Group 1: Fund News - The total scale of personal pension funds has exceeded 12 billion yuan, reaching 12.472 billion yuan by the end of Q2, representing an increase of over 8% compared to the end of Q1 [1] - Year-to-date, personal pension funds have achieved positive returns, with an average net value increase of 5.5% as of July 21 [1] - Nearly 80 billion yuan has flowed into Hong Kong stock market through ETFs this year, with 69 out of over 130 Hong Kong-themed ETFs receiving net inflows, particularly favoring technology and internet sectors [2] Group 2: REITs and Fund Manager Updates - China Securities Regulatory Commission has accepted the fundraising application for the China Aviation Fund's Tianhong Consumer REIT on July 22 [3] - A new fund manager, Miao Fu, has been appointed to assist Wang Baohe in managing the Fuguo Zhihang Quantitative Stock Selection Fund, bringing 7 years of experience in the securities industry [3] Group 3: ETF Market Performance - The market experienced a slight increase, with the Shanghai Composite Index rising by 0.01% and closing above 3600 points, while the Shenzhen Component Index fell by 0.37% [3] - The total trading volume in the Shanghai and Shenzhen markets was 1.86 trillion yuan, a decrease of 28.4 billion yuan from the previous trading day [3] - Notable performers included several Nikkei-related ETFs, with the highest increase reaching 4.54% [3] Group 4: ETF Opportunities - It is anticipated that brokerage firms' operating income will grow by 10% year-on-year by Q2 2025, with net profit expected to increase by 20% [6] - The improvement in performance, along with mergers, restructuring, and steady refinancing, is expected to enhance the net asset scale of brokerages, with a continued upward trend in ROE [6] - The rebound in the economic fundamentals and the gradual release of wealth effects are likely to accelerate the recovery of asset management businesses, making securities ETFs a focus for investment [6]