证券研究报告—ETF 基金周报 撰写日期：2025 年 06 月 23 日 ETF 周报（20250616-20250620） 摘要 ETF 新发及上市情况： 在样本期内一共有 10 只基金成立，6 只基金上 市。 风险提示：本报告对于基金产品、指数的研究分析均基于历史公开信 息，可能受指数样本股的变化而产生一定的分析偏差；此外，基金管理人的 历史业绩与表现不代表未来；指数未来表现受宏观环境、市场波动、风格转 换等多重因素影响，存在波动风险；本报告不涉及证券投资基金评价业务， 不涉及对基金产品的推荐，亦不涉及对任何指数样本股的推荐。 麦高证券 研究发展部 分析师：林永绿 资格证书：S0650524060001 联系邮箱：linyonglv@mgzq.com 联系电话：15000307034 联系人：张昊阳 资格证书：S0650124040024 联系邮箱：zhanghaoyang@mgzq.com 联系电话：13363378283 相关研究 《麦高视野--ETF 观察日志（20250620）》 2025.06.23 《麦高视野--ETF 观察日志（20250619）》 2025.06.20 《麦高视野--ET ...

Group 1 - Multiple ETFs including the Shanghai 380 ETF and Shanghai 580 ETF have been reported to the CSRC, with the Shanghai 380 Index optimization officially implemented [1] - The total market size of bond ETFs has surpassed 350 billion yuan, with two bond ETFs exceeding 50 billion yuan in scale [1] - The Indian PC market is expected to grow by 6% in 2025, driven by the demand for laptops and productivity tools [1] Group 2 - A new national standard for household refrigerators will be implemented in June 2026, reducing energy consumption by 40% [2] - China Railway has denied rumors regarding discounts for elderly passengers on high-speed trains [2] Group 3 - ByteDance has launched an AI product called "Tanfang" to provide food-related smart guidance services, currently only available through Douyin mini-programs [3] - Meituan has decided to exit some loss-making areas while exploring new community retail models [3] - ByteDance has refuted rumors about the departure of its commercial vice president [4] Group 4 - Hillhouse Capital has expressed interest in acquiring Starbucks' China business, with an estimated valuation of 5 to 6 billion USD [4] - The autonomous driving company WeRide has secretly submitted a listing application in Hong Kong [4] - Domestic GPU company Muxi Integrated Circuit has completed its listing guidance [4] Group 5 - Xiansheng Pharmaceutical has halted the development of its Alzheimer's drug [5] - JinKai New Energy plans to inject up to 1.247 billion yuan into its subsidiary to enhance its operational capabilities [5] - China Pacific Insurance has received approval for a new assistant general manager [5] Group 6 - Fuda Co. plans to establish a wholly-owned subsidiary with an investment of 475 million yuan, while also optimizing its organizational structure [6] Group 7 - The Shanghai Composite Index rose by 0.65%, with over 4,400 stocks in the market increasing in value [7][8]

Core Viewpoint - The article discusses the recent applications by Huaxia and E Fund for the Shanghai Stock Exchange 580 ETF and 380 ETF products, highlighting new investment opportunities in the expanding ETF market in China [2][3]. Group 1: ETF Market Developments - On June 23, Huaxia and E Fund submitted applications for the Shanghai Stock Exchange 580 ETF, 380 ETF, and their respective ETF linked funds, providing investors with new tools to capture small-cap growth opportunities and focus on mid-cap new blue chips [3][6]. - The Shanghai 580 Index, which the 580 ETF tracks, aims to reflect the overall performance of small-cap stocks in the Shanghai market, positioning itself alongside other indices like the Shanghai 50, 180, and 380 [7]. Group 2: Characteristics of the Shanghai 580 Index - The Shanghai 580 Index is designed to represent small-cap stocks, with approximately 30% to 60% of its components belonging to sectors such as the Science and Technology Innovation Board, specialized and innovative enterprises, private economy, and emerging industries [7]. - The index includes 580 securities selected based on liquidity and ESG criteria, covering about 10% of the total market capitalization of A-shares in the Shanghai market, with a median market capitalization of approximately 8.5 billion and an average of about 9.4 billion [7]. Group 3: Performance of the Shanghai 580 Index - As of June 20, the Shanghai 580 Index has increased by 48.1% since its base date (December 28, 2018), with an annualized return of 6.46%, indicating strong growth potential for small-cap innovative stocks in the Shanghai market [8]. Group 4: Shanghai 380 Index Overview - E Fund also reported the Shanghai 380 ETF and its linked funds, with the optimized Shanghai 380 Index focusing on mid-cap new blue chips, selecting 380 constituent stocks with a median market capitalization of approximately 1.836 billion [10]. - The optimized Shanghai 380 Index is characterized by its stability, industry balance, and focus on emerging industries, making it a valuable investment tool for identifying mid-cap growth potential [10]. Group 5: Comprehensive Index System - The introduction of the Shanghai 580 Index and the optimization of the Shanghai 380 Index represent a significant upgrade to the flagship broad-based index system, providing a clear hierarchy of indices from large-cap to small-cap, thus filling the gap in representation for mid and small-cap companies [10].

Market Overview - The A-share market experienced an overall decline last week, with the North Securities 50 Index dropping by 2.55%. The Hong Kong stock market also fell, with the Hang Seng Index decreasing by 1.52%. The ETFs that performed well were primarily those tracking the banking and TMT sectors [1]. Fund Flows - Last week, the ETF market saw a net inflow of 49.784 billion yuan, marking a turnaround for stock ETFs which ended a streak of seven consecutive weeks of net outflows, with a net inflow of 21.276 billion yuan. Bond ETFs continued to attract significant capital, with a net inflow of 31.265 billion yuan. Commodity ETFs experienced a slight net outflow of 1.649 billion yuan, while money market ETFs saw a net outflow of 1 billion yuan [2]. - From an index perspective, credit bond ETFs led the inflows, with the Shanghai Market Company Bond, Shenzhen Market Credit Bond, and others seeing net inflows of 12.028 billion yuan, 8.696 billion yuan, 2.340 billion yuan, and 2.328 billion yuan respectively. In terms of stock indices, the Hang Seng Technology, Sci-Tech 50, and others also saw notable inflows [2][4]. ETF Performance - The median weekly return for stock ETFs was -0.87%. Among broad-based ETFs, the SSE 50 ETF had the highest median return at 0.13%. By sector, technology ETFs had a median decline of -0.70%, while banking ETFs had the highest median return of 3.09% [11]. - Specific banking ETFs such as the Credit Debt ETF, Company Debt ETF, and Short-term Bond ETF collectively saw a net inflow of 17.8 billion yuan last week [6][8]. New ETF Products - The total market size of bond ETFs has surpassed 350 billion yuan, with two bond ETFs, Hai Fu Tong Short-term Bond ETF and Fu Guo Government Bond ETF, each exceeding 50 billion yuan in size, marking a significant milestone in the domestic bond ETF market [19]. - The development of Sci-Tech bond ETFs is seen as beneficial for broadening financing channels for technology innovation enterprises and enhancing market liquidity and pricing efficiency [20].

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]

Group 1 - The semiconductor equipment ETF (159327) led the gains with an increase of 2.87% [1] - The E Fund semiconductor equipment ETF (159558) rose by 2.65% [1] - The chip equipment ETF (560780) saw an increase of 2.54% [1] Group 2 - The Southeast Asia technology ETF (513730) was the biggest loser, declining by 1.56% [1] - The consumption 30 ETF (510630) fell by 1.3% [1] - The communication ETF (515880) decreased by 1.27% [1]

Group 1 - The core viewpoint of the news is the announcement of the "1+6" policy measures for the Sci-Tech Innovation Board (科创板) at the 2025 Lujiazui Forum, which is expected to create unprecedented development opportunities for the Sci-Tech Innovation Board index and ETF market [1] - Since the release of the "Eight Measures for the Sci-Tech Innovation Board" last year, the policy support has intensified, leading to the total scale of broad-based ETFs on the Sci-Tech Innovation Board exceeding 200 billion yuan [1] - The core indices include the newly launched Sci-Tech Comprehensive Index, the Sci-Tech 50 Index focusing on the top 50 companies by market capitalization, and the Sci-Tech 100 Index targeting mid-cap core companies on the Sci-Tech Innovation Board [1] Group 2 - As of June 20, the largest ETF tracking the Sci-Tech Comprehensive Index is the E Fund Sci-Tech Comprehensive Index ETF (589800), with a scale exceeding 2.5 billion yuan [2] - The second-largest ETF, the Huaxia Sci-Tech Comprehensive Index ETF (589000), has performed the best among the top three ETFs in terms of annual returns [2] - The management fee for the top three ETFs is uniformly set at 0.15% [3] Group 3 - For the Sci-Tech 50 ETFs, the Huaxia Sci-Tech 50 ETF (580000) leads with a market scale exceeding 81.458 billion yuan and has achieved a 27.87% return over the past year [2] - The E Fund Sci-Tech 50 ETF (588080) has shown strong performance this year [2] - The management fee for the leading ETFs in this category is also 0.15%, except for the ICBC Credit Suisse ETF, which has a management fee of 0.30% [2] Group 4 - The leading ETFs tracking the Sci-Tech 100 Index include the Bosera Sci-Tech 100 Index ETF (588030) with a scale of 6.11 billion yuan, and the Huaxia Sci-Tech 100 ETF (588800) which has maintained leading performance in both this year and the past year [4] - The returns for the top three Sci-Tech 100 ETFs this year range from 8.43% to 8.51%, with one-year returns between 25.01% and 26.02% [4] - All top three ETFs in this category have a management fee of 0.15% [4]

Group 1: ETF Industry News - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down 0.07%, the Shenzhen Component Index down 0.47%, and the ChiNext Index down 0.83. Multiple ETFs in the food and beverage sector saw increases, including the liquor ETF (512690.SH) rising by 2.20% and the food and beverage ETF (516900.SH) increasing by 1.20% [1] - According to Zhongyuan Securities, the revenue growth of food and beverage listed companies is expected to remain in single digits by 2025, slightly above the overall industry growth. The cost environment is anticipated to remain favorable, which will support corporate profits during a period of significant revenue growth slowdown. Investment opportunities are recommended in the dairy, beer, soft drinks, health products, and snacks sectors [1] Group 2: Credit Bond ETF Market - The first batch of eight benchmark market-making credit bond ETFs has surpassed a total scale of 100 billion yuan, reaching 102.33 billion yuan as of June 19. This rapid growth reflects the increasing demand from investors for credit bond ETFs since their inception in early 2025 [2] - Since the launch of the first batch of benchmark market-making credit bond ETFs, there has been a net inflow of 33.10 billion yuan over the first ten working days of their pledge-style repurchase trading [2] Group 3: Market Performance Overview - On June 20, the three major indices collectively declined, with the Shanghai Index closing at 3359.9 points, the Shenzhen Component at 10005.03 points, and the ChiNext at 2009.89 points. The highest intraday points were 3370.8, 10084.1, and 2036.02 respectively [3] - In terms of sector performance, transportation, food and beverage, and banking sectors ranked highest with daily increases of 0.88%, 0.73%, and 0.69% respectively, while media, computer, and oil and petrochemical sectors ranked lowest with declines of -1.91%, -1.79%, and -1.71% [6] Group 4: ETF Market Performance - The overall performance of ETFs showed that strategy-based stock ETFs had the best average daily return of 0.39%, while thematic stock ETFs had the worst average return of -0.54% [9] - The top-performing ETFs today included the liquor ETF (512690.SH) with a return of 2.20%, the logistics express ETF (516530.SH) with 1.44%, and the logistics ETF (516910.SH) with 1.43% [12] Group 5: ETF Trading Volume - The top three ETFs by trading volume today were the A500 ETF (159351.SZ) with a trading volume of 2.638 billion yuan, the A500 ETF fund (512050.SH) with 2.488 billion yuan, and the Shanghai 50 ETF (510050.SH) with 2.165 billion yuan [17]

Summary of Key Points Core Viewpoint - The trading volume of non-currency ETFs reached 219.76 billion, with 42 ETFs exceeding 1 billion in trading volume, indicating a significant increase in market activity [1]. Group 1: Trading Volume and Performance - The Short-term Bond ETF (511360.SH) had a trading volume of 18.918 billion, while the Ten-Year Treasury ETF (511260.SH) and Company Bond ETF (511110.SH) had volumes of 11.214 billion and 9.989 billion respectively, leading the market [1]. - The Company Bond ETF (511110.SH) saw a trading volume increase of 158.73% compared to the previous trading day, with a recent average trading volume of 6.307 billion over the last five days [2]. - The S&P 500 ETF (159612.SZ) experienced a trading volume increase of 393.58% compared to the previous trading day, with a recent average trading volume of 3.47 billion [3]. Group 2: Turnover Rate - The S&P Consumption ETF had a turnover rate of 398.61%, leading the market, followed by the S&P 500 ETF at 174.69% and the 0-4 Year Treasury ETF at 118.17% [7]. - The Company Bond ETF (511110.SH) had a turnover rate increase of 150.46% compared to the previous trading day, indicating heightened trading activity [2]. Group 3: ETF Performance - The S&P 500 ETF (159612.SZ) saw a decline of 4.41% on the day, but had increases of 3.25% and 7.45% over the last five and twenty days respectively [3][10]. - The Short-term Bond ETF (511360.SH) and Company Bond ETF (511110.SH) also showed positive performance trends over the recent periods, with slight increases in their values [2][3]. Group 4: Market Composition - The market includes a variety of ETFs, with a total of 5 broad-based ETFs and 4 industry-themed ETFs, indicating a diverse investment landscape [8][9]. - The broad-based ETFs include the S&P 500 ETF and the Saudi ETF, while industry-themed ETFs include the S&P Consumption ETF and various Hong Kong healthcare ETFs [1][9].

ETF Performance Overview - The Huatai-PB CSI 300 ETF has a market value of CNY 368.77 billion and a decline of 0.79% with an RSI of 30.88, indicating a near oversold condition[4] - The E Fund CSI 300 ETF also shows a decline of 0.79% with a market value of CNY 260.36 billion and an RSI of 45.05, suggesting moderate market strength[4] - The CSI 500 ETFs, such as the Southern CSI 500 ETF, have experienced a decline of 1.00% with a market value of CNY 109.87 billion and an RSI of 44.88, indicating a weak market[4] Market Trends and Indicators - The overall market sentiment is reflected in the RSI values, with several ETFs showing RSI below 30, indicating oversold conditions, such as the Tianhong CSI 300 ETF with an RSI of 45.32[4] - Net purchases for the Huatai-PB CSI 300 ETF were negative at CNY -5.49 billion, indicating a trend of selling pressure[4] - The trading volume for the Huatai-PB CSI 300 ETF was CNY 23.31 billion, reflecting active trading despite the price decline[4] Sector-Specific Insights - The Consumer Electronics sector ETFs, such as the Huaxia National Index Consumer Electronics ETF, have shown a decline of 0.63% with an RSI of 55.27, indicating a relatively stable market[6] - The Non-Bank sector ETFs, including the E Fund Non-Bank ETF, have experienced a decline of 1.66% with an RSI of 47.50, suggesting a cautious outlook[6] - The New Energy sector ETFs, like the Southern CSI New Energy ETF, have shown a decline of 1.16% with an RSI of 44.37, indicating potential weakness in this sector[6]