Report Industry Investment Rating - The operation rating for CITIC Five Styles - Finance is ★☆☆, indicating a bullish bias but with limited operability in the market [3][4]. Core Viewpoints - As of the week ending October 24, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 3.42%, -0.03%, and 0.94% respectively. In the public - fund market, enhanced index strategies led the gains with a weekly return of 3.89%. Neutral strategies had more gains than losses. Among commodities, precious - metal ETFs pulled back, while soybean - meal and non - ferrous - metal ETFs had a slight rebound, and energy - chemical ETFs stabilized [4]. - All CITIC five styles closed up last Friday, with the growth style leading in returns. The style rotation chart showed that the cyclical and consumer styles weakened compared to the previous period, and the growth style had a significant increase in the indicator momentum. In the public - fund pool, financial and cyclical style funds had better excess performance in the past week. The deviation of products from the consumer style increased marginally, and the overall market congestion indicator continued to rise this week, with the growth and financial styles in a historically high - congestion range [4]. - In the neutral strategy, the stock - index basis showed a marginal recovery trend during the week. The IC contract recovered to around 0.5 times the standard deviation above the three - month average. The average premium rates of the spot - index ETFs corresponding to IC and IM were relatively high, in the top 80% quantile range of the past three months [4]. - Among Barra factors, the medium - and long - term momentum factor had a better return performance this week, with a weekly excess return of 1.70%. The residual volatility and ALPHA factors retreated, and the winning rates of the dividend and leverage factors improved. The cross - section rotation speed of factors continued to increase this week, currently in the top 80% quantile range of the past year [4]. - According to the latest scoring results of the style timing model, the growth and financial styles recovered marginally this week, while the cyclical and stable styles declined. The current signal favors the financial style. The return of the style timing strategy last week was 1.45%, and the excess return compared to the benchmark balanced allocation was - 0.98% [4]. Summary by Related Catalogs Fund Market Review Recent Market Returns - The weekly, monthly, quarterly, and semi - annual returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond (net), and Nanhua Commodity are presented in a chart [6]. - The maximum drawdowns of the main public - fund strategy indices in the past three months and their weekly returns are also shown in charts [6]. CITIC Style Index - The net - value trends of CITIC style indices (finance, cycle, consumption, growth, stability) from September 24 to October 23, 2025, are presented in a chart [8][9]. - The relative rotation chart of CITIC style indices shows the relative strength and relative - strength momentum of different styles in different time periods (recent week, last week, recent month, recent three months, recent six months, recent year) [10][11]. - The excess - return performance of fund style indices in different time periods is provided in a table [12]. - The fund - style congestion chart shows the congestion levels of cycle, growth, consumption, and finance styles from September 28 to October 26, 2025 [13]. Barra Factors - The style preference of Barra single factors is within the range of 0 - 1, with a higher value indicating a stronger preference. The excess - return performance of Barra single - factor style strategies and the net - value trends of Barra single - factor style excess since this year are presented in charts [14][16][18].

Report Investment Rating - The report gives a "★☆☆" rating to CITIC's five-style stability, indicating a slightly bullish view with limited operability in the market [5]. Core Viewpoints - In the week ending October 17, 2025, Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index had weekly returns of -3.39%, 0.21%, and -1.14% respectively. In the public fund market, equity long strategies retreated, pure bonds outperformed, neutral strategy products showed mixed performance, and among commodities, precious metal ETFs rose while non-ferrous metal ETFs declined, and energy chemical and soybean meal ETFs continued to weaken [5]. - Among CITIC's five styles, the financial style rose last week while others fell. The style rotation chart shows that the growth and consumption styles weakened marginally in terms of relative strength, and the financial style increased significantly in terms of indicator momentum. In the public fund pool, cyclical style funds had better excess performance in the past week, and other style funds underperformed the index on average. The product's deviation from cyclical and consumption styles increased marginally, and the overall market congestion indicator increased marginally this week, with the cyclical style currently in a historically high congestion range [5]. - In the neutral strategy, the stock index basis showed a marginal recovery trend last week. The IM contract rebounded from below the -2 standard deviation of the three - month average to within one standard deviation, and the premium rates of the corresponding spot index ETFs of IH and IF were in the top 20% quantile range of the past three months [5]. - Among Barra factors, the residual momentum factor had better performance in the past week with a weekly excess return of 2.49%, while the momentum and capital flow factors had excess drawdowns. The win - rates of the profitability and leverage factors improved. The cross - section rotation speed of factors increased significantly this week and is currently in a relatively high quantile range in the past year [5]. - According to the latest scoring results of the style timing model, the consumption and financial styles recovered marginally this week, the cyclical style declined, and the current signal favors the stable style. The return of the style timing strategy last week was 0.52%, with an excess return of 1.45% compared to the benchmark equal - weighted allocation [5]. Summary by Directory Fund Market Review - In the public fund market, equity long strategies had a drawdown in the past week, pure bonds had better returns, neutral strategy products showed mixed performance, precious metal ETFs in commodities had large increases, non - ferrous metal ETFs had a return correction, and energy chemical and soybean meal ETFs' net values continued to weaken [5]. - Among CITIC's five styles, the financial style rose last week while others fell. Cyclical style funds had better excess performance in the public fund pool, and other style funds underperformed the index on average. The product's deviation from cyclical and consumption styles increased marginally, and the overall market congestion indicator increased marginally this week, with the cyclical style in a historically high congestion range [5]. - In the neutral strategy, the stock index basis recovered marginally last week, and the premium rates of the corresponding spot index ETFs of IH and IF were in the top 20% quantile range of the past three months [5]. - Among Barra factors, the residual momentum factor had a weekly excess return of 2.49%, the momentum and capital flow factors had excess drawdowns, and the win - rates of the profitability and leverage factors improved. The factor cross - section rotation speed increased significantly and is in a relatively high quantile range in the past year [5]. - According to the style timing model, the consumption and financial styles recovered marginally this week, the cyclical style declined, and the style timing strategy had a return of 0.52% last week, with an excess return of 1.45% compared to the benchmark [5]. Recent Market Returns - The weekly, monthly, quarterly, and semi - annual returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond (net), and Nanhua Commodity are presented in the report, along with data on the establishment scale of public funds in the past year, the maximum drawdown of major public fund strategy indices in the past three months, and the weekly returns of major public fund strategy indices [7]. CITIC Style Index - The net value trends of CITIC's financial, cyclical, consumption, growth, and stable style indices are shown, as well as the relative rotation chart of these style indices, which reflects the relative strength and momentum of different styles in different time periods [8][9]. - The excess return performance of CITIC style - based fund style indices in different time periods (weekly, monthly, quarterly, semi - annual, annual) is presented, along with the congestion levels of different styles (excluding the stable style due to data limitations) [10][11]. Barra Factors - The preference levels of Barra single - factors (ranging from 0 - 1) are shown, indicating the degree of preference for different factors. The excess return performance of Barra single - factor style strategies in different time periods (weekly, monthly) is also presented, as well as the excess net value trends of Barra single - factor styles since this year [13][14][17].

Market Performance - The Shanghai Composite Index closed at 3857.93 points, with a monthly increase of 7.97% [1] - The ChiNext Index rose to 2890.13 points, achieving a monthly gain of 24.13% [1] - The STAR 50 Index reached 1341.31 points, marking a significant monthly increase of 28% [1] ETF Highlights - Communication, artificial intelligence, and chip ETFs were the biggest beneficiaries, with several products seeing monthly gains exceeding 40% [1] - The Communication ETF topped the monthly performance chart with a gain of 45.89% [2] - The AI ETF followed closely with a monthly increase of 45.67% [2] - The Communication Equipment ETF recorded a monthly rise of 42.88% [2] Top Performing Stocks - Key stocks driving the Communication ETF's performance included Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, with monthly gains of 63%, 88%, and 87.9% respectively [3] - Industrial Fulian also saw a significant monthly increase of 55%, entering the trillion-yuan market cap club [3] Other Notable ETFs - The Consumption Electronics 50 ETF rose by 32% in August, while the Rare Earth ETF and Energy Storage Battery ETF saw monthly gains of 29% and 27% respectively [3] - The STAR Growth 50 ETF, STAR Growth ETF, and STAR Chip Design ETF all performed strongly, with monthly increases exceeding 36% [3] Underperforming ETFs - Over 80 ETFs experienced declines in August, with the S&P Consumption ETF leading the drop at a monthly decrease of 5.06% [4][5] - The Energy Chemical ETF fell by 3.53% in August and has seen a cumulative decline of over 9% this year [5] - Dividend-focused ETFs, including bank and Hong Kong dividend ETFs, also showed poor performance amid high market risk appetite [5]

Group 1: Stock Market Overview - The total trading amount for Shanghai Stock Connect today was 190.607 billion, while Shenzhen Stock Connect totaled 213.937 billion [1] - The top traded stocks in Shanghai were WuXi AppTec, followed by Haiguang Information and Cambricon Technologies [1] - In Shenzhen, the leading traded stock was Eastmoney, with CATL and Zhongji Xuchuang in second and third places respectively [1] Group 2: Sector Performance - The sectors with the highest net inflow of funds included Nonferrous Metals, Food and Beverage, and Steel, while sectors like Electronics and Computers experienced significant outflows [3][4] - Nonferrous Metals led with a net inflow of 39.22 billion, followed by Food and Beverage with 28.39 billion [3] - The Electronics sector had the largest net outflow at -192.66 billion, followed by Computers at -168.40 billion [4] Group 3: Individual Stock Performance - The top individual stocks with net inflows included Baogang Co. with 18.77 billion, Lingyi Technology with 11.39 billion, and Dongfang Precision with 11.33 billion [5] - Conversely, Haiguang Information saw the largest net outflow at -18.30 billion, followed by SMIC at -17.19 billion [6] Group 4: ETF Trading Activity - The top ten ETFs by trading amount included Hong Kong Securities ETF at 23.21281 billion, and Sci-Tech 50 ETF at 12.3618 billion [8] - The ETF with the highest increase in trading amount compared to the previous trading day was Energy Chemical ETF, which surged by 225.56% [8] Group 5: Futures Market - In the futures market, both long and short positions increased for the IH and IF contracts, while the IC contract saw an increase in long positions [10] Group 6: Institutional Activity - Institutional buying was notable in stocks like Jinli Permanent Magnet, which saw a 20% increase and received 1.42 billion from three institutions [12] - Conversely, stocks like Jin Feng Technology experienced significant selling, with 3.78 billion sold by institutions [13]

Core Points - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 404.54 billion, with WuXi AppTec and Dongfang Wealth leading in trading volume for the Shanghai and Shenzhen markets respectively [1] - The non-ferrous metals sector saw the highest net inflow of funds, while the electronic sector experienced the largest net outflow [5][7] - The Energy Chemical ETF (159981) reported a significant increase in trading volume, up 225% compared to the previous trading day [10][12] Trading Volume Summary - The total trading amount for the Shanghai Stock Connect was 190.61 billion, while the Shenzhen Stock Connect was 213.94 billion [2] - WuXi AppTec had a trading volume of 3.746 billion, leading the Shanghai Stock Connect, while Dongfang Wealth topped the Shenzhen Stock Connect with 3.532 billion [3][4] Sector Performance - The non-ferrous metals sector had a net inflow of 3.922 billion, followed by the food and beverage sector with 2.839 billion [6] - The electronic sector faced a net outflow of 19.266 billion, indicating a significant withdrawal of funds [7] ETF Trading Activity - The top ETF by trading volume was the Hong Kong Securities ETF (513090) with 23.21281 billion, while the Sci-Tech 50 ETF (588000) followed with 12.3618 billion [11] - The Energy Chemical ETF (159981) saw a remarkable 225.56% increase in trading volume compared to the previous day [12] Futures Positioning - In the futures market, the IC contract saw a greater increase in long positions compared to short positions, indicating bullish sentiment [15] Institutional and Retail Activity - Jinli Permanent Magnet received institutional buying of 142 million, while Hengbao shares saw institutional buying of 120 million [17] - On the sell side, Jin Feng Technology faced institutional selling of 378 million, indicating a bearish outlook [18]

Trading Activity - The total trading volume of the Shanghai and Shenzhen Stock Connect today reached 404.54 billion, with WuXi AppTec and Dongfang Wealth leading in trading volume for the Shanghai and Shenzhen stock connect respectively [1] - The total trading amount for the Shanghai Stock Connect was 190.61 billion, while the Shenzhen Stock Connect was 213.94 billion [2] Top Stocks - In the Shanghai Stock Connect, the top traded stocks included WuXi AppTec (3.746 billion), Haiguang Information (3.128 billion), and Cambricon Technologies (2.944 billion) [3] - In the Shenzhen Stock Connect, Dongfang Wealth (3.532 billion), CATL (3.222 billion), and Zhongji Xuchuang (2.836 billion) were the top traded stocks [4] Sector Performance - The non-ferrous metals sector saw the highest net inflow of funds, amounting to 3.922 billion, with a net inflow rate of 2.16% [5] - Other sectors with significant net inflows included the food and beverage industry (2.839 billion, 4.31%) and steel (1.852 billion, 8.48%) [5] - Conversely, the electronics sector experienced the largest net outflow of funds, totaling -19.266 billion, with a net outflow rate of -3.37% [6] ETF Trading - The top ETF by trading volume was the Hong Kong Securities ETF, with a trading amount of 23.21281 billion, followed by the Sci-Tech 50 ETF at 12.3618 billion [9] - The Energy Chemical ETF saw a remarkable increase in trading volume, with a 225% increase compared to the previous trading day [10] Futures Market - In the futures market, the IC contract saw a greater increase in long positions compared to short positions, indicating bullish sentiment [1] - The main contracts IH and IF also saw an increase in both long and short positions, with a notable increase in short positions for both [12] Institutional Activity - Jinli Permanent Magnet received significant institutional buying, totaling 1.42 billion, while Hengbao Co. saw 1.2 billion in institutional purchases [13] - Conversely, Jin Feng Technology faced institutional selling of 3.78 billion, indicating a bearish outlook from institutions [14]

Report Investment Rating - The operation rating for the CITIC five-style - Cycle is ★☆☆ [4] Core Viewpoints - As of the week ending August 8, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 1.94%, 0.03%, and -0.36% respectively. In the public fund market, index enhancement strategies led in returns with a weekly increase of 1.65%. In the equity product segment, market neutral strategies generally had more gains than losses. For bonds, convertible bond returns rebounded, but the growth of short - and medium - to long - term pure bond funds slowed compared to the previous week. Among commodity funds, energy and chemical ETFs remained weak, while precious metals saw a rebound in returns, with the net value of silver ETFs rising significantly by 3.84% [4] - In the CITIC five - style, the style index closed up last Friday, with the cycle style leading in returns, rising 3.49%. The style rotation chart showed a slight recovery in the relative strength of the financial and cycle styles, and all five styles strengthened in terms of indicator momentum. Among the public fund pools, the excess returns of consumer - style funds recovered in the past week, with a weekly excess return of 1.06%, while the average return of cycle - style funds did not outperform the benchmark. From the trend of fund style coefficients, some consumer - style funds shifted towards the growth style. Currently, the market congestion is in the historically high - congestion range [4] - In terms of Barra factors, the ALPHA factor had a better return performance in the past week, with a weekly excess return of 0.34%. The returns of the valuation and residual volatility factors weakened. In terms of win - rate, the reversal - type factors strengthened marginally, while the profitability and liquidity factors declined slightly. This week, the cross - sectional rotation speed of factors increased compared to the previous week and is currently in the historically low - quantile range [4] - According to the latest scoring results of the style timing model, the cycle and financial styles recovered this week, while the consumer style declined. The current signal favors the cycle style. The return of the style timing strategy last week was 0.77%, with an excess return of - 1.02% compared to the benchmark balanced allocation [4] Summary by Relevant Catalogs Fund Market Review - In the public fund market, index enhancement strategies led in returns with a weekly increase of 1.65%. Market neutral strategies in equity products generally had more gains than losses. Convertible bond returns rebounded, but the growth of short - and medium - to long - term pure bond funds slowed compared to the previous week. Energy and chemical ETFs remained weak, while precious metals saw a rebound in returns, with the net value of silver ETFs rising significantly by 3.84% [4] Equity Market Style - The CITIC five - style index closed up last Friday, with the cycle style leading in returns, rising 3.49%. The relative strength of the financial and cycle styles slightly recovered, and all five styles strengthened in terms of indicator momentum. The excess returns of consumer - style funds recovered in the past week, with a weekly excess return of 1.06%, while the average return of cycle - style funds did not outperform the benchmark. Some consumer - style funds shifted towards the growth style, and the market congestion is in the historically high - congestion range [4] Barra Factors - The ALPHA factor had a better return performance in the past week, with a weekly excess return of 0.34%. The returns of the valuation and residual volatility factors weakened. The reversal - type factors strengthened marginally, while the profitability and liquidity factors declined slightly. The cross - sectional rotation speed of factors increased compared to the previous week and is currently in the historically low - quantile range [4] Style Timing Model - The cycle and financial styles recovered this week, while the consumer style declined. The current signal favors the cycle style. The return of the style timing strategy last week was 0.77%, with an excess return of - 1.02% compared to the benchmark balanced allocation [4]

Group 1 - Allianz Fund announced a change in leadership, with Wu Jiayao resigning as chairman and General Manager Shen Liang taking over the role [1] - Over 100 public funds have added new sales institutions in July, with more than 156 announcements made by over 20 fund management companies [2] - The number of applications for ChiNext-related index funds has surged 3.7 times year-on-year, with 42 funds submitted for registration this year [3] Group 2 - Fund manager Zheng Ning focuses on innovative drug investments, highlighting a fundamental-driven market with significant growth in R&D and favorable policies [4] - Zheng Ning identifies two main types of players in the innovative drug sector: new entrants and traditional pharmaceutical companies undergoing transformation [4] - The innovative drug sector remains strong, with stocks like Heng Rui Pharmaceutical hitting the limit up, and related ETFs showing gains of up to 4.10% [5][6] Group 3 - The market experienced a rebound, with the Shanghai Composite Index rising by 0.12% and the ChiNext Index increasing by 0.96%, while total trading volume decreased by 450 billion yuan [4] - Innovative drug ETFs showed strong performance, with several funds reporting gains around 4% [6][8] - Conversely, the STAR 50 ETF led declines with a drop of 14.01%, while energy and coal ETFs also fell by over 2.5% [7]

Market Overview - On July 28, 2025, A-shares saw collective gains across the three major indices, with the Shanghai Composite Index rising by 0.12%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.96%. The total trading volume in the Shanghai and Shenzhen markets exceeded 1.7 trillion yuan [1]. Innovation Drug Sector - Innovation drug-related ETFs led the market with significant gains, including the Innovation Drug ETF Hong Kong-Shenzhen (159622) rising by 4.10%, and the Hong Kong Innovation Drug 50 ETF (513780) increasing by 4.04% [1]. - A notable announcement from Heng Rui Medicine involved a potential license-out collaboration with GlaxoSmithKline (GSK) worth up to $12.5 billion, covering a clinical-stage respiratory innovation drug and up to 11 non-clinical candidates. This news led to a surge in Heng Rui's stock, reaching a four-year high in A-shares and over 16% increase in H-shares [2]. ETF Performance - The top-performing ETFs included several innovation drug-related funds, with multiple ETFs achieving gains above 3.70% [1]. - Conversely, the energy sector faced declines, with the top ETF, the Sci-Tech Comprehensive Aluminum ETF (589300), dropping by 14.01% [3]. Trading Activity - The trading volume for the Short-term Bond ETF (211360) was the highest at 33.9 billion yuan, followed by the Silver Hua Daily ETF (511880) at 21.0 billion yuan [4]. - The turnover rate for the Benchmark National Bond ETF (511100) was the highest at 552.67%, indicating strong trading activity in this segment [5][6].

Group 1 - The ETF market showed mixed performance, with the innovative drug ETFs leading gains, particularly the Shanghai-Hong Kong-Shenzhen innovative drug ETF (159622) which rose by 4.10% [1] - The Hong Kong innovative drug 50 ETF (513780) increased by 4.04%, while the Hong Kong innovative drug ETF (513120) saw a rise of 4.01% [1] - Conversely, the STAR Market comprehensive index ETF by Harvest (589300) experienced a significant decline of 14.01%, indicating a notable downturn in that sector [1] Group 2 - The energy and chemical ETF (159981) fell by 4.12%, and the coal ETF (515220) decreased by 2.87%, reflecting challenges in those industries [1] - There is a suggestion to utilize T+0 trading through ETFs to invest in Hong Kong innovative drug stocks, indicating a strategic approach to capitalize on the sector's performance [1]