeking stable growth and risk diversification [12][13]

Core Viewpoint - As of November 4, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 121.307 billion yuan, showing a decrease of 0.347 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Data - The ETF financing balance is 113.006 billion yuan, down by 0.521 billion yuan compared to the previous trading day [1] - The ETF margin short balance is 8.301 billion yuan, which increased by 0.174 billion yuan from the previous trading day [1] Group 2: Net Buy Data - On November 4, 291 ETFs experienced net financing purchases, with the Huatai-PB Hang Seng Technology ETF leading with a net purchase amount of 83.7145 million yuan [1] - Other ETFs with significant net purchase amounts include the Huaxia Hang Seng Technology ETF, Huaxia CSI Robotics ETF, Huitianfu CSI Major Consumption ETF, Huabao CSI Medical ETF, and Huaxia Hang Seng Internet Technology ETF [1]

Group 1 - The core point of the news is that Mu Yuan Co., Ltd. (牧原股份) has seen an increase in institutional holdings, with 279 institutional investors holding a total of 1.544 billion shares, representing 28.26% of the total share capital [1] - The top ten institutional investors hold a combined 25.46% of the shares, which is an increase of 0.32 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 100 funds increased their holdings, with a holding increase ratio of 0.64%, while 72 funds decreased their holdings, with a decrease ratio of 0.31% [2] - There were 77 newly disclosed public funds, while 867 funds were not disclosed in the current period [2] - Foreign investment sentiment shows that only one foreign fund, Hong Kong Central Clearing Limited, increased its holdings, with an increase ratio of 0.62% [2]

Core Viewpoint - Shuanghui Development (000895.SZ) reported its Q3 2025 results, highlighting significant institutional investor interest with 64 institutions holding a total of 2.804 billion shares, representing 80.92% of the total share capital [1] Institutional Investors - The top ten institutional investors collectively hold 79.73% of Shuanghui Development's shares, with a slight increase of 0.13 percentage points from the previous quarter [1] Public Funds - In the current period, 20 public funds increased their holdings, with notable funds including Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF and Huatai-PB CSI 300 ETF, resulting in an increase of 0.31% in holdings [2] - Conversely, 22 public funds reduced their holdings, including funds like E Fund CSI 300 ETF and Huatai-PB CSI 300 ETF, leading to a decrease of 0.19% [2] - There were 15 new public funds disclosed this period, while 524 funds from the previous quarter were not disclosed [2] Insurance Capital - One insurance company, China Life Insurance (Group) Company, increased its holdings, while another, China Life Insurance Co., Ltd., saw a slight decrease in holdings [3] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.41% in the current period [3]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report comprehensively analyzes the secondary market and ETF products from multiple perspectives, including the performance of major indices, the market performance of different types of ETFs, their fund flows, trading volumes, margin trading, and new product launches during the sample period from October 13 to October 17, 2025 [1][20]. Summary by Relevant Catalogs 1. Secondary Market Overview - **Index Performance**: SGE Gold 9999, S&P 500, and Nikkei 225 had the top weekly returns, at 10.71%, 1.70%, and -1.05% respectively. The PE valuation quantile of CSI 300 was the highest at 95.88%, while that of CSI 2000 was the lowest at 86.83% [10]. - **Industry Performance**: Among Shenwan primary industries, Bank, Coal, and Food & Beverage had the top returns, at 4.89%, 4.17%, and 0.86% respectively. Electronics, Media, and Automobile had the lowest returns, at -7.14%, -6.27%, and -5.99% respectively. The industries with the highest valuation quantiles were Coal, Utilities, and Non - Ferrous Metals, at 99.59%, 97.94%, and 97.53% respectively [16]. 2. ETF Product Overview 2.1 ETF Market Performance - **By Product Type**: Commodity ETFs had the best average performance, with a weighted average return of 10.90%, while QDII ETFs had the worst, at -5.03%. - **By Listing Plate**: ETFs corresponding to Japanese stocks had better performance, with a weighted average return of 1.63%. Science and Technology Innovation Board - related and Hong Kong stock ETFs had poor performance, with weighted average returns of -6.31% and -5.87% respectively. - **By Industry Plate**: Consumer sector ETFs had the best average performance, with a weighted average return of -0.16%, while Technology sector ETFs had the worst, at -7.36%. - **By Theme**: Bank and Dividend ETFs performed well, with weighted average returns of 5.18% and 1.32% respectively. Robot and Consumer Electronics ETFs had relatively poor performance, with weighted average returns of -9.41% and -7.77% respectively [20][25]. 2.2 ETF Fund Inflows and Outflows - **By ETF Category**: Industry - themed ETFs had the largest net fund inflow of 467.78 billion yuan, while broad - based ETFs had the smallest, at -205.63 billion yuan. - **By Listing Plate**: Hong Kong stock ETFs had the largest net fund inflow of 217.57 billion yuan, while ChiNext - related ETFs had the smallest, at -40.60 billion yuan. - **By Industry Plate**: Financial Real Estate sector ETFs had the largest net fund inflow of 160.23 billion yuan, while Biomedical sector ETFs had the smallest, at 27.90 billion yuan. - **By Theme**: Non - Bank and Bank ETFs had the largest net fund inflows, at 82.25 billion yuan and 78.57 billion yuan respectively. Consumer Electronics and Artificial Intelligence ETFs had the smallest, at -6.07 billion yuan and -1.30 billion yuan respectively [27][29]. 2.3 ETF Trading Volume - **By ETF Category**: Commodity ETFs had the largest increase in the daily average trading volume change rate, at 95.63%, while broad - based ETFs had the smallest, at 1.72%. - **By Listing Plate**: Japanese stock ETFs had the largest increase in the daily average trading volume change rate, at 69.17%, while CSI 2000 had the largest decrease, at -11.10%. - **By Industry Plate**: Cyclical sector ETFs had the largest increase in the daily average trading volume change rate, at 40.81%, while Biomedical sector ETFs had the largest decrease, at -9.90%. - **By Theme**: Non - Bank and Chip Semiconductor ETFs had the largest 5 - day average daily trading volumes, at 314.43 billion yuan and 158.86 billion yuan respectively. Bank and Dividend ETFs had the largest increases in the daily average trading volume change rate, at 64.61% and 31.52% respectively. Artificial Intelligence and Robot ETFs had the largest decreases, at -24.54% and -23.49% respectively [34][40][41]. 2.4 ETF Margin Trading - The net margin purchase of all equity ETFs was 2.174 billion yuan, and the net short - selling was 543 million yuan. During the sample period, the net margin purchase of Huatai - PineBridge CSI Main Consumption ETF was the largest, and the net short - selling of Southern CSI 500 ETF was the largest [2][47]. 2.5 ETF New Launches and Listings - One fund was established and seven funds were listed during the sample period [3][49].

Core Insights - Hai Da Group (002311.SZ) reported its Q3 2025 results, revealing that 10 institutional investors hold a total of 1.099 billion shares, representing 66.05% of the company's total equity [1] - The top ten institutional investors include notable entities such as Guangzhou Haizao Investment Co., Ltd. and Hong Kong Central Clearing Limited, with their combined shareholding increasing by 0.68 percentage points compared to the previous quarter [1] Institutional Holdings - In the public fund sector, one fund, Huatai-PB MSCI China Consumer ETF, increased its holdings by 0.22%, while four funds, including Invesco Great Wall Emerging Growth Mixed A, reduced their holdings by 0.34% [2] - A total of 1,056 public funds did not disclose their holdings this quarter, including notable funds like Xingquan Helun Mixed A and Huaxia CSI 300 ETF [2] - For social security funds, two funds, namely National Social Security Fund 106 and 109 combinations, increased their holdings by 0.46% [2] Foreign Investment - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.48%, while a new foreign institution, Merrill Lynch International, was disclosed this quarter [2]

Group 1 - The capital market has seen a significant rise in technology sectors such as innovative drugs, humanoid robots, AI computing power, and semiconductors, while public utilities, non-bank financials, real estate, and consumer sectors have underperformed [1] - There is a noticeable structural characteristic of funds "cutting high and buying low," with increased market volatility post-National Day, leading to capital withdrawal from previously high-performing sectors and investment in lagging sectors [1] - The ChiNext 50 ETF has experienced a net outflow of nearly 50 billion yuan this year, making it the ETF with the largest net selling amount, with its latest share size nearly halved compared to the beginning of the year [1] Group 2 - In contrast, some ETFs that have performed poorly this year, such as the Guotai CSI Coal ETF and Penghua CSI Liquor ETF, have seen net inflows exceeding 8 billion yuan, with their latest share sizes reaching historical highs [4] - Investors are increasingly taking profits from high-return funds and shifting towards lower-priced fund products, indicating a "fear of heights" in market sentiment [5] - Fund managers are adopting a more cautious strategy, balancing offense and defense, with a growing trend of risk aversion as they aim to protect gains [5][6] Group 3 - The food and beverage sector is currently at a low valuation, with a PE ratio of 20.76, indicating attractive investment opportunities [7] - The Huaxia CSI Subdivision Food and Beverage ETF has a scale exceeding 5 billion yuan, covering various segments including liquor and dairy products [8] - The coal sector is witnessing increased demand as electricity consumption rises, with the Guotai CSI Coal ETF's share size growing over 300% this year, reflecting strong capital interest [9]

Core Viewpoint - As of October 16, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 119.156 billion yuan, showing a decrease of 1.075 billion yuan from the previous trading day [1] Summary by Category ETF Margin Balance - The ETF financing balance is 111.243 billion yuan, down by 1.228 billion yuan from the previous trading day [1] - The ETF margin short balance is 7.913 billion yuan, which increased by 0.153 billion yuan compared to the previous trading day [1] Net Buy Activity - On October 16, 174 ETFs experienced net financing purchases, with the top net purchase being the GF CSI Hong Kong Stock Connect Non-Bank Financial Theme ETF, which saw a net inflow of 272 million yuan [1] - Other ETFs with significant net purchases include the Huatai-PineBridge CSI Major Consumption ETF, Guotai CSI Coal ETF, Pengyang 30-Year Treasury Bond ETF, Huaan Gold ETF, Huaxia Hang Seng Technology ETF, and Huaxia Hong Kong Stock Connect Hang Seng ETF [1]

Core Viewpoint - As of October 14, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 116.587 billion yuan, reflecting an increase of 0.952 billion yuan from the previous trading day [1] Summary by Category ETF Margin Balance - The ETF financing balance was 108.785 billion yuan, up by 0.794 billion yuan from the previous trading day [1] - The ETF margin short balance was 7.802 billion yuan, increasing by 0.158 billion yuan compared to the previous trading day [1] Net Buy Activity - On October 14, 232 ETFs experienced net financing purchases, with the top net purchase being the Fortune China Government Bond 7-10 Year Policy Financial Bond ETF, which saw a net buy of 0.154 billion yuan [1] - Other ETFs with significant net purchases included the Guolian An Zhongzheng All-Index Semiconductor ETF, Huatai-PB Hang Seng Technology ETF, Huaxia Zhongzheng Robot ETF, GF Zhongzheng Hong Kong Innovative Drug ETF, Huitianfu Zhongzheng Major Consumption ETF, and Huaxia Nasdaq 100 ETF [1]