Core Insights - The report emphasizes the construction of a strategy portfolio based on industry and thematic ETFs, leveraging insights from previous strategy reports on industry rotation and ETF market overview [2][3]. Strategy Update - The strategy portfolio includes various ETFs, with notable holdings in Aerospace Equipment (59.16%), Automation Equipment (47.2%), and Communication Equipment (75.3%) [3]. - The weekly timing signals indicate a bearish outlook for several ETFs, with signals of -1 for Aerospace, Industrial Mother Machine, and Communication ETFs [3]. - The strategy's cumulative net return from October 14, 2024, to November 14, 2025, is approximately 18.16%, outperforming the CSI 300 ETF by 0.57% [3][4]. Performance Tracking - During the period from November 10 to November 14, 2025, the strategy recorded a cumulative net return of about -3.78%, with an excess return of -0.04% compared to the CSI 300 ETF [3][12]. - The average return of the ETF portfolio was -3.73%, with specific ETFs like the Communication ETF and Gaming ETF continuing to hold positions despite recent declines [12][13]. Recommended Holdings - For the upcoming week, the strategy recommends increasing positions in Securities ETF, Satellite Industry ETF, and Grid Equipment ETF, while maintaining existing positions in Aerospace and Industrial Mother Machine ETFs [13].

Core Viewpoint - Dongcai Fund Management Co., Ltd. has announced the addition of Changcheng Securities Co., Ltd. and Dongfang Securities Co., Ltd. as the subscription and redemption agents for several funds starting from November 17, 2025 [1][4]. Group 1: Fund Details - The following funds will have Changcheng Securities as a subscription and redemption agent: 1. New Energy Vehicle Leader ETF (Code: 159637) 2. Innovative Drug ETF (Code: 159622) 3. Securities ETF (Code: 159692) 4. Chip ETF (Code: 159599) 5. CSI 300 ETF (Code: 159330) 6. CSI 500 ETF (Code: 159337) 7. A500 ETF (Code: 159380) 8. SSE 50 ETF (Code: 530050) 9. Government Bond ETF (Code: 511160) 10. Sci-Tech Innovation Board Comprehensive Price ETF (Code: 589060) 11. ChiNext ETF (Code: 159205) 12. Internet ETF (Code: 159550) 13. Sci-Tech Innovation Board 50 ETF (Code: 589850) 14. ChiNext Comprehensive Enhanced Strategy ETF (Code: 159290) [1] - The following funds will have Dongfang Securities as a subscription and redemption agent: 1. New Energy Vehicle Leader ETF (Code: 159637) 2. Securities ETF (Code: 159692) 3. Chip ETF (Code: 159599) 4. CSI 300 ETF (Code: 159330) 5. CSI 500 ETF (Code: 159337) 6. A500 ETF (Code: 159380) 7. SSE 50 ETF (Code: 530050) 8. Government Bond ETF (Code: 511160) 9. Sci-Tech Innovation Board Comprehensive Price ETF (Code: 589060) 10. ChiNext ETF (Code: 159205) 11. Internet ETF (Code: 159550) [4][5] Group 2: Contact Information - Investors can contact Changcheng Securities at 95514 or visit their website at www.cgws.com for more information [1]. - Investors can contact Dongfang Securities at 95503 or visit their website at www.dfzq.com.cn for more information [4].