Core Insights - The article highlights the significant inflow of 78 million units into the Zhongzheng A500 ETF (159338), indicating strong demand for core A-share assets [1] - The Zhongzheng A500 Innovation Index is constructed using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries in the Zhongzheng index [1] - The index includes leading companies from almost all tertiary industries, achieving a "gathering of leaders" effect, and incorporates mechanisms like mutual connectivity and ESG screening to attract long-term capital from domestic and international institutional investors [1] Customer Base - As of the 2024 annual report, the total number of accounts for the Guotai Zhongzheng A500 ETF exceeds 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 Zhongzheng A500 ETF (159338) can also consider related products such as Guotai Zhongzheng A500 ETF Initiated Link A (022448), Link C (022449), and Link I (022610) for those without stock accounts [1]

Core Viewpoint - The introduction of a new fiscal subsidy policy for personal consumption loans is expected to boost domestic demand and benefit the A-share market, particularly the core assets represented by the CSI A500 ETF [1] Group 1: Policy Impact - The Ministry of Finance, People's Bank of China, and financial regulatory authorities have issued a new implementation plan for personal consumption loan subsidies, effective from September 1, 2025, to August 31, 2026 [1] - This is the first time the central government has provided subsidies for personal consumption loans, which will directly benefit the public and is anticipated to stimulate domestic demand [1] Group 2: CSI A500 ETF Overview - The CSI A500 ETF (159338) has seen a net inflow of 12 million units, indicating strong investor interest in A-share core assets [1] - The CSI A500 Innovation Index is constructed using an "industry-balanced" approach, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [1] - The index includes nearly all leading companies in tertiary industries, achieving a "gathering of leaders" [1] Group 3: Investor Engagement - The total number of accounts for the Guotai CSI A500 ETF exceeds 156,000, making it the leader in its category, with more than three times the number of accounts compared to the second-ranked ETF [1] - The index's design incorporates mechanisms such as mutual connectivity and ESG screening, aligning with the preferences of domestic and international institutional investors, which is beneficial for attracting long-term capital to A-share core assets [1]

Group 1 - The Shanghai Composite Index surpassed the previous high of 3674.4 points, reaching a new high since December 2021, indicating potential investment opportunities in A-shares [1] - The CSI A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [1] - The index includes almost all leading companies in tertiary industries, achieving a "gathering of leaders" and incorporates mechanisms like mutual connectivity and ESG screening, appealing to both domestic and international institutional investors [1] Group 2 - The number of accounts for the Guotai CSI A500 ETF 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 without stock accounts can consider the Guotai CSI A500 ETF Initiated Link A (022448), Link C (022449), and Link I (022610) [1]

Core Viewpoint - The approval of ETFs for inclusion in the mutual market connectivity between mainland China and Hong Kong marks a significant step towards enhancing cross-border investment opportunities and optimizing the existing trading mechanisms [1][2][3]. Group 1: Market Development - The inclusion of ETFs will enrich the variety of trading products, providing more investment opportunities for both domestic and foreign investors. Domestic investors will benefit from increased options for cross-border asset allocation, while foreign investors can directly invest in A-share ETFs through Hong Kong [2]. - The growth of the ETF market in China has been rapid, but its global asset share remains relatively low compared to mature markets. The entry of A-share ETFs into the overseas investor landscape is expected to enhance market activity and expand asset management scale [2]. Group 2: Capital Market Opening - The inclusion of ETFs is expected to promote two-way capital market openness, facilitating the introduction of more foreign investment into both mainland and Hong Kong markets. This will positively impact the steady development of both capital markets [3]. - The introduction of various thematic ETFs will better reflect the development logic of the domestic economy, providing foreign investors with opportunities to discover high-quality Chinese enterprises, thus supporting the growth of competitive companies [3].

中证A500创新指数编制方案，以国际通用的"行业均衡"方式编制。它挑选了各行业市值较大、流 动性较好的500只证券作为指数样本，成分股覆盖全部中证二级行业和97%中证三级行业。同时，几乎 所有三级行业龙头都入选样本，真正实现了"龙头荟萃"。与此同时，指数编制引入互联互通、ESG筛选 等机制，符合海内外机构投资者偏好，有利于吸引长期资金配置A股核心资产。感兴趣的投资者可以关 注中证A500ETF（159338）。 相关机构指出，对于A股，宏观经济有韧性，估值修复有空间，反内卷下企业盈利有上升预期。仍 然看好中国权益资产的长期表现，认为随着多头逻辑的逐渐演绎，向上仍有空间。预计当前市场的下跌 风险不大，波动中枢将逐步抬升，等待调整后做多可能是较优选择。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 没有股票账户的投资者可关注国泰中证A500ETF发起联接A（022448），国泰中证A500ETF发起联 接C ...

Core Viewpoint - The report from China Merchants Securities emphasizes the need for industry allocation in the CSI A500 index to focus on "de-involution" clearance, sectors with high mid-year performance growth, and low valuations [1] Group 1: Performance Improvement Areas - Expected areas of mid-year performance improvement include: 1) High-growth TMT sectors such as optical optoelectronics, consumer electronics, and communication equipment, benefiting from AI innovation and accelerated substitution [1] 2) Midstream manufacturing sectors with global competitiveness, including automotive parts, automation equipment, and electronics, showing signs of marginal order recovery [1] 3) Consumer services, particularly home appliances and household goods, experiencing demand improvement due to policy support [1] 4) Cyclical industries like precious metals, industrial metals, and electricity, with potential profit recovery [1] Group 2: Market Conditions - Current prices for resource products such as steel and coal have bottomed out and are recovering, while the photovoltaic industry chain is also seeing marginal price recovery [1] - The de-involution policy is driving capacity clearance in certain industries, making performance elasticity worth noting [1] Group 3: CSI A500 Index Composition - The CSI A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [1] - The index includes nearly all leading companies in tertiary industries, achieving a "gathering of leaders" [1] - The index compilation incorporates mechanisms like mutual connectivity and ESG screening, aligning with the preferences of domestic and international institutional investors, which is beneficial for attracting long-term capital to core A-share assets [1] - Interested investors may consider the CSI A500 ETF (159338) [1]

Group 1 - The core viewpoint of the article highlights that domestic policies have gradually shifted towards being driven by fundamentals and liquidity since September of last year, maintaining a positive stance while being somewhat restrained in their intensity [1] - Policymakers are leaving room for maneuver in terms of timing and scope to address potential extreme external risks, while avoiding excessive short-term stimulus that could disrupt long-term economic transformation goals [1] - The flexibility and foresight of these policies are beneficial in stabilizing market expectations and promoting the healthy development of the capital market [1] Group 2 - The CSI A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity from various industries [1] - The index covers all secondary industries in the CSI and 97% of the tertiary industries, with nearly all leading companies in the tertiary industries included, achieving a true "gathering of leaders" [1] - The index compilation introduces mechanisms such as mutual connectivity and ESG screening, aligning with the preferences of domestic and foreign institutional investors, which is conducive to attracting long-term capital to core A-share assets [1]

(责编：卫嘉、白宇) 本次研讨班以"加强立法机构交流合作，推动建设更为紧密的中国—东盟命运共同体"为主题，共有来自 柬埔寨、老挝、马来西亚、泰国、越南5个东南亚国家议会（国会）的23名议员及高级别官员参加。研 讨班成员相继参访了中国北京、南京、昆明三地，考察了乡村振兴、互联互通、高新科技、数字经济、 文化旅游、基层立法联系点等项目，全面了解中国经济社会发展的真实样貌；参加了关于经济、政治、 文化、社会、生态文明建设经验做法的主题研讨会，并与中国有关政府部门负责人及专家学者深入交 流。 《 人民日报 》（ 2025年08月06日 03 版） 本报昆明8月5日电 （记者叶传增）8月5日，第二次东盟国家议员研讨班在云南昆明结业。 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Hong Kong Exchanges and Clearing Limited (HKEX) with a target price of HKD 515.00, indicating a potential upside of 23% from the current price of HKD 417.0 [2][6]. Core Views - The report highlights the dual resonance of assets and funds driving the valuation of HKEX upwards, with expectations of high profit growth and an upward shift in valuation amid a thriving primary and secondary market in Hong Kong [6][7]. - The anticipated net profits for HKEX from 2025 to 2027 are projected to be HKD 153 billion, HKD 166 billion, and HKD 178 billion, representing year-on-year growth rates of 17%, 9%, and 7% respectively [6][7]. Summary by Sections Company Overview - HKEX is recognized as a global leader in the exchange sector, benefiting from government backing and a unique position as the only exchange platform in Hong Kong, which provides it with significant regional monopoly advantages [6][9]. - The strategic vision of HKEX focuses on connecting China with the world, capital with opportunities, and the present with the future, leveraging its unique resources to enhance its international presence [6][21]. Financial Performance - The financial overview indicates robust performance with a high return on equity (ROE) of 25.1% and a stable profit margin, with net profit margins around 58% and EBITDA margins around 75% [2][36]. - Revenue growth from 2012 to 2024 shows a compound annual growth rate (CAGR) of 10%, with total revenue increasing from HKD 72.1 billion to HKD 223.7 billion [36][41]. Business Model and Competitive Advantages - HKEX operates a light capital business model that ensures high profitability and a strong correlation between performance and trading activity, with trading fees and system usage fees contributing significantly to revenue [6][24]. - The exchange's competitive barriers include its unique government endorsement and the absence of direct competitors in the region, which solidifies its market position [24][25]. Valuation Drivers - The report identifies a dual resonance of asset quality and fund availability as key drivers for HKEX's valuation enhancement, with favorable market conditions and policy support for secondary listings boosting trading activity [6][7]. - The anticipated influx of southbound capital and the low interest rate environment are expected to sustain market liquidity and trading volumes, further supporting HKEX's growth [6][21]. Revenue Structure - The revenue structure is diversified, with significant contributions from trading fees, investment income, and settlement fees, reflecting the exchange's comprehensive service offerings [41][45]. - In 2024, the revenue from the cash segment is projected to be HKD 94.22 billion, with trading and settlement fees being the primary revenue sources [48].

Group 1 - The core viewpoint emphasizes the need for industry allocation in the CSI A500 index to focus on "de-involution," high mid-year performance growth, and low valuation sectors [1] - The areas expected to see mid-year performance improvement include high-growth TMT sectors such as semiconductors, optical optoelectronics, consumer electronics, and communication equipment, benefiting from AI innovation and accelerated domestic substitution [1] - The midstream manufacturing sector with global competitiveness, including automotive parts, automation equipment, and military electronics, is also expected to see a marginal recovery in orders [1] Group 2 - Consumer services, particularly home appliances and household goods, are anticipated to improve due to policy-driven demand [1] - Cyclical industries such as precious metals, industrial metals, and electricity are expected to see profit recovery, with resource prices like steel and coal having bottomed out and begun to rise [1] - The CSI A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity, covering all secondary and 97% of tertiary industries in the CSI [1]