Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - In the secondary market, during the sample period from August 18 - 22, 2025, the top - performing A - share and overseas major broad - based indices were科创50, ChiNext Index, and CSI 300, with weekly returns of 13.31%, 5.85%, and 4.18% respectively. Among Shenwan primary industries, communication, electronics, and comprehensive had the highest returns at 10.84%, 8.95%, and 8.25%, while real estate, coal, and pharmaceutical biology had lower returns at 0.50%, 0.92%, and 1.05% respectively [1][10][17]. - Regarding ETF product performance, during the sample period, broad - based ETFs had the best average performance with a weighted average return of 5.12%, while QDII ETFs had the worst with - 0.61%. In terms of the listing board, ETFs related to the Science and Technology Innovation Board and the Science and Technology Innovation and Entrepreneurship 50 had better performance, with weighted average returns of 13.01% and 10.85% respectively. US and Japanese stock ETFs had poor performance, with - 2.78% and - 2.65% respectively [21]. - For ETF fund flows, industry - themed ETFs had the largest net capital inflow of 254.09 billion yuan, and broad - based ETFs had the smallest at - 161.16 billion yuan. From the perspective of the listing board, Hong Kong stock ETFs had the largest net inflow of 214.47 billion yuan, and Science and Technology Innovation Board - related ETFs had the smallest at - 144.18 billion yuan [2][25]. Group 3: Summary by Relevant Catalogs 1. Secondary Market Overview - Index returns: During the sample period,科创50, ChiNext Index, and CSI 300 had the highest weekly returns at 13.31%, 5.85%, and 4.18% respectively. The PE valuation quantile of CSI 300 was the highest at 100.00%, and that of the Nikkei 225 was the lowest at 73.36% [10]. - Industry returns: Among Shenwan primary industries, communication, electronics, and comprehensive had the highest returns at 10.84%, 8.95%, and 8.25%, while real estate, coal, and pharmaceutical biology had lower returns at 0.50%, 0.92%, and 1.05% respectively. In terms of valuation, social services, light manufacturing, and building materials had the highest valuation quantiles at 100.00%, and agriculture, forestry, animal husbandry and fishery, household appliances, and comprehensive had lower quantiles at 35.12%, 55.37%, and 62.81% respectively [17]. 2. ETF Product Overview 2.1 ETF Market Performance - By product type: Broad - based ETFs had the best average performance with a weighted average return of 5.12%, and QDII ETFs had the worst with - 0.61%. - By listing board: ETFs related to the Science and Technology Innovation Board and the Science and Technology Innovation and Entrepreneurship 50 had better performance, with weighted average returns of 13.01% and 10.85% respectively. US and Japanese stock ETFs had poor performance, with - 2.78% and - 2.65% respectively. - By industry sector: Technology sector ETFs had the best average performance with a weighted average return of 12.53%, and biomedical sector ETFs had the worst with 1.55%. - By theme: Chip semiconductor and artificial intelligence ETFs had better performance, with weighted average returns of 15.09% and 14.57% respectively. Bank and dividend ETFs had relatively poor performance, with 0.91% and 1.10% respectively [21][23]. 2.2 ETF Fund Flows - By category: Industry - themed ETFs had the largest net capital inflow of 254.09 billion yuan, and broad - based ETFs had the smallest at - 161.16 billion yuan. - By listing board: Hong Kong stock ETFs had the largest net inflow of 214.47 billion yuan, and Science and Technology Innovation Board - related ETFs had the smallest at - 144.18 billion yuan. - By industry sector: Financial and real estate sector ETFs had the largest net inflow of 141.32 billion yuan, and technology sector ETFs had the smallest at - 53.84 billion yuan. - By theme: Non - bank and innovative drug ETFs had the largest net inflows of 142.21 billion yuan and 31.74 billion yuan respectively. Chip semiconductor and military - industry ETFs had the smallest at - 78.85 billion yuan and - 5.73 billion yuan respectively [2][25][28]. 2.3 ETF Trading Volume - By category: Broad - based ETFs had the largest increase in the average daily trading volume change rate at 27.34%, and commodity ETFs had the largest decrease at - 28.91%. - By listing board: CSI 500 ETFs had the largest increase in the average daily trading volume change rate at 76.67%, and Japanese stock ETFs had the largest decrease at - 15.32%. - By industry sector: The consumer sector had the largest increase in the average daily trading volume change rate at 48.26%, and the biomedical sector had the largest decrease at - 5.57%. - By theme: Non - bank and innovative drug ETFs had the highest average daily trading volumes in the past 5 days at 367.55 billion yuan and 104.62 billion yuan respectively. Consumer electronics and artificial intelligence ETFs had the largest increases in the average daily trading volume change rate at 52.58% and 38.65% respectively. Central state - owned enterprises and innovative drug ETFs had the largest decreases at - 8.12% and - 7.01% respectively [34][37][40][43]. 2.4 ETF Margin Trading - During the sample period, the net margin purchase of all equity ETFs was - 2.48 billion yuan, and the net short - selling was 2.32 billion yuan. Southern CSI 500 ETF had the largest net margin purchase, and Southern CSI 1000 ETF had the largest net short - selling [2][48]. 2.5 ETF New Issuance and Listing - During the sample period, 9 funds were established and 8 funds were listed [3][50].

Market Overview - A-shares experienced a low opening but rebounded, with total market turnover exceeding 2.4 trillion yuan, and over 3,600 stocks rising [1] - The major indices showed positive performance: CSI A500 Index increased by 1.2%, CSI 300 Index rose by 1.1%, ChiNext Index gained 0.2%, and the STAR Market 50 Index surged by 3.2% [1] Sector Performance - Strong sectors included liquor, small metals, and semiconductors, while innovative drugs and film industry sectors faced adjustments [1] - Hong Kong stocks opened lower but rebounded, with the pharmaceutical sector continuing its adjustment [1] Index Details - CSI 300 Index consists of 300 stocks with good liquidity, covering 11 primary industries, with a rolling P/E ratio of 13.5 times and a valuation percentile of 57.3% since its inception in 2005 [3] - CSI A500 Index includes 500 stocks with good liquidity, covering 91 out of 93 tertiary industries, with a rolling P/E ratio of 15.7 times and a valuation percentile of 60.4% since its inception in 2004 [3] - ChiNext Index is composed of 100 stocks with high liquidity, focusing on strategic emerging industries, with a rolling P/E ratio of 37.4 times and a valuation percentile of 26.3% since its inception in 2010 [3] - STAR Market 50 Index includes 50 stocks with significant "hard technology" characteristics, with a rolling P/E ratio of 147.5 times and a valuation percentile of 99.5% since its inception in 2020 [3] - Hong Kong H-share Index tracks 50 large-cap, actively traded stocks, with a rolling P/E ratio of 10.3 times and a valuation percentile of 63.0% since its inception in 2002 [3]

Group 1 - The report indicates a decline in the 2-year and 10-year Treasury yields in the US, with the 10-year yield falling to 4.23% and the 2-year yield to 3.69% during the week of July 28 to August 1 [3][22][23] - The report highlights a significant net inflow of southbound funds, totaling 819.5 billion yuan year-to-date, with major inflows into non-bank financials (+13 billion yuan), pharmaceuticals (+10.66 billion yuan), and electronics (+3.79 billion yuan) [6][44][47] - The report notes a decrease in financing buy-in amounts, averaging 189.3 billion yuan, which represents a 0.4% week-on-week decline, while the proportion of financing buy-in to total A-share trading volume increased [7][51] Group 2 - In July, 135 new funds were established, with 78 being equity funds, totaling approximately 35.5 billion units issued, compared to 83 funds in July 2024 [6][29][33] - The report states that 32 new equity ETFs were launched in July, with a total issuance of 13.9 billion units, reflecting a significant increase from the previous year [6][35][39] - The report mentions that the IPO activity in July included 8 companies raising approximately 24.2 billion yuan, with a total equity financing scale of about 66.2 billion yuan [7][56]

Group 1 - Two stock ETFs have recently announced their listing, with the Huaxia CSI Hong Kong Stock Connect Medical Theme ETF having a stock position of 24.51% and the Harvest CSI Hong Kong Stock Connect Innovative Drug ETF at 16.11% [1] - In the past month, a total of 28 stock ETFs have announced their listings, with an average position of 20.50%. The highest position is held by the Huitianfu National General Aviation Industry ETF at 42.30% [1][3] - The average number of shares raised for the newly announced ETFs is 460 million, with the leading funds being the Fortune CSI Hong Kong Stock Connect Technology ETF, Harvest CSI Hong Kong Stock Connect Innovative Drug ETF, and Southern Growth Enterprise Board Mid-Cap 200 ETF, raising 1.119 billion, 890 million, and 799 million shares respectively [1] Group 2 - The average proportion of shares held by institutional investors is 14.47%, with the highest proportions in the Huaxia CSI Hong Kong Stock Connect Medical Theme ETF (95.41%), Huitianfu National Hong Kong Stock Connect Consumer Theme ETF (85.50%), and Huaxia Shanghai Stock Exchange Selected Sci-Tech Innovation Board Value 50 Strategy ETF (36.38%) [2] - The ETFs with the lowest institutional investor holdings include the GF Shanghai Stock Exchange Sci-Tech Innovation Board 100 ETF (1.47%), Harvest Hong Kong Stock Connect Innovative Drug Selected ETF (1.85%), and Harvest CSI Hong Kong Stock Connect Innovative Drug ETF (2.13%) [2]

Core Viewpoint - The 30-year government bond ETF from Bosera has shown significant performance, with a recent price increase and strong liquidity, indicating a positive market sentiment towards long-term government bonds [3][4]. Group 1: Performance Metrics - As of July 28, 2025, the 30-year government bond ETF from Bosera rose by 0.38%, reaching a price of 110.89 yuan, with a one-year cumulative increase of 10.21% as of July 25, 2025 [3]. - The ETF's latest scale reached 14.24 billion yuan, marking a one-year high, and the number of shares reached 12.9 million, also a one-year high [4]. - Over the past week, the ETF experienced a net inflow of 5.353 billion yuan, with a maximum single-day inflow of 1.51 billion yuan [4]. Group 2: Market Dynamics - The bond futures market saw collective gains, with the 30-year main contract rising by 0.5%, indicating a favorable environment for long-term bonds [3]. - According to Citic Securities, factors such as rising inflation expectations and a loose funding environment are driving the current adjustments in bond market interest rates [3]. Group 3: Risk and Return Analysis - The ETF has a maximum drawdown of 6.89% since inception, with a management fee of 0.15% and a custody fee of 0.05% [5]. - The ETF closely tracks the Shanghai Stock Exchange 30-year government bond index, which reflects the overall performance of corresponding maturity government bonds [5].

Market Overview - On July 22, the Shanghai Composite Index rose by 0.62% to close at 3581.86 points, with a daily high of 3584.72 points [1] - The Shenzhen Component Index increased by 0.84% to close at 11099.83 points, reaching a high of 11099.83 points [1] - The ChiNext Index gained 0.61%, closing at 2310.86 points, with a peak of 2313.46 points [1] ETF Market Performance 1. Overall Performance of Stock ETFs - The median return of stock ETFs was 0.74% on the same day [2] - The highest return among scale index ETFs was from the Penghua CSI 800 Free Cash Flow ETF at 2.58% [2] - The highest return in the industry index ETFs was from the China Tai CSI Coal ETF at 8.25% [2] - The highest return in strategy index ETFs was from the Bank of China Huashang CSI High Dividend Strategy ETF at 3.09% [2] - The highest return in style index ETFs was from the CCB Schroder Shenzhen 300 Value ETF at 2.11% [2] - The highest return in theme index ETFs was from the Bank of China Huashang CSI Infrastructure ETF at 6.99% [2] 2. Stock ETF Performance Rankings - The top three stock ETFs by return were: - Guotai CSI Coal ETF (8.25%) - E Fund CSI All Share Construction Materials ETF (7.91%) - Yinhua CSI Infrastructure ETF (6.99%) [5] 3. Fund Flow in Stock ETFs - The top three stock ETFs by fund inflow were: - Guotai CSI All Share Construction Materials ETF (inflow of 0.892 billion) - Penghua CSI Subdivided Chemical Industry Theme ETF (inflow of 0.757 billion) - Fuguo CSI All Share Construction Materials ETF (inflow of 0.753 billion) [8] 4. Margin Trading Overview for Stock ETFs - The top three stock ETFs by margin buying were: - Huaxia SSE Sci-Tech 50 ETF (0.876 billion) - E Fund ChiNext ETF (0.531 billion) - Guotai CSI All Share Securities Company ETF (0.341 billion) [11] Industry Insights - Datong Securities predicts that the coal sector still has room for price increases, noting a significant rise in the coal sector on July 22 [13] - The proportion of loss-making companies in the coal industry is currently at 53.6%, significantly higher than the 35% recorded in 2016, indicating a decline in total profits [13] - The high temperatures have led to increased daily consumption of thermal power, and the profitability of downstream steel mills remains acceptable, boosting procurement activity [13] - Prices for thermal coal and coking coal continue to rise, and under the constraints of production reduction, further price increases in coal are expected [13]

Group 1 - The core point of the news is the announcement of the listing of the Huatai-PineBridge CSI Hong Kong Stock Connect Consumer Theme ETF, which will be listed on July 21, 2025, with a total of 228 million shares [1] - As of July 14, 2025, the fund's asset allocation consists of 71.97% in bank deposits and settlement reserves, and 28.03% in stock investments, indicating that the fund is still in the accumulation phase [1] - In July, a total of 11 stock ETFs have announced their listings, with an average position of only 14.23%, while the highest position is held by the GF Hang Seng Hong Kong Stock Connect Technology Theme ETF at 28.49% [1][2] Group 2 - The average fundraising for the newly announced ETFs in July is 472 million shares, with the largest being the GF Hang Seng Hong Kong Stock Connect Technology Theme ETF at 1.341 billion shares [2] - Institutional investors hold an average of 18.04% of the shares in these ETFs, with the highest being the Huatai-PineBridge CSI Hong Kong Stock Connect Consumer Theme ETF at 85.50% [2] - The table provided lists various ETFs, their establishment dates, fundraising scales, and positions, highlighting the differences in asset allocation and upcoming listing dates [2]

Group 1 - The core idea emphasizes the importance of foundational knowledge in investing and selecting the right funds, suggesting that solid fundamentals are essential for successful investment in funds [2] - The article introduces bond ETFs, which are funds that track bond indices and can be traded on the market, highlighting that they possess the fundamental characteristics of ETFs [3] Group 2 - The article promotes a special offer for new holders of Zhongtai Asset Management products, encouraging them to participate in a certification process to receive a reward [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report focuses on the performance and capital flow of the ETF fund market in the past week (from June 30th to July 4th), providing reference for investors [1]. - Most A - share - focused ETFs rose this week. Among them, pharmaceutical and biological ETFs had the largest increase, with an average increase of 3.11% for funds above a certain scale, while TMT ETFs declined, with an average decrease of 0.19% for funds above a certain scale [2][5]. - Capital continued to flow into bond ETFs significantly, with a net inflow of 11.299 billion yuan for the whole week. On the contrary, large - cap index ETFs experienced significant capital outflows, with a net outflow of 19.567 billion yuan for the whole week [3][5]. 3. Summary by Related Catalogs 3.1 ETF Market Overall Performance - Market performance: Most A - share - focused ETFs rose. Pharmaceutical and biological ETFs had the largest increase (3.11% on average for large - scale funds), and TMT ETFs declined (0.19% on average for large - scale funds) [2][5]. - Capital flow: Bond ETFs had a net capital inflow of 11.299 billion yuan, and large - cap index ETFs had a net capital outflow of 19.567 billion yuan [3][5]. - Top - performing funds: Some Hong Kong - listed innovative drug ETFs, such as Wanjia CSI Hong Kong - Stock Connect Innovative Drug ETF (520700), had high weekly returns, with a weekly increase of 7.55% [8]. - Top funds in terms of capital inflow: E Fund Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF (511110) had a capital inflow of 1.982 billion yuan [9]. - Top funds in terms of capital outflow: Huatai - Peregrine CSI 300 ETF (510300) had a capital outflow of 6.626 billion yuan [10]. 3.2 Different Popular Sub - Type ETF Fund Market Performance - **Stock ETF - Broad - Based Index**: Different broad - based index ETFs had different performances. For example, in the super - large - cap index category, Huaxia SSE 50 ETF (510050) had a weekly increase of 1.47% [12]. - **Stock ETF - Industry Theme**: Each industry - themed ETF also showed different trends. For instance, in the TMT sector, some semiconductor - related ETFs declined, while in the pharmaceutical and biological sector, some innovative drug ETFs rose [18][21]. - **Bond ETF**: Various bond ETFs had capital inflows, such as Southern Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF (511070) with a capital inflow of 1.32 billion yuan [26]. - **QDII ETF**: Some Hong Kong - related innovative drug QDII ETFs had high returns, like GF CSI Hong Kong Innovative Drug ETF (513120) with a weekly increase of 7.35% [27]. - **Commodity ETF**: Gold - related commodity ETFs, such as Huaan Gold ETF (518880), had a certain increase [28]. 3.3 Innovation Theme and Sub - Industry ETF Fund Market Performance - **TMT Innovation Theme**: The animation and game theme had a high weekly increase of 6.99%, and the representative fund, Huaxia Game ETF (159869), had a weekly increase of 6.77% [30]. - **Consumption Sub - Industry**: The livestock and poultry breeding sub - industry had a weekly increase of 2.31%, and the representative fund, Cathay Pacific Livestock and Poultry Breeding ETF (159865), had a weekly increase of 2.36% [31]. - **Pharmaceutical Sub - Industry**: The innovative drug sub - industry had a weekly increase of 4.56%, and the representative fund, Yin Hua Innovative Drug ETF (159992), had a weekly increase of 4.73% [32]. - **New Energy Theme**: The photovoltaic industry theme had a weekly increase of 4.44%, and the representative fund, Huatai - Peregrine Photovoltaic ETF (515790), had a weekly increase of 4.41% [33]. - **Central and State - Owned Enterprises Theme**: The central enterprise dividend theme had a weekly increase of 2.83%, and the representative fund, Huatai - Peregrine Central Enterprise Dividend ETF (561580), had a weekly increase of 2.73% [34]. - **Steady - Growth Theme**: The CSI Iron and Steel theme had a weekly increase of 5.62%, and the representative fund, Cathay Pacific Iron and Steel ETF (515210), had a weekly increase of 5.41% [35]. - **Hong Kong - related Sub - Industry**: The Hong Kong biotechnology sub - industry had a weekly increase of 5.94%, and the representative fund, Huaxia Hang Seng Biotechnology ETF (159892), had a weekly increase of 5.16% [36]. - **Dividend/Dividend Low - Volatility Index Family**: The CSI 300 Dividend Index had a weekly increase of 2.59%, and the representative fund, Jianxin CSI 300 Dividend ETF (512530), had a weekly increase of 2.66% [37]. - **Growth Enterprise Market Index Family**: The ChiNext 50 Index had a weekly increase of 1.93%, and the representative fund, Huaan ChiNext 50 ETF (159949), had a weekly increase of 1.79% [38].

Group 1 - The Hong Kong stock market showed strong performance today, with the Hong Kong Securities ETF (513090) rising over 4% and achieving a three-day consecutive increase [1] - The trading volume reached 4.315 billion yuan, which is an increase of 225.77% compared to the same time yesterday, while the fund's share volume decreased by 1.20 million shares [1] - Other related ETFs also performed positively, with the Hang Seng Consumer ETF (513970) increasing by 1.2%, the Hong Kong Innovative Drug 50 ETF (513780) rising by 1.1%, the Hong Kong Automotive ETF (159210) up by 3.02%, and the Hang Seng Technology ETF (513010) gaining 1.81% [1] Group 2 - The Hong Kong Securities ETF supports T+0 trading, allowing investors to buy Hong Kong stocks through A-share accounts without the need for the Hong Kong Stock Connect [1]