2025年四季度市场中枢有望抬升，A500ETF嘉实(159351)近5日“吸金”7.09亿元

Core Viewpoint - The A500 index shows positive performance with significant gains in constituent stocks, indicating a potential bullish trend in the market [1][4]. Market Performance - As of July 3, 2025, the A500 index increased by 0.29%, with notable gains from stocks such as Changchun High-tech (+9.24%), Pengding Holdings (+7.29%), and Yiling Pharmaceutical (+6.91%) [1]. - The A500 ETF managed by Harvest (159351) rose by 0.40% [1]. Liquidity and Trading Volume - The A500 ETF had a turnover rate of 4.79% and a trading volume of 767 million yuan [3]. - Over the past month, the average daily trading volume for the A500 ETF was 3.017 billion yuan [3]. - In the past week, the A500 ETF's scale increased by 319 million yuan, and its shares grew by 1.299 billion [3]. - In the last five trading days, there were net inflows on three days, totaling 709 million yuan [3]. Index Composition - As of June 30, 2025, the top ten weighted stocks in the A500 index accounted for 20.67% of the index, including Kweichow Moutai, CATL, and Ping An Insurance [3][6]. - The total number of A500 index funds has reached 120, with a total fundraising scale exceeding 216 billion yuan [3]. Market Outlook - According to Shenwan Hongyuan Securities, the third quarter of 2025 is expected to remain a high-level volatile market, with potential for a "slow bull" market in the upcoming period [4]. - The market is anticipated to enter a final phase before a significant upward movement in the fourth quarter of 2025, with improved supply-demand dynamics expected to enhance profitability starting in 2026 [4].