近期指数上涨幅度较大，情绪影响占主导地位，而基本面支撑仍然缺位。9月3日之后行情或有所降温， 全面牛市有概率转向结构性，市场将从短期对动量、资金面的关注回归至对基本面和业绩的验证。在流 动性支持下牛市有望延续，在中期维度上建议对估值较低的绩优成长保持关注，回避前期过热的方向。 相关机构表示，市场情绪全面转好，昨日成交额进一步放大至3.18万亿元。受美联储降息预期、上海房 地产新政、高盛大幅上调寒武纪目标价等多重利好消息推动，市场走出加速上涨行情。此前我们提示过 可以适当转向科技、成长板块，近日两创指数连续大涨已反映了资金对这些方向的系统性重估。 没有股票账户的投资者可以通过上证综指ETF的联接基金（011320）把握A股投资机会。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 ...

The WisdomTree U.S. SmallCap Quality Dividend Growth ETF (DGRS) was launched on 07/25/2013, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - Small Cap Blend category of the market.What Are Smart Beta ETFs?The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.Investors who believe in market efficiency should consider market cap ind ...

Core Insights - The FlexShares High Yield Value-Scored Bond ETF (HYGV) debuted on July 17, 2018, and provides broad exposure to the High-Yield/Junk Bond ETFs category [1] Fund Overview - The fund is sponsored by Flexshares and has accumulated over $1.24 billion in assets, positioning it as one of the larger ETFs in the High-Yield/Junk Bond sector [5] - HYGV aims to match the performance of the NORTHERN TRUST HY VLU-SCRD US CORP BD ID, which measures high yield, US-dollar denominated bonds with favorable fundamental qualities [6] Cost and Performance - The ETF has an annual operating expense ratio of 0.37% and a 12-month trailing dividend yield of 7.72% [7] - Year-to-date, HYGV has increased by approximately 4.67% and is up about 7.38% over the last 12 months as of August 18, 2025 [10] - The fund has a beta of 0.42 and a standard deviation of 7.55% over the trailing three-year period, indicating effective diversification of company-specific risk with around 1010 holdings [11] Sector Exposure and Holdings - Cash accounts for about 1.25% of the fund's total assets, with top holdings including Carvana Co Sr Sec Pik 31 and Qxo Building Products Inc Callable Bond Fixed [8] - The top 10 holdings represent approximately 8.48% of HYGV's total assets under management [9] Alternatives - Other ETFs in the High-Yield/Junk Bond space include iShares iBoxx $ High Yield Corporate Bond ETF (HYG) with $18.21 billion in assets and iShares Broad USD High Yield Corporate Bond ETF (USHY) with $25.02 billion [13] - HYG has an expense ratio of 0.49% while USHY charges 0.08% [13]

Core Viewpoint - The WisdomTree U.S. SmallCap Dividend ETF (DES) is a smart beta ETF that aims to provide broad exposure to the small-cap value segment of the market, with a focus on dividend-paying stocks [1][5]. Fund Overview - DES was launched on June 16, 2006, and has accumulated over $1.85 billion in assets, making it one of the larger ETFs in its category [1][5]. - The fund is managed by WisdomTree and seeks to match the performance of the WisdomTree U.S. SmallCap Dividend Index, which is fundamentally weighted [5]. Cost and Performance - The annual operating expense ratio for DES is 0.38%, which is competitive within its peer group [6]. - The fund has a 12-month trailing dividend yield of 2.86% [6]. - Year-to-date, DES has experienced a loss of approximately -2.94%, while it has gained about 2.52% over the past year as of August 18, 2025 [9]. Holdings and Risk - DES's top 10 holdings account for about 108.85% of its total assets, indicating a concentration in its top positions [8]. - The fund has a beta of 0.99 and a standard deviation of 20.39% over the trailing three-year period, categorizing it as a medium-risk investment [9]. Alternatives - Other ETFs in the small-cap value space include the iShares Russell 2000 Value ETF (IWN) with $11.26 billion in assets and the Vanguard Small-Cap Value ETF (VBR) with $30.56 billion [12]. - IWN has an expense ratio of 0.24%, while VBR has a lower expense ratio of 0.07%, making them potentially more attractive options for cost-conscious investors [12].

1. Report's Investment Rating for the Industry No information provided in the given content. 2. Core Viewpoints of the Report - The current ETF market has 1,262 products with a total scale of 4,773.495 billion yuan. Stock - type ETFs are the most numerous, accounting for 67.23% of the market scale. In the A - share market, the technology and high - end manufacturing sector has the highest trading heat, while the consumer sector has the most capital inflow. In the Hong Kong and global markets, the financial sector in the Hong Kong market has the highest trading heat, and the consumer sector in the Shanghai - Hong Kong - Shenzhen market has the most capital inflow [6]. 3. Summary by Directory I. ETF Market Overview 1.1 ETF Quantity Distribution - There are 1,262 ETFs in the current market, with a total scale of 4,773.495 billion yuan. Stock - type ETFs are the most numerous, with 1,005 products and a scale of 3,209.249 billion yuan, accounting for 67.23% of the market scale. Among stock - type ETFs, theme - index ETFs are the most numerous [10]. 1.2 ETF Tracking Index - This week, the Shanghai - Shenzhen 300, CSI 500, and CSI 1000 had respective price changes of 2.37%, 3.88%, and 4.09%. Among the indices with corresponding ETFs, the Financial Technology index had the highest increase of 11.57%, while the 800 Bank index had the highest decline of 3.25% [13]. II. Equity ETF Valuation 2.1 A - share Market ETF Valuation Overview - Among the 30 indices with the highest tracking scale of ETFs in the A - share market, the current highest - valued indices are the Science and Technology Innovation 100, Science and Technology Innovation Chip, and Science and Technology Innovation 50. The CSI 1000, CSI 500, and Robot indices are at historically high valuations [19]. 2.2 Hong Kong and Global Market ETF Valuation Overview - Among the 20 indices with the highest tracking scale of ETFs in the Hong Kong and global markets, the current highest - valued indices are the Hong Kong Stock Innovation Drug (CNY), Hong Kong Stock Connect Innovation Drug, and Nasdaq Technology Market - Cap Weighted. The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Stock Connect High - Dividend Low - Volatility Index are at historically high valuations [21]. III. A - share Market ETF 3.1 A - share Market ETF Sector Overview - In the A - share market, the technology and high - end manufacturing sector has the highest trading heat, with a daily average trading volume of 23.267 billion yuan. The consumer sector has the most capital inflow of 1.695 billion yuan, while the technology and high - end manufacturing sector has the most capital outflow of 14.517 billion yuan [26]. 3.2 A - share Market ETF Trading Heat - The most actively traded ETF in the A - share market is the Huaxia Shanghai Stock Exchange Science and Technology Innovation 50 ETF, with a daily average trading volume of 4.927 billion yuan. The top - ten ETFs in terms of daily average trading volume involve sectors such as science and technology innovation & entrepreneurship, finance, large - cap, technology and high - end manufacturing, and small - cap [30]. 3.3 A - share Market ETF Capital Flow - The A - share market ETF with the most capital inflow is the Huaxia Shanghai Stock Exchange 50 ETF, with an inflow of 2.302 billion yuan. The top - ten ETFs in terms of capital inflow involve multiple sectors. The ETF with the most capital outflow is the Huaxia Shanghai Stock Exchange Science and Technology Innovation 50 ETF, with an outflow of 6.556 billion yuan [35]. 3.4 A - share Market ETF Share Growth - By sector, the chemical sector has a relatively high share growth rate, while the media sector has a relatively high share reduction rate [37]. IV. Hong Kong and Global Market ETF 4.1 Hong Kong and Global Market ETF Overview - In the Hong Kong and global markets, the financial sector in the Hong Kong market has the highest trading heat, with a daily average trading volume of 26.458 billion yuan. The consumer sector in the Shanghai - Hong Kong - Shenzhen market has the most capital inflow, while the technology sector in the global market has the most capital outflow [41]. 4.2 Hong Kong and Global Market ETF Trading Heat - The most actively traded ETF in the Hong Kong and global markets is the E Fund CSI Hong Kong Securities Investment Theme ETF, with a daily average trading volume of 23.764 billion yuan. The top - ten ETFs in terms of daily average trading volume involve sectors such as finance, large - scale medical, and technology [43]. 4.3 Hong Kong and Global Market ETF Capital Flow - The Hong Kong and global market ETF with the most capital inflow is the GF CSI Hong Kong Stock Connect Non - Bank Financial Theme ETF, with an inflow of 294.9 million yuan. The top - ten ETFs in terms of capital inflow involve multiple sectors. The ETF with the most capital outflow is the E Fund CSI Overseas Internet ETF, with an outflow of 451 million yuan [50]. V. Industry Congestion Tracking - This week, the transportation industry has the highest congestion, followed by non - bank finance, petroleum and petrochemicals, and light manufacturing. Compared with last week, the congestion of the steel industry has increased significantly, while that of the comprehensive industry has decreased. The congestion of the steel industry is at a one - year high, while that of the comprehensive, coal, and machinery industries is historically low [55]. VI. WTS ETF Recommendation - The screening rule is to use the WTS AI model to score indices, select those with scores above 0.8, find the corresponding ETFs, select those with a daily average trading volume of over 30 million yuan in the past 30 days, and choose the ones with a lower IOPV premium rate for the same index [59].

Market Performance - A-shares have shown strong momentum, with trading volume exceeding 2 trillion yuan for three consecutive days, marking the 29th day in history to surpass this threshold [1][14] - The Shanghai Composite Index reached a peak of 3700 points, closing at 3696.77 points with a weekly increase of 0.83% [1] - The ChiNext Index led the gains among major indices, with the ChiNext 50, ChiNext Index, Sci-Tech 100, and Sci-Tech 50 indices rising by 9.9%, 8.58%, 7.32%, and 5.53% respectively [1][2] ETF Performance - The top-performing ETF this week was the ChiNext 50 ETF, which rose by 9.98%, contributing to a total increase of 29% since June 23 [4][9] - The A500 ETF (512050) saw a net inflow of 5.57 billion yuan over the first four trading days of the week, with a total net inflow of 9.26 billion yuan since August 4 [6][8] - The A500 ETF has outperformed its benchmark index, the A500 Index, by 2 percentage points, with a weekly increase of 3.05% [4][6] Sector Analysis - The A500 Index covers 35 secondary industries and 93% of tertiary industries, focusing on new growth sectors such as information technology, communication services, and healthcare, with over 50% allocation in these areas [8] - The ChiNext 50 Index is concentrated in sectors like new energy, information technology, fintech, and healthcare, with the top five constituents accounting for nearly 50% of the index weight [11] - The current P/E ratio of the ChiNext 50 Index is 35.65, indicating a historical percentile of 31.76%, while the P/B ratio is 5.16, at a historical percentile of 48.63% [11] Broker Performance - The broker sector has seen significant inflows, with 36.8 billion yuan net inflow into 19 securities industry ETFs over the first four trading days of the week [12][14] - The broker ETF, often referred to as the "first flag bearer of the bull market," increased by 8.55% this week, with a cumulative rise of 22.8% since June 23 [12][14] - The current P/E ratio for the securities sector is 22.89, positioned at the 63.14% historical percentile, while the P/B ratio stands at 1.59, at the 47.65% historical percentile [16]

Group 1 - The ChiNext ETF tracks the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, including equipment manufacturing, pharmaceuticals, and electronics, accounting for over 55% [3] - The STAR Market 50 ETF tracks the SSE STAR Market 50 Index, composed of 50 stocks with high market capitalization and liquidity, prominently featuring "hard technology" leaders, with semiconductors making up over 60%, and combined with medical devices, software development, and photovoltaic equipment industries, accounting for over 75% [3] Group 2 - The Hong Kong stock market is represented by the H-share ETF [4]

Market Overview - On August 13, the Shanghai Composite Index reached a nearly four-year high, with the ChiNext Index surging by 3.62%. AI hardware stocks experienced significant gains, while sectors such as coal, banking, ports, and logistics faced declines [1][3]. ETF Trading Activity - The total trading volume of ETFs on August 13 was 410.52 billion yuan, marking an increase of nearly 125.5 billion yuan, or over 40%, compared to the previous day. Two ETFs surpassed 20 billion yuan in trading volume [2][4]. - The Hong Kong Securities ETF (513090) had a trading volume of 24.64 billion yuan, up by 10.64 billion yuan from August 12. The Short-term Bond ETF (511360) also saw a significant increase, reaching 22.61 billion yuan [5]. Fund Inflows - The Hang Seng Internet ETF (513330) recorded the highest net inflow of 936 million yuan on August 12. Among the top ten ETFs with net inflows in August, four were related to Hong Kong stocks [7][8]. - The total net inflow for the Hong Kong Internet ETF (159792) exceeded 4.2 billion yuan in August, leading all ETFs [7]. Sector Performance - The AI hardware sector showed strong performance, with the ChiNext 50 ETF (159367) rising by 6.89%, the highest among all ETFs. Several AI-related ETFs also saw gains of over 5.5% [2][3]. - The optical module industry is experiencing a "Davis Double Play" scenario, with optimistic capital expenditures from major cloud companies in AI-related businesses, indicating new investment opportunities for tech firms [3]. Investment Strategy - Industry experts suggest a balanced allocation strategy to manage potential volatility and rapid rotations in the market. Focus areas include AI applications and advanced semiconductor processes, as profitability is expected to gradually materialize as business models become clearer [9].

Core Viewpoint - The Hong Kong stock market continues its strong performance, with the Hang Seng Index rising by 2.58%, driven by positive market sentiment and significant inflows into various ETFs managed by GF Fund [1]. Group 1: Market Performance - The Hong Kong stock market's strong performance is reflected in the gains of nine ETFs under GF Fund, with the Hong Kong Innovative Drug ETF (513120) rising over 4.26%, and several other ETFs, including the China Concept Internet ETF (159605) and the Hang Seng Technology ETF Leader (513380), also showing gains exceeding 3% [1]. - The AH premium index has dropped to around 125%, nearing historical lows, which is attributed to continuous inflows from southbound funds and the attractiveness of high-dividend assets in the Hong Kong market [1]. Group 2: Investment Strategies - Huatai Securities' Hong Kong stock strategy team recommends focusing on sectors with improving sentiment and low valuations, particularly emphasizing technology stocks [2]. - The team suggests increasing allocations to internet e-commerce leaders ahead of the mid-August reporting period for overseas Chinese stocks, particularly those with good valuation and improving sentiment [2]. Group 3: ETF Product Overview - GF Fund's range of nine Hong Kong ETFs covers key sectors such as technology, innovative drugs, non-bank financials, and new consumption, catering to investors' needs for capturing market trends [3]. - The Hong Kong Innovative Drug ETF (513120) is the largest in the market, with a scale exceeding 18 billion, and has delivered over 100% returns this year [2]. - The Hong Kong Non-Bank ETF (513750) has also seen significant inflows, with a scale surpassing 13.7 billion, allowing for efficient investment in quality non-bank assets [2].

1．美国ETF创新产品：贝莱德发行国际版本因子轮动ETF 上周美国共15只新发产品，发行较为平稳，策略多元化明显： | 花 · 上同夫四刻区 ET | | | | --- | --- | --- | | 上市时间 | 基金名称 | 代码 | | 2025/8/7 | T-REX 2X Long GLXY Daily Target ETF | GLXU | | 2025/8/7 | Defiance Enhanced Long Vol ETF | VIXI | | 2025/8/7 | iShares International Equity Factor Rotation Active ETF | IDYN | | 2025/8/6 | Defiance 2x Daily Long Pure Quantum ETF | QPUX | | 2025/8/6 | ProShares Ultra CRCL | CRCA | | 2025/8/6 | John Hancock Disciplined Value Select ETF | JDVL | | 2025/8/5 | First Trust RBA Degl ...