ETF兵器谱、金融产品每周见20250615-20250615

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - Currently, Hong Kong stock ETFs can be classified into four categories: broad - based, industry, theme, and SmartBeta. There is an obvious concentrated layout among large - scale Hong Kong stock ETFs, and the 20 largest Hong Kong stock ETFs generally have the characteristics of technology industry ETFs. Some ETFs in the Hong Kong stock market are eligible securities for the Hong Kong Stock Connect and can be purchased by investors through the Hong Kong Stock Connect. The T + 0 trading and T + 0 subscription confirmation mode under RTGS make it easier to seize short - term trading opportunities [4]. - Each type of Hong Kong stock ETF has its own characteristics and configuration value. For example, broad - based ETFs have a first - mover advantage in layout scale and have misaligned consumption attributes; technology ETFs show high - elasticity characteristics in 2020 and have unique layout opportunities; pharmaceutical ETFs have core differences in concentration, industry structure, and unique Hong Kong stocks; consumer ETFs have significant differences within the consumer - related indices; financial and real - estate ETFs show low - drawdown value characteristics; SmartBeta ETFs can achieve positive returns in 2021 and 2023; theme ETFs track indices with central state - owned enterprise and new - economy attributes and show outstanding returns at different times [4]. Group 3: Summary by Directory I. Hong Kong Stock ETF: Starting from the Cross - market ETF Period and Developing Rapidly after the Full Opening of the Hong Kong Stock Connect 1.1 The Starting and Development of Hong Kong Stock ETFs - Hong Kong stock ETFs started in 2012 when cross - market ETFs represented by the CSI 300 ETF emerged. The Huaxia Hang Seng ETF and E Fund Hang Seng H - Share ETF were established on the same day, using the QDII channel to invest in Hong Kong stocks. - Hong Kong stock ETFs showed phased development characteristics. After the pilot of the Hong Kong Stock Connect in 2014, some ETF products based on the Hong Kong Stock Connect channel appeared but developed slowly until 2020. In the first quarter of 2021, with a significant net inflow of Hong Kong Stock Connect funds, new products and types of Hong Kong stock ETFs gradually increased, and the industry - type and SmartBeta - type Hong Kong stock ETF products expanded rapidly [8]. 1.2 Current Classification and Layout of Hong Kong Stock ETFs - Hong Kong stock ETFs can be classified into four categories: broad - based, industry, theme, and SmartBeta. Among them, technology - related industry ETFs have a prominent scale share. For example, the total scale of technology - related industry ETFs is 1477.28 billion yuan, with the Hang Seng Technology Index having a tracking scale of 790.17 billion yuan [9]. - Broad - based indices are relatively wide, and the Hang Seng Index and the Hong Kong Stock Connect 50 have the highest tracking scales, with relatively low numbers of constituent stocks. Industry - type funds cover various sectors except for the cyclical sector, and technology - type funds have the highest scale share. Theme - type funds are mainly composed of central state - owned enterprise and new - economy themes, and SmartBeta products are all high - dividend products [10]. 1.3 Large - scale Hong Kong Stock ETFs - There is an obvious concentrated layout among large - scale Hong Kong stock ETFs. Among the 20 largest Hong Kong stock ETFs, 15 track technology - related indices, and some high - dividend products also have relatively high scales [11]. 1.4 Hong Kong Stock ETFs Eligible for Purchase through the Hong Kong Stock Connect - In addition to ETFs in the A - share market, some ETFs listed in the Hong Kong market are eligible securities for the Hong Kong Stock Connect. Currently, 16 Hong Kong stock ETFs are included in the Hong Kong Stock Connect list, with categories generally overlapping with those of mainland ETFs. The Huaxia Hang Seng ESG is relatively unique as it tracks the ESG theme [12]. 1.5 Trading Mechanism Differences of Hong Kong Stock ETFs - Cross - border ETFs can implement same - day reversal trading (T + 0). There is no obvious difference in trading mechanisms between investing in Hong Kong stock ETFs in the A - share market and buying Hong Kong - listed ETFs through the Hong Kong Stock Connect, but differences in settlement times between the two markets can affect actual investment returns [15]. 1.6 Subscription and Redemption Differences of Hong Kong Stock ETFs - As cross - market ETFs, Hong Kong stock ETFs must use full cash substitution for subscription and redemption. Some Hong Kong stock ETFs can achieve T + 0 subscription through RTGS. When investors' accounts have sufficient funds and brokers confirm orders in real - time, fund share settlement is carried out in real - time, allowing investors to sell or redeem on the same day (T + 0). Otherwise, the settlement will be carried out at the end of the day, enabling fund share trading on T + 1 [18]. II. Detailed Explanation of Hong Kong Stock ETF Types: Analysis of Compilation Methods and Configuration Values 2.2 Overview of Hong Kong Stock Broad - based ETFs - Hong Kong stock broad - based ETFs have small performance differences and similar industry structures. They generally experienced significant declines from 2021 - 2023 and prominent increases from 2024 - 2025. The top ten constituent stocks have a high concentration, focusing on industries such as banking, non - banking finance, media, and retail [22][23]. - The compilation methods of Hong Kong stock broad - based ETFs have small differences, mainly using Hong Kong Stock Connect stocks as the sample pool and average daily total market value as the screening basis. The Hang Seng Index is the most recognized index [24]. - Compared with mainland broad - based indices, Hong Kong stock broad - based ETFs generally allocate more in industries such as "media", "commercial retail", and "social services", with misaligned consumption attributes. The allocation of industries such as social services, media, and banking is an important layout opportunity for Hong Kong stock broad - based ETFs, with significant contribution to returns [27][29]. 2.3 Overview of Hong Kong Stock Technology ETFs - Hong Kong stock technology ETFs showed highly prominent elasticity in 2020, and only a few indices have outperformed the Hang Seng Index since this year. The top ten constituent stocks have a high concentration, focusing on industries such as electronics, media, and commercial retail [33][35]. - Hong Kong stock technology - related indices generally add fundamental requirements to the technology attribute, only screening technology stocks with strong R & D investment or strong revenue growth. These indices have highly similar heavy - weight stocks, and most of these stocks do not have corresponding stocks in the A - share market, presenting unique layout opportunities [38][39]. - Hong Kong stock technology - related indices generally perform well during the downward phase of US Treasury yields, benefiting from the improvement of the international trade environment [43]. 2.4 Overview of Hong Kong Stock Pharmaceutical ETFs - Hong Kong stock pharmaceutical ETFs have been the most prominent group of Hong Kong stock ETFs this year. Although their previous performance was not outstanding, they have achieved significant increases in 2025, far exceeding other comparable Hong Kong stock indices. The top ten constituent stocks have a high concentration, mainly investing in pharmaceutical - biological stocks [44][45]. - Innovation - drug indices are superior in both theme market and medium - to - long - term performance, mainly due to the screening of business. The differences in concentration and industry structure are the core reasons for the performance differences among indices. Compared with domestic indices, Hong Kong Stock Connect pharmaceutical indices showed stronger performance during historical theme periods, and there is an arbitrage space in valuation [46][52]. 2.5 Overview of Hong Kong Stock Consumer ETFs and Automobile ETFs - The performance of consumer sub - indices varies greatly. The Hong Kong Stock Connect Consumer Index has stronger elasticity characteristics, with more excess returns compared to the Hang Seng Consumer Index in 2020, 2024, and 2025. The Hang Seng Consumer Index has relatively weak elasticity. The top ten constituent stocks have a high concentration, and there are significant differences in industry structure [54][55]. - The core difference among consumer - related indices lies in the industry screening logic. The Hang Seng Consumer Index focuses on traditional consumption, the CSI Hong Kong Stock Connect Consumer Theme Index includes media and other technology - related industries, and the Hong Kong Stock Connect Automobile Index focuses on the automobile industry [56]. - The Hang Seng Consumer Index has a high correlation with the mainland consumer index, while the Hong Kong Stock Connect Consumer Index is similar to the Hang Seng Technology Index, showing high - elasticity and high - volatility characteristics. There are valuation - regression layout opportunities for the Hong Kong Stock Connect Consumer Index [61][62]. 2.6 Overview of Hong Kong Stock Financial and Real - Estate ETFs - Financial and real - estate ETFs had outstanding performance in 2024 and showed low - drawdown value attributes in the early stage. Compared with other industry - theme funds, financial and real - estate indices generally had lower declines from 2021 - 2023. Currently, these ETFs mainly focus on financial industries such as banking, non - banking, and securities, with little involvement in real estate. The top ten constituent stocks have a high concentration [65][68]. - The differences among financial and real - estate indices mainly lie in the industry scope and liquidity restrictions [69].