Core Viewpoint - The A-share market has experienced a rare six-week consecutive rise, with the Shanghai Composite Index consistently surpassing 3600 points, indicating a recovery from undervaluation to normal valuation, with potential for further increases [1]. Group 1: Factors Influencing Index Growth - The potential increase in index value depends on two main factors: the difference in valuation at the time of buying and selling, and the growth in earnings during the holding period [5]. - The formula for index points is defined as: Index Points = Valuation * Earnings [4]. - Historical data shows that from May 2018 to March 2021, the CSI All Share Index rose over 80%, with valuation improvement contributing approximately 40-50% of this gain [7][8]. Group 2: Valuation and Earnings Growth - The increase in index value from normal to high valuation is generally estimated to be between 20-40%, depending on the volatility of the index [12]. - While valuation improvement is relatively predictable, the growth in earnings is more challenging to forecast and is influenced by economic cycles [14][15]. - Different bull markets exhibit varying degrees of index growth due to fluctuations in earnings, as seen in the bull markets of 2007, 2009, and 2015 [16]. Group 3: Investment Strategy - The optimal investment scenario is characterized by a "Davis Double Play," where low valuations during a downturn are followed by both valuation and earnings growth as the market recovers [17][20]. - In Q1 2025, listed companies showed a year-on-year earnings growth of 4.46%, indicating signs of recovery, particularly in sectors like technology and pharmaceuticals [21]. - The implementation of favorable policies in the previous year is expected to gradually reflect in the earnings growth of listed companies [26].

Group 1 - The core index, the China Securities Hong Kong 300 Relative Value Index (HK300RV), reported a value of 2213.53 points, with a one-month increase of 6.09%, a three-month increase of 18.15%, and a year-to-date increase of 27.97% [1] - The index is composed of four sub-indices: the China Securities Hong Kong 300 Growth Index, the China Securities Hong Kong 300 Value Index, the China Securities Hong Kong 300 Relative Growth Index, and the China Securities Hong Kong 300 Relative Value Index, reflecting the performance of different style securities based on the China Securities Hong Kong 300 Index sample [1] - The top ten holdings of the HK300RV index include HSBC Holdings (15.79%), China Construction Bank (8.93%), Alibaba-W (5.12%), China Mobile (4.78%), Industrial and Commercial Bank of China (4.73%), Ping An Insurance (3.74%), Bank of China (3.47%), Xiaomi Group-W (2.3%), China National Offshore Oil Corporation (2.24%), and China Merchants Bank (2.17%) [1] Group 2 - The industry composition of the index shows that finance accounts for 52.27%, communication services for 8.65%, consumer discretionary for 7.64%, real estate for 6.69%, energy for 5.85%, information technology for 5.39%, industrials for 3.92%, utilities for 3.48%, healthcare for 2.26%, consumer staples for 2.18%, and materials for 1.67% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day after the second Friday of June and December each year, with a sample adjustment ratio generally not exceeding 20% [2] - In the event of temporary adjustments, the index samples will be adjusted accordingly when the China Securities Hong Kong 300 Index undergoes sample changes, and any delisted samples will be removed from the index [2]

Core Insights - The China Securities Index for Mechanical Manufacturing has shown significant growth, with a 7.46% increase over the past month, 12.41% over the last three months, and a year-to-date increase of 16.82% [1] Group 1: Index Performance - The China Securities Index for Mechanical Manufacturing is currently at 7853.53 points [1] - The index is based on a sample of companies categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The index was established on December 31, 2004, with a base point of 1000.0 [1] Group 2: Top Holdings - The top ten holdings in the index include: - Huichuan Technology (4.17%) - SANY Heavy Industry (3.99%) - CRRC Corporation (3.11%) - JAC Motors (2.95%) - Weichai Power (2.86%) - China Shipbuilding Industry (2.65%) - XCMG Machinery (2.37%) - China Heavy Industry (1.84%) - Hengli Hydraulic (1.37%) - Zoomlion Heavy Industry (1.27%) [1] Group 3: Market Distribution - The market distribution of the index holdings shows that the Shenzhen Stock Exchange accounts for 51.24%, the Shanghai Stock Exchange for 47.88%, and the Beijing Stock Exchange for 0.88% [1] Group 4: Industry Composition - The industry composition of the index holdings includes: - Electric motors and industrial automation (18.73%) - Other specialized machinery (13.76%) - Engineering machinery (11.71%) - Commercial vehicles (9.39%) - Shipbuilding and other maritime equipment (8.26%) - Urban rail and railway (6.48%) - Other general machinery (6.02%) - Fluid machinery (5.03%) - Instruments and meters (4.75%) - Power machinery (3.76%) - Mining and metallurgy machinery (3.24%) - Building equipment (2.17%) - Processing machinery (2.14%) - Chemical machinery (1.31%) - Textile and garment machinery (1.12%) - Printing and packaging machinery (1.01%) - Agricultural machinery (0.84%) - Abrasives and grinding materials (0.28%) [2] Group 5: Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December [2] - Weight factors are adjusted in accordance with sample changes, and temporary adjustments occur when the index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification and subsequent adjustments to the index [2]

Group 1 - The core viewpoint of the news is the performance of the China Securities Hong Kong 300 Value Index, which has shown significant growth over various time frames, indicating a positive market trend [1][2]. - The China Securities Hong Kong 300 Value Index has increased by 6.54% in the past month, 18.03% in the past three months, and 22.11% year-to-date [1]. - The index is composed of four sub-indices: the China Securities Hong Kong 300 Growth Index, the China Securities Hong Kong 300 Value Index, the China Securities Hong Kong 300 Relative Growth Index, and the China Securities Hong Kong 300 Relative Value Index [1]. Group 2 - The top ten holdings of the China Securities Hong Kong 300 Value Index include major companies such as China Construction Bank (10.36%), HSBC Holdings (9.8%), and China Mobile (7.29%) [1]. - The financial sector dominates the index's industry composition, accounting for 59.00%, followed by communication services at 10.98% and energy at 10.50% [2]. - The index undergoes semi-annual adjustments, with sample changes implemented on the next trading day after the second Friday of June and December [2].

Core Viewpoint - The article discusses the rising popularity and significance of ETFs in the Chinese capital market, highlighting their role as a key investment tool and the evolving landscape of fund management companies focusing on ETF products [1][5][60]. Group 1: Market Trends - The Shanghai Composite Index is approaching the 3600-point mark, igniting investor enthusiasm [1]. - A-share trading volume has consistently exceeded 1 trillion, reaching 1.5 trillion recently, indicating strong market activity [2]. - Investors are increasingly turning to index tracking as a convenient way to participate in market trends [3]. Group 2: ETF Growth and Demand - ETFs have become a benchmark for assessing the strength of fund management companies, with many top-ranked firms benefiting from ETF offerings [5][6]. - As of Q3 2024, 87.5% of individual investors expressed willingness to invest in index funds, reflecting a growing acceptance of ETFs [6]. - Globally, passive index funds account for over 60% of the market in the U.S., indicating a shift towards index-based investing [8]. Group 3: Competitive Landscape - The ETF industry is characterized by a significant head effect, with the top twelve companies managing over 80% of the total scale [14]. - As of June 30, 2025, the top five fund companies control over 50% of the ETF market, demonstrating the competitive nature of the sector [14][16]. - The article emphasizes that understanding the ETF's significance and creating effective investment tools for clients is crucial for fund companies [11][12]. Group 4: Case Study - Harvest Fund - Harvest Fund has been proactive in the ETF space since the launch of the CSI 300 Index in 2005, releasing the first ETF tracking this index [19][21]. - As of July 4, 2025, the Harvest CSI 300 ETF has reached a scale of 1710.7 billion, ranking fourth among all ETFs [22]. - The fund has consistently launched innovative ETFs, including those focused on sectors like technology and healthcare, positioning itself as a leader in the market [22][24]. Group 5: Investment Strategy and Innovation - Harvest Fund views ETFs as tools for simplifying investment strategies and capturing industry trends, rather than merely low-cost options [24][38]. - The fund has developed a range of ETFs targeting key industries, such as semiconductors and AI, to capitalize on emerging opportunities [30][31]. - The article highlights the importance of a deep understanding of market cycles and trends in developing successful ETF products [27][39]. Group 6: Future Outlook - The ETF market is expected to continue evolving, with a focus on meeting diverse investor needs and enhancing product offerings [40][44]. - Harvest Fund aims to create a comprehensive ecosystem around ETFs, integrating research, product development, and investor education [54][60]. - The ultimate goal is to provide accessible solutions for capturing economic growth and industry opportunities through ETFs [60].

Group 1 - The core index, the CSI Tencent Ji'an Value 100 A-Share Index, closed down 0.43% at 3153.74 points with a trading volume of 80.114 billion yuan [1] - The index has increased by 9.47% in the past month, 12.77% in the past three months, and 10.45% year-to-date [1] - The index is based on a sample of 100 listed companies evaluated for investment value by Tencent and Ji'an Jinxin, providing diverse investment options [1] Group 2 - The top ten weighted stocks in the index include Taotao Automotive (1.54%), Zhongji United (1.29%), Huaguang Huaneng (1.28%), and others [1] - The index's holdings are primarily from the Shanghai Stock Exchange (64.89%) and Shenzhen Stock Exchange (35.11%) [1] - The industry composition of the index shows that industrials account for 28.27%, consumer discretionary for 18.10%, and materials for 12.53% [2] Group 3 - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers [2] - Public funds tracking the Tencent Ji'an index include the Galaxy Regular Investment Fund [3]

Core Insights - The public fund market in China reached a record high of 34.05 trillion yuan as of June 30, 2025, marking a 7.04% increase from the previous quarter and a 10.76% increase year-on-year [1] - Non-monetary fund assets grew to 20.11 trillion yuan, with a quarterly increase of 1.29 trillion yuan, reflecting a 6.85% rise [1] - The overall public fund market experienced a net subscription of 1.25 trillion units in Q2 2025, with a net subscription ratio of 4.31% [1] Fund Products and Company Performance - In Q2 2025, equity funds saw a growth of 271.47 billion yuan, reaching a total of 4.74 trillion yuan, while mixed funds experienced a slight increase of 0.02% to 3.32 trillion yuan [2] - Active equity funds faced net redemptions totaling 107.34 billion units, with ordinary stock funds leading at a redemption rate of 4.75% [2] - Bond funds and money market funds regained investor interest, with bond funds achieving a net subscription of 459.25 billion units and a growth of 8.74% to 10.77 trillion yuan [3] - Commodity funds surged by 47.8% to 268.31 billion yuan, driven by rising gold prices [3] - The ETF market reached a new high of 4.31 trillion yuan, with stock ETFs accounting for 75.06% of the total [3] Company Rankings and Growth - The top ten public fund managers remain unchanged, with E Fund and Huaxia Fund leading in non-monetary fund management scale, both exceeding 1 trillion yuan [6] - Huaxia Fund reported a significant growth of 181.49 billion yuan in Q2, leading the industry in scale increase [6] - In the first half of 2025, Huaxia Fund's growth was 307.34 billion yuan, followed by E Fund and Xingye Fund [6] - Huaxia Fund's index products contributed significantly to its growth, reaching 857.97 billion yuan, accounting for 66.48% of its non-monetary scale [7] Investor Engagement and Services - Huaxia Fund focuses on enhancing investor experience through a diverse range of over 400 public products and a multi-asset platform [8] - The "Red Rocket" platform, launched in late 2024, has attracted over 10 million users, providing various fund data and indicators [8] - The upgraded "Red Rocket 2.0" offers new features for asset management and historical performance testing, enhancing investor engagement [9]

银河沪深 300 价值指数证券投资基金 基金管理人：银河基金管理有限公司 基金托管人：中国建设银行股份有限公司 报告送出日期：2025 年 7 月 18 日 银河沪深 300 价值指数证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国建设银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本 报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈 述或者重大遗漏。 §2 基金产品概况 基金简称 银河沪深 300 价值指数 基金合同生效日 2009 年 12 月 28 日 报告期末基金份额总额 1,262,675,488.01 份 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 06 ...

Core Points - The China Securities Index Hong Kong 300 Relative Value Index (HK300RV) reported a value of 2131.06 points, with a monthly increase of 3.41%, a three-month increase of 18.92%, and a year-to-date increase of 23.20% [1] - The index consists of four sub-indices: the China Securities Index Hong Kong 300 Growth Index, the China Securities Index Hong Kong 300 Value Index, the China Securities Index Hong Kong 300 Relative Growth Index, and the China Securities Index Hong Kong 300 Relative Value Index, reflecting different style securities based on the Hong Kong 300 Index sample [1] Company Holdings - The top ten holdings of the HK300RV Index are: HSBC Holdings (15.76%), China Construction Bank (9.33%), Alibaba-W (5.02%), China Mobile (5.01%), Industrial and Commercial Bank of China (4.99%), Bank of China (3.64%), Ping An Insurance (3.57%), Xiaomi Group-W (2.41%), China National Offshore Oil Corporation (2.29%), and China Merchants Bank (2.17%) [1] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a market sector allocation of 100.00% [1] Industry Composition - The industry composition of the HK300RV Index shows that finance accounts for 52.58%, communication services for 8.90%, consumer discretionary for 7.50%, real estate for 6.57%, energy for 5.84%, information technology for 5.32%, industrials for 3.84%, utilities for 3.51%, consumer staples for 2.20%, healthcare for 2.16%, and materials for 1.58% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year, with a sample adjustment limit of no more than 20% [2]

Group 1 - The Shanghai Composite Index opened lower but rose, with the SSE 50 Equal Weight Index increasing by 0.26% to 2118.58 points and a trading volume of 74.646 billion yuan [1] - The SSE 50 Equal Weight Index has risen by 2.20% in the past month, 2.43% in the past three months, and has decreased by 0.25% year-to-date [1] - The SSE 50 Equal Weight Index selects 50 representative listed companies in the Shanghai securities market based on market capitalization and liquidity, reflecting the performance of influential leading enterprises [1] Group 2 - The top ten holdings in the SSE 50 Equal Weight Index include WuXi AppTec (2.37%), Bank of China (2.32%), Bank of Communications (2.31%), Agricultural Bank of China (2.19%), Industrial and Commercial Bank of China (2.15%), LONGi Green Energy (2.14%), China Shipbuilding (2.13%), Zijin Mining (2.11%), China State Construction (2.11%), and Luoyang Molybdenum (2.11%) [1] - The industry composition of the SSE 50 Equal Weight Index shows that finance accounts for 25.16%, industrials 18.15%, information technology 13.44%, materials 8.18%, energy 7.65%, consumer discretionary 5.81%, communication services 5.76%, consumer staples 5.63%, healthcare 4.42%, utilities 3.89%, and real estate 1.90% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 10% [2]