今天，A股三大指数集体上涨，稀土永磁板块全天领涨。午后，有色金属板块走强，大金融股表现分 化，券商股持续活跃，银行股集体调整。 截至收盘，上证指数涨0.01%，深证成指涨0.61%，创业板指涨0.8%， 全天成交额约1.74万亿元，较上 一交易日增加2215亿元 ，超2900只个股上涨。 个股方面，稀土永磁板块中， 北方稀土等多股涨停。 证券板块中， 龙头股中银证券两连板；哈投股 份、中原证券涨停；同花顺数据显示， 东方财富（300059）涨3.07%，总市值3770.8亿元，成交额 263.14亿元，位居A股成交额第一。 有色金属板块中，中色股份、湖南白银等涨停。 国泰海通证券表示，A股或维持区间震荡格局，7月关注政策预期带来的结构性机会。配置上，可以采 取以红利低波类稳健型资产为底仓，以科技、新消费等成长型资产把握收益弹性。 大金融股表现分化 午后，大金融股走势分化。受消息面刺激，证券板块持续活跃，板块内个股全部飘红；银行板块震荡回 调。 | 融 002670 | 15.ZU | +4.10% +5.01% | | --- | --- | --- | | 中信建投 | 25.22 | +3.66% +5. ...

Group 1 - The market experienced a volatile first half of 2025, with two major upward trends leading to a positive close. The market saw a rapid decline in early January, followed by a recovery supported by government interventions and liquidity measures [6][10]. - The A-share market demonstrated a preference for smaller stocks, with micro-cap stocks outperforming small and mid-cap stocks. As of June 30, 2025, the indices for large, mid, small, and micro-cap stocks increased by 0.36%, 1.66%, 6.81%, and 36.41% respectively [10][18]. - The valuation structure improved significantly, with the proportion of stocks at extremely low valuations (bottom 5%) decreasing from approximately 10% in early April to less than 3% by the end of June [18][28]. Group 2 - The banking sector saw a cumulative increase of over 11% since May 2025, driven by positive policy signals and expectations of liquidity improvements. Banks are becoming a core allocation for long-term funds due to their high dividends and low valuations [28][80]. - The new consumption sector is showing signs of recovery, with specific stocks experiencing volatility due to growth concerns. The performance of innovative drugs and new consumption stocks has been influenced by market sentiment and valuation adjustments [28][31]. - The technology sector, particularly in AI computing and semiconductors, is expected to see a rebound after a period of adjustment, with specific opportunities in light modules and PCBs [28][31]. Group 3 - The global stock market ranking for the second half of 2025 is Japan > USA > India > Vietnam > UK > Germany > France, with Japan leading due to macroeconomic improvements and foreign capital inflows [49][50]. - The report highlights that the US dollar is facing a dual dilemma, with its status as a reserve currency being questioned during economic downturns and policy constraints during strong economic periods, leading to a "Dollar Frown" scenario [39][40]. - The outlook for gold remains bullish in the long term, driven by potential factors such as Federal Reserve rate cuts, ongoing trade uncertainties, and supply constraints, while geopolitical tensions and high interest rates pose risks [54][51].

Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds [1] - Data Date: June 30, 2025 - July 4, 2025 [1] - Analyst: Jin Ling [1] - Report Date: July 8, 2025 [1] Core Content Domestic Passive Stock Funds - **Composite and Industry Themes**: Different concepts have varying fund sizes, weekly price changes, and net weekly capital inflows. For example, the SSE 50 has a fund size of 159.456 billion yuan, a weekly increase of 1.41%, and a net weekly capital outflow of 2.765 billion yuan; the large technology concept has a fund size of 216.688 billion yuan, a weekly decrease of 0.32%, and a net weekly capital inflow of 6.066 billion yuan [4]. - **Style Strategies and Other Categories**: Similar to the above, different concepts show different performance. For instance, the dividend low - volatility concept has a fund size of 43.535 billion yuan, a weekly increase of 1.82%, and a net weekly capital inflow of 1.419 billion yuan [4]. Overseas - Related Funds - **Composite and Industry Themes**: Concepts like the Nasdaq 100 have a fund size of 78.421 billion yuan, a weekly increase of 1.04%, and a net weekly capital outflow of 0.032 billion yuan; the Hong Kong stock technology concept has a fund size of 92.609 billion yuan, a weekly decrease of 2.43%, and a net weekly capital inflow of 2.88 billion yuan [5]. - **Style Strategies**: The dividend concept has a fund size of 126.9 million yuan, a weekly increase of 0.99%, and a net weekly capital inflow of 0.0016 billion yuan; the dividend low - volatility concept has a fund size of 77.7 million yuan, a weekly increase of 1.26%, and a net weekly capital inflow of 0.00154 billion yuan [5]. Other Investment Types - **Bonds**: Different maturities and types of bonds have different performances. For example, 30 - year bonds have a fund size of 8.969 billion yuan, a weekly increase of 0.18%, and a net weekly capital inflow of 0.0257 billion yuan; convertible bonds have a fund size of 43.859 billion yuan, a weekly increase of 1.05%, and a net weekly capital outflow of 0.0098 billion yuan [6]. - **Commodities**: Gold has a fund size of 70.887 billion yuan, a weekly increase of 1.13%, and a net weekly capital inflow of 2.252 billion yuan; energy and chemical products have a fund size of 293 million yuan, a weekly decrease of 0.37%, and a net weekly capital outflow of 0.0093 billion yuan [6]. - **Index Enhancement**: Different index - related concepts also show different trends. For example, the SSE 50 index - enhanced concept has a fund size of 76 million yuan, a weekly increase of 2.55%, and no net weekly capital inflow or outflow [6].

Core Viewpoint - The development of central enterprises in China is entering a new phase, with the launch of the Dividend Low Volatility ETF (512890) approaching a scale of 20 billion yuan, which is expected to help capture opportunities in high-dividend central state-owned enterprises [1][2]. Group 1: Central Enterprises and Brand Building - The State-owned Assets Supervision and Administration Commission (SASAC) issued guidelines for enhancing brand building among central enterprises, aiming to establish a number of globally recognized brands by 2035 [1]. - The reform actions of central state-owned enterprises are accelerating, attracting more funds due to their stable operations, solid fundamentals, and consistent dividend levels [1]. Group 2: ETF Performance and Market Interest - The Dividend Low Volatility ETF (512890) has shown strong performance, with a year-to-date increase and a five-year annualized return of 7.15%, outperforming similar indices [1][2]. - From June 16 to July 7, 2025, the ETF attracted over 1.6 billion yuan in net subscriptions, making it a focal point for market investments [2]. - As of July 7, 2025, the ETF's total assets reached 19.856 billion yuan, nearing the 20 billion yuan mark, and it is the first ETF in the market to exceed 10 billion yuan in this category [2]. Group 3: Fund Characteristics and Offerings - The ETF has a significant number of investors, with 829,800 holders, making it the only dividend-themed index fund with over 800,000 holders in the market [2]. - The Huatai-PineBridge CSI Dividend Low Volatility ETF has distributed dividends for 22 consecutive months and is among the few ETFs with over 20 dividend distributions [3]. - Huatai-PineBridge has developed a comprehensive range of dividend-themed ETFs, managing a total of 41.84 billion yuan across its dividend-related products [3].

Core Viewpoint - The performance of low-volatility dividend ETFs has shown a positive trend in the first half of 2025, with over 70% of the products experiencing growth in scale and overall net inflow of funds [1][3]. Group 1: ETF Performance - Among 14 major low-volatility dividend ETFs, the total scale reached 38.883 billion yuan, with a net increase of 6.846 billion yuan in the first half of the year [3]. - The Huatai-PB Low Volatility Dividend ETF (512890.SH) saw its scale surge to 18.741 billion yuan, contributing 73% of the total market growth for this type of ETF [3]. - Other notable performers include E Fund, Tianhong, and Harvest, with scale increases of 1.102 billion, 0.609 billion, and 0.480 billion yuan respectively [4]. Group 2: Market Dynamics - The expansion and differentiation of low-volatility dividend ETFs are primarily driven by investors' demand for yield certainty and risk control in a volatile market environment [7]. - Regulatory guidance on dividend ratios has reinforced the logic behind dividend strategies, making low-valuation assets with stable dividends more attractive [7]. - The concentration of funds towards well-recognized and larger-cap products is evident, as smaller or newer products struggle to attract significant investment [5][6]. Group 3: Product Differentiation - Despite being categorized under "low-volatility dividend," the specific tracking indices lead to varied fund flows, with mainstream broad-based indices seeing rapid growth while niche indices experience moderate inflows or even outflows [5][6]. - The Invesco Low Volatility Dividend ETF (515100.SH) faced a significant net redemption of 1.191 billion yuan, marking it as the most severely shrinking product in the market [6]. - The Huatai-PB Low Volatility Dividend ETF is noted as the first hundred-billion-level low-volatility dividend theme ETF, with a holder count exceeding 829,800, making it a standout in the market [7].

Core Viewpoint - The article discusses the performance of various investment strategies over the past four years, highlighting the effectiveness of certain strategies in navigating a challenging market environment, particularly in the context of a significant bear market in Chinese assets. Group 1: Investment Performance - The CSI 500 index has dropped from 6628 points to 5639 points over four years, resulting in a decline of 1000 points, but an 800-point gain from the discount strategy has helped offset this loss, leading to an overall return of 18% based on a nominal principal of 1 million [1][3]. - In the period from 2022 to 2025, the real estate market has been in decline without signs of recovery, marking a unique bear market that surpasses previous stock market downturns [3]. Group 2: Strategy Evaluation - The article rates various investment strategies, assigning a score of 70 to the IM discount strategy, 65 to the IC discount strategy, and a failing score of 50 to broad indices like the CSI 300 and CSI 500, while the low-volatility dividend and dual-low convertible bonds receive a score of 80 [2]. - The performance of different asset classes in 2021 is highlighted, showing significant losses: real estate down 40% (60% including interest), CSI 300 down 23%, Chinese concept stocks down 37%, and CSI white liquor down 48% [4].

Core Viewpoint - The article highlights the performance and growth of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF, indicating a bullish outlook on bank stocks driven by low interest rates and a long-term market trend [3][4]. Performance Summary - As of June 27, 2025, the Zhongzheng Dividend Low Volatility 100 Index rose by 0.31%, with constituent stocks such as Lanzhou Bank and Guizhou Bank showing significant gains [3]. - The Zhongzheng Dividend Low Volatility 100 ETF (159307) has seen a recent price increase of 0.38%, marking its sixth consecutive rise, with a latest price of 1.05 yuan and a trading volume of 484.03 million yuan [3]. - Over the past year, the ETF's net value increased by 14.89%, ranking first among comparable funds [4]. Fund Growth and Inflows - The ETF experienced a substantial increase in shares, growing by 7.26 million shares over the past year, placing it second among comparable funds [4]. - Despite a recent net outflow of 209.37 million yuan, the ETF has seen net inflows on 8 out of the last 10 trading days, totaling 3.35 million yuan [4]. Risk and Return Metrics - The ETF's maximum drawdown this year was 6.18%, with a recovery period of 36 days, indicating relatively low risk compared to peers [4]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. Index Composition - The Zhongzheng Dividend Low Volatility 100 Index includes 100 stocks characterized by high liquidity, continuous dividends, high dividend yields, and low volatility [5]. - The top ten weighted stocks in the index account for 19.64% of the total index weight, with notable companies including Jizhong Energy and Daqin Railway [5][6].

Group 1 - Recent market sentiment has improved, with the central bank and six departments proposing nineteen financial measures to boost consumption, leading to a strong performance in the financial sector [1] - The dividend low volatility index, which has a weight of 49.16% in the banking sector, reached a new high since the base date, with an annualized return of 9.71% over the past five years, outperforming similar indices [1] - The first ETF tracking the dividend low volatility index, the Dividend Low Volatility ETF (512890), has attracted over 900 million net inflows since June 18, 2025, and its fund size has exceeded 19 billion yuan as of June 25, 2025 [1][2] Group 2 - The 10-year government bond yield has fallen to 1.65%, and the dividend low volatility index's dividend yield remains higher than 92.66% of the past decade, indicating a favorable environment for dividend assets [2] - The Dividend Low Volatility ETF (512890) is the first hundred billion-level dividend low volatility theme ETF, with a total of 829,800 account holders, making it the only dividend theme index fund with over 800,000 holders [2] - The fund has achieved monthly dividends for 21 consecutive months and is included in the personal pension investment range, becoming the first index fund with a scale exceeding 100 million yuan [2] Group 3 - In addition to the Dividend Low Volatility ETF (512890), the company has launched a total of five diverse "dividend family" ETFs, including the first dividend theme ETF and the first QDII mode ETF for high dividends in Hong Kong stocks [3] - As of June 25, 2025, the total management scale of the company's dividend-themed ETFs has surpassed 41.7 billion yuan [3]

6月25日，红利低波ETF（512890）涨超0.84%，最新价1.201元。换手率1.86%，成交额3.51亿。从资金 流向来看，近 5 个交易日红利低波 ETF（512890）资金净流入 8.45 亿元，近 20 个交易日净流入 15.25 亿元。此外，华泰柏瑞（518880）今年以来涨幅为 6.25%，其最新基金规模为 188.04 亿元，持续受到 资金青睐，稳居同类规模最大红利低波 ETF 的宝座（数据来源：Wind，截至 2025 年 6 月 24 日）。 | | R 512890 红利低波ETF | | | | --- | --- | --- | --- | | 委比 | 27.03% 李元 | | 30011 | | 卖五 | 1.205 | 9061 | | | 类园 | 1.204 | 6160 | | | 第二 | 1.203 | 24941 | | | | 1.202 | 336 | | | | 1.201 | 11 | | | 제재 | 1.200 | 2289 | | | | 1.199 | 23410 | | | | 1.198 | 31648 | | | 买四 | 1.197 | ...

Core Viewpoint - The Hua Tai Pai Rui Dividend Low Volatility ETF (512890) has reached a record high in scale, reflecting strong investor demand for stable assets in the current market environment characterized by low interest rates and volatility [1][4]. Group 1: ETF Performance and Scale - As of June 20, the ETF rose by 0.42% to a price of 1.182 yuan, with a trading volume of 1.30 billion yuan [1]. - Year-to-date, the ETF has increased by 5.16%, and its 250-day increase is nearly 10% [1]. - The scale of the ETF reached 180.89 billion yuan on June 19, marking a 31.5% increase from 137.495 billion yuan on December 31, 2024 [1]. - Since the beginning of 2025, the scale has grown by 4.3 billion yuan, positioning it as a "fund magnet" in a volatile market [1]. Group 2: Investment Appeal - The ETF's high dividend yield of 6.21% and a low volatility characteristic make it an attractive option for investors seeking stable returns in a declining interest rate environment [2][3]. - The 10-year government bond yield has dropped to 1.64%, creating a significant yield spread of 3.96% compared to the ETF's dividend yield, placing it in the 93.35th percentile over the past decade [2]. Group 3: Underlying Factors Supporting Growth - The ETF has demonstrated a three-year annualized return of 13.59% with a maximum drawdown of -13.61%, showcasing its stability during market fluctuations [3]. - The ETF tracks the CSI Dividend Low Volatility Index, which employs a dual-factor stock selection strategy focusing on high dividends and low volatility, with significant representation from the financial sector [3]. - Regulatory support for increased dividend payouts from listed companies has bolstered the ETF's appeal, with many of its constituent stocks exhibiting strong dividend capabilities [4]. - The ETF's off-market linked funds have achieved monthly dividends for 21 consecutive months, making them among the most frequent dividend-paying ETF linked funds in the market [4].