Group 1 - The core viewpoint of the news is that the public REITs market is becoming increasingly competitive, with significant interest from brokerage firms, leading to low allocation rates for individual investors [1][2][5] - The effective subscription confirmation ratio for the recent Chuangjin Hexin Shounong REIT was only 0.7755%, indicating high demand and low supply [1] - The public investors' effective subscription confirmation ratio was even lower at 0.2616%, meaning that for every 1,000 yuan subscribed, only 2.6 yuan was allocated [1] Group 2 - Brokerage firms have become the largest players in the public REITs market, surpassing insurance asset management in terms of holdings [3] - As of the end of 2024, brokerage firms held over 70 million shares of public REITs, accounting for 23.73% of the total market investors [3] - Major brokerages like CITIC Securities hold a diversified portfolio of REITs, with most individual holdings between 1% and 5%, reflecting their role as liquidity providers in the market [3] Group 3 - The stable dividend expectations and strong secondary market performance of public REITs have made them attractive in a low-interest-rate environment [5][6] - Brokerages are deeply involved in various aspects of the public REITs market, including fund management, financial advisory, and participation in new issuances and secondary market trading [6] - As of now, there are 73 public REITs listed or approved, with 9 managed by brokerage asset management firms [6] Group 4 - The limited issuance of public REITs by brokerage asset management is primarily due to regulatory constraints rather than a lack of interest [7] - Many successful public funds in the REITs space are affiliated with brokerages, leveraging their parent companies' resources and expertise [7] - The investment logic of REITs aligns more closely with real estate investment, which may provide brokerage asset management firms an opportunity to excel in this area [7]

Group 1 - The core viewpoint of the report indicates that Huaxia Fund's Huaxia China Resources Commercial REIT plans to initiate a second round of fundraising to acquire infrastructure projects, which include the Hangzhou Xiaoshan Mixc Project, Shenyang Changbai Mixc Project, and Zibo Mixc Project, effectively expanding the fund's coverage of consumer infrastructure across different cities [1][7] - The new acquisitions are expected to diversify the fund's asset portfolio, reduce risks, and enhance the growth potential while ensuring stable cash flow [1][7] Group 2 - In the market performance section, the report notes that during the week of July 7 to July 11, 2025, the CSI REITs total return index fell by 1.12%, with the total REITs index down by 1.68% [2][17] - The report highlights that the total REITs index underperformed compared to the CSI 300 index by 2.50 percentage points and the CSI All Bond index by 1.57 percentage points [2][17] - Individual REITs such as the Jiashi JD Warehouse Infrastructure REIT, CICC China Green Development Commercial REIT, and Southern SF Logistics REIT showed gains of 4.25%, 1.01%, and 0.79% respectively [2][17] Group 3 - The liquidity analysis reveals that the total trading volume of REITs decreased to 550 million yuan, a 17.4% decline from the previous week [3][39] - The report details that the trading volumes for property and operating rights REITs were 331 million yuan and 213 million yuan, reflecting decreases of 12.6% and 14.1% respectively [3][39] - Among various REIT categories, the traffic infrastructure REITs had the highest trading volume, accounting for 23.4% of the total [3][39] Group 4 - The report states that as of July 11, 2025, the total issuance scale of listed REITs reached 177.1 billion yuan, with 68 REITs issued [8][10] - It mentions that the issuance pace of C-REITs has slowed down in 2023 but is expected to accelerate in 2024, indicating a normalization in the issuance process [15][16] Group 5 - The valuation section provides insights into the bond yield and P/NAV ratios for various REITs, indicating that the Huaxia China Resources Commercial REIT has a bond yield of 2.95% and a P/NAV of 1.51, both in the 99th percentile historically [44] - The report includes a comparative analysis of different asset types, showing varying yields and historical percentiles for P/NAV across multiple REITs [44]

Core Viewpoint - Index investment has become a focal point in the public fund industry amid deepening capital market reforms and accelerated transformations in the industry [1] Group 1: Industry Trends - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds" in May, aiming to shift the industry focus from "scale" to "returns" through systematic reforms [1] - The plan includes measures to bind the interests of fund managers and investors, improve assessment mechanisms, and increase the scale and proportion of equity investments in public funds, addressing industry pain points [1][2] - The emphasis on long-term performance assessment and the constraints of performance benchmarks are particularly noteworthy [1] Group 2: Investment Strategies - Investment strategies that are close to benchmarks, stable in style, and yield steady excess returns are expected to thrive as the plan progresses [2] - Index-enhanced funds, which aim to achieve excess returns relative to benchmarks while effectively tracking them, align well with the industry's transformation direction and are likely to attract more capital [2] - Data shows that over the past five years, index-enhanced funds have had significantly lower tracking errors compared to actively managed equity funds, leading to a better overall experience for investors [2] Group 3: Role of Quantitative Investment - Quantitative investment plays a crucial role in index investment by utilizing systematic and scientific methodologies [2] - Quantitative strategies help fund managers control tracking errors more precisely and capture excess returns from market pricing discrepancies [2] - The combination of fundamental quantitative strategies and data-driven approaches enhances research depth and diversifies returns [3] Group 4: Challenges and Recommendations - Historically, index-enhanced funds have had a low market share in public equity funds due to challenges such as being perceived as difficult to understand or unattractive [3] - Fund managers need to actively promote quantitative methodologies to help investors comprehend their value [3] - For ordinary investors, a dollar-cost averaging approach is recommended to smooth out market volatility, with an emphasis on risk diversification [3] Group 5: Future Outlook - The integration of quantitative strategies and index investment reflects not only technological innovation but also a return to the industry's core focus on investor interests [4] - The company aims to deepen its engagement in quantitative investment to create sustainable returns for investors and contribute to the optimization of financial resource allocation [4]

Group 1 - The total market value of public REITs in China surpassed 200 billion yuan as of mid-2023, with most products yielding positive returns since the beginning of the year [1][2] - The top three fund management companies control nearly 40% of the public REITs market, highlighting a significant head effect in the industry [2][5] - New entrants such as Southern Fund, Huatai-PineBridge Fund, and Bank of China Fund are actively participating in the public REITs market, indicating a growing interest from various institutions [1][3] Group 2 - The highest-performing public REIT this year is the Jiashi Wumei Consumption REIT, which has increased by 51.84% [2] - The public REITs market is still in its early development stage, providing opportunities for various institutions, but newcomers are advised to focus on niche markets rather than broad offerings [3][5] - Successful public REIT managers have accumulated deep experience in asset selection, due diligence, active management, and risk control, which fosters investor trust and a positive feedback loop [5]

Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

Core Insights - The total trading volume of non-monetary ETFs reached 209.623 billion yuan, with 42 ETFs exceeding 1 billion yuan in trading volume [1] - The Short-term Bond ETF, Shanghai Company Bond ETF, and Government Financial Bond ETF led the market in trading volume, with respective volumes of 13.515 billion, 13.019 billion, and 9.858 billion yuan [1] - The Hong Kong Stock Connect 50 ETF, Hang Seng Hong Kong Stock Connect ETF, and Benchmark National Bond ETF had the highest turnover rates, reaching 1067.75%, 626.30%, and 362.76% respectively [1] Trading Volume and Performance - The Short-term Bond ETF (511360.SH) has a latest share size of 437 million, closely tracking the China Bond Short-term Index [1] - The Shanghai Company Bond ETF (511070.SH) has a latest share size of 214 million and tracks the Shanghai Market Maker Company Bond Index [2] - The Hong Kong Stock Connect 100 ETF (159788.SZ) has a latest share size of 100 million and tracks the Hong Kong Stock Connect China 100 Index, with a significant trading volume increase of 8127.12% [3] Turnover Rates - The Hong Kong Stock Connect 50 ETF and Hang Seng Hong Kong Stock Connect ETF have the highest turnover rates at 1067.75% and 626.30% respectively [7] - The Benchmark National Bond ETF also shows a high turnover rate of 362.76% [7] Volatility and Price Movement - The CSI 300 ETF (510320.SH) experienced a price increase of 0.19% with a volatility of 9.54% [8] - The Hong Kong Stock Connect 100 ETF showed a price increase of 1.76% with a volatility of 8.13% [11] - The Innovative Drug ETF (159748.SZ) had a price increase of 5.88% and a volatility of 7.94% [9]

基金双周报：ETF市场跟踪报告 证券分析师 | 陈 | 瑶 | 投资咨询资格编号：S1060524120003 | | --- | --- | --- | | 郭子睿 | | 投资咨询资格编号：S1060520070003 | | 任书康 | | 投资咨询资格编号：S1060525050001 | | 研究助理 | | | | 高 | 越 | 一般从业资格编号：S1060124070014 | | 胡心怡 | | 一般从业资格编号：S1060124030069 | 证券研究报告 2025年6月30日 请务必阅读正文后免责条款 报告摘要 2 ETF市场回顾： • 收益表现与资金流向：近两周ETF产品整体表现较好。主要宽基ETF中，创业板指ETF涨幅最大，行业与主题产品中，金融地产行业ETF涨幅最大。近两周， 主要宽基ETF中，中证A500、中证1000、科创50ETF资金净流入，沪深300ETF资金净流出额最大。科技ETF在年初大幅流出后，自3月起转为资金流入，近两 周资金流入速度有所减缓，医药和金融地产ETF资金由净流出转为净流入，军工ETF资金流入速度放缓。债券ETF方面，受债市反弹影响，信用债ETF资金加 ...

Group 1 - CICC China Green Development Commercial REIT listed on June 27, 2023, with a fundraising scale of 1.59 billion yuan and a subscription multiple of 249 times, setting a historical high for similar assets [3] - On its first trading day, the REIT hit the daily limit with a 30% increase and closed at a 7.4% rise on June 30, 2023 [3] - This REIT is the first public REIT product focused on consumer infrastructure following the issuance of guidelines to support consumption [3] Group 2 - Yang Huahui resigned as Chairman of Xingzheng Global Fund due to age reasons, with Zhuang Yuanfang taking over [4][5] - Su Junliang was appointed as Chairman of Industrial Securities on the same day [4][5] - Yu Yang from Fortune Fund left for personal reasons, and Xue Lili from Chunhou Fund resigned due to health issues [6][12] Group 3 - The global stock market experienced a collective rise, with the Shanghai Composite Index increasing by 1.91% and the Shenzhen Component Index by 0.34% over the past week [2] - The Nasdaq and S&P 500 indices in the US rose by 4.25% and 3.44%, respectively, with Nvidia's market value returning to the top globally [2] - The computer sector led the gains in the Shenwan first-level industry index, rising by 7.7% [2] Group 4 - The resignation of Yang Dawei from the浦银安盛品质优选 fund was due to internal adjustments, with Li Haoxuan taking over [13] - The fund has seen a total return of -53.07% since its establishment on December 28, 2021, significantly underperforming its benchmark [13][14] - Yang Dawei's management of the fund resulted in a return of -52.1% during his tenure [15] Group 5 - Xue Lili's resignation from Chunhou Fund was followed by a management transition, with Chen Wen and Gu Wei taking over the management of the funds she previously managed [6][12] - Under Xue Lili's management, the Chunhou Xin Yi fund achieved a return of 20.8% over a period of four and a half years [9][12] - The Chunhou Xin Rui fund, managed by Xue Lili for nearly five and a half years, recorded a return of 137.8% [9][12] Group 6 - Huabao Fund's Deputy General Manager, Lü Xiaoran, left due to a job transfer after only six months in office [17] - Lü Xiaoran previously held various strategic roles in Baosteel Group before joining Huabao Fund [17]

Group 1 - The total net asset value of public funds in China reached a record high of 33.74 trillion yuan as of the end of May 2025, marking the eighth consecutive record since 2024 [1] - The number of public fund products also hit a new high, totaling 12,772, an increase of 67 products from April [1] Group 2 - A total of 60 qualified domestic institutional investors received approval for a new round of QDII quotas, amounting to a combined 2.12 billion USD [2] - Notable fund companies such as E Fund, GF Fund, and others received individual QDII quotas of 50 million USD, while several other institutions received varying amounts between 10 million to 40 million USD [2] Group 3 - In June, the scale of newly launched funds exceeded 90 billion yuan, with bond funds dominating the issuance [3] - Mixed FOF funds emerged as the top fundraising category in June, raising 6.573 billion yuan, while the issuance of passive index products saw a decline [3] Group 4 - The China Securities Regulatory Commission approved the establishment of a subsidiary in Singapore by Xingzheng Global Fund, with a registered capital of 10 million SGD [4] - The subsidiary is restricted to conducting financial or related businesses and is prohibited from engaging in non-financial activities [4] Group 5 - The head of quantitative index and multi-asset departments at CICC Fund emphasized the importance of long-term investment strategies for achieving sustainable excess returns [5] - The focus should be on high-quality assets with significant "double high" characteristics, specifically those meeting the criteria of high and stable ROE and high safety margins [5] Group 6 - Looking ahead to the second half of 2025, it is anticipated that domestic economic growth will be further supported by ongoing policy initiatives, enhancing the profitability of listed companies [6] - Long-term capital is expected to increase its allocation to A-shares, benefiting quality companies with effective governance and innovative growth potential [6] Group 7 - Gao Xiyang resigned as the manager of Yimin Innovation Advantage Mixed Fund due to personal reasons, with Zhang Ting continuing the management of the fund [7] - Gao Xiyang also stepped down as the deputy general manager of Yimin Fund and will not transition to another position within the company [7] Group 8 - On June 27, the market experienced fluctuations, with the Shanghai Composite Index falling by 0.7% while the Shenzhen Component Index and the ChiNext Index rose by 0.34% and 0.47%, respectively [8] - The trading volume in the Shanghai and Shenzhen markets was 1.54 trillion yuan, a decrease of 42.1 billion yuan from the previous trading day [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, 2 REITs were listed, 2 started the inquiry process, 1 was established, and 2 were submitted for approval, indicating a significant acceleration in the issuance and approval rhythm. The expansion project of Huaxia Beijing Affordable Housing REIT was listed on June 25th, becoming the first successfully expanded rental housing REITs project in China, marking the further formation of the "initial offering + expansion" dual - wheel drive pattern in the public REITs market. Policy support for the issuance of REITs for consumer infrastructure was mentioned again, accelerating the normalization of REITs issuance [3]. 3. Summary According to the Directory 3.1 Primary Market: A New Warehouse Logistics REIT was Issued - Since 2025, 10 REITs have been successfully issued (6 in Q1, 1 in April, and 3 in June), with the number higher than the same period last year, but the issuance scale was 15.35 billion yuan, a year - on - year decrease of 35.2%. This week, 7 initial public offering (IPO) public REITs made new progress, including the listing of CICC Yizhuang Industrial Park REIT and CICC China Greentown Commercial REIT, both with their first - day trading hitting the daily limit. One expansion REIT, Huaxia Beijing Affordable Housing REIT, had its expanded shares listed, becoming the first successfully expanded rental housing REITs in China. Currently, in the approval process, there are 15 IPO REITs declared, 4 with inquiries and feedback, and 3 registered and awaiting listing; for expansion REITs, 10 have been declared, 4 have inquiries and feedback, and 3 have passed the review [4]. 3.2 Secondary Market: The Market Pulled Back this Week, but Liquidity Still Increased 3.2.1 Market Review: The CSI REITs Total Return Index Fell 1.38% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1109.13 points, a decline of 1.38%, underperforming the CSI 300 by 3.33 percentage points and the CSI Dividend by 1.80 percentage points. The year - to - date decline of the CSI REITs Total Return Index was 14.59%, outperforming the CSI 300/CSI Dividend by 14.93/17.56 percentage points. In terms of project attributes, property - type REITs fell 1.25%, and concession - type REITs fell 2.16%. In terms of asset types, the energy (-0.29%), consumer (-0.55%), ecological environment protection (-1.58%), and warehouse logistics (-1.65%) sectors performed better. Among individual bonds, 7 rose and 61 fell this week. CICC Yizhuang Industrial Park REIT (+43.01%), CICC China Greentown Commercial REIT (+30.00%), and AVIC Jingneng Photovoltaic REIT (+0.95%) led the gainers, while Huaxia Nanjing Transportation Expressway REIT (-6.72%), Huaan Waigaoqiao REIT (-5.89%), and Ping An Ningbo Jiaotou REIT (-5.69%) were the biggest losers [4]. 3.2.2 Liquidity: The Ecological Environment Protection Sector was the Most Active - The average daily turnover rate of CSI REITs this week was 0.58%, an increase of 1.27 basis points from last week. The average daily turnover rates of property - type/concession - type REITs this week were 0.62%/0.61%, a decrease of 0.30/increase of 3.23 basis points from last week respectively. The trading volumes during the week were 443 million/156 million shares, a week - on - week increase of 0.03%/5.57%. The ecological environment protection sector had the highest activity [4]. 3.2.3 Valuation: The Energy Sector had a Higher Valuation - According to the ChinaBond valuation yield, the yields of property - type/concession - type REITs were 3.83%/4.17% respectively. The transportation (5.38%), warehouse logistics (5.13%), and industrial park (4.75%) sectors ranked among the top three [4]. 3.3 This Week's Important News and Announcements - On June 24, 2025, six departments including the central bank and the National Development and Reform Commission jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", clearly stating measures such as establishing a 500 - billion - yuan service consumption re - loan, supporting the issuance of REITs for consumer infrastructure, and innovating consumer financial products and services to increase financial support for boosting and expanding commodity consumption, service consumption, and new - type consumption. There were also a series of announcements including operation data,解禁 announcements, dividend announcements, and listing announcements for various REITs [34][36].