Group 1 - The core viewpoint of the report indicates that the defense and military industry sector performed well during the period, with QDII funds showing relatively leading average returns [1][6] - The Shanghai Composite Index rose by 2.11% and the Shenzhen Component Index increased by 1.25% during the reporting period [1] - Various types of funds experienced gains, with actively managed stock funds increasing by 1.31%, mixed funds by 1.47%, and bond funds by 0.14% [1] Group 2 - The defense and military sector, along with non-ferrous metals, showed strong performance among the Shenwan first-level industry indices [6] - Over the last 12 periods, the comprehensive and defense military indices have demonstrated favorable performance [6] Group 3 - In the bond market, the convertible bond index rose by 2.31%, leading to an average return of 2.59% for convertible bond funds during the reporting period [12] - The average return for convertible bond funds this year stands at 13.96%, indicating strong performance compared to other bond categories [12] Group 4 - Among QDII funds, the Greater China equity funds led with a return of 2.43% during the reporting period, while the year-to-date return is 34.21% [14][16] - The report highlights that various QDII fund categories experienced different levels of performance, with global equity funds returning 2.33% and emerging market equity funds returning 2.21% [14][16]

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial industry [1] Core Insights - In May 2025, the average daily trading volume of funds decreased by 344 billion yuan, with a total average daily trading volume of 2,282 billion yuan, which is a 105.7% increase year-on-year but a 13.1% decrease month-on-month [20][21] - The net inflow of stock ETFs in May 2025 was 168.6 billion yuan, with the total existing scale reaching 2,341.6 billion yuan [13] - The issuance of new public funds significantly declined in May 2025, with a total of 29.3 billion shares issued, a decrease of 67.4% month-on-month and 80.2% year-on-year [27][30] - The overall ETF market size reached 4,110.6 billion yuan in May 2025, reflecting a year-on-year increase of 68.0% and a month-on-month increase of 1.2% [49] Summary by Sections 1. Fund Market Review - The overall yield of funds increased in May 2025, with various types of funds outperforming bond indices [9] - The net inflow of stock ETFs was concentrated in broad-based ETFs, with a net inflow of 171 billion yuan [13] 2. Fund Market Trading Conditions - The average daily turnover rate of funds decreased to 7.0% in May 2025, a decrease of 3.7 percentage points month-on-month [21] - The average daily trading volume of stock ETFs was 635 billion yuan, a 24% decrease month-on-month [20] 3. Fund Market Size - The total public fund holdings reached 32.02 trillion yuan by the end of May 2025, with a slight increase of 0.31% month-on-month [30] - The issuance of new ETFs continued to decline, with 7.1 billion shares issued in May 2025, a decrease of 50.5% month-on-month [47] 4. Private Fund Market - The number of newly registered private funds increased to 1,606 in April 2025, a 12.86% increase month-on-month [59] - The total number of existing private funds was 141,579, with a total scale of 20 trillion yuan [63]

Group 1 - The first enhanced strategy ETF tracking the CSI A500 has been established, with a subscription amount of 1.016 billion yuan and 7,765 effective subscription accounts, marking the largest fundraising scale for an enhanced index ETF in the past two years [4][5][7] - The main sales channels for the Morgan CSI A500 Enhanced Strategy ETF include CITIC Securities and Guotou Securities [5][7] - Recently, a number of money market funds have implemented purchase limits, adjusting large subscription limits for distribution channels or directly suspending subscriptions [5][7] Group 2 - In the past year, a total of 1,110 new public funds were established, raising 1.15 trillion yuan, with stock funds accounting for 546 new funds and 330.726 billion yuan raised [8] - This period saw the establishment of 17 new funds, including 8 stock funds, 4 mixed funds, 4 bond funds, and 1 FOF fund, raising a total of 15.363 billion yuan [12] - The largest newly established fund was the Guotai Zhongdai Preferred Investment Grade Credit Bond Index A, with a scale of 5.999 billion yuan [12] Group 3 - The average return for ordinary stock funds last week was -0.69%, while mixed funds returned -0.72% and bond funds returned -0.02% [19] - Year-to-date, ordinary stock funds have an average return of 3.11%, mixed funds 2.31%, and bond funds 0.64% [19]

Investment Rating - The report maintains an "Increase" rating for the non-bank financial industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - In April 2025, the average daily trading volume of funds increased by 90 billion yuan, reaching 2,626 billion yuan, which is a 115.4% year-on-year increase and a 3.6% month-on-month increase [19][22]. - The net inflow of stock ETFs in April 2025 was 197.6 billion yuan, with a total existing scale of 2,341.6 billion yuan [13][19]. - The issuance of new public funds significantly decreased in April 2025, with a total of 58.1 billion shares issued, a 38.7% month-on-month decline and a 54.1% year-on-year decline [25][22]. - The overall ETF market size reached 40,565 billion yuan in April 2025, reflecting a 63.5% year-on-year increase and a 6.8% month-on-month increase [44][43]. - The average turnover rate of funds in April 2025 was 10.7%, which is a 4.8 percentage point increase year-on-year and a 3.0 percentage point increase month-on-month [20][19]. Summary by Sections Fund Market Review - The overall fund index value fluctuated upward in April 2025, with bond fund indices showing slight increases compared to stock indices [10][11]. - The average daily turnover rate of funds increased, indicating heightened trading activity [20][19]. Fund Market Trading Situation - The average daily trading volume of funds rose significantly, with ETFs also showing strong trading activity [19][22]. - Stock ETFs experienced a net inflow, particularly in broad-based ETFs, while financial sector ETFs saw outflows [17][13]. Fund Market Scale Situation - The issuance of new public funds saw a notable decline, while the overall scale and holdings of ETFs increased [22][43]. - The total public fund holdings slightly decreased, with open-end funds experiencing a more significant decline compared to closed-end funds [28][31]. Private Fund Situation - The number of newly registered private funds increased significantly in March 2025, indicating a growing interest in private investment vehicles [57][59]. - The total scale of existing private funds showed a slight increase, with a notable rise in the number of new registrations [59][57].