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 ...