证券分析师：张一 S0670524030001 010-83270999-97050 zhangyi@cnht.com.cn ETF周度市场行情跟踪 说明：本篇不涉及投资建议，仅针对市场数据整理 S0670524030001 010-83270999-97050 zhangyi@cnht.com.cn （20250721-20250725） 本周市场行情 | | | | | 境内员 = 指数 | | | | | | | 境外式具 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 本周涨跌幅% | 上周涨跌幅% | 5.0 | | | | 代码 | 简称 | 本周涨跌幅% | 上周涨跌幅% | | SH | 沪深300 | 1.69 | 1.09 | 4.0 | | | | HSI . HK | 恒生指数 | 2.27 | 2. 84 | | SH | 上证50 | 1.12 | 0. 28 | | | | | HSTECH. HK | 恒生科技 | 2. 51 | 5.53 | | SH | ...

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The AI industry is experiencing continuous growth, driven by the 2025 World Artificial Intelligence Conference (WAIC) and the upcoming releases of GPT-5 and DeepSeek-R2 models. Key breakthroughs are expected in edge computing and agent applications, enhancing the performance of related ETFs [3][11] - The report recommends focusing on AI ETFs, highlighting their strong growth potential and favorable valuation relative to their growth prospects. The report suggests specific ETFs such as Huafu CSI Artificial Intelligence Industry ETF (515980) and E Fund CSI Artificial Intelligence ETF (159819) [3][11] Summary by Sections Market Review - Recent performance shows that cloud computing ETFs and AI ETFs have led the sector, with notable increases: cloud computing ETF (517390) up 11.43%, AI ETF (515980) up 9.63%, while gaming ETFs have seen declines [11][23] - The market is experiencing a significant divergence in performance, with AI and cloud computing benefiting from recent events, while gaming and fintech sectors are under pressure due to profit-taking and market preference shifts [11][23] Industry Dynamics - In July, 134 games were approved for release, with the game "Kingshot" achieving significant revenue growth, indicating a robust gaming market [2][23] - The summer box office has surpassed 5.2 billion, with the film "Nanjing Photo Studio" achieving both critical and commercial success, reflecting a strong performance in the film industry [2][23] Investment Recommendations - The report emphasizes the importance of AI ETFs, citing the accelerating application deployment and technological advancements as key drivers for growth. The report lists several recommended ETFs for investment [3][11]

基金研究 | 2025 年 07 月 28 日 证券研究报告 / 基金研究 2025 年 07 月 28 日 A 股市场量价齐升，黄金 ETF 申赎资金净流出 ETF 市场流动性动态报告（20250721～20250727） 市场行情 上周，我国十年期国债收益率较上上周小幅上升，周五录得 1.73%。美国十年期 国债收益率较上上周小幅下行，周五录得 4.40%。 上周，上证指数（+1.67%），上证 50（+1.12%），沪深 300（+1.69%），中证 500（+3.28%），中证 1000（+2.36%），中证 2000（+1.81%），创业板指（+2.76%）， 科创 50（+4.63%）。申万一级行业中，建筑材料（+8.20%），煤炭（+7.98%），钢 铁（+7.67%）等行业涨幅较大；银行（-2.87%），通信（-0.77%）等行业取得负收 益。 上周，沪深两市日均成交金额 18176 亿元，较上上周数据上升。上周五，两融业 务融资余额录得约 19338 亿元，回到年内高位。 ETF 市场概况 上周，整体 ETF 市场申赎净流入约 19 亿元。其中，债券型 ETF 净流入约 92 亿 元；跨境型 ...

宏观利率研究 证券研究报告 / 宏观利率研究 2025 年 07 月 28 日 股债"跷跷板"分流资金 关注重要会议及中美谈判 宏观利率周报（20250721-0725） 研报摘要 ⚫ 核心观点：7 月全球 PMI 不及预期，关税压制环境中下半年出口增量有限。 叠加限产趋势，预计制造业景气或依然偏弱。上半年经济增长基础稳固，完成全 年目标三季度压力不大，下一轮稳增长或在四季度出现，长周期看货币政策无需 过早收紧。与此同时，反内卷预期短期难以证伪，权益市场放量加速行情仍在演 化，股市 "跷跷板"效应将继续分流债市资金，阶段性压力仍在。上周，各大商品 交易所连发风险提示，周五商品期货全线下跌，或有助利率平稳运行。本周建议 关注重要会议以及中美谈判结果。 ⚫ 行情回顾：雅江水电站亮相，股市赚钱效应显现，上证行情一度突破 3600 点，"跷跷板"效应分流债市资金。叠加反内卷政策陆续推出、资金面偏紧，收 益率全线大幅调整，期限结构陡峭化。 ⚫ 市场要闻：（1）贸易摩擦。商务部就欧盟第 18 轮对俄制裁列单中国企业和 金融机构事答记者问。（2）国债发行落实。第三批国债支持以旧换新资金下达。 置换债已发行全年额度的 90% ...

证券研究报告/信用研究 2025 年 07 月 28 日 科创债持续扩容，挖掘科创债投资价值 关注银行间科创债券品种和非指数成分券 研报摘要 证券分析师 陈巧巧 S0670525010001 chenqiaoqiao@cnht.com.cn 联系人 卜彦花 S0670124010008 buyanhua@cnht.com.cn 相关研究： 信用研究 请仔细阅读报告末页声明 1 科创债政策支持：（一）科技创新债券发行上市审核规则。深化科技、产业、金 融高效循环，强化科创企业高质量发展支撑。强化资本市场科创全周期融资服务， 深化科创主体及用途支持。（二）支持科技创新债券发行，加快构建多层次债券 市场。2025 年 5 月 7 日，中国人民银行和中国证监会联合发布《关于支持发行科 技创新债券有关事宜的公告》，强调构建与科技发展相适应的金融体制，加快多 层次资本市场发展，完善长期资本"投早、投小、投长期、投硬科技"的支持政 策。发行主体范围扩大，金融机构加入交易所科创债市场。 存量科创债概况：中期票据与公司债构成科创债的核心发行券种，科创债在交易 所的活跃度高于银行间。存量科创债剩余期限呈现中短期特点，信用级别集中在 ...

Core Insights - The report emphasizes the strategic allocation of ETFs in various sectors, recommending a focus on liquor, real estate, and white goods for the upcoming week [2] - The model portfolio for the week of July 28, 2025, includes continued holdings in real estate ETFs and the addition of oil and gas ETFs, indicating a shift in market focus [2][5] - The report highlights a cumulative return of approximately 1.40% for the strategy from July 21 to July 25, 2025, with an excess return of -0.32% compared to the CSI 300 ETF [2][5] ETF Strategy Summary - The report outlines specific ETFs and their respective values, with the liquor ETF valued at 32.58 billion, real estate ETF at 6.83 billion, and tourism ETF at 30.84 billion, among others [2] - The report provides a detailed performance tracking of various ETFs, indicating that the average return for the ETFs was 1.40% during the specified period [5] - The report includes a table of ETFs with their current holdings and performance metrics, showing that the real estate ETF has a holding signal of 100% and the liquor ETF has a holding signal of 55.71% [2][5]