Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes the secondary market and ETF product situation from July 21 to July 25, 2025. It includes the performance of major indexes and industries, the flow of funds in different types of ETFs, trading volume, and new fund launches and listings [1][2][3]. Summary by Related Catalogs 1. Secondary Market Overview - **Index Performance**: During the sample period, the top performers in weekly returns were the Science and Technology Innovation 50, Nikkei 225, and CSI 500, with returns of 4.63%, 4.11%, and 3.28% respectively. The PE valuation quantile of the CSI 500 was the highest at 99.59%, while that of the Nikkei 225 was the lowest at 72.13% [10]. - **Industry Performance**: In terms of returns, the top three industries were building materials, coal, and steel, with returns of 8.20%, 7.98%, and 7.67% respectively. The bottom three were banking, communication, and public utilities, with returns of -2.87%, -0.77%, and -0.27% respectively. In terms of valuation, the top three industries in valuation quantile were computer, national defense and military industry, and textile and apparel, all at 100.00%. The bottom three were agriculture, forestry, animal husbandry and fishery, comprehensive, and household appliances, at 23.14%, 39.05%, and 40.70% respectively [17]. 2. ETF Product Overview 2.1 ETF Market Performance - **By Product Type**: The average performance of industry - themed ETFs was the best, with a weighted average return of 2.96%, while that of bond ETFs was the worst, with a weighted average return of -0.27%. - **By Listing Plate**: The ETFs related to the Science and Technology Innovation Board and Japanese stocks performed well, with weighted average returns of 4.54% and 3.82% respectively. The ETFs related to US stocks and MSCI China A - share concept performed poorly, with weighted average returns of 0.40% and 1.65% respectively. - **By Industry Plate**: The cycle - sector ETFs had the best average performance, with a weighted average return of 7.21%, while the consumer - sector ETFs had the worst, with a weighted average return of 1.53%. - **By Theme**: Chip semiconductor and non - banking ETFs performed well, with weighted average returns of 4.98% and 4.93% respectively. Banking and innovative drug ETFs performed poorly, with weighted average returns of -2.87% and 0.88% respectively [21][24]. 2.2 ETF Fund Inflow and Outflow - **By ETF Category**: Industry - themed ETFs had the largest net inflow of funds at 231.53 billion yuan, while broad - based ETFs had the smallest at -148.46 billion yuan. - **By Listing Plate**: Hong Kong stock ETFs had the largest net inflow of funds at 106.88 billion yuan, while Science and Technology Innovation Board - related ETFs had the smallest at -39.97 billion yuan. - **By Industry Plate**: Cycle - sector ETFs had the largest net inflow of funds at 72.00 billion yuan, while biomedical - sector ETFs had the smallest at -4.03 billion yuan. - **By Theme**: Non - banking and robot ETFs had the largest net inflows of funds, at 59.10 billion yuan and 14.15 billion yuan respectively. Chip semiconductor and dividend ETFs had the smallest, at -10.89 billion yuan and -7.41 billion yuan respectively [2][29][32]. 2.3 ETF Trading Volume - **By ETF Category**: The daily average trading volume change rate of industry - themed ETFs increased the most, by 28.96%, while that of bond ETFs decreased the most, by -6.75%. - **By Listing Plate**: The daily average trading volume change rate of Japanese stock ETFs increased the most, by 72.66%, while that of US stock ETFs decreased the most, by -17.66%. - **By Industry Plate**: The daily average trading volume change rate of cycle - sector ETFs increased the most, by 98.87%, while that of biomedical - sector ETFs increased the least, by 17.86%. - **By Theme**: Non - banking and innovative drug ETFs had the largest 5 - day average daily trading volumes, at 290.98 billion yuan and 97.35 billion yuan respectively. Central state - owned enterprises and chip semiconductor ETFs had the largest increases in daily average trading volume change rate, at 39.26% and 37.77% respectively. Consumer electronics and military industry ETFs had the largest decreases, at -11.92% and -6.02% respectively [38][41][44][45]. 2.4 ETF Margin Trading During the sample period, the net margin purchase of all equity ETFs was -1.432 billion yuan, and the net short - selling was 0.47 billion yuan. The E Fund CSI Hong Kong Securities Investment Theme ETF had the largest net margin purchase, and the Huaxia CSI 1000 ETF had the largest net short - selling [2][51]. 2.5 ETF New Launches and Listings During the sample period, 10 funds were established and 8 funds were listed [3][53].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the public fund industry in China, specifically analyzing the performance and trends of various fund types in the second quarter of 2025. Core Insights and Arguments Public Fund Performance - In Q2 2025, the number and scale of newly launched active equity funds significantly increased, with an average fundraising scale of 520 million yuan, focusing on dividend value and technology growth [1][2] - Despite a market rebound, the overall share of active equity funds decreased by 2.2% due to redemptions of older products, maintaining a scale of 3.33 trillion yuan [1][2] - Fixed income plus products surpassed the levels of the second half of 2023, reaching 2.16 trillion yuan, with a notable expansion in mixed bond FOFs [1][2] Fund Categories - Active equity funds showed strong performance, with a 3.1% increase in the equity fund index, outperforming broad-based indices [1][5] - The new issuance of FOF products continued at a high level, with a total new scale of 18.6 billion yuan, leading to a 10% increase in the overall market scale of FOFs to 166.2 billion yuan [1][4] Investment Trends - Active equity funds increased their stock positions slightly, with a notable rise in holdings of Hong Kong stocks, which now account for 17% of their portfolios [3][26] - The communication and financial sectors received increased allocations, while consumer and manufacturing sectors saw reductions [27] Performance Metrics - The median returns for active equity funds in Q2 were strong, with ordinary stock, mixed equity, and flexible allocation products achieving median returns of 2.0%, 2.1%, and 1.8% respectively, all outperforming major indices [19][20] - Fixed income plus funds achieved positive returns across all subcategories, with convertible bond funds leading in performance [22][23] Additional Important Insights - The competitive landscape for FOF products shows a slight decrease in the market share of the top ten managers, which now account for 60.8% of the market [4][8] - The concentration of holdings in active equity funds has decreased, indicating a more diversified investment approach, with the CR10 and CR20 ratios at 17.5% and 25.8% respectively [28] - Notable stock holdings include Ningde Times, which remains the most favored stock among funds, despite a slight reduction in holdings [29] Market Dynamics - The passive index product market reached a total scale of 5.79 trillion yuan by the end of Q2, with a 12.6% quarter-on-quarter growth [11] - The issuance of passive stock products hit a historical high, with 109 new products launched in Q2 2025 [9][10] Sector-Specific Performance - The innovative pharmaceutical sector led the market in Q2, with corresponding theme funds achieving a median return of 10.1% [21] - The report highlights the strong performance of small-cap growth and value products, with median returns of 3.4% and 3.2% respectively [20] This summary encapsulates the key findings and insights from the conference call regarding the public fund industry, highlighting performance metrics, investment trends, and sector-specific dynamics.

Group 1 - The market is expected to continue its oscillation in the short to medium term, with accelerated style rotation driven by monetary policy easing and strong export performance [1] - In May, a rotation pattern of "risk aversion - consumption - growth" may re-emerge, starting with technology growth stocks, followed by a shift towards defensive assets as macroeconomic risks increase [1] - The recovery of the consumption sector is anticipated after the defensive phase, supported by policy dividends and improving consumption data, leading to new investment opportunities driven by domestic demand [1] Group 2 - The market shows resilience due to dual drivers of policy support and economic recovery, despite short-term fluctuations in trading volume reflecting cautious sentiment [2] - The first quarter saw a positive turnaround in net profit growth for all A-shares, indicating improving corporate earnings and strengthening internal economic recovery [2] - The effects of monetary policy easing and long-term capital inflows are expected to enhance liquidity, supporting a continued recovery in consumption and investment sectors [2]

Abstract 摘要 点击小程序查看报告原文 规模及竞争格局：产品规模上行趋势暂缓，宽基规模占比有所回落 被动产品规模上行趋势暂缓。 截至3月末被动产品整体规模5.14万亿元，总规模在近两年的上行趋势中首次出现单季度下滑，季度规模增速为-1.0%。结构 上，虽然一季度股票ETF新发规模不少，但由于产品资金净流出较多，整体上股票ETF相较上季度规模仅增长0.3%；债券型ETF则维持规模高增速，规模 增长21.2%，连续4个季度规模增速在20%以上；商品型ETF受益于黄金市场的持续走强，单季度大幅增长39.9%。此外，LOF和场外指数基金规模下降 8.2%；而货币型ETF规模下降6.1%。 产品集中度进一步下降。 无论是公司还是产品口径，被动产品集中度继上一季度下降后都出现进一步回落，行业CR5降至47.9%，产品CR10下降至 28.0%。我们认为长期来看集中度升高的趋势难以逆转，头部区域格局较为固定，目前竞争的加剧主要来源于大量新产品发行，尾部产品市占率扩充明 显。 权益产品发行热度攀升。 2025年一季度被动权益产品共计发行99只。季度发行数量创历史新高。同时总发行规模709亿元也有明显上升，总发行规模处 ...