Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company continues to face pressure on its profitability, with a significant decline in revenue and net profit in the first quarter of 2025. Revenue decreased by 7.6% year-on-year to 3.74 billion yuan, while the net profit attributable to the parent company was -250 million yuan, a 122% decline year-on-year [7] - Downstream demand remains weak, with new housing starts down 24.4% year-on-year and construction area down 9.5% year-on-year. The overall industry is still in a bottoming phase [7] - The concrete market price is at a low point, with an average price of 353.43 yuan per cubic meter, showing a slight decrease of 0.08% from the previous quarter [7] - The company's gross margin has decreased by 4.1 percentage points to 0.9% due to lower sales prices of concrete. The net profit margin has also declined by 4.5 percentage points to -7.2% [7] - The company has a strong competitive advantage in the concrete industry, being the only development platform for ready-mixed concrete under China State Construction Engineering Corporation. It has been focusing on its core business and expanding its market presence [7] - The company is expected to benefit from favorable policies in the real estate sector and infrastructure investment projects, which may lead to a gradual recovery in downstream demand [7] Financial Summary - The company's projected revenue for 2025 is 21.08 billion yuan, with a growth rate of 3.58%. The net profit attributable to the parent company is expected to be 160 million yuan, a significant recovery from a loss of 263 million yuan in 2024 [2][8] - The earnings per share (EPS) is projected to improve from -0.21 yuan in 2024 to 0.13 yuan in 2025 [2] - The return on equity (ROE) is expected to turn positive, increasing from -2.06% in 2024 to 1.91% in 2025 [2]

Domestic Economic Indicators - In March, the social financing (社融) stock reached 422.96 trillion yuan, a year-on-year increase of 8.4%, up 0.2 percentage points from the previous month[8] - The new social financing in March was 5.89 trillion yuan, exceeding market expectations by 1.05 trillion yuan, primarily driven by a significant increase in government bonds[9] - March exports grew by 12.4% year-on-year, with a trade surplus of 102.64 billion USD, an increase of 44.05 billion USD compared to the same period last year[10] Policy Developments - The "Service Consumption Quality Improvement Action Plan 2025" was released, proposing 48 tasks to enhance service consumption, potentially activating a trillion-level market[13] - Qingdao introduced new housing policies, offering subsidies of 50,000 and 100,000 yuan for families with two or three children, respectively, to stimulate the housing market[15] Global Economic Context - The IEA downgraded global oil demand growth forecasts for the next two years, with expected daily demand growth dropping to 730,000 barrels in 2025 and 690,000 barrels in 2026[17] - The German ZEW economic sentiment index fell sharply to -14, a decline of 65.6 points, indicating deep concerns about economic prospects due to U.S. tariff policies[20] - U.S. retail sales surged by 1.4% month-on-month in March, driven by panic buying ahead of tariff increases, raising concerns about potential stagflation risks[25]

Investment Rating - The report maintains a "Buy" rating for Guodian Power (600795) with a target price of 6.12 CNY over the next six months, compared to the current price of 4.65 CNY [1]. Core Views - The profitability of thermal power is improving, while the company is awaiting the commissioning of hydropower projects [1]. - The report highlights a significant increase in net profit for the parent company, with a year-on-year growth of 75.3% [7]. - The company is expected to see a gradual increase in revenue and net profit over the next few years, driven by its thermal, hydropower, and renewable energy segments [9][11]. Financial Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 179,182 million CNY, a decrease of 1.0% year-on-year - 2025E: Revenue of 192,197 million CNY, an increase of 7.3% - 2026E: Revenue of 198,873 million CNY, an increase of 3.5% - 2027E: Revenue of 206,976 million CNY, an increase of 4.1% [9][14] - **Net Profit**: - 2024A: Net profit of 9,831 million CNY, a year-on-year increase of 75.3% - 2025E: Net profit of 7,569 million CNY, a decrease of 23.0% - 2026E: Net profit of 8,772 million CNY, an increase of 15.9% - 2027E: Net profit of 9,542 million CNY, an increase of 8.8% [9][14] - **Earnings Per Share (EPS)**: - 2024A: 0.55 CNY - 2025E: 0.42 CNY - 2026E: 0.49 CNY - 2027E: 0.54 CNY [9][14] - **Return on Equity (ROE)**: - 2024A: 12.67% - 2025E: 11.29% - 2026E: 11.30% - 2027E: 11.41% [9][14] Segment Analysis - **Thermal Power**: - Expected revenue growth of 7.4% in 2025, with a gross margin of 13.9% [9]. - **Hydropower**: - Expected revenue growth of 6.2% annually, with a gross margin of 48.6% in 2025 [9]. - **Wind and Solar Power**: - Expected revenue growth of 19.9% in 2025, with a gross margin of 35.6% [9]. Valuation - The report estimates the total market value of Guodian Power at 1,091 billion CNY, based on a price-to-book (PB) ratio of 1.2 for thermal power, 20.0 for hydropower, and 16.0 for wind and solar power [11].

Investment Rating - The report indicates a positive outlook for the medical equipment industry, with expectations of significant growth driven by the "old-for-new" policy and ongoing procurement initiatives [5][9]. Core Insights - March data shows a year-on-year increase of 109% and a month-on-month improvement, attributed to the accelerated implementation of the "old-for-new" policy and a low base from the previous year [3][21]. - The report highlights substantial growth across various segments, including medical imaging, life information and support, endoscopes, radiation therapy, and surgical robots, with some categories experiencing triple-digit growth [4][12]. - The report emphasizes the importance of the "old-for-new" policy in stimulating demand and upgrading the industry structure, particularly in the context of ongoing centralized procurement efforts [9][14]. Summary by Category Medical Imaging - In Q1 2025, the medical imaging segment reached 14.6 billion yuan, marking a 73% increase, with March alone accounting for 4.9 billion yuan, up 118% year-on-year [3][27]. Life Information and Support - The life information and support segment generated 3.3 billion yuan in March, reflecting a 123% year-on-year increase, with Q1 2025 total sales at 9.7 billion yuan [4][34]. Endoscopes - The soft endoscope segment achieved 5.8 billion yuan in March, a 77% increase, while hard endoscopes reached 5.4 billion yuan, up 73% [4][37]. Radiation Therapy - The radiation therapy segment saw a remarkable 318% increase in March, totaling 7.8 billion yuan, with Q1 2025 sales at 20 billion yuan [4][43]. Surgical Robots - Surgical robots experienced a staggering growth of 702% in March, reaching 6.6 billion yuan, with Q1 2025 total sales at 15 billion yuan [4][46]. Key Companies - Major companies such as Mindray, United Imaging, and Kaili Medical reported significant growth, with Mindray achieving 2.2 billion yuan in Q1 2025, up 87% [4][50]. United Imaging reached 2.1 billion yuan, up 43% [4][53]. Kaili Medical reported 0.34 billion yuan, up 72% [4][56].

Investment Rating - The report maintains a "Buy" rating for Guodian Power (600795) with a target price of 6.12 CNY over the next six months [1]. Core Views - The profitability of thermal power is improving, while the company is awaiting the commissioning of hydropower projects [1]. - The report highlights a decrease in revenue for 2024, but a significant increase in net profit, indicating a strong recovery in profitability [7]. - The company is expected to see growth in its various segments, particularly in thermal and hydropower, with a focus on increasing installed capacity in renewable energy [11]. Financial Summary - **Revenue and Profit Forecasts**: - 2024A revenue is projected at 179.18 billion CNY, with a decrease of 1.0% year-on-year. The net profit attributable to the parent company is expected to be 9.83 billion CNY, an increase of 75.3% year-on-year [7]. - For 2025E, revenue is expected to rise to 192.20 billion CNY, with a growth rate of 7.26%, while net profit is forecasted to decrease to 7.57 billion CNY, a decline of 23.01% [2][9]. - **Segment Performance**: - Thermal power is projected to generate a net profit of 100.5 billion CNY in 2024, with a net profit margin of 2.9 cents per kWh, showing a year-on-year increase [7]. - The hydropower segment is expected to face challenges due to impairment losses, with a projected net profit of 19.9 billion CNY, down 33.3% year-on-year [7]. - The wind and solar segments are anticipated to grow significantly, with net profits of 19.2 billion CNY and 13.8 billion CNY, respectively, despite facing price pressures [7]. - **Valuation Metrics**: - The report assigns a price-to-book (PB) ratio of 1.2 for thermal power, 20.0 for hydropower, and 16.0 for wind and solar, leading to a total market value estimate of 1,091 billion CNY for the company [11][10]. Key Financial Ratios - The report provides key financial ratios, including: - Earnings per Share (EPS) for 2024A is projected at 0.55 CNY, decreasing to 0.42 CNY in 2025E [2]. - Return on Equity (ROE) is expected to decline from 12.67% in 2024A to 11.29% in 2025E [2]. - Price-to-Earnings (PE) ratio is forecasted to be 8.3 for 2024A, increasing to 10.8 for 2025E [2].

Investment Rating - The investment rating for Qin Chuan Machine Tool (000837) is "Hold" with a target price not specified for the next 6 months [1]. Core Views - The company is expected to see stable growth in performance, with a potential turning point anticipated in 2025. The revenue for 2024 is projected at 38.60 billion yuan, reflecting a year-on-year growth of 2.62%, while the net profit attributable to the parent company is expected to reach 0.54 billion yuan, also showing a growth of 2.92% [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 38.60 billion yuan in 2024 to 51.76 billion yuan by 2027, with growth rates of 12.18%, 9.50%, and 9.18% for the subsequent years [2][9]. - Net profit attributable to the parent company is expected to increase from 0.54 billion yuan in 2024 to 1.58 billion yuan in 2027, with a compound annual growth rate (CAGR) of 43% [7][9]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.05 yuan in 2024 to 0.16 yuan in 2027 [2][9]. - **Return on Equity (ROE)**: - ROE is expected to improve from 1.36% in 2024 to 3.66% in 2027 [2][9]. Business Segment Analysis - **Machine Tool Segment**: - The company is a leader in the domestic gear machine tool market, with a focus on expanding high-end five-axis machine tools. Revenue from this segment is expected to grow significantly, with projected growth rates of 16.3%, 12.0%, and 11.2% from 2025 to 2027 [8]. - **Parts Segment**: - The parts segment is expected to see a recovery with growth rates of 10.1%, 8.2%, and 8.1% over the same period, benefiting from demand recovery and scale effects [8]. - **Overall Gross Margin**: - The overall gross margin is projected to improve from 16.15% in 2024 to 17.50% in 2027, driven by the growth in high-end machine tools and parts [2][9]. Strategic Initiatives - The company is actively pursuing reforms, including share buybacks and stock incentive plans, to enhance shareholder value. In 2024, it repurchased 2.46 million shares for a total of 21.10 million yuan [7].

Investment Rating - The report maintains a "Hold" rating for Qin Chuan Machine Tool (000837) with a target price of —— yuan over the next six months [1]. Core Views - The company is expected to see a turning point in 2025, with stable performance and growth in revenue and net profit projected for the coming years [1][7]. - The company has demonstrated robust operational capabilities, achieving a revenue of 3.86 billion yuan in 2024, a year-on-year increase of 2.62%, and a net profit of 54 million yuan, up 2.92% year-on-year [7]. - The machine tool segment has shown resilience, with a revenue increase of 9.35% despite a weak overall market demand in the machine tool industry [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 3,859.82 million yuan, net profit of 53.78 million yuan - 2025E: Revenue of 4,329.93 million yuan, net profit of 75.05 million yuan, with a growth rate of 12.18% for revenue and 39.54% for net profit [2][9]. - 2026E: Revenue of 4,741.38 million yuan, net profit of 108.79 million yuan, with a growth rate of 9.50% for revenue and 44.96% for net profit [2][9]. - 2027E: Revenue of 5,176.51 million yuan, net profit of 157.96 million yuan, with a growth rate of 9.18% for revenue and 45.20% for net profit [2][9]. - **Profitability Metrics**: - The overall gross margin for 2024 was 16.15%, a decrease of 1.62 percentage points year-on-year, while the net margin increased by 0.14 percentage points to 1.92% [7]. - The gross margin for machine tools was stable at 16.51%, while the gross margin for components decreased to 9.71% [7]. - **Earnings Per Share (EPS)**: - EPS is projected to increase from 0.05 yuan in 2024 to 0.16 yuan by 2027, reflecting the company's growth trajectory [2][9]. Business Segment Analysis - **Machine Tool Segment**: - Expected revenue growth rates for machine tools are 16.3% in 2025, 12.0% in 2026, and 11.2% in 2027, with gross margins improving to 18.0% by 2027 [8]. - **Component Segment**: - Revenue growth rates for components are projected at 10.1% in 2025, 8.2% in 2026, and 8.1% in 2027, with gross margins expected to rise to 12.0% by 2027 [8]. - **Tool Segment**: - The tool segment is expected to see a revenue growth of 5.0% annually from 2025 to 2027, with a stable gross margin of 30% [8]. Strategic Initiatives - The company is actively pursuing reforms, including share buybacks and stock incentive plans, to enhance shareholder value and align management interests with those of shareholders [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is on a clear path of structural optimization, with strong long-term growth potential [1] - The company achieved revenue of 1.11 billion yuan in Q1 2025, representing a year-on-year increase of 3.0%, and a net profit attributable to the parent company of 230 million yuan, up 5.8% year-on-year [7] - The company is accelerating its national layout, with significant growth in high-end products priced above 300 yuan, which saw a revenue increase of 28.1% [7] - The gross profit margin improved by 1.4 percentage points to 66.8% due to product structure upgrades [7] - The company aims for a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, which is expected to be achieved smoothly [7] Financial Performance Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 3.021 billion yuan, 3.276 billion yuan, 3.602 billion yuan, and 4.004 billion yuan respectively, with growth rates of 18.59%, 8.42%, 9.97%, and 11.16% [2] - Net profit attributable to the parent company is projected to be 388 million yuan in 2024A, 411 million yuan in 2025E, 458 million yuan in 2026E, and 535 million yuan in 2027E, with growth rates of 18.03%, 5.92%, 11.29%, and 16.94% respectively [2] - Earnings per share (EPS) are expected to be 0.77 yuan in 2024A, 0.81 yuan in 2025E, 0.90 yuan in 2026E, and 1.05 yuan in 2027E [2] - The return on equity (ROE) is projected to increase from 11.48% in 2024A to 12.64% in 2027E [2] Market Position and Strategy - The company is focusing on deepening its market presence in the northwest while also targeting growth in eastern and northern regions [7] - The marketing transformation is showing initial results, with a strategy of "one county, one policy" leading to improved market share [7] - The company is actively enhancing its brand recognition among consumers through product structure upgrades and marketing efforts [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1][11]. Core Insights - The company is on a clear path of structural optimization, demonstrating strong long-term growth potential [1]. - The first quarter of 2025 saw the company achieve revenue of 1.11 billion yuan, a year-on-year increase of 3.0%, and a net profit attributable to the parent company of 230 million yuan, up 5.8% year-on-year, aligning with market expectations [7]. - The company is accelerating its national layout, with significant growth in high-end products priced above 300 yuan, which saw a revenue increase of 28.1% year-on-year [7]. - The gross profit margin improved by 1.4 percentage points to 66.8% in Q1 2025, driven by product structure upgrades [7]. - The company aims for a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, which is expected to be achieved smoothly [7]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 3.021 billion yuan, 3.276 billion yuan, 3.602 billion yuan, and 4.004 billion yuan respectively, with growth rates of 18.59%, 8.42%, 9.97%, and 11.16% [2][8]. - Net profit attributable to the parent company is forecasted to be 388 million yuan in 2024A, 411 million yuan in 2025E, 458 million yuan in 2026E, and 535 million yuan in 2027E, with growth rates of 18.03%, 5.92%, 11.29%, and 16.94% respectively [2][8]. - The earnings per share (EPS) are projected to be 0.77 yuan for 2024A, 0.81 yuan for 2025E, 0.90 yuan for 2026E, and 1.05 yuan for 2027E [2][8]. - The return on equity (ROE) is expected to increase from 11.48% in 2024A to 12.64% in 2027E [2][8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The first batch of CSI All-Share Free Cash Flow ETFs was officially approved, expanding the free cash flow investment track. On April 7, 12 leading fund companies were collectively approved to issue ETF products tracking the CSI All-Share Free Cash Flow Index, which focuses on screening the top 100 listed companies in terms of free cash flow rate in the entire market. The 12 approved tracking products have created a significant scale cluster effect among the existing 7 types of cash flow theme indices [2][14]. - The single-day net inflow of equity ETF funds reached a record high, indicating a continuous increase in market bottom-fishing sentiment. On April 8, the single-day net inflow of non-monetary ETFs in the entire market reached 111.78 billion yuan, breaking the previous record of 109.394 billion yuan on October 8, 2024. Six broad-based ETFs, including Huatai-PineBridge CSI 300 ETF and Southern CSI 500 ETF, attracted over 10 billion yuan each in a single day, with core index products becoming the main carriers of funds. The trading activity in the ETF market also increased synchronously, with a single-day trading volume of 411.6 billion yuan ranking third in history, echoing the trading volumes of over 500 billion yuan on October 8 and 9, 2024, suggesting that institutional investors are rebalancing their positions on a large scale through ETFs at key points [2][15]. Summary by Relevant Catalogs 1 ETF and Index Product Focus - The first batch of CSI All-Share Free Cash Flow ETFs was approved, expanding the investment track and forming a scale cluster effect [2][14]. - The single-day net inflow of equity ETFs hit a record high, with increased trading activity and institutional position rebalancing [2][15]. 2 Last Week's Market Performance Review 2.1 Performance of Major Asset Class Indices - Domestic equity broad-based indices all declined, with the ChiNext Index, CSI 500, CSI 300, SSE 50, and STAR 50 falling by 6.73%, 4.52%, 2.87%, 1.6%, and 0.63% respectively [3][16]. - Major bond indices all rose, with the ChinaBond Long-Term Bond Net Price (Total Value) Index, ChinaBond Treasury Bond Total Net Price (Total Value) Index, ChinaBond Total Wealth (3 - 5 Years) Index, and ChinaBond Medium - Short - Term Bond Net Price (Total Value) Index increasing by 0.91%, 0.46%, 0.31%, and 0.21% respectively [3][16]. - Overseas equity indices showed mixed performance, with the Nasdaq, S&P 500, and Dow Jones Industrial Average rising by 7.29%, 5.7%, and 4.95% respectively, while the Hang Seng Index, Hang Seng Tech Index, Hang Seng China Enterprises Index, German DAX, and Nikkei 225 Index falling by 8.47%, 7.77%, 7.35%, 1.3%, and 0.58% respectively [3][16]. - Commodity indices also had mixed performance, with COMEX silver and gold rising by 10.14% and 7.23% respectively, and ICE Brent crude and NYMEX WTI crude falling by 1.51% and 0.82% respectively [3][16]. 2.2 Performance of Shenwan Primary Industries - Most Shenwan primary industries declined last week. Agriculture, Forestry, Animal Husbandry and Fishery, Commerce and Retail, and National Defense and Military Industry led the gains, rising by 3.28%, 2.88%, and 0.28% respectively, while Power Equipment, Communication, and Machinery fell by 8.09%, 7.67%, and 6.78% respectively [18]. 3 Valuation Situation - The valuation quantiles of major equity broad-based indices all declined last week. The valuations of CSI 1000, CSI 300, Wind All - A, CSI 800, SSE 50, CSI 500, and ChiNext Index fell by 11.72%, 10.73%, 10.2%, 8.31%, 6.5%, 4.2%, and 2.96% respectively [4][23]. - Most valuation quantiles of Shenwan primary industries declined. The top three rising industries were Commerce and Retail, Agriculture, Forestry, Animal Husbandry and Fishery, and Food and Beverage, rising by 2.8%, 2.31%, and 0.85% respectively, while the top three falling industries were Machinery, Comprehensive, and Textile and Apparel, falling by 13.62%, 12.34%, and 11.64% respectively [30]. 4 ETF Scale Changes and Trading Volume 4.1 ETF Scale Changes - The scale of non-monetary ETFs increased by 97.908 billion yuan last week, with a net inflow of 214.983 billion yuan. Stock ETFs increased by 84.186 billion yuan with a net inflow of 173.451 billion yuan; commodity ETFs increased by 16.536 billion yuan with a net inflow of 13.455 billion yuan; bond ETFs increased by 56.19 billion yuan with a net inflow of 58.97 billion yuan; cross - border Hong Kong stock ETFs decreased by 23.33 billion yuan with a net inflow of 171.67 billion yuan; cross - border non - Hong Kong stock ETFs decreased by 61 billion yuan with a net inflow of 50.13 billion yuan [5][34]. - Among equity broad - based ETFs, the CSI 300 theme sector ETF had the largest scale increase of 75.377 billion yuan and the largest net inflow of 98.578 billion yuan, while the CSI A500 theme sector ETF had the largest scale decrease of 12.49 billion yuan and the largest net outflow of 23.63 billion yuan [6][34]. - By industry sector, the Hong Kong stock technology sector ETF had the largest scale increase of 22.22 billion yuan and the largest net inflow of 83.83 billion yuan, while the A - share large - financial sector ETF had the largest scale decrease of 74.33 billion yuan and the largest net outflow of 18.4 billion yuan [35]. - By theme, the top 5 themes with net inflows were the CSI 300 theme, CSI 1000, CSI 500, SSE Leading, and ChiNext theme, while the top 5 themes with net outflows were the CSI A500 theme, Semiconductor & Chip ETF, Securities Company theme, Shenzhen 100 theme, and Big Data theme [35]. - The themes with net inflows for two consecutive weeks were the CSI 300 theme, SSE Leading, ChiNext theme, Technology Broad - based theme, and Internet theme, with a total inflow of 146.346 billion yuan, while the themes with net outflows for two consecutive weeks were the Non - ferrous Metals theme, Consumer Electronics theme, Banking, Steel, and Coal, with a total outflow of 25.34 billion yuan [38]. - Among single ETFs, Huatai - PineBridge CSI 300 ETF had the largest net inflow of 34.042 billion yuan last week, while Huaxia SSE STAR 50 ETF had the largest net outflow of 2.633 billion yuan [39]. 4.2 ETF Trading Volume - Compared with the week before last, the cross - border non - Hong Kong stock ETF with the largest increase in average daily trading volume was E Fund CSI Overseas Internet ETF; the cross - border Hong Kong stock ETF was Huaxia Hang Seng Tech ETF; the stock ETF was Huatai - PineBridge CSI 300 ETF; the commodity ETF was HuaAn Gold ETF; and the bond ETF was Bosera CSI Convertible Bond and Exchangeable Bond ETF [44]. 5 ETF Performance - Among cross - border non - Hong Kong stock ETFs, Huaxia Nasdaq 100 ETF performed best with a 0.8% increase; among cross - border Hong Kong stock ETFs, HuaAn Hang Seng Hong Kong Stock Connect China Central State - owned Enterprises Dividend ETF performed best with a - 4.48% change; among stock ETFs, Jianxin SSE Smart - Selected STAR Market Innovation Value ETF performed best with an 11.58% increase; among commodity ETFs, Harvest Shanghai Gold ETF performed best with a 2.61% increase; among bond ETFs, Bosera SSE 30 - Year Treasury Bond ETF performed best with a 0.83% increase [7][47]. 6 ETF Margin Trading and Short Selling - The total margin buying amount this week was 93.82 billion yuan, an increase of 41.228 billion yuan from 52.592 billion yuan last week. The total margin selling volume this week was 542 million shares, an increase of 314 million shares from 227 million shares last week [49]. 7 Current ETF Market Scale - As of last Friday (April 11, 2025), there were 1,122 listed ETFs in the market, with a total scale of 3,918.982 billion yuan. Among stock ETFs, scale - index ETFs had the largest scale of 2,176.289 billion yuan, followed by theme - index ETFs with a scale of 447.444 billion yuan [50]. - By sector, A - share technology and A - share large - financial sectors had the largest scales of 212.747 billion yuan and 116.487 billion yuan respectively. By theme, the CSI 300 theme and CSI A500 theme had the largest scales of 1,001.627 billion yuan and 227.0 billion yuan respectively [57]. - As of April 11, 2025, 52 fund companies managed ETFs, with a high concentration of management scale. The top 10 and top 20 fund companies in terms of non - monetary ETF management scale accounted for 80.25% and 95.53% of the total respectively. The top 5 fund companies were Huaxia Fund Management Co., Ltd. (675.807 billion yuan, 17.86%), E Fund Management Co., Ltd. (619.034 billion yuan, 16.36%), Huatai - PineBridge Fund Management Co., Ltd. (474.467 billion yuan, 12.54%), Southern Fund Management Co., Ltd. (257.094 billion yuan, 6.79%), and Harvest Fund Management Co., Ltd. (243.592 billion yuan, 6.44%) [59]. 8 ETF Listing and Issuance - 11 ETFs were listed for trading last week. - 14 new ETFs were established last week, all of which were passive index funds. Since April, a total of 15 ETF products have been issued, with a total issuance scale of 11.142 billion yuan [64][65].