Core Insights - The year 2025 marks a milestone for China's ETF market, with the overall scale surging from 3.73 trillion yuan at the end of 2024 to 6.02 trillion yuan, reflecting a growth rate of 61.4% [1] - The fund flow shows significant characteristics, with industry-themed ETFs and broad-based ETFs leading the way, highlighting a dual strategy of technology innovation and high dividend yields [1] Group 1: ETF Market Growth - By the end of 2025, the ETF market in China is projected to reach 6.02 trillion yuan, a substantial increase from 3.73 trillion yuan in 2024 [1] - The growth is driven by favorable policies and market recognition, indicating a robust future for ETF investments [1] Group 2: Performance of Jiashi Fund - Jiashi Fund's ETF products have diversified, with a total scale exceeding 369.6 billion yuan and 61 ETF products, of which 24 rank first in their respective categories [1] - The flagship product, the CSI 300 ETF, has a scale of 197.12 billion yuan, ranking first among similar products on the Shenzhen Stock Exchange [2] - The Jiashi Fund's innovative bond ETFs, particularly the Sci-Tech Bond ETF, have surpassed 43.67 billion yuan, becoming the largest in its category [2] Group 3: Thematic and Sector ETFs - Jiashi Fund's software ETF has reached a scale of nearly 14.5 billion yuan, becoming the largest in its index category, reflecting the growth potential of the software industry in the digital economy [3] - The rare metals ETF and rare earth ETF have also seen significant growth, with scales of 6.36 billion yuan and 9.26 billion yuan respectively, providing crucial links for investments in new energy and high-end manufacturing [3] - The Sci-Tech Chip ETF has a scale of 46.91 billion yuan, leading in its category and showcasing Jiashi Fund's strategic positioning in the semiconductor industry [3] Group 4: Cross-Border ETF Development - By the end of 2025, Jiashi Fund's cross-border ETF products have expanded, with the NASDAQ ETF reaching 10.07 billion yuan and the Germany ETF exceeding 2 billion yuan [4] - These products facilitate investments in U.S. tech stocks and European core economies, enhancing the fund's global investment matrix [4] Group 5: Future Outlook - Jiashi Fund aims to refine its index investment capabilities and continuously optimize its ETF product line to align with national strategies and technological innovations [5] - The focus is on providing efficient, precise, and high-quality investment tools to help investors seize market opportunities and achieve long-term wealth growth [5]

本报讯 （记者王宁）新一批"两融标的"名单正式出炉。1月12日，沪深交易所对融资融券标的进行新一 轮调整，其中科创债ETF嘉实（159600）连续入选深交所两融名单，成为深市唯一的科创债两融标的； 同时，也是今年一季度深交所和上交所中两市唯一的科创债ETF两融标的。 长期以来，证券交易所通常会在每季度末对两融标的进行评估及调整，维持两融资格需要满足一定的流 动性、规模和市场表现要求。分析人士认为，科创债ETF嘉实（159600）能够持续入选这一资格，反映 出其在市场规模、流动性和市场表现方面等环节均达到了交易所的标准。 数据显示，截至目前，科创债ETF嘉实（159600）自上市以来日均成交额在70亿元以上，交投持续活 跃，该产品规模持续位居同标的第一。同时，该ETF已成功纳入回购质押库，力争在风险可控前提下优 化投资收益。 嘉实基金相关人士表示，科创债ETF的推出，标志着我国债券市场正式迎来"科技板"时代。作为高效、 透明、低门槛的指数化投资工具，科创债ETF不仅为投资者提供了参与国家科技创新战略的新路径，也 有效引导金融资源精准滴灌前沿科技产业，助力科技型企业高质量发展。随着政策支持力度加大、发行 主体扩容 ...

Group 1 - The core viewpoint is that the Kexin Bond ETF by Jiashi (159600) has shown strong performance, leading the Shenzhen market in terms of net inflow and total circulation scale, indicating a positive trend in the bond market [1][2] - As of November 7, 2025, the Kexin Bond ETF has seen a net inflow of 237 million yuan over three consecutive trading days, with a total circulation scale reaching 20.248 billion yuan, making it the only Kexin Bond ETF exceeding 20 billion yuan in the current market [1] - The bond market typically experiences a "year-end profit" seasonal effect, and with increasing basic pressure in the fourth quarter, there is an expectation for a favorable bond market performance despite some constraints [1] Group 2 - The Kexin Bond ETF offers advantages such as low investment thresholds, T+0 trading mechanism, flexible subscription and redemption, diversified holdings, and high transparency, which enhance its investment value in the context of strong policy support and the continuous expansion of the bond market [2] - The issuance of Kexin bonds is expected to expand further, with a current focus on central state-owned enterprises, but there is potential for increased issuance from private enterprises due to policy support [1]

Core Viewpoint - The announcement by Jiashi Fund regarding the inclusion of Jiashi Zhongzheng AAA Technology Innovation Corporate Bond ETF (code: 159600) in the pledge repo trading system is aimed at enhancing liquidity and meeting investor needs [1][2]. Group 1: Product Overview - Jiashi Zhongzheng AAA Technology Innovation Corporate Bond ETF (159600) is the first and only corporate bond ETF in the market with a scale exceeding 20 billion, currently standing at 20.115 billion [1]. - As of August 21, 2025, Jiashi Zhongzheng AAA Technology Innovation Corporate Bond ETF (159600) ranks first among the first batch of listed corporate bond ETFs in terms of scale [1]. Group 2: Regulatory Context - In March, the China Securities Depository and Clearing Corporation issued a notice allowing eligible credit bond ETF products to pilot general pledge repo business [1]. - The regulatory framework aims to promote the development of corporate bonds, optimize issuance and trading systems, and enhance supporting mechanisms such as interest subsidies and guarantees [2]. Group 3: Benefits for Investors - The inclusion in the repo pledge library provides multiple benefits for both the product and investors, enhancing liquidity, product scale, and trading activity [1]. - Investors can utilize the pledge attribute of Jiashi Zhongzheng AAA Technology Innovation Corporate Bond ETF (159600) to achieve flexible leverage and improve capital efficiency [1][2]. Group 4: Trading Features - The product design incorporates T+0 intra-day trading, physical redemption modes supporting the exchange of physical bonds and ETF shares, and a market maker quoting system, significantly enhancing trading flexibility [2].

Core Insights - The first batch of Sci-Tech Innovation Bond ETFs has been launched, showing strong market demand and active trading [1] - The first product, Jia Shi Sci-Tech Bond ETF (159600), achieved a trading volume of 15.73 billion yuan on its first day, leading in the Shenzhen market [1] - The total trading volume for all ten Sci-Tech Bond ETFs exceeded 60 billion yuan on the first trading day, attracting significant market attention [1] Trading Activity - The Jia Shi Sci-Tech Bond ETF reached a scale exceeding 10 billion yuan, making it the first Sci-Tech Bond ETF in the Shenzhen Stock Exchange to surpass this threshold [1] - The ETFs are characterized by high turnover rates, consistently setting new records in trading activity [1] - The T+0 trading mechanism, physical subscription and redemption model, and market maker pricing system enhance the efficiency of investor transactions [1] Index Performance - The Jia Shi Sci-Tech Bond ETF tracks the CSI AAA Sci-Tech Company Bond Index, which selects high-quality bonds rated AAA and above from technology innovation companies listed on the Shanghai and Shenzhen exchanges [2] - The index has shown growth rates of 5.5%, 6.0%, and 3.87% for the years 2023, 2024, and the past year, respectively [2] - The introduction of the Sci-Tech Bond ETFs provides investors with a new asset allocation option that combines stable returns with policy benefits [2]