Group 1 - The first batch of 10 Science and Technology Innovation Bond ETFs (科创债ETF) has been approved after being submitted for approval on June 18, 2025, during the Lujiazui Forum [2][4] - The approval was announced by the Chairman of the China Securities Regulatory Commission (CSRC), indicating a strong push for the development of Science and Technology Innovation Bonds [2][4] - The ETFs are designed to meet the growing demand for stable investment products, with bond ETFs seeing significant inflows, totaling 1.72 trillion yuan in the first half of 2025 [4] Group 2 - Science and Technology Innovation Bonds are issued by financial institutions, technology companies, and equity investment institutions, with funds raised directed towards supporting technological innovation [5] - As of mid-June 2025, there are 1,273 Science and Technology Innovation Bonds in the market, with a total balance exceeding 1.3 trillion yuan [5] - The introduction of Science and Technology Innovation Bond ETFs is expected to provide investors with stable investment tools and attract social capital into key technological innovation sectors [6] Group 3 - The ETFs will track various indices, including the China Securities AAA Science and Technology Innovation Bond Index and the Shanghai Securities AAA Science and Technology Innovation Bond Index, among others [4] - The China Securities AAA Science and Technology Innovation Bond Index has 810 sample bonds, with an average credit rating of AAA for about 70% of the bonds [6] - The performance of the three indices over the past year shows a return of approximately 3.85% to 4.52%, with low annual volatility rates [6]

Report Summary 1. Market Overview - On July 2, 2025, the Shanghai Composite Index fell 0.09% to 3454.79 points, the Shenzhen Component Index dropped 0.61% to 10412.63 points, and the ChiNext Index declined 1.13% to 2123.72 points. The total trading volume of A - shares in the two markets was 14053 billion yuan. The top - performing sectors were steel (3.37%), coal (1.99%), and building materials (1.42%), while the worst - performing sectors were electronics (-2.01%), communication (-1.96%), and national defense and military industry (-1.94%) [2][6] 2. Stock ETFs - The top - trading - volume stock ETFs included Huatai - Peregrine CSI A500 ETF (unchanged, premium rate -0.15%), China AMC CSI A500 ETF (down 0.21%, premium rate -0.28%), and Southern CSI A500 ETF (down 0.10%, premium rate -0.24%). The table also showed details of the top - ten trading - volume stock ETFs, such as Huaxia Shanghai Science and Technology Innovation Board 50 ETF (down 1.24%), Huatai - Peregrine SSE 50 ETF (up 0.10%) [3][7][8] 3. Bond ETFs - The top - trading - volume bond ETFs were Haifutong CSI Short - Term Financing Bond ETF (up 0.02%, premium rate 0.01%), Southern SSE Benchmark Market - Making Corporate Bond ETF (up 0.08%, premium rate 0.07%), and Fullgoal China Bond 7 - 10 - Year Policy Financial Bond ETF (up 0.11%, premium rate 0.08%). The table presented the top - five trading - volume bond ETFs [4][9][10] 4. Gold ETFs - Gold AU9999 fell 0.28% and Shanghai Gold rose 0.02%. The top - trading - volume gold ETFs were Huaan Gold ETF (down 0.04%, premium rate -0.19%), E Fund Gold ETF (down 0.07%, premium rate -0.22%), and Bosera Gold ETF (down 0.08%, premium rate -0.24%). The table listed the top - five trading - volume gold ETFs [12][13] 5. Commodity Futures ETFs - Huaxia Feed Soybean Meal Futures ETF fell 0.31% with a premium rate of -0.19%, Dacheng Non - Ferrous Metals Futures ETF dropped 0.12% with a premium rate of 0.43%, and CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.12% with a premium rate of 1.02% [15][16] 6. Cross - Border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.91%, the Nasdaq fell 0.82%, the S&P 500 dropped 0.11%, and the German DAX fell 0.99%. On July 2, the Hang Seng Index rose 0.62% and the Hang Seng China Enterprises Index rose 0.54%. The top - trading - volume cross - border ETFs were GF CSI Hong Kong Innovative Drug ETF (down 2.48%, premium rate 0.70%), E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.76%, premium rate -0.40%), and China AMC Hang Seng Technology ETF (down 0.83%, premium rate -0.27%) [17][18] 7. Money ETFs - The top - trading - volume money ETFs were Yin Hua Day - to - Day Interest ETF, Huabao Tianyi ETF, and CCB Tianyi Money ETF [19][20]

基金管理人：嘉实基金管理有限公司 基金托管人：招商证券股份有限公司 二〇二五年七月 重要提示 1、嘉实中证港股通高股息投资交易型开放式指数证券投资基金发起式联接基金（以下简称"本基金"） 经中国证监会2025年6月6日证监许可〔2025〕1187号《关于准予嘉实中证港股通高股息投资交易型开放 式指数证券投资基金发起式联接基金注册的批复》注册募集。 2、本基金是契约型开放式ETF联接基金。 基金简称：嘉实中证港股通高股息投资ETF发起联接A，基金代码：024705，收取认（申）购费 基金简称：嘉实中证港股通高股息投资ETF发起联接C，基金代码：024706，不收取认（申）购费，但 从本类别基金资产中计提销售服务费 3、本基金的管理人为嘉实基金管理有限公司（以下简称"本公司"），托管人为招商证券股份有限公 司，注册登记机构为本公司。 4、本基金募集对象是符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者和发起资金提供方以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2025年7月7日至2025年7月18日通过各销售机构公开发售。 6、发起资金的认购： 本基金发 ...

1. Market Overview - The Shanghai Composite Index rose 0.39% to close at 3457.75 points, the Shenzhen Component Index rose 0.11% to close at 10476.29 points, and the ChiNext Index fell 0.24% to close at 2147.92 points. The trading volume of A-shares in the two markets was 1496.7 billion yuan. The top-performing sectors were comprehensive (2.60%), pharmaceutical and biological (1.80%), and banking (1.54%), while the worst-performing sectors were computer (-1.18%), commercial and retail (-0.79%), and communication (-0.45%) [2][6]. 2. Stock ETF - The top-traded stock ETFs today were Huatai-PineBridge CSI A500 ETF, which fell 0.19% with a premium rate of 0.00%; China AMC CSI A500 ETF, which rose 0.10% with a premium rate of 0.06%; and Harvest CSI A500 ETF, which fell 0.30% with a premium rate of 0.04% [3][7]. 3. Bond ETF - The top-traded bond ETFs today were Haitong CSI Short-term Bond ETF, which rose 0.02% with a premium rate of 0.00%; Southern Shanghai Stock Exchange Benchmark Market-making Corporate Bond ETF, which fell 0.03% with a premium rate of -0.00%; and Fullgoal ChinaBond 7-10 Year Policy Financial Bond ETF, which rose 0.10% with a premium rate of 0.05% [4][9]. 4. Gold ETF - Gold AU9999 rose 1.11% and Shanghai Gold rose 1.08% today. The top-traded gold ETFs were HuaAn Gold ETF, which rose 1.13% with a premium rate of 0.95%; E Fund Gold ETF, which rose 1.10% with a premium rate of 0.95%; and Bosera Gold ETF, which rose 1.08% with a premium rate of 0.94% [12]. 5. Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF fell 0.05% with a premium rate of 0.23%; Dacheng Non-ferrous Metals Futures ETF rose 0.59% with a premium rate of 0.53%; and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.22% with a premium rate of -0.78% [13][14]. 6. Cross-border ETF - The Dow Jones Industrial Average rose 0.63%, the Nasdaq Composite rose 0.47%, and the S&P 500 rose 0.52% the previous trading day, while the German DAX fell 0.51%. The Hong Kong stock market was closed today. The top-traded cross-border ETFs today were GF CSI Hong Kong Innovative Drugs ETF, which rose 2.90% with a premium rate of 3.18%; E Fund CSI Hong Kong Securities Investment Theme ETF, which fell 0.49% with a premium rate of 0.30%; and Huitianfu China Securities Hong Kong Stock Connect Innovative Drugs ETF, which rose 4.44% with a premium rate of 5.11% [15]. 7. Money Market ETF - The top-traded money market ETFs today were Huabao Tianyi ETF, Yin Hua Ri Li ETF, and Money Market ETF Jianxin Tianyi [17].

Market Overview - As of June 30, the total ETF margin balance in the two markets reached 98.383 billion, an increase of 0.72 billion from the previous trading day [1] - The financing balance was 92.84 billion, up by 0.475 billion, while the securities lending balance was 5.543 billion, increasing by 0.246 billion [1] - In the Shanghai market, the ETF margin balance was 65.172 billion, rising by 0.706 billion, with a financing balance of 60.416 billion (up by 0.501 billion) and a securities lending balance of 4.756 billion (up by 0.205 billion) [1] - In the Shenzhen market, the ETF margin balance was 33.211 billion, increasing by 0.0139 billion, with a financing balance of 32.424 billion (down by 0.026225 billion) and a securities lending balance of 0.786 billion (up by 0.040128 billion) [1] ETF Margin Balances - The top three ETFs by margin balance as of June 30 were: 1. Huaan Yifu Gold ETF (7.707 billion) 2. E Fund Gold ETF (6.72 billion) 3. Huaxia Hang Seng (QDII-ETF) (4.675 billion) [2] ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on June 30 were: 1. Hai Futong Zhong Zheng Short Bond ETF (1.623 billion) 2. GF Zhong Zheng Hong Kong Innovative Medicine (QDII-ETF) (0.759 billion) 3. E Fund Zhong Zheng Hong Kong Securities Investment Theme ETF (0.744 billion) [4] ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on June 30 were: 1. Hai Futong Zhong Zheng Short Bond ETF (0.266 billion) 2. Huaxia Nasdaq 100 (QDII-ETF) (0.116 billion) 3. Guotai Zhong Zheng All Index Securities Company ETF (0.11 billion) [5] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on June 30 were: 1. Southern Zhong Zheng 500 ETF (0.105 billion) 2. Southern Zhong Zheng 1000 ETF (0.0797202 billion) 3. Huaxia Zhong Zheng 1000 ETF (0.0219594 billion) [6]

Market Overview - The Shanghai Composite Index rose 0.59% to close at 3444.43, the Shenzhen Component Index rose 0.83% to close at 10465.12, and the ChiNext Index rose 1.35% to close at 2153.01. The trading volume of A-shares in the two markets was 15174 billion yuan [2][6]. - The top - performing sectors were national defense and military industry (4.35%), media (2.82%), and communication (1.90%), while the bottom - performing sectors were non - bank finance (-0.77%), banking (-0.34%), and transportation (-0.09%) [2][6]. Stock ETF - The top trading - volume stock ETFs today were Huatai - Peregrine CSI 300 ETF (up 0.48%, discount rate 0.40%), Harvest CSI A500 ETF (up 1.12%, discount rate 1.05%), and China AMC CSI A500 ETF (up 0.84%, discount rate 0.66%) [3][7]. - The report also provided detailed information on the top ten trading - volume stock ETFs, including code, price, change rate, tracking index, etc. [8] Bond ETF - The top trading - volume bond ETFs today were Haitong CSI Shanghai Benchmark Market - making Corporate Bond ETF (down 0.04%, discount rate 0.03%), Southern CSI Shanghai Benchmark Market - making Corporate Bond ETF (down 0.04%, discount rate 0.06%), and Haitong CSI Short - term Financing ETF (up 0.02%, discount rate - 0.00%) [4][9]. - Detailed data on the top five trading - volume bond ETFs were presented, including code, price, change rate, discount rate, and trading volume [10]. Gold ETF - Gold AU9999 rose 0.15% and Shanghai Gold fell 0.10% today. The top trading - volume gold ETFs were Huaan Gold ETF (down 0.16%, discount rate - 0.04%), Bosera Gold ETF (down 0.07%, discount rate 0.00%), and E Fund Gold ETF (down 0.11%, discount rate - 0.02%) [12]. - Information on the top five trading - volume gold ETFs was provided, including code, price, change rate, trading volume, etc. [13] Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF rose 0.26% with a discount rate of 0.97%, Dacheng Non - ferrous Metals Futures ETF rose 0.06% with a discount rate of - 0.09%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF had a change rate of 0.00% with a discount rate of - 0.33% [15]. - Specific data on commodity futures ETFs were given, including code, price, change rate, trading volume, tracking index, etc. [16] Cross - border ETF - The previous trading day, the Dow Jones Industrial Average rose 1.00%, the Nasdaq Composite rose 0.52%, the S&P 500 rose 0.52%, and the German DAX rose 1.62%. Today, the Hang Seng Index fell 0.87% and the Hang Seng China Enterprises Index fell 0.96%. - The top trading - volume cross - border ETFs today were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.44%, discount rate 0.36%), GF CSI Hong Kong Innovative Drug ETF (up 1.79%, discount rate 1.15%), and China AMC Hang Seng Tech ETF (down 0.14%, discount rate 0.00%) [17]. - Information on the top five trading - volume cross - border ETFs was provided, including code, trading volume, change rate, and discount rate [18]. Money ETF - The top trading - volume money ETFs today were Huabao Tianyi ETF, Yin Hua Rili ETF, and Money ETF Jianxin Tianyi [19]. - The trading volumes of the top three trading - volume money ETFs were presented, including code and trading volume [21].

Market Overview - As of June 27, the total ETF margin balance in the two markets was 97.663 billion yuan, a decrease of 2.123 billion yuan from the previous trading day [1] - The financing balance was 92.365 billion yuan, down by 2.165 billion yuan, while the margin short balance increased by 41.477 million yuan to 5.297 billion yuan [1] - In the Shanghai market, the ETF margin balance was 64.466 billion yuan, a decrease of 1.725 billion yuan, with a financing balance of 59.915 billion yuan, down by 1.757 billion yuan [1] - In the Shenzhen market, the ETF margin balance was 33.197 billion yuan, a decrease of 398 million yuan, with a financing balance of 32.451 billion yuan, down by 408 million yuan [1] ETF Margin Balance - The top three ETFs by margin balance on June 27 were: - Huaan Yifu Gold ETF (7.739 billion yuan) - E Fund Gold ETF (6.724 billion yuan) - Huaxia Hang Seng (QDII-ETF) (4.660 billion yuan) [2] - The top ten ETFs by margin balance include: - Huatai-PB CSI 300 ETF (4.572 billion yuan) - Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF (3.941 billion yuan) - Bosera Gold ETF (3.639 billion yuan) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on June 27 were: - E Fund CSI Hong Kong Securities Investment Theme ETF (1.865 billion yuan) - Haifutong CSI Short Bond ETF (915 million yuan) - Huaxia Hang Seng Technology (QDII-ETF) (716 million yuan) [3] - The top ten ETFs by financing buy amount include: - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (637 million yuan) - Invesco Great Wall Nasdaq Technology Market Cap Weighted (QDII-ETF) (630 million yuan) [4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on June 27 were: - Huabao CSI Bank ETF (225 million yuan) - Invesco Great Wall Nasdaq Technology Market Cap Weighted (QDII-ETF) (120 million yuan) - Huatai-PB CSI Dividend Low Volatility ETF (55.285 million yuan) [5] - The top ten ETFs by financing net buy amount include: - Huatai Shanghai Stock Exchange Dividend ETF (30.902 million yuan) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (25.398 million yuan) [6] ETF Margin Short Sell Amount - The top three ETFs by margin short sell amount on June 27 were: - Southern CSI 500 ETF (23.4326 million yuan) - Huatai-PB CSI 300 ETF (17.5248 million yuan) - Southern CSI 1000 ETF (14.1265 million yuan) [7] - The top ten ETFs by margin short sell amount include: - Tianhong CSI All-Index Securities Company ETF (7.224 million yuan) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (7.1404 million yuan) [8]

Macro Environment Outlook - Domestic demand recovery is slowing, but external demand is performing better than expected. In the first five months of 2025, China's exports increased by 6.0% year-on-year, significantly higher than the 2.7% level in the same period of 2024, indicating an ongoing optimization of the export structure [13][14][16] - The investment sector still relies on manufacturing and infrastructure, while the real estate sector continues to decline due to supply and demand constraints. Consumption shows structural differentiation, with categories covered by the "two new" policies, such as home appliances and electronics, performing significantly better than those not covered [14][18] Equity Market Outlook - The equity market is expected to continue a slight upward trend in Q3 2025, driven by long-term capital entering the market. The overall macro environment is weak, and the market is focusing on investment opportunities in the longer-term industrial lifecycle, particularly in technology [18][19] - Recommended sectors for Q3 include dividend-related sectors (banks, insurance, securities) and consumer sectors with fundamental support. The previously adjusted technology sector is also expected to see opportunities for recovery [19][20] Bond Market Outlook - The bond market is anticipated to maintain a loose funding environment in Q3, with a high likelihood of interest rate cuts in the US, which may lead to domestic rate cuts and a downward shift in the overall government bond yield curve. The long-end yield curve is expected to decline further, suggesting a focus on long-duration, medium to high-grade bonds [19][20] Commodity Market Outlook - Oil prices may continue to rise in the short term due to Middle Eastern tensions, but are expected to stabilize at a new level in the medium to long term. Gold prices are projected to remain relatively stable in Q3, with its long-term upward logic still valid as a hedge against weakening dollar credit [19][20] Investment Recommendations - The overall asset allocation recommendation is ranked as follows: equities > commodities > bonds > cash. For cautious, stable, aggressive, and high-risk portfolios, the recommended allocation for equity funds is around 20%, with a higher allocation to the CSI 500 compared to the CSI 300. The bond fund allocation is suggested to be around 5%, and the allocation for gold is recommended at 70% [6][19]

Core Insights - The total accumulated fund size of enterprise annuities reached 3.73 trillion yuan, with 32.9 million participants as of the end of Q1 2025 [3][4] - The three-year cumulative return on enterprise annuity investments is 7.46%, with fixed-income portfolios outperforming equity-inclusive portfolios [7][14] - The data marks the first time the Ministry of Human Resources and Social Security has published three-year cumulative returns, indicating a shift towards long-term performance evaluation [14] Fund Management Overview - A total of 22 institutions are involved in managing enterprise annuity investments, with 11 being fund companies, which account for 50% of the total [9][14] - The largest asset managers include China Life Pension Insurance with approximately 855.24 billion yuan, followed by Ping An Pension Insurance and Industrial and Commercial Bank of China [4][5] - Fund companies manage 1.5 trillion yuan of the total assets, with the highest management scales held by 工银瑞信基金 and 易方达基金, both exceeding 300 billion yuan [9][10] Investment Performance - Fixed-income portfolios managed by fund companies have a cumulative return concentrated in the 8%-13% range, while some equity-inclusive portfolios show significant performance variation [9][11] - Notably, 嘉实基金's fixed-income portfolio reported a loss of 1.68%, while 海富通基金's equity-inclusive portfolio also experienced a loss of 1.66% [9][11] - The average annual return for enterprise annuities since 2007 is 6.17%, with only three years (2008, 2011, 2022) showing negative returns [7][14] Future Outlook - The introduction of long-term performance evaluation guidelines is expected to alleviate short-term performance pressures on investment managers, allowing for more strategic long-term investment decisions [14]

Report Summary 1. Market Overview - The Shanghai Composite Index rose 1.04% to close at 3455.97, the Shenzhen Component Index rose 1.72% to close at 10393.72, and the ChiNext Index rose 3.11% to close at 2128.39. The total trading volume of A-shares in the two markets was 1639.7 billion yuan. The top-performing sectors were non-bank finance (4.46%), national defense and military industry (3.36%), and computer (2.99%), while the bottom-performing sectors were coal (-1.00%), petroleum and petrochemical (-0.57%), and transportation (-0.21%) [2][6] 2. Stock ETFs - The top trading volume stock ETFs were Huatai-PineBridge CSI 300 ETF (up 1.65%, discount rate 1.59%), Cathay CSI All-Securities Company ETF (up 5.37%, discount rate 5.36%), and ChinaAMC SSE STAR Market 50 ETF (up 1.85%, discount rate 1.79%) [3][7] 3. Bond ETFs - The top trading volume bond ETFs were ChinaAMC SSE Benchmark Market-Making Corporate Bond ETF (down 0.01%, discount rate 0.03%), Haitong CSI Short-Term Financing Bond ETF (down 0.01%, discount rate -0.02%), and Bosera Shenzhen Benchmark Market-Making Credit Bond ETF (down 0.03%, discount rate 0.02%) [4][9] 4. Gold ETFs - Gold AU9999 rose 0.34% and Shanghai Gold rose 0.26%. The top trading volume gold ETFs were HuaAn Gold ETF (up 0.27%, discount rate 0.28%), E Fund Gold ETF (up 0.21%, discount rate 0.25%), and Bosera Gold ETF (up 0.23%, discount rate 0.31%) [12] 5. Commodity Futures ETFs - ChinaAMC Feed Soybean Meal Futures ETF fell 1.32% with a discount rate of -1.20%, CCB E Fund YiSheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.45% with a discount rate of -0.86%, and Dacheng Nonferrous Metals Futures ETF rose 0.30% with a discount rate of 0.46% [13][14] 6. Cross-Border ETFs - The previous trading day, the Dow Jones Industrial Average rose 1.19%, the Nasdaq Composite rose 1.43%, the S&P 500 rose 1.11%, and the German DAX rose 1.60%. Today, the Hang Seng Index rose 1.23% and the Hang Seng China Enterprises Index rose 1.15%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 8.51%, discount rate 8.63%), GF CSI Hong Kong Innovative Drug ETF (up 0.69%, discount rate 0.53%), and ChinaAMC Hang Seng Tech ETF (up 1.26%, discount rate 1.54%) [15] 7. Money Market ETFs - The top trading volume money market ETFs were Silver HuaRiLi ETF, Huabao TianYi ETF, and CCB TianYi Money Market ETF [17][18]