1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the ETF market liquidity dynamics from September 15 to September 21, 2025, covering the market行情, ETF market概况, and the flow of funds in different types of ETFs [1][2]. 3. Summary by Relevant Catalogs 3.1 Market Conditions - China's 10 - year Treasury yield remained flat at 1.87% last week, while the US 10 - year Treasury yield rose slightly to 4.14% [1]. - Shanghai Composite Index decreased by 1.30%, Shenzhen Component Index decreased by 1.98%, CSI 300 decreased by 0.44%, CSI 500 increased by 0.32%, CSI 1000 increased by 0.21%, CSI 2000 decreased by 0.02%, ChiNext Index increased by 2.34%, and STAR 50 increased by 1.84% [1]. - In the Shenwan primary industries, coal (+3.51%) and power equipment (+3.07%) led the gains, while banking (-4.21%) and non - ferrous metals (-4.02%) had significant declines [1]. - The average daily trading volume of the Shanghai and Shenzhen stock markets was 2.4906 trillion yuan, an increase of about 8.55% from the previous week. The margin trading balance reached about 2.3816 trillion yuan, a new high [1]. 3.2 ETF Market Overview - The overall ETF market had a net inflow of about 13.6 billion yuan in subscriptions and redemptions. Cross - border ETFs had a net inflow of about 16.1 billion yuan, and equity ETFs had a net inflow of about 4.9 billion yuan [2]. - Among equity ETFs, broad - based ETFs had a net outflow of about 16.9 billion yuan, industry ETFs had a net inflow of about 14 billion yuan, and thematic ETFs had a net inflow of about 7.1 billion yuan [2]. - In broad - based ETFs, STAR 50ETF had a significant net outflow. In industry and thematic ETFs, brokerage and robot concept ETFs continued to have net inflows, and Hong Kong Internet concept ETFs also had continuous net inflows [2]. - Last week, 8 ETF funds were listed for trading, with a total share of about 6.3 billion. There were 23 ETFs that had completed fundraising and were waiting to be listed, with a total share of about 44 billion, mostly being CSI AAA Science and Technology Innovation Corporate Bond ETFs [2]. 3.3 Stock - related ETFs - **Stock Broad - based ETFs**: Continued net outflows, while brokerage and robot concept ETFs had net inflows [2]. - **STAR 50ETF**: Had a net outflow of funds last week [2]. - **Newly - listed and To - be - listed ETFs**: 8 ETFs were listed last week with a total share of about 6.3 billion. 23 ETFs were waiting to be listed with a total share of about 44 billion, mainly CSI AAA Science and Technology Innovation Corporate Bond ETFs [2].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Viewpoints of the Report - The overall ETF market had a net inflow of approximately 7.2 billion yuan in subscriptions and redemptions last week, with cross - border ETFs having a significant net inflow, while stock - type ETFs had a net outflow [3][28]. - The stock market had a general upward trend last week, with the Shanghai Composite Index rising by 1.52%, and sectors such as electronics and real estate leading the gains, while sectors like comprehensive and banking had negative returns [2][11]. - The average daily trading volume of the Shanghai and Shenzhen stock markets decreased by about 11% compared to the previous week, but the margin trading balance reached a new high [2][10]. 3. Summary by Directory I. Market Overall Situation - **Interest Rates**: China's 10 - year Treasury bond yield slightly increased last week, reaching 1.87% on Friday, and was in a low - level consolidation, consistent with the copper - gold ratio. The US 10 - year Treasury bond yield slightly decreased, reaching 4.06% on Friday [10]. - **Trading Volume and Margin Trading**: The average daily trading volume of the Shanghai and Shenzhen stock markets was 2.2945 trillion yuan, a decrease of about 11% from the previous week. The margin trading balance reached about 2.3349 trillion yuan, a new high, and the average maintenance margin ratio was 286% [2][10]. - **Newly Issued ETFs**: A total of 8 stock - type ETFs were newly issued last week, with a total issuance scale of approximately 6.017 billion shares [10]. - **Stock Market Index and Sector Performance**: The Shanghai Composite Index rose by 1.52%, and most broad - based indexes showed an upward trend. Among the Shenwan primary industries, electronics and real estate led the gains, while comprehensive and banking sectors had negative returns. The congestion indicator of the power equipment industry continued to give a warning [2][11]. II. Capital Inflow into Battery ETF (1) Continuous Net Outflow of Stock Broad - Based ETFs, and Capital Inflow into Hong Kong Internet and Innovative Drug Concepts - **Overall ETF Market Capital Flow**: The overall ETF market had a net inflow of about 7.2 billion yuan in subscriptions and redemptions. Bond - type ETFs had a net inflow of about - 2.9 billion yuan, cross - border ETFs had a net inflow of about 21 billion yuan, and stock - type ETFs had a net outflow of about 4.6 billion yuan. Among stock - type ETFs, broad - based ETFs had a net outflow of about 21.7 billion yuan, while stock (industry) ETFs had a net inflow of about 11.6 billion yuan, and stock (theme) ETFs had a net inflow of about 6.4 billion yuan [3][28]. - **Specific ETF Capital Flow**: The Science and Technology Innovation 50 ETF had a net outflow of funds last week. Brokerage and chemical ETFs continued to have net inflows, and Hong Kong Internet and innovative drug concept ETFs also had net inflows. The gold ETF rose by 2.30% last week [28]. (2) Capital Inflow into Battery ETF Last Week - **ETF Capital Inflow Ranking**: The top 10 ETFs with net capital inflows last week included Hong Kong Stock Connect Internet ETF, Hong Kong Innovative Drug ETF, and Battery ETF. The top 10 ETFs with net capital outflows included Science and Technology Innovation 50 ETF, CSI 1000 ETF, and Science and Technology Innovation Chip ETF [39][41]. (3) Overview of Newly Listed and Proposed - to - be - Listed ETFs - **Newly Listed ETFs**: A total of 4 ETF funds were listed for trading last week, with a total share of approximately 2 billion shares [3][44]. - **Proposed - to - be - Listed ETFs**: There were 12 ETFs that had completed fundraising and were waiting to be listed, with a total share of approximately 7.9 billion shares [3][44].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the A - share market and ETF market from July 21 to July 27, 2025. The A - share market showed an upward trend in indexes, with building materials, coal, and steel leading the gains. The overall ETF market had a net inflow of about 1.9 billion yuan, but stock - type ETFs had a net outflow, especially broad - based ETFs. Gold ETFs also had a net outflow, while 30 - year treasury bond ETFs had a net inflow [1][2][9]. 3. Summary by Related Catalogs 3.1 Market Overall Situation: Index Upward, Building Materials, Coal, and Steel Leading the Gains - China's ten - year treasury bond yield slightly increased to 1.73% last week, in a long - term downward trend in sync with the copper - gold ratio. The US ten - year treasury bond yield slightly decreased to 4.40%, and the correlation with the copper - gold ratio became unclear since the US last interest - rate hike cycle in 2022 [9]. - The average daily trading volume of the Shanghai and Shenzhen stock markets was 1817.6 billion yuan, an increase from the previous week. The margin trading balance reached about 19338 billion yuan on Friday, hitting a high for the year [1][9]. - Last week, 10 stock - type ETFs were newly issued, with a total issuance scale of about 4.22 billion shares [9]. - The stock - type ETFs had a net redemption inflow of about - 5.453 billion yuan [10]. - Indexes such as the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all rose. Among the Shenwan primary industries, building materials, coal, and steel had large increases, while the banking and communication industries had negative returns. The steel and building materials industries had over - speculation warnings [10]. 3.2 A - share Broad - based ETFs and Gold ETFs with Net Redemption Outflows 3.2.1 Net Redemption Outflow of CSI A500ETF, Net Redemption Inflow of 30 - year Treasury Bond ETF - The overall ETF market had a net redemption inflow of about 1.9 billion yuan. Bond - type ETFs had an inflow of about 9.2 billion yuan, cross - border ETFs had an inflow of about 10.3 billion yuan, and stock - type ETFs had an inflow of about - 5.5 billion yuan. The broad - based ETFs had an inflow of about - 16 billion yuan, the main direction of the net outflow of stock - type ETFs. The turnover rate of stock (industry) ETFs increased significantly compared with the previous week [24]. - Among industry - themed ETFs, the chip and brokerage industries had net redemption outflows. Gold ETFs had a net outflow, while 30 - year treasury bond ETFs had a net inflow [24]. 3.2.2 Net Outflow of Gold ETFs and Money - type ETFs Last Week - The redemption funds of ETFs flowed into bond - type ETFs and some Hong Kong - stock industry ETFs, while money - type ETFs and gold ETFs had net outflows [33]. 3.2.3 Overview of Newly - listed and To - be - listed ETFs - Last week, 8 ETF funds were listed for trading, with a total share of about 4.3 billion. There were 14 ETFs that had completed fundraising and were waiting to be listed, with a total share of about 5.6 billion, mainly stock (theme) ETFs [2][38].

责任编辑：彭紫晨 专题：深交所2025全球投资者大会：新质生产力 投资中国新机遇——开放创新的深圳市场 5月19日至20日，深交所2025全球投资者大会在深圳举行。大会主题为"新质生产力：投资中国新机遇 ——开放创新的深圳市场"，通过主旨演讲、圆桌讨论、公司路演等多种形式，展现中国资产和A股市 场投资价值。简街资本中国业务主管彭英之出席会议并发表看法。 彭英之表示，从长远来看，从经验来看，看向全球的市场，也在中国做了大量的工作去了解目前市场的 格局和动态，主要有两点将会带动中国ETF的市场。一是大宗交易的系统和机制。 二是固收ETF。我们现在看到的中国的固收ETF以及权益ETF的规模，和其他主要ETF市场进行比较， 会发现未来的增长潜力是非常巨大的，而且未来有更多的基础设施方面需要去建设，目前固定的流动性 的环境可能比其他的市场会更加复杂一点，但他认为，如果固收ETF的市场可以进一步增长，那就是他 们希望看到的，或者说希望能够通过这个的发展来进一步提升流动性。2020年3月份，当时全球都在讨 论固收的ETF流动性是不是个泡沫，因为固收的ETF流动性并不高，但是2020年3月份疫情影响到了美 国，当时固收的ET ...