November Investment Review - Global X ETFs Hong Kong

THIS MATERIAL IS A MARKETING COMMUNICATION.

THE PURPOSE OF MENTIONING SECURITIES ARE ILLUSTRATIONS FOR THE MARKET OR INDUSTRY COMMENTARY ONLY.

Important Information

Investors should not base investment decisions on this material alone. Please refer to the Prospectus for details including the product features and the risk factors. Investment involves risks. Past performance is not indicative of future performance. There is no guarantee of the repayment of the principal. Investors should note:

  • The investment objective of Global X China Semiconductor ETF’s (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the FactSet China Semiconductor Index.
  • The Fund is exposed to concentration risk by tracking a single region or country.
  • The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
  • Semiconductor industry may be affected by particular economic or market events, such as domestic and international competition pressures, rapid obsolescence of products, the economic performance of the customers of semiconductor companies and capital equipment expenditures.
  • Investment in Emerging Market, such as A-share market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
  • The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Sub-Fund’s ability to invest in A-Shares or access Mainland China markets through the programme will be adversely affected.
  • Listed companies on the ChiNext market and/or STAR Board are usually subject to higher fluctuation in stock prices and liquidity risks, over-valuation risk, differences in regulation, delisting risk, and concentration risk.
  • There are risks and uncertainties associated with the current Mainland China tax laws, regulations and practice in respect of capital gains realized via Stock Connect on the Fund’s investments in Mainland China. Any increased tax liabilities on the Fund may adversely affect the Fund’s value.
  • The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
  • The Fund’s synthetic replication strategy may invest up to 50% of its net asset value in financial derivative instruments (“FDIs”), which may expose the Fund to counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The Fund may suffer losses from its usage of FDIs.
  • The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
  • The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
  • The investment objective of Global X China Clean Energy ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Solactive China Clean Energy Index.
  • The Fund is exposed to concentration risk by tracking a single region or country.
  • The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
  • Investment in Emerging Market, such as A-share market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
  • The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Sub-Fund’s ability to invest in A-Shares or access Mainland China markets through the programme will be adversely affected.
  • Listed companies on the ChiNext market and/or STAR Board are usually subject to higher fluctuation in stock prices and liquidity risks, over-valuation risk, differences in regulation, delisting risk, and concentration risk.
  • There are risks and uncertainties associated with the current Mainland China tax laws, regulations and practice in respect of capital gains realized via Stock Connect on the Fund’s investments in Mainland China. Any increased tax liabilities on the Fund may adversely affect the Fund’s value.
  • The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
  • The Fund’s synthetic replication strategy may invest up to 50% of its net asset value in financial derivative instruments (“FDIs”), which may expose the Fund to counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The Fund may suffer losses from its usage of FDIs.
  • The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
  • The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
  • The investment objective of Global X China Electric Vehicle and Battery ETF’s (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Solactive China Electric Vehicle and Battery Index.
  • The Fund is exposed to concentration risk by tracking a single region or country.
  • The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
  • Investment in Emerging Market, such as A-share market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
  • The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Sub-Fund’s ability to invest in A-Shares or access Mainland China markets through the programme will be adversely affected.
  • Listed companies on the ChiNext market and/or STAR Board are usually subject to higher fluctuation in stock prices and liquidity risks, over-valuation risk, differences in regulation, delisting risk, and concentration risk.
  • There are risks and uncertainties associated with the current Mainland China tax laws, regulations and practice in respect of capital gains realized via Stock Connect on the Fund’s investments in Mainland China. Any increased tax liabilities on the Fund may adversely affect the Fund’s value.
  • The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
  • The Fund’s synthetic replication strategy may invest up to 50% of its net asset value in financial derivative instruments (“FDIs”), which may expose the Fund to counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The Fund may suffer losses from its usage of FDIs.
  • The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
  • The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
  • Global X Asia Semiconductor ETF’s (the “Fund’s”) investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
  • Semiconductor industry may be affected by particular economic or market events, such as domestic and international competition pressures, rapid obsolescence of products, the economic performance of the customers of semiconductor companies and capital equipment expenditures. These companies rely on significant spending on research and development that may cause the value of securities of all companies within this sector of the market to deteriorate.
  • Some Asian securities exchanges (including Mainland China) may have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. Some Asian markets may have higher entry barrier for investments as identification number or certificate may have to be obtained for securities trading. All these may have a negative impact on the Fund.
  • The Fund invests in emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk, currency devaluation, inflation and the likelihood of a high degree of volatility.
  • The trading price of the Fund’s unit (the “Unit”) on the Stock Exchange of Hong Kong is driven by market factors such as demand and supply of the Unit. Therefore, the Units may trade at a substantial premium or discount to the Fund’s net asset value.
  • The Fund’s synthetic replication strategy will involve investing up to 50% of its net asset value in financial derivative instruments (“FDIs”), mainly funded total return swap transaction(s) through one or more counterparty(ies). Risks associated with FDIs include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. FDIs are susceptible to price fluctuations and higher volatility, and may have large bid and offer spreads and no active secondary markets. The leverage element/component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund.
  • As part of the securities lending transactions, there is a risk of shortfall of collateral value due to inaccurate pricing of the securities lent or change of value of securities lent. This may cause significant losses to the Fund. The borrower may fail to return the securities in a timely manner or at all. The Fund may suffer from a loss or delay when recovering the securities lent out. This may restrict the Fund’s ability in meeting delivery or payment obligations from realisation requests.
  • The investment objective of Global X EV and Humanoid Robot Active ETF (the “Fund”) is to achieve long term capital growth by primarily investing in companies which are directly or indirectly involved in electric vehicle or electric vehicle-related battery businesses (the “EV/Battery Business”), humanoid robots and robot-related automation businesses (the “Humanoid Robotic Business”).
  • The Fund does not seek to track any index or benchmark, it may fail to meet its objective as a result of the Manager’s selection of investment, and/or the implementation of processes which may cause the Fund to underperform as compared to other index tracking funds with a similar objective.
  • The Fund may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
  • The Fund may invest in small and/or mid-sized companies, which may have lower liquidity and their prices are more volatile to adverse economic developments.
  • The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Fund’s ability to invest in A-Shares or access the PRC markets through the programme will be adversely affected.
  • Investors should note that Shareholders will only receive distributions in USD and not HKD, Unitholder may have to bear the fees and charges associated with the conversion of such distribution from USD into HKD or any other currency.
  • Exposure to ADRs and GDRs may generate additional risks compared to a direct exposure to the underlying stocks, including the risk of non-segregation of the underlying stocks held by the depositary bank from the bank’s own assets and liquidity risks.
  • Listed companies on the ChiNext market and/or STAR Board are usually subject to higher fluctuation in stock prices and liquidity risks, over-valuation risk, differences in regulation, delisting risk, and concentration risk.
  • There are risks and uncertainties associated with the current Mainland China tax laws, regulations and practice in respect of capital gains realized via Stock Connect on the Fund’s investments in Mainland China. Any increased tax liabilities on the Fund may adversely affect the Fund’s value.
  • The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
  • The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
  • The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
  • The investment objective of Global X AI Infrastructure ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Mirae Asset AI Infrastructure V2 Index.
  • The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
  • Investment in Emerging Market, such as A-share market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
  • The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Sub-Fund’s ability to invest in A-Shares or access Mainland China markets through the programme will be adversely affected.
  • Exposure to ADRs and GDRs may generate additional risks compared to a direct exposure to the underlying stocks, including the risk of non-segregation of the underlying stocks held by the depositary bank from the bank’s own assets and liquidity risks.
  • The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
  • The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
  • The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
  • The investment objective of Global X Emerging Markets Asia Active ETF (the “Fund”) is to achieve long term capital growth by primarily investing in equities of exchange-listed companies globally, which fall within the investment theme of artificial intelligence and innovative technologies as detailed below.
  • The Fund does not seek to track any index or benchmark, it may fail to meet its objective as a result of the Manager’s selection of investment, and/or the implementation of processes which may cause the Sub-Fund to underperform as compared to other index tracking funds with a similar objective.
  • The Fund is exposed to concentration risk by tracking a specific regions or countries.
  • The Fund may invest in small and/or mid-sized companies, which may have lower liquidity and their prices are more volatile to adverse economic developments.
  • The Fund invests in the emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
  • Investors should note that Shareholders will only receive distributions in USD and not HKD, Shareholder may have to bear the fees and charges associated with the conversion of such distribution from USD into HKD or any other currency.
  • Exposure to ADRs and GDRs may generate additional risks compared to a direct exposure to the underlying stocks, including the risk of non-segregation of the underlying stocks held by the depositary bank from the bank’s own assets and liquidity risks.
  • The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
  • The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
  • The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
  • The investment objective of Global X Innovative Bluechip Top 10 ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Mirae Asset Global Innovative Bluechip Top 10 Index.
  • The Underlying Index is an equal weighted index . The Fund may hold larger positions in smaller-cap constituents than a market-cap weighted index, leading to higher risks and potential underperformance.
  • The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
  • Investors should note that Shareholders will only receive distributions in USD and not HKD, Shareholder may have to bear the fees and charges associated with the conversion of such distribution from USD into HKD or any other currency.
  • Exposure to ADRs and GDRs may generate additional risks compared to a direct exposure to the underlying stocks, including the risk of non-segregation of the underlying stocks held by the depositary bank from the bank’s own assets and liquidity risks.
  • The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
  • The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
  • The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
  • The investment objective of Global X China Core TECH ETF’s (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Mirae Asset China Tech Top 30 Index.
  • The Fund is exposed to concentration risk by tracking a single region or country. It is potentially more volatile than a broad-based fund due to adverse conditions in the region.
  • The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
  • The Fund may be exposed to risks associated with different technology sectors and themes. A downturn in these sectors or themes may have adverse effects on the Fund.
  • Investment in Emerging Market, such as A-share market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
  • The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Sub-Fund’s ability to invest in A-Shares or access Mainland China markets through the programme will be adversely affected.
  • Listed companies on the ChiNext market and/or STAR Board are usually subject to higher fluctuation in stock prices and liquidity risks, over-valuation risk, differences in regulation, delisting risk, and concentration risk.
  • There are risks and uncertainties associated with the current Mainland China tax laws, regulations and practice in respect of capital gains realized via Stock Connect on the Fund’s investments in Mainland China. Any increased tax liabilities on the Fund may adversely affect the Fund’s value.
  • The trading price of the Fund’s unit (the “Unit”) on the SEHK is driven by secondary market trading factors. The Units may trade at a substantial premium or discount to the Fund’s net asset value.
  • The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
  • The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
  • The investment objective of Global X China Robotics and AI ETF’s (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the FactSet China Robotics and Artificial Intelligence Index.
  • The Fund is exposed to concentration risk by tracking a single region or country.
  • The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
  • Robotics and artificial intelligence sector is sensitive to risks including small or limited markets for such securities, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation.
  • Investment in Emerging Market, such as A-share market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
  • The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Sub-Fund’s ability to invest in A-Shares or access Mainland China markets through the programme will be adversely affected.
  • Listed companies on the ChiNext market and/or STAR Board are usually subject to higher fluctuation in stock prices and liquidity risks, over-valuation risk, differences in regulation, delisting risk, and concentration risk.
  • There are risks and uncertainties associated with the current Mainland China tax laws, regulations and practice in respect of capital gains realized via Stock Connect on the Fund’s investments in Mainland China. Any increased tax liabilities on the Fund may adversely affect the Fund’s value.
  • The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
  • The Fund’s synthetic replication strategy may invest up to 50% of its net asset value in financial derivative instruments (“FDIs”), which may expose the Fund to counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The Fund may suffer losses from its usage of FDIs.
  • The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
  • The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
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November Investment Review

By: Jeff Huang and Lizzy Liu

In this article, we highlight the top performers of Global X ETFs over the past three months. By the end of October, Global X China Semiconductor ETF (3191), Global X China Clean Energy (2806) and Global X China Electric Vehicle and Battery ETF (2845) led the performance among China products, while Global X Asia Semiconductor ETF (3119), Global X EV and Humanoid Robot Active ETF(3139) and Global X AI Infrastructure ETF (3401) outperformed among global products. Below, we delve into the key drivers fueling their recent growth.

China Top Performers:

Global X China Semiconductor ETF (3191) offers targeted exposure to the entire China semiconductor industry value chain. The product seeks to invest in companies involved in the production of semiconductors in China including companies whose principal business is related to integrated circuit design (fabless), manufacturing (foundry), packaging and testing (OSAT), and semiconductor production equipment (SPE).

We believe China semiconductor industry is poised to benefit from structural growth catalysts: 1) Accelerating localization trend: China semi industry is still at a relatively low localization rate at around 24% in 2024 (Morgan Stanley, May 2025). With the ongoing tension between the US and China with respect to semiconductors, the trend to create a self-sufficient, localized, semi ecosystem will be ongoing for multi-year process, backed by china governments’ support. Recent developments have intensified market sentiment on this trend. It started with reports that Nvidia had asked its suppliers to halt H20-related production (CNBC, Aug 2025), followed by DeepSeek’s new V3.1 model optimized for next-gen domestic AI chips (Deepseek, Aug 2025), China’s ban on tech firms buying Nvidia’s AI chips (FT, Sep 2025), Huawei’s unveiling of an ambitious three-year AI chip roadmap (Caixin, Sep 2025), and SMIC’s testing of a Chinese-developed DUV lithography tool (FT,  Sep 2025), underscoring the urgency and concerted effort to achieve technological self-reliance. 2) Rapid AI development fueling semiconductor demand: The rapid development of front-tier AI models and applications in China drives significant growth in AI compute demand locally. This is igniting a clear expansion cycle in cloud Capex, with giants like Alibaba and Tencent significantly increasing their investments. According to Morgan Stanley (2025), this AI spending acceleration is expected to raise China’s cloud capex by 48% in 2025 and 50% in 2026, energizing the entire AI hardware supply chain.

Global X China Clean Energy ETF (2809) offers diversified exposure to broader clean energy industries including solar, wind, hydro, power and grid equipment. The ETF is well positioned to benefit from the improving solar sector sentiments under China’s anti-involution campaign, and will continue to ride on the ongoing green energy transition trend in the long run.

Chinese policymakers are stepping up efforts to curb “involution” (内卷), which refers to excessive competition that yields diminishing returns and often comes with aggressive pricing and excess capacity issues. Starting from the CFEAC meeting on July 1, policy momentum accelerated with key industrial regulators like MIIT, NDRC, and SAMR issuing high-level proposals. The July Politburo meeting reaffirmed the campaign’s priority. Albeit still at an early stage, anti-involution campaign would prompt regulation of low-price competition and promote outdated capacity exit, driving higher Poly prices and earlier profitability inflection for major solar companies.

According to the China National Energy Administration (NEA), domestic solar installations reached 231GW in 8M25, up 65% YoY. August monthly installations were down 33% MoM and 55% YoY to 7.4GW, mainly impacted by new on-grid tariff policy. Wind installation was 58GW in 8M25, +11.6% YoY, in which August monthly installation 4.2GW. On 24 Sept, China President Xi Jinping unveiled China’s 2035 Nationally Determined Contributions (NDCs), pledging to expand installed capacity of wind and solar power to 3600GW, over sixfold of 2020 levels. By end-August, China solar and wind capacity had reached 1690GW, according to China NEA. We estimate the new target could imply at least 200GW annual installation for solar and wind in the coming 10 years. Achieving this will require robust, parallel growth in energy storage and grid infrastructure. We expect energy storage to become mandatory for managing the intermittency of renewables, while significant grid expansion, including accelerated investment in UHV transmission and smart grid upgrades, will be a fundamental prerequisite. Investments in power generation capacity and power grid were Rmb499bn and Rmb380bn in 8M25, up 0.5% and 14.0% YoY, respectively.

Global X China Electric Vehicle and Battery ETF (2845) invests in in key companies across EV and battery value chain including EV OEMs, Battery makers, Battery component makers, Autopart companies, Lithium companies, and others. Additionally, many of the ETF constituents have exposure to humanoid robot theme.

EV: China is the world’s largest EV market, with over 12mn units sold in 2024. Looking beyond trade-in policy, we see multiple tailwinds supporting EV sales growth, including 1) solid new model pipeline; 2) improving EV ecosystem including charging and insurance premiums; 3) further rollout and application of intelligent features; and 4) battery technology breakthrough that eases range anxiety and lower costs further. Furthermore, China has been the largest auto exporter since 2023, with EV accounting for increasing share. Despite prevailing geopolitical tensions with the US and EU, there has been a notable increase in exports directed towards emerging markets. This trend not only showcases resilience but also signifies significant potential for further expansion within these regions.

Battery: EV and ESS battery demand are on a solid growth trajectory. Leading Chinese players such as CATL has demonstrated technology, costs, and manufacturing excellence that have helped them to obtain market share, maintain stable margin and achieve earnings growth. CATL’s extensive partnership with global EV and ESS players and continuous new technology/product launches bodes well for further global share gain. Many overseas startups are struggling to keep up with quality product and players like Northvolt even filed for bankruptcy, leaving more room for Chinese brand’s global expansion.

Global X China Core TECH ETF (3448) invests in 30 domestic high-tech leaders, including Biotech, Semiconductor, EV, Battery, Medtech, Robotic, Consumer Electronic, Solar, and Software sectors. The ETF embodies a robust investment strategy characterized by elevated growth prospects and high R&D intensity, while maintaining an attractive valuation proposition.

In these traditionally foreign-dominated high-tech sectors, we are witnessing a notable emergence of Chinese companies as significant market share gainers in domestic market, with the prospect to become global leaders. As the global competitiveness of China’s tech companies continues to rise, they are expected to deliver good stock returns in the mid-long term. This ETF provides a hedging tool to investors with high exposure to US tech stocks. In addition, this ETF has limited exposure to internet stocks, this differentiates from other technology indices. Large cap internet companies are already well-owned by many investors. Through exclusion of these companies, the ETF serves a diversification tool for investors’ technology portfolio. The portfolio also has better revenue/EPS growth prospects with reasonable valuation. Notably, 33% of the ETF constituents are listed in China A Share. This allows the ETF to benefit from China A Share’s catching up, esp. in high tech and high-end manufacturing sectors.

Global Top Performers:

Global X Asia Semiconductor ETF (3119) seeks to invest in 40 Asian leaders across Korea, Japan, China and Taiwan markets that involved in the production and development of semiconductors including companies active in industries such as integrated circuit design (fabless), manufacturing (foundry), semiconductor production equipment (SPE), and semiconductor materials.

Asia has established itself as the undisputed center of the global semiconductor ecosystem, particularly for AI enabler. The AI boom massive investments in hardware, where Asia demonstrates a marked edge. Industry leaders like TSMC, the backbone of global chip production, and SK Hynix, a key figure in memory supply, are major components of this growth. While US hyperscalers have certainly been key contributors in global AI capex, Asian nations like China have escalated its AI investments, betting on self-reliance to bolster its domestic semiconductor industry. When looking at the market dynamics, Korean semi stocks rallied YTD driven by a memory super cycle due to capacity shortage as lots of memory supply is occupied by AI level memory upgrading. Korea semiconductor stocks performance is highly correlated to the memory industry, Samsung and SK Hynix are two of the largest memory suppliers globally. First, demand for HBM (high bandwidth memory) used in AI chips is growing at a rapid pace, while the bit density of HBM in next generation AI platforms continue to move higher. HBM chips have larger die size and lower yield per wafer which consumes more wafer i.e. DRAM capacity compared to standard DRAM. This results in tight supply in DRAM supporting DRAM price. Second, top memory makers scheduled to phase out DDR4 rapidly, however many products such as a portion of the smartphone market still relies on DDR4, the demand supply mismatch drove DDR4 price to rally meaningfully YTD. Third, prudent supply strategy in NAND globally combined with demand for eSSD driven by hyperscalers provide support to NAND pricing. Meanwhile, China semiconductor industry also displayed remarkable performance driven by growth in domestic AI names such as Cambricon and structural localisation demand. China semiconductor self-sufficiency trend is accelerating and gaining traction.

Global X EV and Humanoid Robot Active ETF (3139) Global xEV sales reached 10.2mn units as of August 2025, +23.5%YoY, in which China accounted for 7.5mn units, +25.7%YoY, Europe 1.5mn units, +26.2%YoY and the US 1.1mn units, +7.8%YoY, despite the policy/tariff headwinds in the first half of the year. The global penetration remains in the early stage compared to the 80~90mn units sales auto market every year. As one of the key beneficiaries, global battery also witnessed much stronger sales year-to-date than people’s initial expectation. According to SNE and CABIA research, global battery shipment recorded a new high level of 907GWh as of July 2025, +47%YoY, in which EV battery accounted for 697GWh, +37%YoY and ESS battery 210GWh, +93%YoY. LFP batteries are widely accepted by automakers with an installation rate of nearly two-thirds of the total xEV sales.  (Mirae Asset, September 2025)

2025 is seen as humanoid robotics’ breakout year with a major breakthrough in practical and affordable robot products and visible mass production. Elon Musk’s bullish guidance of humanoid robot shipment in early 2025 brought Chinese robots components supply chain in the spotlight, coupled with Unitree robots dance show in Spring Festival Gala. Based on the talks with companies in the humanoid supply chain, the industry is moving towards developing lightweight, flexible and easily deployable robots that can enhance operational efficiency and reduce costs. Competition in some key components including reducer, motor, screw, sensor sounded intensified, which implies cost cutting could be faster than expected and monetization more visible, especially in industrial and residential scenarios. (Mirae Asset, September 2025).

Global X AI Infrastructure ETF (3401) is well positioned across full AI infrastructure value chain, including data center, power & energy and raw materials (cooper and uranium), which could help investors to diversify investment in AI beyond mega-cap tech companies.

The AI-driven data center boom is accelerating into a full-scale infrastructure supercycle, driven by unprecedented investments from Hyperscalers. The top 4 hyperscalers spent over $100 billion on AI Capex in 3Q25, as AI infrastructure demand continues to outstrip supply (Global X, October 2025). The current pipeline of U.S. data center capacity exceeds 125 GW—nearly five times the existing installed base (Cleanview Data Center Tracker, Global X, October 2025).

Even as the AI buildout accelerates, there remains a critical bottleneck in power capacity. Morgan Stanley projects a 49 GW shortfall in U.S. power generation capacity by 2028, directly attributable to data center demand. This structural imbalance suggests the AI infrastructure market will remain supply-constrained for the foreseeable future, allowing operators with secured power to command premium rates.

This power crisis is, in turn, igniting a nuclear energy renaissance. A wave of policy support and soaring electricity demands have converged to spotlight nuclear power as the only zero-emissions source of reliable, 24/7 baseload energy. This surging demand coincides with a supply-side crunch; a decade of underinvestment in mining has created a uranium deficit, threatening to push prices higher. With the U.S. aiming to quadruple its nuclear capacity by 2050, the stage is set for a powerful cycle. We believe the alignment of these demand and supply fundamentals, accelerated by deregulation, presents one of the most compelling investment setups in decades.

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