证 券 研 究 报 告 金融工程周报 华鑫量化全天候策略连续三周新高 ——指数基金投资+ 2025年06月15日 n 分析师：吕思江 n 联系人：刘新源 n SAC编号：S1050522030001 n SAC编号：S1050123100011 n 联系人：武文静 n SAC编号：S1050123070007 市场观点和ETF交易机会 p 【国内市场跟踪】本周市场日均成交放量至1.37万亿，A股4月8日以来忽视经济下行趋势积极交易中美关 系，大盘走至核心点位抛压较大，市场低波动窄幅震荡下情绪较为脆弱，核心指数中仅创业板指小幅上涨 0.22%收红，北证50和科创板领跌，量化基金形成赚钱效应后增量资金持续进入支撑小盘延续领涨，当前 小微盘均在高位且拥挤度持续处于风险提示信号。2025年6月13日至15日，伊朗与以色列爆发激烈军事冲 突，双方互相发动多轮导弹和无人机袭击，伊朗核设施及以色列境内目标遭重创，局势持续升级，风险资 产承压。港股创新药本周大涨11%，南向资金在本周后两个交易日开始卖出ai科技追涨创新药，周买入前 10个股有3只为创新药个股：信达生物、石药集团、三生制药，港股创新药进入泡沫化区间短期转为看空 ...

证券研究报告 | 2025年06月15日 ETF 周报 本周医药 ETF 领涨，资金净赎回超 25 亿元 核心观点 金融工程周报 ETF 业绩表现 上周（2025 年 06 月 09 日至 2025 年 06 月 13 日，下同）股票型 ETF 周度 收益率中位数为-0.14%。宽基 ETF 中，创业板类 ETF 涨跌幅中位数为 0.31%，收益最高。按板块划分，大金融 ETF 涨跌幅中位数为 0.84%，收益 最高。按主题进行分类，医药 ETF 涨跌幅中位数为 1.32%，收益最高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 172.27 亿元，总体规模减少 275.83 亿元。在宽基 ETF 中，上周科创板 ETF 净申购最多，为 5.30 亿元；按板块来看，周期 ETF 净申购最多，为 12.47 亿元；按热点主题来看，芯片 ETF 净申购最多， 为 17.96 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看，消费 ETF 的估值分位数相对温和；按照细分主题来看，酒、光伏 ETF 的估值分 位数相对较低。与前周相比，周期、新能车、A5 ...

Core Insights - The ETF market is experiencing unprecedented growth due to increasing investor demand for asset allocation, with approximately 1,200 ETF products and a net inflow of about 250 billion yuan this year, with nearly 40% of products showing positive net inflows [2][3] - Gold ETFs have emerged as a new favorite in the capital market, driven by their unique hedging properties and investment value, amidst a global surge in gold purchases by central banks [2][5] ETF Market Expansion - The ETF market has seen a significant influx of funds, with a total net inflow of approximately 250 billion yuan as of June 12, 2023, and nearly 40% of products recording positive net inflows [3] - There are 92 ETF products with net inflows exceeding 1 billion yuan this year, with over 40 products attracting more than 3 billion yuan and 30 products over 5 billion yuan [3] - Notably, 14 ETF products have raised over 10 billion yuan within a year, indicating strong capital attraction among leading products [3] Leading ETF Products - The top-performing ETF is the Huaxia CSI 300 ETF, which has seen a net inflow exceeding 30 billion yuan this year, with its total scale growing from 37.7 billion yuan at the end of 2023 to over 160 billion yuan by the end of 2024 [4] - Other notable ETFs include Huatai-PB CSI 300 ETF and Haitong CSI Short Bond ETF, both with net inflows exceeding 17 billion yuan this year [4] Gold ETF Performance - Gold ETFs, particularly the Huaan Gold ETF, have shown remarkable performance, with a net inflow of approximately 23 billion yuan this year and a return exceeding 25% [5] - The total scale of Huaan Gold ETF has surpassed 60 billion yuan, reflecting a steady growth trend from 9.7 billion yuan at the end of 2022 to 28.7 billion yuan by the end of 2024 [5] - Other gold ETFs, such as Bosera Gold ETF and E Fund Gold ETF, have also performed well, with net inflows of 9.5 billion yuan, 9.4 billion yuan, and 9.1 billion yuan respectively this year [5] Central Bank Gold Purchases - A global "gold buying spree" has emerged, with central banks purchasing a net total of 1,045 tons of gold in 2024, marking the third consecutive year exceeding 1,000 tons [7] - China's central bank has increased its gold reserves for seven consecutive months, reaching 7.383 million ounces by the end of May [7] - Analysts suggest that central bank demand for gold may become a long-term trend, particularly in the context of weakening dollar credit and rising risks of de-globalization [7]

申万宏源「研选」说 让您的ETF买战快人 风来了，怎么选择相应的投资风口? 【申财有道APP】-【ETF专区】看一看。 「ETF专区」 在哪里? 小手点一点，打开我们申万宏源【申财有道 APP】首页【更多】->【ETF专区】等着您。 He B 视频 热点 头景复模 【早报】中方回应美多次主动传递信息 e 最高增长273%!新能源汽车,数据爆表! = 美股收盘:三大指数集体收跌 伯克希尔大. FTF专区 LL (FF 业务办理 我是股神, 三秒钟, 我要我的ETF出现在我面前! 【ETF专区】->【股票选基】看一看,输入您 要的股票, 我们的ETF专区支持添加多个股票 哦。输入股票完毕后，直接点击【去选基】 搜索 < C ETF专区 入您要的股票 (+) 盘中热点 机多个股票 专培透加多个品里 去选基(1) ()童管 三秒钟都不用等,持有以上股票作为成分股的 ETF就显示出来了。 < 选基结果 ○ 只看同时持有 股票选基(共有205个结果) ○ 只看ETF 点击股票名称可取消选中 + 2025-03-31 v 占比 ÷ 涨跌幅 ⇒ 41.52% 近一年涨幅 C 同类排名116/2771 中高风险 15.43% ...

申万宏源「研选」说 让您的ETF买战快人 风来了，怎么选择相应的投资风口? 【申财有道APP】-【ETF专区】看一看。 「ETF专区」 在哪里? 小手点一点，打开我们申万宏源【申财有道 APP】首页【更多】->【ETF专区】等着您。 He B 视频 热点 头景复模 【早报】中方回应美多次主动传递信息 e 最高增长273%!新能源汽车,数据爆表! = 美股收盘:三大指数集体收跌 伯克希尔大. FTF专区 LL (FF 业务办理 我是股神, 三秒钟, 我要我的ETF出现在我面前! 【ETF专区】->【股票选基】看一看,输入您 要的股票, 我们的ETF专区支持添加多个股票 哦。输入股票完毕后，直接点击【去选基】 搜索 < C ETF专区 入您要的股票 (+) 盘中热点 机多个股票 专培透加多个品里 去选基(1) ()童管 三秒钟都不用等,持有以上股票作为成分股的 ETF就显示出来了。 【ETF专区】->【TO交易】看一看，跨境、商 品、债券、货币，总有一款适合您。 √ T+0交易 跨境类 商品类 债券类 货币类 美股市场 | 其它市场 港股市场 最新价 基金名称 涨跌幅 ⇒ 1.1040 +3.27% 1.2810 ...

ETF Industry News - The three major indices collectively rose, with the non-ferrous metal sector ETFs showing significant gains, particularly the Rare Earth ETF (516150.SH) which increased by 3.41% [1][3] - The recent expansion of the benchmark market-making bond ETFs on the Shanghai Stock Exchange has led to four products surpassing the 10 billion yuan mark, with a total scale nearing 48 billion yuan, reflecting a 300% growth from the issuance scale [2] Market Overview - On June 11, the three major indices all rose, with the Shanghai Composite Index up 0.52% to 3402.32 points, the Shenzhen Component Index up 0.83% to 10246.02 points, and the ChiNext Index up 1.21% to 2061.87 points [3] - Over the past five trading days, the Hang Seng Index, ChiNext Index, and Nikkei 225 have shown strong performance, with respective increases of 3.01%, 1.82%, and 1.78% [3] Sector Performance - In today's performance, the non-ferrous metals, agriculture, forestry, animal husbandry, and non-bank financial sectors ranked highest, with daily increases of 2.21%, 2.02%, and 1.9% respectively [5] - Conversely, the pharmaceutical and biological, communication, and beauty care sectors lagged behind, with daily declines of -0.41%, -0.28%, and -0.1% respectively [5] ETF Market Performance - The overall performance of ETFs indicates that cross-border ETFs had the best average daily increase of 0.91%, while currency ETFs had the worst performance with an average daily change of 0.00% [6] - The top-performing ETFs today included the 500 Growth ETF (159620.SZ) with a gain of 3.49%, followed by the Rare Earth ETF (516150.SH) and Rare Metal ETF (159671.SZ) with increases of 3.41% and 3.36% respectively [9][10] Trading Volume of Different ETF Categories - The top three ETFs by trading volume today were the CSI 300 ETF (510300.SH) with a trading volume of 4.422 billion yuan, the A500 Index ETF (159351.SZ) with 2.854 billion yuan, and the A500 ETF Fund (512050.SH) with 2.700 billion yuan [12][13]

Report Industry Investment Rating - No relevant content provided Core View of the Report - On June 9, 2025, the A-share market showed an overall upward trend, with the Shanghai Composite Index rising 0.43%, the Shenzhen Component Index rising 0.65%, and the ChiNext Index rising 1.07%. The trading volume of the two markets reached 1312.8 billion yuan. The sectors with the highest gains were Medicine and Biology (2.30%), Agriculture, Forestry, Animal Husbandry and Fishery (1.72%), and Textile and Apparel (1.61%), while the sector with the largest decline was Food and Beverage (-0.43%) [2][6] Summary by Relevant Catalogs Market Overview - The Shanghai Composite Index closed at 3399.77 points, up 0.43%; the Shenzhen Component Index closed at 10250.14 points, up 0.65%; the ChiNext Index closed at 2061.29 points, up 1.07%. The trading volume of the two A-share markets was 1312.8 billion yuan. The sectors with the highest gains were Medicine and Biology (2.30%), Agriculture, Forestry, Animal Husbandry and Fishery (1.72%), and Textile and Apparel (1.61%), while the sector with the largest decline was Food and Beverage (-0.43%) [2][6] Stock ETF - The top three stock ETFs in terms of trading volume were Huaxia CSI A500 ETF (up 0.32%, discount rate 0.34%), Harvest CSI A500 ETF (up 0.41%, discount rate 0.39%), and Huatai-PineBridge CSI 300 ETF (up 0.23%, discount rate 0.32%) [3][7] Bond ETF - The top three bond ETFs in terms of trading volume were E Fund Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF (down 0.00%, discount rate 0.11%), Southern Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF (down 0.00%, discount rate 0.11%), and Bosera Shenzhen Stock Exchange Benchmark Market-Making Credit Bond ETF (down 0.02%, discount rate 0.09%) [4][9] Gold ETF - Gold AU9999 fell 0.97%, and Shanghai Gold fell 1.11%. The top three gold ETFs in terms of trading volume were Huaan Gold ETF (down 1.08%, discount rate -1.06%), E Fund Gold ETF (down 1.07%, discount rate -1.07%), and Bosera Gold ETF (down 1.07%, discount rate -1.07%) [12] Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF rose 0.26%, with a discount rate of 1.11%; China Construction Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.08%, with a discount rate of -0.25%; Dacheng Nonferrous Metals Futures ETF had a change of 0.00%, with a discount rate of 0.00% [15] Cross-Border ETF - The previous trading day, the Dow Jones Industrial Average rose 1.05%, the Nasdaq Composite rose 1.20%, and the S&P 500 rose 1.03%, while the German DAX fell 0.08%. On June 9, the Hang Seng Index rose 1.63%, and the Hang Seng China Enterprises Index rose 1.74%. The top three cross-border ETFs in terms of trading volume were GF CSI Hong Kong Innovative Drug ETF (up 4.72%, discount rate 4.42%), E Fund CSI Hong Kong Securities Investment Theme ETF (up 2.48%, discount rate 2.44%), and Huatai-PineBridge CSOP Hang Seng Tech ETF (up 2.41%, discount rate 2.65%) [17] Money ETF - The top three money ETFs in terms of trading volume were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jian Xin Tian Yi [19]

Group 1 - The merger between Haiguang Information and Zhongke Shuguang will create a company with a market value exceeding 400 billion yuan, establishing a rare enterprise in A-shares that spans CPU design and computing power services [1] - The integration of Haiguang's x86 architecture CPU and DCU chips with Zhongke's high-end computing systems, storage, and cloud computing solutions will form a vertically integrated model from chip design to server manufacturing to computing power services [1] - The surge in ETF sizes related to these companies is driven by significant inflows of capital, but new funds cannot purchase the suspended stocks, leading to a dilution of existing holdings in the ETFs [1] Group 2 - The Semiconductor ETF (159813) has a significant holding of over 9% in Haiguang Information, and its scale remains stable at around 5 billion yuan, limiting the dilution of returns despite arbitrage activities [2] - The ETF closely tracks the Guozheng Semiconductor Chip Index, which reflects the market performance of listed companies in the semiconductor industry [2] - As of May 30, 2025, the top ten weighted stocks in the Guozheng Semiconductor Chip Index account for 66.85% of the index, including major companies like SMIC and Haiguang Information [2]

截至2025年6月6日，A股三大指数涨跌不一。其中上证指数收涨0.04%，报3385.36点；深证成指收跌0.19%，报10183.70点；创业板指收跌0.45%，报2039.44 点。两市总成交额1.15万亿元。 行业热度看，油服工程、非金属材料、工业金属包揽涨幅榜前三，分别上涨1.78%、1.70%、1.68%。 截至今日收盘，全市场共计495只非货ETF上涨，上涨比例达到43%。国证港股通创新药指数上涨2.28%，港股通创新药ETF工银、港股通创新药ETF、港股 创新药ETF，分别上涨2.26%、2.25%、2.06%；中证港股通创新药指数上涨2.15%，港股创新药ETF基金、港股创新药50ETF，分别上涨2.15%、2.07%；恒生 生物科技指数上涨1.81%，恒生生物科技ETF、恒生生物科技ETF，分别上涨1.97%、1.83%。 目前，中证香港创新药人民币指数最新市盈率（PE-TTM）为27.95倍，估值低于近3年11.98%以上的时间。 港股通创新药ETF工银（159217.SZ）最新份额规模达35.89亿份。该产品紧密跟踪国证港股通创新药指数，国证港股通创新药指数旨在反映港股通创新药产 业上市 ...

Group 1 - The investment value of ETF products is increasingly recognized, leading private equity firms to intensify their participation in the ETF market [1][4] - As of May 31, 104 private equity firms have products listed among the top ten holders of 97 ETFs, collectively holding 1.783 billion shares [1] - Specific examples include Qingdao Luxiu Investment Management holding 30 million shares in the Invesco CSI 300 Enhanced Strategy ETF, representing 6.83% of the fund's total shares [3] Group 2 - The technology-themed ETFs have become a key focus for private equity investments, with significant holdings in various funds [3] - The advantages of ETFs, such as strong liquidity, low transaction costs, and high transparency, enable private equity firms to efficiently allocate resources [4] - The structural characteristics of the A-share market and the active promotion of ETF products by public funds have contributed to the growing interest from private equity firms [4]