6、根据第三方机构最新监测数据，截至8月18日已披露的上市公司半年报显示，17家百亿私募重仓持有33只A股，合计持股市值达225.51亿元。 A股 1、Wind数据显示，统计截至8月21日披露的上市公司半年报数据发现，二季度末已有40余只社保基金组合、20余只基本养老保险基金组合进入上市公司 前十大流通股东行列，覆盖上市公司约160家。 2、高盛数据显示，7月全球主动型基金对中国股市的配置比例升至6.4%。同时，被动型资金加速流入，截至7月底，外资被动型基金今年以来累计净流入 已达110亿美元。 3、近期，韩国股民狂买中国资产成为热点话题。有数据显示，中国市场已成为韩国的第二大海外投资目的地。根据韩国证券存托结算院（KSD）的最新 数据，截至8月20日，年内投资于中国香港股市的累计交易额已超过58亿美元，仅次于美国市场。另有统计显示，年内韩国基金对中国股票净买入约4.99 亿美元，此前3年累计为净卖出9.85亿美元。 4、自去年9月份一系列政策"组合拳"推出以来，上证指数已从近2900点稳步攀升至超3700点。尤其是今年7月份以来，市场动能进一步释放。近日，A股 市场成交额连续多日突破2万亿元、两融余额时隔十 ...

Core Viewpoint - The liquidity of ETFs is crucial for their success, and the recent launch of the first batch of 10 Sci-Tech Bond ETFs has significantly reshaped the bond ETF market landscape in China [1][2]. Group 1: ETF Liquidity - On July 28, the Penghua Sci-Tech Bond ETF (551030) achieved a trading volume of 14.199 billion yuan, ranking first among similar products, with a turnover rate of 105.32% and a latest scale of 13.507 billion yuan [1]. - The fund manager of Penghua Sci-Tech Bond ETF emphasized that both asset liquidity and ETF liquidity are interdependent, and prioritizing high liquidity underlying assets is essential for maintaining overall portfolio liquidity [1]. - Penghua's fixed income team has established a highly coordinated mechanism for ETF market-making, client trading collaboration, and compliance management, effectively supporting the market circulation efficiency of new ETF categories [1]. Group 2: Market Development - To enhance market liquidity, Penghua issued over 10 announcements on July 17, adding several securities firms to provide market-making services for the Penghua Sci-Tech Bond ETF [2]. - According to a report by CICC, the introduction of the first batch of 10 Sci-Tech Bond ETFs has redefined the bond ETF market structure, with a total of 39 bond ETFs now available as of July 22, 2025, including 21 credit bond ETFs [2]. - The Penghua fixed income team noted that the Sci-Tech Bond ETF has vast market potential and will continue to enhance the liquidity of bonds issued by technology innovation companies, promoting the healthy development of the bond market [2].

Group 1 - The total scale of bond ETFs in the market has surpassed 500 billion yuan, reaching 509.67 billion yuan as of July 25 [1] - The rapid growth is driven by newly launched products, particularly the 10 newly established science and technology bond ETFs, which raised nearly 29 billion yuan at inception and exceeded 100 billion yuan in total scale by July 21 [1] - Among these, the Huaxia Science and Technology Bond ETF leads with over 15 billion yuan, followed closely by the ETFs from Jiashi and Fuguo, each surpassing 14 billion yuan [1] Group 2 - The BoShi Fund's 30-year national bond ETF saw a significant weekly increase of 5 billion yuan, with its total scale rising from under 10 billion yuan to over 14 billion yuan, marking a new high since its establishment [1] - The convertible bond ETF from BoShi Fund also experienced a surge of over 3 billion yuan in the past week, with its total scale surpassing 40 billion yuan for the first time, accumulating approximately 9 billion yuan over five weeks [1] - The Pengyang Fund's 30-year national bond ETF also performed well, with a weekly increase of over 3 billion yuan, bringing its total scale above 20 billion yuan, maintaining its position as the leader in ultra-long-term bond ETFs [2] Group 3 - Despite the record high in bond ETF scales this year, only 18 out of 52 public fund companies have launched bond ETFs, indicating potential market variables as 34 companies have yet to enter this space [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Kechuang Bond ETF is expected to succeed the outstanding performance of the Credit Bond ETF. In the short - term, it may become a new market hot - spot, and in the long - term, it has the characteristics of controllable risks and stable returns [3][14]. - In the current interest rate environment, bond - type assets still play a "ballast stone" role in the asset portfolio, and credit bonds are the preferred choice for bond - type asset allocation, among which Kechuang bonds are the "new hot - spot" in credit bond assets [18][19]. - Kechuang Bond ETF Guangfa has advantages such as a more neutral duration, and its tracking index has features like a large number of subjects, a large market capacity, and high single - bond balances [3][31]. 3. Summary by Directory 3.1 1 Kechuang Bond ETF Value Analysis - The tracking index of Kechuang Bond ETF Guangfa contains high - quality Kechuang bonds listed on the Shanghai Stock Exchange, covering industries with high importance and strong stability. The index is calculated by the total market - value weighted method with a monthly sample - adjustment cycle [3][10]. - The Shanghai AAA Kechuang Bond Index shows good offensive ability in a bond bull market, with a cumulative return of 14.78% since 2023 and an annualized return of 4.68%. Its drawdown amplitude is relatively small [13]. - In the current low - inflation environment, bond - type assets are the "ballast stone" in the asset portfolio, and credit bonds are the preferred choice for bond - type asset allocation. Kechuang bonds, as a new hot - spot in credit bond assets, are in a "golden period" for investment [18][19]. 3.2 2 Kechuang Bond ETF Guangfa (511120) Information Introduction 3.2.1 Product Basic Situation Introduction - Kechuang Bond ETF Guangfa was established on July 10, 2025, and officially listed for trading on July 17, 2025. Its issuance and fundraising scale reached 2.968 billion yuan, and after listing, its scale increased to 5.662 billion yuan, with an increase of 90.73%. The average daily trading volume was about 2.738 billion yuan, and the turnover rate was 48.35%. It has a certain fee - rate advantage [24]. - It uses a physical subscription and redemption mechanism. Investors can subscribe with a basket of component bonds or cash. The trading mechanism is for on - exchange funds with continuous auction trading, and it provides T + 0 trading between the primary and secondary markets. The income distribution adopts the cash - dividend method without a mandatory dividend commitment [25][27]. 3.2.2 Shanghai AAA Kechuang Bond Index Features Introduction - It is expected to be included in the pledge library, with a potentially higher pledge discount coefficient. It belongs to the medium - duration index, has a clear fund use, a relatively high credit level, and a larger strategy capacity [28][29]. 3.2.3 Kechuang Bond ETF Guangfa Applicable Scenarios Introduction - In the long - term investment logic, it is suitable for the credit - bond allocation enhancement strategy in a low - interest - rate environment. In the short - term investment logic, it can be applied to investment strategies such as spread trading, arbitrage trading, and credit short - selling [30]. 3.3 3 Comparison with Mainstream Bond ETF Products - Kechuang Bond ETF Guangfa has a more neutral duration. Compared with mainstream bond ETFs, it is more suitable for obtaining higher returns in a falling - interest - rate environment and can better control the drawdown amplitude [31]. - The tracking index of Kechuang Bond ETF Guangfa has advantages such as a large number of subjects, a large market capacity, and high single - bond balances, which are beneficial for risk dispersion, strategy reserve, and investment transactions [32].

Group 1 - The first batch of 10 Science and Technology Innovation Bond ETFs has significantly attracted capital since their listing on July 17, with a total net inflow exceeding 60 billion yuan, increasing the total scale from less than 29 billion yuan to over 95 billion yuan, a growth of over 200% [1] - As of July 18, the total scale of bond ETFs has surpassed 500 billion yuan for the first time, doubling compared to the end of 2024, which was 185.65 billion yuan [1] - The first batch of Science and Technology Innovation Bond ETFs primarily tracks the Shanghai AAA Technology Innovation Company Bond Index, Shenzhen AAA Technology Innovation Company Bond Index, and the CSI AAA Technology Innovation Company Bond Index, focusing on high credit-rated bonds with a technology innovation label [1] Group 2 - As of June 30, the total scale of the index component bonds exceeded 850 billion yuan, with central and state-owned enterprises accounting for over 99%, significantly outperforming the mid-to-long-term pure bond index's growth of 9.93% during the same period [2] - The Shanghai AAA Technology Innovation Company Bond Index has seen a net value growth of 14.20% since its base date (June 30, 2022), indicating a strong performance compared to the mid-to-long-term pure bond index [2]

Group 1: Fund Performance and Trends - The Dachen Insight Advantage Mixed Fund announced a successful launch with a total issuance scale of 2.46 billion, making it the largest actively managed equity fund launched in 2023 [1] - The Huashang Zhiyuan Return Mixed Fund also launched with a scale of 2.082 billion, setting a record for similar products this year [1] - The total issuance scale of actively managed equity funds reached 56.964 billion, reflecting a year-on-year growth of 28.01% compared to the same period in 2024 [1] Group 2: ETF Market Developments - The first batch of Sci-Tech Bond ETFs saw significant inflows, with the Huaxia ETF surpassing 14.2 billion in scale and experiencing a net inflow of approximately 11.1 billion on its first trading day, marking a 378% increase [2] - The Penghua Sci-Tech Bond ETF also reported a trading volume of 18.361 billion, with a turnover rate of 612.17%, bringing its scale to over 10.9 billion [2] - Among the four Sci-Tech Bond ETFs listed on the Shenzhen Stock Exchange, two have exceeded 10 billion in scale, namely the Jiashi and Fuguo Sci-Tech Bond ETFs [2] Group 3: Fund Liquidation - A total of 50 actively managed equity funds have been liquidated this year, including several initiated funds [3] - In July alone, six actively managed equity funds entered liquidation, triggered by the automatic termination of fund contracts without the need for a shareholder meeting [3] - Notable liquidated funds include those focused on popular sectors such as artificial intelligence and healthcare [3] Group 4: Floating Fee Rate Funds - The first batch of floating management fee funds has seen a total issuance scale of 24.762 billion, with 25 products announced as established [4] - A second batch of 11 floating fee rate funds has been submitted for approval, focusing on sectors like high-end equipment and healthcare [4] Group 5: Fund Manager Adjustments - Fund manager Liu Gesong has made significant adjustments in the second quarter, reducing holdings in the new energy vehicle supply chain and semiconductor equipment companies while increasing positions in new consumption, internet, and military industries [5] - Liu emphasized the importance of monitoring domestic and international economic developments and policy impacts on industries [5] Group 6: Portfolio Insights - Gao Nan, Chief Equity Investment Officer at Yongying Fund, has concentrated investments in TMT and innovative pharmaceutical sectors in his second-quarter report [6] - The top ten holdings of Gao's flagship fund include companies like Pop Mart, Zhongji Xuchuang, and Kangfang Biotech, with notable new additions and increased stakes in several stocks [7] Group 7: Market Overview - On July 18, the market showed mixed performance, with the Shanghai Composite Index rising by 0.5% and total trading volume reaching 1.57 trillion, an increase of 31.7 billion from the previous trading day [8] - Sectors such as rare metals and energy metals performed well, while gaming and consumer electronics sectors experienced declines [8]

Core Insights - The first batch of Sci-Tech Innovation Bond ETFs has been launched, showing strong market demand and active trading [1] - The first product, Jia Shi Sci-Tech Bond ETF (159600), achieved a trading volume of 15.73 billion yuan on its first day, leading in the Shenzhen market [1] - The total trading volume for all ten Sci-Tech Bond ETFs exceeded 60 billion yuan on the first trading day, attracting significant market attention [1] Trading Activity - The Jia Shi Sci-Tech Bond ETF reached a scale exceeding 10 billion yuan, making it the first Sci-Tech Bond ETF in the Shenzhen Stock Exchange to surpass this threshold [1] - The ETFs are characterized by high turnover rates, consistently setting new records in trading activity [1] - The T+0 trading mechanism, physical subscription and redemption model, and market maker pricing system enhance the efficiency of investor transactions [1] Index Performance - The Jia Shi Sci-Tech Bond ETF tracks the CSI AAA Sci-Tech Company Bond Index, which selects high-quality bonds rated AAA and above from technology innovation companies listed on the Shanghai and Shenzhen exchanges [2] - The index has shown growth rates of 5.5%, 6.0%, and 3.87% for the years 2023, 2024, and the past year, respectively [2] - The introduction of the Sci-Tech Bond ETFs provides investors with a new asset allocation option that combines stable returns with policy benefits [2]

Core Viewpoint - The launch of the Science and Technology Innovation Bond ETF (科创债ETF) by Huaxia (551550) marks a significant development in the financial market, providing a new investment tool that directs funds towards technology innovation and allows investors to share in the growth of innovative companies [1][2]. Group 1: Launch and Market Impact - The first batch of 10 Science and Technology Innovation Bond ETFs raised nearly 30 billion yuan in just one day, reflecting strong investor interest and contributing to a surge in the total scale of bond ETFs, which has now exceeded 420 billion yuan, a historical high [1][5]. - The Huaxia Science and Technology Innovation Bond ETF tracks the China Securities AAA Technology Innovation Company Bond Index, which includes high-rated bonds from companies focused on technology innovation [2][3]. Group 2: Characteristics of Science and Technology Innovation Bonds - Science and Technology Innovation Bonds are designed to provide funding specifically for technology innovation enterprises, distinguishing them from general credit bonds [2][3]. - The funds raised through these bonds are primarily directed towards key sectors such as semiconductors, artificial intelligence, new energy, and high-end manufacturing, aligning with national technology innovation strategies [3][4]. Group 3: Performance and Future Outlook - As of May 2025, the outstanding scale of Science and Technology Innovation Bonds reached 2.45 trillion yuan, marking a 40% increase from the previous year, indicating their role as a significant driver of growth in the credit bond market [4]. - The introduction of the Science and Technology Innovation Bond ETF is expected to enhance investment opportunities in the context of a declining interest rate environment and supportive policies for technology innovation [7].

Core Insights - The first batch of 10 Sci-Tech Bond ETFs was fully subscribed on July 7 and will be listed on July 17, with institutional investors being the main subscribers, holding up to 99.61% of the shares [2][13]. Fund Details - The total issuance amounts for the ETFs range from 20.88 billion to 30 billion, with the highest subscription from the Sci-Tech Bond ETF by Fuguo, which had 6,011 effective subscription accounts [3][14]. - The institutional holding ratios for various ETFs are notably high, with the highest being 99.06% for the Sci-Tech Bond ETF by Factory Development [3][14]. Major Holders - Industrial Bank is the largest holder for multiple ETFs, including holding 8.9 billion shares (30.08%) in the Sci-Tech Bond ETF by Jiashi and 8.7 billion shares (30.83%) in the Sci-Tech Bond ETF by Yifangda [4][15]. - Other significant holders include Galaxy Securities and CITIC Trust, with holdings of 4 billion shares (13.52%) and 5 billion shares (16.85%) respectively in different ETFs [4][15]. Fund Share Adjustment - The ETFs underwent a share adjustment on July 10, where the total shares were reduced by a factor of 100, allowing for easier trading and clearer visibility of net asset values [9][19]. - For example, the total shares for the Sci-Tech Bond ETF by Huaxia were adjusted from 29.61 billion to 29.6082 million, with the net asset value changing from 1 yuan to 100 yuan [9][19]. Market Strategy - Several public funds are discussing market-making strategies to enhance liquidity for the Sci-Tech Bond ETFs post-listing, with upgrades to IT systems to support efficient trading and management [10][20]. - The ETFs are positioned as suitable for both individual and institutional investors, providing opportunities for stable returns and reducing operational costs for institutions [10][20]. Importance of Listing - The listing of Sci-Tech Bond ETFs is significant for multiple reasons, including supporting national strategies for technological innovation, filling gaps in the public fund market, and enhancing market vitality [11][21]. - The ETFs are expected to attract long-term capital, contributing to a more sustainable investment ecosystem [11][21].

Group 1 - The introduction of the Sci-Tech Innovation Bond ETF has significantly enhanced the liquidity of Sci-Tech bonds, utilizing a T+0 trading mechanism and innovative redemption models to address traditional liquidity issues in credit bond trading [1][2] - The influx of capital into the Sci-Tech bond market is expected to increase trading frequency and market activity, creating a vibrant trading atmosphere that allows investors to adjust their portfolios more effectively [2] - The Sci-Tech Innovation Bond ETF has broadened financing channels for Sci-Tech enterprises by creating a "debt-equity linkage" mechanism, facilitating low-cost financing and enabling efficient capital flow within the technology innovation chain [2][3] Group 2 - The launch of the Sci-Tech Innovation Bond ETF fills a gap in the public fund market for "Sci-Tech" on-site bond funds, enriching the existing investment tools in the bond market and catering to diverse investor risk preferences [2] - The successful introduction of the Sci-Tech Innovation Bond ETF demonstrates the agility and creativity of China's financial system in supporting new productive forces, providing replicable experiences for building a resilient and dynamic modern financial market [3] - The positive cycle of "policy guidance - market response - industry benefit" is expected to continuously inject capital momentum into China's technological self-reliance and high-quality economic development [3]