Group 1 - The concept of "Northbound funds" refers to international capital, primarily from Hong Kong and other regions, investing in China's A-share market, indicating a positive outlook on the market's investment value [1][3] - "Southbound funds" represent capital flowing from the A-share market to the Hong Kong market, allowing investors to access more internationalized companies and flexible trading rules [3][5] - The interaction between Northbound and Southbound funds reflects the connectivity between China's capital market and international markets, providing investors with more diverse investment opportunities [5][7] Group 2 - Northbound fund inflows bring additional capital and vitality to the A-share market, promoting its internationalization [7] - Southbound fund outflows enable A-share investors to engage with more mature and international markets, learning advanced investment concepts and methods [7] - Understanding and utilizing the flow of Northbound and Southbound funds can enhance investment strategies and broaden opportunities for investors [7]

Group 1 - In May 2023, out of 670 comparable QDII funds, 558 funds saw an increase in net value, representing over 80% of the total [1] - 30 QDII funds had a growth rate exceeding 10% in May, with the top performers being Jianxin Emerging Markets Mixed C and A, achieving returns of 14.43% and 14.38% respectively [2] - Jianxin Emerging Markets Mixed A and C had year-to-date returns of -1.18% and -1.29% respectively, while their cumulative returns since inception were 0.20% and 23.41% [2] Group 2 - The top 30 QDII funds with over 10% monthly growth included Invesco Great Wall Nasdaq Technology ETF and GF CSI Hong Kong Innovative Medicine ETF, with sizes of 9.425 billion and 9.855 billion respectively, achieving growth rates of 11.12% and 10.30% in May [2][3] - The Invesco Great Wall Nasdaq Technology ETF, established on July 19, 2023, had a year-to-date return of 0.27% and a cumulative return of 48.44% [3] - The GF CSI Hong Kong Innovative Medicine ETF, established on July 1, 2022, had a year-to-date return of 43.03% and a cumulative return of 3.13% [3] Group 3 - Only two QDII funds experienced a decline of over 5% in May, both tracking the FTSE Saudi Arabia Index, with declines of 5.91% and 5.90% [4] - The performance of the top 100 QDII funds in May showed significant variations, with Jianxin Emerging Markets Mixed C and A leading the gains, while the two funds tracking the Saudi index were at the bottom of the list [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market showed differentiation, with the BeiZheng 50 leading the gains and the small - cap value style outperforming. In terms of industries, comprehensive finance led, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. The bond market declined overall, while the convertible bond market rose. The average return of active equity funds in the whole market was - 0.41%; the average return of short - term bond funds was - 0.01%, and that of medium - and long - term bond funds was - 0.03%; the average return of bond funds with equity exposure was negative, and the average return of convertible bond funds was positive [1][2]. 3. Summary According to the Directory 3.1 Market Review - The equity market was differentiated, with the BeiZheng 50 leading and the small - cap value style dominant. Comprehensive finance led the industry performance, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. As of the close this week, the CSI 300 Index closed at 3840 points, down 1.08%; the Shanghai Composite Index closed at 3347 points, down 0.03%; the Shenzhen Component Index closed at 10041 points, down 0.91%; the ChiNext Index closed at 1993 points, down 1.4%. In the Hong Kong stock market, the Hang Seng Index fell 1.32%, and the Hang Seng Tech Index fell 1.46% [6]. - In terms of industry performance, comprehensive finance led with a gain of over 10%. National defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery performed well, while the automobile, non - ferrous metals, power equipment and new energy sectors declined by over 2% [8]. - As of May 30, 2025, there were 5413 stocks in the A - share market, of which 3228 stocks rose this week. The number of rising stocks on the BeiZheng, ChiNext, Science and Technology Innovation Board, and Main Board was 194, 816, 343, and 1875 respectively [11]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the whole - market funds in the sample was - 0.41%. Funds with better performance were heavily invested in industries such as medicine, non - ferrous metals, and food and beverages. Among industry - themed funds, medical sector funds had the highest average return, while mid - stream manufacturing and cyclical sector funds lagged [17][20]. - **Position Estimation**: This week, the positions of ordinary stock - type funds increased slightly, while those of partial - stock hybrid funds decreased slightly. Compared with the previous week, the positions of ordinary stock - type funds increased by 0.22 percentage points, and those of partial - stock hybrid funds decreased by 0.60 percentage points. Actively managed partial - stock funds increased their allocation to cyclical and stable sectors and reduced their allocation to financial, consumer, and growth sectors [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: The bond market declined overall this week. The ChinaBond Total Wealth Index closed at 245.89, down 0.07% from last week; the ChinaBond Treasury Bond Index closed at 246.62, down 0.07% from last week; the ChinaBond Credit Bond Index closed at 223, down 0.01% from last week. The CSI Non - Pure Bond Fund Index closed at 2184.93 on Thursday, down 0.02% from last Thursday. The CSI Convertible Bond Index closed at 429.31, with a weekly increase of 0.46% and a trading volume of 277.1 billion yuan, an increase of 2.093 billion yuan from last week [29][31]. - **Fund Performance Overview**: The average return of short - term bond funds was - 0.01%, and the median was - 0.01%. The average return of medium - and long - term bond funds was - 0.03%, and the median was - 0.04%. The average return of first - tier bond funds was 0%, and the median was - 0.01%. The average return of second - tier bond funds was - 0.02%, and the median was - 0.01%. The average return of partial - bond hybrid funds was - 0.03%, and the median was - 0.02%. The average return of low - position flexible allocation funds was - 0.07%, and the median was - 0.05%. The average return of convertible bond funds was 0.28%, and the median was 0.22% [34][37][40]. 3.2.3 New - share Subscription Funds - **New - share Overview**: One new stock was listed this week, with a total raised capital of 604 million yuan. There was no break - even on the first day of listing, and the expected total入围 income was 35,400 yuan [41]. - **New - share Subscription Income Calculation**: Assuming weekly participation in offline new - share subscriptions and successful入围, the weekly new - share subscription return sequence of an 800 - million - yuan account was calculated [42]. - **Fund Company New - share Subscription Overview**: Eight fund companies with more than two new - share subscription funds were selected. This week, the new - share subscription return rate of an 800 - million - yuan account was 0.004%. The optimal scale for weekly and annual new - share subscriptions was 400 million yuan [44]. - **New - share Subscription Fund Performance**: The average return of new - share subscription funds in the sample this week was - 0.18% [46]. 3.2.4 FOF Fund Performance - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample this week were - 0.28%, - 0.88%, and - 1.45% respectively [48]. 3.2.5 QDII Funds - During the statistical period, partial - stock and index QDII funds declined by 0.71% and 0.83% on average respectively, while alternative and bond QDII funds rose by 0.02% and 0.37% on average respectively [2][49]. 3.2.6 REITs Funds - This week, REITs declined by 0.02% on average. The Huaxia TBEA New Energy REIT led the gains, rising 4.26% this week. The Huatai Suzhou Hengtai Rental Housing REIT had the highest liquidity, with a trading volume of 130.2489 million yuan this week [51].

Core Insights - In the first four months of this year, 368 out of 650 comparable QDII funds saw an increase in net value, representing approximately 56.6% of the total funds [1] - The top-performing funds were Huatai-PineBridge Hong Kong Advantage Selection Mixed A and C, with returns of 59.43% and 59.19% respectively [1] - The fund manager Zhang Wei believes that the pharmaceutical industry will continue to show good anti-cyclical and technological attributes over the next 2 to 3 years, focusing on innovative drugs and high-barrier leading companies in medical equipment [1] Fund Performance - The second tier of QDII funds includes nine funds with returns between 30% and 35%, such as ICBC New Economy Mixed RMB and USD, and E Fund Gold Theme funds [2] - Specifically, ICBC New Economy Mixed RMB and USD achieved returns of 34.25% and 34.01% respectively, maintaining a high position in innovative drug investments [2] - The top ten holdings for these funds include companies like Kelun Pharmaceutical and Innovent Biologics [2] Gold-Themed Funds - E Fund Gold Theme funds benefited from the rise in gold and gold stocks, with returns of 31.21% to 30.71% [3] - These funds shifted their holdings from gold stocks to gold itself as of March, focusing on gold as the primary asset [3] Declining Funds - A total of 49 QDII funds experienced declines of over 10%, with the largest drop being 16.12%, primarily in oil and gas-related sectors [3] Performance Rankings - The performance rankings for QDII funds show that Huatai-PineBridge Hong Kong Advantage Selection Mixed A and C lead the pack, while several oil and gas-focused funds are at the bottom of the list [4][5]

Core Insights - In April 2025, out of 668 comparable QDII funds, 346 funds saw an increase in net value, representing over 50% of the total [1] - Only 2 QDII funds had a growth rate exceeding 10%, with 汇添富香港优势精选混合C and 汇添富香港优势精选混合A achieving returns of 14.70% and 14.65% respectively [2] - A total of 38 QDII funds recorded growth between 5% and 10% [3] - 23 QDII funds experienced a decline of over 10%, primarily in the oil and gas sector, with the largest drop being 16.98% [5] Fund Performance - 汇添富香港优势精选混合A and C have year-to-date returns of 59.43% and 59.19%, respectively, since their inception returns are 8.61% and 2.61% [2] - 富国蓝筹精选股票人民币 fund achieved an April return of 8.20% and a year-to-date return of 28.31%, with an inception return of 146.39% [3] - The top holdings for 汇添富香港优势精选混合 funds include companies like 荣昌生物 and 科伦博泰生 [2] Fund Management - The fund manager for 汇添富香港优势精选混合 funds is 张韡, who has extensive experience in the pharmaceutical sector [2] - 富国蓝筹精选股票人民币 is managed by 张峰 and 宁君, both of whom have significant backgrounds in investment banking and fund management [4] Market Trends - The QDII fund market shows a strong performance in the pharmaceutical and technology sectors, with a focus on innovative drugs and high-barrier medical equipment [2][3] - The decline in certain funds is attributed to volatility in the oil and gas market, indicating sector-specific risks [5]

汽车、家电国补扩大补贴范围。 国家发改委、财政部今日再提继续向地方安排超长期特别国债，支持消费品以旧换新，并更新国补明细 指导政策，具体包括： 积极支持家装消费品换新，加快推进电动自行车以旧换新。 当前，各地政府发起的国补以旧换新活动，主要通过京东、天猫等线上电商渠道进行，消费者可领取某 个地区补贴发全国，这意味着国补对线上社零的拉动将明显强于线下。此外，新政策意味着此前江苏等 地推行的千元补贴 iPhone 将成为过去式。 监管放行，蜜雪冰城距港股上市更近一步。 中国证监会发布了蜜雪冰城赴境外上市的备案通知书，它既不代表证监会对企业价值作出任何判断，也 不代表证监会对招股说明书真实性作保证，但是是港交所启动聆讯环节的前提。2022 年，蜜雪冰城尝 试 A 股上市募资 64.96 亿元，但未获进展，于是在 2024 年初转战港股。和蜜雪冰城同期赴港上市的古 茗获备案通知书则是在几周前。 Temu 商家可以投广告了。 继此前的冰箱、洗衣机、电视等 8 类家电产品后，新增微波炉、净水机、洗碗机、电饭煲等 4 类 电，单件最高补贴 20%。每人每类产品可享 1 件，空调可享 3 件，单件上限 2000 元。 手机、 ...