Summary of ETF Fund Flows Core Insights - On July 17, 2025, a total of 255 ETFs experienced net inflows, while 402 ETFs saw net outflows, indicating a mixed sentiment in the market [1] - Notable inflows were observed in several technology and bond ETFs, particularly the Sci-Tech Bond ETFs from Jiashi and Fuguo, which attracted significant capital [1][3] - Conversely, several ETFs, including the ChiNext ETF and the Sci-Tech 50 ETF, faced substantial outflows, reflecting investor caution in certain sectors [5] Inflow Analysis - The top five ETFs with the highest net inflows included: - Jiashi Sci-Tech Bond ETF (159600.SZ): 79.32 billion CNY - Fuguo Sci-Tech Bond ETF (159200.SZ): 77.92 billion CNY - Southern Sci-Tech Bond ETF (159700.SZ): 14.36 billion CNY - Short-term Bond ETF (511360.SH): 13.61 billion CNY - Securities ETF (512880.SH): 5.63 billion CNY [1][3] Outflow Analysis - The top five ETFs with the highest net outflows included: - ChiNext ETF (159915.SZ): 7.66 billion CNY - Sci-Tech 50 ETF (588000.SH): 6.00 billion CNY - CSI 300 ETF (510300.SH): 3.36 billion CNY - CSI 300 ETF by Yifangda (510310.SH): 2.96 billion CNY - Pharmaceutical ETF (512010.SH): 2.42 billion CNY [5] Recent Trends - A total of 158 ETFs have seen continuous net inflows, with the top performers being: - Soybean Meal ETF: 36.89 million CNY over 16 days - CSI 2000 Enhanced ETF: 1.84 billion CNY over 14 days - Hong Kong Dividend Low Volatility ETF: 3.60 billion CNY over 12 days [7] - Conversely, 245 ETFs have experienced continuous net outflows, with the leading ones being: - CSI A50 Index ETF: 734 million CNY over 26 days - CSI A500 ETF: 1.30 billion CNY over 23 days [9] Long-term Trends - Over the past five days, 97 ETFs recorded net inflows exceeding 1 billion CNY, with the Jiashi Sci-Tech Bond ETF leading at 79.32 billion CNY [10] - In contrast, 102 ETFs saw net outflows exceeding 1 billion CNY, with the Silver Hua Daily ETF experiencing the largest outflow of 37.19 billion CNY [10]

Core Insights - On July 16, 2025, a total of 246 ETFs experienced net inflows, while 408 ETFs saw net outflows, indicating a mixed sentiment in the ETF market [1] - 26 ETFs had net inflows exceeding 100 million yuan, with notable inflows in Credit Bond ETF (511190.SH), Hong Kong Securities ETF (513090.SH), Convertible Bond ETF (511380.SH), Securities ETF (512880.SH), and Bank ETF (512800.SH) [1] - Conversely, 22 ETFs had net outflows exceeding 100 million yuan, with significant outflows from Artificial Intelligence ETF (159819.SZ), AI ETF (515070.SH), and others [1][5] Net Inflows - The top five ETFs with the highest net inflows included: 1. Credit Bond ETF (511190) with 81.08 million yuan 2. Hong Kong Securities ETF (513090) with 44.18 million yuan 3. Convertible Bond ETF (511380) with 35.88 million yuan 4. Securities ETF (512880) with 32.33 million yuan 5. Bank ETF (512800) with 31.80 million yuan [3] Net Outflows - The top five ETFs with the highest net outflows included: 1. Artificial Intelligence ETF (159819) with 39.11 million yuan 2. AI ETF (515070) with 33.67 million yuan 3. China A500 ETF (563220) with 33.56 million yuan 4. ChiNext ETF (159915) with 30.47 million yuan 5. Government Bond ETF (511160) with 30.09 million yuan [5] Recent Trends - A total of 161 ETFs have seen consecutive net inflows, with the leading ones being Aerospace ETF, Soybean Meal ETF, and Military Industry Leader ETF, all with 15 days of inflows [7] - Conversely, 268 ETFs have experienced consecutive net outflows, with the top ones being China A50 Index ETF and China A500 ETF, showing significant outflows over the past weeks [9] Long-term Trends - Over the past five days, 90 ETFs have accumulated net inflows exceeding 100 million yuan, with Financial Technology ETF leading at 4.45 billion yuan [10] - In contrast, 101 ETFs have seen net outflows exceeding 100 million yuan, with Silver Hua Daily ETF experiencing the largest outflow of 4.09 billion yuan [10]

Market Overview - The Shanghai Composite Index rose by 1.09% to close at 3510.18 points, with a weekly high of 3555.22 points [1] - The Shenzhen Component Index increased by 1.78% to 10696.1 points, reaching a peak of 10757.24 points [1] - The ChiNext Index saw a 2.36% rise, closing at 2207.1 points, with a maximum of 2223.31 points [1] - In contrast, major global indices mostly declined, with the Nasdaq Composite down by 0.08%, the Dow Jones Industrial Average down by 1.02%, and the S&P 500 down by 0.31% [1] ETF Market Performance - The median weekly return for stock ETFs was 1.31% [2] - The highest weekly return among scale index ETFs was 3.71% for the Penghua CSI 1000 Enhanced Strategy ETF [2] - The Southern CSI All-Share Real Estate ETF led industry index ETFs with a return of 6.87% [2] - The highest return in thematic index ETFs was 10.66% for the China Asset Management CSI Rare Earth Industry ETF [2][4] ETF Liquidity - Average daily trading volume for stock ETFs increased by 11.8%, while average daily turnover rose by 2.6% [6] ETF Fund Flows - The top five stock ETFs by fund inflow included the Huatai-PB CSI 300 ETF with an inflow of 1.21 billion yuan and the Southern CSI 1000 ETF with 1.057 billion yuan [9] - The largest outflows were from the Guotai CSI All-Share Securities Company ETF, which saw a withdrawal of 553 million yuan [10] ETF Financing and Margin Trading - The financing balance for stock ETFs increased from 40.718 billion yuan to 41.396 billion yuan [11] - The highest financing buy amount was 989 million yuan for the Huaxia SSE Sci-Tech 50 ETF [11] ETF Market Size - The total size of the ETF market reached 4.380227 trillion yuan, with stock ETFs accounting for 3.070385 trillion yuan [14] - Stock ETFs represented 81.0% of the total number of ETFs and 70.1% of the total market size [16] New ETF Issuance - Ten new ETFs were issued, including various AAA technology innovation company bond ETFs [17] Industry Insights - Guojin Securities remains bullish on rare earth prices, citing strategic importance and potential price increases due to U.S. government actions [18] - Dongwu Securities predicts a significant performance surge in the rare earth industry for Q2, with a notable increase in prices and demand for rare earth oxides [19]

2025年7月11日共268只ETF基金获资金净流入，437只ETF基金净流出。净流入金额超1亿元的有40只，沪深300ETF(510300.SH)、短融ETF(511360.SH)、可转 债ETF(511380.SH)、香港证券ETF(513090.SH)、中证1000ETF(512100.SH)资金显著流入，分别净流入12.03亿元、11.89亿元、11.76亿元、11.00亿元、10.59 亿元（净申购份额*单位净值）。 连续净流出的ETF基金有248只，居前的为中证A50指数ETF(22天)、中证A500ETF(19天)、中证A50ETF基金(19天)、A500ETF指数(18天)、数字经济ETF工银 (18天)，分别净流出6.17亿元、6.57亿元、7.13亿元、5.41亿元、3.26亿元。其中，中证A50指数ETF近22天加速流出，近22天累计流出6.17亿元，基金规模快 速下降至66.26亿元。 | 排名 | 基金管理人 | 证券简称 | 证券代码 | 连续净流出天数 累计净流出: (大) | （月元） | | --- | --- | --- | --- | --- | --- | | | 平安 ...

Summary of Key Points Core Viewpoint - As of July 11, the ETF market experienced a net inflow of 10.272 billion yuan, with total inflows of 173.242 billion yuan and outflows of 162.970 billion yuan [1] Fund Type Analysis - Equity ETFs saw a net inflow of 10.580 billion yuan, while bond ETFs had a net inflow of 5.756 billion yuan [1] - Money market ETFs experienced a net outflow of 9.005 billion yuan, and commodity ETFs had a net outflow of 0.28356 million yuan [1] - QDII ETFs recorded a net inflow of 2.944 billion yuan [1] Top Inflows and Outflows - The ETFs with the highest net inflows were: - Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) with 0.906 billion yuan - E Fund CSI Hong Kong Securities Investment Theme ETF (513090) with 0.795 billion yuan - Hang Seng Technology ETF (513130) with 0.674 billion yuan [1] - The ETFs with the highest net outflows were: - Invesco Great Wall CSI Dividend Low Volatility 100 ETF (515100) with 0.285 billion yuan - Huaxia CSI Animation Game ETF (159869) with 0.204 billion yuan - GF CSI A500 ETF (563800) with 0.171 billion yuan [1]

Fund Inflows and Outflows - On July 9, 2025, a total of 208 ETF funds experienced net inflows, while 419 funds saw net outflows [1] - The funds with net inflows exceeding 100 million yuan included Short-term Bond ETF (511360.SH) with 757.48 million yuan, Sci-Tech 50 ETF (588000.SH) with 59.12 million yuan, and Sci-Tech Chip ETF (588200.SH) with 45.08 million yuan [1][3] - The funds with net outflows exceeding 100 million yuan included CSI 300 ETF (510300.SH) with 571.3 million yuan, ChiNext ETF (159915.SZ) with 545.1 million yuan, and A500 ETF (563360.SH) with 438 million yuan [1][5] Recent Trends - There were 90 ETF funds that have seen continuous net inflows, with the Wealth Treasure ETF leading with a net inflow of 1.45 million yuan over 14 days [1][6] - Conversely, 236 ETF funds experienced continuous net outflows, with the CSI A50 Index ETF leading with a net outflow of 517 million yuan over 20 days [1][8] Long-term Trends - Over the past 5 days, 81 ETF funds recorded cumulative net inflows exceeding 100 million yuan, with the Bank ETF leading at 6.533 billion yuan [1][9] - In contrast, 69 ETF funds had cumulative net outflows exceeding 100 million yuan, with the ChiNext ETF leading at 1.995 billion yuan [1][9]

- The report mentions the construction of an "industry crowding monitoring model" to track the crowding levels of Shenwan first-level industry indices on a daily basis. The model identifies industries with high crowding levels, such as utilities and building materials, and those with lower levels, like automobiles and food & beverage. It also highlights significant daily changes in crowding levels for industries like real estate and utilities[6] - Another model mentioned is the "premium rate Z-score model," which is used to screen ETF products for potential arbitrage opportunities. The model employs rolling calculations to identify ETFs with potential risks of price corrections[6] - The industry crowding monitoring model evaluates crowding levels based on daily fund flows and crowding metrics, providing insights into industry trends and fund allocation changes over recent trading days[6] - The premium rate Z-score model calculates Z-scores for ETF premium rates, identifying deviations from historical averages that may signal arbitrage opportunities or risks[6] - The industry crowding monitoring model is qualitatively assessed as effective for identifying industry trends and fund allocation shifts, aiding investors in decision-making[6] - The premium rate Z-score model is qualitatively evaluated as useful for detecting arbitrage opportunities and potential risks in ETF pricing[6] - The industry crowding monitoring model highlights utilities and building materials as having high crowding levels, while automobiles and food & beverage exhibit lower levels. Real estate and utilities show significant daily crowding level changes[6] - The premium rate Z-score model identifies ETFs with potential arbitrage opportunities based on deviations in premium rates, though specific Z-score values are not provided in the report[6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, 14 new products were issued in the US. Innovator launched a "two - way" strategy product, which offers positive returns in both rising and falling markets, with certain return caps and losses beyond the buffer range in a downturn [2][6]. - US ETF funds are flowing from style - based products to broad - based ones, reflecting a shift towards neutrality in the face of high market uncertainty [2][11]. - Gold ETFs are leading the gains among commodity ETFs, with a year - to - date increase of over 25% and growing product sizes, while ordinary commodities have more moderate performance with gains of less than 10% [2][16]. - In May 2025, the total non - money public funds in the US increased by $0.85 trillion compared to April. From June 17th to 25th, domestic stock funds had an outflow of about $16.6 billion, and the outflow has been expanding, with nearly $250 billion flowing out in the first half of the year, while bond product inflows continued to narrow [2][20]. 3. Summary by Directory 3.1 US ETF Innovation Products: Innovator Issues "Two - Way" Strategy Product - Last week, 14 new products were issued in the US, with many Buffer - type products issued at the beginning of the month. First Trust issued a Bitcoin - linked product with a 15% annual loss cap and a 31.26% annual return cap. Allianz and PGIM issued S&P 500 - linked Buffer products [6]. - Innovator's "two - way" strategy product is linked to the S&P 500, with buffer ranges of 10% and 15%, providing positive returns in both rising and falling markets, each with a return cap and losses beyond the buffer range in a downturn [6][10]. - Anfield issued a S&P 500 index - enhanced product, using quantitative stock - picking and derivatives to obtain excess returns, with a focus on momentum indicators. Hedgeye issued a mixed - allocation ETF aiming to control the maximum drawdown within 15%, and its top five holdings are mainly in growth and technology stocks [10]. - REX issued the first US Solana staking ETF, and AOT Invest issued a 2x leveraged software platform index product [10]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Funds Flow from Style - Based Products to Broad - Based Ones - Last week, US stock and bond ETFs continued the trend of simultaneous inflows for domestic and overseas products, and alternative products mainly including Bitcoin had obvious inflows. All S&P 500 ETFs had inflows, with BlackRock's smallest - scale product having the most inflows, while style - based products mainly had outflows [11][13]. - Focusing on large - scale ETFs in the US stock, bond, and commodity markets, iShares' S&P 500 ETF had continuous inflows in the past two weeks, while gold ETFs started to have outflows [15]. 3.2.2 US ETF Performance: Gold ETFs Lead the Gains among Commodity ETFs - Gold ETFs have a year - to - date increase of over 25%, and their product sizes have grown. State Street's product has exceeded $100 billion, and iShares' gold ETF is close to $50 billion. In contrast, ordinary commodities have gains of less than 10% [16]. 3.3 Recent US Ordinary Public Fund Fund Flows - In May 2025, the total non - money public funds in the US were $21.91 trillion, an increase of $0.85 trillion compared to April. The S&P 500 rose 6.15% in May, and the scale of domestic stock - type products increased by 5.49%, slightly lower than the stock increase [20]. - From June 17th to 25th, domestic stock funds in the US had an outflow of about $16.6 billion, and the outflow has been expanding, with nearly $250 billion flowing out in the first half of the year, while bond product inflows continued to narrow [20].

Summary of ETF Fund Flows Core Insights - On July 4, 2025, a total of 233 ETFs experienced net inflows, while 433 ETFs saw net outflows. Notably, 34 ETFs had net inflows exceeding 100 million yuan, with significant inflows into short-term bond ETFs and technology-focused ETFs [1][3]. Inflows - The top five ETFs with the highest net inflows were: 1. Short-term Bond ETF (511360.SH) with a net inflow of 825 million yuan 2. Hang Seng Technology Index ETF (513180.SH) with a net inflow of 682 million yuan 3. Hang Seng Technology ETF (513130.SH) with a net inflow of 635 million yuan 4. Ten-Year Treasury Bond ETF (511260.SH) with a net inflow of 634 million yuan 5. Yinhua Daily ETF (511880.SH) with a net inflow of 588 million yuan [1][3][5]. Outflows - The top five ETFs with the highest net outflows were: 1. CSI 300 ETF (510300.SH) with a net outflow of 983 million yuan 2. Treasury Bond ETF Dongcai (511160.SH) with a net outflow of 772 million yuan 3. A500 ETF (159351.SZ) with a net outflow of 377 million yuan 4. Dividend ETF (510880.SH) with a net outflow of 348 million yuan 5. CSI 500 ETF (159922.SZ) with a net outflow of 327 million yuan [5][8]. Continuous Inflows - A total of 140 ETFs have seen continuous net inflows, with the top performers being: 1. Company Bond ETF (易方达) with 22 consecutive days of inflows totaling 1.078 billion yuan 2. Innovative Drug ETF with 11 days of inflows totaling 37.81 million yuan 3. Wealth Treasure ETF with 11 days of inflows totaling 110,000 yuan [7][8]. Continuous Outflows - There are 270 ETFs that have experienced continuous net outflows, with the top five being: 1. Enhanced CSI 300 ETF with 20 consecutive days of outflows totaling 359.8 million yuan 2. New Energy ETF with 19 days of outflows totaling 300.51 million yuan 3. CSI A50 Index ETF with 17 days of outflows totaling 450.1 million yuan [8][10]. Recent Trends - In the past five days, 81 ETFs have seen cumulative net outflows exceeding 100 million yuan, with the largest outflows from: 1. CSI 300 ETF with 6.617 billion yuan 2. SSE 50 ETF with 2.744 billion yuan 3. A500 ETF with 1.838 billion yuan [10].

Core Viewpoint - The stock ETF market is experiencing a "take profit" phenomenon as the Shanghai Composite Index reaches a new high for the year, leading to significant net outflows from A-share ETFs while Hong Kong ETFs attract capital inflows [2][4]. Group 1: Market Overview - As of July 3, the Shanghai Composite Index closed at 3461.15 points, marking a new year-to-date high, which has contributed to a net outflow of 21.69 billion yuan from the overall stock ETF market, including over 41 billion yuan from A-share ETFs [4][2]. - The total scale of all stock ETFs in the market reached 3.41 trillion yuan, with a reduction of 0.31 million units in total shares on the same day [4][6]. Group 2: Fund Flows - The Hong Kong market ETFs and thematic industry ETFs saw significant net inflows, amounting to 19.46 billion yuan and 18.63 billion yuan, respectively, while broad-based ETFs experienced a net outflow of 57.39 billion yuan [6]. - Specific ETFs tracking the Hong Kong Internet Index saw the highest net inflows, totaling 9.11 billion yuan, while those tracking the CSI A500 Index faced the largest net outflows of 21.38 billion yuan [6]. Group 3: Performance of Major Funds - Major fund companies like E Fund and Huaxia Fund reported continued net inflows in their ETFs, with E Fund's ETFs reaching a total scale of 645.75 billion yuan, increasing by 4.14 billion yuan on July 3 [6][7]. - The top-performing ETFs by net inflow on July 3 included the Hong Kong Internet ETF, which saw a net inflow of 5.48 billion yuan, and the Hong Kong Dividend ETF with 4.29 billion yuan [10]. Group 4: Future Investment Opportunities - According to fund managers, the core investment themes for the Hong Kong market in the second half of 2025 are expected to focus on technology, innovative pharmaceuticals, and high-dividend assets, driven by policy support and market dynamics [11]. - The forecast for the Hang Seng Technology Index indicates an estimated EPS growth rate of approximately 35% for 2025, suggesting potential for upward movement despite current high valuations [11].