Core Insights - The market is experiencing a significant shift in ETF fund preferences, with a notable net redemption of over 200 billion yuan in ETFs this year, excluding state-owned enterprises' increases [1] - Despite the overall market facing redemption pressures, the CSI 2000 Enhanced ETF (159552) has seen a remarkable net inflow of 1.154 billion yuan this year, with a share increase of over 5000%, making it the fastest-growing ETF in the market [1][9] Group 1: Market Dynamics - The recent market uptrend is primarily driven by three types of active funds: retail investors, leveraged funds, and private equity [2] - Retail investors have shown caution, with new A-share accounts in July remaining flat at 1.96 million, significantly lower than the levels seen in February and March [6] - Leveraged funds have seen a continuous net inflow since late June, with a cumulative scale exceeding 200 billion yuan, pushing the financing balance above 2 trillion yuan [5] Group 2: Retail Investor Behavior - Retail investors are exhibiting a "fear of heights" sentiment, leading to limited participation in the current market rally [6] - The net inflow of small retail funds has been marginal, with a recent weekly net inflow of 113.4 billion yuan, still below the average of 131.2 billion yuan seen in the first quarter [8] - There has been a significant redemption of ETFs, with a total net redemption exceeding 200 billion yuan this year, and a recent weekly outflow of 16.1 billion yuan, marking a new high for 2024 [8] Group 3: Enhanced ETF Performance - The CSI 2000 Enhanced ETF (159552) has achieved a year-to-date growth in scale, with a share increase of over 50 times, driven by its outstanding performance [9] - As of August 11, the ETF has recorded a one-year return of 111.83%, outperforming the benchmark index by 34.43% [9][12] - The ETF's ability to provide excess returns makes it an attractive option for investors seeking certainty amid market volatility [12] Group 4: Future Capital Inflows - Despite low retail participation, there is a broader trend of asset allocation towards equity markets, driven by a low-interest-rate environment [13] - There are indications of a shift in resident deposits, with a decrease of 1.1 trillion yuan in July, suggesting funds are moving towards capital markets [13][14] - Institutional funds, including foreign and insurance capital, are expected to continue flowing into the market, providing solid support [14][15]

Summary of Key Points Core Viewpoint - On August 13, the style strategy ETF funds experienced a net inflow of 139 million yuan, but over the past five trading days, there was a cumulative net outflow of 726 million yuan, with three days showing net outflows [1]. Fund Inflows - A total of 17 style strategy ETFs saw net inflows, with the top performer being the Guotai CSI State-Owned Enterprises Dividend ETF (510720), which had an increase of 14.4 million shares and a net inflow of 144 million yuan [1][3]. - The latest scale of the Guotai CSI State-Owned Enterprises Dividend ETF is 2.073 billion yuan [3]. Fund Outflows - Conversely, 22 style strategy ETFs experienced net outflows, with the leading outflow being from the Invesco Great Wall Low Volatility Dividend ETF (515100), which saw a reduction of 80 million shares and a net outflow of 123 million yuan [1][4]. - The latest scale of the Invesco Great Wall Low Volatility Dividend ETF is 5.235 billion yuan [5]. Performance Overview - The performance of the top 10 ETFs with the highest net outflows included: - Invesco Great Wall Low Volatility Dividend ETF: -0.32% with a net outflow of 123 million yuan [5]. - Huaxia Growth ETF: +3.43% with a net outflow of 81 million yuan [5]. - E Fund CSI Dividend ETF: -0.55% with a net outflow of 68 million yuan [5]. Overall Market Sentiment - The overall market sentiment reflected a cautious approach, as evidenced by the significant net outflows over the past week, indicating potential investor concerns or shifts in strategy [1][4].

01 上周，A股市场上涨，黄金股相关ETF领涨。机器人板块涨幅位居前列，机器人ETF易方达（159530）等多只产品涨超6%。 02 从产品成交额来看，A500ETF易方达（159361）、科创板50ETF（588080）等跟踪中证A500指数、科创50指数的宽基指数ETF成交额居前。 03 从资金层面看，港股科技板块大幅"吸金"，中证港股通互联网指数、恒生科技指数相关ETF资金净流入居前，释放出资金继续看多港股的信号。 黄金股主题ETF周涨幅居前 上周，受相关利好推动，A股有色金属、机械、国防军工等板块涨幅居前。黄金股相关ETF领涨全市场ETF，多只产品涨幅超8%。机器人板块表 现亮眼，机器人ETF易方达（159530）等涨超6%。 | 黄金股主题ETF周涨幅居前 代码 | 简称 | 周涨幅 (%) | | --- | --- | --- | | 159562.SZ | 黄金股ETF | 9.05 | | 517400.SH | 黄金股票ETF | 9.01 | | 517520.SH | 黄金股ETF | 8.91 | | 159322.SZ | 黄金股票ETF基金 | 8.65 | | 159321.S ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - Last week, State Street issued broad - industry option strategy products, and other option strategy product lines also expanded. The performance of new and traditional energy in the US has diverged significantly this year, with new energy outperforming traditional energy. The Russell 2000 ETF had a significant outflow, while the overall inflow of broad - based ETFs was positive. The outflow of US domestic stock funds returned to over $10 billion in a single week, and the inflow of bond products was stable [1]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: State Street Issues Broad - Industry Option Strategy Products - Last week, there were 23 new US products. State Street issued option strategy products for its GICS broad - industry ETFs, which invest in existing broad - industry ETFs and sell corresponding call options to gain income, covering all 11 industries. The GraniteShares YieldBOOST product line expanded, with a new product linked to CoinBase, and the YieldMax single - stock Covered Call strategy product was linked to ROBLOX. BlackRock issued an infrastructure active ETF, First Trust issued a nuclear energy product, Dakota issued an active ETF, and PGIM issued 4 ETFs, including 3 corporate bond ETFs with different maturities and a S&P 500 downside protection product [1][6]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Significant Outflow from Russell 2000 ETF - Last week, equity ETFs had an inflow of nearly $10 billion, the inflow of digital currency ETFs slowed down, and commodity ETFs had a slight outflow. Among broad - based ETFs, the Russell 2000 ETF had an outflow of nearly $5 billion, while multiple YieldMax Covered Call products had the highest inflows, and traditional leveraged products had outflows. In the bond market, short - term bonds had inflows and long - term bonds had outflows [1][10][13]. 3.2.2 US ETF Performance: New Energy Significantly Outperforms Traditional Energy - This year, there has been a significant divergence in the performance of new and traditional energy in the US. Different from the high - inflation period of 2021 - 2022, the new energy sector has significantly outperformed the traditional energy sector. The VanEck nuclear energy ETF has risen by over 40%, and other managers also issued similar products last week [1][17]. 3.3 Recent US Ordinary Public Fund Fund Flows - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May 2025. The S&P 500 rose by 6.15% in June, and the scale of US domestic equity products increased by 4.26%, slightly lower than the stock increase. From July 16th to July 23rd, US domestic equity funds had a total outflow of approximately $13.5 billion, returning to over $10 billion, while the inflow of bond products was stable [1][19].

Group 1: ETF Market Performance - On August 1, the Hang Seng Consumption ETF rose by 4.69%, leading the market, while several cross-border ETFs tracking the US and European markets saw declines of over 2% [1][4][8] - In the first seven months of the year, four ETFs recorded net inflows exceeding 20 billion yuan, with the total net inflow for all listed ETFs surpassing 370 billion yuan [3][12] - Bond ETFs have been the primary direction for fund inflows, with a net inflow of 281.4 billion yuan, while stock and money market ETFs experienced net outflows [14] Group 2: Bond ETF Activity - Bond ETFs saw active trading, with the Short-term Bond ETF achieving a transaction volume of over 26 billion yuan, the highest in the market [2][10] - The South China Science and Technology Bond ETF and the Huaxia Science and Technology Bond ETF both had turnover rates exceeding 100% [10][11] Group 3: Sector-Specific Insights - The photovoltaic sector is expected to strengthen due to industry normalization and potential supply-side reform policies, with a focus on leading companies with long-term competitiveness [5][6] - The traditional Chinese medicine sector is highlighted for its potential due to inventory cycle disruptions, with a focus on premium and innovative products [6] Group 4: Cross-Border ETF Adjustments - A significant number of cross-border ETFs, specifically 135 out of 161, experienced declines, indicating a broader market adjustment [7][8]

Summary of Key Points Core Viewpoint - The cross-border ETF funds experienced a significant net inflow of 7.046 billion yuan on July 30, with a cumulative net inflow of 24.193 billion yuan over the past five trading days, indicating strong investor interest in these funds [1]. Fund Inflows - A total of 67 cross-border ETF funds saw net inflows, with the E Fund CSI Hong Kong Securities Investment ETF (513090) leading the inflow, increasing by 421 million shares and a net inflow of 976 million yuan [1][3]. - Other notable funds with net inflows include: - Fortune CSI Hong Kong Stock Connect Internet ETF (159792) with a net inflow of 811 million yuan [3]. - Huaxia Hang Seng Technology ETF (513180) with a net inflow of 796 million yuan [3]. - Huatai-PineBridge Southern Dongying Hang Seng Technology ETF (513130) with a net inflow of 604 million yuan [3]. Fund Outflows - On the same day, 17 cross-border ETF funds experienced net outflows, with the Bosera Hang Seng Healthcare (QDII-ETF) (513060) seeing the largest outflow, decreasing by 210 million shares and a net outflow of 148 million yuan [1][5]. - Other funds with notable net outflows include: - ICBC National Index Hong Kong Stock Connect Innovative Drug ETF (159217) with a net outflow of 32 million yuan [5]. - Harvest S&P Oil & Gas Exploration and Production Select Industry ETF (QDII) (159518) with a net outflow of 26 million yuan [5].

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].

Summary of ETF Fund Flows Core Insights - On July 25, 2025, a total of 276 ETFs experienced net inflows, while 454 ETFs saw net outflows, indicating a mixed sentiment in the market [1] - The top five ETFs with significant net inflows included Hong Kong Securities ETF, 30-Year Treasury ETF, and others, with inflows exceeding 1 billion yuan [1][3] - Conversely, 42 ETFs had net outflows exceeding 1 billion yuan, with the China Securities 500 ETF leading the outflows [1][5] Inflow Analysis - The top five ETFs with the highest net inflows were: - Hong Kong Securities ETF (513090.SH): 1.60181 billion yuan - 30-Year Treasury ETF (511090.SH): 1.43977 billion yuan - 30-Year Treasury ETF Bosera (511130.SH): 1.28831 billion yuan - Hong Kong Stock Connect Internet ETF (159792.SZ): 0.96396 billion yuan - Convertible Bond ETF (511380.SH): 0.07977 billion yuan [3] - A total of 141 ETFs have seen continuous inflows, with the Hong Kong Dividend Low Volatility ETF leading with 4.94 billion yuan over 18 days [7] Outflow Analysis - The top five ETFs with the highest net outflows were: - China Securities 500 ETF (510500.SH): 1.1466 billion yuan - Sci-Tech 50 ETF (588000.SH): 0.83326 billion yuan - Huabao Tianyi ETF (511990.SH): 0.5104 billion yuan - Credit Bond ETF Bosera (159396.SZ): 0.20531 billion yuan - A500 ETF (512050.SH): 0.0465 billion yuan [5] - A total of 298 ETFs have experienced continuous outflows, with the China Securities A50 Index ETF leading with 9.65 billion yuan over 32 days [9] Recent Trends - Over the past five days, 94 ETFs have accumulated net inflows exceeding 1 billion yuan, with the 30-Year Treasury ETF Bosera leading at 5.256 billion yuan [10] - In contrast, 121 ETFs have seen net outflows exceeding 1 billion yuan, with the Yin Hua Daily ETF experiencing the largest outflow of 3.798 billion yuan [10]

Group 1 - The stock indices collectively rose this week, with the Shanghai and Shenzhen stock markets seeing a net inflow of approximately 4 billion yuan into stock ETFs and cross-border ETFs [1][4] - The Shanghai Composite Index closed at 3593.66 points, up 1.67% for the week, while the Shenzhen Component Index closed at 11168.14 points, up 2.33% [2] - Major industry-themed ETFs such as steel, chemicals, and infrastructure received significant inflows, while technology-related ETFs like those focused on semiconductor and military sectors faced outflows [5][8] Group 2 - The steel ETF saw a net inflow of 14.24 billion yuan, the chemical ETF 13.90 billion yuan, and the infrastructure ETF 12.16 billion yuan, indicating strong investor interest in these sectors [5][6] - In contrast, the semiconductor ETF experienced a net outflow of 9.26 billion yuan, with significant reductions in shares for military and medical ETFs as well [8] - The overall market sentiment is supported by stable policy expectations, increased market liquidity, and heightened investor activity, which are driving the strength of A-shares [4][11] Group 3 - The Hong Kong securities ETF had a weekly trading volume exceeding 100 billion yuan, indicating robust trading activity in the region [12][14] - Several ETFs reached new highs in trading volume, reflecting a positive market trend and investor confidence [13][14] - The implementation of infrastructure projects, such as the Yarlung Tsangpo River hydropower project, is expected to boost demand for materials in the steel and cement industries [11]

Core Insights - As of July 24, the total inflow of funds into ETFs reached 211.91 billion yuan, while outflows amounted to 167.70 billion yuan, resulting in a net inflow of 44.21 billion yuan [1] Fund Inflows - The non-monetary ETFs with the highest net inflows were: - E Fund CSI Hong Kong Securities Investment Theme ETF (513090) with a net inflow of 1.968 billion yuan - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (588000) with a net inflow of 979 million yuan - GF CSI Hong Kong Innovative Medicine (QDII-ETF) (513120) with a net inflow of 808 million yuan [1] Fund Outflows - The non-monetary ETFs with the highest net outflows were: - Huaan Gold Easy ETF (518880) with a net outflow of 410 million yuan - Huabao CSI Bank ETF (512800) with a net outflow of 274 million yuan - Dividend Low Volatility ETF (512890) with a net outflow of 236 million yuan [1]