南方基金：中央汇金大举增持股票ETF！

Market Performance - The market continued its upward trend last week, with major indices mostly rising. The Shanghai Composite Index closed at 3857.93 points, up 0.84% for the week, while the ChiNext Index closed at 2890.13 points, up 7.74% for the week [1] Sector Performance - In the CITIC industry sectors, the telecommunications, non-ferrous metals, and electronics indices had the highest gains, while the comprehensive financial, textile and apparel, and coal indices experienced the largest declines [1] ETF Investments - Central Huijin significantly increased its holdings in stock ETFs, with a total market value of 1.28 trillion yuan as of the end of June, representing a nearly 23% increase from the end of last year [4][5] - Central Huijin's asset management company increased its stock ETF holdings to 1.58 times that of the end of last year, with multiple broad-based ETFs receiving over 1 billion shares in increases [5] Securities Industry Performance - In the first half of 2025, 42 A-share listed securities firms reported a total operating income of 251.87 billion yuan, a year-on-year increase of 30.8%, and a net profit attributable to shareholders of 104.02 billion yuan, up 65.08% year-on-year [6] Fund Performance - The average performance of active equity funds exceeded 23% in the first eight months of the year, with an average net value growth rate of 23.89% [7][8] - Ordinary stock funds and equity-mixed funds achieved average net value growth rates of 28.38% and 28.79%, respectively, benefiting from market recovery [8] Deposit Trends - The phenomenon of "deposit migration" accelerated in July, with a decrease of 1.1 trillion yuan in new deposits from residents, while non-bank institutions saw an increase of 2.14 trillion yuan [9] Global Market Signals - Federal Reserve officials are signaling a potential interest rate cut, with an 86.9% probability of a 25 basis point cut in September according to market expectations [10][11] ETF Growth - The CSI 300 ETF has seen a significant increase of nearly 400 billion yuan in total scale over the past year, becoming one of the most关注的 categories in the broad-based ETF market [12] Future Market Outlook - The macro strategy department of Southern Fund believes the current market trend remains promising, driven by the resonance of "overseas liquidity shift" and "domestic incremental capital entry" [12] - Three main investment themes are suggested: domestic production, globalization, and leading companies, focusing on sectors like non-ferrous metals, coal, and photovoltaic [13]