汇添富中证主要消费ETF（159928）基金经理为过蓓蓓。 2月2日，安迪苏跌5.01%，截至发稿，报9.11元/股，成交1.26亿元，换手率0.50%，总市值280.57亿元。 资料显示，蓝星安迪苏股份有限公司位于北京市朝阳区北土城西路9号，成立日期1999年5月31日，上市 日期2000年4月20日，公司主营业务涉及动物营养添加剂的研发、生产与销售。主营业务收入构成为： 功能性产品76.07%，特种产品23.93%。 从安迪苏十大流通股东角度 数据显示，汇添富基金旗下1只基金位居安迪苏十大流通股东。汇添富中证主要消费ETF（159928）三 季度增持175.45万股，持有股数508.46万股，占流通股的比例为0.19%。根据测算，今日浮亏损失约 244.06万元。 汇添富中证主要消费ETF（159928）成立日期2013年8月23日，最新规模208.92亿。今年以来亏损 1.83%，同类排名5427/5580；近一年收益0.58%，同类排名4226/4286；成立以来收益211.35%。 截至发稿，过蓓蓓累计任职时间10年187天，现任基金资产总规模580.53亿元，任职期间最佳基金回报 157.74%， ...

Core Viewpoint - As of January 14, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 122.525 billion yuan, showing a decrease of 1.29 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Data - The ETF financing balance is 114.788 billion yuan, down by 1.15 billion yuan from the previous trading day [1] - The ETF margin trading balance is 7.737 billion yuan, which is a decrease of 0.14 billion yuan compared to the previous trading day [1] Group 2: Net Inflows in ETFs - On January 14, 303 ETFs experienced net financing inflows, with the largest net inflow recorded in the Jiashi CSI Software Service ETF, amounting to 94.7039 million yuan [1] - Other ETFs with significant net financing inflows include the Southern CSI 500 ETF, Huatai-PB CSI 300 ETF, Fortune CSI Satellite Industry ETF, Guotai CSI All-Index Software ETF, and Huitianfu CSI Major Consumption ETF [1]

Group 1 - Hainan Rubber's stock increased by 5.09% to 5.57 CNY per share, with a trading volume of 262 million CNY and a turnover rate of 1.13%, resulting in a total market capitalization of 23.836 billion CNY [1] - Hainan Rubber Industry Group Co., Ltd. was established on March 29, 2005, and listed on January 7, 2011. The company's main business includes the planting, processing, research, and sales of natural rubber [1] - The revenue composition of Hainan Rubber is as follows: 98.67% from rubber product sales, 0.96% from other sources, and 0.37% from rubber wood sales [1] Group 2 - Among the top ten circulating shareholders of Hainan Rubber, a fund under Huatai-PineBridge holds a significant position. The Huatai-PineBridge CSI Major Consumer ETF (159928) increased its holdings by 7.5098 million shares in the third quarter, totaling 21.6477 million shares, which represents 0.51% of the circulating shares [2] - The Huatai-PineBridge CSI Major Consumer ETF (159928) was established on August 23, 2013, with a current scale of 19.573 billion CNY. Year-to-date, it has experienced a loss of 1.88%, ranking 4111 out of 4197 in its category, and a one-year loss of 3.95%, ranking 4053 out of 4147 [2]

Group 1 - The core point of the news is that Angel Yeast Co., Ltd. experienced a stock price increase of 5.05%, reaching 44.27 yuan per share, with a trading volume of 445 million yuan and a turnover rate of 1.20%, resulting in a total market capitalization of 38.429 billion yuan [1] - Angel Yeast, established on March 25, 1998, and listed on August 18, 2000, is primarily engaged in the development, production, and operation of yeast, yeast derivatives, and related biological products [1] - The company's main business revenue composition includes yeast and related industries at 90.62%, other at 7.89%, and packaging materials at 4.07% [1] Group 2 - Among the top ten circulating shareholders of Angel Yeast, a fund under Huatai-PineBridge Fund ranks as a significant holder, specifically the Huatai-PineBridge CSI Consumer ETF (159928), which entered the top ten shareholders in the third quarter with 7.6885 million shares, accounting for 0.9% of circulating shares [2] - The Huatai-PineBridge CSI Consumer ETF (159928) was established on August 23, 2013, with a latest scale of 19.573 billion yuan, reporting a year-to-date loss of 1.88% and a one-year loss of 3.95%, ranking 4111 out of 4197 and 4053 out of 4147 in its category, respectively [2] - Since its inception, the fund has achieved a return of 220.92% [2] Group 3 - The fund manager of Huatai-PineBridge CSI Consumer ETF (159928) is Guo Beibei, who has been in the position for 10 years and 142 days, managing total fund assets of 57.714 billion yuan [3] - During Guo Beibei's tenure, the best fund return was 136.6%, while the worst return was -63.9% [3]

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].