年内规模增幅达997%！全市场唯一港股通非银ETF(513750)规模突破86亿元再创新高，关注低估区间布局机会

Core Insights - The Hong Kong Stock Connect Non-Bank ETF (513750) has reached a record high of 8.658 billion yuan in size as of July 21, 2025, with a year-to-date growth of 997.33% [1] - The ETF has seen continuous net inflows over the past 14 days, totaling 3.673 billion yuan, with a single-day peak inflow of 820 million yuan [1] - The ETF's net asset value has increased by 79.30% over the past year, ranking 51 out of 2929 index stock funds, placing it in the top 1.74% [2] Fund Performance - The Hong Kong Stock Connect Non-Bank ETF has achieved a maximum monthly return of 31.47% since its inception, with the longest consecutive monthly gain being 4 months and a total increase of 38.25% [2] - The ETF has outperformed its benchmark with an annualized excess return of 22.98% over the last three months [2] Index Composition - As of June 30, 2025, the top ten weighted stocks in the index include China Ping An, AIA, Hong Kong Exchanges, and others, accounting for 77.92% of the index [3] - The top three holdings, China Ping An, AIA, and Hong Kong Exchanges, each represent over 14% of the index [3] Market Outlook - The insurance sector is expected to see a year-on-year net profit growth of 12.1% in the first half of 2025, driven by improved performance in the second quarter [3] - The insurance industry is currently undervalued, with a PE ratio at the 8.92x percentile and a PB ratio at the 1.50x percentile, suggesting potential investment opportunities [4] Investment Strategy - The market is advised to focus on undervalued stocks, mid-year performance, and business expansion opportunities in the insurance sector [4] - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, with over 60% of its composition in the insurance sector, which is seen as a "second flagbearer" in a bull market [4]