2025 年 09 月 23 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2025/9/23 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 2025/9/17》2025-09-17 2、《ETF 及指数产品网格策略周报— 2025/9/9》2025-09-09 3、《ETF 及指数产品网格策略周报— 2025/9/2》2025-09-02 4、《ETF 及指数产品网格策略周报— 2025/8/26》2025-08-26 5、《ETF 及指数产品网格策略周报— 2025/8/19》2025-08-19 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上是一种高 ...

Group 1 - The core viewpoint of the report emphasizes the grid trading strategy as a method to profit from price fluctuations without predicting market trends, making it suitable for volatile markets [3][11] - The report identifies key characteristics for suitable grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are appropriate for this strategy [3][11] Group 2 - The report highlights the "New Economy ETF" (159822.SZ) as a focus for grid trading, benefiting from policy incentives and industrial upgrades, with a strong emphasis on sectors like artificial intelligence and biotechnology [3][12] - The "National Defense ETF" (512670.SH) is noted for its potential growth due to increased defense spending, with a 2025 budget of 1.81 trillion yuan, reflecting a 7.2% year-on-year increase, and is expected to benefit from improvements in the defense sector [4][15]

Group 1 - The core viewpoint of the report emphasizes the grid trading strategy as a method to profit from price fluctuations without predicting market trends, making it suitable for volatile markets [3][11] - The report identifies key characteristics for suitable grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are appropriate for this strategy [3][11] Group 2 - The report highlights three specific ETFs for grid trading: - The S&P Consumer ETF (159529.SZ) benefits from expectations of interest rate cuts in the US and improved US-China trade relations, making it a tool for regional diversification [3][12] - The Xinchuang ETF (562570.SH) is driven by policy support and domestic substitution, with significant government investment aimed at supporting projects in electronic information and industrial sectors [4][15] - The New Economy ETF (159822.SZ) captures new economic growth drivers in China, supported by government policies promoting technological and industrial innovation [5][16]

【导读】冠军收益率超48%！平安证券2025ETF夏季巅峰赛圆满收官 2025年6月至7月，在政策暖风与产业变革的双重推动下，港股创新药、科技板块、稀有金属等板块轮番上阵，带动资本市场上行。 同一时期，平安证券联合招商基金、银华基金、摩根基金等13家头部基金公司于6月9日—7月25日举办的ETF夏季巅峰赛，成为观察市场生态的生动样 本。本次赛事服务覆盖超50万名客户，冠军选手凭借精准布局斩获超48%的收益率；前100名选手的投资组合不约而同捕捉了南向资金驱动的港股、政策 加持的科技板块以及出海突破的创新药三大主线行情，印证了ETF工具在复杂分化市场中的多元配置价值。 （平安证券ETF夏季巅峰赛收益总榜） 指数投资大时代 （大赛新星榜、ETF专区—新人版） 此外，赛事也全面升级数字化工具矩阵。其中，"智选ETF"智能工具能够基于K线趋势、均线原理、资金流入等指标模型，智能化筛选产品；"网格交易策 略"能通过预设价格区间，执行自动化交易策略，助力震荡市中的"低买高卖"；"ETF排行榜"一站式平台里汇聚主流ETF，支持按T+0、两融等标签精准筛 选……这些工具有效提升了投资者的决策效率，助力新手顺畅开启投资之旅。 ...

Group 1 - The report outlines a grid trading strategy that focuses on profiting from price fluctuations rather than predicting market trends, making it suitable for volatile markets [3][14] - Characteristics of suitable grid trading targets include being exchange-traded, having stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate [3][14] Group 2 - The report highlights the Innovation Drug ETF (159992.SZ), which is expected to benefit from increasing demand due to global aging and supportive government policies, with 48 new innovative drugs approved in 2024 [5][15] - The Chip ETF (159995.SZ) is projected to gain from high industry prosperity, domestic substitution, and policy incentives, with a significant investment fund of 344 billion RMB established to support semiconductor development [6][18] - The Tourism ETF (159766.SZ) is positioned to capitalize on the recovery of domestic and international tourism, supported by government measures to boost tourism consumption and a notable increase in travel activity during the Qingming holiday [7][20] - The A500 Index ETF (159351.SZ) aligns with China's strategy of self-sufficiency and innovation, focusing on key sectors like electronics and defense, with a current PE-TTM of 14.08, indicating valuation attractiveness [8][23] Group 3 - The report suggests that investors can enhance returns by diversifying their grid trading strategy across different ETFs with low correlation, such as combining broad-based and sector-specific ETFs [27] - A table of additional ETFs suitable for grid trading is provided, including various categories and investment scopes, indicating a broad range of options for investors [28][30]

Group 1 - The report emphasizes the grid trading strategy as a method to profit from price fluctuations without predicting market trends, making it suitable for volatile markets [3][15] - Characteristics of suitable grid trading targets include selecting on-market assets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate [3][15] Group 2 - The report highlights the focus on specific ETFs for grid trading, including the National Defense ETF (512670.SH), which benefits from China's strengthening military capabilities and ongoing innovations in defense technology [5][16] - The Hong Kong Central Enterprise Dividend ETF (159333.SZ) is noted for its high dividend yield, supported by government policies encouraging long-term capital investment and stable dividend mechanisms [6][19] - The National Goods ETF (561130.SH) aligns with government initiatives to boost consumption, focusing on domestic brands and sectors benefiting from consumer upgrades [7][20] - The Morgan MSCI ETF (515770.SH) is positioned as a tool for global investors to access Chinese core assets, reflecting the current economic cycle and policy advantages in China [9][24]