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]

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]

Core Viewpoint - Zhejiang Weixing Industrial Development Co., Ltd. has experienced a decline in stock price over three consecutive trading days, with a cumulative drop of -1.27% as of June 30 [1] Company Overview - Founded in 1988, Zhejiang Weixing specializes in apparel and bag accessories, including buttons, zippers, metal products, plastic products, webbing, ropes, and labels [1] - The company is a leading player in China's apparel accessories industry and holds significant positions in various industry associations, including being the vice president unit of the China Daily Goods Industry Association's Button Branch and the vice president of the China Hardware Products Association's Zipper Branch [1] - Weixing is recognized as the first publicly listed company in the button and zipper industry in China and is a key contributor to the drafting of industry standards [1] Financial Performance - According to financial reports, GF Fund's "GF Stable Growth Mixed A" is among the top ten shareholders of Weixing, having increased its holdings in the first quarter of this year [1] - The fund has achieved a year-to-date return of 2.46%, ranking 16th out of 59 in its category [1]

Group 1 - The core viewpoint of the article highlights the performance and holdings of the Guangfa Healthcare Stock A fund, which has shown a recent net value increase of 0.74% and a year-to-date return of 14.92% [1] - The fund's recent one-month return is -1.03%, ranking 250 out of 274 in its category, while its six-month return of 14.92% ranks 44 out of 270 [1] - The top ten holdings of Guangfa Healthcare Stock A account for a total of 48.15%, with the largest holding being Zai Lab Ltd at 10.52% [1] Group 2 - Guangfa Healthcare Stock A was established on August 10, 2017, and as of March 31, 2025, it has a total asset size of 5.237 billion yuan [1] - The fund manager, Wu Xingwu, has extensive experience in the investment management field, having managed multiple funds since 2015 [2]

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].

Core Viewpoint - The Chinese public fund industry is undergoing significant changes, with a shift from actively managed equity funds to index-based investments, leading to the rise of Smart Beta strategies as a solution to industry pain points [2][15]. Group 1: Industry Changes - The halo of actively managed equity funds is fading, and star managers are struggling to regain investor trust [2]. - Index-based investments are experiencing explosive growth due to their transparency and low costs, surpassing actively managed equity funds in scale [2]. - Smart Beta strategies, particularly dividend strategies, are emerging as a popular solution to address the complexities of asset allocation for ordinary investors [2][9]. Group 2: Smart Beta Strategy Development - Smart Beta strategies incorporate effective stock selection logic into index construction to enhance performance or optimize risk-return characteristics [3]. - The Smart Beta concept is not new, with early products launched in the U.S. as far back as 2000 [3]. - The Smart Beta strategy matrix has rapidly expanded, with various factor-based ETFs emerging over the years, including momentum and low volatility strategies [4]. Group 3: Market Comparison - As of the end of 2024, the U.S. Smart Beta ETF market has grown to 364 products with a total management scale of $1,727.51 billion, a 23-fold increase over ten years [5]. - In contrast, China's Smart Beta ETF market is significantly smaller, with a total scale of only 120 billion yuan, accounting for about 3% of the domestic equity ETF market [8]. Group 4: Factor Strategies in China - In China, the dividend factor strategy dominates the Smart Beta ETF landscape, contrasting with the U.S. where growth, value, and quality factors lead in management scale [9]. - The demand for stable dividend assets has surged in a low-interest, high-volatility environment, reflecting a market preference for "certainty" [9]. Group 5: Free Cash Flow as a Key Indicator - Free cash flow is becoming an important metric for investors to assess corporate value, as it reflects a company's financial health and actual profitability [10]. - The CSI All Index Free Cash Flow Index has shown a historical annualized return of 7.77% over nearly ten years, significantly outperforming the CSI All Index's -3.95% return in the same period [10][13]. Group 6: Product Launches and Regulatory Support - As of June 18, 2025, 27 fund companies have launched 32 index funds related to free cash flow strategies, indicating strong market interest [11]. - The recent regulatory framework emphasizes addressing industry pain points and transitioning from a focus on scale to prioritizing investor returns, with Smart Beta strategies like dividends and free cash flow aligning with these goals [15][16].

Group 1 - The core viewpoint of the article highlights the performance and holdings of the GF Healthcare Stock A fund, which has a recent net value of 1.8514 yuan and a decline of 0.89% [1] - The fund's performance over the past month shows a return of 3.13%, ranking 594 out of 1027 in its category; over the past six months, it has returned 13.87%, ranking 139 out of 995; and since the beginning of the year, it has achieved a return of 14.54%, ranking 139 out of 997 [1] - The top ten holdings of the GF Healthcare Stock A fund account for a total of 48.15%, with significant positions in companies such as Zai Lab (10.52%), Kelun Pharmaceutical (8.39%), and others [1] Group 2 - The GF Healthcare Stock A fund was established on August 10, 2017, and as of March 31, 2025, it has a total scale of 5.237 billion yuan [1] - The fund manager, Wu Xingwu, has extensive experience in the investment management field, having held various positions in different funds and companies since 2015 [2]

把握创新药行情投资机遇，港股创新药ETF（513120）凭借三大优势成为资金布局首选：一是跟踪的中证香港创新药指数，其申万二级创新药企权重超过 91%，精准覆盖药明生物、信达生物等龙头企业；二是港股创新药ETF最新规模达125亿元，月内日均成交额超75亿元，规模、流动性均同类居首；三是 支持T+0交易，操作灵活。场外投资者可通过其联接基金（A类019670，C类019671）便捷布局。 展望后市，中泰证券指出，从基本面来看，创新药仍是当前医药板块中产业趋势最为明确且具备未来成长空间的子行业，我们认为全年维度创新药作为医 药板块的投资主线不会变化，短暂调整后板块有望在分化中持续上涨，在调整中建议坚守相对主流的优质创新药标的，以及将有BD或是数据催化的公 司。 EASY ETF 这样投资更简单! 发中证香港创新药ETF 513120 寫 港股创新药ETF 联接A: 019670 联接C:019671 6月以来，港股创新药板块持续成为市场焦点，交投持续活跃。以全市场规模最大的港股创新药ETF（513120）为例，截至6月23日，该产品连续10个交易 日持续获资金净买入，最新规模超125亿元，月内日均成交额超75亿元 ...

Market Overview - The Shanghai Composite Index rose 0.65% to close at 3381.58 points, the Shenzhen Component Index rose 0.43% to close at 10048.39 points, and the ChiNext Index rose 0.39% to close at 2017.63 points. The total trading volume of A-shares in the two markets was 1147.1 billion yuan. The top-performing sectors were computer (2.25%), national defense and military industry (1.97%), and coal (1.68%), while the bottom-performing sectors were food and beverage (-0.80%), household appliances (-0.43%), and steel (-0.11%) [2][6] Stock ETF - The top-traded stock ETFs today were Huaxia CSI A500 ETF, which rose 0.43% with a discount rate of 0.42%; Huatai-PineBridge CSI 300 ETF, which rose 0.34% with a discount rate of 0.29%; and Harvest CSI A500 ETF, which rose 0.63% with a discount rate of 0.48% [3][7] Bond ETF - The top-traded bond ETFs today were Huaxia Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF, which rose 0.05% with a discount rate of 0.16%; Southern Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF, which rose 0.02% with a discount rate of 0.15%; and Fullgoal ChinaBond 7-10 Year Policy Financial Bond ETF, which rose 0.01% with a discount rate of 0.02% [4][9] Gold ETF - Gold AU9999 rose 0.07% and Shanghai Gold rose 0.35% today. The top-traded gold ETFs were Huaan Gold ETF, which rose 0.38% with a discount rate of 0.14%; E Fund Gold ETF, which rose 0.34% with a discount rate of 0.12%; and Bosera Gold ETF, which rose 0.38% with a discount rate of 0.13% [12] Commodity Futures ETF - Huaxia Feedstuff Soybean Meal Futures ETF fell 0.96% with a discount rate of -1.10%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.07% with a discount rate of -0.53%; and Dacheng Nonferrous Metals Futures ETF rose 0.18% with a discount rate of -0.11% [13] Cross-Border ETF - The Dow Jones Industrial Average rose 0.08%, the Nasdaq Composite fell 0.51%, the S&P 500 fell 0.22%, and the German DAX rose 1.27% in the previous trading session. The Hang Seng Index rose 0.67% and the Hang Seng China Enterprises Index rose 0.82% today. The top-traded cross-border ETFs today were GF CSI Hong Kong Innovative Drugs ETF, which rose 3.46% with a discount rate of 3.50%; E Fund CSI Hong Kong Securities Investment Theme ETF, which rose 2.99% with a discount rate of 2.48%; and Huaxia Hang Seng Tech ETF, which rose 1.45% with a discount rate of 1.14% [15] Money Market ETF - The top-traded money market ETFs today were Silverhua Rili ETF, Huabao Tianyi ETF, and Money Market ETF Jianxin Tianyi [17]