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  • 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.
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  • 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 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.
  • The investment objective of Global X China Little Giant ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Solactive China Little Giant Index.
  • The Fund is exposed to concentration risk by tracking a single 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.
  • 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 Cloud Computing ETF’s (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Solactive China Cloud Computing Index NTR.
  • 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.
  • Companies in the internet sector may face changes in growth rates and competition for the services of qualified personnel. The products and services offered by internet companies generally incorporate complex software, which may contain errors, bugs or vulnerabilities.
  • 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 Consumer Brand ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Solactive China Consumer Brand 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.
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15th FYP:
Focusing on Tech, Industrials and Domestic Demand

By: Lizzy Liu

China’s 4th Plenum just concluded on October 23 (Xinhua) and provided a preliminary overview of strategic objectives and macroeconomic themes in the 15th Five-Year Plan (2026-2030, FYP). The outlined goals are largely in line with market expectations. Notably, technological self-reliance and innovation are emphasized as primary objectives, signaling a strategic shift from prioritizing scale to enhancing productivity within industrial policies.

The top priorities, listed in order of appearance, include: 1) Building a modernized industrial system and reinforce the foundations of the real economy; 2) Achieving technological self-reliance; and 3) Building a robust domestic market through expanding domestic demand and fostering coordinated growth in investment and consumption.

Further details on this strategic blueprint are expected to be released in the coming days, with the full version of the new FYP outlined during the NPC meeting scheduled for next March.

Implications on Global X China ETFs

We identify Global X China thematic ETFs that can potentially benefi from 15th FYP policy directions across tech self-reliance, modernized industrial system and domestic consumption.

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. (Mirae Asset, Oct 2025)

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).

China semiconductor sector has been a strong performer YTD, mainly driven by intensifying domestic substitution narrative. 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 Robotics and AI ETF (2807) invests in leading Chinese Robotic and AI companies. In addition to the traditional Robotic & Automation sector, the ETF also has exposure to Humanoid Robot and Autonomous Driving sectors – two of the most prominent Physical AI applications. As of October 2025, the ETF has 40% exposure to humanoid robot supply chain, spanning across Brain (Baidu, iFlytek), Robot parts (Inovance, Shuanghuan, Zhaowei), and integrator (Ubtech).

We are seeing acceleration in humanoid robot adoption in the past months. Major Chinese integrators, including Agibot, Unitree, and Ubtech, have announced millions dollar of orders over past 3 months, indicating accelerating adoption across commercial service and industrial use cases. Ubtech made headlines in September by securing order worth Rmb250 million, marking the largest order worldwide to date. Most integrators are targeting hundreds to thousands of units of delivery this year. In the US, Tesla expressed its confidence in Optimus Gen 3 architecture and may push for scaled production next year. CEO Elon Musk reiterated his target of 1mn unit annual production within 5 years. (Business Insider, Sep 2025). Furthermore, we are seeing favourable funding and policy environments that can support the development of humanoid robot in China.

Global X China Little Giant ETF (2815) invests in 50 high-quality (screened by ROE) small-mid cap companies in China’s strategic important technology industries, identified through the government’s “Little Giant” list. They are industry leaders in niche markets and play a crucial role in the supply chain for China’s high-end manufacturing sector. China’s manufacturing excellence is built on its highly sophisticated supply chain that has been established over the past decades. Specialized and sophisticated SMEs「專精特新小巨人」is a key tool for China to achieve China’s economic transition towards high-quality growth. The ETF has high exposure to technology sectors such as semiconductor, Tech Hardware and Biotech that have high potential with structural growth driver in China.

Global X China Cloud Computing ETF (2826) offers direct exposure to China AI theme. The ETF constituents cover the entire AI value chain, encompassing upstream components like data centers, midstream elements such as AI models and cloud computing, and downstream applications including internet and software.

Top holdings are internet giants as well as major internet cloud services providers (Alibaba, Baidu, Tencent) (Mirae Asset, 30 Sep 2025). They play a pivotal role in driving AI development in China, with their cloud and core businesses directly benefiting from advancements in AI technology. As bolstered by the strong AI demand, cloud revenue growth for Alibaba and Baidu accelerate substantially over the past quarters. Apart from the cloud business, AI can be effectively integrated into internet platforms’ core operations, including online gaming, e-commerce, and advertising, fostering substantial synergies. More importantly, their enormous existing user base would allow them significant advantages over AI adoption.

Global X China Consumer Brand ETF (2806) invests in a broad range of China consumer categories, including beverages; food products; hotels, restaurants and leisure; textiles, and apparel.

China consumer sector has been muted and lagged behind the performance of China broad market. With China bull market gaining momentum, expectations are rising that consumption activity will be boosted by the wealth effect and supportive policy measures. We believe the China consumer sector has the potential to catch up with the ongoing China asset rally, especially when there are more concrete stimulus policies roll out.

Recent trends reveal a divergence within China’s consumption landscape. Retail sales have softened since May as the impact of consumption subsidies diminishes. The 1H25 earnings season reinforced a persistent theme: a divergence between subdued broad consumption and robust growth in “new consumption” categories. Emotionally driven segments such as IP toys have outperformed amid macroeconomic headwinds. Although Macro remain challenging, we have seen bright spots as some consumer brands continue to deliver outperformance. Their success is rooted in strong competitive moats, including IP power/brand leadership, and superior operation capabilities amid intensifying competition. (Mirae Asset, Oct 2025)

Related Insights

Authored by:

Lizzy Liu

27 Oct 2025

Date : 27 Oct 2025

Category : Research & Insights

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