Group 1 - The core viewpoint is that the CSI 300 ETF has experienced significant growth, with a total scale increase of nearly 400 billion yuan over the past year, making it one of the most关注的 categories in the broad-based ETF market this year [1] - The substantial growth of the CSI 300 ETF is attributed to its unique positioning as a market stabilizer, covering the 300 largest and most liquid stocks in the Shanghai and Shenzhen markets, which effectively reduces the risk of individual stock "black swan" events through diversified investment [1][2] - The CSI 300 ETF's appeal to both institutional and retail investors is driven by its ability to provide a convenient way to invest in core Chinese assets, especially as the A-share market experiences increased stock differentiation and challenges in stock selection for ordinary investors [2] Group 2 - The expansion of the CSI 300 ETF is a result of multiple factors, including regulatory support for long-term capital entering the market and the rapid development of derivative markets, which have enhanced the strategic value of the ETF [2] - The rise of passive investment strategies globally has also contributed to the CSI 300 ETF's growth, as it aligns with investors' pursuit of certainty in returns, particularly during market volatility [2] - The explosive growth of the CSI 300 ETF provides insights into the long-term investment value of core assets, as its constituent stocks are primarily industry leaders with significant profitability and growth potential, offering investors a channel to share in China's high-quality economic development [3]

核心资产基金池 202508：低波动质量投资 2025 年 08 月 12 日 ➢ 从赛道龙头、资源禀赋、优秀的商业模式、技术优势四个角度出发，定义 A 股中的 核心资产。赛道龙头需要行业竞争格局相对稳定、且企业市占率较高。资源禀赋指公司拥 有独特的稀缺资源，主要考虑政府补贴稳定高于同行业水平的政府扶持型、和具备优越地 理位置或自然资源的区位优势型企业。优秀的商业模式直观特点即为高盈利能力，即要求 公司过去 12 个季度均拥有稳定的高 ROE 水平。技术优势可以从研发投入过程和毛利率 提升结果来刻画，即希望研发的投入能够实际为企业创造价值。本报告将优选市场当前的 核心资产基金，以供对其有配置需求的投资者参考。 ➢ 核心资产基金池：低波动。2015 年 2 月 2 日至 2025 年 8 月 7 日，基金池年化收益 率为 10.38%，相对于偏股基金指数超额收益为 2.86%，组合年化波动为 18.52%。核心 资产组合在大多数年份实现超额收益，但在极致风格行情，如单边成长牛、单一板块领涨 的阶段中，易出现落后情况。 ➢ 超额收益主要源自行业和选股，风格更偏大盘质量。核心资产型基金池超额主要来 自于行业配置和选 ...

Core Insights - The A-share ETF market has seen significant growth, with the total market size increasing from 3 trillion to 4 trillion yuan in just six months, indicating a strong interest from retail investors [1] Group 1: Fund Flows and Performance - The Huatai-PineBridge CSI 300 ETF (510300) has a large scale of 375.7 billion yuan but only attracted 17.1 billion yuan in net inflows over the past six months, while the Huaxia CSI 300 ETF (510330) led with 35.3 billion yuan in inflows [2][3] - The top five ETFs by net inflow include Huaxia CSI 300 ETF (35.3 billion yuan), Huaan Gold ETF (24.9 billion yuan), Hong Kong Stock Connect Internet ETF (24.7 billion yuan), Huatai-PineBridge CSI 300 ETF (17.1 billion yuan), and Hong Kong Stock Connect Technology 30 ETF (15.8 billion yuan) [3] - The Hong Kong Stock Connect Internet ETF and Technology 30 ETF have outperformed the Hang Seng Technology ETF by over 10%, indicating a shift in investor preference towards smaller, high-concentration ETFs [3] Group 2: Investment Strategies - Investors are encouraged to follow institutional money by investing in broad-based ETFs like the CSI 300, which are perceived as undervalued core assets [5] - A diversified approach that includes both Hong Kong ETFs and gold ETFs can yield better returns, with the analogy of balancing high-risk and low-risk investments [5] - The current market environment suggests that investors can adopt a more passive investment strategy, such as regular contributions to selected ETFs, which can lead to substantial returns over time [5]

Core Viewpoint - The A100 ETF (159627) has shown resilience in a declining market, with a slight increase of 0.09% despite the overall market downturn, indicating strong performance among its constituent stocks [3][4]. Performance Summary - As of March 28, 2025, the A100 ETF has achieved a cumulative increase of 13.51% over the past year [3]. - The highest monthly return since inception was 20.87%, with the longest streak of consecutive monthly gains being 3 months and a maximum increase of 12.54% [3]. - The average monthly return during up months is 4.92%, and the probability of profit over a 2-year holding period is 62.77% [3]. - Year-to-date, the maximum drawdown for the A100 ETF is 2.70%, with a relative benchmark drawdown of 0.14% [3]. Fee Structure - The management fee for the A100 ETF is 0.50%, and the custody fee is 0.10% [3]. Tracking Accuracy - The A100 ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.008% over the past 2 months as of March 28, 2025 [4]. - The A100 ETF closely tracks the CSI A100 Index, which includes 100 large-cap, liquid, and representative companies to reflect the overall performance of leading listed companies [4]. Stock Performance - Notable stock performances within the A100 ETF include: - SF Holding: +4.07% [3] - Midea Group: +3.99% [3] - Hualu Hengsheng: +2.52% [3] - Heng Rui Pharmaceutical: +2.30% [3] - Haier Smart Home: +2.10% [3] - Other significant stocks include Kweichow Moutai (-0.10%, 8.01% weight) and Ningde Times (+0.07%, 5.79% weight) [6].