事实上，今年以来，在市场持续调整的背景下，ETF等被动型基金受到投资者青睐，规模保持增长。天 相投顾发布的基金三季报数据显示，截至三季度末，纯指数股票基金规模为2.00万亿元，这一数据在去 年底为1.62万亿元，今年一季度末和二季度末分别为1.70万亿元和1.83万亿元。 其他主动偏股型基金今年以来规模则出现不同程度下降，积极投资股票基金规模从去年底的6638.63亿 元降至今年三季度末的6172.75亿元，混合基金规模从去年底的4.87万亿元降至今年三季度末的4.10万亿 元，公募基金内部资金上演了一场"大迁徙"。 除了存量ETF，新发ETF也在快速推进，重磅产品纷纷获批。10月18日，深市旗舰指数深证50指数推 出，10月27日，首批深证50ETF火速获批，分别是易方达深证50ETF、富国深证50ETF，相关发行工作 已在筹备中。10月24日，第二批科创100ETF获批，"花落"易方达基金、华夏基金和华泰柏瑞基金，并 且快速确定发行日期，在10月30日集中发行。 宽基ETF份额快速增长 进入四季度，虽然A股出现较大调整，但场外资金在进场"抄底"，股票型ETF规模逆势增长。Wind数据 显示，截至10月27 ...

Group 1: US Stock Market Analysis - The report suggests that the current rebound in the US stock market may be forming a large double top, indicating a potential end to the rally [1][19][25] - From a cyclical perspective, the S&P 500 and Nasdaq 100 are in a downward phase similar to the period around 2008, suggesting comparable risks [1][19][21] - The valuation perspective shows that as of May 16, 2025, the difference between the US 10-year Treasury yield and the inverse of the S&P 500 P/E ratio has risen to 0.68%, indicating lower investment attractiveness in US equities compared to bonds [1][35][37] Group 2: A-Share Market Performance - The A-share market showed a preference for value styles, with strong performances in financial and consumer sectors [2][10][11] - The report highlights that various ETFs, particularly large-cap and value ETFs, outperformed during the week, while TMT-related sectors have not fully recovered from previous lows [2][10][11] - The analysis of industry indices since early April indicates that sectors like retail, banking, and agriculture have recovered well, while technology sectors still have room for recovery [2][10][11] Group 3: Genetic Programming Industry Rotation Model - The genetic programming industry rotation model has achieved an absolute return of 14.64% this year, outperforming the industry equal-weight benchmark by 13.79 percentage points [3][39][40] - The model currently favors sectors such as computers, electronics, machinery, media, and home appliances, while excluding telecommunications [3][39][40] - The model's strategy balances TMT-related growth sectors with traditional industries and consumer-related sectors to maintain a diversified portfolio [3][39][40] Group 4: Absolute Return ETF Simulation - The absolute return ETF simulation portfolio has seen a slight decline of 0.05% last week but has accumulated a total return of 3.70% year-to-date [4][43][44] - The portfolio's asset allocation is based on recent trends, with a balanced focus on resource sectors like steel and non-bank financials, alongside technology sectors [4][43][44] - The current holdings include energy and soybean ETFs, while gold ETFs have been excluded [4][43][44] Group 5: Global Asset Allocation - The global asset allocation simulation currently favors bonds and foreign exchange, with a predicted ranking of future returns showing bonds at the top [47][48] - The simulation has recorded an annualized return of 7.29% with a Sharpe ratio of 1.50, although it has faced a decline of 3.64% year-to-date [47][48] - The strategy emphasizes a higher risk budget for assets such as Chinese and US bonds [47][48]