Report Industry Investment Rating - No relevant content provided Core View of the Report - On June 9, 2025, the A-share market showed an overall upward trend, with the Shanghai Composite Index rising 0.43%, the Shenzhen Component Index rising 0.65%, and the ChiNext Index rising 1.07%. The trading volume of the two markets reached 1312.8 billion yuan. The sectors with the highest gains were Medicine and Biology (2.30%), Agriculture, Forestry, Animal Husbandry and Fishery (1.72%), and Textile and Apparel (1.61%), while the sector with the largest decline was Food and Beverage (-0.43%) [2][6] Summary by Relevant Catalogs Market Overview - The Shanghai Composite Index closed at 3399.77 points, up 0.43%; the Shenzhen Component Index closed at 10250.14 points, up 0.65%; the ChiNext Index closed at 2061.29 points, up 1.07%. The trading volume of the two A-share markets was 1312.8 billion yuan. The sectors with the highest gains were Medicine and Biology (2.30%), Agriculture, Forestry, Animal Husbandry and Fishery (1.72%), and Textile and Apparel (1.61%), while the sector with the largest decline was Food and Beverage (-0.43%) [2][6] Stock ETF - The top three stock ETFs in terms of trading volume were Huaxia CSI A500 ETF (up 0.32%, discount rate 0.34%), Harvest CSI A500 ETF (up 0.41%, discount rate 0.39%), and Huatai-PineBridge CSI 300 ETF (up 0.23%, discount rate 0.32%) [3][7] Bond ETF - The top three bond ETFs in terms of trading volume were E Fund Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF (down 0.00%, discount rate 0.11%), Southern Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF (down 0.00%, discount rate 0.11%), and Bosera Shenzhen Stock Exchange Benchmark Market-Making Credit Bond ETF (down 0.02%, discount rate 0.09%) [4][9] Gold ETF - Gold AU9999 fell 0.97%, and Shanghai Gold fell 1.11%. The top three gold ETFs in terms of trading volume were Huaan Gold ETF (down 1.08%, discount rate -1.06%), E Fund Gold ETF (down 1.07%, discount rate -1.07%), and Bosera Gold ETF (down 1.07%, discount rate -1.07%) [12] Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF rose 0.26%, with a discount rate of 1.11%; China Construction Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.08%, with a discount rate of -0.25%; Dacheng Nonferrous Metals Futures ETF had a change of 0.00%, with a discount rate of 0.00% [15] Cross-Border ETF - The previous trading day, the Dow Jones Industrial Average rose 1.05%, the Nasdaq Composite rose 1.20%, and the S&P 500 rose 1.03%, while the German DAX fell 0.08%. On June 9, the Hang Seng Index rose 1.63%, and the Hang Seng China Enterprises Index rose 1.74%. The top three cross-border ETFs in terms of trading volume were GF CSI Hong Kong Innovative Drug ETF (up 4.72%, discount rate 4.42%), E Fund CSI Hong Kong Securities Investment Theme ETF (up 2.48%, discount rate 2.44%), and Huatai-PineBridge CSOP Hang Seng Tech ETF (up 2.41%, discount rate 2.65%) [17] Money ETF - The top three money ETFs in terms of trading volume were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jian Xin Tian Yi [19]

Group 1 - The merger between Haiguang Information and Zhongke Shuguang will create a company with a market value exceeding 400 billion yuan, establishing a rare enterprise in A-shares that spans CPU design and computing power services [1] - The integration of Haiguang's x86 architecture CPU and DCU chips with Zhongke's high-end computing systems, storage, and cloud computing solutions will form a vertically integrated model from chip design to server manufacturing to computing power services [1] - The surge in ETF sizes related to these companies is driven by significant inflows of capital, but new funds cannot purchase the suspended stocks, leading to a dilution of existing holdings in the ETFs [1] Group 2 - The Semiconductor ETF (159813) has a significant holding of over 9% in Haiguang Information, and its scale remains stable at around 5 billion yuan, limiting the dilution of returns despite arbitrage activities [2] - The ETF closely tracks the Guozheng Semiconductor Chip Index, which reflects the market performance of listed companies in the semiconductor industry [2] - As of May 30, 2025, the top ten weighted stocks in the Guozheng Semiconductor Chip Index account for 66.85% of the index, including major companies like SMIC and Haiguang Information [2]

港股市场今日表现亮眼，港股通创新药ETF(159570)涨近3%，成交额7.58亿元，较昨日此时放量 92.72%，近1月份额增加22.02%，增加5.56亿份，该基金支持T+0交易。 截至发文，其他相关ETF表现如下：港股消费ETF(159735)涨幅为1.22%，港股汽车ETF(159210)涨幅为 0.1%，香港证券ETF(513090)涨幅为2.42%，香港科技ETF(513560)涨幅为1.53%。 ...

截至2025年6月6日，A股三大指数涨跌不一。其中上证指数收涨0.04%，报3385.36点；深证成指收跌0.19%，报10183.70点；创业板指收跌0.45%，报2039.44 点。两市总成交额1.15万亿元。 行业热度看，油服工程、非金属材料、工业金属包揽涨幅榜前三，分别上涨1.78%、1.70%、1.68%。 截至今日收盘，全市场共计495只非货ETF上涨，上涨比例达到43%。国证港股通创新药指数上涨2.28%，港股通创新药ETF工银、港股通创新药ETF、港股 创新药ETF，分别上涨2.26%、2.25%、2.06%；中证港股通创新药指数上涨2.15%，港股创新药ETF基金、港股创新药50ETF，分别上涨2.15%、2.07%；恒生 生物科技指数上涨1.81%，恒生生物科技ETF、恒生生物科技ETF，分别上涨1.97%、1.83%。 目前，中证香港创新药人民币指数最新市盈率（PE-TTM）为27.95倍，估值低于近3年11.98%以上的时间。 港股通创新药ETF工银（159217.SZ）最新份额规模达35.89亿份。该产品紧密跟踪国证港股通创新药指数，国证港股通创新药指数旨在反映港股通创新药产 业上市 ...

Group 1 - The investment value of ETF products is increasingly recognized, leading private equity firms to intensify their participation in the ETF market [1][4] - As of May 31, 104 private equity firms have products listed among the top ten holders of 97 ETFs, collectively holding 1.783 billion shares [1] - Specific examples include Qingdao Luxiu Investment Management holding 30 million shares in the Invesco CSI 300 Enhanced Strategy ETF, representing 6.83% of the fund's total shares [3] Group 2 - The technology-themed ETFs have become a key focus for private equity investments, with significant holdings in various funds [3] - The advantages of ETFs, such as strong liquidity, low transaction costs, and high transparency, enable private equity firms to efficiently allocate resources [4] - The structural characteristics of the A-share market and the active promotion of ETF products by public funds have contributed to the growing interest from private equity firms [4]

Summary of Key Points Core Viewpoint - The trading volume of non-monetary ETFs reached 200.295 billion yuan on June 5, 2025, with 50 ETFs exceeding 1 billion yuan in trading volume. The market is showing significant activity in various ETF categories, particularly in bond and thematic ETFs [1]. Trading Volume and Performance - The top three ETFs by trading volume are: - Shanghai Company Bond ETF (511070.SH) with 9.303 billion yuan - Credit Bond ETF Fund (511200.SH) with 7.585 billion yuan - Credit Bond ETF (511190.SH) with 6.500 billion yuan [4] - The average daily trading volume for the Shanghai Company Bond ETF over the last five days is 7.184 billion yuan, indicating increased activity [2]. Turnover Rate - The highest turnover rates are observed in: - Benchmark National Bond ETF at 249.89% - 0-4 Local Bond ETF at 163.00% - Saudi ETF at 160.18% [7] - The Shanghai Company Bond ETF has a recent turnover rate of 66.04% over the last five days, showing significant trading activity [2]. Thematic ETFs - Thematic ETFs include: - Hong Kong Innovative Drug ETF - Hong Kong Securities ETF - Hang Seng Technology Index ETF - Hang Seng Technology ETF [1] - The Hong Kong Innovative Drug ETF (520500.SH) has a trading volume increase of 38.70% compared to the previous trading day [3]. ETF Performance Metrics - The Hang Seng Innovative Drug ETF has a recent trading volume of 4.62 billion yuan over the last five days, with a notable increase in trading activity [3]. - The Green Power ETF (159669.SZ) has a recent trading volume of 1.06 billion yuan and is focused on the public utility sector [8]. Market Volatility - The top three ETFs by volatility are: - China Securities 2000 Index ETF with a volatility of 10.50% - Green Power ETF with 10.46% - Yangtze River Protection Theme ETF with 9.29% [11]

Group 1: Market Performance - As of June 5, 2025, the State-Owned Enterprise Win-Win ETF (159719) increased by 0.26%, marking its fourth consecutive rise, with the latest price at 1.52 yuan [1] - The trading volume for the State-Owned Enterprise Win-Win ETF was 1.81%, with a transaction value of 2.0078 million yuan, and the average daily transaction over the past year was 17.5677 million yuan [1] - The China Securities Index for the Guangdong-Hong Kong-Macao Greater Bay Area Development (931000) rose by 0.34%, with significant increases in constituent stocks such as South Network Energy (9.92%) and Shenghong Technology (6.61%) [1] Group 2: Corporate Restructuring - On June 5, multiple companies disclosed the restructuring progress of China Weaponry Equipment Group Co., Ltd., which received approval from the State Council to implement a split, with its automotive business becoming an independent central enterprise [2] - The restructuring is expected to enhance Changan Automobile's focus on its core automotive business and improve its competitive edge, allowing for a more flexible operational mechanism and stronger resource integration capabilities [2] - Dongfeng Motor Corporation has postponed its restructuring, likely due to its own business integration needs and market strategy considerations, retaining more autonomy for adjustments [2] Group 3: Index Composition - The Greater Bay Area ETF closely tracks the China Securities Index for the Guangdong-Hong Kong-Macao Greater Bay Area Development, with the top ten weighted stocks accounting for 53.21% of the index [4] - The State-Owned Enterprise Win-Win ETF tracks the FTSE China State-Owned Enterprises Open Win-Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [4] - The top ten constituent stocks of the State-Owned Enterprise Win-Win ETF are all "Chinese state-owned" stocks, including China Petroleum, China Sinopec, and China Construction [4]

Report Overview - The report provides a daily overview of the ETF market on June 4, 2025, covering market conditions, stock ETFs, bond ETFs, gold ETFs, commodity futures ETFs, cross - border ETFs, and money ETFs [2][3][4] Market Conditions - The Shanghai Composite Index rose 0.42% to 3376.20 points, the Shenzhen Component Index rose 0.87% to 10144.58 points, and the ChiNext Index rose 1.11% to 2024.93 points, with a trading volume of 11774 billion yuan for A - shares in both markets [2][6] - The top - performing sectors were beauty & care (2.63%), comprehensive (2.53%), and textile & apparel (2.41%), while the worst - performing sectors were transportation (-0.58%), national defense & military industry (-0.24%), and public utilities (-0.12%) [2][6] Stock ETFs - The top - traded stock ETFs were嘉实中证A500ETF (up 0.42% with a discount rate of 0.38%),华夏中证A500ETF (up 0.54% with a discount rate of 0.41%), and国泰中证A500ETF (up 0.43% with a discount rate of 0.42%) [3][7] Bond ETFs - The top - traded bond ETFs were富国中债7 - 10年政策性金融债ETF (up 0.05% with a discount rate of 0.03%),南方上证基准做市公司债ETF (up 0.04% with a discount rate of 0.04%), and海富通中证短融ETF (unchanged with a discount rate of 0.01%) [4][9] Gold ETFs - Gold AU9999 rose 0.12% and Shanghai Gold rose 0.01%. The top - traded gold ETFs were华安黄金ETF (down 0.05% with a discount rate of 0.10%),易方达黄金ETF (down 0.04% with a discount rate of 0.09%), and博时黄金ETF (down 0.05% with a discount rate of 0.11%) [12] Commodity Futures ETFs -华夏饲料豆粕期货ETF rose 0.05% with a discount rate of 0.34%,大成有色金属期货ETF rose 1.15% with a discount rate of 0.73%, and建信易盛郑商所能源化工期货ETF rose 1.33% with a discount rate of 0.80% [15] Cross - border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.51%, the Nasdaq rose 0.81%, the S&P 500 rose 0.58%, and the German DAX rose 0.67%. On June 4, the Hang Seng Index rose 0.60% and the Hang Seng China Enterprises Index rose 0.67% [17] - The top - traded cross - border ETFs were广发中证香港创新药ETF (up 3.69% with a discount rate of 3.55%),易方达中证香港证券投资主题ETF (up 2.18% with a discount rate of 2.27%), and华夏恒生科技ETF (up 0.71% with a discount rate of 0.21%) [17] Money ETFs - The top - traded money ETFs were银华日利ETF,华宝添益ETF, and货币ETF建信添益 [19]

ETF 日报 2025.06.03 市场概况： 今日 A 股上证综指上涨 0.43%，收于 3361.98 点，深证成指上涨 0.16%，收于 10057.17 点，创业板指上涨 0.48%，收于 2002.70 点， 两市 A 股成交金额为 11640 亿元。涨幅靠前的行业有：美容护理 （3.86%）、纺织服饰（2.53%）、综合（2.02%），跌幅靠前的行业有： 家用电器（-2.10%）、钢铁（-1.37%）、煤炭（-0.84%）。 股票 ETF： 今日成交金额靠前的股票 ETF 为：华夏中证 A500ETF 下跌 0.11%， 贴水率为 0.05%；嘉实中证 A500ETF 下跌 0.31%，贴水率为 0.15%； 华泰柏瑞沪深 300ETF 下跌 0.05%，贴水率为 0.31%。 债券 ETF： 今日成交金额靠前的债券 ETF 为：南方上证基准做市公司债 ETF 下跌 0.02%，贴水率为 0.05%；富国中债 7-10 年政策性金融债 ETF 上涨 0.01%，贴水率为-0.05%；海富通中证短融 ETF 上涨 0.01%， 贴水率为 0.02%。 2025 年 06 月 03 日 ETF 日报 ...

- The report primarily focuses on the performance, scale changes, and valuation of various ETFs, including broad-based, sectoral, and thematic ETFs, during the week of May 26 to May 30, 2025[1][2][3] - Among broad-based ETFs, the CSI 1000 ETF achieved the highest weekly median return of 0.76%, while thematic ETFs like Military ETFs led with a median return of 2.07%[1][16] - Thematic ETFs such as Chip ETFs experienced the highest net inflows of 14.1 billion yuan, while sectoral ETFs like Technology ETFs saw the largest net inflows of 21.3 billion yuan during the week[2][30][32] - Valuation analysis indicates that broad-based ETFs like the ChiNext ETF have relatively low valuation percentiles, while thematic ETFs such as Alcohol and Photovoltaic ETFs also exhibit lower valuation percentiles compared to historical levels[3][33][43] - Financing and securities lending data reveal that the Sci-Tech Innovation Board ETF and ChiNext ETFs had the highest daily average financing purchase amounts, while the CSI 1000 ETF and CSI 300 ETF recorded the highest daily average securities lending volumes[4][45][47][51]