Jin10 data reported on November 4th, GF Securities research report states that the short-term level of gold is still not low, and the volatility is relatively large, while geopolitical risks have marginally retreated. If there are no unexpected positive factors to stimulate, it is expected that London gold will consolidate and fluctuate before the end of the year, and will reach new highs after the first quarter of next year. The subsequent rise in gold will likely meet two necessary conditions: (1) implied volatility drops to the levels of August-September; (2) there are new driving factors at the macro level.

Guangfa Securities recommends following companies in the upstream textile manufacturing zone that are expected to exceed performance expectations in the third quarter, benefiting from the rising wool prices and recovering downstream orders, as well as long-term favored industry leaders. At the same time, the downstream home textile zone should also focus on leaders with excellent performance in the third quarter and potential consumer companies.

Jin10 data reported on October 26 that a report from GF Securities indicates that the technology mainline with industrial trend logic is expected to outperform under policy support. On one hand, the expectation of increased strategic emerging industry policies will accelerate industrial trends, and investors can follow the main industries that already have fundamental or expected support, such as AI Computing Power, innovative drugs, etc. On the other hand, industries such as quantum technology, hydrogen energy and nuclear fusion energy, brain-computer interfaces, and embodied intelligence, which are still in their infancy, may present phase-based thematic investment opportunities for investors.

Jin10 data reported on September 29th that GF Securities released a research report stating that entering the fourth quarter, there is an important characteristic in the market zone structure: since 2005, the rise probability of cyclical industries in the fourth quarter exceeds 65%, and there is over 60% probability of outperforming the CSI 300. However, certain conditions need to be met, namely, the "cyclical" industries' "calendar effect" in the fourth quarter is based on the expectation of improving macroeconomic fundamentals. In years where there are not many highlights in macro fundamentals but the industrial tracks are active, the stock prices in the fourth quarter have a stronger guiding role for the next year's performance, with the performance vacuum period advancing to depict next year's high growth zone.

Jin10 data reported on September 5th that Guangfa Securities research report indicates that from the perspective of asset turnover, in the second quarter of 2025, the inventory turnover days, accounts payable turnover days, and accounts receivable turnover days of the semiconductor zone will all decrease month-on-month, and the asset turnover efficiency of the semiconductor zone will achieve comprehensive improvement in the second quarter of 2025. With the AI wave driving continuous innovation on the cloud and edge sides, the operational performance of each zone continues to improve, and the profitability of each link in the semiconductor industry chain is expected to be further enhanced.

Jin10 data reported on September 3rd that GF Securities research indicates that the liquor industry has experienced a four-year adjustment period, and in 2025, it is expected to welcome a "valuation + performance" double bottom. The zone has entered a mid-cycle layout window, with a high ratio of dividend yield to ten-year government bond yield, showing good allocation cost-effectiveness. The recovery of demand after the industry is cleared is optimistic.

Jin10 data reported on September 2nd that a total of 28 public sale fund companies have released their revenue situations, among which 8 companies had revenues exceeding 1 billion yuan in the first half of the year, and 11 companies had net profits over 100 million yuan. The three most profitable companies in the first half of the year are E Fund, GF Fund, and Huaxia Fund, with net profits of 1.877 billion yuan, 1.18 billion yuan, and 1.123 billion yuan, respectively, also the only three companies in the entire market with net profits exceeding 1 billion yuan. However, some companies reported losses in the first half of the year, including Huaxi Fund, Zheshang Fund, and Jiangxin Fund, which had losses exceeding 10 million yuan. Industry insiders analyze that the reasons why some fund companies were able to achieve profitability in the first half of the year, and even outstanding performance, are multifaceted. For example, in terms of product line layout, leading fund companies with comprehensive and diversified development have rich product lines, which allows them to meet the needs of different investors in various market environments. Some fund companies are also adept at seizing market hotspots.

Jin10 data reported on September 1st that GF Securities stated that since July, prices of various coal types have risen significantly, mainly due to the supply and demand side shifting from loose to slightly tight balance. Although prices have shown some loosening this week, under the influence of stricter safety inspections and overproduction checks, it is expected that supply will be hard to increase, and coal prices are expected to gradually stabilize and rebound, continuing a steady and slightly strong trend in the fourth quarter. From the company perspective, coal prices were at the bottom range in the second quarter, but leader companies have good cost control, resulting in overall strong profit resilience. In the second half of the year, both volume and price are expected to rise, with upward elasticity in valuation and profits, and obvious advantages in sector valuation and dividend yield.

On August 29, Jin10 Data reported that the semi-annual report released by GF Securities showed that E Fund achieved a net profit of 1.877 billion yuan in the first half of 2025, a year-on-year rise of 23.84%; the operating income in the first half of the year was 5.896 billion yuan, a year-on-year rise of 9.71%.

Jin10 data reported on July 21 that GF Securities stated that incremental funds are increasing their market entry, and the accelerated private placements by brokerages signal a relaxation of policies, unlocking the valuation space for brokerages. The performance of brokerages is warming at the bottom, and elasticity is expected; however, valuations are lagging. Market activity is expected to rebound, with incremental funds continuing to enter the market. The non-bank zone is favored, and it is recommended to continuously follow the main line of mergers and acquisitions under the catalysis of policies and events.

GF Securities analysis believes that the opportunities in the media zone lie in three aspects: the IP and games that enhance prosperity, advanced technologies in AI applications, and the stable performance of leading internet companies. The summer peak season for games drives prosperity upward, while AI exploration and music streaming also have good prospects.

BlockBeats news, on June 29th, GF Securities under GF Securities (Hong Kong) issued the first credit-based daily redeemable tokenized security "GF Token". The GF Token will simultaneously offer investors three currencies: USD, HKD, and offshore RMB, supporting daily interest accrual.

On June 5, GF, an American semiconductor wafer foundry, announced plans to invest $16 billion to enhance its semiconductor manufacturing and advanced packaging capabilities in its New York and Vermont factories. According to GF, the current explosion in artificial intelligence is accelerating the demand for next-generation semiconductors designed for data centers, communications infrastructure and AI devices for energy efficiency optimization and high-bandwidth performance.

Golden Ten Data reported on May 26 that on May 24, 16 fund companies, including E Fund, Huaxia, Nanfang, Wells Fargo, GF, Harvest, and China Universal Fund, collectively announced that the issuance of their floating rate fund products will be launched on May 27, and most of the products will end their subscription in mid-to-late June. Previously, the first batch of 26 new floating rate funds had been registered by the CSRC, and the application process was completed in about a week.

Jin10 data reported on May 9th, as of now, the trading volume of ETFs in both markets is 77.042 billion yuan. By type, the trading volume of stock ETFs is 27.514 billion yuan, bond ETFs is 22.882 billion yuan, money market ETFs is 7.916 billion yuan, commodity ETFs is 4.208 billion yuan, and QDII ETFs is 14.522 billion yuan. Among them, the non-money market ETFs with the highest trading volumes are the Huaxia Hang Seng Technology ETF (QDII), Hang Seng Technology, and GF CSI Hong Kong Innovative Medicine (QDII-ETF), with trading volumes of 1.964 billion yuan, 1.560 billion yuan, and 1.310 billion yuan, respectively.

As of April 24, the trading volume of ETFs in both markets exceeded 100 billion, with stock ETFs and bond ETFs having higher trading volumes. The top three non-money market ETFs by trading volume are Huaxia Hang Seng Technology, Hang Seng Technology, and GF CSI Hong Kong Innovative Medicine.

Jin10 data reported on April 11, according to Wind data, in the non-monetary ETF market on April 10, Huaan Gold ETF saw an increase of 239 million shares, with a net inflow of 1.706 billion yuan; E Fund Gold ETF increased by 85 million shares, with a net inflow of 598 million yuan; GF CSI A500 ETF increased by 612 million shares, with a net inflow of 554 million yuan. It is noteworthy that the four gold-related ETFs had a total net inflow of 2.995 billion yuan.

Jin10 data reported on April 9, the military industry zone rose big in the morning, with several ETFs rising over 4%. The Harvest CSI High-end Equipment Sub-sector 50 ETF rose 4.64%, the Penghua CSI Defense ETF rose 4.45%, the E Fund CSI Military Industry ETF rose 4.15%, and the GF CSI Military Industry ETF rose 3.80%.

Jin10 data reported on April 8, in the market's volatile conditions, the capital layout for ETFs has changed, with a large amount of funds buying into small and mid-cap ETFs, and several related ETFs reaching historical transaction volume records. Specifically, the transaction volume of the Southern CSI 1000 ETF was 13.73 billion yuan, far exceeding yesterday's transaction volume of 3.292 billion yuan, setting a new historical high. In addition, the transaction volume of the Huaxia CSI 1000 ETF was 8.149 billion yuan, and the transaction volume of the GF CSI 1000 ETF was 5.663 billion yuan, both setting historical new highs.

Jin10 data reported on April 8th, the China Securities 500 ETF (510500) traded over 6.3 billion, the Southern China Securities 1000 ETF (512100), Huaxia China Securities 1000 ETF (159845), GF China Securities 1000 ETF (560010), and Fuguo China Securities 1000 ETF (159629) all traded over 1 billion, exceeding yesterday's total trading volume.

Jin10 data reported on March 24, multiple CSI 2000 ETFs weakened and fell about 4%. Haitong CSI 2000 Enhanced Strategy ETF fell 4.61%, E Fund CSI 2000 ETF fell 3.92%, Yinhua CSI 2000 Enhanced Strategy ETF fell 3.91%, Huatai-PineBridge CSI 2000 ETF fell 3.84%, GF CSI 2000 ETF fell 3.78%.

The GF Strategy Team's research found that since 2021, the AH premium rate has shown a negative correlation with the Shanghai-Shenzhen 300 index, suggesting that the AH premium mainly converges during the stock market rise phase. The expansion of fluctuations in the Hong Kong stock market may be related to the relative liquidity discount. The higher the company's dividend yield, the smaller the price difference between the two markets, and a stable high dividend can offset the impact of the liquidity discount. Eliminating the liquidity discount in the future will be key to further converging the AH premium.

Jinshi data, March 4th, the public sale fund company's self-purchase model has been re-launched. Recently, fund companies such as GF Fund and Huatai Bairui have successively announced the subscription/purchase of their equity funds and promised to hold them for at least 1 year.

Golden Ten data February 12 news, yesterday, the currency ETF, which was suspended due to a large premium, fell sharply in early trading today. Golden Eagle Enhanced Currency ETF fell by 10.0%, GF Currency ETF fell by 6.5%, Rongtong Currency ETF fell by 5.92%, Guolian Riying ETF, China Life Currency ETF, and Huatai Currency ETF all fell by more than 3%.

Golden Ten Data February 12th news, yesterday, the currency ETF, which was suspended due to a significant premium, fell sharply in early trading today. GF Currency ETF fell by more than 6%, Rongtong Currency ETF, Guolian Riying Currency ETF fell by more than 4%.

On February 10th, Jin10 Data reported that several currency ETFs experienced a significant increase in the afternoon, with the Golden Eagle Income Currency ETF hitting the daily limit and the GF Currency ETF rising over 7%. It is worth noting that the trading volume of these currency ETFs is generally not high, but the turnover rates of many of them exceed 100%. Some analysts pointed out that currency funds, unlike stock funds, lack elasticity. Currency funds primarily aim to achieve stable returns, and the current annualized returns mostly do not exceed 2%. Once investors chase the market and suffer substantial losses, it is difficult to make up for the losses from the returns for a considerable period of time.

On December 31, 2024, the first batch of exchange market-making corporate bond ETFs was officially approved, involving 8 public sale fund companies. Specifically, Bosera Fund, Da Cheng Fund, Tianhong Fund, and GF Fund were approved for the Shenzhen Stock Exchange Benchmark market-making credit bond ETFs, while Southern Fund, E Fund, Huaxia Fund, and HFT Fund were approved for the Shanghai Stock Exchange Benchmark market-making corporate bond ETFs.

On December 11th, Jinshi Data reported that the shipment volume of automotive-grade products this year is expected to be several million to nearly 10 million units, with revenue of approximately 30-40 million yuan. The main wafer fabs for the company are Huali and GF. The company maintains a good cooperative relationship with upstream wafer fabs and has good capacity guarantee. At the end of the third quarter, the company's inventory value is approximately 450-460 million yuan, mainly due to imbalance, and the turnover rate of some products is still too low. The company has been reducing inventory, and it would be ideal to reduce inventory by another 100 million yuan, keeping the inventory amount at around 300-350 million yuan, which is suitable for maintaining a shipment level of 3-4 months in terms of quantity.

GF Securities Research Report believes that looking forward to 2025, the gold price will still have a strong pump driving force, mainly due to the expected weakening of the purchasing power of the US dollar, the role of safe-haven properties in the breakthrough of the gold price, and the outstanding performance of assets. These three factors may play a crucial role in the breakthrough of the gold price, and the outstanding attributes of gold assets are expected to form a positive feedback on the gold price.

GF Securities released a report that it is expected that Chow Tai Fook's net profit in FY25-27 will be HK $54, 65, and 7.2 billion, and the reasonable price corresponding to the 15 times PE valuation in FY25 will be HK $8.06 per share. The company's H1 revenue decreased by 20.4% year-on-year, and net profit attributable to the parent decreased by 44.4% year-on-year, mainly due to the loss of gold lending contracts. The Company intends to use up to HK$2 billion of internal resources to repurchase shares and pay an interim dividend of HK$0.2 per share. Maintain "Buy" rating.

On November 30th, Jinshi Data reported that the website of the China Securities Regulatory Commission showed that 8 top fund companies including Huaxia, E Fund, Boshi, GF, Haifutong, Dacheng, Tianhong, and Nanfang reported the first batch of Benchmark market-making credit bond ETFs on the 29th. Among them, Huaxia, E Fund, Haifutong, and other 4 fund companies reported ETFs tracking the 'Shanghai Benchmark Market-Making Corporate Bond Index', while Boshi, GF, Dacheng, Tianhong, and other 4 companies reported ETFs tracking the 'Shenzhen Benchmark Market-Making Credit Bond Index'.

On November 29th, Jinshi Data learned that the third batch of CSI A500 Index Enhanced Funds has been approved successively. The fund managers include Xingye Fund, Western Profit Fund, Citi Asset Management, Rongtong Fund, Pengyang Fund, and other public sale institutions. Previously, Huashang Fund, Guojin Fund, Guotai Junan Asset Management, Xingzheng Global Fund, Zhongou Fund, Shenwan Lingxin Fund, and China Merchants Fund have all launched issuances of CSI A500 Index Enhanced Funds. In addition, the CSI A500 Index Enhanced Funds reported by GF Fund, Fuguo Fund, Galaxy Fund, BlackRock Fund, Bodo Fund, and Changxin Fund have also been approved and are currently awaiting issuance.

On November 27th, Jinshi Data reported that according to Choice data, a total of 11 stock ETFs increased by more than 100 million shares yesterday, with GF CSI 500 ETF increasing by 1.923 billion shares and E Fund CSI 500 ETF increasing by 1.272 billion shares.

The second batch of SSE-listed Zhongzheng A500 ETF has completed fundraising, with a total scale of 10 billion yuan. Huaxia and GF Zhongzheng A500 ETFs have been listed and operated; The first five Zhongzheng A500 ETFs listed on SSE have a total scale of 57.4 billion yuan, guiding funds into leading listed companies with high market capitalization, and their scale is rapidly rising. Three products have exceeded 10 billion yuan in scale, attracting long-term funds into the market.

Up to now, there have been 7 A500ETFs with assets under management exceeding 10 billion yuan, of which 3 have assets under management less than 10 billion yuan. GF Fund and E Fund have raised 8 billion yuan for their off-exchange funds, which can also reach the 10 billion yuan scale if the initial 2 billion yuan raised for ETFs is included. In addition, the size of Huaxia A500ETF listed last Friday is 6.74 billion yuan.

The fund tracking the CSI A500 Index continues to increase in size. As of now, the scale is nearly 170 billion yuan, with six ETFs each exceeding 10 billion yuan. Among them, Guotai CSI A500 ETF has the largest scale, reaching 26.57 billion yuan; followed by Invesco Great Wall and China Merchants Fund's CSI A500 ETFs, and then by Fullgoal, Morgan Asset Management, and Southern Fund's CSI A500 ETFs. GF and Huaxia's CSI A500 ETFs also have a considerable scale, but have not yet completed Build a Position.

Jinshi Data News on November 12th, E Fund announced that E Fund CSI A500 Index Fund was established on November 11th, with a net subscription amount of 7.987 billion yuan during the subscription period. Among the CSI A500-linked funds that have been established, the initial fundraising scale of this fund is second only to GF CSI A500 Index Fund. In addition, the total number of valid subscription accounts for this fund reached 164,500, breaking the record of subscription accounts for the initial public sale funds this year.

Jinshi Data News on November 8th, Tianhong Fund announced that Tianhong CSI A500 Index Fund was established. The net subscription amount during the fundraising period was 3.895 billion yuan, and the total number of valid subscription accounts reached a record high of 100,400 households, surpassing the previous highest record of over 90,000 households for subscription of GF CSI A500 Index Fund this year.

On November 6th, Jinshi Data reported that in the afternoon of November 6th, GF CSI A500 ETF announced the early termination of its fundraising and conducted full-scale pro-rata allocation. This is another ETF product of A500 ETF that announced the early termination of fundraising in the second batch. Considering that GF CSI A500 Index Fund has previously announced an initial scale of nearly 8 billion, it is expected that GF A500 ETF may reach a scale of over 10 billion in the future.

Jinshi data news on November 3rd, the second batch of 12 CSI A500 ETFs with Lightning approval has been scheduled for issuance, including Huaxia, E Fund, Bosera, GF, Dacheng, Huabao, Huaan, Wanjia, Penghua, ICBC Credit Suisse, Tianhong and other 11 CSI A500 ETFs under issuance next Tuesday (November 5th), while Huatai CSI A500 ETF will be issued on November 7th. All 12 CSI A500 ETFs have set an issuance cap of 20 billion. This issuance will once again contribute an incremental scale of 24 billion to the CSI A500 index.

Multiple fund companies have announced the early termination of the private placement of the CSI A500 index fund. Six companies have already announced this decision, and there may be additional funds in the future. The initial 20 CSI A500 index funds offered for sale have attracted significant capital, with GF CSI A500 index fund having the highest sales volume, exceeding 6 billion yuan. The overall sales amount of the 20 funds may have climbed to over 40 billion yuan. In addition, the latest scale of the initial CSI A500 ETF has reached 61.4 billion yuan, and the overall scale of CSI A500 index-related products has surpassed the trillion yuan mark.

The issuance scale of 20 CSI A500 OTC funds has exceeded 35 billion, among which Taikang, Boshi, Huaxia and other funds have completed their fundraising in advance. China Merchants Bank has the highest sales through its channels, and GF Fund has sold nearly 5 billion through Bank of China channels. The total scale of 10 CSI A500 ETFs exceeds 50.2 billion, and the scale of fund products tracking the CSI A500 Index has increased to 85 billion.

On October 13, Jinshi Data reported that as of September 30, the balance of loans for GF Securities was 399.856 billion yuan, with a cumulative increase in borrowing amount of 42.182 billion yuan, and the cumulative increase in borrowing accounted for 29.99% of the net assets at the end of the previous year, exceeding 20%.

Multiple CSI A500 ETFs have completed their fundraising goals ahead of schedule. Among them, Invesco Great Wall CSI A500 ETF has exceeded the upper limit of the fundraising scale of 2 billion yuan and will be partially confirmed based on the "end-of-day ratio confirmation" principle; Southern CSI A500 ETF will conclude its fundraising on September 20th. Four CSI A500 ETFs have already achieved their issuance targets, with a total issuance amount exceeding 10 billion yuan. Huatai Bairui, GF, and CMB will also conclude their fundraising on September 20th.

On September 11th, Jinshi Data reported that the afternoon session showed significant trading volume for several CSI 1000 ETFs. In the last half hour of trading, the cumulative turnover of Southern CSI 1000 ETF (512100), Huaxia CSI 1000 ETF (159845), and GF CSI 1000 ETF (560010) all exceeded 200 million yuan, while the turnover of Fuguo CSI 1000 ETF (159629) exceeded 100 million yuan in the last half hour.

On September 10, Jingsheng Data reported that Huatai Bairui Fund, Morgan Asset Management, Fu Nation Fund, CMB Fund, Taikang Fund, Jiashi Fund, Jing Shun Changcheng Fund, Guotai Fund, Nanfang Fund, and Yin Hua Fund have collectively launched the CSI A500 ETF. The above-mentioned ten CSI A500 ETFs have all set a maximum initial fundraising scale of 2 billion yuan. According to incomplete statistics from the channels, Jiashi CSI A500 ETF has raised over 1 billion yuan on the same day.

On September 5th, Jin10 Data reported that 24 listed securities firms, including CITIC Securities, Guotai Junan, Huatai Securities, China Merchants Securities, and GF Securities, have launched 2024 mid-term dividend plans, with a total planned dividend amount of 12.985 billion yuan. The securities industry's efforts to improve quality and efficiency are also continuing. Since the second half of the year, more than 10 securities firms have successively released action plans for 'improving quality and efficiency and returning more to shareholders', with increasing dividend frequency, focusing on shareholder returns, and enhancing investors' sense of gain as their follow-up focus.

Fangzheng Securities research believes that Fed Chairman Powell's speech at Jackson Hole was dovish, and it is expected that the Fed will cut interest rates by 25bps at the September FOMC meeting, with a cumulative rate cut of 50bps this year and 125-150bps next year.