一、证券市场回顾 2、股票型ETF涨跌幅排行 上周股票型ETF涨幅最高的5只ETF及其收益率分别为：嘉实中证电池主题ETF(7.75%)、汇添富中证电 池主题ETF(7.56%)、招商中证电池主题ETF(7.52%)、富国中证电池主题ETF(7.51%)、浦银安盛中证 光伏产业ETF(7.04%)。详情见下表: | 类别 | 代码 | 基金名称 | 涨跌幅(%) | | --- | --- | --- | --- | | 股票型 | 562880.SH | 嘉实中证电池主题ETF | 7.75% | | 股票型 | 159796.SZ | 汇添富中证电池主题ETF | 7.56% | | 股票型 | 561910.SH | 招商中证电池主题ETF | 7.52% | | 股票型 | 561160.SH | 富国中证电池主题ETF | 7.51% | | 股票型 | 159609.SZ | 浦银安盛中证光伏产业ETF | 7.04% | 上周股票型ETF跌幅最大的5只ETF及其收益率分别为：国联安上证科创板芯片设计主题ETF(-5.35%)、 华安上证科创板芯片ETF(-5.11%)、国泰上证科创板芯片ETF( ...

Group 1 - A significant influx of capital into equity ETFs has been observed, with net subscriptions exceeding 56 billion yuan over two trading days [1] - On October 10, the net subscription amount for equity ETFs reached 31.49 billion yuan, marking one of the highest single-day figures this year [1] - On October 13, an additional 20 billion yuan was invested, bringing the net subscription for that day to 24.61 billion yuan [1] Group 2 - Various broad-based ETFs attracted substantial investments, including the Huaxia SSE Sci-Tech 50 ETF with a net subscription of 2.14 billion yuan and the E Fund SSE Sci-Tech 50 ETF with 1.33 billion yuan [2] - Industry-specific ETFs also saw strong demand, such as the Southern CSI Nonferrous Metals ETF with 2.27 billion yuan and the Huabao CSI Bank ETF with 1.62 billion yuan [2] - The total net subscription for Hong Kong stock-themed ETFs reached 12.04 billion yuan, with several ETFs exceeding 800 million yuan in subscriptions [2] Group 3 - Newly launched equity funds have also become important tools for capital entry, with the Penghua Manufacturing Upgrade Mixed Fund receiving over 2 billion yuan in effective subscription applications [2][3] - The E Fund Hong Kong Stock Connect Technology Mixed Fund had a high confirmation ratio of 95.94% for its 2 billion yuan fundraising limit [3] Group 4 - Recently launched ETFs are quickly deploying capital, with the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF achieving a stock investment ratio of 98.8% shortly after its establishment [4] - Fund companies are actively purchasing their own equity funds, indicating confidence in the long-term stability of the Chinese capital market [4] Group 5 - External asset management firms suggest that investors should not be overly concerned about market volatility, as A-shares still hold significant allocation value [5] - The dividend style remains an important focus for investors, especially given its relative underperformance this year [5] Group 6 - The technology sector, particularly AI-related companies, is expected to maintain high investment value despite potential short-term adjustments [6] - The current market fluctuations may provide favorable investment opportunities, particularly for sectors that have previously seen high price increases [6]

Core Viewpoint - The bond funds have experienced significant net outflows, totaling 10.04 billion yuan in the first three trading days of October, while stock funds attracted nearly 60 billion yuan, indicating a shift in market risk appetite and testing fund managers' liquidity management capabilities [1][4]. Group 1: Bond Fund Redemption - Multiple bond funds faced large redemptions post the National Day holiday, prompting fund managers like Ping An Fund to announce adjustments to net asset value precision to mitigate the impact of these redemptions [2][3]. - As of October 14, 12 fund managers, including Hengyue Fund and ICBC Credit Suisse Fund, have reported significant redemptions in their bond funds and have raised net asset value precision [2][3]. Group 2: Impact of Large Redemptions - Large redemptions can lead to a rapid decrease in the asset scale of bond funds, forcing managers to sell liquid assets, which may cause bond prices to drop and create a negative feedback loop of further redemptions and net value declines [3]. - Adjusting net asset value precision to eight decimal places allows for a more accurate reflection of the fund's actual value post-redemption, reducing discrepancies in returns for investors and minimizing compliance risks for fund companies [3]. Group 3: Stock Fund Inflows - In stark contrast to bond funds, stock funds saw a net inflow of 59.846 billion yuan in the same period, with several funds, including the GF National Index New Energy Vehicle Battery ETF, attracting over 1 billion yuan each [4]. - Investor confidence in the equity market has increased, leading to a preference for stock funds over bond funds, particularly in sectors like AI and robotics, which have shown strong performance [4]. Group 4: Market Outlook - Despite the short-term pressures on the bond market, industry experts remain optimistic about opportunities in the fourth quarter, citing the central bank's supportive stance on interbank liquidity as a positive factor for short-term bonds [4]. - The yield on 30-year government bonds is generally above 2.2%, suggesting that long-term bonds may present further investment value as equity market returns decline [5].

Core Viewpoint - A significant influx of capital into equity ETFs has been observed during recent market fluctuations, with net subscriptions exceeding 56 billion yuan in just two trading days [1][2]. Fund Inflows - On October 10, the net subscription amount for equity ETFs reached 31.49 billion yuan, marking one of the highest single-day inflows this year, second only to the days following institutional announcements in April [2]. - On October 13, an additional 24.61 billion yuan flowed into equity ETFs, with several broad-based ETFs attracting substantial investments, including 2.14 billion yuan for the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF and 1.33 billion yuan for the E Fund version [2]. - Industry-specific ETFs also saw strong inflows, with the Southern CSI Shenwan Nonferrous Metals ETF attracting 2.27 billion yuan and the Huabao CSI Bank ETF receiving 1.62 billion yuan [2]. Market Performance - The total net subscription for Hong Kong-themed ETFs reached 12.04 billion yuan, with several funds exceeding 800 million yuan in net subscriptions [3]. - Trading volumes for various ETFs surged, with the E Fund Growth Enterprise Board ETF recording a transaction volume of 7.24 billion yuan on October 14 [3]. New Fund Launches - Newly launched equity funds have also become important tools for capital entry, with several funds reporting oversubscription. For instance, the Penghua Fund's manufacturing upgrade mixed fund had effective subscription applications exceeding its 2 billion yuan cap [3]. - The E Fund's Hong Kong Stock Connect Technology Mixed Fund also saw a high confirmation rate of 95.94% for its 2 billion yuan cap [3]. High Fund Positions - Newly launched ETFs are quickly deploying capital, with the Chuangjin Hexin CSI State-Owned Enterprises Dividend ETF achieving a stock investment ratio of 98.8% shortly after its establishment [4]. - The Fortune Shanghai Stock Exchange Sci-Tech Innovation Board 100 ETF, established on September 29, reported a 38.23% equity investment ratio as of October 10 [5]. Fund Company Actions - Fund companies are actively purchasing their own equity funds, with Yongying Fund announcing a 10 million yuan investment in its Value Return Mixed Fund, reflecting confidence in the long-term stability of the Chinese capital market [6]. - Guotai Fund also committed to investing at least 12 million yuan in its Guotai Qiming Return Mixed Fund, indicating a similar outlook [6]. Market Outlook - Foreign public fund Lianbo Fund expressed that investors should not be overly concerned about market volatility, as A-shares still hold high allocation value, suggesting that the current market fluctuations may present investment opportunities [8]. - Long-term expectations remain positive, with factors such as declining risk-free interest rates and improved profit forecasts supporting a favorable outlook for the stock market [8].

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].

一、证券市场回顾 南财金融终端数据显示，昨日(9月29日，下同)上证综指日内上涨0.9%，收于3862.53点，最高3881.0 点；深证成指日内上涨2.05%，收于13479.43点，最高13531.98点；创业板指日内上涨2.74%，收于 3238.01点，最高3259.42点。 二、ETF市场表现1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为1.22%。其中按照不同分类，规模指数ETF中华泰柏瑞创业板50ETF收益 率最高，为3.43%；行业指数ETF中鹏华国证证券龙头ETF收益率最高，为5.61%；策略指数ETF中中金 MSCI中国A股国际质量ETF收益率最高，为1.85%；风格指数ETF中华夏创业板动量成长ETF收益率最 高，为3.18%；主题指数ETF中汇添富中证电池主题ETF收益率最高，为5.2%。 3、股票型ETF资金流向 昨日股票型ETF资金流入最多的3只ETF及其流入金额分别为：富国中证A500ETF（流入29.9亿元）、华 泰柏瑞中证A500ETF（流入16.81亿元）、南方中证1000ETF（流入13.31亿元）。资金流入前10详情见 下表： | 类别 | 代码 | 基金 ...

截至2025年6月30日，汇添富基金旗下汇添富中证电池主题ETF（159796）期末净资产10.61亿元，比上 期增加2.69%，该基金经理为董瑾。 日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率2025- 06-300.000.010.020.02-24.80%2025-03-310.000.000.020.02-2.54%2024-12-310.000.020.020.02-47.96%2024- 09-300.000.020.040.04-27.77% 数据显示，该基金近3个月收益率16.09%，近一年收益率23.05%，成立以来收益率为-39.47%。其股票 持仓前十分别为：阳光电源、宁德时代、三花智控、亿纬锂能、国轩高科、格林美、欣旺达、先导智 能、天赐材料、科达利，前十持仓占比合计50.55%。 天眼查商业履历信息显示，汇添富基金管理股份有限公司成立于2005年2月，位于上海市，是一家以从 事资本市场服务为主的企业。注册资本13272.4224万人民币，法定代表人为李文。 来源：金融界 简历显示，董瑾女士:中国国籍,北京大学西方经济学硕士。从业资格:证券投资基 ...