拉长时间看，该基金近3天主力资金连续流出，合计流出64.33亿元，居全市场前2。（数据来源： Wind） 与此同时，该基金最新成交量为1.38亿份，最新成交额跌破140.00亿元，当日主力资金净流出成交额占 比达10.31%。 2026年1月7日，银华日利ETF（511880.SH）收涨0.02%，主力资金（单笔成交额100万元以上）净流出 14.20亿元，居全市场第一梯队。（数据来源：Wind） ...

ETF 日报 2025.12.09 市场概况： ◼ 今日 A 股上证综指下跌 0.37%，收于 3909.52 点，深证成指下跌 0.39%，收于 13277.36 点，创业板指上涨 0.61%，收于 3209.60 点， 两市 A 股成交金额为 19179 亿元。涨幅靠前的行业有：综合 （3.45%）、通信（2.23%）、电子（0.78%），跌幅靠前的行业有：有 色金属（-3.03%）、钢铁（-2.47%）、房地产（-2.10%）。 股票 ETF： ◼ 今日成交金额靠前的股票 ETF 为：华泰柏瑞中证 A500ETF 下跌 0.56%，贴水率为-0.56%；华夏中证 A500ETF 下跌 0.26%，贴水率 为-0.34%；南方中证 A500ETF 下跌 0.57%，贴水率为-0.43%。 债券 ETF： ◼ 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 上涨 0.01%， 贴水率为-0.00%；南方上证基准做市公司债 ETF 上涨 0.06%，贴水 率为-0.28%；广发上证 AAA 科技创新公司债 ETF 上涨 0.01%，贴水 率为-0.27%。 2025 年 12 月 10 日 ETF ...

Core Viewpoint - The A-share market experienced fluctuations on December 3, with a notable performance from cross-border ETFs, particularly the Nasdaq Technology ETF, which faced a significant premium in its secondary market price, leading to a temporary suspension of trading [1][2]. Group 1: ETF Performance - On December 3, nine cross-border ETFs ranked among the top ten in terms of gains [2]. - The Industrial Nonferrous ETF (560860) led the A-share ETFs with a gain of 1.91%, followed by other ETFs related to cash flow and transportation [3][4]. - The online consumption ETF recorded the largest decline at -2.74%, with several technology-related ETFs also experiencing significant drops [5]. Group 2: Fund Flows - As the year-end approaches, there is a lack of consensus on investment direction, but the technology sector remains favored, with several technology-related ETFs among the top net inflows on December 2 [6]. - The top net inflows included the Science and Technology Artificial Intelligence ETF and the Robotics ETF, indicating strong interest in technology investments [7]. Group 3: Bond ETFs Activity - Bond-related ETFs showed active trading, with a total trading volume of 354.33 billion yuan on December 3, where eight out of the top ten ETFs by trading volume were bond-related [8]. - The Silver Hua Daily ETF had the highest trading volume at 15.08 billion yuan, reflecting the ongoing interest in bond markets amid market fluctuations [9]. Group 4: Market Outlook - The attractiveness of Hong Kong dividend assets has increased, with expectations of support for the market from domestic growth policies despite uncertainties surrounding the Federal Reserve's interest rate decisions [11]. - Key investment directions in A-shares include technology innovation, consumption upgrades, and high-end manufacturing, aligning with global industrial restructuring trends [11].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On December 1, 2025, the A-share market showed an upward trend, with the Shanghai Composite Index rising 0.65%, the Shenzhen Component Index rising 1.25%, and the ChiNext Index rising 1.31%. The trading volume of the two markets reached 1889.5 billion yuan. The top-performing industries were non-ferrous metals, communication, and electronics, while the bottom-performing industries were agriculture, forestry, animal husbandry, and fishery, environmental protection, and real estate [2][6]. Summary by Directory Market Overview - The Shanghai Composite Index closed at 3914.01, up 0.65%; the Shenzhen Component Index closed at 13146.72, up 1.25%; the ChiNext Index closed at 3092.50, up 1.31%. The trading volume of the two A-share markets was 1889.5 billion yuan. The top-performing industries were non-ferrous metals (2.85%), communication (2.81%), and electronics (1.58%), while the bottom-performing industries were agriculture, forestry, animal husbandry, and fishery (-0.43%), environmental protection (-0.23%), and real estate (-0.06%) [2][6]. Stock ETF - The top-trading-volume stock ETFs were Huaxia CSI A500 ETF (up 1.23%, discount rate 1.18%), Huatai-PineBridge CSI A500 ETF (up 1.32%, discount rate 1.14%), and Guotai CSI A500 ETF (up 1.13%, discount rate 1.16%) [3][7]. Bond ETF - The top-trading-volume bond ETFs were Haifutong CSI Short-term Financing ETF (up 0.00%, discount rate 0.00%), Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (up 0.10%, discount rate 0.13%), and Guotai CSI AAA Scientific and Technological Innovation Corporate Bond ETF (up 0.04%, discount rate 0.00%) [4][9]. Gold ETF - Gold AU9999 rose 1.09%, and Shanghai Gold rose 1.02%. The top-trading-volume gold ETFs were Huaan Gold ETF (up 1.04%, discount rate 1.06%), Boshi Gold ETF (up 1.02%, discount rate 1.08%), and E Fund Gold ETF (up 1.03%, discount rate 1.07%) [12]. Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF fell 2.52%, with a discount rate of 0.63%; Dacheng Non-ferrous Metals Futures ETF rose 1.48%, with a discount rate of 1.76%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.65%, with a discount rate of 0.99% [15]. Cross-border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.61%, the Nasdaq Composite rose 0.65%, the S&P 500 rose 0.54%, and the German DAX rose 0.29%. On December 1, the Hang Seng Index rose 0.67%, and the Hang Seng China Enterprises Index rose 0.47%. The top-trading-volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.20%, discount rate -0.07%), Huatai-PineBridge Hang Seng Technology ETF (up 0.54%, discount rate 0.60%), and Huaxia Hang Seng Technology ETF (up 0.53%, discount rate 0.75%) [17]. Money ETF - The top-trading-volume money ETFs were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jian Xin Tian Yi [19].

Market Overview - The stock market experienced a rebound during the week of November 24-28, 2025, with major indices showing positive performance: Shanghai Composite Index up 1.40%, Shenzhen Component Index up 3.56%, and ChiNext Index up 4.54% [1] - Trading volume remained low, with daily turnover around 1.8 trillion, indicating weak enthusiasm from external investors [1] - The market showed a trend of small-cap stocks outperforming larger ones, with gains increasing from the CSI 300 to the CSI 2000 [1] ETF Performance - Growth sectors saw significant rebounds, with the top-performing ETFs showing gains over 10%: S&P Biotechnology ETF up 12.04% and NASDAQ Biotechnology ETF up 10.43% [2] - The average gain for all ETFs was 2.42%, driven by a rebound in sectors like CPO and telecommunications [2] - The top ten ETFs by gain were all related to growth sectors, indicating a strong recovery in previously popular themes [2] Fund Flow Trends - Overall, there was a net outflow of 279.76 billion, with stock ETFs experiencing a significant outflow of 362.95 billion [6] - In contrast, money market ETFs and cross-border ETFs saw net inflows, indicating a shift towards safer investments [6] - The top inflow ETFs included the Huabao Qiyi ETF with 36.91 billion and the Benchmark Treasury ETF with 29.45 billion [8] Economic Indicators - Fiscal revenue showed a year-on-year increase of 3.16%, driven by higher tax income, while land transfer income continued to decline [5] - General fiscal expenditure fell by 9.78%, reflecting a significant drop compared to the previous month [5] - The real estate sector remains under pressure, with calls for new policies to stimulate the market [5] Upcoming ETF Listings - Two new ETFs are set to launch next week: Penghua Hang Seng Technology ETF and E Fund CSI A500 Dividend Low Volatility ETF, both targeting specific growth and dividend strategies [11][12] - The Hang Seng Technology ETF will focus on major tech stocks in Hong Kong, while the A500 Dividend ETF aims to provide stable returns through high dividend-paying stocks [11][12]

Report Overview - The report provides an overview of the ETF market on November 24, 2025, including market performance, top-traded ETFs in different categories [2][6]. Market Performance - The Shanghai Composite Index rose 0.05% to 3836.77, the Shenzhen Component Index rose 0.37% to 12585.08, and the ChiNext Index rose 0.31% to 2929.04. The total trading volume of A-shares was 1740.6 billion yuan [2][6]. - The top-performing sectors were National Defense and Military Industry (4.31%), Media (3.49%), and Computer (2.41%), while the worst-performing sectors were Petroleum and Petrochemical (-1.21%), Coal (-1.09%), and Banking (-0.79%) [2][6]. Stock ETFs - The top-traded stock ETFs were Huaxia CSI A500 ETF (up 0.18% with a premium rate of 0.13%), Huatai-PineBridge CSI 300 ETF (down 0.15% with a premium rate of -0.13%), and Guotai CSI A500 ETF (unchanged with a premium rate of 0.13%) [3][7]. Bond ETFs - The top-traded bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01% with a premium rate of 0.00%), Boshi CSI Convertible and Exchangeable Bond ETF (down 0.08% with a premium rate of 0.06%), and Huaxia CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.01% with a premium rate of -0.21%) [4][9]. Gold ETFs - Gold AU9999 rose 0.17% and Shanghai Gold rose 0.39%. The top-traded gold ETFs were Huaan Gold ETF (up 0.33% with a premium rate of 0.20%), Boshi Gold ETF (up 0.35% with a premium rate of 0.26%), and E Fund Gold ETF (up 0.29% with a premium rate of 0.22%) [12][13]. Commodity Futures ETFs - The top-traded commodity futures ETFs were Huaxia Feed Soybean Meal Futures ETF (up 1.47% with a premium rate of 3.46%), Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF (up 1.76% with a premium rate of 1.29%), and Dacheng Non-ferrous Metals Futures ETF (up 0.56% with a premium rate of 0.10%) [13][14]. Cross-border ETFs - The Dow Jones Industrial Average rose 1.08%, the Nasdaq Composite rose 0.88%, and the S&P 500 rose 0.98% the previous day. The Hang Seng Index rose 1.97% and the Hang Seng China Enterprises Index rose 1.79% today. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.44% with a premium rate of 0.70%), Huatai-PineBridge Hang Seng Technology ETF (up 1.81% with a premium rate of 3.19%), and Huaxia Hang Seng Technology ETF (up 1.77% with a premium rate of 2.97%) [15][16]. Money Market ETFs - The top-traded money market ETFs were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Jian Xin Tian Yi Money Market ETF [17][19].

Report Summary 1. Market Overview - On November 21, 2025, the Shanghai Composite Index dropped 2.45% to 3834.89 points, the Shenzhen Component Index fell 3.41% to 12538.07 points, and the ChiNext Index declined 4.02% to 2920.08 points. The total trading volume of A-shares in the two markets was 19839 billion yuan. The top sectors with the largest declines were Comprehensive (-5.50%), Non-ferrous Metals (-5.26%), and Power Equipment (-5.17%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs on that day were E Fund ChiNext ETF (down 4.03%, premium rate -3.93%), Huatai-PineBridge CSI 300 ETF (down 2.40%, premium rate -2.41%), and China AMC CSI A500 ETF (down 2.78%, premium rate -2.77%) [3][7]. - The top ten trading volume stock ETFs are presented in detail in Chart 1, including their codes, names, prices, price changes, tracking indices, premium rates, trading volumes, and latest share references [8]. 3. Bond ETFs - The top trading volume bond ETFs were HFT CSI Short-term Financing Bond ETF (down 0.00%, premium rate 0.00%), Bosera CSI Convertible and Exchangeable Bond ETF (down 0.77%, premium rate -0.88%), and BOC Shanghai Stock Exchange AAA Sci-Tech Innovation Bond ETF (up 0.02%, premium rate -0.21%) [4][9]. - Details of the top five trading volume bond ETFs, including codes, names, prices, price changes, premium rates, and trading volumes, are shown in Chart 2 [10]. 4. Gold ETFs - Gold AU9999 dropped 0.59% and Shanghai Gold fell 0.88% on that day. The top trading volume gold ETFs were HuaAn Gold ETF (down 0.84%, premium rate -0.72%), Bosera Gold ETF (down 0.79%, premium rate -0.68%), and E Fund Gold ETF (down 0.75%, premium rate -0.66%) [12]. - The top five trading volume gold ETFs are presented in Chart 3, including their codes, names, prices, price changes, trading volumes, IOPV, and premium rates [13]. 5. Commodity Futures ETFs - On that day, China AMC Feed Soybean Meal Futures ETF dropped 0.25% with a premium rate of 2.10%, CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.75% with a premium rate of -0.76%, and Dacheng Non-ferrous Metals Futures ETF declined 0.61% with a premium rate of -0.93% [13]. - Details of commodity futures ETFs, including codes, names, prices, price changes, trading volumes, IOPV, premium rates, tracking indices, and tracking index price changes, are shown in Chart 4 [14]. 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average dropped 0.84%, the Nasdaq Composite fell 2.15%, and the S&P 500 declined 1.56%, while the German DAX rose 0.50%. On November 21, the Hang Seng Index dropped 2.38% and the Hang Seng China Enterprises Index fell 2.45%. The top trading volume cross-border ETFs were Huatai-PineBridge Hang Seng Tech ETF (down 1.91%, premium rate -2.39%), E Fund CSI Hong Kong Securities Investment Theme ETF (down 3.74%, premium rate -3.60%), and China AMC Hang Seng Tech ETF (down 1.87%, premium rate -2.12%) [15]. - The top five trading volume cross-border ETFs are presented in Chart 5, including their codes, names, trading volumes, price changes, and premium rates [16]. 7. Money Market ETFs - The top trading volume money market ETFs on that day were Silver HuaRiLi ETF, HuaBaoTianYi ETF, and CCB TianYi Money Market ETF [17]. - The top three trading volume money market ETFs are shown in Chart 6, including their codes, names, and trading volumes [19]. Core View The report provides a comprehensive overview of the performance of different types of ETFs on November 21, 2025, including stock, bond, gold, commodity futures, cross-border, and money market ETFs, along with the overall market situation of A-shares. Report Industry Investment Rating No industry investment rating information is provided in the report.

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping by 2.45%, the Shenzhen Component Index falling by 3.41%, and the ChiNext Index decreasing by 4.02% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.9657 trillion [1] Sector Performance - The media sector showed resilience, with specific ETFs such as Media ETF (159805) and Media ETF (512980) leading the gains [2] - Conversely, rare metals and new energy-related ETFs faced notable declines, with the top 10 ETFs in this category experiencing drops of up to 7.55% [3] Economic Outlook - According to Zheshang Securities, 2026 is expected to be a year of strong economic performance in China, with a focus on technological self-reliance and new productivity cultivation [2] - Shenwan Hongyuan anticipates that the "15th Five-Year Plan" period will be a critical time for comprehensive reform, with nominal GDP recovery expected to improve corporate profitability [2] Lithium Battery Sector - Dongwu Securities predicts that the lithium battery sector will exceed expectations in Q4, with a projected growth rate of 25-30% for 2026 [4] - The sector is expected to see a 10-20% increase in production in Q4, with a year-on-year growth of 30% [4] ETF Activity - The Silver Hua Daily ETF (511880) recorded the highest trading volume at 21.2 billion, followed by other ETFs such as Short-term Bond ETF (511360) and Huabao Tianyi ETF (511990) [5] - The turnover rate for the Korean Semiconductor ETF (513310) was the highest at 108% [5] Upcoming ETF Launches - Two new ETFs are set to launch next week, including the Food ETF (563850), which tracks the CSI All Food Index, and the Bosera Industrial Software ETF (159108), focusing on industrial digital transformation [6][7] - The E Fund Hang Seng Automotive ETF (159121) will also launch, targeting the recovery of the Hong Kong automotive sector and opportunities in new energy vehicles [7]

Report Summary 1. Market Overview - On November 19, 2025, the Shanghai Composite Index rose 0.18% to 3946.74 points, the Shenzhen Component Index fell 0.00% to 13080.09 points, and the ChiNext Index rose 0.25% to 3076.85 points. The total trading volume of A-shares in the two markets was 1742.8 billion yuan. The top-performing sectors were non-ferrous metals (2.39%), petroleum and petrochemicals (1.67%), and national defense and military industry (1.11%), while the worst-performing sectors were comprehensive (-3.08%), real estate (-2.09%), and media (-1.72%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs were Huaxia CSI A500 ETF (up 0.17%, premium rate 0.24%), Huatai-PineBridge CSI A500 ETF (up 0.16%, premium rate 0.29%), and Guotai CSI A500 ETF (up 0.17%, premium rate 0.31%) [3][7]. - The table shows detailed information of the top ten trading volume stock ETFs, including code, fund name, price, change rate, tracking index, IOPV, premium rate, trading volume, and latest share [8]. 3. Bond ETFs - The top trading volume bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01%, premium rate 0.00%), Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (down 0.06%, premium rate -0.01%), and E Fund CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.02%, premium rate -0.25%) [4][9]. - The table presents information of the top five trading volume bond ETFs, including code, fund name, price, change rate, premium rate, and trading volume [10]. 4. Gold ETFs - Gold AU9999 rose 2.00% and Shanghai Gold rose 2.02%. The top trading volume gold ETFs were Huaan Gold ETF (up 2.02%, premium rate 2.12%), Bosera Gold ETF (up 2.02%, premium rate 2.13%), and E Fund Gold ETF (up 2.00%, premium rate 2.14%) [12]. - The table provides details of the top five trading volume gold ETFs, including code, fund name, price, change rate, trading volume, IOPV, and premium rate [13]. 5. Commodity Futures ETFs - Huaxia Feed Soybean Meal Futures ETF fell 1.59% with a premium rate of 0.99%, Dacheng Non-ferrous Metals Futures ETF rose 0.73% with a premium rate of 0.42%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF had a change rate of 0.00% with a premium rate of -0.01% [15]. - The table shows information of commodity futures ETFs, including code, fund name, price, change rate, trading volume, IOPV, premium rate, tracking index, and tracking index change rate [16]. 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average fell 1.07%, the Nasdaq Composite fell 1.21%, the S&P 500 fell 0.83%, and the German DAX fell 1.77%. On November 19, the Hang Seng Index fell 0.38% and the Hang Seng China Enterprises Index fell 0.26%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.19%, premium rate -0.11%), GF CSI Hong Kong Innovative Drugs ETF (down 0.52%, premium rate -0.29%), and Huatai-PineBridge Hang Seng Technology ETF (down 0.54%, premium rate -0.44%) [17]. - The table shows details of the top five trading volume cross-border ETFs, including code, fund name, trading volume, change rate, and premium rate [18]. 7. Money Market ETFs - The top trading volume money market ETFs were Yin Hua Day Profit ETF, Hua Bao Tian Yi ETF, and Jian Xin Tian Yi Money Market ETF [19]. - The table presents information of the top three trading volume money market ETFs, including code, fund name, and trading volume [21].

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.18%, while the Shenzhen Component Index slightly declined, and the ChiNext Index increased by 0.25% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1,725.9 billion [1] ETF Performance - Gold-related ETFs led the gains, with several ETFs rising over 4%, including Gold Stock ETF (517520) and Gold Stock ETF (517400) [2] - Conversely, film and media-related ETFs experienced significant declines, with the top three ETFs in this category dropping by approximately 2.44% [4] Industry Insights - The Ministry of Industry and Information Technology highlighted the critical role of industrial policies in promoting stable growth in the non-ferrous metals industry, which has become the largest producer and consumer globally [3] - In the first half of 2025, the added value of the non-ferrous metals industry grew by 7.6% year-on-year, outpacing the average growth rate of the industrial sector by 1.2 percentage points [3] Trading Activity - The Silver Hua Daily ETF (511880) recorded the highest trading volume at 20.155 billion [6][7] - The turnover rate for the Government Bond ETF (511580) was notably high at 303.97% [7] New ETF Launch - The Southbound Hong Kong Dividend ETF (159127) is set to launch, tracking the CSI Hong Kong Stock Connect High Dividend Investment Index, targeting investors seeking stable returns and cash flow [8]