Market Overview - The report indicates that major asset classes have shown positive performance, with Hong Kong stocks leading, followed by crude oil and A-shares. The A-share market saw the ChiNext Index increase by 3.17% [2][6] - The average stock position of all funds decreased to 78.89%, a drop of 1.38 percentage points from the previous week. However, the average position for ordinary equity funds rose to 83.57%, an increase of 0.90 percentage points [2][10] Equity Fund Performance - Passive index funds averaged an increase of 1.92%, while ordinary equity funds saw an average rise of 2.94%. Enhanced index funds increased by 1.49%, and flexible allocation funds rose by 2.19%. The best-performing fund in the passive category was the Invesco CSI Hong Kong Innovation Drug ETF, which surged by 13.98% [3][11] - The report highlights that the average performance of various equity fund types shows significant variability, with the top-performing funds in the ordinary equity category achieving a maximum increase of 17.61% [12][13] Fixed Income Fund Performance - Fixed income products also showed positive trends, with mixed bond funds averaging a 0.49% increase. The best performer in this category was the Huashang Dual-Wing Balanced Mixed A, which rose by 5.09% [14] - The report details that short-term pure bond funds had a minimal average increase of 0.05%, indicating a relatively stable performance in the fixed income market [14][15] Other Fund Categories - Commodity funds averaged a 0.51% increase, with the highest performer being the soybean meal ETF, which rose by 2.43%. International (QDII) funds performed well, averaging a 2.46% increase, with the top fund gaining 15.89% [15][16] - REITs funds remained stable, with the best performer showing a modest increase of 3.05% [16] Fund Market Dynamics - The report notes that 36 new funds were established this week, raising a total of 180.74 billion, which is a decrease compared to the previous week. Among these, 20 were equity funds, which raised the largest amount at 63.38 billion [18][19] - As of July 18, 2025, the total number of public funds reached 12,963, with a total net asset value of 33.78 trillion [21][22]

Report Summary 1. Market Overview - The Shanghai Composite Index rose 0.01% to close at 3582.30 points, the Shenzhen Component Index fell 0.37% to close at 11059.04 points, and the ChiNext Index fell 0.01% to close at 2310.67 points. The total trading volume of A-shares in the two markets was 1898.7 billion yuan. The top-performing sectors were non-bank finance (1.29%), beauty care (0.59%), and household appliances (0.58%), while the worst-performing sectors were building materials (-2.27%), national defense and military industry (-1.60%), and machinery and equipment (-1.29%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs were Huaxia SSE STAR 50 ETF (up 0.47%, premium rate 0.46%), Huatai-PineBridge CSI 300 ETF (down 0.05%, premium rate 0.15%), and Cathay CSI All-Securities Company ETF (up 0.84%, premium rate 0.89%) [3][7]. 3. Bond ETFs - The top trading volume bond ETFs were Fullgoal CSI AAA Science and Technology Innovation Corporate Bond ETF (down 0.10%, premium rate -0.11%), Haitong CSI Short-Term Financing Bond ETF (up 0.00%, premium rate -0.02%), and Penghua CCDC 30-Year Treasury Bond ETF (down 0.18%, premium rate 0.08%) [4][9]. 4. Gold ETFs - Gold AU9999 rose 1.04% and Shanghai Gold rose 0.98%. The top trading volume gold ETFs were HuaAn Gold ETF (up 0.99%, premium rate 0.94%), E Fund Gold ETF (up 0.97%, premium rate 0.89%), and Bosera Gold ETF (up 0.98%, premium rate 0.94%) [12]. 5. Commodity Futures ETFs - The top trading volume commodity futures ETFs were Huaxia Feed Soybean Meal Futures ETF (up 0.35%, premium rate 0.41%), CCB E Fund YiSheng Energy and Chemical Futures ETF (down 1.08%, premium rate -0.18%), and Dacheng Nonferrous Metals Futures ETF (down 0.35%, premium rate -0.23%) [13][14]. 6. Cross-Border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.40%, the Nasdaq fell 0.39%, the S&P 500 rose 0.06%, and the German DAX fell 1.09%. Today, the Hang Seng Index rose 1.62% and the Hang Seng China Enterprises Index rose 1.82%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 2.89%, premium rate 2.40%), GF CSI Hong Kong Innovative Drugs ETF (down 0.07%, premium rate 0.07%), and Huaxia Hang Seng Internet Technology Industry ETF (up 3.86%, premium rate 3.42%) [15]. 7. Money Market ETFs - The top trading volume money market ETFs were Silver HuaRiLi ETF, HuaBaoTianYi ETF, and CCB TianYi Money Market ETF [17][19].

Core Viewpoint - Dividend strategies have gained market attention since last year, characterized by their defensive attributes and high dividend yields, making them attractive to investors. However, with the rise of technology and pharmaceutical sectors in 2025, growth stocks have overshadowed dividend assets, despite institutional investments still favoring dividend-related sectors, particularly in Hong Kong stocks [1]. Group 1: Market Performance and Trends - As of July 18, 2025, the total scale of listed dividend-themed ETFs has exceeded 150 billion, with 58 out of 61 ETFs achieving positive returns this year [1]. - The Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index has shown a year-to-date increase of 17.52%, benefiting the ETFs that track it [3]. - The largest ETF by scale, the E Fund Hang Seng Dividend Low Volatility ETF, has surpassed 30 billion in assets, demonstrating significant growth since its inception in April 2024 [3]. Group 2: ETF Characteristics and Performance - The top-performing ETFs are primarily those tracking the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, which selects stocks based on high dividend yields and low volatility [3][4]. - The China Securities Dividend Low Volatility Index, tracked by the largest dividend ETF, has maintained a consistent performance with a year-to-date return of 8.21% [9]. - The Morgan Hong Kong Dividend Index ETF, the first cross-border strategy ETF to exceed 10 billion in scale, has a year-to-date return of 17.79% [11]. Group 3: Sector Allocation and Composition - The financial sector accounts for over 30% of the index composition, followed by energy, real estate, and industrial sectors, each exceeding 10% [4]. - The index maintains a diversified approach, with no single stock exceeding 5% weight, ensuring a balanced exposure to various companies [4]. Group 4: Future Outlook and Valuation - Despite concerns over high relative valuations, the absolute valuations of major dividend low volatility indices remain around 7 times, indicating potential for long-term investment [14]. - The current market dynamics suggest a valuation recovery rather than a bubble, with stable dividend assets expected to retain their allocation value in the long term [14].

Market Overview - As of July 22, the total ETF margin balance in the two markets reached 103.841 billion, an increase of 3.326 billion from the previous trading day [1] - The financing balance was 97.924 billion, up by 3.143 billion, while the securities lending balance was 5.917 billion, increasing by 183 million [1] - In the Shanghai market, the ETF margin balance was 70.914 billion, an increase of 3.139 billion, with a financing balance of 65.771 billion, up by 2.989 billion, and a securities lending balance of 5.143 billion, increasing by 150 million [1] - In the Shenzhen market, the ETF margin balance was 32.927 billion, an increase of 187 million, with a financing balance of 32.153 billion, up by 154 million, and a securities lending balance of 774 million, increasing by 33.369 million [1] Top ETF Margin Balances - The top three ETFs by margin balance on July 22 were: 1. Huaan Yifu Gold ETF (7.551 billion) 2. E Fund Gold ETF (6.597 billion) 3. Huaxia Hang Seng (QDII-ETF) (4.426 billion) [2] Top ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on July 22 were: 1. Hai Futong Zhong Zheng Short Bond ETF (4.425 billion) 2. Fu Guo Zhong Dai 7-10 Year Policy Financial Bond ETF (2.136 billion) 3. E Fund Zhong Zheng Hong Kong Securities Investment Theme ETF (1.370 billion) [4] Top ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on July 22 were: 1. Fu Guo Zhong Dai 7-10 Year Policy Financial Bond ETF (1.304 billion) 2. Hai Futong Zhong Zheng Short Bond ETF (503 million) 3. Guotai Zhong Zheng 5-Year Treasury Bond ETF (311 million) [5] Top ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on July 22 were: 1. Southern Zhong Zheng 1000 ETF (777.416 million) 2. Huatai Bairui Shanghai Shenzhen 300 ETF (319.478 million) 3. Huaxia Shanghai 50 ETF (284.727 million) [6]

Group 1 - The public fund industry shows new dynamics with a total scale of 33.73 trillion yuan as of the end of Q2, reflecting a 6.69% increase from the previous quarter [1] - The total scale of equity funds reached 4.28 trillion yuan, up 6.17% quarter-on-quarter, while mixed funds decreased by 0.22% to 3.21 trillion yuan [1] - Bond funds increased by 8.55% to 10.92 trillion yuan, and money market funds rose by 6.79% to 14.23 trillion yuan [1] Group 2 - The top ten public funds, including E Fund, Huaxia, and GF Fund, maintained their rankings with slight variations in scale [1][2] - E Fund and Huaxia Fund lead with total scales of 2.05 trillion yuan and 2.02 trillion yuan, respectively, with E Fund increasing by 101.6 billion yuan and Huaxia by 179.8 billion yuan in Q2 [2] - The total scale of GF Fund, Southern Fund, Tianhong Fund, and others also saw increases of over 6% compared to the previous quarter, indicating competitive dynamics among leading public funds [2] Group 3 - Non-monetary scale rankings among public funds showed significant growth, with GF Fund increasing by 549.74 billion yuan, becoming the only fund in the 800 billion yuan tier [5] - Southern, Fortune, and Harvest Funds also saw their non-monetary scales rise to the 700-800 billion yuan range [5] - The rankings of funds in the 10-20 tier are seeking differentiation, with Penghua and Guotai Funds achieving growth rates of 11.26% and 10.34%, respectively [5] Group 4 - Among the "mid-tier funds" ranked 20-40, Xingye and Haifutong Funds reported increases of 441.69 billion yuan and 445.9 billion yuan, reaching 2735.33 billion yuan and 1691.25 billion yuan [6] - Some funds, such as Wanji and Guotou Ruijin, experienced decreases in non-monetary scale [6] - The active equity fund managers with over 20 billion yuan in management scale saw new faces, with some familiar managers experiencing a reduction in managed scale [6][7] Group 5 - As of the end of Q2, the top active equity fund manager is Zhang Kun from E Fund, managing 550.47 billion yuan, despite a decrease of 57.75 billion yuan from the previous quarter [7][8] - Other notable managers like Liu Yanchun and Ge Lan also saw reductions in their managed scales [8] - The net redemption of equity funds reached 1.40268 billion units in Q2, indicating a trend of investors opting to sell for recovery [9]

Group 1 - Central Huijin significantly increased its holdings in core broad-based ETFs such as CSI 300, SSE 50, and CSI 500 during Q2, with total investments amounting to 202.47 billion yuan [1] - The Huatai-PineBridge CSI 300 ETF saw the largest increase, with Central Huijin purchasing 10.874 billion units, amounting to approximately 42.21 billion yuan, raising its shareholding from 29.78% at the end of last year to 40.26% [3] - Central Huijin also made substantial purchases in multiple CSI 1000 ETFs, including 5.655 billion units of Southern CSI 1000 ETF (approximately 13.42 billion yuan) and 3.805 billion units of Huaxia CSI 1000 ETF (approximately 9.07 billion yuan) [3] Group 2 - Additional purchases included 8.183 billion units of Huaxia SSE 50 ETF (approximately 22.22 billion yuan) and 3.366 billion units of Southern CSI 500 ETF (approximately 18.91 billion yuan) [3] - In April, Central Huijin expressed a strong outlook on the development of the Chinese capital market and committed to continue increasing its ETF holdings [3] - The announcement in April also included a clear positioning of "quasi-stabilization fund" and a statement from the central bank regarding support for relending [3]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In 2025, with policy focus, the "technology board" of the bond market has accelerated its progress. On July 17, the first batch of Sci - tech Bond ETFs were collectively listed. The Sci - tech Bond ETFs have investment value due to factors such as high - quality index components, better performance in bull and bear markets, spread compression potential, and suitability for certain types of investors [1][8][9]. - The Sci - tech Bond ETFs have differences from other mainstream ETFs in terms of sample range, sample rating, and sample remaining term, and the Shanghai AAA Sci - tech Bond Index has the characteristics of high return, low volatility, and low drawdown [4]. - The GF Shanghai AAA Sci - tech Innovation Corporate Bond ETF has features such as low credit risk, stable coupon income, and suitability for both stable - allocation investors and stock - bond portfolio rotation strategies [5]. 3. Summary According to the Catalog 3.1 How to Evaluate the Investment Value of Sci - tech Bond ETFs? 3.1.1 Index Component Structure - Among the 10 Sci - tech Bond ETF products, 6 track the China Securities AAA Sci - tech Bond Index, 3 track the Shanghai AAA Sci - tech Bond Index, and 1 tracks the Shenzhen AAA Sci - tech Bond Index. The Shanghai AAA Sci - tech Bond Index has better sample subject qualifications, a relatively larger sample size, and uses physical redemption [11]. - The industry distributions of the China Securities AAA Sci - tech Bond Index, Shanghai AAA Sci - tech Bond Index, and Shenzhen AAA Sci - tech Bond Index are similar and highly concentrated. The top four industries of the first two are industry, public utilities, energy, and materials, accounting for 90% of the total scale [13]. 3.1.2 Policy Attributes: Better Returns in Bull Markets and More Resilience in Bear Markets - Since 2025, in bear markets, the yield of sci - tech bonds has increased 3BP less than that of medium - term notes and short - term financing bills; in bull markets, it has decreased 6BP more. The policy attributes of sci - tech bonds provide strong support for their performance in bull - bear cycles [2][18]. 3.1.3 Allocation Demand: Room for Spread Compression - Currently, the 10 - year Treasury yield has been fluctuating narrowly in the range of 1.63% - 1.73% for over 2 months. The 3 - year and 5 - year AAA - rated sci - tech bonds still have an excess spread of 29BP and 5BP compared to medium - term notes of the same term and rating, and their yield levels are still attractive [2][22]. 3.1.4 High Correlation between Sci - tech Bond Index and Dividend Index: Suitable for Conservative Allocation - Oriented Investors - The Shanghai AAA Sci - tech Bond Index has a strong positive correlation with the Shanghai Dividend Index, with a correlation coefficient of 0.56. Sci - tech Bond ETFs are more suitable for conservative allocation - oriented investors and those who prefer stable high - coupon income [3][25]. 3.2 Comparison between Sci - tech Bond ETFs and Other ETFs 3.2.1 Comparison of Indexes Tracked by Mainstream ETFs - Sci - tech Bond ETFs, as a new listing category, differ from other mainstream ETFs in sample range, sample rating, and sample remaining term. For example, the ChinaBond 7 - 10 - year Policy Financial Bond Index and the Shanghai 10 - year Treasury Bond (Net) Index have no restrictions on sample ratings, while the Shanghai Market - Making Corporate Bond Index and the Shanghai AAA Sci - tech Bond Index require high - credit - rated bonds [30][31]. 3.2.2 The Index Tracked by Sci - tech Bond ETFs Has High Return, Low Volatility, and Low Drawdown - The Shanghai AAA Sci - tech Bond Index has the highest annualized return (5.41%), relatively low annualized volatility (1.02%), and relatively low maximum drawdown (- 1.42%) among the four indexes [38][39]. 3.3 Introduction to Sci - tech Bond ETF Products 3.3.1 Product Information of GF Sci - tech Bond ETF - The GF Shanghai AAA Sci - tech Innovation Corporate Bond ETF (fund code: 511120.SH) is a contract - type open - ended index fund tracking the Shanghai AAA Sci - tech Bond Index. As of July 17, 2025, its liquid scale is 5.172 billion yuan [5][43]. 3.3.2 Trading Mechanism: On - exchange Trading with "T + 0" Real - time Trading for Convenient Operation - The ETF supports on - exchange continuous trading, has no subscription and redemption limits, and allows "T + 0" real - time trading. It also has a cash dividend mechanism, providing flexibility and predictable cash flow for investors [46][47]. 3.3.3 The Index Tracked by the ETF Has Medium - to - Short Duration, High Credit Rating, High Industry Concentration, and Many Leading Enterprises - The Shanghai AAA Sci - tech Bond Index has a medium - to - short duration, with bonds with a maturity of less than 5 years accounting for 80% of the total scale and a weighted average duration of 4.40 years. The component bonds are mainly of high - credit rating, and the top four industries account for over 90% of the total scale [48][50][51]. 3.3.4 Good Liquidity and Low Correlation with Stocks Make It Suitable for Stock - Bond Rotation Strategies - The ETF is suitable for stable - allocation investors and stock - bond portfolio rotation strategies due to its low credit risk, stable coupon income, anti - drawdown ability, low correlation with the Shanghai Composite Index, and good secondary - market liquidity [5][55].

Core Viewpoint - The public fund industry in China has experienced significant growth in the first half of 2025, with a notable increase in the scale of public funds and a competitive environment among fund companies [2][30]. Group 1: Top Fund Companies - As of June 30, 2025, the top ten public fund companies by non-monetary scale are: E Fund, Huaxia Fund, GF Fund, Fortune Fund, Harvest Fund, Southern Fund, Bosera Fund, Hua Tai-PB Fund, Huitianfu Fund, and China Merchants Fund [2][7]. - The top two companies, E Fund and Huaxia Fund, have surpassed 1.4 trillion yuan and 1.2 trillion yuan in non-monetary fund scale, respectively, indicating strong market leadership [8][10]. - The third to sixth ranked companies, including GF Fund and Fortune Fund, have all seen growth rates exceeding 8.4%, highlighting a competitive atmosphere within the industry [8][10]. Group 2: Second Tier Companies - The second tier of fund companies, ranked 11th to 20th, includes Penghua Fund, Invesco Great Wall, ICBC Credit Suisse, Guotai Fund, and others, with notable growth in their scales [12][15]. - Guotai Fund has risen to 14th place, driven by the growth of index funds, while Penghua Fund is approaching the 500 billion yuan mark and is expected to challenge for a top ten position soon [13][15]. - Xingsheng Global Fund has also shown double-digit growth, primarily due to increases in bond and index funds [14][15]. Group 3: Middle Tier Competition - The competition among the middle tier fund companies (ranked 21st to 30th) is intensifying, with significant movements in rankings [17][20]. - Xinyi Fund has moved up from 23rd to 21st place with a remarkable growth rate of 20%, while Haifutong Fund has jumped from 33rd to 28th with a 34% increase [18][19]. - Dachen Fund has also seen a 10.14% increase, moving from 24th to 23rd place, indicating a dynamic competitive landscape [20]. Group 4: Emerging Fund Companies - The rankings from 31st to 40th include Huabao Fund, Dongzheng Asset Management, and others, with some companies like Dongzheng Asset Management and Minsheng Jia Yin achieving notable upward movements [22][24]. - The latest rankings show that several companies have successfully risen by two positions, attributed to effective team adjustments and focused product strategies [24][25]. - The number of public fund companies with non-monetary scales exceeding 100 billion yuan has increased to 49, up from 45 in the previous quarter, indicating a growing trend in the industry [29].

Market Overview - The Shanghai Composite Index rose 0.62% to close at 3581.86 points, the Shenzhen Component Index rose 0.84% to close at 11099.83 points, and the ChiNext Index rose 0.61% to close at 2310.86 points. The trading volume of A-shares in the two markets was 1929 billion yuan. The top-performing sectors were coal (6.18%), building materials (4.49%), and building decoration (3.38%), while the bottom-performing sectors were banking (-0.98%), computer (-0.73%), and communication (-0.43%) [2][6] Stock ETF - The top trading volume stock ETFs today were Huatai-PineBridge CSI 300 ETF, which rose 1.06% with a discount rate of 1.02%; ChinaAMC SSE STAR 50 ETF, which rose 0.75% with a discount rate of 0.83%; and ChinaAMC CSI A500 ETF, which rose 1.09% with a discount rate of 1.06% [3][7] Bond ETF - The top trading volume bond ETFs today were Haifutong CSI Short-term Financing Bond ETF, which fell 0.00% with a discount rate of -0.01%; ChinaAMC CSI AAA Sci-tech Innovation Corporate Bond ETF, which fell 0.05% with a discount rate of -0.01%; and Penghua SSE AAA Sci-tech Innovation Bond ETF, which fell 0.03% with a discount rate of -0.03% [4][9] Gold ETF - Today, AU9999 gold rose 0.39% and Shanghai gold rose 0.41%. The top trading volume gold ETFs were HuaAn Gold ETF, which rose 0.38% with a discount rate of 0.34%; E Fund Gold ETF, which rose 0.34% with a discount rate of 0.31%; and Bosera Gold ETF, which rose 0.40% with a discount rate of 0.35% [12] Commodity Futures ETF - Today, ChinaAMC Feed Soybean Meal Futures ETF rose 0.45% with a discount rate of 0.62%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.39% with a discount rate of 1.85%; and Dacheng Non-ferrous Metals Futures ETF rose 0.23% with a discount rate of 0.57% [13] Cross-border ETF - The previous trading day, the Dow Jones Industrial Average fell 0.04%, the Nasdaq Composite rose 0.38%, the S&P 500 rose 0.14%, and the German DAX rose 0.08%. Today, the Hang Seng Index rose 0.54% and the Hang Seng China Enterprises Index rose 0.39%. The top trading volume cross-border ETFs today were E Fund CSI Hong Kong Securities Investment Theme ETF, which fell 0.73% with a discount rate of -0.14%; GF CSI Hong Kong Innovative Drug ETF, which fell 0.15% with a discount rate of -0.01%; and ChinaAMC Hang Seng Tech ETF, which fell 0.13% with a discount rate of 0.19% [15] Money Market ETF - The top trading volume money market ETFs today were Silver Hua Day Profit ETF, Huabao Tianyi ETF, and Money Market ETF Jianxin Tianyi [17]

截至2025年6月30日，富国基金旗下富国天时货币A（100025）期末净资产448.15亿元，比上期增加 54.49%，该基金经理为张波。 简历显示，张波先生:中国国籍,硕士,2012年7月至2013年9月任上海耀之资产管理中心(有限合伙)交易 员;2013年9月至2017年10月历任鑫元基金管理有限公司交易员、交易副总监(主持工作);自2017年10月加 入富国基金管理有限公司,历任固定收益基金经理、固定收益策略研究部固定收益投资总监助理;现任富 国基金固定收益策略研究部固定收益投资副总监兼固定收益基金经理。2018年1月起任富国天时货币市 场基金、富国收益宝交易型货币市场基金基金经理,2018年6月起任富国富钱包货币市场基金基金经 理,2018年8月起任富国安益货币市场基金基金经理。2019年1月起任富国短债债券型证券投资基金基金 经理,2019年5月起任富国国有企业债债券型证券投资基金基金经理,2019年12月31日起至2023年1月13日 担任富国汇远纯债三年定期开放债券型证券投资基金基金经理,2021年11月起任富国安利90天滚动持有 债券型证券投资基金基金经理,2021年12月起任富国中证同业存 ...