证券研究报告 交易型指数基金资金流向周报 数据日期：2025/8/11-2025/8/15 长城证券产业金融研究院 基金研究 分析师：金铃 执业证书编号：S1070521040001 报告日期：2025年8月20日 交易型指数基金资金流向 www.cgws.com | 投资类型 | 大 类 | 所属概念 | 板 块 | 基金规模 | 周涨跌幅 | 周资金净买 | 今年以来周涨跌幅 | 今年以来周资金流向 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (亿元) | (%) | 入额(亿元) | 走势图 | 走势图 | | | | 30年 | | 89.69 | -1.53 | 40.46 | | | | | | 10年 | | 40.90 | -0.31 | 0.24 | | | | | | 5-10年 | | 389.52 | -0.33 | -9.86 | | | | | 利率 | 5年 | | 69.48 | -0.12 | -1.92 | | | | | | 5年以下 | | 227.25 | -0.01 | -3 ...

Core Viewpoint - The expectation of the central government's "anti-involution" policy is rising, which is expected to support valuation expansion in the futures market through measures such as production limits and capacity utilization adjustments [1] Group 1: Policy Impact - The central government's "anti-involution" policy aims to narrow the supply-demand gap in industries, enhancing the bargaining power of leading companies [1] - The improvement in July data, along with high margin trading balances and increased trading volume, indicates a sustained recovery in market risk appetite, supporting valuation expansion in futures [1] Group 2: Market Conditions - The suspension of 24% tariffs for 90 days during the China-US Stockholm economic and trade talks alleviates uncertainties related to trade friction [1] - Expectations for a Federal Reserve interest rate cut are rising, leading to a weaker dollar and a rebound in risk appetite [1] Group 3: Volatility and Investment Strategy - The recent volatility of the CSI 300 index is low, with a 20-day volatility of 0.11 and a 250-day volatility of 0.24, indicating a stable market environment [1] - The IH2509 futures are trading at a premium of 5.82 points, while the IM2509 futures are at a discount of 56.30 points, reflecting optimistic expectations for large-cap blue-chip stocks [1] - It is suggested to maintain a bullish outlook, but caution is advised regarding profit-taking and potential selling pressure after consecutive price increases, with options selling recommended to smooth out volatility risks [1]

Market Performance - The Shanghai Composite Index closed at 3666.44, down 17.02 points or 0.46% [1][2] - The Shenzhen Component Index closed at 11451.43, down 99.93 points or 0.87% [1][2] - The ChiNext Index closed at 2469.66, down 26.84 points or 1.08% [1][2] - The CSI 300 Index closed at 4173.31, down 3.27 points or 0.08% [1][2] - The total trading volume for the Shanghai and Shenzhen markets was 9494.64 billion and 13297.45 billion respectively [1] Sector Performance - The top five performing sectors included Insurance with a gain of 2.64%, Glass Fiber with 1.0%, Electric Machinery with 0.29%, and Gaming with 0.23% [1] - The bottom five performing sectors included Energy Metals down 3.12%, Aerospace down 3.11%, Electronic Components down 2.74%, Instrumentation down 2.74%, and Transportation Equipment down 2.64% [1]

Report Information - Data Date: 2025/8/4 - 2025/8/8 [1] - Report Date: August 12, 2025 [1] - Analyst: Jin Ling [1] - Report Title: Weekly Report on Fund Flows of Exchange-Traded Index Funds [1] Investment Ratings - Not provided in the given content Core Views - Not provided in the given content Summary by Categories Domestic Passive Stock Funds - Different concepts have varying fund scales, weekly price changes, and net weekly fund purchases. For example, the Shanghai Composite 50 has a fund scale of 159.456 billion yuan, a weekly increase of 1.15%, and a net weekly fund outflow of 2.506 billion yuan; while the CSI 1000 has a scale of 116.917 billion yuan, a weekly increase of 2.62%, and a net weekly fund inflow of 469 million yuan [4]. Overseas Index Funds - Overseas index funds also show diverse performance. The Nasdaq 100 has a fund scale of 78.421 billion yuan, a weekly increase of 0.83%, and a net weekly fund inflow of 391 million yuan; the S&P 500 has a scale of 20.837 billion yuan, a weekly decrease of 0.04%, and a net weekly fund outflow of 18 million yuan [5]. Bond Funds - Bond funds are divided into different types such as interest rate bonds, credit bonds, and convertible bonds. For instance, 30 - year interest rate bonds have a fund scale of 8.969 billion yuan, a weekly increase of 0.13%, and a net weekly fund outflow of 749 million yuan; short - term financing bonds in credit bonds have a scale of 29.341 billion yuan, a weekly increase of 0.04%, and a net weekly fund inflow of 4.023 billion yuan [6]. Commodity Funds - Commodity funds include gold, soybean meal, non - ferrous metals, and energy and chemical products. Gold funds have a scale of 70.887 billion yuan, a weekly increase of 2.11%, and a net weekly fund outflow of 3.123 billion yuan [6]. Index - Enhanced Funds - Index - enhanced funds cover various indices. For example, the Shanghai Composite 50 index - enhanced fund has a scale of 76 million yuan, a weekly increase of 0.35%, and a net weekly fund outflow of 1 million yuan [6].

Report Information - Report Title: Transactional Index Fund Capital Flow Weekly Report [1] - Data Date: July 28, 2025 - August 1, 2025 [1] - Report Issuer: Great Wall Securities Industrial Finance Research Institute [1] - Analyst: Jin Ling [1] - Report Date: August 6, 2025 [1] Domestic Passive Stock Funds Comprehensive and Industry Themes - **Fund Performance**: In the week from July 28 to August 1, 2025, most domestic passive stock funds showed negative growth. For example, the Shanghai - Shenzhen 300 had a scale of 983.449 billion yuan, a weekly decline of 1.64%, and a net capital outflow of 9.263 billion yuan; the CSI 500 had a scale of 140.12 billion yuan, a decline of 1.21%, and a net outflow of 3.149 billion yuan. However, the Science and Technology Innovation 100 rose by 0.57%, and the Science and Technology Innovation 200 rose by 3.27% with a net inflow of 0.93 billion yuan [4]. - **Capital Flow**: The large - finance sector had a net capital inflow of 6.207 billion yuan, and the large - consumption sector had a net inflow of 3.065 billion yuan; while the large - technology sector had a net outflow of 1.106 billion yuan, and the large - manufacturing sector had a net outflow of 1.474 billion yuan [4]. Style Strategies and Other Classifications - **Style Performance**: Among style strategies, the dividend and dividend - low - volatility strategies had net capital inflows of 1.223 billion yuan and 1.338 billion yuan respectively, while the growth and value strategies had net outflows of 0.065 billion yuan and 0.043 billion yuan respectively [4]. - **Other Classifications**: The central - state - owned enterprise special valuation concept (China Special Valuation) had a net inflow of 0.235 billion yuan, and the regional funds had a net outflow of 0.017 billion yuan [4]. Overseas - Related Funds Comprehensive and Industry Themes - **Fund Performance**: Overseas - related funds also showed mixed performance. The Nasdaq 100 rose by 0.38% with a net inflow of 0.282 billion yuan, while the German DAX fell by 3.03% but still had a net inflow of 0.192 billion yuan [5]. - **Capital Flow**: The Hong Kong - stock technology sector had a large net inflow of 9.816 billion yuan, and the China Internet sector had a net inflow of 0.447 billion yuan; the Hong Kong - stock medical sector rose by 3.76% with a net inflow of 0.262 billion yuan [5]. Style Strategies - **Style Performance**: In style strategies, the dividend and dividend - low - volatility strategies in overseas - related funds had net inflows of 0.012 billion yuan and 0.0262 billion yuan respectively [5]. Bond and Commodity Funds Bond Funds - **Interest - Rate Bonds**: Among interest - rate bonds, the 30 - year bond had a scale of 8.969 billion yuan, a rise of 0.60%, and a net inflow of 2.512 billion yuan; the 5 - 10 - year bond had a scale of 38.952 billion yuan, a rise of 0.33%, but a net outflow of 0.574 billion yuan [6]. - **Credit Bonds**: For credit bonds, the high - grade bonds had a net inflow of 0.053 billion yuan, and the urban investment bonds had a net inflow of 0.4 billion yuan; the short - term financing bonds had a net outflow of 1.746 billion yuan [6]. - **Convertible Bonds**: Convertible bonds had a scale of 43.859 billion yuan, a decline of 1.54%, but a net inflow of 3.154 billion yuan [6]. Commodity Funds - **Gold and Others**: Gold funds had a scale of 70.887 billion yuan, a decline of 0.78%, but a net inflow of 3.973 billion yuan; the bean - meal funds had a scale of 4.193 billion yuan, a decline of 0.15%, and a net inflow of 0.009 billion yuan [6]. Index - Enhanced Funds - **Fund Performance**: Index - enhanced funds generally showed a negative growth trend. For example, the Shanghai - Shenzhen 300 index - enhanced fund had a scale of 3.209 billion yuan, a decline of 1.80%, and a net inflow of 0.049 billion yuan; the CSI 500 index - enhanced fund had a scale of 1.978 billion yuan, a decline of 1.07%, and a net inflow of 0.014 billion yuan [6].

Market Performance - The Shanghai Composite Index closed at 3559.95 points, down 0.37% [1] - The Shenzhen Component Index closed at 10991.32 points, down 0.17% [1] - The ChiNext Index closed at 2322.63 points, down 0.24% [1] - The CSI 300 Index closed at 4054.93 points, down 0.51% [1] - The STAR 50 Index closed at 1036.77 points, down 1.06% [1] - The CSI 500 Index closed at 6213.20 points, down 0.21% [1] - The CSI 1000 Index closed at 6670.47 points, up 0.14% [1]

Market Overview - The Shanghai Composite Index closed at 3587.69 points, down 0.17% [1] - The Shenzhen Component Index closed at 11150.41 points, down 0.16% [1] - The ChiNext Index closed at 2342.39 points, up 0.10% [1] - The CSI 300 Index closed at 4119.24 points, down 0.19% [1] - The STAR 50 Index closed at 1051.37 points, down 0.27% [1] - The CSI 500 Index closed at 6293.77 points, down 0.09% [1] - The CSI 1000 Index closed at 6699.34 points, down 0.11% [1] Index Performance - The Shanghai Composite Index had a trading volume of 493.8 billion, with a year-to-date increase of 7.04% [2] - The Shenzhen Component Index had a trading volume of 629.3 billion, with a year-to-date increase of 7.07% [2] - The ChiNext Index had a trading volume of 284.2 billion, with a year-to-date increase of 9.38% [2] - The CSI 300 Index had a trading volume of 259.3 billion, with a year-to-date increase of 4.68% [2] - The CSI 500 Index had a trading volume of 202 billion, with a year-to-date increase of 9.92% [2] - The CSI 1000 Index had a trading volume of 228.2 billion, with a year-to-date increase of 12.45% [2] - The CSI 2000 Index had a trading volume of 282.1 billion, with a year-to-date increase of 21.26% [2] - The Wind Micro-Stock Index had a trading volume of 24.2 billion, with a year-to-date increase of 49.64% [2]

Market Performance - The Shanghai Composite Index closed at 3593.66 points, down 0.33% [1] - The Shenzhen Component Index closed at 11168.14 points, down 0.22% [1] - The ChiNext Index closed at 2340.06 points, down 0.23% [1] - The CSI 300 Index closed at 4127.16 points, down 0.53% [1] - The STAR 50 Index closed at 1054.20 points, up 2.07% [1] - The CSI 500 Index closed at 6299.59 points, up 0.10% [1] - The CSI 1000 Index closed at 6706.61 points, up 0.08% [1]

Market Overview - The Shanghai Composite Index opened at 3604.45 points, down 0.04% [1] - The Shenzhen Component Index opened at 11196.20 points, up 0.03% [1] - The ChiNext Index opened at 2348.28 points, up 0.12% [1] - The CSI 300 opened at 4145.32 points, down 0.09% [1] - The STAR 50 opened at 1032.45 points, down 0.04% [1] - The CSI 500 opened at 6297.63 points, up 0.06% [1] Index Performance - Shanghai Composite Index: Current price 3604.45, down 1.28 points, with a trading volume of 9.2 billion and a year-to-date increase of 7.54% [2] - Shenzhen Component Index: Current price 11196.20, up 3.14 points, with a trading volume of 8.7 billion and a year-to-date increase of 7.50% [2] - ChiNext Index: Current price 2348.28, up 2.91 points, with a trading volume of 3.2 billion and a year-to-date increase of 9.65% [2] - CSI 300: Current price 4145.32, down 3.72 points, with a trading volume of 4.1 billion and a year-to-date increase of 5.35% [2] - STAR 50: Current price 1032.45, down 0.39 points, with a trading volume of 1.1 billion and a year-to-date increase of 4.40% [2] - CSI 500: Current price 6297.63, up 4.03 points, with a trading volume of 2.6 billion and a year-to-date increase of 9.99% [2] - CSI 1000: Current price 6708.08, up 6.96 points, with a trading volume of 3.2 billion and a year-to-date increase of 12.59% [2] - CSI 2000: Current price 2834.22, up 1.36 points, with a trading volume of 4.0 billion and a year-to-date increase of 20.70% [2] - Wande Micro Index: Current price 468217.36, up 1268.85 points, with a trading volume of 570 million and a year-to-date increase of 48.22% [2]

Market Performance - The Shanghai Composite Index closed at 3605.73 points, up 0.65% [1] - The CSI 1000 closed at 6701.12 points, up 1.42% [2] - The Shenzhen Component Index closed at 11193.06 points, up 1.21% [3] - The ChiNext Index closed at 2345.37 points, up 1.50% [3] - The CSI 300 closed at 4149.04 points, up 0.71% [3] - The STAR 50 closed at 1032.84 points, up 1.17% [3] - The CSI 500 closed at 6293.60 points, up 1.56% [3]