Core Insights - As of September 15, 2025, 56.93% of the 22,731 open-end funds (excluding money market and QDII) have outperformed the CSI 300 index, which has increased by 15.2% this year [1][2]. Group 1: Performance of ETFs - The top-performing ETF this year is the Huatai-PB Innovation Drug ETF, which has risen by 113.36% [1][3]. - Other ETFs with over 100% growth include: - Wanjia CSI Hong Kong Stock Connect Innovation Drug ETF at 112.88% - Invesco Great Wall CSI Hong Kong Stock Connect Innovation Drug ETF at 109.19% - Yinhua CSI Hong Kong Stock Connect Innovation Drug ETF at 107.47% - Fuguo Hang Seng Hong Kong Stock Connect Healthcare ETF at 106.15% [1][3]. - The TMT sector ranks second in ETF performance, with the top ETF being the Huaxia CSI 5G Communication Theme ETF, which has increased by 112.87% [4][5]. - The third-best performing sector is the dual innovation growth, particularly in artificial intelligence, with the top ETF being the Huabao Growth ETF, which has risen by 79.75% [6][7]. - The gold industry ETF ranks fourth, led by the Yongying CSI Hong Kong and Shanghai Gold Industry ETF, which has increased by 75.39% [8][10]. - The rare earth and non-ferrous metal industry ETF ranks fifth, with the top performer being the E Fund CSI Rare Earth Industry ETF, which has risen by 72.54% [11][12]. Group 2: Market Drivers - The strong performance of the innovation drug sector is attributed to global capital reassessing Chinese assets driven by domestic innovation and significant revenues from international markets [2]. - The TMT sector's growth is primarily driven by the artificial intelligence industry, which has attracted global capital to reassess Chinese assets [4][6]. - The rise in the gold industry is linked to expectations of U.S. interest rate cuts and global trade risks stemming from geopolitical tensions [9]. - The rare earth sector's performance is influenced by the ongoing U.S.-China trade tensions, particularly regarding rare earth products [11].

Quantitative Models and Construction Methods - **Model Name**: Industry Crowding Monitoring Model **Model Construction Idea**: This model is designed to monitor the crowding levels of Shenwan First-Level Industry Indices on a daily basis, identifying industries with high or low crowding levels to guide investment focus[4] **Model Construction Process**: The model calculates crowding levels for each industry index based on specific metrics (not detailed in the report). It then ranks industries by their crowding levels and highlights those with significant changes in crowding levels or notable fund inflows/outflows[4] **Model Evaluation**: Provides a useful tool for identifying industry trends and potential investment opportunities based on crowding dynamics[4] - **Model Name**: Premium Rate Z-Score Model **Model Construction Idea**: This model identifies potential arbitrage opportunities in ETF products by calculating the Z-score of their premium rates over a rolling window[5] **Model Construction Process**: 1. Calculate the premium rate of an ETF as the difference between its market price and its net asset value (NAV), divided by the NAV 2. Compute the Z-score of the premium rate over a rolling window to standardize the deviation from the mean 3. Use the Z-score to signal potential arbitrage opportunities or risks of price corrections[5] **Model Evaluation**: Effective for short-term trading strategies and arbitrage identification in ETF markets[5] Model Backtesting Results - **Industry Crowding Monitoring Model**: No specific numerical backtesting results provided in the report[4] - **Premium Rate Z-Score Model**: No specific numerical backtesting results provided in the report[5] Quantitative Factors and Construction Methods - No specific quantitative factors were explicitly mentioned or constructed in the report Factor Backtesting Results - No specific factor backtesting results were provided in the report

Core Viewpoint - The overseas market indices, particularly ETFs related to the Nasdaq, have shown strong performance following a significant rise in the US stock market, with gold stock ETFs standing out with notable gains [1] Group 1: ETF Performance - Nine related ETFs, including the Nasdaq index ETF, achieved a limit-up in half a day, indicating strong investor interest [1] - Gold stock ETFs, including the Gold Stock ETF (517400), saw a half-day increase of 6.42%, with five gold stock ETFs rising over 5.5% [1][2] - The Gold Stock ETF (517520) has a substantial scale of 2.699 billion shares, reflecting a year-to-date increase of 114.9 million shares [2][3] Group 2: Market Trends and Valuation - A-share gold stock valuations have been declining since early 2020, with the dynamic PE (TTM) dropping from 50 times to 25 times currently [3] - The average gold price is expected to rise significantly in 2025 compared to 2024, supporting the outlook for gold companies [3] - Continuous high profits and improving balance sheets for gold companies suggest a stable performance outlook in the future [3] Group 3: Index Composition - The CSI Hong Kong and Shanghai Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in A-share and Hong Kong markets [4] - The index was established on October 17, 2017, with a base date of December 31, 2014 [4] Group 4: Major Holdings - The top holdings in the CSI Gold Industry Index include Shandong Gold (12.06% weight), Zijin Mining (10.51%), and Zhongjin Gold (9.38%), indicating a concentration in the gold mining sector [5][6]