Core Viewpoint - The report highlights key indicators to monitor during a bull market, emphasizing macroeconomic metrics, trading activity, capital inflows, and asset valuation comparisons [2][3]. Group 1: Macroeconomic Indicators - Indicator 1: The ratio of market capitalization to GDP is currently at 85.6%, with a change of 18.5% from the start to the end of the current market cycle, indicating room for improvement compared to historical highs [5][16]. - Indicator 2: The ratio of market capitalization to household deposits stands at 73.2%, with a change of 15.7% during the current cycle, suggesting potential for further growth [5][19]. Group 2: Trading Activity - Indicator 3: Trading volume has increased from 1.6 trillion to a peak of 3.19 trillion, indicating a potential for further expansion as historical cycles have shown larger increases [6][22]. - Indicator 4: Trading congestion reached a maximum of 39.3%, up from 27.7%, reflecting a significant increase in trading activity [6][24]. - Indicator 5: The drawdown risk is currently at 5.9%, lower than previous cycles, while the profit-loss ratio is at 2.8, indicating a favorable risk-reward scenario [6][26]. Group 3: Capital Inflows - Indicator 6: Margin financing balance is at 2.24 trillion, a 1.21 times increase from the starting point, with room for growth compared to previous cycles [8][28]. - Indicator 7: The number of new accounts opened has seen limited growth, with a ratio of 1.0 compared to the starting month, indicating potential for future increases [8][30]. - Indicator 8: The issuance of equity funds has a ratio of 1.1 compared to the starting month, which is relatively low compared to historical data [8][32]. Group 4: Asset Valuation Comparisons - Indicator 9: The equity risk premium (ERP) has decreased by 1.58% during the current cycle, which is a lower decline compared to previous cycles [10][34]. - Indicator 10: The difference between equity yields and bond yields has decreased by 1.08%, but remains at a relatively high level compared to historical averages [10][36].

Group 1 - The core point of the article highlights the performance and recent activity of the Hong Kong Stock Connect Central Enterprise Dividend ETF managed by Southern Fund Management, which experienced a slight decline of 0.95% on August 26, with a trading volume of 36.1862 million yuan [1] - The ETF's total shares increased by 11 million to reach 1.745 billion shares, with a notable increase of 630 million shares over the past 20 trading days [1] - The latest net asset value of the ETF is calculated to be 1.799 billion yuan, and its performance benchmark is the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index [1] Group 2 - Since its establishment on June 26, 2024, the ETF has achieved a return of 5.88%, while its return over the past month is 0.19% [1] - The fund is managed by fund managers Luo Wenjie and Pan Shuiyang from Southern Fund Management Co., Ltd [1]

Core Viewpoint - The Hong Kong Stock Connect Dividend ETF (159220) experienced a slight decline of 0.09% on August 11, with a trading volume of 33.19 million yuan, indicating a stable but cautious market environment [1] Fund Performance - The ETF's total shares increased by 2 million, bringing the total to 234 million shares, although there has been a reduction of 2 million shares over the past 20 trading days [1] - The latest net asset value of the ETF is calculated at 268 million yuan [1] - The performance benchmark for the ETF is the adjusted return of the S&P Hong Kong Stock Connect Low Volatility Dividend Index, managed by Hua Bao Fund Management Co., Ltd. [1] - Since its inception on April 29, 2025, the ETF has returned 14.50%, with a one-month return of 3.39% [1]

Core Insights - The total scale of public funds in China reached 32.22 trillion yuan as of the end of March 2025, maintaining above the 32 trillion yuan mark for two consecutive months [2][3][6] - The public fund scale decreased by 9.804 billion yuan in March, a decline of 0.03%, marking the first time since October 2020 that the monthly scale change was less than 10 billion yuan [6][10] - Various types of funds, including QDII and equity funds, saw significant net subscriptions, while money market funds were the only category to experience a reduction in shares [7][8][11] Fund Type Analysis - QDII funds experienced a 3.57% increase in shares, reaching 562.868 billion shares, driven by strong demand for several ETFs [11] - Equity funds saw a 1.29% increase in shares, totaling 33.99 trillion shares, although their scale slightly decreased by 0.41% to 4.47 trillion yuan due to market corrections [8][10] - Mixed funds also showed positive trends, with shares increasing by 0.75% and scale rising by 1.42% to 3.58 trillion yuan, marking the first consecutive monthly growth since May of the previous year [10][11] - Bond funds reported a 1.1% increase in shares and a 1% increase in scale, reaching 5.56 trillion shares and 6.42 trillion yuan, respectively [11] Market Context - The public fund market has rebounded following a decline to 31 trillion yuan in January due to falling equity and bond fund scales, with renewed interest in fund subscriptions as the equity market recovers [6][8]