Core Viewpoint - The Hong Kong Stock Connect Non-Bank ETF (513750) experienced a decline of 0.68% on September 22, with a trading volume of 1.907 billion yuan, indicating a reduction in investor interest [1] Group 1: Fund Performance - The fund's shares decreased by 82.5 million, bringing the total shares to 12.443 billion, while the shares increased by 1.13 billion over the last 20 trading days [1] - The latest net asset value of the fund is calculated at 20.044 billion yuan [1] - Since its inception on November 10, 2023, the fund has returned 61.06%, but it has seen a decline of 9.16% over the past month [1] Group 2: Management and Benchmark - The fund is managed by GF Fund Management Co., Ltd., with fund managers Luo Guoqing and Cao Shiyu [1] - The performance benchmark for the fund is the return rate of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, adjusted using the valuation exchange rate [1]

Core Insights - The Hong Kong Stock Connect Non-Bank ETF (513750) experienced a 0.00% increase on August 11, with a trading volume of 1.099 billion yuan [1] - The ETF's shares increased by 98.5 million, bringing the total shares to 8.013 billion, with a notable increase of 3.377 billion shares over the past 20 trading days [1] - The latest net asset value of the ETF is calculated at 13.184 billion yuan [1] - The ETF's performance benchmark is the yield of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, with a return of 64.50% since its inception on November 10, 2023, and a 5.52% return over the past month [1] Summary by Categories ETF Performance - The Hong Kong Stock Connect Non-Bank ETF (513750) has a year-to-date return of 64.50% since its establishment [1] - The ETF has achieved a monthly return of 5.52% [1] Trading Activity - On August 11, the ETF recorded a trading volume of 1.099 billion yuan [1] - The total shares increased by 98.5 million, resulting in a total of 8.013 billion shares [1] - Over the last 20 trading days, the ETF's shares have increased by 3.377 billion [1] Asset Value - The latest net asset value of the ETF is 13.184 billion yuan [1]

Core Insights - The Hong Kong Stock Connect Non-Bank ETF has reached a record size of 13.044 billion yuan as of August 8, 2025, marking a year-to-date growth of 1553.23% [1] - The ETF has seen a net inflow of 348 million yuan over the last three days, with a single-day peak inflow of 215 million yuan [1] - The ETF's net asset value has increased by 90.54% over the past year, ranking 38 out of 2954 index stock funds, placing it in the top 1.29% [2] Fund Performance - The Hong Kong Stock Connect Non-Bank ETF has achieved a maximum monthly return of 31.47% since its inception, with the longest consecutive monthly gain being 4 months and a total increase of 38.25% [2] - The ETF has outperformed its benchmark with an annualized return of 7.17% over the last six months [2] - The ETF has a turnover rate of 7.55% and an average daily trading volume of 1.536 billion yuan over the past month [1] Index Composition - The top ten weighted stocks in the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index account for 78.19% of the index, with major holdings including China Ping An, AIA, and Hong Kong Exchanges and Clearing [3] - The insurance sector's net assets reached 3.75 trillion yuan in the first half of 2025, reflecting a year-on-year growth of 23.4% [3] Market Trends - The Hong Kong insurance industry reported a new single premium of 93.4 billion HKD in Q1 2025, representing a year-on-year increase of 43.4% and a quarter-on-quarter increase of 86.2% [4] - The demand for savings remains strong in the market, and regulatory changes are expected to ease liability costs for insurance companies [4] - The insurance sector is entering a new cycle of healthy growth, supported by regulatory measures and economic recovery [4] ETF Characteristics - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the Hong Kong non-bank index, with over 60% of its holdings in the insurance sector [5] - The ETF is designed to reflect the overall performance of up to 50 listed companies in the non-bank financial theme within the Hong Kong Stock Connect range [5]

Group 1 - The core viewpoint of the news is the performance of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, which has shown significant growth in recent months, indicating a positive trend in the non-bank financial sector within the Hong Kong market [1][2] - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index increased by 2.9% to 3900.59 points, with a trading volume of 61.334 billion yuan on July 11 [1] - Over the past month, the index has risen by 7.55%, by 38.24% over the last three months, and by 30.42% year-to-date [1] Group 2 - The index comprises up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of this sector within the Hong Kong Stock Connect [1] - The top ten weighted companies in the index include China Ping An (15.49%), Hong Kong Exchanges (14.08%), AIA Group (13.98%), China Life (8.51%), and others, indicating a concentration in major financial institutions [1] - The index is fully composed of financial sector companies, with a 100% allocation to this industry [2] Group 3 - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or adding new companies that meet the criteria [2] - The handling of mergers, acquisitions, and other corporate actions is governed by specific calculation and maintenance guidelines [2]

Core Viewpoint - The non-bank financial sector in Hong Kong is experiencing mixed performance, with the non-bank financial ETF showing significant growth over the past year and recent inflows indicating strong investor interest [1][2]. Group 1: ETF Performance - As of July 3, 2025, the non-bank financial ETF has seen a net value increase of 66.53% over the past year, ranking 54 out of 2897 index stock funds, placing it in the top 1.86% [2]. - The ETF has recorded a maximum single-month return of 31.47% since its inception, with the longest consecutive monthly gains being four months and a total increase of 38.25% during that period [2]. - The ETF's average monthly return during up months is 7.04%, with a historical one-year holding profit probability of 100% [2]. Group 2: Market Dynamics - The non-bank financial theme index includes up to 50 listed companies selected from the Hong Kong Stock Connect, reflecting the overall performance of non-bank financial companies within this scope [2][4]. - The top ten weighted stocks in the index account for 77.92% of its total weight, with major contributors being China Ping An, AIA, and Hong Kong Exchanges and Clearing, each exceeding 14% [3]. - Recent market trends indicate a recovery in risk appetite, with the non-bank financial sector showing better performance compared to other high-dividend sectors [3]. Group 3: Investment Recommendations - Analysts recommend focusing on insurance stocks with stable fundamentals and beta elasticity, highlighting the ongoing strong demand for household savings and the potential for steady performance in 2025 [4]. - The securities sector is advised to be monitored for firms with balanced business structures and resilience, benefiting from ongoing capital market reforms [4]. - The non-bank financial ETF is noted as the first and only ETF tracking the non-bank index, providing unique investment opportunities without QDII quota restrictions [4].