Market Overview - The Shanghai Composite Index fell by 0.05% to close at 3346.84 points, with a daily high of 3362.31 points [1] - The Shenzhen Component Index decreased by 0.41% to 10091.16 points, reaching a high of 10142.94 points [1] - The ChiNext Index dropped by 0.8% to 2005.26 points, with a peak of 2023.49 points [1] ETF Market Performance - The median return of stock ETFs was -0.26% [2] - The highest performing scale index ETF was the China Fortune CSI 2000 Enhanced Strategy ETF, with a return of 1.68% [2] - The highest performing industry index ETF was the GF National Certificate Information Technology Innovation Theme ETF, returning 1.7% [2] - The top three ETFs by return were: - Guotai CSI Animation Game ETF (2.96%) - Huaxia CSI Animation Game ETF (2.94%) - Huatai Baichuan CSI Animation Game ETF (2.93%) [5] ETF Fund Flows - The top three ETFs by fund inflow were: - Huatai Baichuan CSI 300 ETF (inflow of 1.618 billion) - Huaxia SSE 50 ETF (inflow of 678 million) - E Fund ChiNext ETF (inflow of 593 million) [8] - The top three ETFs by fund outflow were: - Guolian An CSI All-Index Semiconductor Products and Equipment ETF (outflow of 182 million) - Huitianfu CSI Major Consumption ETF (outflow of 137 million) - E Fund CSI Artificial Intelligence Theme ETF (outflow of 136 million) [10] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech 50 Component ETF (285 million) - Huatai Baichuan CSI 300 ETF (228 million) - E Fund ChiNext ETF (225 million) [11] - The top three ETFs by margin selling were: - Huatai Baichuan CSI 300 ETF (14.4462 million) - Southern CSI 500 ETF (7.0082 million) - Guolian An CSI All-Index Semiconductor Products and Equipment ETF (3.5301 million) [13] Industry Insights - Wanlian Securities noted that the issuance of game licenses remained high in May 2025, indicating a steady recovery in the gaming industry, with a focus on major manufacturers and innovative projects [14] - AVIC Securities highlighted that the gaming industry is entering a new development phase characterized by content refinement, AI industrialization, and globalization, with current valuations still offering value [14]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report focuses on the performance and capital flow of the ETF fund market from May 19th to May 23rd, 2025, covering the overall market, different popular segments, and innovative themes and sub - industries, providing reference for investors [1]. 3. Summary by Directory 3.1 ETF Market Overall Performance - **Market Performance**: Mainland China - focused ETFs had mixed performance. Pharmaceutical and biological ETFs had a relatively large increase, with an average rise of 1.76% for funds above a certain scale; TMT ETFs had the deepest decline, with an average drop of 2.06% for funds above a certain scale. Commodity ETFs had the largest increase, with an average rise of 3.04% for funds above a certain scale [2][6]. - **Capital Flow**: There was a significant inflow of funds into bond ETFs, with a net inflow of 10.655 billion yuan for the whole week. In contrast, large - cap index ETFs had a significant outflow of funds, with a net outflow of 6.233 billion yuan for the whole week [3][10]. 3.2 Different Popular Segmented ETF Fund Market Performance - **Stock ETF - Broad - based Index**: Different broad - based index ETFs had different performance in terms of weekly capital flow, weekly return, recent one - month return, and year - to - date return. For example, in the super - large - cap index, the Huaxia SSE 50 ETF had a weekly capital outflow of 796 million yuan and a weekly decline of 0.11% [17]. - **Stock ETF - Industry Theme**: Each industry - themed ETF also showed different performance. For instance, in the TMT sector, the Huaxia China Securities Animation and Game ETF had a weekly return of 1.21%, while in the pharmaceutical and biological sector, the Huabao China Securities Medical ETF had a weekly return of 1.24% [23][26]. - **Other Types**: Bond ETFs, QDII ETFs, and Commodity ETFs also had their own performance characteristics. For example, the Fuguo China Bond 7 - 10 - year Policy - related Financial Bond ETF in bond ETFs had a weekly capital inflow of 340 million yuan and a weekly return of 0.23% [31]. 3.3 Innovative Theme and Sub - industry ETF Fund Market Performance - **TMT Innovation Theme**: The animation and game index had a weekly return of 0.84% and a year - to - date return of 8.41%. The representative fund, Huaxia Game ETF, had a weekly return of 1.21% [35]. - **Consumption Sub - industry**: The household appliances index had a weekly return of 0.50% and a year - to - date return of 1.69%. The representative fund, Cathay Household Appliance ETF, had a weekly return of 0.81% [36]. - **Other Themes and Sub - industries**: Similar performance data were provided for pharmaceutical sub - industries, new energy themes, central and state - owned enterprise themes, etc. For example, in the new energy theme, the new energy vehicle battery index had a weekly return of 1.01% and a year - to - date return of 6.64%, and the representative fund, GF Battery ETF, had a weekly return of 1.16% [37][38].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The report analyzes the secondary market situation, ETF product situation (including market performance, fund inflow and outflow, trading volume, margin trading, and new issuance and listing) of ETF funds from May 12 to May 16, 2025 [1][10][18] Summary by Directory 1 Secondary Market Overview - In the sample period, the S&P 500, Hang Seng Index, and ChiNext Index ranked among the top in weekly returns, at 5.27%, 2.09%, and 1.38% respectively. The PE valuation quantiles of CSI 2000 and STAR 50 were the highest at 96.28%, while that of the Nikkei 225 was the lowest at 22.95% [10] - In the sample period, the beauty care, non - bank finance, and automobile industries ranked among the top in returns, at 3.08%, 2.49%, and 2.40% respectively. The computer, national defense and military industry, and media industries ranked relatively low, at - 1.26%, - 1.18%, and - 0.77% respectively. The industries with the highest valuation quantiles were textile and apparel, beauty care, and banking, at 100.00%, 99.59%, and 98.76% respectively. The industries with lower valuation quantiles were agriculture, forestry, animal husbandry and fishery, comprehensive, and non - ferrous metals, at 1.65%, 3.31%, and 7.23% respectively [14] 2 ETF Product Overview 2.1 ETF Market Performance - QDII ETFs had the best average performance with a weighted average return of 2.53%, while commodity ETFs had the worst average performance with a weighted average return of - 4.58% [18] - ETFs corresponding to US stocks and MSCI China A - share concepts had better market performance, with weighted average returns of 4.73% and 1.43% respectively. STAR - related and CSI 1000 ETFs had worse market performance, with weighted average returns of - 1.25% and - 0.27% respectively [18] - Financial real - estate sector ETFs had the best average performance with a weighted average return of 1.78%, while technology sector ETFs had the worst average performance with a weighted average return of - 1.48% [20] - Non - bank and low - carbon environmental protection ETFs had better performance, with weighted average returns of 2.08% and 1.72% respectively. Chip semiconductor and artificial intelligence ETFs had relatively poor average performance, with weighted average returns of - 1.95% and - 0.90% respectively [20] 2.2 ETF Fund Inflow and Outflow - From the perspective of different types of ETFs, bond ETFs had the largest net fund inflow of 9.342 billion yuan, while broad - based ETFs had the smallest net fund inflow of - 19.259 billion yuan [2][23] - From the perspective of ETF tracking indexes and the listing sectors of their constituent stocks, STAR - related ETFs had the largest net fund inflow of 2.456 billion yuan, while Hong Kong stock ETFs had the smallest net fund inflow of - 7.408 billion yuan [2][23] - From the perspective of industry sectors, technology sector ETFs had the largest net fund inflow of 1.853 billion yuan, while biomedical sector ETFs had the smallest net fund inflow of - 1.521 billion yuan [2][26] - From the perspective of themes, chip semiconductor and military - industry ETFs had the largest net fund inflows of 2.349 billion yuan and 0.248 billion yuan respectively. Dividend and non - bank ETFs had the smallest net fund inflows of - 3.685 billion yuan and - 1.142 billion yuan respectively [2][26] 2.3 ETF Trading Volume - From the perspective of different types of ETFs, QDII ETFs had the largest increase in the average daily trading volume change rate of 18.07%, while commodity ETFs had the largest decrease in the average daily trading volume change rate of - 15.72% [32] - From the perspective of ETF tracking indexes and the listing sectors of their constituent stocks, US stock ETFs had the largest increase in the average daily trading volume change rate of 42.38%, while CSI 300 had the largest decrease in the average daily trading volume change rate of - 12.21% [35] - From the perspective of industry sectors, the financial real - estate sector had the largest increase in the average daily trading volume change rate of 40.46%, while the consumption sector had the largest decrease in the average daily trading volume change rate of - 7.52% [38] - From the perspective of themes, non - bank and chip semiconductor ETFs had the largest average daily trading volumes in the past 5 days, at 3.822 billion yuan and 3.524 billion yuan respectively. Military - industry and non - bank ETFs had the largest increase or the smallest decrease in the average daily trading volume change rate, at 60.37% and 53.07% respectively. Innovative drug and chip semiconductor ETFs had the largest decrease or the smallest increase in the average daily trading volume change rate, at - 7.65% and - 3.62% respectively [39] 2.4 ETF Margin Trading - In the sample period, the net margin purchase of all equity ETFs was - 512 million yuan, and the net short - selling was - 65 million yuan. Huaxia Shanghai Stock Exchange STAR Market 50 ETF had the largest net margin purchase, and Huaxia CSI 1000 ETF had the largest net short - selling [2][44] 2.5 ETF New Issuance and Listing - In the sample period, a total of 3 funds were established and 13 funds were listed [3][46]

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints The report focuses on the performance of the ETF fund market, summarizing the past week's performance and fund flows of the overall ETF fund market, different popular sub - type ETF funds, and innovative theme and sub - industry ETF funds for investors' reference [1]. Summary by Relevant Catalogs I. ETF Market Overall Performance - Market performance: From May 12th to May 16th, A - share - focused ETFs showed mixed results. Ultra - large - cap index ETFs had relatively large gains, with an average increase of 1.50% for funds above a certain scale; TMT ETFs had relatively deep losses, with an average decline of 1.34% for funds above a certain scale. QDII - ETFs had the largest gains, with an average increase of 2.46% for funds above a certain scale [2][5]. - Fund flows: There was a significant inflow of funds into bond ETFs, with a net inflow of 9.39 billion yuan for the whole week. Conversely, large - cap index ETFs had a significant outflow of funds, with a net outflow of 9.324 billion yuan for the whole week [3][9]. II. Different Popular Sub - type ETF Funds Market Performance - **Stock ETF - Wide - based Index**: - Ultra - large - cap index: Funds such as Huaxia SSE 50 ETF, Ping An CSI A50 ETF, etc. were listed, with weekly price increases ranging from 1.06% to 1.85%. Most funds had net outflows of funds [15]. - Large - cap index: Funds like Huaxia CSI A500 ETF, Huatai - Berry SSE 180 ETF, etc. were included, with weekly price increases between 0.75% and 1.12%. Some funds had net inflows while others had net outflows [16]. - Mid - and small - cap index: Funds such as Southern CSI 1000 ETF, Southern CSI 500 ETF, etc. were involved, with weekly price changes from - 0.36% to 0.46%. Most funds had net outflows of funds [17]. - Science and technology innovation/growth enterprise market - related index: Funds including Huaxia SSE STAR Market 50 ETF, E Fund ChiNext ETF, etc. were shown, with weekly price changes from - 1.36% to 1.80%. Some funds had net inflows while others had net outflows [18]. - Whole - market index: Funds like Fullgoal SSE Composite Index ETF, Guotai SSE Composite ETF, etc. were listed, with weekly price increases from 0.94% to 1.35%. All funds had net outflows of funds [19]. - Index enhancement: Funds such as Guotai CSI 300 Enhanced Strategy ETF, China Merchants CSI 1000 Enhanced Strategy ETF, etc. were included, with weekly price changes from - 1.56% to 1.23%. Some funds had net inflows while others had net outflows [20]. - **Stock ETF - Industry Theme**: - TMT sector: Funds like Harvest SSE STAR Market Chip ETF, Guolianan CSI All - Index Semiconductor ETF, etc. were involved, with weekly price declines from 0.36% to 2.18%. Some funds had net inflows while others had net outflows [21]. - Mid - stream manufacturing sector: Funds such as Huaxia CSI Robot ETF, Huatai - Berry CSI Photovoltaic Industry ETF, etc. were listed, with weekly price increases from 0.10% to 1.37%. Some funds had net inflows while others had net outflows [22]. - Financial and real - estate sector: Funds including Guotai CSI All - Index Securities Company ETF, Huabao CSI All - Index Securities ETF, etc. were included, with weekly price increases from 1.52% to 2.68%. Some funds had net inflows while others had net outflows [23]. - Pharmaceutical and biological sector: Funds like E Fund CSI 300 Healthcare ETF, Huabao CSI Medical ETF, etc. were shown, with weekly price increases from 0.63% to 1.40%. All funds had net outflows of funds [24]. - Consumption sector: Funds such as Penghua CSI Liquor ETF, Huatai - Berry CSI Main Consumption ETF, etc. were listed, with weekly price changes from - 0.66% to 1.20%. Some funds had net inflows while others had net outflows [25]. - National defense and military industry sector: Funds including Guotai CSI Military Industry ETF, Fullgoal CSI Military Industry Leading ETF, etc. were involved, with weekly price declines from 0.33% to 0.99%. Some funds had net inflows while others had net outflows [26]. - Cyclical sector: Funds like Yongying CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF, Guotai CSI Coal ETF, etc. were included, with weekly price changes from - 1.98% to 1.61%. Some funds had net inflows while others had net outflows [27]. - Technology theme: Funds such as Huabao CSI Technology Leading ETF, E Fund CSI Technology 50 ETF, etc. were listed, with weekly price declines from 0.38% to 0.39%. Some funds had net inflows while others had net outflows [28]. - **Stock ETF - SmartBeta**: Funds like Huatai - Berry Dividend ETF, Huatai - Berry Dividend Low - Volatility ETF, etc. were involved, with weekly price increases from 0.60% to 1.17%. Some funds had net inflows while others had net outflows [28]. - **Bond ETF**: Funds such as Haifutong CSI Short - Term Financing ETF, Fullgoal ChinaBond 7 - 10 - year Policy - Financial Bond ETF, etc. were listed, with weekly price changes from - 1.19% to 0.04%. All funds had net inflows of funds [29]. - **QDII ETF**: Funds including Huaxia Hang Seng Tech ETF, Huatai - Berry Southern Hang Seng Tech ETF, etc. were included, with weekly price increases from 1.27% to 5.14%. Some funds had net inflows while others had net outflows [30]. - **Commodity ETF**: Funds such as Huaan Gold ETF, E Fund Gold ETF, etc. were shown, with weekly price declines of about 4.7%. All funds had net outflows of funds [31]. III. Innovative Theme and Sub - industry ETF Funds Market Performance - **TMT innovative theme**: Indexes such as Smart Cars, 5G Communications, etc. were involved, with weekly price changes from - 1.84% to 0.41%. Representative funds' weekly price changes ranged from - 1.97% to 0.63% [33]. - **Consumption sub - industry**: Indexes including CSI Tourism, Livestock and Poultry Breeding, etc. were listed, with weekly price changes from - 0.56% to 1.11%. Representative funds' weekly price changes ranged from - 1.02% to 1.20% [34]. - **Pharmaceutical sub - industry**: Indexes such as Vaccine and Biotechnology, Biomedical, etc. were included, with weekly price increases from 0.92% to 2.01%. Representative funds' weekly price changes ranged from 0.63% to 1.86% [35]. - **New - energy theme**: Indexes like New - energy Vehicle Battery, Intelligent Electric Vehicle, etc. were shown, with weekly price increases from 0.19% to 2.72%. Representative funds' weekly price changes ranged from 0.18% to 2.52% [36]. - **Central and State - owned enterprise theme**: Indexes such as Hong Kong - listed Central - SOE Dividend, Mainland - owned Enterprises, etc. were involved, with weekly price changes from - 1.19% to 3.94%. Representative funds' weekly price changes ranged from - 1.32% to 2.76% [37]. - **Steady - growth theme**: Indexes including Transportation, Rare - earth Industry, etc. were listed, with weekly price changes from - 0.49% to 1.75%. Representative funds' weekly price changes ranged from - 0.51% to 1.82% [38]. - **Shanghai - Hong Kong - Shenzhen/Hong Kong - Stock Connect sub - industry**: Indexes such as Hong Kong Securities, Hong Kong - Stock Connect Technology, etc. were included, with weekly price changes from - 0.70% to 3.01%. Representative funds' weekly price changes ranged from - 0.13% to 2.21% [39]. - **Dividend/Dividend Low - Volatility Index Family**: Indexes like CSI 300 Dividend, SSE Dividend, etc. were shown, with weekly price changes from - 0.13% to 1.24%. Representative funds' weekly price changes ranged from 0.18% to 1.17% [40]. - **ChiNext Index Family**: Indexes including ChiNext 50, ChiNext Large - Cap, etc. were involved, with weekly price changes from - 1.29% to 2.00%. Representative funds' weekly price changes ranged from - 1.14% to 1.83% [41][42].

Group 1 - The trading volume of the China Securities A500 ETF Southern (159352) exceeded 2 billion yuan, with a current decline of 0.5% [1] - The trading volume reached 2.038 billion yuan, indicating significant market activity [1] - Over the past three days, there has been a net outflow of financing amounting to 3.0899 million yuan, suggesting a decrease in investor confidence [1] Group 2 - In the last month, the total number of shares has decreased by 28.65 million, reflecting a potential trend of reduced interest in the ETF [1]

Market Overview - The Shanghai Composite Index rose by 0.86% to close at 3403.95 points, with a daily high of 3417.31 points [1] - The Shenzhen Component Index increased by 0.64% to close at 10354.22 points, reaching a high of 10418.44 points [1] - The ChiNext Index saw a rise of 1.01%, closing at 2083.14 points, with a peak of 2103.37 points [1] ETF Market Performance - The median return for stock ETFs was 0.66%, with the highest return from the Fortune Growth Enterprise 50 ETF at 2.31% [2] - The highest performing industry ETF was the CCB CSI All Share Securities Company ETF, yielding 3.71% [2] - The top thematic ETF was the Dachen CSI Engineering Machinery Theme ETF, which achieved a return of 9.98% [2] ETF Performance Rankings - The top three ETFs by return were: - Dachen CSI Engineering Machinery Theme ETF (9.98%) - Huafu CSI Securities Company Pioneer Strategy ETF (4.61%) - E Fund CSI 300 Non-Bank Financial ETF (4.22%) [4][5] - The ETFs with the largest declines included: - Guotai CSI Photovoltaic Industry ETF (-1.35%) - Huaan CSI Photovoltaic Industry ETF (-1.27%) - Ping An CSI Photovoltaic Industry ETF (-1.23%) [4][5] ETF Fund Flows - The top three ETFs by fund inflow were: - Huatai Baichuan CSI 300 ETF (inflow of 761 million yuan) - Southern CSI 500 ETF (inflow of 581 million yuan) - Huaxia CSI A500 ETF (inflow of 458 million yuan) [6][7] - The ETFs with the largest outflows included: - Huabao CSI All Share Securities Company ETF (outflow of 442 million yuan) - Huatai CSI Dividend ETF (outflow of 401 million yuan) - Fortune CSI Composite Index ETF (outflow of 191 million yuan) [6][7] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (563 million yuan) - Huatai Baichuan CSI 300 ETF (391 million yuan) - Guotai CSI All Share Securities Company ETF (378 million yuan) [8][9] - The highest margin selling amounts were for: - Huatai Baichuan CSI 300 ETF (33.976 million yuan) - Huaxia Shanghai Stock Exchange 50 ETF (20.749 million yuan) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (4.698 million yuan) [8][9] Industry Insights - Guoyuan Securities is optimistic about the overall recovery of the engineering machinery industry, suggesting a focus on export chain targets with strong overseas production capabilities and diversified clients [10] - Huachuang Securities anticipates accelerated recovery in the industry due to increased project planning and special bond issuance, alongside rigid demand for equipment updates and regulatory interventions [10]