1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Kechuang 50 index led the gains last week, with sectors such as power equipment, electronics, and non - ferrous metals showing significant increases. Meanwhile, sectors like social services, comprehensive, and commercial retail had relatively large declines [1][10]. - The overall ETF market had a net inflow of about 103.1 billion yuan in subscriptions and redemptions last week, with bond - type ETFs having a net inflow of about 76.6 billion yuan and stock - type ETFs having a net inflow of about 14.4 billion yuan [2]. - The margin trading balance reached a new high last week, while the average daily trading volume of the Shanghai and Shenzhen stock markets decreased by about 7.98% compared to the previous week [1]. 3. Summary by Relevant Catalogs Market Overall Situation - **Interest Rates**: China's 10 - year government bond yield remained flat compared to the previous week, at 1.88% on Friday. The US 10 - year government bond yield increased slightly, reaching 4.20% on Friday [1][9]. - **Stock Index Performance**: The Kechuang 50 index rose by 6.47%, leading the gains. The Shanghai Composite Index rose by 0.21%, the SSE 50 by 1.07%, the CSI 300 by 1.07%, the CSI 500 by 0.98%, the CSI 1000 by - 0.55%, the CSI 2000 by - 1.79%, and the ChiNext Index by 1.96% [1][10]. - **Trading Volume and Margin Trading**: The average daily trading volume of the Shanghai and Shenzhen stock markets was 2.2919 trillion yuan, a decrease of about 7.98% from the previous week. The margin trading balance reached about 2.408 trillion yuan, a new high [1]. - **ETF Issuance**: A total of 10 stock - type ETFs were newly issued last week, with a total issuance scale of about 5.077 billion shares [9]. ETF Market Overview - **ETF Net Inflows**: The overall ETF market had a net inflow of about 103.1 billion yuan in subscriptions and redemptions. Bond - type ETFs had a net inflow of about 76.6 billion yuan, and stock - type ETFs had a net inflow of about 14.4 billion yuan. Among stock - type ETFs, broad - based ETFs had a net inflow of about - 3.9 billion yuan, stock (industry) ETFs had a net inflow of about 4.6 billion yuan, and stock (theme) ETFs had a net inflow of about 14.5 billion yuan [2]. - **Specific ETFs with Net Inflows**: In broad - based ETFs, the CSI A500ETF had a significant net inflow. In industry - themed ETFs, securities, chip, and robot - concept ETFs, as well as the Hang Seng Tech ETF and Kechuang Bond ETF, had net inflows [2]. - **Newly Listed and Upcoming ETFs**: A total of 21 ETF funds were listed for trading last week, with a total share of about 3 billion. There were 13 ETFs that had completed fundraising and were waiting to be listed, with a total share of about 6.9 billion [2][42].