Group 1 - The report highlights the performance of the "Xinxuan ETF Absolute Return Strategy," which achieved an annualized return of 14.23% over the past three years, with a maximum drawdown of only 8.6% and a Sharpe ratio of 1.44 [10] - As of 2024, the total return of the Xinxuan ETF portfolio is 54.04%, outperforming the equal-weighted ETF by 11.1%, with a Sharpe ratio of 1.55 and a maximum drawdown of 6.3% [10] - The latest holdings of the Xinxuan ETF strategy include various ETFs such as the Innovation Drug ETF (15%) and the Bank ETF (10%) [11] Group 2 - The "All-Weather Multi-Asset Risk Parity Strategy" has yielded a return of 27.75% since the beginning of 2024, with a maximum drawdown of 3.62% and a Sharpe ratio of 2.56 [13] - This strategy diversifies across different assets and strategies, including gold ETFs and U.S. equity ETFs, to enhance returns while reducing overall portfolio volatility [15] Group 3 - The "Recovery Fixed Income+" strategy aims to balance inflation and credit factors while maintaining liquidity, utilizing a monthly rotation among 15 high-liquidity ETFs in the Hong Kong market [19] - Since 2021, this strategy has achieved an annualized return of 7.63% with a volatility of 7.06% and a Sharpe ratio of 1.07 [19] Group 4 - The "China-U.S. Core Asset Portfolio" includes strong trend assets such as liquor, dividends, gold, and the Nasdaq, achieving an annualized return of 33.66% since early 2015, outperforming equal-weighted indices by 12.11% [21] - The latest holdings in this portfolio include the Dividend ETF [23] Group 5 - The "High Prosperity/Dividend Rotation Strategy" has generated an annualized return of 25.49% since early 2021, significantly outperforming equal-weighted indices by 22.91% [26] - The strategy adjusts holdings based on economic signals, switching between high-growth ETFs and dividend ETFs [26] Group 6 - The "Double Bond LOF Enhancement Strategy" has achieved an annualized return of 6.43% since early 2019, with a Sharpe ratio of 2.48 and a maximum drawdown of 2.42% [29] - This strategy focuses on increasing the weight of bonds in the portfolio while maintaining exposure to other assets [29] Group 7 - The "Structured Risk Parity Strategy (QDII)" has yielded a return of 28.53% since the beginning of 2024, with a maximum drawdown of 2.38% and a Sharpe ratio of 2.57 [32] - This strategy combines domestic long-term bond ETFs with QDII equity products and gold to enhance returns [32] Group 8 - The report indicates that 24 new public funds were established this week, raising a total of 141.73 billion yuan, with 14 new index funds accounting for 65.90 billion yuan of this total [39] - The new index funds include various themes such as technology, agriculture, and energy [39] Group 9 - As of November 14, 2025, A-share, bond, commodity, and cross-border ETFs saw net subscription amounts of 122.0 billion yuan, -2.7 billion yuan, 59.4 billion yuan, and 102.4 billion yuan, respectively [49] - In the A-share ETF segment, the net inflow was led by sectors such as electric power equipment and new energy [50]

Group 1 - The report highlights the performance of the "Xinxuan ETF Absolute Return Strategy," which achieved an annualized return of 14.23% over the past three years, with a maximum drawdown of only 8.6% and a Sharpe ratio of 1.44 [10][9] - The total return of the Xinxuan ETF portfolio from the beginning of 2024 to date is 46.53%, outperforming the equal-weighted ETF by 7.16%, with a Sharpe ratio of 1.45 and a maximum drawdown of 6.3% [10][9] - The latest holdings of the Xinxuan ETF strategy include various sector ETFs such as liquor, innovative medicine, banking, and renewable energy [10] Group 2 - The "All-Weather Multi-Asset Risk Parity Strategy" has yielded a return of 22.43% since the beginning of 2024, with a maximum drawdown of 3.62% and a Sharpe ratio of 2.32 [13] - This strategy diversifies assets across different sectors and styles, including commodities like gold and various equity strategies [15] Group 3 - The "Recovery Fixed Income+" strategy aims to balance inflation and credit factors while maintaining liquidity, utilizing a monthly rotation among 15 high-liquidity ETFs in the Hong Kong market and holding 30-year long bonds [19] - The annualized return of this strategy since the market downturn in 2021 is 7.63%, with an annualized volatility of 7.06% and a Sharpe ratio of 1.07 [19] Group 4 - The "China-US Core Asset Portfolio" includes strong trend assets such as liquor, dividends, gold, and the Nasdaq, achieving an annualized return of 34.15% since early 2015, outperforming equal-weighted indices by 12.73% [23] - The latest holdings in this portfolio consist of liquor ETFs, gold ETFs, dividend ETFs, and Nasdaq ETFs [23] Group 5 - The "High Prosperity/Dividend Rotation Strategy" has an annualized return of 24.49% since early 2021, significantly outperforming equal-weighted indices by 22.91% [26] - The current holdings in this strategy include the Central Enterprise Dividend 50 ETF, low-volatility dividend ETF, and others [26] Group 6 - The "Double Bond LOF Enhanced Strategy" has achieved an annualized return of 6.48% since early 2019, with a Sharpe ratio of 2.5 and a maximum drawdown of 2.42% [29] - This strategy focuses on maintaining a larger proportion of bond holdings compared to other assets [29] Group 7 - The "Structured Risk Parity Strategy (QDII)" has yielded a return of 25.59% since the beginning of 2024, with a maximum drawdown of 2.38% and a Sharpe ratio of 2.5 [32] - This strategy incorporates domestic long-term bond ETFs, QDII equity products, and gold ETFs [32] Group 8 - The report indicates that the total return of various strategies from the beginning of 2024 includes 46.07% for the Xinxuan Technical Quantitative Strategy and 96.29% for the High Prosperity Dividend Rotation Strategy [35] - The performance metrics for these strategies show significant outperformance compared to benchmarks [35] Group 9 - The report tracks the new issuance of index funds, with a total of 10 new public funds established this week, raising a total of 9.548 billion yuan [38] - Among these, four new index funds were launched with a total initial scale of 1.708 billion yuan [38] Group 10 - The report details the fund flows across different asset classes, with A-shares, bonds, commodities, and cross-border ETFs showing significant net inflows and outflows [47] - Specifically, A-share ETFs experienced a net outflow of 166 billion yuan, while cross-border ETFs saw a net inflow of 272 billion yuan [47][51]

Group 1 - The report highlights a shift in A-share ETF investments towards net buying, with a recommendation to focus on innovative drug ETFs [2][3] - The "Xinxuan ETF Absolute Return Strategy" has shown impressive performance, achieving a total return of 46.92% since the beginning of 2024, outperforming equal-weighted ETFs by 12.35% [10][33] - The "All-Weather Multi-Asset Risk Parity Strategy" has yielded a return of 22.65% with a maximum drawdown of 3.62% since the beginning of 2024 [12][33] Group 2 - The report tracks the new issuance of index funds, noting that 38 new public funds were established this week, raising a total of 233.14 billion yuan, with 26 index funds accounting for 167.53 billion yuan [38] - The report details the net inflow of funds into various asset class ETFs, with A-share ETFs seeing a net redemption of 10.1 billion yuan, while bond ETFs experienced a net inflow of 117.4 billion yuan [46][51] - The "High Prosperity/Dividend Rotation Strategy" has achieved an annualized return of 23.31% since the beginning of 2021, significantly outperforming equal-weighted indices [24][33]

Group 1 - The report highlights that the domestic A-share market has seen a significant improvement in liquidity risk, with a total transaction volume of 1.44 trillion yuan this week, driven by continuous buying from state-owned funds [5] - The report indicates a positive outlook for the military industry, particularly in the context of the marine economy, which is expected to catalyze growth in the sector [5] - The report notes that the semiconductor and domestic consumption sectors present potential investment opportunities due to improved risk appetite and capital inflows [5] Group 2 - The report details that the "Xinxuan ETF Absolute Return Strategy" has achieved an annualized return of 14.23% over the past three years, with a maximum drawdown of only 8.6% [10] - The "All-Weather Multi-Asset Risk Parity Strategy" has yielded a return of 20.85% since the beginning of 2024, with a maximum drawdown of 3.62% [14] - The "China-US Core Asset Portfolio" has delivered an annualized return of 34.05% since early 2015, outperforming various indices [20] Group 3 - The report states that 17 new index funds were filed this week, including 3 ETFs and 5 linked funds, indicating a growing interest in index-based investment products [34] - A total of 20 new public funds were established this week, raising a total of 5.328 billion yuan, with 11 new index funds accounting for 3.226 billion yuan of that total [35] - The report mentions that 6 new funds are set to be listed next week, including the "E Fund National Value 100 ETF" and the "Industrial Bank China Hong Kong Stock Connect Automotive Industry Theme ETF" [38] Group 4 - The report indicates that A-share ETFs experienced a net outflow of 136.4 billion yuan, while bond ETFs saw a net inflow of 122.9 billion yuan [43] - The report highlights that the Hong Kong ETF market has seen a net inflow of 88 billion yuan, reflecting a positive sentiment towards cross-border investments [48] - The report notes that commodity ETFs, particularly gold ETFs, have seen an increase in investment, with a net inflow of 23.18 billion yuan [52]

Group 1: Market Overview and Trends - The average daily trading volume in the domestic market has increased to 1.37 trillion, with the A-share market showing resilience despite economic downturns, particularly in U.S.-China relations [5] - The ChiNext index saw a slight increase of 0.22%, while the North Star 50 and Sci-Tech Innovation Board experienced declines, indicating a mixed sentiment in the market [5] - The recent military conflict between Iran and Israel has put pressure on risk assets, leading to a cautious outlook for the market [5] Group 2: ETF Strategies and Performance - The "Xinxuan ETF Absolute Return Strategy" has shown impressive performance with a total return of 34.43% since the beginning of 2024, outperforming the equal-weighted ETF benchmark by 20.32% [12] - The "All-Weather Multi-Asset Risk Parity Strategy" has achieved a return of 20.13% with a maximum drawdown of 3.62% and a Sharpe ratio of 2.56, indicating effective risk management [15] - The "China-U.S. Core Asset Portfolio" has delivered an annualized return of 33.87% since early 2015, significantly outperforming the equal-weighted index [21] Group 3: New ETF Launches and Fundraising - A total of 13 new index funds were reported this week, including 2 ETFs and 3 linked funds, indicating a growing interest in index-based investment products [34] - This week, 15 new public funds were established, raising a total of 89.34 billion, with 6 new index funds accounting for 48.14 billion of that total [36] - Upcoming fund launches include 14 new index funds, such as the Huabao Hang Seng Innovation Drug ETF, reflecting ongoing market activity [37] Group 4: ETF Fund Flows - As of June 13, 2025, the net subscription amounts for A-shares, bonds, commodities, and cross-border ETFs were -16.48 billion, 15.33 billion, 1.86 billion, and -0.33 billion respectively, indicating varied investor sentiment across asset classes [44] - In the A-share ETF segment, the broad-based ETFs saw a net outflow of 12.7 billion, with significant selling in the CSI 500 and CSI 300 ETFs [45] - The commodity ETF segment, particularly gold ETFs, experienced a net inflow of 18.29 billion, highlighting a shift towards safe-haven assets [53]

- The "XinXuan ETF Absolute Return Strategy" aims to achieve both absolute returns and long-term relative returns compared to A-share equities through ETF trading within the XinXuan ETF pool[10][11] - The "All-Weather Multi-Asset Multi-Strategy ETF Risk Parity Strategy" combines industry rotation, style rotation, and risk parity strategies to enhance ETF usage precision and increase returns while reducing overall portfolio volatility[15][17] - The "China-US Core Asset Portfolio" incorporates strong trend assets like liquor, dividends, gold, and the Nasdaq index, using RSRS timing and technical reversal strategies to form a combined portfolio[21] - The "High Prosperity/Dividend Rotation Strategy" switches between high-growth and dividend strategies based on signals, adjusting ETF holdings accordingly[24] - The "Dual Bond LOF Enhanced Strategy" adjusts product weights to ensure a higher proportion of bond holdings, enhancing the strategy based on bond volatility[27] - The "Structured Risk Parity (QDII)" strategy replaces the XinXuan ETF pool with a strategy pool that includes QDII equity products, gold, and domestic dividend ETFs, focusing on long-term domestic bond ETFs[28][30] Model Backtest Results - XinXuan ETF Absolute Return Strategy: Total return 33.49%, annualized return 24.14%, maximum drawdown -6.30%, volatility 17.58%, Sharpe ratio 1.20[31] - High Prosperity/Dividend Rotation Strategy: Total return 48.99%, annualized return 34.78%, maximum drawdown -22.04%, volatility 34.79%, Sharpe ratio 0.96[31] - China-US Core Asset Portfolio: Total return 59.80%, annualized return 42.03%, maximum drawdown -10.86%, volatility 17.16%, Sharpe ratio 2.02[31] - Dual Bond LOF Enhanced Strategy: Total return 9.08%, annualized return 6.73%, maximum drawdown -2.26%, volatility 3.41%, Sharpe ratio 1.34[31] - Structured Risk Parity Strategy (QDII): Total return 23.59%, annualized return 17.18%, maximum drawdown -2.38%, volatility 4.92%, Sharpe ratio 2.84[31] - All-Weather Multi-Asset Risk Parity Strategy: Total return 19.69%, annualized return 14.40%, maximum drawdown -3.62%, volatility 4.48%, Sharpe ratio 2.58[15][31]