NewTimeSpace News:As of 14:01 on February 5, 2026, the CSI All-Cap Securities Companies Index (399975) rose 0.62%. Among its constituent stocks, Hualin Securities Co., Ltd. soared 10.02%, Huaxin Co., Ltd. climbed 4.94%, Guosheng Securities Co., Ltd. advanced 3.08%, Industrial Securities Co., Ltd. increased by 1.46%, and China Securities Construction Investment Corporation Limited gained 1.32%. TheHwabao WP CSI All Share Investment Banking & Brokerage Index ETF (512000) rose 0.53% to close at RMB 0.57. (The stocks listed above are merely constituent stocks of the index and do not constitute specific investment recommendations.)

In terms of liquidity, theHwabao WP CSI All Share Investment Banking & Brokerage Index ETF recorded an intraday turnover rate of 2.04% and a trading volume of RMB 814 million. Looking back, as of February 4, the ETF's average daily trading volume in the past month reached RMB 1.605 billion, ranking among the top 2 of comparable funds.

Regarding scale, theHwabao WP CSI All Share Investment Banking & Brokerage Index ETF's size increased by RMB 367 million in the past two weeks, achieving significant growth, with the new scale ranking 1st out of 14 comparable funds. (Data source: Wind)

In terms of share count, the ETF's shares increased by 1.35 billion units in the past week, realizing remarkable growth, with the new share count ranking 2nd out of 14 comparable funds. (Data source: Wind)

For capital flow, theHwabao WP CSI All Share Investment Banking & Brokerage Index ETF recorded a latest net capital outflow of RMB 210 million. Over the recent 5 trading days, it achieved net capital inflows on 4 days, accumulating a total of RMB 911 million in "capital absorption" and an average daily net inflow of RMB 182 million. (Data source: Wind)

Data shows that leveraged capital has been continuously deploying in the ETF. The latest margin purchase amount of theHwabao WP CSI All Share Investment Banking & Brokerage Index ETF reached RMB 200 million, and the latest margin trading balance stood at RMB 2.291 billion. (Data source: Wind)

As of February 4, theHwabao WP CSI All Share Investment Banking & Brokerage Index ETF had a NAV increase of 42.45% in the past two years. In terms of profitability, as of February 4, 2026, since its establishment, the ETF has achieved a maximum monthly return of 38.02%, the longest consecutive monthly growth period of 4 months with a cumulative increase of 28.47%, and an average monthly return of 6.89% in upward months. As of February 4, 2026, the ETF's annualized excess return over the benchmark since its establishment was 1.90%.

Regarding drawdown, as of February 4, 2026, the ETF's maximum drawdown since the beginning of the year was 8.68%, with a relative benchmark drawdown of 0.05%.

In terms of fees, theHwabao WP CSI All Share Investment Banking & Brokerage Index ETF has a management fee rate of 0.50% and a custodian fee rate of 0.10%.

For tracking accuracy, as of February 4, 2026, the ETF's tracking error in the past two years was 0.031%, the highest tracking accuracy among comparable funds.

From a valuation perspective, the latest price-earnings ratio (PE-TTM) of the CSI All-Cap Securities Companies Index tracked by theHwabao WP CSI All Share Investment Banking & Brokerage Index ETF is only 17.01 times, at the 5.12% quantile of the past year. This means the valuation is lower than 94.88% of the time in the past year, standing at a historical low level.

TheHwabao WP CSI All Share Investment Banking & Brokerage Index ETF closely tracks the CSI All-Cap Securities Companies Index. To reflect the overall performance of listed company securities in different industries within the CSI All-Cap Index sample and provide analytical tools for investors, the CSI All-Cap Index sample is classified into 11 primary industries, 35 secondary industries, more than 90 tertiary industries, and over 200 quaternary industries according to the CSI Industry Classification. Indices are then compiled using all securities in each primary, secondary, tertiary, and quaternary industry as samples, forming the CSI All-Cap Industry Indices.

Data shows that as of January 30, 2026, the top 10 weight stocks of the CSI All-Cap Securities Companies Index (399975) were East Money Information Co., Ltd., CITIC Securities Co., Ltd., Guotai Haitong Securities Co., Ltd., Huatai Securities Co., Ltd., GF Securities Co., Ltd., China Merchants Securities Co., Ltd., Orient Securities Co., Ltd., Industrial Securities Co., Ltd., Shenwan Hongyuan Group Co., Ltd., and China International Capital Corporation Limited, with a combined weight of 60.66%. (The stocks listed above are merely constituent stocks of the index and do not constitute specific investment recommendations.)

AVIC Securities stated that listed securities brokerages achieved overall high-quality and high growth in 2025, presenting a echelon pattern of stable growth for leading firms and breakthroughs for small and medium-sized ones. The business structure of securities brokerages has been continuously optimized: leading brokerages leverage synergies across the entire business chain, while small and medium-sized brokerages focus on transformation in niche areas. The two core businesses—brokerage and proprietary trading—have become the main growth engines, contributing the majority of profit growth. In addition, policy dividends continue to be released; the deepening of capital market reforms has driven the vitality of IPOs, refinancing, and M&A restructuring businesses, further expanding the profit channels for securities brokerages.

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