500质量成长ETF紧密跟踪中证500质量成长指数，中证500质量成长指数从中证500指数样本中选取100只盈利能力较高、盈利可持续、现金流量较为充沛且 具备成长性的上市公司证券作为指数样本，为投资者提供多样化的投资标的。 数据显示，截至2025年6月30日，中证500质量成长指数(930939)前十大权重股分别为东吴证券(601555)、恺英网络(002517)、华工科技(000988)、恒玄科技 (688608)、惠泰医疗(688617)、春风动力(603129)、水晶光电(002273)、天山铝业(002532)、长江证券(000783)、顺络电子(002138)，前十大权重股合计占比 20.42%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 601222 | 东吴证券 | 3.00% | 2.70% | | 002517 | 恺英网络 | 0.98% | 2.46% | | 688608 | 恒玄科技 | 3.34% | 2.12% | | 000988 | 华工科技 | -1.93% | 2.11% | | 688617 | 惠泰医 ...

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Views of the Report - Last week, the main contract price of SHFE zinc first declined and then rebounded. Macroscopically, the moderate rebound of inflation and the better - than - expected retail data in the US highlighted economic resilience. Domestically, the good performance of H1 GDP was offset by concerns about insufficient policy stimulus in H2. The statement of optimizing supply by the Ministry of Industry and Information Technology on July 18th ignited market enthusiasm [3][4][11]. - Fundamentally, domestic refinery production increased, with stable operation of new projects, slowdown in processing fee growth, good refinery profits, and sufficient raw materials. The supply was on the rise. The zinc market remained stronger overseas than in China, and imports were difficult to increase. In the demand side, it was the off - season for consumption, and the actual demand was weak. The galvanized plate consumption confidence was boosted, but the actual order increment was limited. The operating rates of die - casting zinc alloy and zinc oxide were weak. The downstream procurement was mainly for rigid demand, and the spot premium further declined, while the inventory accumulation slowed down [4]. - Overall, the domestic and foreign macro - environment was moderately positive, and the fundamentals were weak. The market hoped that the supply optimization could improve the surplus situation of the zinc market. In the short term, the zinc price was mainly influenced by macro and policy expectations, and the futures price was expected to continue to fluctuate strongly. However, it was still unclear how the supply optimization policy would affect the zinc industry chain, so caution was needed when chasing up the price [4]. 3. Summary According to the Directory 3.1 Transaction Data - SHFE zinc decreased from 22380 yuan/ton on July 11th to 22295 yuan/ton on July 18th, a decline of 85 yuan/ton. LME zinc increased from 2738 dollars/ton to 2824 dollars/ton, an increase of 86 dollars/ton. The SHFE - LME ratio decreased from 8.17 to 7.89, a decline of 0.28. The SHFE inventory increased by 4649 tons to 54630 tons, the LME inventory increased by 13850 tons to 119100 tons, and the social inventory increased by 0.33 million tons to 9.35 million tons. The spot premium decreased from 60 yuan/ton to 10 yuan/ton, a decline of 50 yuan/ton [5]. 3.2 Market Review - The main contract price of SHFE zinc ZN2509 first declined and then rebounded. Supported by the domestic anti - involution sentiment, the black - series prices rose, which was beneficial to the zinc price. It found support around 22000 yuan/ton and then rebounded slightly, closing at 22295 yuan/ton, with a weekly decline of 0.38%. The LME zinc price stabilized and rebounded, closing at 2824 dollars/ton, with a weekly increase of 3.14% [6]. - In the spot market, as the zinc price rebounded, the downstream procurement motivation weakened, and the spot premium continued to decline. The zinc prices and premiums varied in different regions such as Shanghai, Ningbo, Guangdong, and Tianjin [7]. - In terms of inventory, as of July 18th, the LME zinc inventory was 119100 tons, an increase of 13850 tons from last week. The SHFE inventory was 54630 tons, an increase of 4649 tons. As of July 17th, the social inventory was 9.35 million tons, an increase of 0.33 million tons from July 10th. The inventory in Guangdong and Tianjin increased significantly, while that in Shanghai decreased slightly [8]. - In the macro - aspect, in the US, the CPI in June increased moderately, the core CPI was lower than expected, the PPI reached a new low, and the retail sales exceeded expectations. There were also various international trade and policy news, such as Trump's tariff - related statements and trade negotiations among countries. In China, the H1 GDP was 66.05 trillion yuan, with a year - on - year growth of 5.3%. The Ministry of Industry and Information Technology stated that the steady - growth work plans for ten key industries were about to be introduced [8][9][10]. 3.3 Industry News - As of July 18th, the average weekly TC of domestic Zn50 remained flat at 3800 yuan/metal ton, and the SMM imported zinc concentrate index increased by 7.27 dollars/dry ton to 73.75 dollars/dry ton. Excellon Resources was preparing to restart the production of the Mallay silver - lead - zinc mine in Peru next year, which had produced 6 million ounces of silver, 45 million pounds of zinc, and 35 million pounds of lead from 2012 to 2018 [12]. 3.4 Related Charts - The report provides multiple charts, including the price trends of SHFE zinc and LME zinc, the internal - external price ratio, the spot premium, the LME premium, the inventory data of SHFE, LME, social and bonded areas, the processing fees of domestic and foreign zinc mines, the import profit and loss of zinc mines, the domestic refined zinc production, the smelter profit, the net import of refined zinc, and the operating rates of downstream primary enterprises [14][16][17].

Core Viewpoint - The infrastructure ETF (159619) has risen over 4.6%, driven by urbanization transformation and stable growth policies that may boost industry expectations [1] Group 1: Urbanization and Infrastructure Development - China's urbanization phase is transitioning from rapid growth to stable development, focusing on enhancing existing urban areas for high-quality development [1] - Key tasks include establishing a new model for real estate development, advancing the renovation of urban villages and dilapidated housing, and emphasizing urban renewal [1] - There is a push to upgrade urban infrastructure, including old pipeline renovations and the networking of urban clusters and metropolitan areas [1] - The focus on green and low-carbon development aims to enhance the safety of urban infrastructure and improve ecological environment management [1] - Future urbanization will emphasize the construction of medium and large cities and metropolitan areas, prioritizing structural optimization, quality enhancement, and governance efficiency [1] Group 2: Infrastructure ETF Overview - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies in construction, engineering machinery, and other related fields from the A-share market [1] - The index covers multiple infrastructure sectors, including railways, highways, water conservancy, and electricity, reflecting the overall performance of listed companies in infrastructure construction [1] - Investors without stock accounts can consider the Guotai CSI Infrastructure ETF Initiated Link C (016837) and Guotai CSI Infrastructure ETF Initiated Link A (016836) [1]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Airline Industry**: White Cloud Airport, Hainan Airlines, China National Aviation, Eastern Airlines, Southern Airlines, Huaxia Airlines - **Shipping Industry**: Jinjiang Shipping, Antong Holdings - **Express Logistics Industry**: Jitu Express, SF Express, Shentong, Yunda, YTO Express - **Chemical Industry**: TDI market, high-speed resin market, various sub-industries - **Steel Industry**: General steel market performance and outlook - **Coal Industry**: Current market conditions and challenges Core Points and Arguments Airline Industry Performance - White Cloud Airport reported a Q2 profit of 450 million yuan, with net profit excluding non-recurring items at 290 million yuan, stable compared to Q1 [3] - Hainan Airlines expects a mid-term profit of 45 to 65 million yuan, despite a slight loss in Q2 [3] - China National Aviation anticipates a mid-term net profit increase of 78% to 90%, driven by fleet expansion and lower fuel prices [3] - Huaxia Airlines showed strong performance with a Q2 profit of approximately 160 million yuan, exceeding expectations [3] Shipping Industry Growth - Jinjiang Shipping's net profit for H1 is expected to be between 780 million to 810 million yuan, a significant increase of 146% to 155% due to rising demand in Southeast Asia [4] - Antong Holdings reported a net profit of 490 million to 540 million yuan, with a growth of 218% to 250% attributed to adjustments in shipping capacity [4] Express Logistics Sector Highlights - Jitu Express saw a 66% increase in package volume in Southeast Asia and a 14.7% increase in China, benefiting from strong TikTok e-commerce growth [5] - SF Express reported a 32% growth in business volume in June, with Shentong surpassing Yunda in revenue for the first time since 2020 [5] Chemical Industry Insights - The chemical industry’s operating rate fell to 71.9%, the lowest in history, with significant implications for older production facilities [8] - TDI market supply has contracted significantly, leading to rapid price increases, though sustainability of these price hikes is uncertain [12] - High-speed resin market demand remains strong, with companies like Shengjun Group expected to see a 50% increase in sales [13] Steel Industry Outlook - The steel industry is experiencing the lowest production and inventory levels historically, with a potential recovery driven by government policies [15] - Major steel companies have seen a 20% increase in stock prices, with expectations of further profit growth in the coming months [15] Coal Industry Challenges and Opportunities - Coal companies reported mixed results, with some facing significant declines while others, like Baotai Long, turned losses into profits [18] - The coal market is currently in a destocking phase, with rising demand from electricity and chemical sectors [19] Other Important but Possibly Overlooked Content - The launch of the official direct sales platform by Hanglv Zongheng APP aims to enhance ticket sales efficiency for airlines, potentially reducing reliance on OTA platforms [6] - The government’s redefinition of old equipment standards in the petrochemical industry may significantly impact sectors with high old capacity ratios [9] - The chemical sector is expected to face downward pressure in Q3, but certain products like refrigerants and high-speed resins are projected to perform well [14] - The Ministry of Industry and Information Technology's supply-side reforms are expected to benefit major oil companies and private refining enterprises [20][21]

Core Viewpoint - The recent performance of cyclical stocks, such as photovoltaic, steel, and chemicals, indicates a potential signal for the mid-stage main upward wave of the bull market [1][12] Group 1: Historical Context - In previous major bull markets (2013-2015 and 2019-2021), cyclical stocks underperformed in the early stages but became active in the later stages [2][5] - During the mid-stage of the 2014-2015 bull market, cyclical stocks outperformed despite weak economic conditions and declining commodity prices, driven by themes like mergers and acquisitions and state-owned enterprise reforms [2][5] - In the 2020-2021 bull market, cyclical stocks significantly outperformed as the economy stabilized and commodity prices rose [2][5] Group 2: Reasons Behind Performance - The underperformance of cyclical stocks in the early bull market stages is attributed to limited incremental capital, leading to slow price increases, while only a few sectors with strong fundamentals saw gains [9][12] - As the bull market progresses, increased resident capital leads to valuation uplifts across most sectors, with cyclical stocks benefiting from their low valuations in the early stages [9][12] Group 3: Future Outlook - There are two potential scenarios for the future: 1. If economic recovery is weak and supply-side policies take time to impact, cyclical stocks may see 1-2 quarters of excess returns but face volatility afterward [12] 2. If supply-side policies improve quickly and demand-side growth policies show results, cyclical stocks could experience a year-long rally starting from the mid-stage of the bull market [12] - Regardless of the scenario, cyclical stocks are expected to generate excess returns within the next 1-2 quarters [12] Group 4: Current Market Judgments - The current market is characterized by low valuations, weak corporate earnings, and positive policy signals, resembling the early stages of previous bull markets [16] - The market is entering a phase driven by policy improvements and capital inflows, suggesting a broader bull market is likely [16] Group 5: Investment Strategy - The recommendation is to adopt a flexible allocation strategy, increasing exposure to non-bank financials, AI applications, and cyclical stocks, which are expected to show elastic performance in the next six months [18][19] - The focus should shift from a "barbell strategy" to an "elastic strategy," with strong performance anticipated in sectors like new consumption and AI, which are less correlated with the economy [18][19]

Group 1 - The core viewpoint of the article highlights the performance and strategy of the AI Fund Yinghua Yongxiang Flexible Allocation Mixed Fund (180028) for the second quarter of 2025, reporting a profit of 4.67 million yuan and a net asset value growth rate of 5.47% [2][3] - As of July 17, the fund's unit net value is 1.375 yuan, with a one-year compounded unit net value growth rate of 25%, the highest among its peers [2][3] - The fund manager, Guo Sijie, focuses on consumer sectors and maintains a high position, increasing allocations in new consumption areas such as gold and jewelry, snacks, and electronic cigarettes [3] Group 2 - The fund's performance metrics indicate a three-month compounded unit net value growth rate of 5.04%, a six-month growth rate of 8.70%, and a three-year growth rate of -12.70%, ranking 489 out of 870 among comparable funds [3][10] - The fund's maximum drawdown over the past three years is 39.21%, with the largest single-quarter drawdown occurring in Q1 2024 at 22.27% [10] - The fund's top ten holdings as of the end of Q2 2025 include companies such as Nanjing E-commerce, Inpai, and Haian Home [17]

Economic Overview - Sichuan's GDP grew by 5.6% year-on-year in the first half of 2025, with an acceleration of 0.1 percentage points compared to the first quarter [1] - Key economic indicators such as primary industry value added, industrial value added, service industry value added, and retail sales of consumer goods all showed increased growth rates compared to the first quarter [1] Industry Development - The province is enhancing six major advantageous industries and building a modern industrial system, with stable production in grain and oil, and sufficient supply of major agricultural and livestock products [2] - Natural gas production reached a historical high with an 11.5% year-on-year increase, while hydropower generation grew by 5.1% [2] - The manufacturing sector is experiencing high-quality development, with value added in the automotive manufacturing and electronic information industries maintaining double-digit growth [2] New Growth Drivers - High-tech manufacturing investment rose by 10.2% year-on-year, with value added increasing by 13.1%, leading the province's industrial growth [3] - Significant growth in the green transition, with value added in the battery, new energy vehicle, and vanadium-titanium industries increasing by 36.5%, 11.0%, and 13.8% respectively [3] - The internet sector is also performing well, with a 10.9% increase in value added from information transmission, software, and IT services [3] Market Dynamics - Investment in equipment and industrial sectors grew by 18.7% and 10.9% respectively, with retail sales in communication equipment, home appliances, and automobiles increasing by 50.8%, 20.2%, and 2.7% [4] - Per capita consumption expenditure for residents increased by 6.2%, indicating a release of consumer potential [4] - Profits for large-scale industrial and service enterprises grew by 7.0% and 13.9% respectively from January to May, with acceleration in growth rates compared to previous months [4]

Summary of Key Points from Conference Call Industry or Company Involved - The discussion primarily revolves around the Chinese stock market, economic policies, and various sectors including financial technology, real estate, and construction materials. Core Insights and Arguments 1. **Market Positioning and Investor Sentiment** The market has reached a critical point at 3400, leading to investor concerns about potential economic pressures and uncertainties in international relations [1][5][11] 2. **Economic Awareness Among Investors** Investors have a well-formed understanding of the economic landscape, having priced in both current and future pressures on the Chinese economy over the past three years [2][9] 3. **Government Policies and Market Stability** Recent government policies aimed at stabilizing the stock market and economy are seen as timely and effective, contrasting with previous delays in policy implementation [3][5][11] 4. **Risk Premium and Investment Choices** The decline in risk premiums and the drop in risk-free interest rates suggest that the stock market may offer better returns compared to other asset classes, making it an attractive option for investors [6][7][9] 5. **Investment Recommendations** The focus is on sectors such as financial technology and cyclical goods, particularly in materials like rare earths, chemicals, and real estate, which are expected to perform well due to supply constraints and increased domestic demand [10][11] 6. **Real Estate Market Dynamics** Concerns about the second-hand housing market are noted, with a significant increase in listings potentially leading to price declines; however, the overall market sentiment is not as pessimistic as in previous years [12][14] 7. **Construction Materials and Pricing Trends** The construction materials sector, particularly cement, is experiencing price adjustments, but overall prices remain higher than last year, indicating a potential for profitability despite recent fluctuations [18][20] 8. **Coal Industry Outlook** The coal industry is expected to enter an upward price trend starting in June, driven by decreasing inventory levels and increasing demand as temperatures rise [39][42] 9. **Steel Industry Performance** The steel sector is witnessing stable demand, with a shift from real estate-driven demand to manufacturing, indicating a structural change in consumption patterns [30][31] 10. **Electricity Generation and Renewable Energy** The electricity sector shows mixed performance, with traditional coal power expected to perform well, while renewable energy sources face competitive pressures in certain regions [56][59] Other Important but Potentially Overlooked Content 1. **Investor Behavior** Many investors are currently in a cautious state, reflecting on past experiences where policy responses were slow, but there is a growing optimism due to recent proactive measures [5][9] 2. **Long-term Economic Policies** The discussion highlights the importance of long-term economic policies and structural reforms in enhancing the investment climate in China, particularly in the stock market [8][9] 3. **Sector-Specific Recommendations** Specific companies and sectors are recommended based on their competitive advantages and market positioning, indicating a strategic approach to investment in the current economic climate [23][25][34] 4. **Market Sentiment and Future Expectations** The overall sentiment is cautiously optimistic, with expectations of improved performance in various sectors as economic conditions stabilize and government policies take effect [11][12][39]

Economic Overview - The GDP for the first half of the year reached 66.05 trillion yuan, with a year-on-year growth of 5.3% [1] - The first industry added value was 3.12 trillion yuan, growing by 3.7%; the second industry added value was 23.91 trillion yuan, growing by 5.3%; and the third industry added value was 39.03 trillion yuan, growing by 5.5% [1] Quarterly Performance - In Q1, GDP grew by 5.4%, while in Q2, it slightly decreased to 5.2%, primarily due to a decline in investment growth [2][4] - Service industry, retail sales, and export growth improved in Q2 compared to Q1, but industrial added value and fixed asset investment growth weakened [2] Consumption and Retail - Retail sales of consumer goods increased by 5% year-on-year in the first half, accelerating by 0.4 percentage points compared to Q1 [4] - Service retail sales grew by 5.3%, driven by holiday consumption and inbound tourism [4][5] - The number of foreign tourists visiting China increased significantly during holidays, contributing to domestic consumption [5] Trade and Exports - Total goods import and export value reached 21.79 trillion yuan, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [5] - Export growth showed resilience despite external pressures, with a notable increase in June [5] Investment Trends - Fixed asset investment grew by 2.8% in the first half, down 1.4 percentage points from Q1 [6] - Manufacturing investment remained robust at 7.5% growth, while infrastructure investment grew by 4.6% [6] - Real estate investment declined by 11.2%, with a widening drop compared to Q1 [6][7] Policy and Future Outlook - The government plans to accelerate growth-stabilizing policies in the second half of the year [8][9] - The macroeconomic policies implemented have shown effectiveness, supporting economic stability [9] - There is an expectation for continued improvement in consumption and trade diversification to mitigate external uncertainties [9][10]

Economic Overview - The GDP for the first half of the year reached 66.05 trillion yuan, with a year-on-year growth of 5.3% [1] - The first industry added value was 3.12 trillion yuan, growing by 3.7%; the second industry added value was 23.91 trillion yuan, growing by 5.3%; and the third industry added value was 39.03 trillion yuan, growing by 5.5% [1] Quarterly Performance - In Q1, GDP grew by 5.4%, while in Q2, it slightly decreased to 5.2% [1][3] - The service sector, retail sales, and import-export growth improved in Q2 compared to Q1, although industrial output and fixed asset investment growth weakened [3] Consumption and Retail - Retail sales of consumer goods increased by 5% year-on-year in the first half, accelerating by 0.4 percentage points compared to Q1 [4] - Service retail sales grew by 5.3%, driven by holiday consumption and inbound tourism [4] - The number of inbound tourists increased significantly, with a year-on-year growth of 72.7% and 59.4% during the May Day and Dragon Boat Festival holidays, respectively [4] Trade and Exports - The total import and export volume reached 21.79 trillion yuan, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [5] - Export growth showed resilience despite external pressures, with a notable recovery in June [5] Investment Trends - Fixed asset investment grew by 2.8% year-on-year, with manufacturing investment up by 7.5% and infrastructure investment up by 4.6% [6][7] - Real estate investment declined by 11.2%, indicating a significant contraction in this sector [7] Policy and Future Outlook - The government plans to accelerate growth-stabilizing policies in the second half of the year to support economic stability [8] - The macroeconomic policies implemented have shown effectiveness, contributing to a stable economic environment [8] - There is an emphasis on diversifying trade relationships to reduce dependency on single markets [8] Market Sentiment - Despite a nominal GDP growth of 4.25%, there is a noted discrepancy between macroeconomic data and microeconomic experiences, indicating a "temperature difference" in economic perception [9] - Recommendations include the introduction of fiscal policy tools to enhance spending and stabilize the real estate market [9][10]