Macro Liquidity - The US dollar index continued to decline, and the degree of "inversion" in the China-US interest rate spread deepened. Both nominal and real yields on 10-year US Treasuries rose, indicating a rebound in inflation expectations [1][6] - Offshore dollar liquidity has marginally tightened, while the domestic interbank funding situation remained overall balanced, with a slight widening of the yield spread between 10-year and 1-year bonds [1][6] Market Trading Activity - Overall market trading heat has decreased, with most major indices experiencing a decline in volatility. Sectors such as light industry, military industry, textile and apparel, chemicals, retail, machinery, computers, pharmaceuticals, steel, and telecommunications are all above the 80th percentile in trading heat [2][6] - The liquidity indicators in the market have also receded, with the non-ferrous metals sector's liquidity indicators above the 50th historical percentile [2][11] Analyst Forecasts - Analysts have adjusted the net profit forecasts for the entire A-share market for 2025/2026, with sectors such as steel, retail, machinery, electric power, media, non-ferrous metals, and utilities seeing upward revisions [2][4] - The proportion of stocks with upward revisions in net profit forecasts for 2025/2026 has increased, while the proportion of stocks with downward revisions has decreased [4][16] - The net profit forecasts for the ChiNext Index and the SSE 50 have been raised, while those for the CSI 300 have been lowered. The CSI 500's forecasts have seen mixed adjustments [4][16] Northbound Trading - Northbound trading activity has decreased, with an overall net sell-off of A-shares. The average daily trading volume for northbound trading has also declined [3][5] - Northbound funds have primarily net bought sectors such as electric power and utilities, and electronics, while net selling occurred in sectors like computers, media, food and beverage, agriculture, and home appliances [3][5] Margin Financing - Margin financing activity has slightly decreased but remains at a high point since late March 2025. The net buying in margin financing was 12.607 billion yuan, with significant net purchases in sectors like electronics, military, chemicals, and electric power [4][6] - The proportion of financing purchases in sectors such as non-ferrous metals, real estate, telecommunications, and military has increased, with non-ferrous metals and telecommunications above the 50th historical percentile [4][8] Fund Activity - The positions of actively managed equity funds have decreased, with overall net redemptions in ETFs, primarily from institutional ETFs. Active equity funds have increased positions in sectors like military, telecommunications, computers, and pharmaceuticals, while reducing positions in agriculture, retail, and consumer services [4][8] - Newly established equity funds have seen a significant decline in scale, with both active and passive equity fund sizes decreasing [4][8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Roundhill issued a series of weekly leveraged + dividend ETFs, providing 1.2 times the weekly returns of individual stocks and adopting a weekly dividend model, with a total of 10 products in the series [2][8]. - The scale gap of S&P 500 ETFs continues to widen. Vanguard's S&P 500 ETF has significantly led in inflows in the past two weeks, with its current scale exceeding $680 billion, leading State Street's product by nearly $80 billion and BlackRock's product by over $100 billion [2][13]. - Technology ETFs continue to rebound. Since the beginning of this year, the S&P 500 has risen less than 2%, while the technology sector has led all sectors. Since May, many products have rebounded by more than 10%, and semiconductor ETFs have rebounded by more than 20% [2][16]. - In April 2025, the total amount of non - money public funds in the United States was $21.06 trillion, a decrease of $0.12 trillion compared to March. From June 4th to June 11th, domestic stock funds in the United States had a net outflow of approximately $11.2 billion, while bond products continued to have inflows of over $8 billion [2][21]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Roundhill Issues Weekly Dividend Series Products - Last week, there were 14 newly issued products in the United States. Roundhill issued a series of weekly leveraged + dividend ETFs, respectively linked to Meta, Netflix, Amazon, Berkshire, and Robinhood [7][8]. - Tortoise transformed an over - the - counter energy fund into an ETF, which invests in both stocks and bonds of energy - related enterprises and may use option strategies [7]. - Global X issued a corporate bond ETF using Wealthspot's quantitative model and deep neural network [8]. - Nicholas issued a digital currency - related product, investing in digital currency - related stocks, options, and ETFs [8]. - Rainwater Equity issued its first ETF product, mainly investing in leading enterprises with high buyer loyalty [8]. - AllianceBernstein issued an emerging market stock ETF, selecting stocks based on good long - term fundamentals and reasonable current valuations [9]. - WisdomTree issued an anti - inflation ETF, adopting a commodity long - short strategy based on momentum and covering 18 commodities [9]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: The Scale Gap of S&P 500 ETFs Continues to Widen - Last week, US stock ETFs returned to significant inflows, with a single - week inflow of over $30 billion, and international stock products also had inflows of over $10 billion [2][10]. - According to Bloomberg data, Vanguard's S&P 500 ETF has led in inflows in the past two weeks, with its scale exceeding $680 billion, leading State Street's product by nearly $80 billion and BlackRock's product by over $100 billion. Vanguard's product has had continuous inflows this year, State Street's product has had continuous outflows, and BlackRock's product had inflows in April and outflows after May [2][13][15]. 3.2.2 US ETF Performance: Technology ETFs Continue to Rebound - Since the beginning of this year, the S&P 500 has risen less than 2%, while the technology sector has led all sectors, especially in semiconductor, cybersecurity and other sub - sectors. Since May, many products have rebounded by more than 10%, and semiconductor ETFs have rebounded by more than 20% [2][16]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In April 2025, the total amount of non - money public funds in the United States was $21.06 trillion, a decrease of $0.12 trillion compared to March. The scale of domestic stock products declined by 0.88%, slightly more than the decline of stocks [21]. - From June 4th to June 11th, domestic stock funds in the United States had a net outflow of approximately $11.2 billion, while bond products continued to have inflows of over $8 billion [21].