ETF Industry News - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.17%, and the ChiNext Index down by 0.24%. However, several Traditional Chinese Medicine (TCM) sector ETFs saw gains, including the TCM 50 ETF (562390.SH) up by 2.36%, the TCM ETF (560080.SH) up by 1.89%, and the Huatai-PB TCM ETF (561510.SH) up by 1.75% [1] - The defense and military industry ETFs saw declines, with the Aerospace ETF (159227.SZ) down by 2.31%, the Defense ETF (512670.SH) down by 1.94%, and the Aerospace and Aviation ETF (159208.SZ) down by 1.85% [1] - According to a report from CITIC Securities, TCM companies have been increasing their R&D investments in recent years, and stable cash flow will support future R&D expenditures. The innovation in TCM is expected to contribute to steady growth, while innovative chemical and biological drugs may provide additional valuation flexibility [1] New ETF Launches - A batch of new ETFs is set to be launched, with six ETFs announcing their trading listings on July 29, followed by three more on July 30. The ETF market is expected to expand significantly, with over 10 ETFs currently in the issuance process [2] - The new ETFs cover a range of indices, including the CSI 500, ChiNext 50, and various thematic indices related to artificial intelligence and technology sectors [2] - Personal investors are increasingly prominent among the top holders of newly issued ETFs, with individual investors holding 93.57% of the shares in the Yifangda National General Aviation Industry ETF as of July 28. This trend indicates a high level of activity and consensus among personal investors, nearing the peak levels seen since the fourth quarter of last year [2][3] Market Performance Overview - On August 1, the three major indices collectively declined, with the Shanghai Composite Index closing at 3559.95 points, the Shenzhen Component Index at 10991.32 points, and the ChiNext Index at 2322.63 points. The highest intraday points were 3581.75, 11068.31, and 2348.02, respectively [4] - In terms of sector performance, the Environmental Protection, Media, and Light Industry sectors ranked highest with daily gains of 0.88%, 0.82%, and 0.65%, while the Oil and Petrochemical, Defense and Military, and Steel sectors ranked lowest with declines of 1.79%, 1.47%, and 1.26% [6] ETF Market Performance - The bond ETFs performed the best today, with an average daily change of 0.01%, while cross-border ETFs had the worst performance with an average daily change of -0.69% [9] - The top-performing ETFs today included the Photovoltaic ETF Leader (560980.SH) with a gain of 2.53%, the TCM 50 ETF (562390.SH) with a gain of 2.36%, and the Photovoltaic 50 ETF (159864.SZ) with a gain of 1.94% [11][12] - The trading volume for the top three stock ETFs was led by the A500 ETF Fund (512050.SH) with a trading volume of 4.183 billion, followed closely by the A500 ETF Southern (159352.SZ) with 4.166 billion, and the Sci-Tech 50 ETF (588000.SH) with 4.070 billion [14][15]

不过对于普通投资者而言，由于该赛道内部细分领域众多、内部竞争格局变化较大，借助通用航空ETF （认购代码563323）一键布局低空经济与通航领域龙头，有望在分散单一板块与个股波动风险的同时， 尽力捕捉低空经济产业链创新升级、协同发展的成长红利。 三是指数历史表现超额显著。得益于成份股较为坚实的基本面支撑，以及政策支持与技术升级的双重共 振，中证通用航空主题指数近一年（24/7/30-25/7/30）累计上涨44.66%，不仅较传统的国证军工 （25.08%）、国证航天（38.41%）指数彰显更强弹性，与万得低空经济主题（27.35%）、万得通用航 空指数（29.59%）相比同样超额显著。 2025年7月23日至26日，首届国际低空经济博览会在上海盛大开幕。作为全球低空科技创新的"竞技 场"，共有201架低空航空器与44项首发产品集体亮相，期间达成了包括17.5亿美元订单在内的多项战略 合作，或标志着我国低空经济产业已从技术探索开始迈向规模化的商业应用。 与此同时，继2023年底被列入国家战略性新兴产业，低空经济已连续两年（2024-2025年）被写入政府 工作报告，明确提及"积极打造商业航天、低空经济等新增长 ...

Group 1 - The first International Low Altitude Economy Expo recently opened in Shanghai, featuring nearly 300 leading companies and showcasing 19 global and 25 national product launches [1] - A significant procurement agreement was signed between Volant Aviation and Thailand's Pan Pacific Company for 500 eVTOL aircraft, amounting to $1.75 billion, marking the largest international order for high-grade passenger eVTOLs in China to date [1] - The general aviation sector is expected to accelerate from concept to reality, supported by policy, technology, and market dynamics, with the upcoming Guangda National Index General Aviation Fund anticipated to be an effective investment tool for investors [1] Group 2 - The low altitude economy has been included in government work reports for two consecutive years, with a clear roadmap established by the Ministry of Industry and Information Technology to achieve a trillion-level market by 2030 [2] - Over 25 provinces and cities have incorporated low altitude economy initiatives into their government reports, with more than 24 low altitude economy industry funds established [2] - The low altitude economy in China reached 505.95 billion yuan by the end of 2023, with projections to exceed one trillion yuan by 2026 and 3.5 trillion yuan by 2035 [2] Group 3 - The development trajectory of the general aviation industry is highly similar to that of the new energy vehicle industry a decade ago, with both being included in the strategic emerging industries category [4] - eVTOL technology shares about 70% of its core components with new energy vehicle technology, indicating a strong technological overlap [4] Group 4 - The National General Aviation Industry Index has shown an average increase of 560.96% since its inception, highlighting the high growth potential of the sector [5][7] - The index consists of 50 securities related to materials, infrastructure, aircraft manufacturing, and operational services within the general aviation industry [5] Group 5 - The top ten constituents of the National General Aviation Index are predominantly large companies with high technological barriers, indicating strong growth potential [7] - The index's constituents have an aggregate weight of 52.87% in low altitude economy-related enterprises, closely tied to this technological wave [9] Group 6 - The low altitude economy is transitioning from conceptual exploration to large-scale application, with various industries benefiting from its implementation [10] - By 2027, urban low altitude logistics is expected to operate on a large scale, with "air taxis" potentially becoming a new commuting option by 2030 [10] - The use of drones in agriculture has significantly increased efficiency, allowing for extensive monitoring and application of agricultural practices [10] Group 7 - The integration of general aviation into transportation logistics, major engineering, and public services is expected to release substantial economic value and social benefits [11] - The Guangda National Index General Aviation Fund aims to help investors capitalize on the investment opportunities arising from the development of the low altitude economy [11]

Group 1 - The Southern China Securities General Aviation Theme ETF (159283) will be available for subscription from July 30, 2025, to August 8, 2025, with a maximum initial fundraising scale of 8 billion yuan [1] - The fund will be managed by Southern Fund, with He Dianhong and Gao Xingkun serving as fund managers [1] - The performance benchmark for the fund is the return rate of the China Securities General Aviation Theme Index [2]

Core Insights - The Xiaoying-700 aircraft has successfully completed all airworthiness verification work and is set to receive its type certificate, marking a significant milestone for the project [1] - The aircraft is expected to enter mass production in Sichuan Zigong by 2026, aligning with China's low-altitude economic strategy and domestic aircraft development goals [1][3] Group 1: Aircraft Development and Certification - The Xiaoying-700 aircraft adheres to the CCAR-23R3 standards, meeting all flight requirements for both private and commercial pilot licenses in China [2] - The aircraft features dual capabilities for visual and instrument flight, allowing it to operate effectively in various air traffic environments [2] Group 2: Performance and Versatility - The Xiaoying-700 has a maximum takeoff weight of 1110 kg, a service ceiling of 4200 m, and a range of 1000 km, designed for economic and practical use [3] - It exhibits strong adaptability for takeoff and landing on various surfaces, including unpaved runways, and can be modified for water takeoff and landing [3] - The aircraft is positioned for diverse applications, including flight training, short-distance passenger and cargo transport, business travel, and tourism [3] Group 3: Manufacturing and Market Potential - The establishment of Sichuan Hangkun Aircraft Manufacturing Co., Ltd. in Zigong aims to create a national headquarters and production base for the Xiaoying-700 [3] - The initial assembly line for the aircraft has been set up, and the production license application is under review by the Civil Aviation Administration [3] - Following mass production in 2026, the Xiaoying-700 is expected to leverage its performance and technological advantages to expand its market presence and contribute to the growth of China's general aviation industry [3]

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index falling by 0.75% to close at 3477.00 points, and the Shenzhen Component Index dropping by 1.10% to 10122.11 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 146.72 billion yuan, an increase of 19.54 billion yuan compared to the previous trading day [1] - Among the Shenwan first-level industries, only the oil and petrochemical, national defense and military industry, and public utilities sectors experienced gains, while the remaining sectors all declined, with beauty care, media, food and beverage, light industry manufacturing, pharmaceutical biology, and automotive sectors leading the losses [1] Sector Performance - The top-performing concept sectors today included oil and gas extraction, natural gas, shipping selection, military information technology, aircraft carriers, gold and jewelry, deep-sea technology, commercial aerospace, military-civilian integration, large aircraft, general aviation, and diamond cultivation [1]

Group 1 - The three major indices collectively retreated on May 20, with the General Aviation concept following suit, as the National General Aviation Industry Index (980076.SZ) experienced a drop of nearly 1% before recovering to a decline of 0.25% [1] - Among the index constituents, Shen Cheng Jiao and Digital Zheng Tong rose over 5%, while Hang Fa Control and Nan Wang Technology increased nearly 4% [1] - The General Aviation ETF (159230) fell nearly 1%, with a trading volume of 134 million yuan, making it the top performer in its category, and its latest circulation size is 267 million yuan [1] Group 2 - The General Aviation ETF closely tracks the National General Aviation Industry Index, focusing on the general aviation and low-altitude economy industry chain, with low-altitude economic content at 84.7%, defense and military content at 58.6%, and domestic large aircraft content at 47.4% [2] - Western Securities emphasizes the importance of monitoring domestic low and high orbit constellation progress, alongside breakthroughs in rocket technology and military communication as indirect catalysts [2] - The focus on low orbit includes the initial network completion of StarNet and Qianfan constellations, while high orbit attention is on the commercialized constellations of Tiantong and Beidou, with potential catalysts from new products or value-added services [2]

Group 1 - The fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo is being held in Ningbo, Zhejiang from May 22 to 25, featuring a new "Smart Central and Eastern Europe" exhibition area showcasing nearly a hundred cutting-edge technologies and products in fields such as artificial intelligence and robotics [1][4] - The "Smart Central and Eastern Europe" exhibition area features various domestic robots demonstrating advanced capabilities, attracting significant interest from Central and Eastern European merchants [3][4] - The expo has attracted 435 companies from 14 Central and Eastern European countries and nine other countries, with 24 procurement projects signed on the first day, totaling 2.49 billion RMB [5]

Group 1 - The three major indices opened higher due to interest rate cuts, with the general aviation and low-altitude economy sectors leading the gains [1] - Financial technology ETF Huaxia (516100) rose by 1.29%, with its constituent stocks such as Puyuan Information increasing over 5% [1] - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [1] Group 2 - The financial technology ETF Huaxia closely tracks the CSI Financial Technology Theme Index, focusing on high-quality enterprises that integrate finance and technology [2] - The constituent stocks include industry leaders like Tonghuashun, Dongfang Caifu, and Hengsheng Electronics, with a combined weight of 54.2% [2] - The central financial work conference emphasized the importance of technology finance, green finance, inclusive finance, pension finance, and digital finance, indicating a clear direction for the development and application of financial technology [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 47.88 billion, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million [6][12]. - The fourth quarter saw a significant revenue increase of 25.81% year-on-year, but the net profit dropped by 65.65% compared to the same quarter last year [6][12]. - The company is actively expanding its civilian product business, focusing on low-altitude, general aviation, and commercial aviation engines, which are expected to be key growth areas in the future [12]. Summary by Sections Revenue and Profitability - In 2024, the company reported total revenue of 47.88 billion, with a 10.03% increase in the aviation engine and derivative products segment, while the foreign trade export business grew by 6.45% [12]. - The overall gross profit margin for the year was 10.06%, a decrease of 1.03 percentage points year-on-year, with a notable drop in the fourth quarter gross margin to 7.72% [12]. Business Segments - The company’s subsidiaries showed varied performance, with the main subsidiary achieving a revenue of 16.03 billion (up 24% year-on-year) and another subsidiary reaching 27.37 billion (up 4% year-on-year) [12]. - The company is a key supplier of core components for domestic commercial aircraft engines and is expanding into the low-altitude economy and general aviation markets [12]. Future Outlook - The projected net profit for 2025-2027 is expected to be 970 million, 1.63 billion, and 2.30 billion respectively, with growth rates of 12%, 69%, and 41% [12]. - The company is preparing for a new round of demand release by actively laying out new production capacities [2].