ETF Industry News - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.17%, and the ChiNext Index down by 0.24%. However, several Traditional Chinese Medicine (TCM) sector ETFs saw gains, including the TCM 50 ETF (562390.SH) up by 2.36%, the TCM ETF (560080.SH) up by 1.89%, and the Huatai-PB TCM ETF (561510.SH) up by 1.75% [1] - The defense and military industry ETFs saw declines, with the Aerospace ETF (159227.SZ) down by 2.31%, the Defense ETF (512670.SH) down by 1.94%, and the Aerospace and Aviation ETF (159208.SZ) down by 1.85% [1] - According to a report from CITIC Securities, TCM companies have been increasing their R&D investments in recent years, and stable cash flow will support future R&D expenditures. The innovation in TCM is expected to contribute to steady growth, while innovative chemical and biological drugs may provide additional valuation flexibility [1] New ETF Launches - A batch of new ETFs is set to be launched, with six ETFs announcing their trading listings on July 29, followed by three more on July 30. The ETF market is expected to expand significantly, with over 10 ETFs currently in the issuance process [2] - The new ETFs cover a range of indices, including the CSI 500, ChiNext 50, and various thematic indices related to artificial intelligence and technology sectors [2] - Personal investors are increasingly prominent among the top holders of newly issued ETFs, with individual investors holding 93.57% of the shares in the Yifangda National General Aviation Industry ETF as of July 28. This trend indicates a high level of activity and consensus among personal investors, nearing the peak levels seen since the fourth quarter of last year [2][3] Market Performance Overview - On August 1, the three major indices collectively declined, with the Shanghai Composite Index closing at 3559.95 points, the Shenzhen Component Index at 10991.32 points, and the ChiNext Index at 2322.63 points. The highest intraday points were 3581.75, 11068.31, and 2348.02, respectively [4] - In terms of sector performance, the Environmental Protection, Media, and Light Industry sectors ranked highest with daily gains of 0.88%, 0.82%, and 0.65%, while the Oil and Petrochemical, Defense and Military, and Steel sectors ranked lowest with declines of 1.79%, 1.47%, and 1.26% [6] ETF Market Performance - The bond ETFs performed the best today, with an average daily change of 0.01%, while cross-border ETFs had the worst performance with an average daily change of -0.69% [9] - The top-performing ETFs today included the Photovoltaic ETF Leader (560980.SH) with a gain of 2.53%, the TCM 50 ETF (562390.SH) with a gain of 2.36%, and the Photovoltaic 50 ETF (159864.SZ) with a gain of 1.94% [11][12] - The trading volume for the top three stock ETFs was led by the A500 ETF Fund (512050.SH) with a trading volume of 4.183 billion, followed closely by the A500 ETF Southern (159352.SZ) with 4.166 billion, and the Sci-Tech 50 ETF (588000.SH) with 4.070 billion [14][15]

Core Viewpoint - The domestic monetary easing environment is expected to continue, with the possibility of further deepening low interest rates, leading to a decline in the holding experience of broad fixed-income products [1][2][3] - Residents may gradually move out of their comfort zone of long-term fixed-income assets and shift their focus towards the stock market, considering net worth products that include equity assets, in line with their risk tolerance [1][3] Market Overview - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.79%, the Shenzhen Component down by 1.21%, and the ChiNext Index decreasing by 1.36%, with a total market turnover of 12,808 billion [5] - The Hong Kong market also saw declines, with the Hang Seng Index down by 1.99% and the Hang Seng Tech Index down by 2.42% [5] Investment Strategy - In the current market context, it is suggested to consider flexible high-low cuts while being cautious about chasing high-valued and crowded assets, and to shift towards sectors that are temporarily lagging but have policy support and good long-term development potential, such as technology [1][3] - Investment products such as the Silverhua Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF and actively managed funds are recommended for investors looking to enter the AI sector [4] Regulatory Environment - The Financial Regulatory Bureau has issued guidelines to life insurance companies regarding the regulation of dividend levels, prohibiting arbitrary increases in dividend levels that deviate from actual asset-liability and investment income situations [3] Global Economic Context - The Federal Reserve has maintained the federal funds rate in the range of 4.25% to 4.50%, with expectations of a potential 50 basis point cut by the end of 2025 [5] - Japan's exports fell by 1.7% year-on-year in May, raising concerns about a technical recession amid the impact of tariffs [9]

Group 1 - A total of 36 new funds were launched this week, including equity, mixed, QDII, and other types, from 26 fund companies such as Huatai-PineBridge, ICBC Credit Suisse, and Bosera [1][3] - Among the new funds, 13 are equity funds, 11 are mixed funds, 10 are bond funds, 1 is a FOF fund, and 1 is an international (QDII) fund, with equity and mixed funds accounting for 66.7% of the total [1] Group 2 - The top fund managers include Huatai-PineBridge, ICBC Credit Suisse, and Huafu, each launching 3 products, while others like Bosera and CMB have launched 2 products each [3] - Notable fund managers participating in the equity funds include Yin Hao from Bosera and Jiao Wenlong from ICBC Credit Suisse, focusing on popular sectors such as the Sci-Tech Innovation Board and innovative pharmaceuticals [4] Group 3 - 11 mixed funds were launched, with subscription thresholds as low as 1 yuan, and performance benchmarks including indices related to China's strategic emerging industries and the Hang Seng Index [6] - The mixed fund managers include veterans like Zhu Hongyu from CMB and younger managers like Nong Bingli from Invesco Great Wall [6] Group 4 - 10 bond funds were issued this week, including mixed secondary bond funds and pure bond funds, providing various options for investors based on their risk preferences [8] - The bond funds include products like Pengyang Heli A and Huisheng Hesheng Pure Bond, with subscription thresholds starting at 1 yuan [9] Group 5 - A QDII fund was launched after a 10-week hiatus, focusing on the Hang Seng Technology Index, with a subscription starting at 1 yuan and a performance benchmark tied to the index [10]