红利低波家族首只200亿ETF诞生【国信金工】

Market Review - The A-share market saw all major broad indices rise last week, with the CSI 1000 and ChiNext Index both gaining 2.36%, and the CSI 500 Index increasing by 1.96% [6][13]. - The financial, real estate, and non-bank financial sectors led in performance, with returns of 6.73%, 6.06%, and 3.94% respectively, while the automotive, home appliance, and banking sectors lagged with returns of -0.56%, -0.18%, and -0.13% [19][21]. - The People's Bank of China (PBOC) conducted a net withdrawal of 226.5 billion yuan through reverse repos, with a total of 652.2 billion yuan maturing [22]. Fund Performance - Last week, the active equity, flexible allocation, and balanced mixed funds achieved returns of 0.79%, 0.63%, and 0.53% respectively [34]. - Year-to-date, alternative funds have performed the best with a median return of 11.94%, while active equity, flexible allocation, and balanced mixed funds have median returns of 6.79%, 4.20%, and 2.25% respectively [36][41]. Fund Issuance - A total of 35 new funds were established last week, with a total issuance scale of 32.778 billion yuan, which is an increase from the previous week [3][46]. - The majority of new funds were passive index funds, with 12 being launched, and passive index bond funds totaling 10, with issuance scales of 3.031 billion yuan and 28.988 billion yuan respectively [48]. Gold Reserves - As of June 2025, China's official gold reserves stood at 73.9 million ounces, an increase of 70,000 ounces from the end of May, marking the eighth consecutive month of gold reserve accumulation by the central bank [9]. ETF Developments - The Huatai-PineBridge Dividend Low Volatility ETF became the first in the A-share market to exceed 20 billion yuan in size, reaching 20.788 billion yuan as of July 11, 2025 [12]. - Seven fund companies submitted applications for ETFs related to the ChiNext Composite Index following the announcement of revisions to the index compilation scheme by the Shenzhen Stock Exchange [5]. Bond Market - The central bank's reverse repo operations resulted in a net withdrawal of 226.5 billion yuan, with the 1-month pledged repo rate decreasing by 6.10 basis points [22][23]. - The yield spread for different maturities of government bonds has narrowed by 1.20 basis points, indicating a rise in yields across various credit ratings [24]. Quantitative Fund Performance - The median excess return for index-enhanced funds was 0.21% last week, while quantitative hedge funds reported a median return of -0.29% [37]. - Year-to-date, index-enhanced funds have a median excess return of 3.08%, while quantitative hedge funds have a median return of 0.62% [38]. FOF Fund Overview - As of last week, there were 245 ordinary FOF funds, 119 target date funds, and 154 target risk funds in the open-end public fund category [39]. - The median returns for ordinary FOF, target date, and target risk funds last week were 0.13%, 0.26%, and 0.10% respectively, with target date funds showing the best year-to-date performance at 4.13% [41].