Group 1 - The three major indices collectively rose on July 10, with the Shanghai Composite Index returning to 3,500 points. The Hongli Low Volatility ETF (512890) closed up 0.57% at 1.230 CNY, with a trading volume of 3.21 billion CNY and a turnover rate of 1.59% [1][2] - In terms of liquidity, the net inflow over the past five trading days was 628 million CNY, and the net inflow over the last 20 trading days was 1.753 billion CNY. As of July 9, 2025, the circulating scale of the Hongli Low Volatility ETF reached 20.343 billion CNY, making it the only low volatility theme ETF in the A-share market with a scale exceeding 20 billion CNY [1][2] Group 2 - China Galaxy Securities believes that the recent revision of the People's Bank of China's cross-border payment system rules is expected to further promote the internationalization of the RMB and assist banks in developing cross-border business. The rule optimization will help banks expand their participation in cross-border RMB payments and financial market business [3] - Huaxi Securities noted that despite a significant rise in the banking index, the overall price-to-book ratio remains relatively low, at 0.6 as of June 25, 2025, which is in the 32nd percentile of the past ten years. This low valuation level, combined with regulatory support for long-term capital entering the market, is likely to attract medium- to long-term capital allocation to the banking sector [3] Group 3 - The Hongli Low Volatility ETF was established on December 19, 2018, with a performance benchmark based on the CSI Low Volatility Index. The latest report indicates that the ETF's top holdings include Chengdu Bank, Youngor, Industrial Bank, and others, with a total holding value of approximately 3.722 billion CNY [4] - For investors seeking stable returns and low-risk volatility, or those looking for bond alternative assets without a stock account, the Hongli Low Volatility ETF (512890) offers linked funds for investment participation [4]

Group 1 - The core viewpoint of the news highlights the active trading of the Hongli Low Volatility ETF (512890), which has seen significant inflows and reached a new high in scale [1][4] - The ETF has recorded a cumulative return of 123.74% since its inception, with an annualized return of 13.43% [4][5] - Recent financial policies introduced by the central bank and regulatory bodies are expected to stabilize market expectations and enhance risk appetite among investors [3] Group 2 - The ETF has experienced net inflows of 3.3 billion yuan over the past five days and 9.14 billion yuan over the past twenty days, indicating strong investor interest [1] - The financial policies are anticipated to support mid-to-long-term capital entering the market, particularly benefiting large-cap stocks [3] - The market sentiment is expected to remain cautious due to ongoing uncertainties, with a potential rotation between defensive and growth styles [3]