Core Insights - The article discusses the performance of ESG mutual funds, highlighting that all funds listed in the latest ESG mutual fund weekly ranking experienced gains during the observation period from June 30 to July 4, with an average return of 3.64% for actively managed ESG funds and 2.53% for index funds [1] - Among pure ESG theme funds, index funds outperformed actively managed funds, achieving an average return of 1.84% compared to 1.57% for the latter [1] Fund Performance Summary - The top-performing ESG mutual funds for the week include: - Anxin New Energy Theme A with a weekly return of 5.55% and a net value of 0.728 yuan [2] - HSBC Jintrust Low Carbon Pioneer A with a weekly return of 4.59% and a net value of 2.2296 yuan [2] - Rongtong New Energy A with a weekly return of 4.25% and a net value of 1.841 yuan [2] - The performance of actively managed ESG funds shows that: - Jiashi ESG Sustainable Investment A led with a weekly return of 3.52% and a net value of 1.0533 yuan [5] - Huabao Sustainable Development Theme A followed with a return of 2.01% [5] - For index-based ESG funds, the top performers include: - Fuguo CSI 300 ESG Benchmark ETF with a weekly return of 3.04% and a net value of 0.8575 yuan [8] - Yingda CSI ESG 120 Strategy A with a return of 1.77% [8] Fund Classification and Methodology - The ESG mutual funds are categorized into two main types: ESG theme funds and broad ESG theme funds, further divided into actively managed and index funds [12] - The weekly ranking includes a total of four categories: ESG theme active funds, ESG theme index funds, broad ESG theme active funds, and broad ESG theme index funds [12]

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]

Market Overview - The Shanghai Composite Index rose by 0.18% to close at 3461.15 points, with a daily high of 3463.62 points [1] - The Shenzhen Component Index increased by 1.17% to close at 10534.58 points, reaching a high of 10546.74 points [1] - The ChiNext Index saw a rise of 1.9%, closing at 2164.09 points, with a peak of 2168.61 points [1] ETF Market Performance - The median return for stock ETFs was 0.5%, with the highest return from the Wanjiayuan ChiNext 50 ETF at 2.45% [2] - The highest returns among various ETF categories included: - Theme Index ETF: Huatai-PB ChiNext Hong Kong-Shenzhen Innovative Drug Industry ETF at 3.6% [2] - Style Index ETF: Harvest CSI New Emerging Technology 100 Strategy ETF at 2.55% [2] ETF Gains and Losses - The top three performing ETFs were: - Huatai-PB ChiNext Hong Kong-Shenzhen Innovative Drug Industry ETF at 3.6% [4] - Harvest CSI 5G Communication Theme ETF at 3.3% [4] - Yinhua CSI 5G Communication Theme ETF at 3.06% [4] - The three ETFs with the largest declines were: - GF CSI All-Index Energy ETF at -1.03% [4] - Huitianfu CSI Energy ETF at -0.93% [4] - Ping An CSI Hong Kong-Shenzhen Online Consumption Theme ETF at -0.87% [4] ETF Fund Flows - The top three ETFs by fund inflow were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF with an inflow of 340 million yuan [6] - Huatai-PB CSI Dividend Low Volatility ETF with an inflow of 261 million yuan [6] - Guotai Junan CSI All-Index Securities Company ETF with an inflow of 252 million yuan [6] - The largest outflows were from: - Harvest CSI A500 ETF with an outflow of 736 million yuan [6] - E Fund ChiNext ETF with an outflow of 698 million yuan [6] - Huaan ChiNext 50 ETF with an outflow of 568 million yuan [6] ETF Margin Trading Overview - The highest margin buy amounts were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF at 438 million yuan [8] - E Fund ChiNext ETF at 253 million yuan [8] - Guotai Junan CSI All-Index Securities Company ETF at 211 million yuan [8] - The highest margin sell amounts were: - Southern CSI 500 ETF at 43.28 million yuan [9] - Huatai-PB CSI 300 ETF at 30.64 million yuan [9] - Southern CSI 1000 ETF at 30.45 million yuan [9] Institutional Insights - CITIC Securities suggests that embracing innovation and internationalization will be key investment strategies for the second half of 2025, particularly in the innovative drug sector [10] - Xiangcai Securities anticipates a turning point for the domestic innovative drug industry in 2025, shifting from capital-driven to profit-driven growth, presenting investment opportunities [10]

2025年上半年收官，公募积极研判下半年市场。 近日， 华宝、平安、汇丰晋信、国联安、银河 等多家基金公司相继召开中期策略会， 中 欧、永赢、 国海富兰克林、财通 等基金公司也纷纷发布下半年投资策略观点，对2025年下 半年A股市场行情与投资机会进行分析展望。 板块方面，在中期策略会上， 国联安基金常务副总经理、首席投资官魏东 表示，下半年政策 或发力，市场下跌风险较小。投资策略上，要聚焦中国发展的必经之路与新兴赛道，布局安 全与战略产业、政策支持方向，关注新消费、技术前沿等新兴趋势。当前市场虽有挑战，但 政策和制造业崛起为投资提供方向，投资者需把握宏观逻辑，挖掘结构性机会。 华宝基金权益投资副总监夏林锋 表示，A股市场面临着政策转向与业绩企稳的机遇，需求端 稳住楼市、股市与供给端整治"内卷"式竞争的政策导向日益明确。AI引领新的创新周期、"新 消费"成为内循环新载体、"新能源"走出"内卷"，成为2025年展望中需要重视的变化。对 此，投资者可考虑采取"深挖Alpha、等待Beta"的投资策略应对。 "仍积极看好全球云计算和AI产业的发展，现阶段将继续重点关注云计算板块的机会，包括海 外AI算力，例如 CPO ...

Summary of ETF Fund Flows Core Insights - On July 2, 2025, a total of 300 ETF funds experienced net inflows, while 354 funds saw net outflows, indicating a mixed sentiment in the market [1] - Notable inflows were observed in specific ETFs, particularly the Company Bond ETF by E Fund, which led with a net inflow of 771.4 million yuan [3] - Conversely, significant outflows were recorded in several ETFs, with the A500 ETF by Harvest leading the outflows at 891 million yuan [5] Inflow Analysis - The top five ETFs with the highest net inflows included: 1. Company Bond ETF by E Fund (771.4 million yuan) 2. Sci-Tech Innovation 50 ETF by Huaxia (646.7 million yuan) 3. Hong Kong Stock Connect Innovative Drug ETF by Huitianfu (643.3 million yuan) 4. Semiconductor ETF by Guolianan (509 million yuan) 5. Hong Kong Stock Connect Internet ETF by Fuguo (496 million yuan) [3][5] - A total of 103 ETFs have seen continuous net inflows, with the Company Bond ETF by E Fund leading for 20 consecutive days, accumulating a total inflow of 10.176 billion yuan [7] Outflow Analysis - The top five ETFs with the highest net outflows included: 1. A500 ETF by Harvest (891 million yuan) 2. Shanghai Stock 50 ETF by Huaxia (651.6 million yuan) 3. CSI 300 ETF by Huatai (607.2 million yuan) 4. CSI A500 ETF by Southern (470.4 million yuan) 5. A500 ETF by Huatai (411.7 million yuan) [5][9] - A total of 229 ETFs have experienced continuous net outflows, with the 300 ETF Enhanced leading for 18 consecutive days, resulting in a total outflow of 355.7 million yuan [9] Recent Trends - Over the past five days, 89 ETFs have recorded net inflows exceeding 100 million yuan, with the A500 ETF by Huatai leading at 4.846 billion yuan [10] - Conversely, 95 ETFs have seen net outflows exceeding 100 million yuan, with the CSI 300 ETF leading at 7.354 billion yuan [10]

Core Viewpoint - The outlook for the A-share market in the second half of 2025 is optimistic, driven by domestic growth-stabilizing policies and a gradual economic recovery [1][2][3]. Group 1: Market Outlook - Multiple fund companies, including Huabao and Ping An, are optimistic about the A-share market in the second half of 2025, citing supportive policies and economic recovery [1][2]. - The market is expected to show a trend of oscillating upward, with liquidity improving due to the gradual implementation of monetary easing policies [2][3]. - The overall sentiment is that the market will maintain resilience, with structural opportunities emerging in various sectors [3][4]. Group 2: Investment Focus Areas - Key sectors to watch include technology, innovative pharmaceuticals, and new consumption trends, which are seen as essential for China's development [4][6]. - The innovative pharmaceutical sector is compared to the semiconductor industry a few years ago, indicating significant market potential and policy support [6]. - The AI and cloud computing sectors are highlighted as areas of continued focus, with expectations of demand growth and technological advancements [5][6]. Group 3: Strategic Investment Approaches - Investors are encouraged to adopt a strategy of "deep digging for Alpha while waiting for Beta," focusing on structural opportunities within the market [4][6]. - The emphasis is on identifying safe and strategic industries that align with government policies and emerging trends [4][6]. - The investment landscape is shifting towards sectors that support domestic consumption and innovation, with a particular focus on new energy and AI-driven technologies [4][5].

【 导读 】 公募基金展望2025年下半年A股行情，关注科技、创新药、新消费等 中国基金报记者 曹雯璟 2025年上半年收官，公募积极研判下半年市场。 近日， 华宝、平安、汇丰晋信、国联安、银河 等多家基金公司相继召开中期策略会， 中 欧、永赢、 国海富兰克林、财通 等基金公司也纷纷发布下半年投资策略观点，对2025年下 半年A股市场行情与投资机会进行分析展望。 业内人士普遍认为，国内一系列稳增长政策将助力经济实现温和复苏， 对下半年A股的投资 机会可以积极乐观一些 。科技、创新药、新消费等依然是下半年值得关注的重点领域，投资 者可考虑采取 "深挖Alpha、等待Beta" 的投资策略应对。 对下半年A股可以积极乐观一些 展望下半年，中欧基金表示，国内一系列稳增长政策将助力经济实现温和复苏。随着货币宽 松政策逐步落地，流动性也将进一步增强，为A股和港股提供有力支撑。不过，特朗普贸易政 策的不确定性依旧是市场的一大变数，需密切关注其政策走向。整体来看， 预计市场将呈现 震荡上行的趋势。 板块方面，在中期策略会上， 国联安基金常务副总经理、首席投资官魏东 表示，下半年政策 或发力，市场下跌风险较小。投资策略上，要 ...

Core Insights - The performance of public funds in the first half of the year has been significantly influenced by thematic investments, particularly in the innovative pharmaceutical sector and the Beijing Stock Exchange [1][2] - Despite the high volatility associated with concentrated investment strategies, some fund managers have successfully achieved stable returns through diversified approaches [1][2] Group 1: Fund Performance - Many top-performing active equity funds in the first half of the year focused heavily on thematic investments, such as innovative pharmaceuticals and robotics [2] - Growth-oriented fund manager Gao Nan achieved over 25% returns with a strategy that included both high-growth sectors like innovative pharmaceuticals and semiconductor industries, as well as more stable sectors like home furnishings [2] - Value-oriented fund manager Lan Xiaokang's fund achieved a return of 17.44%, focusing on high-dividend stocks and sectors like finance and precious metals [3] - The cyclical fund managed by Ye Yong recorded a return of 26.62%, emphasizing investments in resource stocks such as precious metals and oil [4] - The quantitative fund managed by Yao Jiahong and Ma Fang achieved a return of 20.02%, with a diversified portfolio across various industries [4] Group 2: Investment Strategies - The China Securities Regulatory Commission's new action plan aims to link fund manager compensation more closely to fund performance, potentially leading to a shift in investment strategies [5] - Fund managers are expected to focus more on absolute valuation metrics, emphasizing cash flow, competitive advantages, and dividend capabilities [5] - The outlook for the equity market in the second half of the year is optimistic, with expectations of economic recovery and opportunities for fundamental resonance [6] - The "barbell strategy" is favored, focusing on both high-return, high-dividend assets and growth-oriented sectors, particularly in the technology and military industries [6]

2025 年 07 月 02 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2025/7/2 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 销售服务电话： 021-20515355 2025/6/24》2025-06-24 2、《ETF 及指数产品网格策略周报— 2025/6/18》2025-06-18 3、《ETF 及指数产品网格策略周报— 2025/6/10》2025-06-10 4、《ETF 及指数产品网格策略周报— 2025/6/3》2025-06-03 5、《ETF 及指数产品网格策略周报— 2025/5/27》2025-05-27 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上是一种高抛低吸的交易 策略。但与依赖判断长期走势的趋势交易不同，网格交易是一种基于价格波动 的策略，它不预测市场的具体走势，而是利用价格在一 ...

ETF 日报 2025.07.02 市场概况： 今日 A 股上证综指下跌 0.09%，收于 3454.79 点，深证成指下跌 0.61%，收于 10412.63 点，创业板指下跌 1.13%，收于 2123.72 点， 两市 A 股成交金额为 14053 亿元。涨幅靠前的行业有：钢铁 （3.37%）、煤炭（1.99%）、建筑材料（1.42%），跌幅靠前的行业有： 电子（-2.01%）、通信（-1.96%）、国防军工（-1.94%）。 股票 ETF： 今日成交金额靠前的股票 ETF 为：华泰柏瑞中证 A500ETF 涨跌幅 为 0.00%，贴水率为-0.15%；华夏中证 A500ETF 下跌 0.21%，贴水 率为-0.28%；南方中证 A500ETF 下跌 0.10%，贴水率为-0.24%。 债券 ETF： 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 上涨 0.02%， 贴水率为 0.01%；南方上证基准做市公司债 ETF 上涨 0.08%，贴水 率为 0.07%；富国中债 7-10 年政策性金融债 ETF 上涨 0.11%，贴 水率为 0.08%。 2025 年 07 月 02 日 ETF ...