Market Overview - The Shanghai Composite Index rose by 0.66% to close at 3583.31 points, with an intraday high of 3583.31 points [1] - The Shenzhen Component Index increased by 0.46% to close at 11041.56 points, reaching a high of 11041.56 points [1] - The ChiNext Index gained 0.5%, closing at 2334.32 points, with a peak of 2334.43 points [1] ETF Market Performance - The median return for stock ETFs was 0.43%, with the highest return from the China Securities 500 ETF at 2.6% [2] - The top-performing industry ETF was the China Securities Satellite Industry ETF, yielding 3.88% [2] - The China Securities Gold Industry Stock ETF had the highest return among thematic ETFs at 5.04% [2] ETF Gain and Loss Rankings - The top three ETFs by gain were: - Guotai China Securities Gold Industry Stock ETF (5.04%) - Huaxia China Securities Gold Industry Stock ETF (4.49%) - ICBC Credit Suisse China Securities Gold Industry Stock ETF (4.34%) [6] - The top three ETFs by loss were: - Guolian An China Securities A500 Enhanced Strategy ETF (-1.14%) - E Fund China Securities A100 ETF (-1.01%) - Shenwan Hongyuan Shanghai G60 Strategic Emerging Industry Component ETF (-0.93%) [6] ETF Fund Flow - The top three ETFs by fund inflow were: - Guotai China Securities Company ETF (inflow of 542 million) - Southern China Securities 1000 ETF (inflow of 422 million) - E Fund ChiNext ETF (inflow of 363 million) [9] - The top three ETFs by fund outflow were: - Huaxia China Securities Animation Game ETF (outflow of 437 million) - Harvest Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF (outflow of 431 million) - Guolian An China Securities All Index Semiconductor Products and Equipment ETF (outflow of 348 million) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 Component ETF (582 million) - E Fund ChiNext ETF (303 million) - Guotai China Securities Company ETF (267 million) [12] - The top three ETFs by margin selling were: - Huatai-PB CSI 300 ETF (18.05 million) - Southern China Securities 500 ETF (17.06 million) - Huaxia Shanghai Stock Exchange 50 ETF (14.67 million) [12] Institutional Insights - Huaxia Fund noted that gold stocks tend to move in tandem with gold prices but exhibit higher elasticity, being referred to as "gold price amplifiers" [14] - The SSH Gold Stock Index has risen by 32.4% year-to-date, outperforming the London gold price increase of 26.27% [14] - Galaxy Futures indicated that short-term risk aversion is driving gold prices up, supported by factors such as high U.S. debt and increased gold purchases by central banks [15]

Group 1 - Two stock ETFs have recently announced their listing, with the Huaxia CSI Hong Kong Stock Connect Medical Theme ETF having a stock position of 24.51% and the Harvest CSI Hong Kong Stock Connect Innovative Drug ETF at 16.11% [1] - In the past month, a total of 28 stock ETFs have announced their listings, with an average position of 20.50%. The highest position is held by the Huitianfu National General Aviation Industry ETF at 42.30% [1][3] - The average number of shares raised for the newly announced ETFs is 460 million, with the leading funds being the Fortune CSI Hong Kong Stock Connect Technology ETF, Harvest CSI Hong Kong Stock Connect Innovative Drug ETF, and Southern Growth Enterprise Board Mid-Cap 200 ETF, raising 1.119 billion, 890 million, and 799 million shares respectively [1] Group 2 - The average proportion of shares held by institutional investors is 14.47%, with the highest proportions in the Huaxia CSI Hong Kong Stock Connect Medical Theme ETF (95.41%), Huitianfu National Hong Kong Stock Connect Consumer Theme ETF (85.50%), and Huaxia Shanghai Stock Exchange Selected Sci-Tech Innovation Board Value 50 Strategy ETF (36.38%) [2] - The ETFs with the lowest institutional investor holdings include the GF Shanghai Stock Exchange Sci-Tech Innovation Board 100 ETF (1.47%), Harvest Hong Kong Stock Connect Innovative Drug Selected ETF (1.85%), and Harvest CSI Hong Kong Stock Connect Innovative Drug ETF (2.13%) [2]

| 沪深300指数由沪深市场中规 | ▽日 | 该指数 | 该指数自2005年 | | --- | --- | --- | --- | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 组成,完整覆盖11个中证一级 | | | | | 行业 | -0. 0% | 13.4倍 | 54. 6% | | 中证A500指数由各行业市值较 | ▽日 | 该指数 | 该指数自2004年 | | 大、流动性较好的500只证券 | 中证A500指数涨跌 | 滚动市盈率 | 以来估值分位 | | 组成,覆盖93个三级行业中的 91个 | -0. 2% | 15.5倍 | 58. 1% | | 创业板大盘宽基:创业板ETF | | | 159915 | | 跟踪创业板指数 | | | | | 该指数由创业板中市值大、 | マ日 | 该指数 | 该指数自2010年 | | 流动性好的100只股票组成, | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 战略新兴产业占比较高,电 | | | | | 力设备、医药生物、电子行 | -1.6% | 35.7倍 | 21. ...

香港证券ETF(513090)成交额超205亿元，当前跌幅为2.64%，成交额205.21亿元，近1月份额增加 86.01%，增加45.63亿份，该基金支持T+0交易。 ...

Core Viewpoint - The 30-year government bond ETF from Bosera has shown significant performance, with a recent price increase and strong liquidity, indicating a positive market sentiment towards long-term government bonds [3][4]. Group 1: Performance Metrics - As of July 28, 2025, the 30-year government bond ETF from Bosera rose by 0.38%, reaching a price of 110.89 yuan, with a one-year cumulative increase of 10.21% as of July 25, 2025 [3]. - The ETF's latest scale reached 14.24 billion yuan, marking a one-year high, and the number of shares reached 12.9 million, also a one-year high [4]. - Over the past week, the ETF experienced a net inflow of 5.353 billion yuan, with a maximum single-day inflow of 1.51 billion yuan [4]. Group 2: Market Dynamics - The bond futures market saw collective gains, with the 30-year main contract rising by 0.5%, indicating a favorable environment for long-term bonds [3]. - According to Citic Securities, factors such as rising inflation expectations and a loose funding environment are driving the current adjustments in bond market interest rates [3]. Group 3: Risk and Return Analysis - The ETF has a maximum drawdown of 6.89% since inception, with a management fee of 0.15% and a custody fee of 0.05% [5]. - The ETF closely tracks the Shanghai Stock Exchange 30-year government bond index, which reflects the overall performance of corresponding maturity government bonds [5].

Market Overview - On July 22, the Shanghai Composite Index rose by 0.62% to close at 3581.86 points, with a daily high of 3584.72 points [1] - The Shenzhen Component Index increased by 0.84% to close at 11099.83 points, reaching a high of 11099.83 points [1] - The ChiNext Index gained 0.61%, closing at 2310.86 points, with a peak of 2313.46 points [1] ETF Market Performance 1. Overall Performance of Stock ETFs - The median return of stock ETFs was 0.74% on the same day [2] - The highest return among scale index ETFs was from the Penghua CSI 800 Free Cash Flow ETF at 2.58% [2] - The highest return in the industry index ETFs was from the China Tai CSI Coal ETF at 8.25% [2] - The highest return in strategy index ETFs was from the Bank of China Huashang CSI High Dividend Strategy ETF at 3.09% [2] - The highest return in style index ETFs was from the CCB Schroder Shenzhen 300 Value ETF at 2.11% [2] - The highest return in theme index ETFs was from the Bank of China Huashang CSI Infrastructure ETF at 6.99% [2] 2. Stock ETF Performance Rankings - The top three stock ETFs by return were: - Guotai CSI Coal ETF (8.25%) - E Fund CSI All Share Construction Materials ETF (7.91%) - Yinhua CSI Infrastructure ETF (6.99%) [5] 3. Fund Flow in Stock ETFs - The top three stock ETFs by fund inflow were: - Guotai CSI All Share Construction Materials ETF (inflow of 0.892 billion) - Penghua CSI Subdivided Chemical Industry Theme ETF (inflow of 0.757 billion) - Fuguo CSI All Share Construction Materials ETF (inflow of 0.753 billion) [8] 4. Margin Trading Overview for Stock ETFs - The top three stock ETFs by margin buying were: - Huaxia SSE Sci-Tech 50 ETF (0.876 billion) - E Fund ChiNext ETF (0.531 billion) - Guotai CSI All Share Securities Company ETF (0.341 billion) [11] Industry Insights - Datong Securities predicts that the coal sector still has room for price increases, noting a significant rise in the coal sector on July 22 [13] - The proportion of loss-making companies in the coal industry is currently at 53.6%, significantly higher than the 35% recorded in 2016, indicating a decline in total profits [13] - The high temperatures have led to increased daily consumption of thermal power, and the profitability of downstream steel mills remains acceptable, boosting procurement activity [13] - Prices for thermal coal and coking coal continue to rise, and under the constraints of production reduction, further price increases in coal are expected [13]

Group 1 - The core point of the news is the announcement of the listing of the Huatai-PineBridge CSI Hong Kong Stock Connect Consumer Theme ETF, which will be listed on July 21, 2025, with a total of 228 million shares [1] - As of July 14, 2025, the fund's asset allocation consists of 71.97% in bank deposits and settlement reserves, and 28.03% in stock investments, indicating that the fund is still in the accumulation phase [1] - In July, a total of 11 stock ETFs have announced their listings, with an average position of only 14.23%, while the highest position is held by the GF Hang Seng Hong Kong Stock Connect Technology Theme ETF at 28.49% [1][2] Group 2 - The average fundraising for the newly announced ETFs in July is 472 million shares, with the largest being the GF Hang Seng Hong Kong Stock Connect Technology Theme ETF at 1.341 billion shares [2] - Institutional investors hold an average of 18.04% of the shares in these ETFs, with the highest being the Huatai-PineBridge CSI Hong Kong Stock Connect Consumer Theme ETF at 85.50% [2] - The table provided lists various ETFs, their establishment dates, fundraising scales, and positions, highlighting the differences in asset allocation and upcoming listing dates [2]

香港证券ETF(513090)成交额超20亿元，当前涨幅为1.05%，溢价率为0.53%，成交额20.42亿元，近1月 份额增加35.5%，增加16.30亿份，该基金支持T+0交易。 ...

Group 1 - The core idea emphasizes the importance of foundational knowledge in investing and selecting the right funds, suggesting that solid fundamentals are essential for successful investment in funds [2] - The article introduces bond ETFs, which are funds that track bond indices and can be traded on the market, highlighting that they possess the fundamental characteristics of ETFs [3] Group 2 - The article promotes a special offer for new holders of Zhongtai Asset Management products, encouraging them to participate in a certification process to receive a reward [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report focuses on the performance and capital flow of the ETF fund market in the past week (from June 30th to July 4th), providing reference for investors [1]. - Most A - share - focused ETFs rose this week. Among them, pharmaceutical and biological ETFs had the largest increase, with an average increase of 3.11% for funds above a certain scale, while TMT ETFs declined, with an average decrease of 0.19% for funds above a certain scale [2][5]. - Capital continued to flow into bond ETFs significantly, with a net inflow of 11.299 billion yuan for the whole week. On the contrary, large - cap index ETFs experienced significant capital outflows, with a net outflow of 19.567 billion yuan for the whole week [3][5]. 3. Summary by Related Catalogs 3.1 ETF Market Overall Performance - Market performance: Most A - share - focused ETFs rose. Pharmaceutical and biological ETFs had the largest increase (3.11% on average for large - scale funds), and TMT ETFs declined (0.19% on average for large - scale funds) [2][5]. - Capital flow: Bond ETFs had a net capital inflow of 11.299 billion yuan, and large - cap index ETFs had a net capital outflow of 19.567 billion yuan [3][5]. - Top - performing funds: Some Hong Kong - listed innovative drug ETFs, such as Wanjia CSI Hong Kong - Stock Connect Innovative Drug ETF (520700), had high weekly returns, with a weekly increase of 7.55% [8]. - Top funds in terms of capital inflow: E Fund Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF (511110) had a capital inflow of 1.982 billion yuan [9]. - Top funds in terms of capital outflow: Huatai - Peregrine CSI 300 ETF (510300) had a capital outflow of 6.626 billion yuan [10]. 3.2 Different Popular Sub - Type ETF Fund Market Performance - **Stock ETF - Broad - Based Index**: Different broad - based index ETFs had different performances. For example, in the super - large - cap index category, Huaxia SSE 50 ETF (510050) had a weekly increase of 1.47% [12]. - **Stock ETF - Industry Theme**: Each industry - themed ETF also showed different trends. For instance, in the TMT sector, some semiconductor - related ETFs declined, while in the pharmaceutical and biological sector, some innovative drug ETFs rose [18][21]. - **Bond ETF**: Various bond ETFs had capital inflows, such as Southern Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF (511070) with a capital inflow of 1.32 billion yuan [26]. - **QDII ETF**: Some Hong Kong - related innovative drug QDII ETFs had high returns, like GF CSI Hong Kong Innovative Drug ETF (513120) with a weekly increase of 7.35% [27]. - **Commodity ETF**: Gold - related commodity ETFs, such as Huaan Gold ETF (518880), had a certain increase [28]. 3.3 Innovation Theme and Sub - Industry ETF Fund Market Performance - **TMT Innovation Theme**: The animation and game theme had a high weekly increase of 6.99%, and the representative fund, Huaxia Game ETF (159869), had a weekly increase of 6.77% [30]. - **Consumption Sub - Industry**: The livestock and poultry breeding sub - industry had a weekly increase of 2.31%, and the representative fund, Cathay Pacific Livestock and Poultry Breeding ETF (159865), had a weekly increase of 2.36% [31]. - **Pharmaceutical Sub - Industry**: The innovative drug sub - industry had a weekly increase of 4.56%, and the representative fund, Yin Hua Innovative Drug ETF (159992), had a weekly increase of 4.73% [32]. - **New Energy Theme**: The photovoltaic industry theme had a weekly increase of 4.44%, and the representative fund, Huatai - Peregrine Photovoltaic ETF (515790), had a weekly increase of 4.41% [33]. - **Central and State - Owned Enterprises Theme**: The central enterprise dividend theme had a weekly increase of 2.83%, and the representative fund, Huatai - Peregrine Central Enterprise Dividend ETF (561580), had a weekly increase of 2.73% [34]. - **Steady - Growth Theme**: The CSI Iron and Steel theme had a weekly increase of 5.62%, and the representative fund, Cathay Pacific Iron and Steel ETF (515210), had a weekly increase of 5.41% [35]. - **Hong Kong - related Sub - Industry**: The Hong Kong biotechnology sub - industry had a weekly increase of 5.94%, and the representative fund, Huaxia Hang Seng Biotechnology ETF (159892), had a weekly increase of 5.16% [36]. - **Dividend/Dividend Low - Volatility Index Family**: The CSI 300 Dividend Index had a weekly increase of 2.59%, and the representative fund, Jianxin CSI 300 Dividend ETF (512530), had a weekly increase of 2.66% [37]. - **Growth Enterprise Market Index Family**: The ChiNext 50 Index had a weekly increase of 1.93%, and the representative fund, Huaan ChiNext 50 ETF (159949), had a weekly increase of 1.79% [38].