关注点2：交易型资金内部仍有分化 11月中上旬市场调整以来，交易性资金活跃度显著回落，上周我们观察到其内部仍有分化：1）融资资金去杠杆的趋势或有改善，市场平均担保比例已开 始回升；2）融资资金交易活跃度开始回升，此前一度回落至7月中上旬水平；但是3）被动型外资或难言趋势回流，仍有待观察；4）期权市场对后续市场 短期走势定价仍较为谨慎。 关注点3：逆势资金强度有所回升 来源：市场资讯 （来源：华泰证券策略研究） 近期市场在前期回调后再度进入震荡期，A股日成交额较此前有所回落，对市场向上动量形成约束，我们关注资金面能否看到积极信号，目前来看：1） 交易性资金内部仍有所分化，融资资金此前杠杆去化或基本到位，上周情绪有所回暖，私募证券基金备案数目创年内新高，但被动外资、期权市场仍有待 观察；2）逆势资金力度增强，上周主动回购数目增多、宽基ETF继续净流入；3）资金面当前呈现"下有底"状态，增量需进一步观察。 关注点1：上周私募证券投资基金备案数量创下年内新高 10月以来私募证券投资基金备案数目开始修复，上周根据中国基金业协会官网数据统计，共有342支私募证券投资基金完成备案，单周备案数目创下年内 新高，这意味着短期看 ...

Group 1: Overview of QDII ETF - QDII ETFs are primarily focused on Hong Kong stocks, experiencing rapid growth since 2021, with a significant increase in non-Hong Kong ETFs starting in 2023, reflecting a shift in investor interest towards overseas markets [3][12] - As of November 28, 2025, the cumulative scale of QDII ETFs reached 185.86 billion, indicating a growing trend in overseas investment opportunities [12] - The top 15 QDII ETFs by scale include products like Huaxia Hang Seng Technology ETF and Guotai Junan Nasdaq 100 ETF, with scales of 47.64 billion and 16.90 billion respectively [9][13] Group 2: Mechanism of Premium and Discount Formation - The premium formation mechanism for QDII ETFs relies on cash subscription and redemption, where the return to premium depends on the ability to arbitrage through "subscription + sale" [3][21] - High premiums often arise from disruptions in the arbitrage chain, particularly when subscription limits are imposed due to insufficient QDII quotas [27] - The expected arbitrage returns vary based on market conditions, with overlapping trading hours leading to different calculations of the indicative optimized price value (IOPV) [31][36] Group 3: Evaluation of QDII ETF Premiums - The premium rate is negatively correlated with the cost-effectiveness of QDII ETFs; for instance, when the premium rate exceeds 8%, holding the ETF for a month typically results in significant negative returns [3] - Daily subscription limits and market sentiment are significant factors influencing premium rates, with emotional factors providing long-term explanations for premium levels [3][27] - Some QDII ETFs exhibit additional premiums that cannot be easily explained by market sentiment, indicating potential inefficiencies in pricing [3][27] Group 4: Recent Developments in QDII ETFs - The number of QDII ETFs tracking new indices has been increasing, particularly those focusing on non-Hong Kong indices such as the Dow Jones Industrial Average and the S&P 500 Consumer Select Index [17] - Newly launched QDII ETFs often experience initial premiums, with the Huatai Baichuan South China Arabian ETF showing a first-day premium of 6.31% [17][18] - The overall market enthusiasm for QDII ETFs remains high, as evidenced by the sustained premium levels of newly listed products [17][18]

ETF Market Overview - As of November 7, the performance of ETF products varied, with the CSI 2000 showing the highest increase among major broad-based ETFs, while the new energy theme ETF had the largest increase among industry and thematic products [2][9] - In the past two weeks, major broad-based ETFs such as CSI A500, CSI 2000, and Sci-Tech 50 ETF saw net inflows, while the ChiNext ETF experienced the largest net outflow [2][9] - The recent trend indicates a shift from net inflows to net outflows in cyclical and military industry ETFs, while pharmaceutical ETFs saw accelerated inflows [2][16] ETF Fund Flow Analysis - The cumulative fund flow for broad-based ETFs has shown a trend of outflows turning into inflows and then back to outflows since the beginning of 2025, with A-series ETFs consistently experiencing outflows [10] - Recent net outflows for broad-based ETFs have slowed down, with CSI 1000 and CSI 2000 transitioning from net outflows to net inflows [10][16] - As of November 7, the total number of newly established ETFs in the past two weeks was 16, with a total issuance of 6.53 billion units, of which 13 were stock ETFs and 3 were QDII ETFs [24] Thematic ETF Tracking - In the technology theme ETFs, products tracking the Hang Seng Technology index saw the highest net inflows, while those tracking consumer electronics experienced net outflows [30] - For dividend theme ETFs, products tracking the S&P Hong Kong Stock Connect Low Volatility Dividend Index had the highest net inflows, while those tracking the dividend index saw net outflows [32] Popular Thematic ETFs - AI-themed ETFs, which have a high proportion of AI stocks, experienced an average return of -2.99% with a net inflow of 1.56 billion [2] - New energy-themed ETFs had an average return of 7.67% but saw a net outflow of 5.72 billion [2] - The total holdings of ETFs by Central Huijin, Guoxin, and Chengtong reached 391.34 billion units, with a net outflow of 2.11 billion in the past two weeks [2]

ETF Market Overview - As of October 24, the performance of ETF products varied, with the Shanghai 50 index showing the highest increase among major broad-based ETFs, while the dividend-themed ETFs had the largest gains among industry and thematic products [2][9] - In the past two weeks, major broad-based ETFs such as the CSI A50, CSI 2000, and Shanghai 50 saw net inflows, while the CSI A500 ETF experienced the largest net outflow [2][9] - The recent trend indicates a shift in fund flows, with the New Energy ETF moving from net inflow to net outflow, while the Pharmaceutical ETF transitioned from net outflow to net inflow [16] ETF Fund Flow Analysis - The cumulative fund flow for major broad-based ETFs has shown a trend of outflows turning into inflows and then back to outflows since the beginning of 2025, with significant inflows into the CSI 300 ETF in April, followed by continued outflows in subsequent months [10][12] - Recent data indicates that, apart from the Shanghai 50 ETF, which shifted from net outflow to net inflow, other major broad-based ETFs have transitioned from net inflows to net outflows in the past two weeks [10][12] Thematic ETF Tracking - For technology-themed ETFs, those tracking the Hang Seng Technology index saw significant net inflows, while products tracking the CS Artificial Intelligence index experienced net outflows [32] - Dividend-themed ETFs tracking the low-volatility dividend index had the highest net inflows, whereas those tracking the dividend index saw net outflows [35] New ETF Products and Market Growth - In the past two weeks, a total of 8 new ETFs were launched, with a combined issuance of 2.997 billion shares, all of which were stock ETFs [26] - Compared to the end of 2024, the scale of various ETFs has increased significantly, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs growing by 293.33%, 197.82%, 112.34%, 52.18%, and 13.97% respectively [26] Fund Management Scale Distribution - As of October 24, Huaxia Fund has the largest ETF scale at 912.812 billion, with E Fund's ETF management scale expanding by over 250 billion compared to the previous year [27][28]

Group 1: Core Insights - Global risk appetite has been declining, with significant capital inflows into US fixed income funds and outflows from US small-cap and large-cap growth stocks [1] - The overall trend indicates a global capital rebalancing, with increased investment interest in emerging markets while US equities face outflow pressure [1] Group 2: Market Performance Review - In September 2025, the Hong Kong stock market outperformed globally, with the Hang Seng Tech Index rising by 13.95% and the Hang Seng Index increasing by 7.49%, while markets in Vietnam and Germany saw slight declines [2] - Overall, most global stock markets rose in September, with technology growth stocks leading the performance [2] Group 3: Cross-Border Capital Flows - In September, the southbound trading of the Hong Kong Stock Connect maintained a net buying trend, reaching a year-to-date high in net inflow, primarily into non-essential consumer sectors [3] - Global funds saw significant inflows into fixed income funds and outflows from equity funds, reflecting a decrease in investor risk appetite [3] - QDII-ETF funds experienced substantial net inflows into the Hang Seng Tech sector, while other indices like the Hang Seng Index and Hang Seng China Enterprises Index saw minor outflows [3]

ETF Market Overview - As of September 19, the overall performance of ETF products in the past two weeks has been good, with the Sci-Tech 50 showing the highest increase among major broad-based ETFs, while technology sector ETFs had the largest gains among industry and thematic products [3][10] - In the past two weeks, major broad-based ETFs, except for the ChiNext Index, experienced net outflows, with the Sci-Tech 50 ETF having the largest net outflow [3][10] Fund Flow Analysis - In the past two weeks, the military industry ETF shifted from net inflow to net outflow, while funds accelerated into dividend, pharmaceutical, large manufacturing, financial real estate, and new energy ETFs, with inflow speeds for cyclical, consumer, and technology ETFs slowing down [16] - For bond ETFs, there was a significant inflow into credit bond ETFs, while convertible bonds, short-term financing, and government bond ETFs shifted from net inflow to net outflow, with policy financial bonds experiencing accelerated net outflows and local government bonds seeing slowed net inflows [16] ETF Product Structure - As of September 19, a total of 27 new ETFs were established in the past two weeks, with a total issuance of 48.362 billion units, consisting of 14 pure bond ETFs and 13 stock ETFs [19] - Compared to the end of 2024, the scale of various ETFs has increased, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs increasing by 237.50%, 111.89%, 94.45%, 46.09%, and 11.03% respectively [19] Thematic ETF Tracking - In the past two weeks, products tracking semiconductor-related indices, such as the China-Korea Semiconductor, performed well, while funds tracking the National Chip Index experienced net outflows [25][28] - The AI-themed ETFs, which have a high proportion of AI stocks, had an average return of 6.67% in the past two weeks, with a net outflow of 1.557 billion yuan [3] - The robotics-themed ETFs showed an average return of 8.30% in the past two weeks, with a net inflow of 8.473 billion yuan [3] Fund Manager Scale Distribution - As of September 19, Huaxia Fund had the largest ETF on-market scale at 863.966 billion yuan, while E Fund's ETF management scale expanded by over 370 billion yuan compared to one year ago [20]

Group 1: Market Sentiment and Fund Flows - Last week, retail investors experienced a net outflow of 23.2 billion CNY, with net inflows observed in sectors like non-bank financials and electronics[5] - Financing funds saw a net inflow of 7.2 billion CNY, indicating a slight recovery in trading activity, with a financing activity rate of 8.5%[19] - Industry ETFs showed increased net inflows, particularly in the electronics and TMT sectors, reflecting a shift towards growth-oriented investments[2] Group 2: Foreign Investment Trends - Active foreign investment saw a reduction in net outflows, with a notable decrease to 4.2 billion CNY for active funds, while passive foreign funds experienced a net outflow of 34.3 billion CNY[3] - Northbound trading volume increased to 140.2 billion CNY, indicating a slight recovery in foreign trading activity[56] Group 3: Market Dynamics and Risks - The trading sentiment improved, but concerns about market congestion remain, with the trading volume of micro-cap stocks reaching a high level since 2023[4] - The average collateral ratio in the financing market was reported at 269%, showing a slight decrease, which may indicate improved risk management[27] Group 4: Fundraising and New Fund Activity - The number of newly established equity funds rose to 13.7 billion units, reflecting a rebound in fundraising activity[31] - The average position of private equity funds increased to 77%, with 94% of funds maintaining positions above 50%[49]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past two weeks, most ETF products have performed poorly, with only a few exceptions. The capital flow trends of different types of ETFs vary, and the scale of most ETFs has changed to some extent compared to the end of 2024 [2]. 3. Summary by Relevant Catalogs 3.1 ETF Market Review 3.1.1 Main Type ETF Fund Flows Overview - In the past two weeks, most broad - based ETFs had net capital inflows, with the CSI 300 ETF having the largest net inflow. Among them, the products tracking the STAR 50 had the smallest decline among broad - based ETFs, and the military industry ETF had the smallest decline among industry and theme products [9][11]. 3.1.2 Main Type ETF Cumulative Fund Flows - **Broad - based ETFs**: Since 2025, broad - based ETFs have generally seen capital outflows, but recently, due to large - scale capital inflows into the CSI 300 ETF and others, most broad - based ETFs have achieved net capital inflows. In April, except for A - series ETFs, all types of broad - based ETFs have changed from net outflows to net inflows, with significant inflows into the CSI 300, CSI 1000, and CSI 2000 ETFs [12]. - **Industry and Theme ETFs**: Technology ETFs have seen capital inflows since March, and the inflow speed has accelerated in the past two weeks. Pharmaceutical ETFs have changed from outflows to inflows, while financial real - estate ETFs have changed from inflows to outflows. Dividend ETFs have seen continuous small - scale capital inflows this year, and the net inflow speed has slightly increased in the past two weeks [20]. - **Bond ETFs**: Since 2025, credit - bond and treasury - bond ETFs have had net capital inflows, while convertible - bond ETFs have had net outflows. Affected by the bond - market rebound, treasury - bond ETFs have seen accelerated capital inflows since March, but in the past two weeks, treasury - bond and convertible - bond ETFs have changed from net inflows to net outflows, while short - term financing ETFs have had net inflows [20]. 3.1.3 ETF Product Structure Distribution - **Newly - issued Products**: As of April 11, 12 new ETFs were established in the past two weeks, with a total issuance share of 4.439 billion, including 11 stock ETFs and 1 QDII ETF [25]. - **Product Scale**: Compared with the end of 2024, except for broad - based ETFs, the scales of various types of ETFs have increased. The scales of commodity ETFs, bond ETFs, industry + dividend ETFs, and QDII - ETFs have increased by 71.48%, 32.76%, 12.22%, and 2.48% respectively, while the scale of broad - based ETFs has decreased by 1.42% [25]. 3.1.4 Manager Scale Distribution - As of April 11, China Asset Management has the largest on - exchange ETF scale, reaching 67.3518 billion yuan. E Fund's ETF management scale has expanded by more than 25.449 billion yuan compared to a year ago [26]. 3.2 Classification of ETF Tracking 3.2.1 Technology Theme ETF - **Performance**: Products tracking semiconductor - related indexes such as the CSI Semiconductor have performed well in the past two weeks, and overseas technology ETFs have performed worse than domestic ones [32]. - **Fund Flows**: Products tracking Hong Kong technology indexes such as the Hang Seng Tech have had the largest net capital inflows in the past two weeks, while products tracking the CSI All - Share Semiconductor have had net outflows [32]. 3.2.2 Dividend Theme ETF - **Performance**: The ETF product tracking the MSCI China A - Share International Low Volatility (USD) has had the smallest decline in yield in the past two weeks [33]. - **Fund Flows**: Products tracking the Dividend Low Volatility index have had the largest net capital inflows in the past two weeks, while products tracking the Guoxin Hong Kong - Stock Connect Central - SOE Dividend index have had significant net outflows [33]. 3.2.3 Consumption Theme ETF - **Performance**: Products tracking agricultural indexes such as the China Securities Grain Index have performed well in the past two weeks. The S&P 500 Consumer Discretionary Select Index ETF has a high premium [36]. - **Fund Flows**: The ETF tracking the 800 Consumption Index has had the largest net capital inflows in the past two weeks, while products tracking the CSI Wine Index have had net outflows [36]. 3.2.4 Pharmaceutical Theme ETF - **Performance**: Products tracking the STAR Biotech Index have performed well in the past two weeks [39]. - **Fund Flows**: ETFs tracking the Hong Kong Innovative Drug (CNY) and Hong Kong - Stock Connect Innovative Drug indexes have had the largest net capital inflows in the past two weeks, while products tracking the Hang Seng Healthcare Index have had net outflows [39]. 3.2.5 Large - scale Manufacturing Theme ETF - **Performance**: Products tracking utility - related indexes such as the Green Power Index have performed well in the past two weeks [42]. - **Fund Flows**: Products tracking the CSI Military Industry Index have had the largest net capital inflows in the past two weeks, while products tracking new - energy indexes such as the New - Energy Battery Index have had net outflows [42]. 3.2.6 QDII ETF - **Performance**: Products tracking the S&P 500 Consumer Discretionary Select Index have performed well in the past two weeks, and the QDII - ETF tracking this index has a high premium [44]. - **Fund Flows**: Products tracking the Hang Seng Tech Index have had the largest net capital inflows in the past two weeks, while ETF products tracking the Hang Seng Healthcare Index have had net outflows [44]. 3.3 Hot - Topic ETF Tracking 3.3.1 AI Theme ETF - **Performance**: AI - themed products have performed poorly in the past two weeks, with an average yield of - 9.12%. The product tracking the CS Artificial Intelligence index has the highest yield [52]. - **Fund Flows**: Since February 2024, there has been a large - scale net capital inflow. After a significant outflow from September to October 2024, the overall trend has been a rapid inflow. In the past two weeks, the capital inflow speed has slowed down, with a net inflow of 516 million yuan [52]. 3.3.2 Robot Theme ETF - **Performance**: Robot - themed products have performed poorly in the past two weeks, with an average yield of - 9.38%. The product tracking the Automobile Index has the highest yield [56]. - **Fund Flows**: After December 2024, the overall capital flow has shown a rapid inflow trend. In the past two weeks, the capital inflow speed has accelerated, with a net inflow of 1.625 billion yuan [56]. 3.3.3 "National Team" Holding ETF - As of the end of 2024, the "National Team" (only counting Huijin, Guoxin, and Chengtong) held a total of 320.396 billion shares of ETFs. In the past two weeks, there has been a large - scale net capital inflow of 186.118 billion yuan, with a net inflow of 106.611 billion yuan on April 8 alone [2].