Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Leveraged and inverse products in the US ETF market have a high issuance enthusiasm, and Bitcoin and gold ETFs continue to see capital inflows. Meanwhile, the performance of alternative ETF products varies significantly, and the capital flow of US ordinary public - offering funds shows a pattern of outflows from domestic stock funds and inflows into bond products [1][2] Group 3: Summary by Directory 1. US ETF Innovation Products: High Issuance Enthusiasm for Leveraged and Inverse Products - Last week, there were 22 newly issued products in the US, with the issuance of leveraged and inverse products continuing to increase. There were 8 leveraged and inverse products issued, including 6 single - stock products such as 2x long and short products of MicroStrategy, and 2x leveraged products of UPSTART, Archer Aviation, Mercado Libre, and Boeing. ProShares issued 2x leveraged and inverse products linked to the Nasdaq 100 Mega Index [7] - Bitwise issued an option strategy product linked to GameStop last week, using both call and put options to achieve monthly returns [8] - There were 4 bond ETFs and 1 money ETF issued last week. Vanguard's multi - sector bond ETF involves US Treasuries, corporate bonds, and emerging - market bonds, aiming to increase returns through active management. Invesco expanded its target - maturity bond products and also issued an international stock product. FundX issued a future - themed fund, and T. Rowe Price issued 3 active industry ETFs covering finance, medicine, and natural resources [10] 2. US ETF Dynamics 2.1 US ETF Capital: Bitcoin and Gold ETFs Continue to See Inflows - Last week, US equity ETFs continued to have a small outflow, while cross - border products continued to see inflows, with the combined inflow of equity - bond cross - border products exceeding $5 billion. Bitcoin and gold ETFs also continued to see inflows. There was a migration of S&P 500 ETF capital from BlackRock to Vanguard, with an outflow of over $20 billion from BlackRock's IVV. Among bond products, aggregate bonds saw inflows while tool - type products saw outflows [11] 2.2 US ETF Performance: Significant Differences in Alternative Products - Since the beginning of this year, due to high global macro uncertainty, the performance of ETF products using hedge - fund - related strategies has varied significantly. Stock long - short products and futures products have performed weakly, while State Street's multi - asset product has performed well, with its top three current holdings being State Street's commodity, global infrastructure, and global natural resources ETFs [16] 3. Recent Capital Flow of US Ordinary Public - Offering Funds - In April 2025, the total amount of non - money public - offering funds in the US was $21.06 trillion, a decrease of $0.12 trillion compared to March 2025. In April, the S&P 500 fell 0.76%, and the scale of US domestic equity products declined by 0.88%, with the decline slightly larger than the stock decline. From May 28th to June 4th, US domestic equity funds had a total outflow of approximately $16.9 billion, more than twice the outflow of the previous week, while bond products saw an inflow of nearly $10 billion [17]

Core Insights - The benchmark credit bond ETFs have attracted over 10 billion yuan in net inflows in the past week, making them the hottest investment products in the market [6][5][1] Fund Flows - The A-share market experienced a tug-of-war around the 3400-point mark, with significant net inflows into certain ETFs, particularly those that had previously seen declines [1][3] - Stock ETFs, including cross-border ETFs, saw a net outflow of 16.731 billion yuan, while bond ETFs had a net inflow of 14.485 billion yuan and gold ETFs attracted 1.865 billion yuan [3][2] - On June 13, the last trading day of the week, the Hong Kong market saw net inflows in ETFs and bond ETFs of 3.03 billion yuan and 2.946 billion yuan, respectively [4] Credit Bond ETFs - The first batch of benchmark credit bond ETFs saw a total inflow of 11.837 billion yuan in the past week, bringing the total scale to 85.622 billion yuan [6][5] - Factors contributing to the growth of credit bond ETFs include attractive yields in a fluctuating interest rate environment, increasing demand for high-rated credit bonds, and the convenience of investing in credit bonds through ETFs [6][5] Other ETFs - The Huaxia Science and Technology 50 ETF and Penghua Wine ETF were among the top inflows, with net subscriptions of 1.844 billion yuan and 1.243 billion yuan, respectively [8] - The gold ETF also gained attention, with the Huazhong Gold ETF seeing nearly 1.4 billion yuan in net inflows [9] Outflows - The broad-based ETFs, particularly the CSI 300 ETF and the ChiNext 50 ETF, experienced significant net outflows, with the latter seeing a net outflow of 0.647 billion yuan [10][2] - The recent outflows from the Xinchuang ETF were attributed to previous speculative activities related to restructuring events [10]

Summary of ETF Fund Flows Core Insights - On June 12, 2025, a total of 188 ETF funds experienced net inflows, while 419 funds saw net outflows. The net inflow amount exceeded 100 million yuan for 19 funds, with significant inflows observed in the Wine ETF, Sci-Tech 50 ETF, Semiconductor ETF, Hang Seng Tech ETF, and 10-Year Treasury ETF, which had net inflows of 414 million yuan, 305 million yuan, 299 million yuan, 299 million yuan, and 287 million yuan respectively [1][3]. Inflows and Outflows - The top five funds with the highest net inflows included: 1. Wine ETF (512690) with a net inflow of 41.42 million yuan 2. Sci-Tech 50 ETF (588000) with a net inflow of 30.49 million yuan 3. Semiconductor ETF (512480) with a net inflow of 29.88 million yuan 4. Hang Seng Tech ETF (513130) with a net inflow of 29.86 million yuan 5. 10-Year Treasury ETF (511260) with a net inflow of 28.68 million yuan [3][5]. - The top five funds with the highest net outflows included: 1. CSI 300 ETF (510300) with a net outflow of 1.1467 billion yuan 2. ChiNext ETF (159915) with a net outflow of 500.78 million yuan 3. Huabao Tianyi ETF (511990) with a net outflow of 426.3 million yuan 4. CSI 300 ETF E Fund (510310) with a net outflow of 403.3 million yuan 5. ChiNext 50 ETF (159949) with a net outflow of 218.5 million yuan [5]. Recent Trends - A total of 93 ETF funds have seen continuous net inflows, with the leading funds being the Hong Kong Stock Connect Dividend ETF (32 days), Soybean Meal ETF (30 days), and Credit Bond ETF Dachen (26 days), with respective net inflows of 564 million yuan, 68.78 million yuan, and 358.72 million yuan [7]. - Conversely, 266 ETF funds have experienced continuous net outflows, with the leading funds being the Biopharmaceutical ETF (35 days), Innovative Drug ETF (30 days), and Dividend Value ETF (29 days), with respective net outflows of 663 million yuan, 3.668 billion yuan, and 218 million yuan [8]. Short-Term Performance - Over the past five days, 57 ETF funds have recorded net inflows exceeding 100 million yuan, with the top funds being the 10-Year Treasury ETF, Credit Bond ETF, and Company Bond ETF, with net inflows of 4.624 billion yuan, 3.870 billion yuan, and 2.731 billion yuan respectively [8]. - In contrast, 94 ETF funds have seen net outflows exceeding 100 million yuan, with the top funds being the ChiNext ETF, CSI 300 ETF, and Hang Seng Internet ETF, with net outflows of 1.897 billion yuan, 1.101 billion yuan, and 1.048 billion yuan respectively [8].

Summary of ETF Fund Flows Core Insights - On June 11, 2025, a total of 179 ETFs experienced net inflows, while 446 ETFs saw net outflows. Notably, 25 ETFs had net inflows exceeding 100 million yuan, with significant inflows into the CSI 300 ETF, Credit Bond ETF, and others [1][3]. Inflows - The top five ETFs with the highest net inflows included: - CSI 300 ETF (510300.SH): 1.04164 billion yuan - Credit Bond ETF (511200.SH): 1.02759 billion yuan - Shanghai Corporate Bond ETF (511070.SH): 724.6 million yuan - Sci-Tech Innovation 50 ETF (588000.SH): 653.78 million yuan - Ten-Year Treasury ETF (511260.SH): 539.7 million yuan [3][5]. - A total of 95 ETFs have seen consecutive net inflows, with the leading ones being: - Hong Kong Stock Connect Dividend ETF: 510 million yuan over 31 days - Soybean Meal ETF: 66.41 million yuan over 29 days - Credit Bond ETF (Dacheng): 3.547 billion yuan over 25 days [7]. Outflows - The top five ETFs with the highest net outflows included: - ChiNext ETF (159915.SZ): 544.2 million yuan - CSI 300 ETF (159919.SZ): 360 million yuan - Credit Innovation ETF (159538.SZ): 334.3 million yuan - Short-Term Bond ETF (511360.SH): 327.18 million yuan - Credit Innovation ETF (562570.SZ): 296.2 million yuan [5]. - A total of 254 ETFs have experienced consecutive net outflows, with the leading ones being: - Biopharmaceutical ETF: 617 million yuan over 34 days - Innovative Drug ETF: 3.620 billion yuan over 29 days [7]. Recent Trends - Over the past five days, 63 ETFs have seen cumulative net inflows exceeding 100 million yuan, with the top inflows being: - Ten-Year Treasury ETF: 4.540 billion yuan - Credit Bond ETF: 4.067 billion yuan [8]. - Conversely, 96 ETFs have experienced cumulative net outflows exceeding 100 million yuan, with the top outflows being: - ChiNext ETF: 1.830 billion yuan - Hong Kong Internet ETF: 1.372 billion yuan [8].

Core Insights - On June 9, 2025, a total of 212 ETF funds experienced net inflows, while 390 funds saw net outflows, indicating a significant disparity in investor sentiment towards different ETFs [1] - The top five ETFs with net inflows exceeding 100 million yuan included the SSE 50 ETF, Credit Bond ETF, Ten-Year Treasury ETF, CSI 300 ETF, and SSE Corporate Bond ETF, with inflows of 1.48 billion yuan, 856.5 million yuan, 654 million yuan, 615 million yuan, and 550 million yuan respectively [1][3] - Conversely, 17 ETFs had net outflows exceeding 100 million yuan, with the ChiNext ETF, Hang Seng Internet ETF, Short-term Bond ETF, Military Industry ETF, and Pharmaceutical ETF leading the outflows, totaling 359 million yuan, 331 million yuan, 287 million yuan, 285 million yuan, and 214 million yuan respectively [1][5] Inflow and Outflow Analysis - A total of 110 ETFs have seen consecutive net inflows, with the top performers being the Hong Kong Stock Connect Dividend ETF (29 days), Soybean Meal ETF (27 days), High Dividend ETF (26 days), SSE 180 Index Fund (23 days), and Credit Bond ETF Dachen (23 days), accumulating inflows of 445 million yuan, 61.69 million yuan, 171.34 million yuan, 140 million yuan, and 3.16 billion yuan respectively [1][7] - In contrast, 202 ETFs have experienced consecutive net outflows, with the leading ones being the Biopharmaceutical ETF (32 days), Innovative Drug ETF (27 days), Dividend Value ETF (26 days), Hang Seng Consumer ETF (24 days), and Traditional Chinese Medicine ETF (23 days), resulting in outflows of 556 million yuan, 3.29 billion yuan, 213 million yuan, 303 million yuan, and 262 million yuan respectively [1][8] Recent Trends - Over the past five days, 66 ETFs have recorded cumulative net inflows exceeding 100 million yuan, with the Short-term Bond ETF, Ten-Year Treasury ETF, Credit Bond ETF, Corporate Bond ETF, and SSE Corporate Bond ETF leading with inflows of 3.42 billion yuan, 3.37 billion yuan, 2.48 billion yuan, 2.29 billion yuan, and 2.19 billion yuan respectively [1][8] - Conversely, 86 ETFs have seen cumulative net outflows exceeding 100 million yuan, with the ChiNext ETF, Hang Seng Internet ETF, Hang Seng Medical ETF, Hong Kong Innovative Drug ETF, and East Financial Treasury ETF leading the outflows, totaling 1.82 billion yuan, 971 million yuan, 825 million yuan, 763 million yuan, and 583 million yuan respectively [1][8]

Investment Rating - The report gives a "green light" for the short-term outlook of US equities, indicating a positive investment sentiment [2]. Core Insights - The market is experiencing upward momentum until summer technicals and economic data come into play, with investors likely to be halted before any significant drawdown occurs [3]. - Retail investors are actively buying dips in US equities, while institutional activity remains muted [2]. - Robust liquidity is noted, with top of book liquidity at $11.08 million, above the one-year average of $10.65 million, supporting healthy trading in the near term [7][8]. Summary by Sections Market Setup - The report highlights a preference for specific trades, including SPX call spreads and hedging strategies for long positions [5]. - The liquidity environment is described as supportive for trading, although it may lose momentum as summer approaches [8]. Trading Activity - US equities have seen net buying for six consecutive sessions, with a notable increase in long buys, indicating strong market interest [27]. - The overall gross leverage has increased to 289.2%, placing it in the 95th percentile for the past year, driven by short leverage [28][29]. Seasonal Trends - The report notes that early to mid-June typically sees moderate market increases, providing a favorable trading environment, especially for bearish long-term views [64]. ETF Flows - Significant inflows into factor ETFs were observed, with May being the best month for inflows since the election, indicating strong investor interest in momentum strategies [43][50]. - The report also mentions a growing interest from global investors in emerging market equities due to USD weakness and US growth uncertainty [54].

Core Insights - On June 4, 2025, a total of 176 ETFs experienced net inflows, while 377 ETFs saw net outflows, indicating a significant disparity in investor sentiment towards different funds [1] - Among the ETFs with net inflows exceeding 100 million yuan, notable funds included Short-term Bond ETF (511360.SH) with 1.121 billion yuan, Innovation ETF (562570.SH) with 781 million yuan, and Sci-tech Chip ETF (588200.SH) with 765 million yuan [1][3] - Conversely, 12 ETFs had net outflows exceeding 100 million yuan, with the leading outflow being from the ChiNext ETF (159915.SZ) at 650 million yuan, followed by Gold ETF (518880.SH) at 368 million yuan [1][5] Inflow and Outflow Analysis - The top five ETFs with significant net inflows included Short-term Bond ETF, Innovation ETF, Sci-tech Chip ETF, Credit Bond ETF (511190.SH), and Yinhua Daily ETF (511880.SH), with inflows of 1.121 billion yuan, 781 million yuan, 765 million yuan, 683 million yuan, and 546 million yuan respectively [1][3] - The top five ETFs with substantial net outflows were ChiNext ETF, Gold ETF, Hong Kong Innovative Drug ETF (513120.SH), Hang Seng Medical ETF (513060.SH), and CSI 1000 ETF (512100.SH), with outflows of 650 million yuan, 368 million yuan, 318 million yuan, 311 million yuan, and 271 million yuan respectively [1][5] Recent Trends - A total of 102 ETFs have seen continuous net inflows, with the leading funds being Trading Money ETF (511690) for 28 days, Hong Kong Stock Connect Dividend ETF (513530) for 26 days, and Soybean Meal ETF (159985) for 24 days, accumulating inflows of 26.49 million yuan, 416.4 million yuan, and 54.71 million yuan respectively [1][7] - In contrast, 193 ETFs have experienced continuous net outflows, with the most significant being Biopharmaceutical ETF for 29 days, Innovative Drug ETF for 24 days, and Dividend Value ETF for 23 days, with outflows of 479 million yuan, 3.02 billion yuan, and 207 million yuan respectively [1][8] Five-Day Performance - Over the past five days, 53 ETFs recorded net inflows exceeding 100 million yuan, with the highest being Short-term Bond ETF at 3.625 billion yuan, followed by Credit Bond ETF at 2.543 billion yuan [1][8] - Conversely, 61 ETFs had net outflows exceeding 100 million yuan, with the largest outflow from Hang Seng Medical ETF at 1.143 billion yuan, followed by ChiNext ETF at 926 million yuan [1][8]

Market Overview - The A-share market showed mixed performance last week, with the North Securities 50 Index rising the most by 2.82%, while the Hong Kong market saw a decline, with the Hang Seng Index dropping by 1.32% [1] Fund Flows - Last week, the total net inflow for ETFs across the market was 19.41 billion yuan, with bond ETFs seeing a net inflow of 15.364 billion yuan, while stock ETFs experienced a net outflow of 20.024 billion yuan and commodity ETFs a net outflow of 1.663 billion yuan [2] - From an index perspective, the credit bond index attracted the most capital, with net inflows of 8.792 billion yuan and 4.123 billion yuan for Shanghai and Shenzhen market corporate bonds, respectively, and 1.048 billion yuan for the China Bond Short-term Bond Index [2] - In terms of stock indices, the CSI 300, ChiNext, STAR 50, and others saw net inflows of 1.719 billion yuan, 1.321 billion yuan, 800 million yuan, and 659 million yuan, respectively [2] - Conversely, the China Bond 1-5 Year National Development Bank Bond Index and the China Bond 0-3 Year National Development Bank Bond Index experienced net outflows of 1.218 billion yuan and 342 million yuan, respectively [2] ETF Performance - The median weekly return for stock ETFs was -0.30%, with the CSI 1000 ETF showing the highest median return of 0.76% among broad-based ETFs [5] - By sector, the consumer ETF had the highest median return of 1.01%, while the military industry ETF had a median return of 2.07%, leading among thematic classifications [5] New ETF Products - Last week, seven stock ETFs were reported in the domestic market, with six new stock ETFs established. This week, six ETFs are set to be issued, including the ICBC CSI A500 Enhanced Strategy ETF and others [7] Notable News - BlackRock's IBIT saw a net inflow of over 4 billion USD in the past 10 days, with a total of 4.26 billion USD in net inflows, of which IBIT accounted for 96% [8][9] - HSBC plans to inject 4 billion USD into its private credit fund, aiming to attract additional external capital [9]

Summary of Key Points Core Viewpoint - As of May 29, the ETF market experienced a net inflow of 23.706 billion yuan, with total inflows of 127.265 billion yuan and outflows of 103.559 billion yuan [1] Fund Flows by Type - Stock ETFs saw a net inflow of 12.262 billion yuan - Bond ETFs recorded a net inflow of 6.558 billion yuan - Money market ETFs experienced a net outflow of 1.913 billion yuan - Commodity ETFs had a net outflow of 48.09 million yuan - QDII ETFs achieved a net inflow of 6.847 billion yuan [1] Top Inflows and Outflows - The ETFs with the highest net inflows were: - 华夏恒生科技ETF (qdii) (513180) with 1.026 billion yuan - 恒生科技 (513130) with 890 million yuan - 华夏恒生互联网科技业ETF (qdii) (513330) with 797 million yuan - The ETFs with the highest net outflows were: - 广发中证a500ETF (563800) with 91.5512 million yuan - 华安黄金易(ETF) (518880) with 85.0113 million yuan - 摩根标普港股通低波红利ETF (513630) with 82.7483 million yuan [1]

Core Insights - As of May 28, the total net inflow of funds into ETFs in the two markets reached 7.70 billion yuan, with total inflows of 90.597 billion yuan and outflows of 82.897 billion yuan [1] Fund Type Summary - Stock ETFs experienced a net outflow of 3.575 billion yuan, while bond ETFs saw a net inflow of 10.630 billion yuan [1] - Money market ETFs had a net inflow of 2.084 billion yuan, commodity ETFs had a net inflow of 5.131 million yuan, and QDII ETFs faced a net outflow of 1.490 billion yuan [1] Top Inflows and Outflows - The ETFs with the highest net inflows were: - Huaxia CSI 50 ETF (510050) with an inflow of 72.018 million yuan - Dividend Low Volatility ETF (512890) with an inflow of 63.984 million yuan - Bosera Hang Seng Healthcare QDII ETF (513060) with an inflow of 59.716 million yuan [1] - The ETFs with the highest net outflows were: - E Fund CSI Overseas China Internet 50 QDII ETF (513050) with an outflow of 287 million yuan - Huatai-PB CSI 300 ETF (510300) with an outflow of 265 million yuan - Southern CSI A500 ETF (159352) with an outflow of 261 million yuan [1]