Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - A-share trading volume reached a year-to-date low in mid-April, influenced by pre-holiday caution and uncertainties regarding domestic stimulus and US/China trade negotiations [4] - Post-Labor Day, trading volumes rebounded approximately 20% from pre-holiday levels, indicating a recovery in market liquidity, with an average daily volume of $181 billion in May, a 10% increase compared to April [4] - Volatility peaked after Liberation Day but has since decreased as trade-related concerns eased [4] - Average spreads narrowed by approximately 1-1.5 basis points in May compared to April, with the most significant reduction occurring in the first 30 minutes of trading [4] - The average quote size at the top of the order book increased by roughly 20% compared to April, suggesting lower transaction costs due to tighter spreads and deeper liquidity [4] - CSI300 stocks' volume participation rose from 18% to 25% after the Labor Day holidays [4][16] - Onshore Equity ETFs saw the largest weekly inflows during the week of April 11, primarily driven by CSI300 ETFs, although these inflows were followed by three weeks of net outflows [4] - Chinese Equities experienced moderate net buying activity for four consecutive weeks, with A-shares accounting for 70% of net buying flows [4] - Gross allocation to China has decreased from year-to-date highs, currently at 4.7%, while net allocation has increased to 8.6% [4] Summary by Sections Liquidity Overview - A-share trading volume dropped to a year-to-date low in mid-April due to investor caution [4] - Recovery in liquidity was observed post-Labor Day with a significant rebound in trading volumes [4] Foreign Positions & Flows - The report indicates a moderate net buying activity in Chinese equities, with A-shares dominating the flows [4] Sector Performance - Industrial, Finance, and Technology sectors saw the largest month-over-month volume increases, while Property and Utilities experienced reductions [4]

Group 1 - The core viewpoint of the news highlights the performance of the CSI 500 Quality Growth Index and its ETF, indicating a mixed performance among constituent stocks with notable gainers and losers [1][2] - The CSI 500 Quality Growth ETF has seen significant growth in both scale and shares, with an increase of 42.06 million yuan in scale and 8 million shares in the past month, ranking in the top third among comparable funds [1][2] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 24.07% of the index, with notable companies such as Chifeng Jilong Gold Mining and Ninebot Company leading the list [3][5] Group 2 - The market liquidity has changed significantly since April due to U.S. tariffs on China, with structural support from central government funds leading to a recovery in ETF shares and net buying from industrial capital [2] - The CSI 500 Quality Growth Index is composed of 100 companies selected for their high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2]

Group 1 - The A500 index (000510) decreased by 0.45% as of May 9, 2025, with mixed performance among constituent stocks [3] - Leading gainers included Runhe Software (300339) up 6.24%, Changchun High-tech (000661) up 2.79%, and Small Commodity City (600415) up 2.77% [3] - Major decliners were Maiwei Co. (300751) down 5.78%, Donghua Software (002065) down 5.62%, and Zhenhua Technology (000733) down 5.12% [3] Group 2 - The A500 ETF fund (512050) fell by 0.43%, with the latest price at 0.93 yuan [3] - The fund experienced a turnover of 8.67% during the trading session, with a total transaction volume of 1.454 billion yuan [3] - Over the past year, the A500 ETF fund had an average daily transaction volume of 3.739 billion yuan, ranking first among comparable funds [3] Group 3 - The A500 ETF fund saw a significant growth of 627 million yuan in scale over the past two weeks, ranking first among comparable funds [3] - The fund's shares increased by 27.6 million over the same period, also ranking first among comparable funds [3] - In terms of net inflow, the A500 ETF fund received continuous net inflows over three days, with a peak single-day inflow of 208 million yuan, totaling 311 million yuan, averaging 10.4 million yuan daily [3] Group 4 - Bohai Securities noted that since April, market liquidity has changed significantly due to U.S. tariffs on China, with stabilizing funds contributing to a rebound in ETF shares [4] - Structural support in liquidity has helped the market stabilize quickly, with expectations for long-term capital inflows driven by policy support [4] - The A500 ETF fund closely tracks the A500 index, which selects 500 securities with large market capitalization and good liquidity from various industries [4] Group 5 - As of April 30, 2025, the top ten weighted stocks in the A500 index included Kweichow Moutai (600519), CATL (300750), and Ping An Insurance (601318), collectively accounting for 20.8% of the index [5] - The top ten stocks by weight are Kweichow Moutai (4.28%), CATL (2.96%), and Ping An Insurance (2.46%) among others [7]