A股下半年有望维持结构性牛市，关注A股机遇，把握中证A500ETF（159338）投资机会

Core Insights - The Shanghai Composite Index experienced a slight increase of 2.76% in the first half of 2025, driven by improved liquidity and a recovery in risk appetite, suggesting a potential structural bull market for A-shares in the second half of the year [1] - The US dollar index remains relatively weak, and expectations of a Federal Reserve rate cut around September may lead to further declines in the dollar index and US Treasury yields, which could enhance market risk appetite and favor growth styles [1] - While the export boost effect is expected to weaken in the second half, there remains fiscal space for support, indicating a potential V-shaped recovery in A-share earnings [1] Index and Fund Insights - The CSI A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries in China [1] - The index includes leading companies from almost all tertiary industries, achieving a "gathering of leaders" effect, and incorporates mechanisms like mutual connectivity and ESG screening to align with the preferences of domestic and international institutional investors [1] - Investors interested in core Chinese assets can consider the CSI A500 ETF (159338) or its feeder fund (022449) for investment opportunities in A-shares [1]