- The report does not contain any quantitative models or factors for analysis[1][2][3]

Group 1 - The article emphasizes that mutual funds should not be viewed as a "get-rich-quick" scheme, highlighting the difference between historical performance and future expectations [5][6] - It suggests categorizing funds into three circles: liquid funds for immediate needs, stable funds for short-term savings, and long-term investment funds for future goals [6][7] - The recommended initial investment strategy is to focus on broad index funds like the CSI 300 and to adopt a regular investment plan (dollar-cost averaging) to mitigate risks [10] Group 2 - The article advises setting a stop-loss threshold to manage investment risks, suggesting a pause in investment if losses exceed 15% [11] - It encourages investors to invest in educational resources before committing significant funds to mutual funds, promoting a gradual investment approach [14][15] - The overall message is to adopt a patient and disciplined investment strategy, emphasizing that slow and steady growth is more sustainable than chasing quick profits [15]

Core Viewpoint - The market experienced a decline with major indices dropping over 1%, while the A500 ETF by Jiashi showed significant trading activity and resilience in the face of market volatility [1][2]. Market Performance - On July 31, major indices such as the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and CSI A500 all fell by more than 1% [1]. - The total market turnover approached 2 trillion yuan, indicating active trading, particularly in broad-based ETFs [1]. - Eight broad-based ETFs had trading volumes exceeding 3 billion yuan on the same day, with the A500 ETF by Jiashi (159351) achieving a trading volume of 3.011 billion yuan and a turnover rate of 24% [1]. A500 ETF Highlights - In July, the total trading volume of the A500 ETF by Jiashi reached 70.672 billion yuan, averaging over 3 billion yuan per day [1]. - As of July 30, the latest scale of the A500 ETF by Jiashi was 12.671 billion yuan [1]. Future Outlook - Industry experts suggest that short-term fluctuations will not alter the long-term positive trend of the capital market [1]. - The A500 index, as a new generation broad-based index, incorporates ESG principles and focuses on leading companies while maintaining industry balance, enhancing its representation of core A-share assets [1]. - The index aims to prioritize leading companies in emerging sectors, thereby improving its representation of new economic growth drivers [1].

Group 1 - The core point of the article highlights that the CSI 2000 Enhanced ETF (159552) has seen its annual growth rate surpass 40% for the first time this year, despite a slight decline of 0.44% as of 10:19 AM on July 29 [1] - Trading activity is increasing, with a turnover rate of 7.62% and a transaction volume exceeding 31 million, indicating sustained investor interest [1] - The net inflow during the trading session is estimated to be around 14 million, according to Wind Level 2 real-time market data combined with average price forecasts [1]

Group 1 - The China Securities A500 Index (000510) has shown a slight increase of 0.04%, with notable stock performances including Tianfu Communication (300394) rising by 11.45% and Foster (603806) reaching a 10% limit up [1] - The China Securities A500 ETF (563800) has a recent trading volume of 6.13% and a transaction value of 1.042 billion yuan, with an average daily trading volume of 1.941 billion yuan over the past year [1] - The latest scale of the China Securities A500 ETF is 16.994 billion yuan, with a net value increase of 10.80% over the past six months [1] Group 2 - The China Securities A500 Index is designed to reflect the overall performance of 500 representative listed companies across various industries, balancing traditional and emerging sectors [2] - Goldman Sachs has raised its 12-month target for the MSCI China Index from 85 to 90 points, indicating an 11% potential upside from last Friday's closing price, driven by improved trade prospects and market liquidity [2] - The National Taxation Administration reported that tax revenue is expected to exceed 155 trillion yuan during the 14th Five-Year Plan period, accounting for 80% of total fiscal revenue, which strengthens the financial foundation for economic and social development [2] Group 3 - Current A-share market dynamics are characterized by a dual drive of policy and capital, establishing a slow upward trend despite short-term technical adjustment pressures [3] - The bullish sentiment in the A-share market is growing, with significant capital still on the sidelines, which could provide upward momentum for broad indices [3] - The China Securities A500 ETF offers a balanced allocation of quality leading enterprises across various industries, serving as a tool for investing in core A-share assets [3]

Group 1 - The core viewpoint indicates that the liquidity and scale of the CSI 300 ETF have shown significant growth, with a recent trading volume of 318 million yuan and a one-year average daily trading volume of 1.122 billion yuan [2] - The leverage funds are actively investing in the CSI 300 ETF, with the latest financing purchase amount reaching 5.6558 million yuan and the latest financing balance at 1.009 billion yuan [2] - The net value of the CSI 300 ETF has increased by 10.21% over the past six months, with the highest monthly return since inception being 25.64% and an average monthly return of 4.63% [2] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI 300 Index include Kweichow Moutai, CATL, Ping An Insurance, and others, collectively accounting for 22.76% of the index [3] - The individual weightings of the top stocks are as follows: Kweichow Moutai at 4.19%, CATL at 3.15%, and Ping An Insurance at 2.83%, among others [5] - Investors without stock accounts can access core A-share assets through the CSI 300 ETF linked fund (160724) for low-position investments [5]

- The report monitors the current market status from three dimensions: past (funds), present (trading), and future (expectations) [1][11] - This week, the market's major broad-based indices showed a volatile upward trend, with the mid-cap style relatively strong. The CSI 500 index rose by 3.28%, while the SSE 50 index increased by 1.12% [2][12] - The average stock positions of equity public funds decreased week-on-week: this week, the stock positions of general equity funds and partial equity hybrid funds were 84.96% and 74.49%, respectively, down by 1.00% and 1.36% compared to last week [2][14] - The historical percentile of stock positions for general equity funds and partial equity hybrid funds decreased to 7.8% and 1.6% respectively [18][20] - The newly established equity public fund issuance scale increased significantly compared to last week: this week, the issuance scale of newly established equity funds was 166.9 billion yuan, and the issuance scale of hybrid funds was 27.8 billion yuan, totaling 194.7 billion yuan, an increase of 68.9 billion yuan compared to last week [21][23] - The financing balance increased by 392 billion yuan compared to last week, reaching 19,284 billion yuan; the securities lending balance was 136 billion yuan, an increase of 5 billion yuan compared to last week [22][24] - The net financing purchase amount for industries such as non-ferrous metals, machinery, and pharmaceuticals was relatively large, with amounts exceeding 40 billion yuan; the overall net sale amount for the petroleum and petrochemical industry exceeded 4 billion yuan [26][27] - The standard deviation of weekly turnover rates for various industries was 1.01%, up by 0.05% compared to last week [33][34] - The expected compound growth rate of net profit for major broad-based indices mostly increased week-on-week: the expected compound growth rate of the ChiNext index increased by 0.11%, while the CSI 1000 index decreased by 0.15% compared to last week [38][39] - The PE (TTM) percentile of the ChiNext index is relatively low, currently at the historical 44% percentile; the PE percentiles of the SSE 50, CSI 300, CSI 1000, and Wind All A indices are between the historical 75% and 90% percentiles; the PE percentile of the CSI 500 index is near the historical 95% percentile [40] - The expected compound growth rate of industries such as steel, computers, and electrical equipment and new energy is relatively high, while industries such as coal, real estate, banking, petroleum and petrochemicals, and construction are relatively low [41][43] - The PE (TTM) percentiles of industries such as light manufacturing, national defense and military industry, building materials, electrical equipment and new energy, and coal are relatively high, above the historical 98% percentile; the PE percentiles of industries such as real estate, steel, and food and beverages are relatively low, below the historical 12% percentile [42][44]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes the secondary market and ETF product situation from July 21 to July 25, 2025. It includes the performance of major indexes and industries, the flow of funds in different types of ETFs, trading volume, and new fund launches and listings [1][2][3]. Summary by Related Catalogs 1. Secondary Market Overview - **Index Performance**: During the sample period, the top performers in weekly returns were the Science and Technology Innovation 50, Nikkei 225, and CSI 500, with returns of 4.63%, 4.11%, and 3.28% respectively. The PE valuation quantile of the CSI 500 was the highest at 99.59%, while that of the Nikkei 225 was the lowest at 72.13% [10]. - **Industry Performance**: In terms of returns, the top three industries were building materials, coal, and steel, with returns of 8.20%, 7.98%, and 7.67% respectively. The bottom three were banking, communication, and public utilities, with returns of -2.87%, -0.77%, and -0.27% respectively. In terms of valuation, the top three industries in valuation quantile were computer, national defense and military industry, and textile and apparel, all at 100.00%. The bottom three were agriculture, forestry, animal husbandry and fishery, comprehensive, and household appliances, at 23.14%, 39.05%, and 40.70% respectively [17]. 2. ETF Product Overview 2.1 ETF Market Performance - **By Product Type**: The average performance of industry - themed ETFs was the best, with a weighted average return of 2.96%, while that of bond ETFs was the worst, with a weighted average return of -0.27%. - **By Listing Plate**: The ETFs related to the Science and Technology Innovation Board and Japanese stocks performed well, with weighted average returns of 4.54% and 3.82% respectively. The ETFs related to US stocks and MSCI China A - share concept performed poorly, with weighted average returns of 0.40% and 1.65% respectively. - **By Industry Plate**: The cycle - sector ETFs had the best average performance, with a weighted average return of 7.21%, while the consumer - sector ETFs had the worst, with a weighted average return of 1.53%. - **By Theme**: Chip semiconductor and non - banking ETFs performed well, with weighted average returns of 4.98% and 4.93% respectively. Banking and innovative drug ETFs performed poorly, with weighted average returns of -2.87% and 0.88% respectively [21][24]. 2.2 ETF Fund Inflow and Outflow - **By ETF Category**: Industry - themed ETFs had the largest net inflow of funds at 231.53 billion yuan, while broad - based ETFs had the smallest at -148.46 billion yuan. - **By Listing Plate**: Hong Kong stock ETFs had the largest net inflow of funds at 106.88 billion yuan, while Science and Technology Innovation Board - related ETFs had the smallest at -39.97 billion yuan. - **By Industry Plate**: Cycle - sector ETFs had the largest net inflow of funds at 72.00 billion yuan, while biomedical - sector ETFs had the smallest at -4.03 billion yuan. - **By Theme**: Non - banking and robot ETFs had the largest net inflows of funds, at 59.10 billion yuan and 14.15 billion yuan respectively. Chip semiconductor and dividend ETFs had the smallest, at -10.89 billion yuan and -7.41 billion yuan respectively [2][29][32]. 2.3 ETF Trading Volume - **By ETF Category**: The daily average trading volume change rate of industry - themed ETFs increased the most, by 28.96%, while that of bond ETFs decreased the most, by -6.75%. - **By Listing Plate**: The daily average trading volume change rate of Japanese stock ETFs increased the most, by 72.66%, while that of US stock ETFs decreased the most, by -17.66%. - **By Industry Plate**: The daily average trading volume change rate of cycle - sector ETFs increased the most, by 98.87%, while that of biomedical - sector ETFs increased the least, by 17.86%. - **By Theme**: Non - banking and innovative drug ETFs had the largest 5 - day average daily trading volumes, at 290.98 billion yuan and 97.35 billion yuan respectively. Central state - owned enterprises and chip semiconductor ETFs had the largest increases in daily average trading volume change rate, at 39.26% and 37.77% respectively. Consumer electronics and military industry ETFs had the largest decreases, at -11.92% and -6.02% respectively [38][41][44][45]. 2.4 ETF Margin Trading During the sample period, the net margin purchase of all equity ETFs was -1.432 billion yuan, and the net short - selling was 0.47 billion yuan. The E Fund CSI Hong Kong Securities Investment Theme ETF had the largest net margin purchase, and the Huaxia CSI 1000 ETF had the largest net short - selling [2][51]. 2.5 ETF New Launches and Listings During the sample period, 10 funds were established and 8 funds were listed [3][53].

- The report uses the Mahalanobis distance of weekly price and trading volume changes to measure industry crowding levels[3][17] - The construction process involves identifying industries in the first quadrant (price and volume both rising) and the third quadrant (price and volume both falling) and marking points outside the ellipse as industries with significant short-term deviations at a 99% confidence level[17] - The building materials industry experienced short-term trading overselling last week[3][18]

Core Viewpoint - The article introduces a comprehensive index map that includes various commonly used stock indices, their codes, selection rules, industry distribution, average and median market capitalization of constituent stocks, and the number of constituent stocks, which will be regularly updated for easy reference [1][2]. Group 1: Types of Indices - The index map includes several categories of stock indices: broad-based indices, strategy indices, industry indices, thematic indices, and overseas indices [4][8]. Group 2: Broad-based Indices - Examples of broad-based indices include: - CSI 300 (000300.SH): Comprises 300 large-cap stocks from the Shanghai and Shenzhen stock exchanges, with an average market cap of 1,888.48 billion and a median of 907.96 billion [5]. - CSI 500 (000905.SH): Includes 500 stocks ranked 301-800 by market cap, with an average market cap of 279.59 billion and a median of 259.32 billion [5]. - CSI 800 (000906.SH): Covers 800 stocks, with an average market cap of 882.92 billion and a median of 340.58 billion [5]. Group 3: Strategy Indices - Strategy indices focus on specific investment strategies, such as: - CSI Dividend (000922.CSI): Selects 100 stocks with high dividend yields and stable dividends, with an average market cap of 1,970.77 billion [6]. - Shanghai Dividend (000015.SH): Comprises 50 stocks with high dividend yields from the Shanghai Stock Exchange, with an average market cap of 2,828.36 billion [6]. - Shenzhen Dividend (399324.SZ): Includes 40 stocks with stable dividend histories and high dividend ratios, with an average market cap of 984.44 billion [6]. Group 4: Industry Indices - Industry indices represent specific sectors, such as: - CSI Medical (930641.CSI): Selects stocks involved in traditional Chinese medicine production and sales, with an average market cap of 151.90 billion [7]. - CSI Real Estate (399393.SZ): Comprises 50 stocks from the real estate sector with significant market capitalization and liquidity, with an average market cap of 189.85 billion [7]. Group 5: Thematic Indices - Thematic indices focus on specific investment themes, such as: - CSI Consumer (000932.SH): Selects major consumer industry stocks from the CSI 800 index, with an average market cap of 1,155.60 billion [7]. - CSI Innovation (931152.CSI): Includes up to 50 representative companies involved in innovative drug research, with an average market cap of 485.93 billion [7].