Core Viewpoint - The article discusses the potential shift in ETF liquidity leadership from State Street to BlackRock, highlighting the concentration of liquidity in the ETF market and the competitive dynamics at play [2][3]. Group 1: ETF Liquidity Landscape - The top ten ETFs account for 44% of total trading volume, indicating a highly concentrated liquidity environment [2][6]. - BlackRock currently holds approximately 25% of ETF trading volume, trailing State Street's 31%, while Vanguard accounts for only 7% [3][6]. - The trading volume of key products like the iShares Core S&P 500 ETF (IVV) has increased, bolstering BlackRock's position [3]. Group 2: Market Dynamics - The market share of the top ten ETFs has decreased from a peak of 51% to 44%, suggesting slow liquidity expansion and intensified competition [6][7]. - The increase in popularity of leveraged ETFs and products aimed at traders has contributed to the competitive landscape [7]. Group 3: Geographic Distribution of ETF Trading - Global ETF trading volume has significantly increased, averaging around $13 trillion per quarter, with the U.S. accounting for over 80% of this volume [9]. - The dominance of the U.S. market is attributed to its scale and depth, as well as international investors' preference for U.S.-listed ETFs due to their stronger liquidity and narrower spreads [9]. Group 4: Active ETFs and Market Sentiment - The list of the most actively traded ETFs has seen more volatility, with leveraged ETFs linked to high-volatility stocks like Tesla and semiconductors gaining prominence [10].

Market Sentiment - ETF investors are reacting to growing Middle East tensions [1] Expert Commentary - Matt Bartolini, State Street Head of SPDR Americas Research, and John Davi, Astoria Portfolio Advisors CIO, discuss ETF investor reactions [1]

Group 1 - The US real estate ETF increased by 1.50% on June 23 [1] - The Russell 2000 index ETF rose by 1.22% [1] - The Nasdaq 100 ETF gained 1.03% [1] - The S&P 500 ETF saw an increase of 0.99% [1] - The Dow Jones ETF climbed by 0.94% [1] - The emerging markets ETF grew by 0.82% [1] Group 2 - The Euro long ETF increased by 0.56% [1] - The US Treasury 20+ year ETF rose by 0.32% [1] - The gold ETF saw a gain of 0.31% [1] - The agricultural products fund increased by 0.27% [1] - The Yen long ETF rose slightly by 0.02% [1] Group 3 - The long US dollar index ETF decreased by 0.40% [1] - The soybean fund fell by 1.12% [1] - The long volatility index (fear index) dropped by 1.25% [1] - The US Brent oil price fund declined significantly by 7.46% [1]

Core Viewpoint - The recent policy by the China Securities Regulatory Commission (CSRC) to include Sci-Tech Innovation Board ETFs in the fund advisory configuration aims to attract more medium to long-term capital into the new productive forces sector, enhancing the inclusiveness and adaptability of the system [1][4]. Group 1: Fund Advisory Business Development - The fund advisory business has evolved significantly over the past five years, with the number of pilot institutions increasing to 60, covering various entities such as banks, brokerages, and third-party channels [2][11]. - The inclusion of Sci-Tech Innovation Board ETFs is expected to enhance the flexibility of asset allocation in fund advisory services, allowing for more personalized investment strategies [7][10]. - Fund advisory institutions can now construct richer advisory strategies based on ETFs, reducing transaction costs for investors and promoting the aggregation of medium to long-term capital [5][6]. Group 2: Impact of ETF Inclusion - The policy change allows fund advisory institutions to directly invest in ETFs, improving tracking accuracy and trading efficiency, which enhances overall investment efficiency for clients [6][8]. - The move is seen as a significant step towards transforming the fund advisory industry, potentially leading to a more mainstream "advisory + ETF" service model [7][14]. - The inclusion of ETFs is expected to broaden the scope of advisory strategies, allowing for innovative asset allocation approaches that can meet diverse client needs [12][13]. Group 3: Future Prospects and Challenges - There is a strong expectation that more ETF categories will be included in the advisory scope, which could further enrich the strategies and product offerings available to clients [13][15]. - The fund advisory sector faces challenges such as the need for improved investor education on ETFs, system support for trading, and addressing liquidity issues for niche ETFs [16][18]. - The transition to a more ETF-centric advisory model requires upgrades in research, risk control, and technical tools to meet the evolving demands of the market [17][18].

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]