Core Insights - Despite a volatile overall market in the first quarter of 2025, public funds demonstrated strong resilience, with a notable recovery in the performance of actively managed equity funds [3][4] - The report indicates that 74.97% of the 8097 funds achieved positive returns, with 166 funds exceeding a 20% return and 989 funds surpassing a 10% return [3] - Growth style funds outperformed in the first quarter, with median returns of 14.49% for mid-cap growth and 13.31% for small-cap growth, while large-cap value funds lagged with a median return of approximately 1.50% [3] Fund Performance - The first quarter saw a strong correlation between fund performance and changes in fund size, with better-performing funds attracting more investment [4] - As of the end of the first quarter, the total market fund management scale reached 31.61 trillion yuan, a 9.60% increase year-on-year, while the scale of actively managed equity funds decreased by 5.16% to 3.49 trillion yuan [4] Billion Club Changes - The number of actively managed equity funds with assets exceeding 100 billion yuan decreased from 27 to 26 in the first quarter, with new entrants replacing some previous members [5] - Notable new members include the Yongying Advanced Manufacturing Select and Penghua Carbon Neutrality Theme funds, which have shown strong performance [5][8] Top Performing Funds - The Penghua Carbon Neutrality Theme fund achieved a remarkable return of 60.26%, leading the performance rankings, while the Yongying Advanced Manufacturing Select fund recorded a return of 52.32% [8][10] - The net subscription amounts for these funds were estimated to exceed 7 billion yuan, with significant increases in their total assets [10] Fund Manager Rankings - The top ten fund managers in the actively managed equity fund sector maintained relative stability, with slight internal ranking changes [14] - As of the end of the first quarter, the largest actively managed equity fund was the E Fund Blue Chip Select, managed by Zhang Kun, with a total asset value of 389.08 billion yuan [10][14] Scale Growth - Several fund managers, including those from Fortune Fund and China Europe Fund, reported significant net increases in fund management scale, indicating a positive trend in the sector [15][16] - The scale of the China Europe Medical Health fund, managed by Ge Lan, reached 311.79 billion yuan, making it one of the largest actively managed equity funds [16]

2025 年 04 月 29 日 与传统风格相关性更低，A 股资产配置 新方向：大成中证全指自由现金流 ETF （159235）投资价值分析 ——指数基金产品研究系列报告之二百四十七 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 方思齐 A0230123090003 fangsq@swsresearch.com 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 益 量 化 研 究 权 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共25页 简单金融 成就梦想 股 票 基 金 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 现金流 ETF 已经成为海外市场热门产品，国内产品申报火热。国内自由现金流产品目前 处于起步阶段，而海外现金流产品已经取得了丰硕的发展成果。其中规模领先的 COWZ 规模已超 200 亿美元。近期国内现金流 ETF 迎来集中申报浪潮， ...

Report Summary - **Report Date**: April 29, 2025 - **Report Type**: ETF Daily Report - **Analyst**: Ma Yaoshi - **Contact Information**: Email - mayst@hxzb.cn, Phone - 15201282186 Market Overview - A - share market: The Shanghai Composite Index fell 0.05% to close at 3286.65 points, the Shenzhen Component Index fell 0.05% to close at 9849.80 points, and the ChiNext Index fell 0.13% to close at 1931.94 points. The trading volume of A - shares in the two markets was 1041.9 billion yuan. The top - rising industries were beauty care (2.60%), machinery and equipment (1.44%), and media (1.27%); the top - falling industries were public utilities (-1.78%), comprehensive (-0.97%), and petroleum and petrochemical (-0.55%) [2][6] Stock ETF - The top - trading - volume stock ETFs: Huaxia CSI A500ETF fell 0.11% with a premium rate of -0.09%; Guotai CSI A500ETF had a change of 0.00% with a premium rate of -0.08%; Southern CSI A500ETF fell 0.10% with a premium rate of -0.16%. Other top - ten trading - volume stock ETFs included Huatai - Ber瑞 CSI 300ETF, Huaxia Shanghai - Shenzhen Science and Technology Innovation Board 50ETF, etc. [3][7][8] Bond ETF - The top - trading - volume bond ETFs: Pengyang ChinaBond 30 - year Treasury Bond ETF rose 0.79% with a premium rate of 0.66%; Haifutong CSI Short - term Financing Bond ETF rose 0.02% with a premium rate of 0.01%; Fuguo ChinaBond 7 - 10 - year Policy Financial Bond ETF rose 0.21% with a premium rate of 0.20%. [4][9][10] Gold ETF - Gold prices: Gold AU9999 rose 0.21%, and Shanghai Gold rose 0.52%. The top - trading - volume gold ETFs: Huaan Gold ETF rose 0.70% with a premium rate of 0.64%; E Fund Gold ETF rose 0.65% with a premium rate of 0.63%; Bosera Gold ETF rose 0.63% with a premium rate of 0.62%. [12][13] Commodity Futures ETF - The top - trading - volume commodity futures ETFs: Huaxia Feed Soybean Meal Futures ETF fell 0.72% with a premium rate of -1.13%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 1.09% with a premium rate of -0.99%; Dacheng Non - ferrous Metals Futures ETF fell 0.12% with a premium rate of -0.13%. [13][14] Cross - border ETF - Overseas market indices: The previous trading day, the Dow Jones Industrial Average rose 0.28%, the Nasdaq Composite fell 0.10%, the S&P 500 rose 0.06%, and the German DAX rose 0.13%. On the day, the Hang Seng Index rose 0.16%, and the Hang Seng China Enterprises Index fell 0.15%. The top - trading - volume cross - border ETFs: Huaxia Hang Seng Technology ETF fell 0.14% with a premium rate of 0.89%; Huatai - Ber瑞 Southern East Asia Hang Seng Technology ETF fell 0.15% with a premium rate of 1.38%; GF CSI Hong Kong Innovative Drug ETF rose 0.76% with a premium rate of 1.86%. [15][16] Money ETF - The top - trading - volume money ETFs: Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jianxin Tian Yi. [17][19]

Core Insights - The overall performance of stock and mixed funds showed that 24.51% achieved positive returns, with 148 funds exceeding a 1% return, while 94 funds experienced a net value decline of over 2% [1][2] Fund Performance Summary - The Shanghai Composite Index fell by 0.20% to close at 3288.41 points, while the Shenzhen Component Index and the ChiNext Index dropped by 0.62% and 0.65%, respectively [1] - The top-performing sectors included banking, steel, and public utilities, with increases of 0.98%, 0.53%, and 0.39% respectively, while real estate, comprehensive services, and social services saw declines of 3.66%, 2.52%, and 2.19% [1] - The average net value growth rate for stock and mixed funds on April 28 was -0.31% [1] - The leading fund in terms of net value growth rate was the Shenwan Lixin LeRong One-Year Holding Mixed A, with a growth rate of 2.88% [2] - Among the funds with a net value growth rate exceeding 1%, 79 were equity funds, 24 were standard stock funds, and 22 were flexible allocation funds [2] Fund Decline Summary - The fund with the largest decline was the Dachen Industry Pioneer Mixed C, which saw a net value drop of 4.96% [2][4] - Other notable declines included Dachen Industry Pioneer Mixed A at -4.95%, and the Southern CSI All-Index Real Estate ETF at -3.70% [4] - A total of 94 funds experienced a net value decline exceeding 2% [2]

Core Viewpoint - The active equity mutual funds have shown exceptional performance in the first quarter of 2025, achieving the best returns in nearly five years, with a notable consensus in industry allocation between domestic and foreign investors [2][6]. Group 1: Fund Performance and Trends - Active equity funds' management scale increased to 34,455.19 billion yuan in Q1 2025, marking a recovery after a prolonged decline since Q2 2022 [3][4]. - The number of newly launched active equity funds rose to 53, with a total scale of 16.499 billion yuan, indicating a slight improvement in the new fund market [4][5]. - The overall stock position of active equity funds increased by 0.37 percentage points to 85.47% in Q1 2025, reflecting a high level of investment activity [7]. Group 2: Industry Allocation Insights - Active equity funds significantly increased their positions in the automotive, non-ferrous metals, and electronics sectors, while reducing exposure to power equipment, telecommunications, public utilities, transportation, and coal [7][8]. - The consensus between domestic and foreign investors on increasing allocations to automotive, non-ferrous metals, and electronics indicates a shared recognition of these sectors' growth potential and investment value [8][9]. Group 3: Market Drivers and Future Outlook - The recovery in the automotive sector is supported by domestic consumption stimulus policies, while the non-ferrous metals sector benefits from global supply constraints and the growth of the new energy industry [8][9]. - The electronics sector is experiencing a resurgence due to the global semiconductor recovery and the rapid development of AI and other emerging technologies, enhancing industry expectations [9][10]. - The long-term importance of equity assets in investment portfolios is increasingly recognized, contributing to the warming of the new fund market [5][9].

Report Industry Investment Rating - The document does not mention the report industry investment rating. Core Viewpoints - On April 28, 2025, the Shanghai Composite Index fell 0.20% to 3288.41 points, the Shenzhen Component Index fell 0.62% to 9855.20 points, and the ChiNext Index fell 0.65% to 1934.46 points. The total trading volume of A-shares in the two markets was 1076.9 billion yuan. The top-performing sectors were banking (0.98%), steel (0.53%), and utilities (0.39%), while the worst-performing sectors were real estate (-3.66%), comprehensive (-2.52%), and social services (-2.19%) [2][7]. Summary by Directory Market Overview - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all declined on April 28, 2025, with trading volume reaching 1076.9 billion yuan. Banking, steel, and utilities led the gains, while real estate, comprehensive, and social services led the losses [2][7]. Stock ETF - The top-traded stock ETFs on April 28, 2025, were Southern China Securities A500 ETF (down 0.21%, discount rate -0.30%), Huaxia China Securities A500 ETF (down 0.11%, discount rate -0.23%), and Huatai-PineBridge CSI 300 ETF (down 0.15%, discount rate -0.19%) [3][8]. Bond ETF - The top-traded bond ETFs on April 28, 2025, were Haifutong CSI Short-term Financing Bond ETF (down 0.00%, discount rate 0.00%), Penghua ChinaBond 30-Year Treasury Bond ETF (up 0.36%, discount rate 0.49%), and Fullgoal ChinaBond 7-10 Year Policy Financial Bond ETF (up 0.07%, discount rate 0.06%) [4][10]. Gold ETF - Gold AU9999 and Shanghai Gold both fell 0.92% on April 28, 2025. The top-traded gold ETFs were Huaan Gold ETF (down 0.86%, discount rate -0.99%), E Fund Gold ETF (down 0.82%, discount rate -0.95%), and Bosera Gold ETF (down 0.84%, discount rate -0.94%) [13]. Commodity Futures ETF - On April 28, 2025, Huaxia Feed Meal Futures ETF fell 1.48% with a discount rate of -1.81%, Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.02% with a discount rate of 1.05%, and Dacheng Nonferrous Metals Futures ETF fell 0.42% with a discount rate of -0.50% [14]. Cross-Border ETF - The previous trading day saw gains in the Dow Jones Industrial Average (0.05%), NASDAQ Composite (1.26%), S&P 500 (0.74%), and German DAX (0.81%). On April 28, 2025, the Hang Seng Index fell 0.04% and the Hang Seng China Enterprises Index fell 0.00%. The top-traded cross-border ETFs were Huaxia Hang Seng Technology ETF (down 0.14%, discount rate 1.15%), GF China Securities Hong Kong Innovative Drugs ETF (down 2.01%, discount rate -1.55%), and Huatai-PineBridge Southern Dongying Hang Seng Technology ETF (unchanged, discount rate 1.65%) [16]. Money ETF - The top-traded money ETFs on April 28, 2025, were Silver Hua Dayli ETF, Huabao Tianyi ETF, and Money ETF Jianxin Tianyi [18].

- The report tracks the performance of various industry-themed funds, with the new energy theme fund performing the best this week, showing a return of 2.76%[2][32] - The report includes the construction of a complete REITs series index to reflect the REITs market performance comprehensively, providing indices for different underlying assets and project types[44][45] - The report highlights the significant inflow of funds into commodity ETFs, particularly gold ETFs, with a net inflow of over 100 billion yuan this week[2][48] - The report mentions the high-frequency estimation of active equity fund positions, showing a decrease of 0.31 percentage points compared to the previous week[3][60] - The report tracks the issuance of green bonds, noting that 15 new green bonds were issued this week, with a total issuance scale of 33.6 billion yuan[3][66] - The report provides a detailed breakdown of the performance of different types of ESG funds, with active equity ESG funds showing a median net value change of 2.14% this week[3][76] - The report includes a list of the top-performing active equity funds, with the best-performing fund being Yongying Advanced Manufacturing Select A, which had a weekly net value change of 13.25%[35][36] - The report tracks the performance of passive index funds, with the best-performing fund being the Hong Kong Stock Connect Innovative Drug ETF, which had a weekly net value change of 10.77%[37][38] - The report tracks the performance of pure bond funds, with the best-performing fund being Zhongyin Securities Huiyu One-Year Fixed Open, which had a weekly net value change of 0.75%[39][41] - The report tracks the performance of mixed bond funds, with the best-performing fund being Jinying Yuanfeng A, which had a weekly net value change of 2.71%[42][43] - The report tracks the performance of REITs funds, noting that the REITs comprehensive index fell by 3.12% this week[44][45] - The report provides a detailed breakdown of the net inflows and outflows of different types of domestic stock ETFs, with the largest net inflow being into the Gold Fund ETF, which had a net inflow of 3.611 billion yuan this week[48][58] - The report provides a detailed breakdown of the net inflows and outflows of different types of domestic stock ETFs, with the largest net outflow being from the China Securities A500 ETF Fund, which had a net outflow of 1.574 billion yuan this week[48][59]

ETF Market Overview - The performance of ETFs has been generally positive in the last two weeks, with the exception of the Sci-Tech 100 and Sci-Tech 50 ETFs. The largest gains were seen in ETFs tracking the Hang Seng Index and the CSI 2000, while the manufacturing sector ETFs showed the highest increase among industry and thematic products [3][11]. - In terms of fund flows, major broad-based ETFs experienced significant net inflows, particularly the CSI 300 and the SSE 50 ETFs. After a substantial outflow at the beginning of the year, technology ETFs have shifted to net inflows since March, although the inflow rate has slowed in the last two weeks [3][11]. Fund Flow Analysis - As of April 25, 2025, a total of 15 new ETFs were launched, with a combined issuance of 8.99 billion shares, all of which are stock ETFs. Compared to the end of 2024, the scale of various ETFs has increased, with commodity ETFs, bond ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs rising by 120.33%, 38.17%, 14.44%, 7.58%, and 1.14% respectively [21][22]. - The cumulative fund flow for broad-based ETFs has shown a trend of inflows since early April 2025, particularly for the CSI 300, CSI 1000, and CSI 2000 ETFs, with the CSI 300 ETF seeing a net inflow exceeding 130 billion [12][14]. Thematic ETF Performance - The technology-themed ETFs have shown strong performance, particularly those tracking the new exchange's Southeast Asia Technology Index, with overseas technology ETFs outperforming domestic ones. In terms of fund flows, ETFs tracking the Hang Seng Technology Index have seen significant net inflows, while those tracking 5G communications have experienced outflows [27][28]. - The healthcare-themed ETFs have also performed well, with those tracking innovative drug indices seeing notable gains. However, funds have shifted from inflows to outflows for medical, military, dividend, and consumer ETFs in the last two weeks [16][28]. ETF Product Structure - The structure of newly launched ETFs indicates a growing trend towards thematic and sector-specific investments, with a notable increase in the issuance of stock ETFs. The overall market for ETFs is expanding, reflecting a shift in investor preferences towards diversified and thematic investment strategies [21][22].

Group 1 - A total of 6 new funds were launched in just 3 trading days from April 28 to April 30, with 3 being passive index funds [2] - The largest fund launched last week was a medium to long-term pure bond fund with a first fundraising scale of nearly 6 billion yuan [5] - Public REITs have gained significant attention, with the Hua Tai Suzhou Heng Tai Rental Housing REIT seeing a record high in offline subscription [7] Group 2 - The new funds include the Dongfanghong Yufeng Return A, Zhonghai Technology Innovation A, and Huabao Zhongzheng Information Technology Application Innovation Industry (300832) Link A, all launched on April 28 [2] - The Dongfanghong Yufeng Return A is a mixed bond secondary fund managed by Ji Wenjing, who has nearly 18 years of experience in the securities industry [2][3] - The Zhonghai Technology Innovation fund focuses on the "technology innovation" sector, particularly in artificial intelligence and new generation information technology [3] Group 3 - The Huabao Zhongzheng Information Technology Application Innovation Industry Link A targets the Xinchuang ETF, covering key areas of the Xinchuang industry chain [3] - The Xinchuang Index has shown a cumulative return of 41.85% since its base date, with an annualized return of 5.10% as of March 31 [3] - The BlackRock Anze 60-Day Holding A fund is set to be issued on April 30, managed by Liu Xin, the Chief Fixed Income Investment Officer at BlackRock [4] Group 4 - The previous week saw 28 new funds established, with the largest being the Pu Yin An Sheng Pu Hang 3-Month Fixed Open Fund, which raised 5.999 billion yuan [5][8] - The second largest was the mixed bond primary fund Zhongou Stable Navigation 90-Day Holding A, which raised over 3 billion yuan [6] - The market is increasingly focused on high dividend and stable public REITs amid an "asset shortage" [7]

Group 1 - The number of free cash flow themed ETFs has increased to 21 within approximately four months, with 18 of them already closed for subscription, collectively raising over 10 billion yuan [1][2] - Several ETFs, including those from Huatai-PB, Southern Fund, and Da Cheng Fund, were launched and closed for subscription on the same day, with initial subscription sizes ranging from 4.41 billion yuan to 19.09 billion yuan [2][3] - Individual investors dominate the subscription of these ETFs, with personal holdings exceeding 90% in several funds [3][4] Group 2 - The ETFs are linked to a diverse range of indices, including the CSI All Share Free Cash Flow Index and the CSI 800 Free Cash Flow Index, among others [4] - The current market includes three more free cash flow ETFs still in the subscription phase, with varying closing dates [3][4] - As of April 27, four free cash flow ETFs have been listed for trading, with some experiencing significant growth in scale compared to their initial offerings [5][6]