Group 1 - The China Concept Internet ETF (159605.SZ) experienced a decline of 1.08% on July 29, 2025, with a trading volume of 4.51 billion yuan [1] - The ETF received financing purchases amounting to 75.09 million yuan, while financing repayments totaled 42.51 million yuan, resulting in a net financing purchase of 32.58 million yuan, ranking first among comparable funds [1]

周一（7月28日），现货黄金美盘一度跳水至3300美元/盎司附近，连跌四日，创近三周新低。金价的震 荡下行不仅受到美欧达成贸易协议的直接影响，也与美元指数的强劲反弹、全球风险偏好的回暖以及市 场对美联储利率政策的期待密切相关。 与此同时，中美贸易谈判的进展，以及地缘局势的持续紧张，仍为黄金市场的未来走势增添了更多不确 定性。而本周（7月28日-8月1日）即将登场的"超级数据周"，更被视为黄金投资的关键分水岭。 一、美欧协议：避险情绪退潮，黄金短期承压 根据最新达成的框架协议，美将对欧商品统一征收15%关税，而欧承诺五年内增加对美投资6000亿美 元，并采购7500亿美元能源及装备。这一消息直接推动标普500指数和纳斯达克指数刷新历史高位，风 险资产吸引力显著提升，避险资金随之撤离黄金市场。 不过，美元强势背后暗藏变数。尽管短期受贸易协议预期提振，但美元指数上周仍录得近一个月最大单 周跌幅。天誉国际团队报告指出，美联储在货币政策上的谨慎态度，叠加特持续施压要求降息，可能限 制美元进一步上行空间。若美联储独立性受损引发美元走软，将为黄金提供重要支撑，黄金投资者需密 切关注这一变量。发美元走软，将为黄金提供重要支撑 ...

Core Insights - A total of 241 ETF funds experienced net inflows from financing, while 28 funds saw net outflows from securities lending [1] - Significant inflows were observed in specific ETFs, including the Government Bond ETF (511520.SH) and the National Debt ETF (511010.SH), with net inflows of 8.29 billion and 3.17 billion respectively [1][3] - Conversely, notable outflows were recorded in ETFs such as the CSI 500 ETF (510500.SH) and the CSI 1000 ETF (512100.SH), with net outflows of 1.24 billion and 1.05 billion respectively [1][5] Financing Inflows - 62 ETFs had financing net inflows exceeding 5 million, with the top five being: - Government Bond ETF: 8.29 billion - National Debt ETF: 3.17 billion - City Investment Bond ETF: 2.76 billion - Short-term Bond ETF: 1.50 billion - Sci-Tech 50 ETF: 1.37 billion [1][3][10] Securities Lending Outflows - 6 ETFs had securities lending net outflows exceeding 5 million, with the top five being: - CSI 500 ETF: 1.24 billion - CSI 1000 ETF: 1.05 billion - CSI 300 ETF: 1.055 billion - Shanghai Stock Exchange 50 ETF: 801.58 million - CSI 2000 ETF: 526.18 million [1][5][12] Recent Trends - 91 ETFs have seen continuous financing net inflows, with the Hong Kong Securities ETF leading with a net inflow of 6.11 billion over the past 7 days [1][7] - In terms of continuous securities lending net outflows, 4 ETFs were noted, with the Innovation Drug ETF experiencing a net outflow of 45.47 million over 3 days [1][8] Long-term Observations - Over the past 5 days, significant financing net inflows were recorded in: - Government Bond ETF: 4.48 billion - Hong Kong Securities ETF: 4.43 billion - Hang Seng Technology ETF: 2.12 billion [1][8][10] - Conversely, the top 5 ETFs with net outflows over the same period included: - CSI 500 ETF: 1.34 billion - CSI 1000 ETF: 1.22 billion [1][10][12]

Summary of ETF Fund Flows - On July 28, 2025, a total of 288 ETF funds experienced net inflows, while 469 funds saw net outflows [1] - 29 funds had net inflows exceeding 100 million yuan, with notable inflows into the following ETFs: - Sci-Tech Bond ETF Southern (159700.SZ) with 2.558 billion yuan - Convertible Bond ETF (511380.SH) with 899 million yuan - Sci-Tech 50 ETF (588000.SH) with 884 million yuan - Hong Kong Securities ETF (513090.SH) with 866 million yuan - Hong Kong Internet ETF (159792.SZ) with 847 million yuan [1][3] Significant Outflows - 37 funds had net outflows exceeding 100 million yuan, with the following ETFs experiencing the largest outflows: - CSI 1000 ETF (512100.SH) with 1.158 billion yuan - SSE 50 ETF (510050.SH) with 884 million yuan - CSI 300 ETF (510300.SH) with 857 million yuan - CSI 500 ETF (510500.SH) with 706 million yuan - SSE 300 ETF E Fund (510310.SH) with 552 million yuan [1][5] Continuous Inflows and Outflows - 172 ETFs have seen continuous net inflows, with the top performers being: - Hong Kong Dividend Low Volatility ETF with 512 million yuan over 19 days - Hang Seng Dividend Low Volatility ETF with 1.354 billion yuan over 19 days - Hong Kong Non-Bank ETF with 603 million yuan over 19 days [1][7] - Conversely, 276 ETFs have experienced continuous net outflows, with the most significant being: - CSI A50 Index ETF with 981 million yuan over 33 days - CSI A500 ETF with 2.305 billion yuan over 30 days [1][9] Recent Trends - Over the past 5 days, 87 ETFs have accumulated net inflows exceeding 100 million yuan, with the largest inflows recorded for: - 30-Year Treasury Bond ETF with 4.923 billion yuan - Sci-Tech Bond ETF Southern with 4.502 billion yuan [1][10] - In contrast, 129 ETFs have seen net outflows exceeding 100 million yuan, with the largest outflows for: - Yinhua Daily Profit ETF with 3.838 billion yuan - Huabao Tianyi ETF with 2.142 billion yuan [1][10]

Summary of ETF Fund Flows Core Insights - On July 25, 2025, a total of 276 ETFs experienced net inflows, while 454 ETFs saw net outflows, indicating a mixed sentiment in the market [1] - The top five ETFs with significant net inflows included Hong Kong Securities ETF, 30-Year Treasury ETF, and others, with inflows exceeding 1 billion yuan [1][3] - Conversely, 42 ETFs had net outflows exceeding 1 billion yuan, with the China Securities 500 ETF leading the outflows [1][5] Inflow Analysis - The top five ETFs with the highest net inflows were: - Hong Kong Securities ETF (513090.SH): 1.60181 billion yuan - 30-Year Treasury ETF (511090.SH): 1.43977 billion yuan - 30-Year Treasury ETF Bosera (511130.SH): 1.28831 billion yuan - Hong Kong Stock Connect Internet ETF (159792.SZ): 0.96396 billion yuan - Convertible Bond ETF (511380.SH): 0.07977 billion yuan [3] - A total of 141 ETFs have seen continuous inflows, with the Hong Kong Dividend Low Volatility ETF leading with 4.94 billion yuan over 18 days [7] Outflow Analysis - The top five ETFs with the highest net outflows were: - China Securities 500 ETF (510500.SH): 1.1466 billion yuan - Sci-Tech 50 ETF (588000.SH): 0.83326 billion yuan - Huabao Tianyi ETF (511990.SH): 0.5104 billion yuan - Credit Bond ETF Bosera (159396.SZ): 0.20531 billion yuan - A500 ETF (512050.SH): 0.0465 billion yuan [5] - A total of 298 ETFs have experienced continuous outflows, with the China Securities A50 Index ETF leading with 9.65 billion yuan over 32 days [9] Recent Trends - Over the past five days, 94 ETFs have accumulated net inflows exceeding 1 billion yuan, with the 30-Year Treasury ETF Bosera leading at 5.256 billion yuan [10] - In contrast, 121 ETFs have seen net outflows exceeding 1 billion yuan, with the Yin Hua Daily ETF experiencing the largest outflow of 3.798 billion yuan [10]

Core Insights - The total trading volume of non-monetary ETFs reached 302.71 billion, with 59 ETFs exceeding 1 billion in trading volume [1] - The top three ETFs by trading volume are Hong Kong Securities ETF, Short-term Bond ETF, and Shanghai Composite Company Bond ETF, with volumes of 17.00 billion, 14.88 billion, and 14.29 billion respectively [1] - The Hong Kong Securities ETF and the Short-term Bond ETF have shown significant recent trading activity, with average daily trading volumes of 19.76 billion and 15.71 billion over the past five and twenty days respectively [2][3] Trading Volume Summary - Hong Kong Securities ETF (513090.SH) has a latest share size of 8.05 billion, with a recent average daily trading volume of 19.76 billion over the past five days, reflecting a 10.56% increase [2] - Short-term Bond ETF (511360.SH) has a latest share size of 0.47 billion, with a recent average daily trading volume of 15.71 billion over the past five days [2] - The Shanghai Composite Company Bond ETF (511070.SH) has a trading volume of 14.29 billion, ranking third in the market [5] Turnover Rate Summary - The Hong Kong Medical ETF has the highest turnover rate at 620.34%, followed by the Short-term Bond ETF at 129.22% and the Hang Seng Innovation Drug ETF at 112.08% [7] - The Hong Kong Securities ETF has a turnover rate of 91.42%, indicating active trading [7] Sector and Index Performance - The Hong Kong Securities ETF tracks the Hong Kong Securities Index, which includes major companies like CITIC Securities and Hong Kong Exchanges [2] - The Hang Seng Innovation Drug ETF tracks the Hang Seng Innovation Drug Index, reflecting the performance of companies involved in innovative drug research and development [3] - The Computer ETF and AI ETFs are focused on the electronic industry, with significant recent trading activity and price movements [8][9]

Summary of ETF Fund Flows Core Insights - On July 24, 2025, a total of 257 ETFs experienced net inflows, while 505 ETFs saw net outflows, indicating a significant disparity in investor sentiment towards different funds [1] - The top five ETFs with notable net inflows included the CSI 300 ETF, CSI 1000 ETF, and several bond ETFs, with inflows exceeding 1 billion yuan for each [1][3] - Conversely, 47 ETFs recorded net outflows exceeding 1 billion yuan, with the Shanghai Company Bond ETF and Gold ETF among the most affected [1][5] Net Inflows - The top five ETFs by net inflow amounts were: - CSI 300 ETF (510300) with a net inflow of 1277.42 million yuan - CSI 1000 ETF (512100) with a net inflow of 1201.81 million yuan - Southern Innovation Bond ETF (159700) with a net inflow of 1162.43 million yuan - 30-Year Government Bond ETF (511130) with a net inflow of 973.7 million yuan - Convertible Bond ETF (511380) with a net inflow of 964.86 million yuan [3] Net Outflows - The top five ETFs by net outflow amounts were: - Shanghai Company Bond ETF (511070) with a net outflow of 1010.3 million yuan - Gold ETF (518880) with a net outflow of 785.3 million yuan - Policy Financial Bond ETF (511520) with a net outflow of 675.36 million yuan - Silver Flower Daily Profit ETF (511880) with a net outflow of 523.6 million yuan - Southern Innovation Bond ETF (551030) with a net outflow of 499.8 million yuan [5] Continuous Inflows - A total of 146 ETFs have seen continuous net inflows, with the top performers being: - CSI 2000 Enhanced ETF with 19 consecutive days of inflows totaling 28.054 million yuan - Hong Kong Dividend Low Volatility ETF with 17 consecutive days of inflows totaling 43.86 million yuan [7] Continuous Outflows - 344 ETFs have experienced continuous net outflows, with the leading ones being: - CSI A50 Index ETF with 31 consecutive days of outflows totaling 933.51 million yuan - CSI A500 ETF with 28 consecutive days of outflows totaling 212.575 million yuan [9] Recent Trends - Over the past five days, 91 ETFs have recorded net inflows exceeding 1 billion yuan, with the top inflow being the Southern Innovation Bond ETF with 4.588 billion yuan [10] - In contrast, 123 ETFs have seen net outflows exceeding 1 billion yuan, with the Silver Flower Daily Profit ETF leading with a net outflow of 3.760 billion yuan [10]

Core Insights - On July 23, 2025, a total of 259 ETFs experienced net inflows, while 552 ETFs saw net outflows, indicating a significant disparity in investor sentiment towards different funds [1][3] - Among the ETFs with net inflows exceeding 100 million yuan, the top performers included the 30-Year Treasury Bond ETF from Bosera, the CSI 500 ETF, and the A500 ETF from E Fund, with net inflows of 1.0152 billion yuan, 867.04 million yuan, and 787.87 million yuan respectively [1][3] - Conversely, 38 ETFs recorded net outflows exceeding 100 million yuan, with the Silver Hua Daily ETF and Gold ETF leading the outflows at 1.352 billion yuan and 1.044 billion yuan respectively [1][5] Net Inflows - A total of 133 ETFs have seen continuous net inflows, with the CSI 2000 Enhanced ETF leading with 25.351 million yuan over 18 days, followed by the Hong Kong Dividend Low Volatility ETF with 41.31 million yuan [1][7] - The CSI 2000 Enhanced ETF's rapid inflow has increased its fund size to 348 million yuan [1][7] Net Outflows - There are 369 ETFs that have experienced continuous net outflows, with the CSI A50 Index ETF leading with a total outflow of 896.71 million yuan over 30 days [1][9] - The CSI A500 ETF has seen a significant outflow of 1.964 billion yuan over 27 days, resulting in a rapid decrease in its fund size to 483.1 million yuan [1][9] Recent Trends - Over the past 5 days, 91 ETFs have recorded net inflows exceeding 100 million yuan, with the top inflow coming from the Sci-Tech Bond ETF from Harvest, totaling 11.827 billion yuan [1][10] - In contrast, 116 ETFs have seen net outflows exceeding 100 million yuan in the same period, with the Silver Hua Daily ETF experiencing the largest outflow of 3.236 billion yuan [1][10]

Summary of ETF Fund Flows Core Insights - On July 21, 2025, a total of 263 ETFs experienced net inflows, while 458 ETFs saw net outflows, indicating a significant disparity in investor sentiment towards different funds [1][3]. Net Inflows - 34 ETFs had net inflows exceeding 100 million yuan, with notable inflows into the following funds: - Kexin Bond ETF by Bosera: 2.183 billion yuan - Hong Kong Stock Connect Internet ETF by Fuguo: 965 million yuan - Hong Kong Securities ETF by E Fund: 624 million yuan - Infrastructure 50 ETF by GF: 592 million yuan - Hong Kong Stock Connect Non-bank ETF by GF: 577 million yuan [1][3]. Net Outflows - 23 ETFs experienced net outflows exceeding 100 million yuan, with significant outflows from: - CSI 1000 ETF: 433 million yuan - Gold ETF: 270 million yuan - CSI A500 ETF by Invesco: 258 million yuan - Huashang Tianyi ETF: 229 million yuan - CSI 300 ETF: 202 million yuan [1][5]. Continuous Inflows - 122 ETFs have seen continuous net inflows, with the top performers being: - CSI 2000 Enhanced ETF: 211 million yuan over 16 days - Hong Kong Dividend Low Volatility ETF: 384 million yuan over 14 days - Hang Seng Dividend Low Volatility ETF: 913 million yuan over 14 days - Hong Kong Stock Connect Non-bank ETF: 3.651 billion yuan over 14 days - Trading Money Market ETF: 20.83 million yuan over 14 days [1][7]. Continuous Outflows - 285 ETFs have experienced continuous net outflows, with the largest outflows from: - CSI A50 Index ETF: 826 million yuan over 28 days - CSI A500 ETF: 1.534 billion yuan over 25 days - CSI A50 ETF: 912 million yuan over 25 days - A500 ETF Index: 610 million yuan over 24 days - Digital Economy ETF by ICBC: 389 million yuan over 24 days [1][9]. Recent Trends - Over the past 5 days, 97 ETFs have seen cumulative net inflows exceeding 100 million yuan, with the top inflows from various Kexin Bond ETFs totaling 1.132 billion yuan, 1.105 billion yuan, and others [1][10]. - Conversely, 102 ETFs have experienced cumulative net outflows exceeding 100 million yuan, with the largest outflows from the ChiNext ETF totaling 2.592 billion yuan [1][10].

Summary of ETF Fund Flows Core Insights - On July 17, 2025, a total of 255 ETFs experienced net inflows, while 402 ETFs saw net outflows, indicating a mixed sentiment in the market [1] - Notable inflows were observed in several technology and bond ETFs, particularly the Sci-Tech Bond ETFs from Jiashi and Fuguo, which attracted significant capital [1][3] - Conversely, several ETFs, including the ChiNext ETF and the Sci-Tech 50 ETF, faced substantial outflows, reflecting investor caution in certain sectors [5] Inflow Analysis - The top five ETFs with the highest net inflows included: - Jiashi Sci-Tech Bond ETF (159600.SZ): 79.32 billion CNY - Fuguo Sci-Tech Bond ETF (159200.SZ): 77.92 billion CNY - Southern Sci-Tech Bond ETF (159700.SZ): 14.36 billion CNY - Short-term Bond ETF (511360.SH): 13.61 billion CNY - Securities ETF (512880.SH): 5.63 billion CNY [1][3] Outflow Analysis - The top five ETFs with the highest net outflows included: - ChiNext ETF (159915.SZ): 7.66 billion CNY - Sci-Tech 50 ETF (588000.SH): 6.00 billion CNY - CSI 300 ETF (510300.SH): 3.36 billion CNY - CSI 300 ETF by Yifangda (510310.SH): 2.96 billion CNY - Pharmaceutical ETF (512010.SH): 2.42 billion CNY [5] Recent Trends - A total of 158 ETFs have seen continuous net inflows, with the top performers being: - Soybean Meal ETF: 36.89 million CNY over 16 days - CSI 2000 Enhanced ETF: 1.84 billion CNY over 14 days - Hong Kong Dividend Low Volatility ETF: 3.60 billion CNY over 12 days [7] - Conversely, 245 ETFs have experienced continuous net outflows, with the leading ones being: - CSI A50 Index ETF: 734 million CNY over 26 days - CSI A500 ETF: 1.30 billion CNY over 23 days [9] Long-term Trends - Over the past five days, 97 ETFs recorded net inflows exceeding 1 billion CNY, with the Jiashi Sci-Tech Bond ETF leading at 79.32 billion CNY [10] - In contrast, 102 ETFs saw net outflows exceeding 1 billion CNY, with the Silver Hua Daily ETF experiencing the largest outflow of 37.19 billion CNY [10]