Market Performance - The A-share market showed a mixed performance last week, with the Shanghai Composite Index, CSI 300, and ChiNext Index gaining 1.08%, 0.82%, and 0.65% respectively, while the SME Board Index, CSI 500, and STAR 50 Index recorded losses of -0.59%, -0.04%, and 0.01% respectively [1] - In terms of sectors, power equipment and new energy, steel, and oil and petrochemicals performed well with gains of 5.10%, 4.57%, and 4.56% respectively, while pharmaceuticals, computers, and comprehensive finance lagged with losses of -2.36%, -2.08%, and -1.98% respectively [1] Fund Flows - Last week, the total net inflow for ETFs across the market was 239.45 billion yuan, with stock ETFs experiencing a net outflow of 10.35 billion yuan, while cross-border stock ETFs saw a net inflow of 116.3 billion yuan [2] - The net inflows for various indices included 73.86 billion yuan for Hang Seng Technology, 59.38 billion yuan for money market funds, and 43.10 billion yuan for securities companies, while the CSI 300 and CSI 500 experienced net outflows of 88.35 billion yuan and 23.94 billion yuan respectively [2][4] ETF Performance - The median weekly return for stock ETFs was 0.43%, with the CSI 300 ETF and the Shanghai Composite 50 ETF showing median returns of 0.82% and 0.89% respectively [11] - The top-performing ETFs included the Electric Grid Equipment ETF and various photovoltaic ETFs, which saw returns of 10.92%, 10.80%, and 9.30% respectively [12][14] - Conversely, the worst performers included the Sci-Tech Innovation Drug ETFs, which experienced declines of -7.59% and -7.38% [16][18] New Fund Launches - A total of 45 funds were reported last week, maintaining the same number as the previous week, including three FOFs and one QDII [19] - Upcoming launches include several ETFs focused on photovoltaic industries and internet sectors, indicating a continued interest in these areas [19][20]

Market Overview - The A-share market approached the "924 market" high point, with the Shanghai Composite Index reaching 3613 points, close to the previous high of 3674 points on October 8, 2024. However, it fell below 3600 points on Friday. The Shanghai Composite Index rose by 1.67%, the Shenzhen Component Index by 2.33%, the ChiNext Index by 2.76%, the CSI 300 by 1.69%, the STAR Market Index by 3.95%, and the Wind All A-shares Index by 2.21%. The STAR Market Index had the largest weekly fluctuation of 4.36% [1]. Fund Flows - Last week, the ETF market saw a slight net inflow of 1.962 billion yuan, with bond ETFs continuing to attract a net inflow of 9.219 billion yuan, while stock ETFs had a net inflow of 4.909 billion yuan. Commodity ETFs experienced a net outflow of 5.895 billion yuan, and money market ETFs had a net outflow of 6.272 billion yuan [2]. - From an index perspective, the bond market continued to adjust, with the 30-year government bond index, AAA STAR bonds, the total value index of 30-year government bonds, and convertible bonds seeing net inflows of 5.272 billion yuan, 3.907 billion yuan, 3.673 billion yuan, and 2.529 billion yuan, respectively [2]. - The Hong Kong stock financial index showed strong capital attraction, with net inflows of 4.675 billion yuan, 3.762 billion yuan, and 2.305 billion yuan for the Hong Kong Stock Connect Internet, Hong Kong Securities, and Hong Kong Stock Connect Non-bank Financials, respectively [2]. ETF Performance - The median weekly return for stock ETFs was 2.41%. Among broad-based ETFs, the median return for STAR Market ETFs was 3.91%, the highest. By sector, the median return for large financial ETFs was 4.34%, also the highest [16]. - The STAR Market Index ETF from Jiashi saw a weekly increase of 23.12%, while rare metal ETFs had increases of 11.80%, 11.66%, 11.47%, and 11.08% [17][19]. - Conversely, bank stocks continued to decline, with bank ETFs showing negative returns, including a drop of 3.13% for the Bank ETF and 3.09% for the E-Fund Bank ETF [21][23]. New ETF Products - This week, six new ETFs will be launched, including the Jiashi Hang Seng Stock Connect Technology Theme ETF, Jiashi Hang Seng Consumption ETF, Huaan Hang Seng Stock Connect Technology Theme ETF, Southern CSI General Aviation Theme ETF, Penghua Shanghai Stock Exchange STAR Market Artificial Intelligence ETF, and the Fuguo CSI 500 ETF [24]. Hot News - Ethereum ETFs have seen a net inflow exceeding Bitcoin ETFs for six consecutive days, with nearly 2.4 billion USD in net inflows compared to Bitcoin's 827 million USD during the same period [25]. - In the first half of 2025, the domestic gold ETF saw a year-on-year increase in holdings of 173.73%, with an increase of 847.71 tons compared to 306.96 tons in the first half of 2024 [26]. - The issuance of new funds remains high, with 31 new funds starting fundraising this week, predominantly equity funds [27].