Core Viewpoint - The financial technology sector is experiencing significant growth, driven by a combination of market dynamics and technological advancements, particularly in stablecoins and AI applications in finance [1][3]. Group 1: Market Performance - The financial technology ETF (159851) has seen a year-to-date increase of over 34%, outperforming the ChiNext Index (+21.76%) and the Shanghai Composite Index (+12.37%) [3][4]. - As of August 20, 2025, the financial technology ETF has a total scale exceeding 9.7 billion yuan, with an average daily trading volume of over 600 million yuan, indicating strong liquidity and market interest [5]. Group 2: Sector Drivers - The stablecoin and Real World Assets (RWA) are identified as clear development directions for financial technology, with ongoing penetration in both domestic and international markets [2]. - The integration of AI in financial services is expected to open new growth avenues for financial IT service providers, enhancing their role in the AI+Finance market [3]. Group 3: Investment Opportunities - Companies in the financial technology sector, particularly those involved in internet brokerage, financial IT, cross-border payments, and AI applications, are recommended for investment consideration [5]. - The financial technology ETF is highlighted as a key investment vehicle, with its index covering a wide range of popular themes in the sector [5].

数据来源：沪深交易所等。 招商证券指出，大盘与题材共振，看好金融科技方向。首先，稳定币&RWA作为金融科技明确的发展方 向之一，目前处于海内外同步推进产业渗透的阶段。临近业绩期，市场对上市公司Q2业绩关注度提 升，互金板块兼具牛市下业绩释放潜力以及稳定币/RWA题材属性，金融科技配置价值显现。 多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类 013478），标的指数全面覆盖了互联网券商、金融IT、跨境支付、AI应用、华为鸿蒙等热门主题。截至 8月4日，金融科技ETF（159851）最新规模超82亿元，今年以来日均成交额超6亿元，规模、流动性在 跟踪同一标的指数的3只ETF中断层第一！ 市场端：8月4日沪指再创年内收盘新高，叠加资本市场改革深化、流动性宽松及市场指数中枢上移预 期，互联网券商、券商IT等金融科技方向有望持续受益：互联网券商基本面预期有望持续改善，金融IT 等作为顺周期高弹性品种受益于交易量提振，C端炒股软件景气度向上，B端金融IT需求逐步释放。 技术端：机构数据显示，2024年信息技术投入前十的券商均为国内头部机构，投入均超10亿元，华泰证 ...

5日早盘，金融科技小幅震荡调整，从日线上有企稳迹象，成份股表现较为分化。上涨方面，东信和平 盘中触及涨停，恒银科技、新晨科技涨超1%，恒宝股份、神州信息、赢时胜、银之杰、四方精创等飘 红。下跌方面，普元信息领跌超7%，新致软件、中科金财、税友股份等跌超2%。 热门ETF方面，规模、流动性同类断层第一的金融科技ETF（159851）场内震荡盘整，盘中频现溢价交 易，实时成交额超1.7亿元，资金实时净申购1600万份。 招商证券指出，大盘与题材共振，看好金融科技方向。首先，稳定币&RWA作为金融科技明确的发展 方向之一，目前处于海内外同步推进产业渗透的阶段。临近业绩期，市场对上市公司Q2业绩关注度提 升，互金板块兼具牛市下业绩释放潜力以及稳定币/RWA题材属性，金融科技配置价值显现。 须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投 资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业 绩并不代表其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须 谨慎。 MACD金叉信号形成，这些股涨势不错！ 责任编辑： ...

Market Overview - The market is currently experiencing a temperature check with a significant portion of the indices showing a long-term signal of 75% [1] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have shown varying performance, with the latter two indices experiencing declines of 1.62% and 0.77% respectively [1] Sector Performance - The chemical sector has shown a strong rebound, with a notable increase in the index closing over 1% higher, driven by a net capital inflow of over 144 billion yuan in the past 60 days [4][6] - The media sector led the inflow of funds with 1.072 billion yuan, while the computer sector faced the largest outflow of 89.79 billion yuan [2] Investment Signals - The chemical and financial technology sectors are highlighted as having significant potential for investment, with the chemical sector benefiting from policy expectations and valuation recovery [6] - The recent implementation of the stablecoin regulations in Hong Kong is expected to create opportunities in the fintech sector, particularly for those obtaining the first batch of licenses [6] ETF Performance - The chemical ETF has shown a 10.60% increase over the past six months, indicating strong performance in this sector [4] - The financial technology ETF has also demonstrated robust growth, with a notable increase in trading volume and turnover [4] Future Outlook - The chemical sector's future performance will depend on actual improvements in the fundamental aspects of the industry, despite the current positive sentiment [6] - The fintech sector is expected to gain traction as stablecoin regulations take effect, with a focus on platforms that can create use cases for stablecoins [6]

Group 1 - The core viewpoint of the news highlights a significant decline in the fintech sector, particularly in stablecoin-related stocks, with major companies experiencing notable drops in share prices [1][3]. - The Hong Kong Monetary Authority (HKMA) is set to implement a regulatory framework for stablecoin issuers starting August 1, which has contributed to the market's downturn due to concerns over the pace of industry developments [3]. - The first batch of licenses for stablecoin issuers is expected to be limited to single digits, with a timeline for applications set until September 30, indicating a cautious approach to market entry [3]. Group 2 - The fintech ETF (159851) has shown weak performance, with a price drop of 2% and significant trading activity, including a net subscription of 1.5 million units [1][4]. - The fintech sector is viewed as having potential investment opportunities, particularly in stablecoins and Real World Assets (RWA), as the market anticipates earnings releases from listed companies [3][4]. - The fintech ETF has a substantial scale of over 8.5 billion yuan and leads in liquidity among similar ETFs, indicating strong market interest despite recent volatility [4].

Group 1 - The financial technology sector has shown significant activity, with major stocks experiencing substantial gains, including a more than 7% increase in the stock price of Zhina Compass, reaching an all-time high, and a 60% rise over the past month [1] - The financial technology ETF (159851) has seen a strong performance, closing up 2.02% and achieving a near historical high, with a trading volume exceeding 1.1 billion yuan and attracting over 2 billion yuan in the last ten days [1][4] - Analysts suggest that the financial technology sector presents multiple investment opportunities, particularly in light of the upcoming earnings season and the potential for significant performance releases in the internet finance sector [3][4] Group 2 - The market is transitioning from a stock market to an incremental market, with increased trading activity leading to a general rise in valuation levels, indicating a broad-based profit effect [4] - Key drivers for the financial technology sector include increased trading volume benefiting high-elasticity stocks like internet brokers and financial IT, rapid penetration of AI in the financial industry, and the acceleration of innovative stablecoin developments [5][4] - The financial technology ETF (159851) has a current scale exceeding 8.5 billion yuan, with an average daily trading volume of over 550 million yuan in the past six months, indicating strong liquidity and market interest [4]

Core Viewpoint - The financial technology sector is experiencing significant growth, with internet brokerages and related ETFs showing strong performance in the market, indicating a shift towards an incremental market in A-shares since June 2025 [1][3]. Group 1: Market Performance - Internet brokerages are gaining traction, with financial technology stocks rising over 1%, and specific stocks like Guiding Compass increasing by over 4% [1]. - The financial technology ETF (159851) has seen a rise of 1.31%, surpassing all moving averages, with a real-time transaction volume exceeding 150 million yuan [1]. - As of July 18, the financial technology ETF (159851) has a total scale exceeding 8 billion yuan, with an average daily trading volume of over 550 million yuan in the past six months, leading in scale and liquidity among similar ETFs [3]. Group 2: Investment Insights - The non-banking sector presents relative return opportunities as the market transitions from a stock-based to an incremental market, with increased trading activity and rising overall valuation [2]. - The focus on financial technology remains strong, with stablecoins and RWA being key development directions, and the market is increasingly attentive to the Q2 performance of listed companies in this sector [3]. - Investors are encouraged to consider the financial technology ETF (159851) and its associated funds, which cover a wide range of themes including internet brokerages, financial IT, cross-border payments, and AI applications [3].

Group 1 - The financial technology sector is showing strong performance, with notable stocks such as Zhongke Jincai hitting the daily limit, and Cuiwei Co. and Shenzhou Information rising by 6.32% and 5.58% respectively [1] - The largest and most liquid financial technology ETF (159851) experienced a price increase of over 1% in the afternoon session, with a trading volume exceeding 600 million yuan, indicating sustained premium trading [1] - As of July 8, the financial technology ETF (159851) has a total size exceeding 6.6 billion yuan, with an average daily trading volume of over 500 million yuan in the past six months, highlighting its scale and liquidity advantages [3] Group 2 - The financial technology sector is expected to remain a key growth area in July, with a focus on technology innovation, particularly in financial technology [1] - The ETF and its linked funds (A class 013477, C class 013478) cover a wide range of themes including internet brokerage, financial IT, cross-border payments, AI applications, and Huawei's HarmonyOS [3] - The market is increasingly focused on the Q2 earnings of listed companies, with the internet finance sector showing potential for performance release in a bull market, alongside the themes of stablecoins and RWA [5]