Core Viewpoint - The report highlights the performance and key metrics of the Huatai-PineBridge CSI Shanghai State-Owned Enterprises ETF Fund, indicating a net asset value increase and a competitive ranking among similar funds [1][2]. Fund Performance - As of Q2 2025, the fund's latest scale is 7.942 billion yuan, with a quarterly net value increase of 3.55% [1][2]. - Over the past year, the fund's net value increased by 26.5%, ranking 1421 out of 2903 similar funds, while the median increase for similar funds was 25.63% [1][2]. - The fund's maximum drawdown over the past year was -16.59%, and since inception, it has experienced a maximum drawdown of -30.96% [1]. Fund Size and Asset Allocation - The fund's size increased by 447 million yuan from the previous period, reflecting a 5.96% quarter-on-quarter change [2]. - The current asset allocation shows that 98.71% of the net value is in stocks, with no bond assets and 1.28% in cash [2]. Top Holdings - The top ten stock positions account for 44.77% of the fund, with China Pacific Insurance (601601) being the largest holding at 8.33% [2][3]. - Other significant holdings include Shanghai Airport (5.74%) and Shanghai Electric (3.91%), with various adjustments in positions compared to the previous quarter [3]. Fund Management - The current fund manager, Wu Zhenxiang, has been in charge since July 28, 2016, with a cumulative return of -2.37% during his tenure [3]. - The fund manager oversees 23 other fund products, with the best-performing fund this quarter being Huatai-PineBridge CSI 2000 Index Enhanced A, which saw a net value increase of 11.28% [3]. Economic Context - The report notes that the Shanghai Composite Index rose by 3.3% in Q2 2025, with small-cap and value styles outperforming large-cap and growth styles [5]. - Domestic macroeconomic resilience is highlighted, particularly in the consumption sector, with retail sales growing by 6.4% year-on-year in May 2025, the highest since 2024 [5]. - Fixed asset investment increased by 3.7% year-on-year, with infrastructure and manufacturing investments showing strong growth, while real estate investment continued to decline [5]. Market Outlook - The report emphasizes that despite potential external demand slowdowns and pressures in the real estate market, domestic demand expansion and supportive policies provide a solid foundation for economic development [5]. - The CSI Shanghai State-Owned Enterprises Index represents listed state-owned enterprises in Shanghai, and the ETF serves as a quality tool for investors to allocate to these assets [5].

增加城乡居民收入，增强城乡居民消费能力和信心，持续的财政政策支持以及充分发挥市场自主力量带 来的生命力，都是提振消费的重要方面。 5月份的消费数据令人眼前一亮。 据国家统计局的数据，当月社会消费品零售总额为4.13万亿元，同比增长6.4%，增速比上月加快1.3个 百分点，是自2024年以来月度最快增速；1~5月，社会消费品零售总额为20.32万亿元，同比增长5.0%。 这充分显示出国内消费市场向好态势更加稳固，消费市场活力加速释放。 当前，消费是拉动经济增长的最重要引擎，大力提振消费是应对外部环境变化、畅通国内大循环、提升 居民生活品质的关键。综合消费平稳较快增长等指标，预示着今年上半年GDP累计增速达到5.2%左右 的可能性较高，全面的经济增速目标可期。 消费平稳较快增长，缘于"国补"支持的家电等消费品以旧换新政策拉动作用进一步显现，以及假日消费 活力凸显，直播带货、即时零售等消费新业态动能持续释放，还包括免签政策实施带来的入境游消费 等。 应该看到，其中既有短期因素，更有长期因素，长期因素起着关键性作用。长期因素就是国家对提振消 费的政策支持及其产生的推动力。 下一步，要保持消费增长的良好势头，还需要在多 ...

Core Viewpoint - The Shandong Provincial Government has introduced a set of fiscal policies aimed at supporting the high-quality development of the private economy, which constitutes 99% of the market entities in the province [1]. Group 1: Policy Overview - The new policies include 10 areas and 50 specific measures focused on supporting innovation, facilitating transformation, broadening financing channels, creating a fair procurement environment, and enhancing policy accessibility for private enterprises [1]. - Key characteristics of the policies include systematic integration, precise measures, financial collaboration, and stabilizing expectations [1]. Group 2: Financial Support Measures - Shandong will provide up to 5 million yuan in subsidies for R&D investments and up to 100 million yuan annually for companies completing clinical trials for innovative drugs [2]. - The province plans to support at least 200 key service projects annually, with a minimum of 50% participation from private enterprises [2]. - For major industrial technology transformation projects, the maximum interest subsidy from the provincial government will be 20 million yuan [2]. Group 3: Financing and Investment Strategies - The policies aim to broaden investment channels by leveraging fiscal funds to attract more social capital, particularly for seed and early-stage private enterprises [2]. - Financing enhancement measures include supply chain financing rewards and government procurement loans to facilitate credit access for small and micro enterprises [3]. - Cost reduction strategies involve interest subsidies for various loans, including technology transformation and entrepreneurial guarantee loans, as well as insurance compensation policies for innovative equipment and materials [3].