Group 1 - The Shenzhen Stock Exchange (SZSE) and its subsidiary have announced a revision to the ChiNext Composite Index compilation scheme to enhance index representation and investment quality, with 1,316 sample stocks covering 95% of ChiNext listed companies and 98% of total market capitalization [1] - The revised index excludes stocks under risk warning (ST or *ST) and incorporates an ESG negative screening mechanism, removing stocks rated C or below by the National ESG rating [1] - High-tech enterprises account for 92% of the index weight, while strategic emerging industries represent 79%, and key sectors such as advanced manufacturing, digital economy, and green low-carbon industries make up 74% of the index weight [1] Group 2 - The ChiNext Composite Index has shown a cumulative increase of 197% over nearly 15 years, with an annualized return of 7.6% and a 10% increase this year, indicating strong long-term performance and balanced industry distribution [2] - The "Chuang" series of indices covers major types including broad-based, thematic, strategy, and ESG, with tracking product scale exceeding 200 billion [2] - The SZSE plans to continue enhancing the "Chuang" series indices and products, focusing on serving national strategic priorities and providing diverse investment options for medium to long-term capital allocation [2]

Group 1 - Financial companies are increasing their allocation to equity assets, with significant actions and new approaches taken in the first half of this year [1] - Multiple financial companies, including Bank of China Wealth Management and Postal Savings Bank Wealth Management, have announced plans to increase investments in exchange-traded funds (ETFs) through direct or indirect means [1] - The number of index-based financial products has significantly increased in the first half of this year compared to the same period last year [1] Group 2 - Financial companies are accelerating their research efforts on A-share listed companies, with 24 companies conducting a total of 1,473 research visits in the first half of this year [1] - A total of 1,249 different stocks were researched, with a significant portion belonging to the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [1] - The stocks researched from these boards accounted for over 51% of the total [1]

Core Viewpoint - The "Wealth Great Wall Journey" series by Great Wall Fund aims to enhance capital market knowledge and investor services, focusing on the investment value and opportunities of the National Securities Free Cash Flow Index [1][2] Group 1: Investment Trends - Index-based investment has seen significant growth, driven by policies such as the "Implementation Plan for Promoting Long-term Funds into the Market" and the "Action Plan for Promoting High-Quality Development of Capital Market Index Investment" [1] - Investors are increasingly focused on the financial stability of listed companies, particularly favoring high-quality firms with stable cash flows [1] Group 2: Product Launch - Great Wall Fund is set to launch the Great Wall National Securities Free Cash Flow Index Fund on July 14, which aims to serve as a tool for investors to easily allocate to high cash flow quality companies [2] - The fund manager emphasized that the product's launch is timely, given the ongoing high-quality development of the Chinese economy and the decline in risk-free interest rates [2] Group 3: Ongoing Initiatives - The "Wealth Great Wall Journey" initiative, launched in 2021, has conducted over 7,000 events to facilitate communication between investment institutions and investors [2] - Great Wall Fund is committed to providing valuable and warm services to investors, contributing to the foundation of high-quality development in the capital market [2]

Group 1 - The first two data center REITs have completed inquiries and will start subscriptions from July 14 to 15, indicating a growing market for REITs with quality assets [1] - The REITs market is expected to be further activated by the dual drive of "initial issuance + expansion" as relevant systems are optimized and the market matures [1] - High-net-worth individual investors have increasingly participated in ETF initial subscriptions, marking a shift from stock selection to index-based investment tools [1] Group 2 - As of July 9, 197 funds have ended fundraising early this year, with equity funds making up a significant portion, indicating a strong recovery in equity fund issuance [2] - The total issuance of newly established funds reached 5303.47 billion units in the first half of the year, with stock funds accounting for 35.46%, showing a substantial increase compared to the previous year [2] Group 3 - China's monetary policy has implemented moderate easing measures to support macroeconomic stability, achieving multiple goals such as growth stabilization and risk prevention [3] - The introduction of lithium supplement agents in the battery industry is gaining traction, with prices significantly higher than traditional materials, enhancing competitiveness for material companies [3] Group 4 - Global bank sector indices have seen significant increases, with the global index rising by 52% and the Chinese index by 59%, reflecting a revaluation of banks as stable assets [4] - The ongoing interest rate hikes in major economies have contributed to the attractiveness of banks, combining high shareholder returns with growth potential [4] Group 5 - The Hong Kong stock market has seen a surge in equity financing, nearing 3000 billion HKD, with IPOs showing remarkable growth, particularly in the technology and consumer sectors [5][6] - The market is characterized by a dual drive from technology and consumption, with significant activity in emerging consumer sectors and advanced technology fields [6] Group 6 - In 2024, 3667 A-share listed companies reported overseas business income, totaling 9.52 trillion yuan, a 56.58% increase from 2020, with manufacturing companies leading the growth [7] - Key sectors driving this growth include new energy vehicles, lithium batteries, and photovoltaics, highlighting the importance of industry chain and ecosystem expansion [7] Group 7 - As of July 9, the express delivery business in China has surpassed 1 trillion pieces, reflecting strong economic resilience and the growing scale of the consumer market [8] - The increase in express delivery volume is attributed to the rising e-commerce penetration and the expanding consumer market [8] Group 8 - Regulatory bodies have intensified oversight of delisted companies, with 19 companies receiving penalties this year, indicating a stricter regulatory environment [9]

Group 1 - The Shanghai Stock Exchange held a special meeting to promote the "1+6" policy for the Sci-Tech Innovation Board, aiming to enhance the coordination between investment and financing in the capital market [1] - Over 100 representatives from more than 20 market institutions, including public funds, securities companies, and insurance asset management, attended the meeting, showing strong support for the series of reform measures [1] - The Sci-Tech Innovation Board has become the segment with the highest proportion of index investment in A-shares, with the free-floating market value proportion reaching 8.3% [1] Group 2 - The "1+6" policy framework is expected to provide new opportunities for index investment in the Sci-Tech Innovation Board, injecting lasting momentum into the market's healthy and stable development [2] - The Shanghai Stock Exchange plans to enhance communication with market participants and implement relevant policy deployments to support innovation-driven development [2] - The number of Sci-Tech Innovation Board ETFs has nearly doubled since the release of the "Eight Measures," with a total of 85 ETFs listed and a total scale exceeding 250 billion yuan, reflecting a growth of over 60% [1][2]

Group 1 - The pharmaceutical sector has led the market with a 50.88% increase in the Hang Seng Healthcare Index this year, driven by innovative drugs and CXO services [1] - Three main drivers are contributing to the industry's value reassessment: policy benefits, technological breakthroughs, and capital inflow [1] - The E Fund Pharmaceutical ETF Connect Fund has achieved a 15.29% return over the past year, outperforming the CSI 300 Index, with a fund size exceeding 20.6 billion yuan [1] Group 2 - The current pharmaceutical industry is supported by both policy and demand, with improved negotiation rules for medical insurance and a solid growth in medical spending due to aging and consumption upgrades [1] - Core assets like WuXi AppTec and Mindray Medical are still recognized despite short-term pressures, with 15 out of 18 institutions giving a "buy" rating to Kelun Pharmaceutical [1] - The E Fund Pharmaceutical ETF Connect C has shown strong defensive characteristics, with a 6.58% return over the past three months, outperforming the 300 Pharmaceutical Index [1] Group 3 - The E Fund Pharmaceutical ETF Connect Fund offers a cost-effective way for investors to access leading pharmaceutical companies, with a current PE ratio of 28.61, below the five-year average [2] - The fund's management fee is only 0.5%, significantly lower than the typical 1.5% for actively managed pharmaceutical funds, making it attractive for investors [2] - A "pyramid-style" accumulation strategy is recommended for investors, with short-term traders focusing on the C share class and long-term investors on the A share class [2]

西部证券资深投顾王梁幸从宏观经济角度进行了分析，当前经济复苏基础稳固，但结构性特征明显，下半年需要重点关注政策落地节奏和产业升级进程。 随着国内经济复苏态势持续巩固，A股市场交投活跃度显著提升，资产配置需求呈现多元化趋势，ETF已成为投资者重要的流动性管理工具和资产配置载 体。近日，由深圳证券交易所主办、易方达基金协办的"深交所ETF大讲堂"及"深交所走进成份股公司"活动在西安成功举办。 活动现场，深交所基金管理部专家、西部证券财富管理部负责人郑舒丽、易方达基金董事总经理李国强分别致辞。深交所基金管理部专家详细介绍了深市 ETF市场的发展情况、产品种类以及投资策略，并表示深交所将持续通过ETF市场培育活动，助力以ETF为代表的指数化投资高质量发展，引导越来越多的 投资者树立理性投资、价值投资和长期投资理念。 西部证券财富管理部负责人郑舒丽在致辞中提到，深交所通过持续推动产品创新、流动性提升、投资者教育和多元化布局等为ETF发展提供了良好的市场生 态，西部证券将积极与易方达基金等众多市场参与者一起携手合作，践行金融为民服务理念，构建ETF财富管理生态，着眼全周期陪伴、创造长期价值、注 重高质量增长，切实提升投资 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scale of Huatai-PineBridge CSI A500 ETF has rapidly increased, and its extended securities abbreviation has changed. It has become the leader in the CSI A500 ETF track in terms of scale [1][8]. - Multiple index products are in the process of being established, raised, and declared. There are new offerings of many science and technology innovation bond ETFs, and three companies, including Huatai-PineBridge, have declared aviation-themed ETFs [2][14][23]. - In the recent week, most A-share and US stock ETFs have risen, with the Innovation Drug ETF leading the gains. The CSI Bank ETF has the largest net inflow of funds, while the CSI 300 ETF has the largest net outflow [5][26][43]. 3. Summary According to the Table of Contents 3.1 Huatai-PineBridge CSI A500ETF Scale Rapidly Increases, and the Extended Securities Abbreviation Changes Recently - Huatai-PineBridge CSI A500ETF (563360.OF) has performed well recently. Its scale has rapidly increased from less than 10 billion yuan to about 20 billion yuan in the past month. As of July 6, its scale reached 19.957 billion yuan, surpassing competitors and ranking first in the CSI A500ETF track [1][8]. - Since July 3, 2025, the extended abbreviation of Huatai-PineBridge CSI A500ETF has changed from "CSI A500ETF Fund" to "A500ETF Huatai-PineBridge", which strengthens brand recognition and improves trading convenience [12][13]. 3.2 Index Product Establishment, Raising, and Declaration: Multiple Science and Technology Innovation Bond ETFs are Being Raised and Newly Issued, and Three Companies, Including Huatai-PineBridge, Declare Aviation-Themed ETFs 3.2.1 Product Establishment and Listing Situation - In the recent week, 11 products, such as Southern CSI Hong Kong Stock Connect Technology ETF, have been established; 10 products, such as Penghua CSI All-Share Free Cash Flow ETF, have been listed; and 7 products, such as Qianhai Kaiyuan CSI 500 Equal-Weighted Linked A, have completed fundraising and are about to be established [2][14]. 3.2.2 Product Issuance Information - In the coming week, 24 index products will end their fundraising, including Huatai-PineBridge CSI A500ETF, Huabao Shanghai Stock Exchange STAR Market Artificial Intelligence Linked A, and Fuguo CSI AAA Science and Technology Innovation Corporate Bond ETF. Meanwhile, 28 products will start their fundraising, including Fuguo CSI AAA Science and Technology Innovation Corporate Bond ETF, GF Shanghai Stock Exchange AAA Science and Technology Innovation Corporate Bond ETF, and Boshi Shanghai Stock Exchange AAA Science and Technology Innovation Bond ETF [2][18]. 3.2.3 Product Declaration Information - In the recent week, a total of 17 index products have been declared. The theme products include Huatai-PineBridge CSI General Aviation Themed ETF and Ping An CSI General Aviation Themed ETF; the index enhancement products include Tianhong CSI 500 Quantitative Index Enhancement Securities Investment Fund and Jinyuan Shun'an CSI 800 Index Enhancement Securities Investment Fund; there are also 5 linked products and 2 bond products [23]. 3.3 ETF Market Review: Innovation Drug ETF Leads the Gains - In the recent week, most A-share and US stock ETFs have risen. Among A-share ETFs, ChiNext 50ETF has the highest increase of 1.91%, and MSCI China A50ETF and CSI 300ETF have relatively high increases of 1.72% and 1.64% respectively. Among US stock ETFs, S&P 500ETF has a relatively high increase of 1.63%. All Hong Kong stock ETFs have declined, with Hang Seng Technology ETF and Hang Seng Internet ETF having relatively large declines of -2.54% and -2.43% respectively [26]. - Among commodity ETFs, the gold ETF has a relatively high increase of 1.11% in the recent week, while the energy and chemical ETF has a slight decline. Most industry ETFs have risen in the recent week. All medical ETFs have increased, with the Innovation Drug ETF having the highest increase of 4.74%. Among other sub - industries, the Steel ETF has the leading increase of 5.53%, and the Photovoltaic ETF and Bank ETF have relatively high increases of 4.42% and 3.76% respectively [26][29]. 3.4 ETF Fund Flow: CSI Bank Has the Largest Net Inflow - As of July 4, 2025, there are 1,247 ETFs in the entire market, with a total scale of 4,317.864 billion yuan, an increase of 41.175 billion yuan from the previous week. Among them, A-share ETFs and cross - border ETFs rank first and second in scale, with 3,012.54 billion yuan and 585.014 billion yuan respectively. The scale of A-share ETFs has increased by 14.535 billion yuan in the recent week [41]. - Among non - monetary ETFs, the ETFs targeting the CSI Bank have the largest net inflow of funds, with an inflow of 6.38 billion yuan, while the ETFs targeting the CSI 300 have the largest net outflow of funds, with a total outflow of 11.181 billion yuan [43]. - In the recent week, Huabao CSI Bank ETF and E Fund Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF have relatively high fund inflows, with 6.084 billion yuan and 1.982 billion yuan respectively. Haifutong CSI Short - Term Financing ETF has the leading liquidity in the recent week, with an average daily trading volume of 14.2 billion yuan. Southern Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF has relatively high liquidity, with an average daily trading volume of 12.652 billion yuan [47].

Core Viewpoint - Index investment has become a focal point in the public fund industry amid deepening capital market reforms and accelerated transformations in the industry [1] Group 1: Industry Trends - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds" in May, aiming to shift the industry focus from "scale" to "returns" through systematic reforms [1] - The plan includes measures to bind the interests of fund managers and investors, improve assessment mechanisms, and increase the scale and proportion of equity investments in public funds, addressing industry pain points [1][2] - The emphasis on long-term performance assessment and the constraints of performance benchmarks are particularly noteworthy [1] Group 2: Investment Strategies - Investment strategies that are close to benchmarks, stable in style, and yield steady excess returns are expected to thrive as the plan progresses [2] - Index-enhanced funds, which aim to achieve excess returns relative to benchmarks while effectively tracking them, align well with the industry's transformation direction and are likely to attract more capital [2] - Data shows that over the past five years, index-enhanced funds have had significantly lower tracking errors compared to actively managed equity funds, leading to a better overall experience for investors [2] Group 3: Role of Quantitative Investment - Quantitative investment plays a crucial role in index investment by utilizing systematic and scientific methodologies [2] - Quantitative strategies help fund managers control tracking errors more precisely and capture excess returns from market pricing discrepancies [2] - The combination of fundamental quantitative strategies and data-driven approaches enhances research depth and diversifies returns [3] Group 4: Challenges and Recommendations - Historically, index-enhanced funds have had a low market share in public equity funds due to challenges such as being perceived as difficult to understand or unattractive [3] - Fund managers need to actively promote quantitative methodologies to help investors comprehend their value [3] - For ordinary investors, a dollar-cost averaging approach is recommended to smooth out market volatility, with an emphasis on risk diversification [3] Group 5: Future Outlook - The integration of quantitative strategies and index investment reflects not only technological innovation but also a return to the industry's core focus on investor interests [4] - The company aims to deepen its engagement in quantitative investment to create sustainable returns for investors and contribute to the optimization of financial resource allocation [4]

Group 1 - The overall fund issuance market showed significant differentiation last week, with only 20 new funds established and a total issuance scale of 5.328 billion yuan, marking the lowest weekly fundraising since April this year [1] - The average fundraising per fund was only 266 million yuan, indicating a generally sluggish issuance market [1] Group 2 - Equity funds performed strongly, with 11 equity fund products raising 3.226 billion yuan, accounting for 60.54% of the total issuance, making them the main force in the week [3] - Passive index products were particularly notable, with 8 index funds collectively raising over 2 billion yuan, nearly half of the total issuance, focusing on popular sectors such as Hong Kong tech and core A-share assets [3] - The Southern CSI Hong Kong Stock Connect Technology ETF raised 705 million yuan, and the Morgan Stanley CSI 300 Free Cash Flow Link A raised 597 million yuan, reflecting institutional preference for index-based investments [3] Group 3 - Bond fund issuance cooled significantly, with only 3 bond fund products issued, totaling 1.067 billion yuan, accounting for 20.03% of the total, a stark contrast to previous strong performances [4] - Mixed fund issuance remained relatively stable, with 5 mixed fund products raising 3.226 billion yuan, accounting for 19.23%, with an average fundraising of 645 million yuan per fund [4] - Passive index funds emerged as the absolute mainstay of new fund issuance, with a rapid launch of the Huatai-PineBridge CSI Hong Kong Stock Connect Technology Link A, highlighting institutional intent to quickly position in the Hong Kong tech sector [4]