1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The performance of ETF products has varied in the past two weeks. Among the major broad - based ETFs, the CSI 2000 ETF had the largest increase, and among the industry and theme products, the military industry ETF had the largest increase. The fund flow trends of different types of ETFs have also changed, with some showing accelerated inflows, some turning from inflows to outflows, and others showing a slowdown in inflows [2][9]. 3. Summary According to the Table of Contents 3.1 ETF Market Review 3.1.1 Main Type ETF Fund Flow Overview - **Return Performance**: As of August 8, in the past two weeks, ETF products showed mixed performance. Among the major broad - based ETFs, the CSI 2000 ETF had the largest increase, and among the industry and theme products, the military industry ETF had the largest increase [9]. - **Fund Flow**: In the past two weeks, among the major broad - based ETFs, the CSI 2000 ETF had a net inflow of funds, while the CSI 300 ETF had the largest net outflow of funds [9]. 3.1.2 Main Type ETF Cumulative Fund Flow - **Broad - based ETF**: Since 2025, the fund flow of major broad - based ETFs has changed from outflow to inflow and then to outflow. The A - series ETFs have had continuous outflows. As of August 8, the Science and Technology/Innovation ETFs, A - series ETFs, and CSI 500 ETFs have all had net outflows. In the past two weeks, the net outflow speed of broad - based ETFs has accelerated, except for the A - series ETFs, whose net outflow speed has slowed down [10]. - **Industry and Theme/Strategy ETF**: The technology ETF has seen an increase in the inflow speed in the past two weeks. The pharmaceutical ETF has turned from net outflow to net inflow, the new energy ETF has turned from net inflow to net outflow, and the consumer ETF has seen an accelerated inflow. The inflow speed of the dividend, cycle, financial real estate, and large - manufacturing ETFs has slowed down [2][14]. - **Bond ETF**: In 2025, the credit bond and treasury bond ETFs have had the largest net inflows. In the past two weeks, there has been a large inflow of funds into the credit bond ETF, the local bond ETF has turned from net outflow to net inflow, the net inflow speed of the treasury bond ETF has slowed down, and the convertible bond and short - term financing ETFs have seen an accelerated net inflow [14]. 3.1.3 ETF Product Structure Distribution - **Newly Established Products**: As of August 8, a total of 13 new ETFs have been established in the market in the past two weeks, with a total issuance share of 5.152 billion, all of which are stock ETFs [2][17]. - **Scale Change**: Compared with the end of 2024, the scale of various types of ETFs has increased. The scale of bond ETFs, commodity ETFs, industry + dividend ETFs, QDII - ETFs, and broad - based ETFs has increased by 204.20%, 106.93%, 45.79%, 22.68%, and 2.55% respectively [2]. 3.1.4 Manager Scale Distribution - As of August 8, Huaxia Fund has the largest on - exchange ETF scale, reaching 79.1655 billion yuan. E Fund's ETF management scale has expanded by nearly 30 billion yuan compared with a year ago [18]. 3.2 Classification - based ETF Tracking 3.2.1 Technology Theme ETF Tracking - **Return Performance**: Products tracking communication equipment - related indices have performed well in the past two weeks [24]. - **Fund Flow**: Products tracking the Hang Seng Technology index had the largest net inflow of funds in the past two weeks, while products tracking the animation and game index had a net outflow of funds [27]. 3.2.2 Dividend Theme ETF Tracking - **Return Performance**: ETF products tracking the Hong Kong Stock Connect High - Yield Selection index had the largest increase in yield in the past two weeks [30]. - **Fund Flow**: Products tracking the S&P China A - Share Large - Cap Dividend Low - Volatility 50 index had the largest net inflow of funds in the past two weeks, while products tracking the Guoxin Hong Kong Stock Connect Central Enterprise Dividend index had a net outflow of funds [34]. 3.2.3 Consumption Theme ETF Tracking - **Return Performance**: Products tracking the China Education index have performed well in the past two weeks, and products tracking the S&P 500 Consumer Select Index have a relatively high premium rate [37]. - **Fund Flow**: ETFs tracking the 800 Consumption index had the largest net inflow of funds in the past two weeks, while products tracking household appliances had a net outflow of funds [40]. 3.2.4 Pharmaceutical Theme ETF Tracking - **Return Performance**: Products tracking innovation - drug indices such as the Hang Seng Innovation - Drug index have performed well in the past two weeks [42]. - **Fund Flow**: Not fully provided in the content 3.3 Hot - Theme ETF Tracking - Not fully provided in the content

ETF Market Overview - The overall performance of ETF products has been good in the past two weeks, with the largest increase seen in the ChiNext Index ETF and the pharmaceutical industry ETF [4][12] - Major broad-based ETFs such as the Science and Technology 50, CSI 2000, and CSI 800 saw net inflows, while the CSI A500 ETF experienced the largest net outflow [4][12] - After significant outflows at the beginning of the year, technology ETFs have shifted to net inflows since March, with a notable acceleration in inflow speed in the last two weeks [4][20] ETF Product Structure Distribution - As of July 11, 17 new ETFs were launched in the past two weeks, with a total issuance of 31.823 billion units, including 7 stock ETFs and 10 pure bond ETFs [27] - Compared to the end of 2024, the scale of various ETFs has increased, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs rising by 132.25%, 111.16%, 29.00%, 14.05%, and 2.70% respectively [27] Thematic ETF Tracking - In the technology theme ETFs, products tracking animation and gaming performed best, while overseas technology ETFs underperformed compared to domestic ones [33] - For dividend theme ETFs, those tracking the CSI Central State-Owned Enterprise Dividend had the highest return in the past two weeks, with significant net inflows for products tracking low-volatility dividend indices [4][33] - In the pharmaceutical theme ETFs, products tracking innovative drug indices showed strong performance, with net inflows for those tracking Hong Kong Stock Connect innovative drug indices [4][33] Fund Manager Scale Distribution - As of July 11, Huaxia Fund has the largest ETF scale at 762.281 billion yuan, while E Fund's ETF management scale has expanded by over 290 billion yuan compared to one year ago [28]

ETF Market Overview - The performance of ETFs has been generally positive in the last two weeks, with the exception of the Sci-Tech 100 and Sci-Tech 50 ETFs. The largest gains were seen in ETFs tracking the Hang Seng Index and the CSI 2000, while the manufacturing sector ETFs showed the highest increase among industry and thematic products [3][11]. - In terms of fund flows, major broad-based ETFs experienced significant net inflows, particularly the CSI 300 and the SSE 50 ETFs. After a substantial outflow at the beginning of the year, technology ETFs have shifted to net inflows since March, although the inflow rate has slowed in the last two weeks [3][11]. Fund Flow Analysis - As of April 25, 2025, a total of 15 new ETFs were launched, with a combined issuance of 8.99 billion shares, all of which are stock ETFs. Compared to the end of 2024, the scale of various ETFs has increased, with commodity ETFs, bond ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs rising by 120.33%, 38.17%, 14.44%, 7.58%, and 1.14% respectively [21][22]. - The cumulative fund flow for broad-based ETFs has shown a trend of inflows since early April 2025, particularly for the CSI 300, CSI 1000, and CSI 2000 ETFs, with the CSI 300 ETF seeing a net inflow exceeding 130 billion [12][14]. Thematic ETF Performance - The technology-themed ETFs have shown strong performance, particularly those tracking the new exchange's Southeast Asia Technology Index, with overseas technology ETFs outperforming domestic ones. In terms of fund flows, ETFs tracking the Hang Seng Technology Index have seen significant net inflows, while those tracking 5G communications have experienced outflows [27][28]. - The healthcare-themed ETFs have also performed well, with those tracking innovative drug indices seeing notable gains. However, funds have shifted from inflows to outflows for medical, military, dividend, and consumer ETFs in the last two weeks [16][28]. ETF Product Structure - The structure of newly launched ETFs indicates a growing trend towards thematic and sector-specific investments, with a notable increase in the issuance of stock ETFs. The overall market for ETFs is expanding, reflecting a shift in investor preferences towards diversified and thematic investment strategies [21][22].