（25/9/9-中国国际期货《A股 关注结构性交易机会》。政策来源：25/2/7-证监会发布《关于资本市场做 好金融"五篇大文章"的实施意见》） 据了解，A500ETF华泰柏瑞（563360）的标的指数中证A500在编制上以行业均衡策略为核心，成份股 相对均衡分散地覆盖了中国多个经济领域的优质龙头，100%覆盖35个中证一级行业，对于A股核心资 产具有广泛覆盖度和较高代表性，有望充分把握经济结构转型与新质生产力发展的成长机遇。 （数据来源：中证指数公司、Wind，数据截至25/9/10） 与此同时，A500ETF华泰柏瑞（563360）及其联接基金（A类022438/C类022439）采取了全方位的低费 率结构。不仅基金的管理费率、托管费率分别为0.15%/年、0.05%/年，均为当前A股市场权益指数产品 中的最低一档费率结构，华泰柏瑞中证A500ETF联接A（022438）的申购费率、华泰柏瑞中证A500ETF 联接C（022439）的销售服务费率也为目前同类型基金中最低一档，有望助力投资者低成本把握A股核 心资产的长期布局机会。 随着结构性行情持续演绎，市场延续震荡整理格局。不过近期调整并非出于重大利空因 ...

Market Overview - The A-share market saw all three major indices strengthen in the morning session, with a total market turnover of nearly 1.5 trillion yuan, an increase of 193.4 billion yuan compared to the previous day [1] - Over 3,300 stocks rose, with sectors such as CPO, PCB, and semiconductor hardware leading the gains, while precious metals, oil and gas, tourism, gaming, and sports sectors experienced significant declines [1] - The CSI A500 index rose by 1.8%, the CSI 300 index also increased by 1.8%, the ChiNext index surged by 4.3%, and the STAR Market 50 index climbed by 5.3%, while the Hang Seng China Enterprises Index fell by 0.5% [1] Index Performance - The CSI 300 index, composed of 300 large and liquid stocks from the Shanghai and Shenzhen markets, recorded a price-to-earnings ratio of 13.9 times, with a valuation percentile of 61.9% since its inception in 2005 [2] - The CSI A500 index, which includes 500 stocks with good liquidity across various industries, also rose by 1.8%, with a rolling price-to-earnings ratio of 16.4 times and a valuation percentile of 69.3% since its inception in 2004 [2] - The ChiNext index, tracking 100 large and liquid stocks in the ChiNext market, increased by 4.3%, with a rolling price-to-earnings ratio of 40.9 times and a valuation percentile of 35.2% since its inception in 2010 [2] - The STAR Market 50 index, consisting of 50 large and liquid stocks from the STAR Market, rose by 5.3%, with a rolling price-to-earnings ratio of 173.6 times and a valuation percentile of 99.3% since its inception in 2020 [2] Hong Kong Market - The H-share index, composed of 50 large and actively traded stocks listed in Hong Kong, experienced a decline of 0.5%, with a rolling price-to-earnings ratio of 10.7 times and a valuation percentile of 65.8% since its inception in 2002 [3]

Group 1 - A-shares have experienced a pullback after four months of continuous growth, with increased volatility during the market consolidation period [1] - The CSI A500 Index, which tracks core assets in A-shares, has shown resilience, leading to increased interest in fund allocation [1][2] - The A500 ETF by Huatai-PB has seen net inflows for two consecutive trading days and a significant increase in trading volume, with its latest scale exceeding 20.872 billion yuan [1][2] Group 2 - Recent adjustments in A-shares are attributed to market sentiment fluctuations and structural trading, but the driving forces behind the current upward trend remain intact [2] - Factors supporting the market include supply-side reforms, increased long-term capital inflows from insurance and pension funds, and a potential shift in household asset allocation towards equity assets [2] - The foreign investment in A-shares has also increased, with foreign holdings reaching 2.57 trillion yuan, accounting for 2% of the total market capitalization, indicating growing confidence in China's economic prospects [2] Group 3 - The A500 ETF by Huatai-PB selects 500 securities with large market capitalization and good liquidity, providing broad coverage of core sectors in the Chinese economy [3] - The fund features a low fee structure, with management and custody fees at 0.15% and 0.05% per year, respectively, making it one of the lowest in the A-share market [4][6] - As of September 9, 2025, the cumulative net asset value of the A500 ETF reached 1.1835 yuan, making it one of the few ETFs tracking the CSI A500 Index to exceed this value [5]

Core Viewpoint - The A-shares market is experiencing a strong trend with increasing enthusiasm for the CSI A500 Index, which is seen as a good investment opportunity due to its balanced coverage of core assets in the A-share market [1][2]. Group 1: Market Performance - The CSI A500 Index reached a three-year high as of August 29, with a one-year increase of 41.73%, outperforming other indices like the CSI A50 (32.66%) and CSI 800 (41.61%) [1]. - The A500 ETF from Huatai-PB has seen a net inflow of funds for two consecutive trading days, with its latest scale exceeding 21.3 billion yuan and an average daily trading volume of 4.6 billion yuan over the past two weeks [1]. Group 2: Investment Opportunities - The A500 ETF closely tracks the CSI A500 Index, selecting 500 securities with large market capitalization and good liquidity across various industries, providing broad coverage of quality core assets in China's economy [1]. - The management fee and custody fee for the A500 ETF are 0.15% and 0.05% per year, respectively, which are among the lowest in the A-share market, making it a cost-effective option for long-term investment in core assets [1]. Group 3: Fund Performance - As of August 29, 2025, the cumulative net asset value of the A500 ETF is 1.1962 yuan, making it one of the few ETFs tracking the CSI A500 Index to exceed 1.19 yuan [1]. - The A500 ETF has a return of 2.50% since its inception on September 25, 2024, compared to a benchmark return of 19.18% for the CSI A500 Index during the same period [2].

随着各路资金密集入市，A股持续升温。作为A股市场新一代宽基旗舰，中证A500指数成为资金关注重 点。在此背景下，银华中证A500指数增强（A类：023932，C类：023933）今起发行，为投资者一键打 包A股核心资产提供了高效工具。 作为新一代宽基旗舰，中证A500指数从各行业选取市值较大、流动性较好的500只证券作为指数样本。 相比同类宽基，中证A500指数具有五大显著特征：一是汇聚A股核心资产，前十大权重股均为各行业龙 头企业；二是市值覆盖度广，较好兼顾实力与成长性；三是行业分布均衡，成份股覆盖全部中证一、二 级行业、91个中证三级行业；四是"新质生产力"含量高，兼具成长、创新和价值属性，有望紧密贴合我 国经济发展的长期趋势；五是筛选条件与国际接轨，或便利境外中长期资金进行配置。（数据来源： Wind，2025.8.28） 随着市场情绪持续升温，投资者可以关注此次发行的银华中证A500指数增强（A类：023932，C类： 023933），一键配置A股核心资产，把握权益资产投资良机。 MACD金叉信号形成，这些股涨势不错！ 除了中证A500指数本身的价值，银华中证A500指数增强还将指数化投资和主动投资方 ...

Group 1 - The CSI A500 Index (000510) rose by 0.72% as of August 29, 2025, with notable stocks such as QianDao Intelligent (300450) hitting the daily limit up, and Winbond Technology (300457) increasing by 13.17% [1] - The CSI A500 ETF from Invesco (159353) saw a half-day increase of 0.80%, with a turnover rate of 3.82% and a half-day trading volume of 299 million yuan [1] - The CSI A500 ETF has a recent scale of 7.76 billion yuan, closely tracking the CSI A500 Index, which selects 500 securities with larger market capitalization and better liquidity from various industries [1] Group 2 - According to CICC, the current dynamic P/E ratio and market capitalization indicators of A-shares are still within a reasonable valuation range, particularly for blue-chip sectors that have not shown significant overvaluation [2] - The market outlook remains optimistic due to factors such as loose monetary policy, continuous fiscal efforts, policy stimulus, strong economic resilience, and gradually rising equity market valuations [2] - The management fee and custody fee for Invesco's CSI A500 ETF (159353) are among the lowest in the market at 0.15% and 0.05% per year, respectively, facilitating low-cost investment in core A-share assets [2]

Group 1 - The core asset of A-shares continues to show strong recovery momentum, with the CSI 300 Index reaching 4452 points as of August 26, marking a high since August 2022 [1] - The CSI 300 ETF (510300) has seen its fund size surpass 400 billion yuan, reaching 417.2 billion yuan, becoming the first stock ETF in A-shares to achieve this milestone [1] - The CSI 300 ETF has recorded a net inflow of 4.196 billion yuan over three trading days from August 22 to 26, with trading volumes hitting new highs since June 26 [1][2] Group 2 - Since August 5, the margin financing balance in the A-share market has remained above 2 trillion yuan, driven by regulatory signals aimed at stabilizing the capital market [2] - Year-to-date, financing funds have primarily flowed into sectors such as electronics, computers, and non-bank financials, which overlap significantly with the CSI 300 Index components [2] - The CSI 300 ETF is not only the largest in A-shares but also serves as a designated underlying asset for options contracts and margin trading, showcasing strong liquidity and low tracking error [2] Group 3 - Since its establishment on May 4, 2012, the CSI 300 ETF has distributed dividends 13 times, with a total dividend amount of 16.576 billion yuan, including 8.394 billion yuan in 2025 alone [3] - The latest annual report indicates that the number of holders of the CSI 300 ETF has reached 792,900, an increase of 185,000 since June 30, 2024, marking a record high since its inception [3] - The management company, Huatai-PB Fund, has over 18 years of experience in ETF management and has launched several flagship products [4]

（数据来源：Wind、交易所） 随着资金加仓，交易所数据显示，沪深300ETF（510300）自8月11日以来连续两周实现基金规模的周度 净增长，截至8月25日，基金规模在11个交易日内共增长340亿元，目前达4182亿元，成为A股首只规模 站上4千亿元大关的股票ETF产品。 据了解，沪深300指数作为A股最为经典的指数之一，云集了两市规模大、流动性好的较具代表性的300 只证券，代表了A股优质核心资产的整体走势。面对今年下半年来海内外多重不确定因素的平抑与政策 端利好的持续显现，沪深300ETF（510300）有望持续成为助力资金全面把握A股整体复苏机遇的底仓配 置之选。 （政策来源：25/7/1-中央财经委员会第六次会议） 除了规模与流动性优势突出，沪深300ETF（510300）还身兼"股指期货现货优选"、"融资融券主力品 种"、"上交所沪深300ETF期权合约指定现货标的"、"ETF互联互通标的"等多重身份，是投资者投资A股 核心宽基指数和进行多样化策略交易的首选标的之一。 随着市场情绪转暖， Wind数据显示，截至8月25日收盘，沪深300指数点位升至4469点，自8月20日以来 已连续6个交易日创 ...

Group 1 - The core viewpoint is that the market has the potential to challenge the 4000-point level due to favorable conditions in the four major influencing factors: fundamentals, liquidity, policy, and sentiment [1] - The micro and macro liquidity conditions are both supportive, with a continuous supply of micro funds and a relatively loose macro environment [1] - The sentiment has improved, leading to an overall increase in market risk appetite, which contributes to the current slow bull market [1] Group 2 - The number of accounts for the Guotai CSI A500 ETF (159338) has exceeded 156,000, making it the leader in its category, with more than three times the number of accounts compared to the second-ranked product [1] - Investors interested in the Guotai CSI A500 ETF can also consider its linked products: Guotai CSI A500 ETF Initiated Link A (022448), Link C (022449), and Link I (022610) [1]

Group 1 - The core viewpoint is that the A-share market is expected to enter a medium to long-term slow bull phase, with significant potential for capital inflow into core assets like the CSI A500 ETF [1] - Dongxing Securities predicts that the market is far from over, with a substantial amount of household savings still available for investment, indicating a potential new economic recovery cycle on the horizon [1] - The CSI A500 ETF has seen a net inflow of 120 million units today, reflecting strong investor interest in this fund [1] Group 2 - The number of accounts for the Guotai CSI A500 ETF has exceeded 156,000, making it the leader in its category, significantly outpacing the second-place fund [1] - Investors without stock accounts are encouraged to consider the Guotai CSI A500 ETF linked funds, which include multiple share classes [1]