Group 1: Report Summary - The report is a financial product tracking report from July 12 to July 25, 2025, covering bank wealth - management products, funds, and insurance products [1][7] - It also provides industry basic data, relative index performance, and related research report references [4][5][7] Group 2: Industry Investment Rating - No investment rating information is provided in the report Group 3: Core Views - In the bank wealth - management product market, the number of new products remained stable, with a 2.55% average performance benchmark. Fixed - income products dominated, and wealth - management companies had a high share [1][10] - The fund market witnessed a 62.83% increase in the total issuance scale, with stock - type funds becoming the new dominant type, indicating a shift in investors' risk preference [7] - The insurance product market saw a 50% reduction in new products, and there was a trend of transformation from traditional to dividend - type products due to interest rate policy adjustments [7][31] Group 4: Bank Wealth - Management Products New - Issue Overall Situation - From July 12 to July 25, 2025, 1290 new wealth - management products were issued, with an average performance benchmark of 2.55%. Fixed - income products accounted for 97.13%, and wealth - management companies issued 962 products, accounting for 74.57% [1][10] New - Issue Market Trend Summary - Product type feature: Fixed - income products, especially "fixed - income +", were popular, reflecting investors' conservative risk preference [16] - Term selection feature: Products with a 1 - 3 - year term had the highest proportion. Longer - term products allowed investors to lock in higher yields and helped institutions manage liquidity [19] Representative Product Analysis - Huaxia Wealth - Management Fixed - Income Enhanced Closed - end Wealth - Management Product No. 181: A "fixed - income +" product with a 3.40% - 5.40% performance benchmark, suitable for risk - averse investors seeking returns [20] - Puyin Wealth - Management Yizhen Closed - end Wealth - Management Product No. 18: A private "fixed - income +" product for high - net - worth individuals, with a 2.40% - 4.20% performance benchmark [21] Group 5: Fund Products New - Issue Overall Situation - From July 12 to July 25, 2025, 69 new public funds were established, with a total issuance scale of 4.9089 billion shares, a 62.83% increase from the previous period. Stock - type funds became the dominant type [7][22] New - Issue Rule Summary - Stock - type funds replaced bond - type funds as the dominant type, indicating an increase in market risk preference driven by factors such as policy support and a bullish stock market [24] - New - issue funds focused on high - growth sectors like "artificial intelligence", "STAR Market", and "Hong Kong Stock Connect Technology" [25][26] Representative Product Analysis - Huatai - PineBridge Stable Benefit 6 - Month Holding A (024582.OF): A hybrid bond - type primary fund with a 3.741 - billion - share issuance scale, using a "fixed - income +" strategy [27] - Huabao CSI 300 Free Cash Flow Linked A (024367.OF): A passive index fund tracking the CSI 300 Free Cash Flow Index, with a 2.697 - billion - share issuance scale [27] Group 6: Insurance Products Overall New - Issue Situation - From July 12 to July 25, 2025, 18 new insurance products were issued, a 50% decrease from the previous period. There was a transformation from traditional to dividend - type products [7][31] Life Insurance - Traditional life insurance new - issue decreased by 62.50%, while dividend - type life insurance increased by 16.67% [32] Annuity Insurance - The number of new annuity insurance products dropped from 19 to 6, with significant decreases in traditional and dividend - type products [33] Policy Impact - On July 25, the China Insurance Industry Association adjusted the expected interest rate, which led to the suspension of non - compliant products and promoted the development of dividend - type products [7][31]

经新华财经统计，7月30日，科创板589只个股平均跌幅0.91%，平均换手率3.51%，合计成交额1630亿 元，平均振幅为4.40%。 个股表现方面，南新制药涨20%，领涨成分股；皓元医药跌10.04%，跌幅居首。 成交额方面，寒武纪成交额53亿元，位居首位；ST帕瓦成交额999.6万元，位居末位。 新华财经北京7月30日电 （王媛媛）科创50指数7月30日低开后冲高回落，最终收跌逾1%。至收盘时， 科创50指数报1058.57点，跌幅1.11%，指数振幅为2.12%，总成交额约353.2亿元。 从盘面上看，科创板个股多数下跌，上涨个股132只。高价股表现分化，低价股则多数下跌。 细分领域中，少数生物制药、化学制药类个股表现活跃，元器件、半导体、软件服务类个股下跌。 （文章来源：新华财经） 换手率方面，胜科纳米换手率为19.64%，位居首位；天能股份换手率为0.21%，位居末位。 ...

Group 1 - The core viewpoint of the report indicates a positive upward trend in major indices, with the coal industry leading the gains [1][6]. - The A-share market showed a strong performance, particularly the ChiNext index, which rose by 2.76% [3][6]. - Among the major asset classes, industrial products outperformed others, while bonds, gold, and oil experienced declines [3][6]. Group 2 - In the fund market, the average stock position of all funds was 78.49%, a decrease of 0.40 percentage points from the previous week [3][10]. - Equity products showed varied performance, with passive index funds averaging a 2.53% increase, while ordinary stock funds rose by 1.75% [11][12]. - The report highlights that 27 out of 31 industries experienced gains, with construction materials and coal showing the highest increases [6][11]. Group 3 - The report notes that 47 new funds were established this week, raising a total of 17.765 billion, a decrease from the previous week [22][24]. - The total number of public funds reached 12,990, with a net asset value of 33.80 trillion [24][25]. - The report emphasizes the increasing allocation of public funds to the Sci-Tech Innovation Board, with a record high in stock allocation [26][27].

Group 1 - The Science and Technology Innovation Board 50 ETF (588840) has turned positive after previously dropping over 3%, currently showing a gain of 0.1% and marking three consecutive days of increase [1] - The trading volume reached 10.1255 million yuan, which is an increase of 55.97% compared to the same time yesterday, while the monthly volume has decreased by 6 million units [1] - Investors can directly purchase the Science and Technology Innovation Board without needing a minimum investment of 500,000 yuan in their A-share accounts [1]

Group 1 - The ETF market opened with mixed performance, with the Huabao Sci-Tech AI ETF (589520) leading the gains at 1.92% [1] - The Sci-Tech Board AI ETF (588930) increased by 1.72%, while the Guotai Sci-Tech Chip ETF (589100) rose by 1.54% [1] - The Energy and Chemical ETF (159981) experienced the largest decline at 3.63%, followed by the Coal ETF (515220) down 2.24%, and the Commodity ETF (510170) falling by 1.57% [1]

Core Insights - As of July 25, the total inflow of funds into ETFs reached 178.226 billion yuan, while outflows amounted to 166.382 billion yuan, resulting in a net inflow of 11.844 billion yuan [1] Fund Inflows - The non-monetary ETFs with the highest net inflows were: - Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) with a net inflow of 744 million yuan - Bosera Sci-Tech Innovation Board Artificial Intelligence ETF (588790) with a net inflow of 340 million yuan - Fortune CSI Hong Kong Stock Connect Internet ETF (159792) with a net inflow of 317 million yuan [1] Fund Outflows - The non-monetary ETFs with the highest net outflows were: - Huaxia Hang Seng Internet Technology Industry ETF (QDII) (513330) with a net outflow of 651 million yuan - E Fund CSI Hong Kong Securities Investment Theme ETF (513090) with a net outflow of 484 million yuan - Liquor ETF (512690) with a net outflow of 374 million yuan [1]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has raised over 1.1 trillion yuan in total IPO and refinancing funds in its six years, with Jiangsu enterprises leading the way [1] - The number of Jiangsu companies listed on the STAR Market has grown from 5 to 114, making it the largest group in the country, with a total market capitalization exceeding 1 trillion yuan and cumulative fundraising surpassing 189.8 billion yuan [1][10] - Strategic emerging industries such as biomedicine, integrated circuits, and new energy are advancing simultaneously, showcasing the strong synergy between capital and industry in Jiangsu [1] Fundraising and Corporate Growth - The STAR Market's efficient and transparent mechanisms align well with the innovative characteristics of companies like Suzhou Huaxing Yuan Chuang Technology Co., Ltd., which became the first listed company on the STAR Market [2][3] - Huaxing Yuan Chuang raised 880 million yuan for investments in flat panel display and semiconductor testing production lines, establishing itself as an industry leader [2] - Other companies, such as Suzhou Nano Micro Technology Co., Ltd., have also leveraged STAR Market fundraising to enhance their R&D capabilities and expand their business [3] R&D Investment and Patent Accumulation - Jiangsu STAR Market companies have invested over 20 billion yuan in R&D and hold more than 20,000 patents, indicating strong technological capabilities [5] - Companies like Nanjing Mailland Medical Technology Co., Ltd. have seen significant growth, with R&D expenditures consistently representing a substantial portion of their revenue [5] - Suzhou Naxin Microelectronics Co., Ltd. has focused on the automotive sensor and signal chain industries, achieving a high R&D investment ratio and accumulating numerous patents [6][7] Government Support and Ecosystem Development - The development of STAR Market companies in Jiangsu is supported by government policies that provide financial assistance and resources for high-tech enterprises [8][9] - Various cities in Jiangsu have implemented distinct support measures, such as Suzhou's comprehensive nurturing system for potential listed companies and Nanjing's innovative financial service stations [9][10] - As of June 30, 2023, Jiangsu has 251 companies in the IPO counseling stage, accounting for 16% of the national total, with a significant portion of these being STAR Market candidates [10] Future Outlook - The STAR Market "Jiangsu Legion" is poised for further growth, aiming to convert laboratory patents into market value and enhance its overall innovation capabilities [11]

Core Viewpoint - Investment institutions are increasingly focusing on the sci-tech sector, with approximately 200 sci-tech themed funds established by mid-2023, raising nearly 70 billion yuan in total [1][2]. Group 1: Fund Launch and Strategy - Zhejiang Merchants Asset Management has launched its first comprehensive index fund covering the sci-tech board, managed by fund managers Zhou Wenchao and Chen Gujun [1]. - The fund aims to provide a better representation of the entire sci-tech sector compared to traditional indices like the Sci-Tech 50 and Sci-Tech 100, which have limitations in market coverage [1][2]. - The Shanghai Composite Sci-Tech Index covers nearly 97% of the market capitalization of the sci-tech board, offering three unique advantages: full-chain coverage, balanced industry allocation, and promising profit outlook [2]. Group 2: Market Outlook and Investment Sentiment - The fund managers express cautious optimism regarding macroeconomic conditions, noting the government's focus on stabilizing the real estate and stock markets, which enhances the strategic importance of the stock market [2][3]. - They anticipate a shift back to a technology-focused market style, with significant growth expected in the technology sector, particularly in the second half of the year [3]. - The technology sector has shown strong performance in various sub-industries, with companies in communications, electronics, computing, and media outperforming macroeconomic trends [3]. Group 3: Research Team and Methodology - The technology research team at Zhejiang Merchants Asset Management consists of five seasoned experts, each with over eight years of experience in the tech sector, combining industry and financial expertise [4]. - The team employs a dual-track strategy for efficient index tracking, focusing on optimizing details while maintaining benchmark alignment [4][5]. - The strategy includes a six-month construction period for opportunistic low-cost acquisitions and selective adjustments in portfolio composition to prioritize leading companies in representative industry segments [5].

A-shares - A-shares steadily rose this week, with the Shanghai Composite Index increasing by 1.67% to close at 3593.66 points, reaching a weekly high of 3613.02 points [1] - The Shenzhen Component Index rose by 2.33%, while the ChiNext Index increased by 2.76% [1] - Sectors such as water conservancy, infrastructure, rare earths, rare metals, and artificial intelligence showed strong performance [1] Hong Kong Stocks - The Hang Seng Index continued its upward trend, rising by 2.27% to 25388.35 points, while the Technology Index increased by 2.51% to 5677.9 points [2] - Southbound funds recorded a net inflow of over 30 billion HKD this week [2] - The building materials and semiconductor sectors led the gains [2] US Stocks - All three major US stock indices closed higher this week, with the Dow Jones up 1.26%, the Nasdaq up 1.02%, and the S&P 500 up 1.46% [3] - Large tech stocks had mixed performances, with Intel's stock experiencing a significant decline [3] Positive Developments - The 2025 World Artificial Intelligence Conference commenced, attracting over 800 participating companies, with more than 50% being international [4] - TikTok's revenue is projected to reach 23 billion USD in 2024, marking a 42.8% year-on-year growth, making it the fourth largest social app by revenue [4] - Alibaba's new open-source Qianwen 3 reasoning model has been launched, claiming to be on par with top closed-source models [5] - The Chinese Automotive Circulation Association reported that the Xiaomi SU7 has the highest one-year retention rate among electric vehicles at 88.91% [6] - Yushutech released its third humanoid robot, UnitreeR1, priced from 39,900 CNY [7] Negative Developments - Former President Trump announced plans to impose tariffs of 15% to 50% on most countries [10] - Tesla reported a second-quarter revenue of 22.496 billion USD, a 12% year-on-year decline [10] - Louis Vuitton experienced a data breach affecting nearly 420,000 customers in Hong Kong [11] - Intel is implementing a layoff plan affecting approximately 15% of its workforce, aiming to reduce its total employee count to about 75,000 by year-end [11] - Amazon's AWS Shanghai AI research institute has been dissolved due to strategic adjustments [12] - China Duty Free Group reported a 20.81% year-on-year decline in net profit for the first half of 2025 [12] IPOs and Listings - Shanda Electric and Jiyuan Group debuted on the A-share market, with significant first-day gains of 356% and 274.54%, respectively [16] - Yushutech has initiated its IPO counseling, with plans to submit its application by October [17] - Several companies, including Liyou Technology and Jiangsu Zhonghui Biotechnology, have submitted applications for H-share listings in Hong Kong [18][21] - Universal Music Group has secretly filed for a U.S. IPO [22] - McGraw Hill raised 414.63 million USD in its IPO, pricing shares at 17 USD each [26]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 2.07%, closing at 1054.20 points, with a total trading volume of 4.485 billion shares and a turnover of 151.892 billion yuan, resulting in an average turnover rate of 2.47% [1] - Among the tradable stocks on the STAR Market, 401 stocks closed higher, with 11 stocks increasing by over 10% and 40 stocks rising between 5% and 10%. Conversely, 185 stocks closed lower, with 1 stock declining by over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 22 stocks had a turnover rate between 10% and 20%, 91 stocks between 5% and 10%, 119 stocks between 3% and 5%, 289 stocks between 1% and 3%, and 68 stocks had a turnover rate of less than 1% [1] - The stock with the highest turnover rate was Xinyuren, which closed down by 5.16% with a turnover rate of 19.52% and a transaction amount of 317 million yuan. Other notable stocks included Saifen Technology and Qingyun Technology, with turnover rates of 16.87% and 15.62%, respectively [1] Sector Performance - In terms of industry, the pharmaceutical and biotechnology sector had the highest number of stocks with a turnover rate exceeding 5%, totaling 32 stocks, followed by the electronics and computer sectors with 27 and 20 stocks, respectively [2] - Among high turnover stocks, 62 experienced net inflows of main funds, with the highest net inflows recorded for Yuncong Technology, Youkede, and Gaomei Shares, amounting to 118 million yuan, 88.645 million yuan, and 73.8116 million yuan, respectively [2] Leverage Fund Movements - A total of 78 high turnover stocks received net purchases from leveraged funds, with notable increases in financing balances for Tiejian Heavy Industry, Shangwei New Materials, and Shijia Photon, which saw increases of 356 million yuan, 277 million yuan, and 218 million yuan, respectively [2] - Conversely, stocks such as Jinchengzi, Fuliwang, and Zhongke Lanyun experienced significant decreases in financing balances, with reductions of 30.322 million yuan, 27.8513 million yuan, and 25.3532 million yuan, respectively [2] Earnings Reports - Among high turnover stocks, one company reported a net profit increase of 2147.93%, while another company announced a half-year performance report with a net profit increase of 50.89% [2]