基金研究：7月交易量再度反弹，消费酒类ETF获资金流入

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the week from July 28 to August 1, 2025, the domestic stock market was generally in a downward trend, with most major stock indices and style indices showing declines. The trading activity of A - shares has been fluctuating upwards recently, approaching the level of December 2024. The bond market had mixed performance, with pure - bond indices rising and the Shanghai - Shenzhen convertible bond index falling. The commodity market also showed mixed trends, with some commodities rising and others falling. In the ETF market, the trading volume of comprehensive ETFs increased, while that of theme ETFs decreased. There was a net outflow of funds from most broad - based indices in comprehensive ETFs, and significant inflows into heavy - weight sectors such as banks, consumption, and liquor in industry - themed ETFs [2][9][15][18][32]. 3. Summary According to the Table of Contents 3.1 Fund Market Overview 3.1.1 Stock Market - Last week, major domestic stock indices declined. The large - cap indices such as CSI 300, SSE 50, and SSE Composite Index had weekly changes of - 1.75%, - 1.48%, and - 0.94% respectively. The small - and medium - cap indices like CSI 500, CSI 1000, and ChiNext Index had changes of - 1.37%, - 0.54%, and - 0.74% respectively. Style indices showed mixed trends, with financial, cyclical, consumer, growth, and stable style indices having changes of - 1.61%, - 2.28%, - 0.41%, - 0.32%, and - 2.27% respectively. Among the growth styles, large - cap, mid - cap, and small - cap growth style indices changed by - 0.35%, 0.94%, and - 2.26% respectively. The trading activity of A - shares has been fluctuating upwards recently, approaching the level of December 2024, with trading volume showing a pattern of rebound, decline, and then rebound over the past year [9]. 3.1.2 Bond Market and Futures Market - Last week, the Shanghai - Shenzhen convertible bond index fell by - 1.39%. Pure - bond indices rose, with the Shanghai Treasury Bond, Shanghai Corporate Bond, and Shenzhen Local Government Bond indices rising by 0.07%, 0.05%, and 0.02% respectively. The main futures contracts of major stock indices showed mixed trends, with CSI 300, SSE 50, and CSI 500 futures rising by 0.55%, 0.65%, and 0.14% respectively. The prices of 10 - year, 5 - year, and 2 - year Treasury bond futures rose by 0.22%, 0.13%, and 0.02% respectively [15][16]. 3.1.3 Commodity Market - In the past week, the commodity market showed mixed trends. The CRB Poultry Spot, CRB Edible Oil Spot, and Nanhua Agricultural Product Index changed by 0.01%, - 0.48%, and - 1.05% respectively. Among domestic key commodity futures, INE Crude Oil, SHFE Asphalt, and CZCE Thermal Coal futures changed by 3.79%, 1.41%, and 0.00% respectively [18][21]. 3.2 ETF Market Quotation Statistics - By screening ETFs through indicators such as fund size and trading volume, the most representative ETFs in different sectors of comprehensive and industry - themed categories are selected for long - term tracking. Monitoring indicators such as large - and small - cap style classification, changes in circulating shares, net - bought funds, and trading volume can provide references for market style switching and fund flow [23]. 3.3 Domestic Stock - Type ETF Trading Activity Ranking - Using the weekly turnover rate of funds as a measure of ETF trading activity, last week's trading hotspots were mainly concentrated in comprehensive indices such as ChiNext 50 and ChiNext, as well as sectors such as Steel ETF, Coal ETF, and Bank ETF [24]. 3.4 Large - and Small - Cap Style Monitoring 3.4.1 Comprehensive Stock ETF - As of last week, the trading volume of comprehensive ETF funds increased. The trading volume of comprehensive ETFs was 69.484 billion yuan, an increase of 5.046 billion yuan from the previous week. Among them, the trading volume of large - and mid - cap style comprehensive ETFs was 34.555 billion yuan, an increase of 0.528 billion yuan, and that of small - and mid - cap comprehensive ETFs was 35.702 billion yuan, an increase of 4.833 billion yuan. The circulating shares of comprehensive ETF funds decreased by 4.178 billion shares compared to the previous week [26]. 3.4.2 Thematic Stock ETF - As of last week, the average weekly change of 32 thematic ETFs was - 1.57%. The average weekly change of large - cap style ETFs was - 2.76%, and that of small - and mid - cap style ETFs was - 0.59%. The total trading volume of thematic ETFs decreased by 3.582 billion yuan compared to the previous week. The trading volume of large - cap style ETFs decreased by 6.615 billion yuan, while that of small - and mid - cap style ETFs increased by 3.033 billion yuan. The circulating shares of thematic ETFs increased by 15.599 billion shares compared to the previous week [27]. 3.5 Sector Fund Flow Tracking - In terms of returns, comprehensive ETFs showed mixed trends. The top three were the Innovation - Growth 50 ETF, 1000 ETF, and ChiNext, with changes of - 0.49%, - 0.55%, and - 0.65% respectively. The bottom three were the Shenzhen 100 ETF, 300 ETF, and 300 ETF, with changes of - 1.88%, - 1.73%, and - 1.67% respectively. Industry - themed ETFs also showed mixed trends. The top three were the 5G ETF, Pharmaceutical ETF, and Biomedical ETF, with changes of 3.47%, 2.00%, and 1.86% respectively. The bottom three were the Coal ETF, Non - Ferrous Metals ETF, and New Energy Vehicle ETF, with changes of - 5.11%, - 4.97%, and - 4.16% respectively. In terms of fund flow, most broad - based indices in comprehensive ETFs had a small net outflow of funds, while heavy - weight sectors such as banks, consumption, and liquor in industry - themed ETFs had significant inflows [32]. 3.6 Commodity ETF - Last week, the commodity ETF funds showed mixed trends. The Gold ETF, Bosera Gold, Soybean Meal ETF, Non - Ferrous Metals Futures ETF, and Energy Chemicals ETF changed by - 0.77%, - 0.76%, - 0.15%, - 1.75%, and - 6.00% respectively. The total circulating shares of tracked commodity ETFs increased by 0.317 billion shares compared to the previous week, and the total trading volume increased by 1.887 billion yuan [36]. 3.7 Overseas ETF - Last week, among the tracked overseas ETF funds, the Nasdaq ETF, H - share ETF, and Hang Seng ETF changed by 0.40%, - 2.45%, and - 2.19% respectively. The total circulating shares of tracked overseas ETF funds increased by 0.018 billion shares compared to the previous week, and the total trading volume increased by 0.929 billion yuan [38]. 3.8 Money Market ETF - As of the end of last week, the overnight SHIBOR rate was 1.39%, a decrease of 0.24% from the previous week, and the one - week SHIBOR rate was 1.50%, a decrease of 0.05% from the previous week. The seven - day annualized yield of Huabao Tianyi increased by 0.02% to 1.07%, and that of Yinhua Rili decreased by 0.03% to 1.04%. In terms of circulating shares, Huabao Tianyi's circulating shares decreased by 0.467 billion shares, while Yinhua Rili's increased by 2.824 billion shares [42].