A股迎来自下而上的牛市氛围，A50ETF（159601）助力把握核心资产布局机会

Core Viewpoint - The A-share market has entered a bullish phase driven by retail investor sentiment and foreign capital inflow, supported by a favorable external environment and liquidity easing [1] Market Performance - On August 13, the three major A-share indices opened higher, with the Shanghai Composite Index surpassing the previous high of 3674.4 set on October 8, 2024, marking the highest level since December 2021 [1] - The MSCI China A50 Connect Index, which represents core leading assets, saw an upward movement, with leading stocks such as Industrial Fulian, Zijin Mining, and China Unicom leading the gains [1] Market Dynamics - According to Guojin Securities, the bullish atmosphere in July was a result of a combination of liquidity easing and positive policy expectations, with retail investors being the main driving force [1] - The market funds are categorized into four types: state-owned funds, institutions, retail investors, and foreign capital. Retail investors are identified as the core driving force, while foreign capital shows signs of recovery [1] - Institutional fund flows are varied, and the support from state-owned funds has weakened. The current market rally is primarily led by the improvement in retail investor sentiment and the return of foreign capital, with insurance funds providing long-term support [1] Investment Products - The A50 ETF (159601) closely tracks the MSCI China A50 Connect Index, offering a packaged investment in 50 leading interconnected assets, providing balanced coverage of core leading assets in the A-share market [1] - Compared to other "beautiful 50" indices, the MSCI China A50 Connect Index emphasizes liquidity and industry balance during its compilation, showcasing significant large-cap growth style characteristics [1]