公开数据显示，科创芯片ETF已突破350亿元，规模为351.03亿元，居全市场同类产品之首；稀土ETF嘉 实规模超64亿元，为64.36亿元，成为同类产品规模第一。同时，两只ETF产品近一年净值涨幅均超 120%，交投持续活跃。 本报讯 （记者王宁）近日，科创与稀土板块表现强劲，资金借道行业ETF加快布局高科技与战略资源 赛道。截至8月25日收盘（下同），嘉实基金旗下科创芯片ETF（588200）与稀土ETF嘉实（516150） 规模均刷新历史纪录。 嘉实基金相关人士表示，两大产品规模增长与净值涨幅印证了资金对科技自主可控与绿色能源转型的长 期信心，也印证了嘉实基金"超级ETF"战略的前瞻性。 据了解，近年来，嘉实基金紧扣"超级机遇"投资主线，逆周期布局与产业趋势共振，以"超级ETF"为核 心，围绕国家战略方向构建产品矩阵。其中，科创芯片ETF锚定半导体国产化，覆盖中芯国际、海光信 息等全产业链龙头，深度绑定AI算力、人工智能等新兴需求；而稀土ETF嘉实聚焦新能源上游资源，前 十大权重股为北方稀土（600111）、中国稀土（000831）、中国铝业（601600）等，精准捕捉稀土永 磁、军工等高端制造升级红利 ...

策略说明: · 恒泰证券研究所基于策略报告《行业轮动下的策略组合报告:基于行业风格延续和切 换视角下的定量分析》(20241007)和《股票型ETF市场概览与配置方法研究:以基于 行业轮动策略的ETF组合为例》（20241013）,构建基于行业和主题ETF的策略组合。 恒泰证券 HENGTAI SECURITIES 研究所 行业轮动ETF策略周报 (20250818-20250824) 证券研究报告·策略周报 证券分析师:张一 S0670524030001 010-83270999-97050 zhangy i@cnht. com. cn 2025年8月25日 证券分析师:李杜 S0670524040001 021-50800937 l idu@cnht. com. cn 图表3: 行业轮动ETF策略建仓以来累计收益率(20241014-20250822) 策略更新: | 基金代码 | ETF名称 | ETF市值 | 持有情况 | 重仓申万 行业 | | 周度择时信号 日度择时信号 | | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | | 及权重 ...

Core Viewpoint - The rare earth industry is experiencing significant growth, with the China Rare Earth Industry Index rising by 5.09% and key stocks showing substantial gains, indicating a bullish market trend for rare earth resources [1][4]. Group 1: Market Performance - The China Rare Earth Industry Index increased by 5.09%, with stocks like Placo New Materials rising by 16.42% and Benlang New Materials by 11.11% [1]. - The rare earth ETF, Jiashi (516150), saw an increase of 4.41% [1]. - The Jiashi rare earth ETF recorded a turnover rate of 7.09% and a transaction volume of 354 million yuan, ranking first among comparable funds in terms of average daily transaction volume over the past month [3]. Group 2: Fund Growth and Performance - The Jiashi rare earth ETF experienced a significant growth of 34.78 million yuan in scale over the past week, leading among comparable funds [3]. - The ETF's shares increased by 206 million over the past two weeks, also ranking first among comparable funds [3]. - Over the past year, the Jiashi rare earth ETF's net value rose by 84.91%, placing it in the top 3.55% of index equity funds [3]. Group 3: Price Trends and Supply Dynamics - Rare earth prices are on the rise, particularly for light rare earths, with prices for praseodymium-neodymium oxide and praseodymium-neodymium metal increasing by 7.01% and 6.03%, respectively [4]. - The current supply of praseodymium-neodymium is tight, leading to expectations of continued price increases [4]. - Institutions suggest focusing on upstream rare earth resource companies due to improved supply-demand dynamics and potential benefits from relaxed export controls [5]. Group 4: Key Stocks and Weightings - The top ten weighted stocks in the China Rare Earth Industry Index account for 59.32%, with North Rare Earth holding a weight of 13.22% and a price increase of 10% [3][7]. - Other notable stocks include China Rare Earth (7.30% increase) and Baotou Steel (6.37% increase) [7].

Group 1 - The core viewpoint is that the rare earth industry is entering a traditional consumption peak season, leading to increased demand and procurement, which is expected to drive up prices [4] - The rare earth ETF, Jiashi, has seen significant trading activity with a turnover of 6.55% and a transaction volume of 319 million yuan, ranking first among comparable funds [3] - As of August 13, the Jiashi rare earth ETF has achieved a net value increase of 78.28% over the past year, placing it in the top 5.04% among index equity funds [3] Group 2 - The top ten weighted stocks in the Zhongzheng Rare Earth Industry Index account for 59.32% of the index, with North Rare Earth and Baotou Steel being the largest contributors [3][6] - The Jiashi rare earth ETF has reached a new high in scale at 4.856 billion yuan, also ranking first among comparable funds [3] - The report from CITIC Securities suggests that the relaxation of export controls and the anticipation of price increases in the rare earth sector present investment opportunities [4]

Core Insights - The first 20 billion-level Sci-Tech Bond ETF product was launched in the market within a month of its listing, with a scale surpassing 20 billion yuan as of August 13, reaching 20.022 billion yuan [1] - The Sci-Tech Bond ETF by Jiashi has shown high liquidity, with an average daily turnover rate exceeding 49% and an average daily trading volume exceeding 7 billion yuan since its launch [1] - The ETF primarily targets cutting-edge sectors such as semiconductors, artificial intelligence, and new energy, directly supporting key aspects of the national technology innovation strategy [1] Company Insights - Jiashi Fund is not only the provider of the first batch of Sci-Tech Bond products but also one of the companies with the most comprehensive layout of technology innovation-focused ETF products in the industry [1] - Jiashi's other ETF products, including the Sci-Tech Chip ETF, Software ETF, and Rare Earth ETF, rank first in scale among similar products in the market [1] - As of August 13, Jiashi Fund's total ETF scale has surpassed 300 billion yuan, further highlighting its competitive edge in the ETF business [1]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 3.43% with a transaction volume of 163 million yuan [3] - Over the past month, the average daily transaction volume of the Rare Earth ETF reached 333 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 576 million yuan in the past week, also ranking first among comparable funds [3] - The number of shares increased by 26.4 million in the past week, achieving significant growth and ranking first among comparable funds [3] - In the last five trading days, there was a net inflow of funds on four days, totaling 368 million yuan [3] - As of August 8, the net value of the Rare Earth ETF has increased by 76.64% over the past year, ranking 94th out of 2954 index equity funds, placing it in the top 3.18% [3] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly increase being four months and the longest increase percentage being 83.89% [3] Group 2: Price Trends and Market Outlook - According to Guojin Securities, the price of praseodymium and neodymium oxide decreased last week, possibly due to expectations of a significant increase in quotas [4] - The strategic resource prices are expected to be re-evaluated as supply contraction expectations strengthen, with a gradual recovery in exports [4] - The implementation of the management regulations is expected to benefit leading state-owned enterprises, potentially leading to a dual increase in performance and valuation in the sector [4] - CITIC Securities reports that the average price of praseodymium and neodymium oxide in the first half of 2025 is projected to be 421,000 yuan per ton, a year-on-year increase of 13.06% [4] - The average price of terbium oxide is expected to be 6.604 million yuan per ton, a year-on-year increase of 12.9% [4] - The profitability of rare earth industry chain companies is expected to continue improving, with a stable upward trend in rare earth prices anticipated in the third and fourth quarters of this year [4] Group 3: Top Weight Stocks in Rare Earth Industry - The top ten weighted stocks in the China Securities Rare Earth Industry Index include Northern Rare Earth, Baotou Steel, China Rare Earth, Shenghe Resources, Wolong Electric Drive, China Aluminum, Lingyi Technology, Gree Environmental, Xiamen Tungsten, and Goldwind Technology, collectively accounting for 59.32% of the index [3]

Investment Rating - The report maintains an "Increase" rating for the equity ETF series, suggesting a patient hold while waiting for follow-up on lower-tier targets [1][2]. Core Viewpoints - The report emphasizes a strategy of patience, indicating that investors should hold their positions and await developments in lower-tier assets [2][19]. Market Overview - A-share market performance from August 4 to August 8, 2025, shows the top three broad indices were: - Wind Micro-Pan Daily Equal Weight Index (4.49%) - CSI 2000 (3.54%) - CSI 1000 (2.51%) - The bottom three were: - ChiNext Index (0.49%) - STAR 50 (0.65%) - CSI 300 (1.23%) [11][14]. Style Index Performance - The top three style indices during the same period were: - Cyclical (CITIC Style) (3.49%) - Small Cap Growth (2.59%) - Giant Tide Small Cap (2.05%) - The bottom three were: - Consumer (CITIC Style) (0.77%) - Giant Tide Mid Cap (1.11%) - Large Cap Growth (1.17%) [14][15]. Industry Index Performance - The top three Shenwan first-level industry indices were: - National Defense and Military Industry (5.93%) - Nonferrous Metals (5.78%) - Machinery Equipment (5.37%) - The bottom three were: - Pharmaceutical Biology (-0.84%) - Computer (-0.41%) - Commercial Retail (-0.38%) [16][17]. Market Outlook - The macro model for August indicates a score of 0, with a 75% historical probability of an increase, suggesting a favorable outlook for the A-share market in August [19][25]. - The technical timing model indicates that the Wind All A Index is currently in an overbought state, with a risk level of 103.77, suggesting potential for increased volatility [19][22]. - The report notes that while there may be short-term fluctuations, the overall trend remains positive, and investors should maintain their positions [19][21]. Fund Allocation Recommendations - The report suggests a balanced ETF allocation strategy, indicating that lower-tier assets may present significant opportunities in the short term [19][21].

Core Viewpoint - The rare metals sector has seen a significant rise this week, driven by consumer demand and a trend against "involution" in the strategic resources field, with notable increases in related indices and ETFs [1][2]. Group 1: Market Performance - As of August 8, the Zhongzheng Rare Metals Theme Index and the Zhongzheng Rare Earth Industry Index recorded weekly gains of 5.13% and 5.43%, respectively [1]. - The Rare Metals ETF (562800) achieved a five-day consecutive increase with a weekly trading volume of 346 million yuan, while the Rare Earth ETF (516150) had a trading volume exceeding 1.6 billion yuan, averaging 322 million yuan daily, ranking first among similar products [1]. - Over the past month, the Rare Metals ETF (562800) had an average daily trading volume exceeding 80 million yuan, leading among comparable funds, with a circulation scale of 1.258 billion yuan [2]. Group 2: Fund Inflows and Investor Interest - The Rare Earth ETF (516150) saw an average daily trading volume of over 300 million yuan in the last month, ranking first among comparable funds, with a latest scale of 4.819 billion yuan, marking a new high since its inception [2]. - The Rare Earth ETF (516150) experienced continuous net inflows over four trading days, with a peak single-day net inflow of 168 million yuan on August 7, totaling over 400 million yuan in net inflows, indicating increasing investor interest in the rare earth sector [2]. Group 3: Industry Outlook - According to Guojin Securities, the prices of strategic resources are expected to be revalued due to the "anti-involution" trend, with expectations of supply contraction and a gradual recovery in exports, establishing an upward price trend [2]. - The series of policies aimed at industry supply reform is anticipated to benefit leading state-owned enterprises, suggesting a potential dual increase in performance and valuation for the sector [2]. Group 4: Index Composition - The Zhongzheng Rare Earth Industry Index focuses on upstream and downstream enterprises in the rare earth industry chain, with the top ten weighted stocks accounting for 59.32% of the index [3]. - The Zhongzheng Rare Metals Theme Index covers a broader range of rare metals, including lithium, cobalt, and nickel, with the top ten weighted stocks comprising 55.85% of the index [3].

稀土ETF易方达涨超3%，稀土ETF、稀土ETF涨超2.6%。 稀土ETF跟踪稀土产业指数，精选了稀土开采、稀土加工、稀土贸易和稀土应用等稀土全产业链上的龙头企业，权重股包括北方稀土、中国稀 土、中国铝业、格林美、领益智造、包钢股份、卧龙电驱、金风科技、厦门钨业、盛和资源等公司。 目前市场上有4只稀土ETF，其中稀土ETF嘉实规模45.03亿元，位居同类第一。 （原标题：稀土永磁板块拉升，稀土ETF易方达涨超3%，稀土ETF、稀土ETF涨超2.6%） A股市场稀土永磁板块拉升，正海磁材涨超18%，中科磁业涨超13%，宁波韵升10CM涨停，龙磁科技、银河磁体涨超7%。 稀土主题ETF年内涨幅超40%，吸金超34亿元。其中，稀土ETF嘉实年内吸金21.3亿元。 稀土板块上涨，消息面上，海关数据显示，中国7月稀土出口5994.3吨，同比增长21%。 此外，内蒙古包头市稀土新材料技术创新中心建成投产国内首条稀土盘式电机智能示范线，其首款产品功率密度提升30%以上，预计年底实现量 产。 太平洋证券指出，稀土永磁主要应用于汽车、消费类电子、机器人和白色家电等领域。尤其是新能源汽车和变频家电的需求牵引下，高性能稀土 永磁需 ...

Group 1 - The liquidity of the rare earth ETF managed by Jiashi has a turnover rate of 5.48%, with a half-day trading volume of 232 million yuan. Over the past week, the average daily trading volume reached 441 million yuan, ranking first among comparable funds [3] - The latest scale of the Jiashi rare earth ETF has reached 4.295 billion yuan, marking a new high since its establishment and ranking first among comparable funds. The latest share count is 2.991 billion shares, also a new high [3] - The Jiashi rare earth ETF has seen continuous net inflows over the past eight days, with a maximum single-day net inflow of 191 million yuan, totaling 1.045 billion yuan [3] - As of July 30, 2025, the Jiashi rare earth ETF has achieved a net value increase of 75.46% over the past year, ranking 114 out of 2941 in the index stock fund category, placing it in the top 3.88% [3] - The Jiashi rare earth ETF has recorded a maximum monthly return of 41.25% since its inception, with the longest consecutive monthly increase being four months and the longest cumulative increase being 83.89% [3] - The average monthly return during the rising months is 9.69%, and the annualized excess return over the benchmark for the past three months is 14.88% [3] - As of June 30, 2025, the top ten weighted stocks in the CSI Rare Earth Industry Index account for 55.58% of the total weight, including Northern Rare Earth, China Rare Earth, and China Aluminum [3] Group 2 - Guojin Securities suggests that disturbances in Myanmar's mining sector may further drive up rare earth prices, with the price of praseodymium and neodymium oxide rising by 7.23% to 513,200 yuan per ton last week [4] - The strategic resource prices are expected to be re-evaluated due to supply contraction, and the implementation of management regulations is anticipated to benefit leading state-owned enterprises, leading to a dual increase in performance and valuation in the rare earth sector [4] - According to Caitong Securities, the long-term control of the entire rare earth industry chain and supply tightening will make prices easier to rise but difficult to fall. High smelting costs overseas are expected to support price differentials, raising price expectations and re-evaluating the strategic value of rare earths [4] Group 3 - The stock performance of the top ten companies in the rare earth sector shows varied results, with Northern Rare Earth declining by 5.03% and China Rare Earth by 1.93%, while Lingyi Zhi Zao increased by 0.56% [6] - Investors can also consider the Jiashi Rare Earth ETF connecting fund (011036) to seize investment opportunities in the rare earth sector [6]