受"对等关税"政策影响，4月7日，A股和港股均出现震荡行情。 巨震之下，关键时刻，"国家队"再度出手。 当日盘中，中央汇金公司公告称，中央汇金公司坚定看好中国资本市场发展前景，充分认可当前A股配 置价值，已再次增持了交易型开放式指数基金（ETF），未来将继续增持，坚决维护资本市场平稳运 行。 A股三大指数也集体回调。市场全天成交额约1.62万亿元，较上一交易日增加0.46万亿元。 对此，中信证券政策研究首席分析师于翔认为，A股的调整更多是受到海外悲观情绪的带动，实际上并 没有那么悲观。美国的宽松政策可能在今年年底到明年上半年出现，与中国宽松周期重叠。其认为，当 前的调整是一个布局的时间点。尽管避险情绪仍然存在，但从股票投资的角度来看，估值是核心因素， 他建议投资者关注股票资产配置。 东方财富证券研究所副所长、首席策略官陈果则表示,参考2019年中美贸易摩擦等经验，本次对等关税 加征对市场估值扰动冲击或将在短期内迅速反馈，而后续随着国内稳增长政策、产业突破、中美缓和等 积极催化，市场会逐步修复。与2019年中美贸易摩擦期间相比，当前我国政策应对更有经验与提前储 备。 陈果认为，关税波折不改"信心重估牛"核心逻辑 ...

Market Overview - The Shanghai Composite Index fell 7.34% to close at 3096.58, the Shenzhen Component Index dropped 9.66% to 9364.50, and the ChiNext Index declined 12.50% to 1807.21. The total trading volume of A-shares in the two markets was 1618.7 billion yuan. The sectors with the largest declines were computer (-12.55%), machinery and equipment (-12.19%), and media (-12.12%) [2][6] Stock ETF - The top trading volume stock ETFs today were Huatai-PineBridge CSI 300 ETF, which fell 6.67% with a discount rate of -6.60%; E Fund ChiNext ETF, which dropped 12.43% with a discount rate of -12.39%; and E Fund CSI 300 ETF, which declined 7.84% with a discount rate of -7.83% [3][7] Bond ETF - The top trading volume bond ETFs today were Penghua ChinaBond 30-Year Treasury Bond ETF, which rose 1.94% with a discount rate of 1.74%; Bosera CSI Convertible Bond and Exchangeable Bond ETF, which fell 4.18% with a discount rate of -4.38%; and Haifutong CSI Short-Term Financing Bond ETF, which rose 0.01% with a discount rate of 0.03% [4][9] Gold ETF - Today, the price of gold AU9999 fell 3.38%, and the Shanghai Gold price dropped 2.95%. The top trading volume gold ETFs were HuaAn Gold ETF, which declined 3.06% with a discount rate of -3.02%; E Fund Gold ETF, which fell 3.09% with a discount rate of -3.11%; and Bosera Gold ETF, which dropped 3.09% with a discount rate of -3.10% [12] Commodity Futures ETF - Today, the Huaxia Feed Soybean Meal Futures ETF rose 0.51% with a discount rate of 1.40%, the Dacheng Nonferrous Metals Futures ETF fell 7.08% with a discount rate of -7.66%, and the Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF declined 8.41% with a discount rate of -8.97% [13] Cross-Border ETF - The previous trading day, the Dow Jones Industrial Average fell 5.50%, the Nasdaq Composite dropped 5.82%, the S&P 500 declined 5.97%, and the German DAX fell 4.95%. Today, the Hang Seng Index dropped 13.22%, and the Hang Seng China Enterprises Index declined 13.75%. The top trading volume cross-border ETFs today were Huaxia Hang Seng Tech ETF, which fell 9.96% with a discount rate of -8.93%; Huatai-PineBridge CSOP Hang Seng Tech ETF, which dropped 9.94% with a discount rate of -9.77%; and E Fund CSI Overseas Internet ETF, which declined 9.99% with a discount rate of -11.15% [15] Money Market ETF - The top trading volume money market ETFs today were YinHua RiLi ETF, HuaBao TianYi ETF, and JianXin TianYi Money Market ETF [17]

Group 1 - Dongxing Securities (601198.SH) reported its 2024 annual report on April 4, 2025, with 178 institutional investors holding a total of 2.009 billion shares, representing 62.15% of the total share capital [1] - The top ten institutional investors collectively hold 60.29% of the shares, with notable investors including China Orient Asset Management Co., Ltd. and Jiangsu Railway Group Co., Ltd. [1] - Compared to the previous quarter, the combined holding percentage of the top ten institutional investors decreased by 0.59 percentage points [1] Group 2 - In the public fund sector, one fund, GF CSI 300 Index Enhanced A, increased its holdings, while four funds, including Guotai CSI All-Share Securities Company ETF, reduced their holdings by 0.57% [2] - A total of 167 new public funds were disclosed this period, including Southern CSI All-Share Securities Company ETF and Tianhong CSI All-Share Securities Company ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings slightly compared to the previous quarter [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Shenzhen Stock Exchange suspended trading of the Yin Hua New Economy ETF (QDII) due to the un - receding premium in secondary - market trading prices on March 31, 2025 [2][14]. - As of the end of 2024, Central Huijin's holdings of ETFs reached 317.3 billion shares, with a market value of 1.05 trillion yuan, an increase of 81.6 billion shares and 462.4 billion yuan in market value compared to June 2024. Huijin covered the A - share market through three broad - based products [2][14]. Summary by Directory 1 ETF and Index Product Focus - On March 31, 2025, the Shenzhen Stock Exchange suspended the trading of the Silver Hua Industrial Bank Southern Dongying S&P China New Economy Industry ETF (QDII) from 11:12 until the market closed due to the un - receding premium in secondary - market trading prices [2][14]. - By the end of 2024, Central Huijin's ETF holdings reached 317.3 billion shares, worth 1.05 trillion yuan, with significant increases in holdings of CSI 300, CSI 1000, and STAR Market - related ETFs [2][14]. 2 Last Week's Market Performance Review 2.1 Main Asset Index Performance - Last week, domestic equity broad - based indices all declined, with the ChiNext Index, CSI 300, CSI 500, STAR 50, and SSE 50 down 2.95%, 1.37%, 1.19%, 1.11%, and 0.65% respectively. Major bond indices all rose, and overseas equity and commodity indices all fell [3][15]. 2.2 Shenwan Primary Industry Performance - Most Shenwan primary industries declined last week. Utilities, agriculture, forestry, animal husbandry, and fishery, and pharmaceutical and biological sectors led the gains, while the automobile, power equipment, and household appliance sectors led the losses [19]. 3 Valuation - Last week, most valuation quantiles of major equity broad - based indices declined. Only the Wind All - A and CSI 500 valuations rose by 0.29% and 0.04% respectively. Most Shenwan primary industry valuation quantiles also declined [22][29]. 4 ETF Scale Changes and Trading Volume 4.1 ETF Scale Changes - Last week, non - monetary ETF scale decreased by 6.476 billion yuan, with a net inflow of 37.013 billion yuan. Commodity, bond, and cross - border non - Hong Kong stock ETFs saw scale increases, while cross - border Hong Kong stock and equity ETFs saw scale decreases [34]. - Among equity broad - based ETFs, the Guozheng 2000 theme ETF had the largest scale increase, and the CSI 300 theme ETF had the largest scale decrease. The CSI 300 theme ETF had the largest net inflow, and the CSI 500 theme ETF had the largest net outflow [34]. 4.2 ETF Trading Volume - Compared with the week before last, the daily average trading volume of some ETFs increased significantly, including the GF CSI Hong Kong Innovative Drug ETF in cross - border non - Hong Kong stock ETFs, etc. [48]. 5 ETF Performance - Last week, the Southern Hang Seng Biotechnology ETF in cross - border non - Hong Kong stock ETFs, the Invesco Great Wall CSI Hong Kong Stock Connect Innovative Drug ETF in cross - border Hong Kong stock ETFs, etc., performed best in their respective categories [7][51]. 6 ETF Margin Trading and Short Selling - This week, the total margin buying amount was 48.535 billion yuan, a decrease of 11.578 billion yuan from last week. The total margin selling volume was 171 million shares, a decrease of 70 million shares from last week [54]. 7 Current ETF Market Scale - As of last Thursday (April 3, 2025), there were 1,111 listed ETFs in the market, with a total scale of 3.804346 trillion yuan. Among equity ETFs, scale - based index ETFs had the largest scale [55]. 8 ETF Listing and Issuance - Last week, 4 ETFs were listed for trading, and 11 new ETFs were established, mostly passive index funds. Since April, 4 ETFs have been issued, with a total issuance scale of 30.35 billion yuan [8][67][68].

Core Viewpoint - The public fund market in China has seen significant growth in 2024, with institutional investors increasing their holdings in equity funds, particularly through ETFs, while individual investors continue to dominate in money market funds [1][4][6]. Group 1: Institutional Investor Trends - Institutional investors increased their total holdings in public funds by 3.5 trillion units compared to the end of 2023, with over 40% of their holdings in equity funds, marking a nearly 12 percentage point increase from the end of 2022 [2][5]. - The total size of equity funds rose from 1.88 trillion units at the end of 2022 to 3.03 trillion units by the end of 2024, representing a growth rate of 61% [4]. - The share of equity funds held by institutional investors grew from 5.67 trillion units at the end of 2022 to 12.8 trillion units by the end of 2024, a 126% increase [4][5]. Group 2: ETF Investment - Institutional investors have significantly increased their equity fund holdings primarily through ETFs, participating in market dips and rebounds [6][7]. - In 2024, major ETFs such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF saw net subscriptions exceeding 10 billion units, with institutional investors accounting for nearly 80% of the net inflows [8][10]. - The largest ETF, Huatai-PB CSI 300 ETF, had an institutional ownership increase from 66.04% at the end of 2023 to 83.58% by the end of 2024 [10][11]. Group 3: Shift from Active to Passive Funds - There has been a notable decline in institutional interest in actively managed equity funds, with 40 active funds experiencing net redemptions exceeding 1 billion units in 2024 [12]. - The shift towards passive investment strategies is evident, as passive funds surpassed active equity funds in A-share market capitalization for the first time in history [11]. - Only 11 actively managed funds received over 1 billion units in net subscriptions from institutional investors in 2024, indicating a preference for ETFs and a reduced reliance on actively managed funds [13].

Group 1 - StarNet RuiJie (002396.SZ) released its 2024 annual report on April 3, 2025, indicating that 197 institutional investors disclosed holdings of 244 million A-shares, accounting for 41.47% of the total share capital [1] - The top ten institutional investors include Fujian Electronic Information Group, Hong Kong Central Clearing Limited, Central Huijin Asset Management, and several others, with a combined holding ratio of 38.29%, which decreased by 0.71 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five public funds reported a decrease in holdings compared to the previous quarter, with a reduction ratio of 0.46% [2] - A total of 188 new public funds were disclosed this period, including several notable funds such as the招商量化精选股票发起式A and 华夏中证5G通信主题ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 2.00% compared to the previous period [2]

Core Viewpoint - The trend of long-term funds investing in A-shares through ETFs is expected to continue throughout 2024, with significant purchases from institutions like Huijin and insurance funds [2][14]. Group 1: Huijin's Increased Holdings - In the second half of 2024, Huijin's investment strategy focused on core broad-based ETFs, with Huijin Asset Management being the main buyer, acquiring 713.58 million ETF shares [3]. - Huijin Asset Management increased its holdings in several ETFs, including Huatai-PineBridge CSI 300 ETF and E Fund CSI 300 ETF, with respective purchases of 258.93 million and 190.11 million shares [3]. - Huijin Investment's actions were primarily concentrated in the first half of 2024, with a notable increase in holdings of the E Fund CSI 500 ETF by 13.86 million shares, while reducing its holdings in the E Fund CSI 300 ETF by 273.80 million shares due to fund share consolidation [4][5]. Group 2: Insurance Funds' Participation - Insurance companies have become a significant source of incremental funds in the ETF market, with China Life and New China Life increasing their ETF holdings by 79.82 million and 78.97 million shares, respectively [8][9]. - Unlike Huijin, insurance funds have adopted a broader investment strategy, focusing on both core broad-based ETFs and industry-themed ETFs, such as the CSI Internet ETF and the ChiNext 50 ETF [9][10]. - By the end of December 2024, China Life held 123 ETFs with a total of 653.19 million shares, while New China Life held 68 ETFs with 291.81 million shares [10][11]. Group 3: Signals for Future ETF Development - The continuous investment by Huijin and insurance funds in ETFs signals a strong policy support for the development of index-based investments in China [15][16]. - The influx of long-term funds is expected to drive innovation in ETF products, with suggestions for multi-asset ETFs and lifecycle smart ETF combinations to meet the needs of long-term investors [18]. - There is an anticipated increase in incremental funds for index products that align with long-term investment philosophies, particularly for core assets that offer strong risk resistance and liquidity [19].

Group 1 - The core viewpoint of the news is that as of March 31, 2025, institutional investors hold a significant portion of the shares of Seres (601127.SH), with a total of 599 institutions owning 9.53 billion shares, representing 63.12% of the total share capital [1] - The top ten institutional investors account for 58.68% of the total shares held, with a slight decrease of 0.13 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there are 9 funds that increased their holdings, including major funds like Dachen Internet Thinking Mixed A and Industrial Bank New Energy Vehicle Mixed A, with an increase ratio of 0.12% [2] - Conversely, 32 public funds reduced their holdings, with a decrease ratio of 0.59%, including funds like GF Small Cap Growth Mixed (LOF) A and GF Technology Pioneer Mixed [2] - A total of 551 new public funds were disclosed this period, including popular ETFs such as Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF [2]

Group 1 - Zhuhai Guanyu (688772.SH) released its 2024 annual report on March 31, 2025, with 241 institutional investors holding a total of 645 million shares, accounting for 57.18% of the total share capital [1] - The top ten institutional investors collectively hold 47.63% of the shares, with a decrease of 0.40 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds increased their holdings, with an increase rate of 0.14%, while six funds decreased their holdings, with a decrease rate of 0.81% [2] - A total of 198 new public funds were disclosed this period, while 26 funds were no longer disclosed compared to the previous quarter [2] - The only social security fund that increased its holdings was the National Social Security Fund 406 portfolio, with an increase rate of 0.24% [2]

Announcement Information - The company, Jiashi Fund Management Co., Ltd., will suspend the subscription (including conversion) of the Jiashi Zhongzhai 3-5 Year National Development Bank Bond Index Securities Investment Fund starting from April 2, 2025 [1] - The redemption and conversion out services of the fund will continue to operate normally during the suspension period [1] - The subscription services will resume on April 7, 2025, without further announcement [1] Sales Agency Update - Jiashi Fund Management Co., Ltd. has signed an open-end fund sales agreement with several securities companies, including GF Securities Co., Ltd. and Huatai Securities Co., Ltd. [1] - Starting from March 31, 2025, these sales agencies will handle account opening and offline cash subscription for the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Industrial Machinery ETF [1][2]