Group 1 - The core viewpoint of the article highlights the significant investment opportunities in the Hong Kong market driven by both capital inflows and technological advancements, particularly in AI, leading to a remarkable performance of Hong Kong stocks from 2025 onwards [1][2] - The article emphasizes the structural changes in the Hong Kong stock market, where traditional financial giants and new tech companies coexist, and a growing number of investors are turning to index-based investments to capture market trends [1][2] - The increasing consensus on the influx of new capital into the Hong Kong market suggests a strong demand for a broad-based index that can accommodate substantial capital needs, similar to the roles of the CSI 300 in A-shares and the S&P 500 in U.S. stocks [1][5] Group 2 - The article identifies the Hong Kong Stock Connect 50 Index as a potential core benchmark for the Hong Kong market, as it transcends single-industry limitations and reflects the current mainstream forces and economic transformation directions [2][3] - It discusses the importance of a representative broad-based index for investors, as it serves as a benchmark for measuring overall market performance and is often a core holding tool for institutional investors in mature markets [4][5] - The current structure of the Hong Kong ETF ecosystem shows a significant imbalance, with institutional holdings in broad-based index products at only 43%, compared to 58% in thematic indices and 61% in Smart Beta strategies, indicating untapped potential for allocation [4][5] Group 3 - The Hong Kong Stock Connect 50 Index is characterized by its broad coverage of key stocks, including both new economy giants and traditional industry leaders, making it highly representative of the market [6][7] - The index accounts for 51% of the total market capitalization, 44% of trading volume, and 57% of profit contributions in the Hong Kong market, showcasing its role as a core asset aggregator [8] - The index's composition reflects the evolution of China's economic dynamics, transitioning from a dominance of finance and real estate to a more diversified representation including technology, automotive, and retail sectors [9][10] Group 4 - The article notes that the market's recognition of the Hong Kong Stock Connect 50 Index is high, with significant allocations from southbound funds and a 40.6% share of active equity products in the Hong Kong holdings [12] - The Hong Kong Stock Connect 50 ETF has become a preferred choice for investors seeking to capture core assets in the Hong Kong market, with a scale of 2.357 billion yuan as of July 16, 2025, indicating its liquidity advantage [15] - The ETF benefits from the Hong Kong Stock Connect mechanism, providing high investment convenience and ample quotas, while also being supported by continuous inflows from southbound capital [15]

Domestic Market Overview - The Shanghai Composite Index closed at 3582.3 points, up 0.01%, while the Shenzhen Component Index closed at 11059.04 points, down 0.37%. The ChiNext Index decreased by 0.01%, and the STAR Market 50 Index increased by 0.45%. The total trading volume of the A-share market was 18984 billion, slightly down from the previous day [1][4][9] - Among the 30 sectors tracked by CITIC, 4 sectors saw gains, with non-bank financials, home appliances, and banks leading the increase. Conversely, building materials, defense, and comprehensive finance experienced significant declines [1][4][9] Overseas Market Overview - On July 23, all three major U.S. stock indices rose, with the Dow Jones Industrial Average increasing by 1.14%, the S&P 500 rising by 0.78%, and the Nasdaq gaining 0.61%. Notably, Merck rose nearly 3%, and UnitedHealth Group increased by over 2% [2][4] News Highlights - The Ministry of Commerce announced that He Lifeng will visit Sweden from July 27 to 30 for economic and trade talks with the U.S. [3][11] - The Hainan Free Trade Port is set to officially start its full island closure operation on December 18 this year, implementing a series of liberalization policies [3][12] - The Public Security Bureau will strengthen the regulation of "smart driving" systems in vehicles [3][14] - A cross-provincial real estate registration mechanism has been established among Beijing, Shanghai, Hangzhou, Guangzhou, and Shenzhen, benefiting over 90 million people [3][15] - The U.S. and Japan have reached an agreement on tariff negotiations, reducing the tariff rate on Japan from 25% to 15% [3][17]

Market Performance - On July 23, 2025, the Shanghai Composite Index fluctuated and lost the 3600-point level, closing at 3582.30, up 0.01%[15] - The Shenzhen Component Index fell by 0.37%, closing at 11059.04, while the ChiNext Index decreased by 0.01%[15] - Total market turnover was 18642.75 billion CNY, a decrease of 284.50 billion CNY from the previous trading day[15] Sector and Style Analysis - Among the 30 CITIC first-level industries, most sectors declined; leading sectors included Non-Bank Financials (up 1.31%), Home Appliances (up 0.51%), and Banks (up 0.38%)[20] - The worst-performing sectors were Building Materials (down 2.56%), Defense and Military (down 1.80%), and Comprehensive Finance (down 1.35%)[20] - In terms of investment style, Financials outperformed, followed by Consumption and Growth, while Large-Cap Value stocks led over Large-Cap Growth stocks[20] Capital Flow - On July 23, 2025, the net outflow of main funds was 646.03 billion CNY, with large orders seeing a net outflow of 346.87 billion CNY and super large orders a net outflow of 299.17 billion CNY[24] - Small orders continued to see a net inflow of 609.73 billion CNY, while medium orders had a slight inflow of 10.19 billion CNY[24] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw varied trading volumes, with the SSE 50 ETF trading at 21.25 billion CNY, an increase of 2.14 billion CNY from the previous day[29] - The CSI 500 ETF had a trading volume of 17.65 billion CNY, up by 3.66 billion CNY, while the CSI 1000 ETF traded at 10.37 billion CNY, an increase of 2.32 billion CNY[29] Global Market Overview - On July 23, 2025, major Asia-Pacific indices closed higher, with the Hang Seng Index up 1.62% at 25538.07 points and the Nikkei 225 up 3.51% at 41171.32 points[33] - In contrast, European indices showed mixed results, with the DAX down 1.09% and the FTSE 100 up 0.12%[33]

Market Performance - In Q2 2025, major A-share indices generally rose, with the North Star 50 increasing by 13.85% and the Shanghai Composite Index rising by 3.26%[13][17] - The top five performing sectors included Comprehensive Finance (32.16%), National Defense and Military Industry (16.03%), and Banking (12.62%) while the worst performers were Food and Beverage (-5.13%) and Home Appliances (-3.45%) [17][18] Fund Issuance and Positioning - A total of 66 equity-oriented active funds were established in Q2 2025, with a total share of 338.57 billion, marking an increase in issuance compared to the previous quarter[2][25] - The average stock positions of various types of equity-oriented active funds increased, with mixed equity funds reaching an average position of 88.46%[29] Sector and Stock Holdings - The top five sectors with increased holdings were Communication, Banking, National Defense and Military Industry, Non-Bank Financials, and Media, with Communication and Banking seeing increases of over 1%[4][42] - The top five stocks with the largest increases in holdings were Zhongji Xuchuang, Xinyi Sheng, Hudian Co., Shenghong Technology, and SF Express, while the largest reductions were seen in BYD, Kweichow Moutai, and Wuliangye[5][43] Billion Fund Holdings - The largest changes in holdings among billion-dollar funds were observed in SF Express, Xinlitai, and Ningde Times, with the National Defense and Military Industry sector seeing a significant increase from 0 to 10.76 billion[6] Southbound Capital Analysis - In Q2 2025, the top five stocks held by southbound funds included Tencent Holdings, Xiaomi Group, and Alibaba, with notable increases in holdings for Sinda Biopharmaceuticals and Pop Mart[7]

Core Insights - The central viewpoint indicates that the central bank's net injection of 1.2 trillion yuan is expected to improve liquidity expectations, with a notable increase in financing buy-ins and significant net inflows from southbound funds [1][2]. Macro Liquidity - Domestic liquidity saw a decline in both 2-year and 10-year government bond yields, with the yield spread widening. The central bank's open market net injection was 1.2011 trillion yuan, while 3,000 million yuan was withdrawn through MLF in July [2][12]. - Internationally, the 2-year U.S. Treasury yield decreased while the 10-year yield increased, leading to a rise in the dollar index. The 10-year U.S. Treasury yield rose to 4.44%, and the dollar index reached 98.46, with the China-U.S. 10-year bond yield spread widening to -2.77% [2][17]. Market Liquidity - Public funds: In July 2025, 71 new funds were established, with 39 being equity funds, totaling approximately 11.6 billion shares issued [3][22]. - ETF funds: 15 new equity ETFs were established in July 2025, with a total issuance of 6.8 billion shares [3][25]. - Southbound funds: There was a significant net inflow of southbound funds, totaling 735.9 billion yuan year-to-date, with major inflows into non-bank financials, pharmaceuticals, and consumer services [3][32][34]. - Margin financing: The average financing buy-in amount was 148.8 billion yuan, reflecting a 6.3% increase week-on-week, with significant net inflows in the computer, machinery, and electronics sectors [4][39]. Fundraising - In July, there were 4 IPOs raising approximately 22.1 billion yuan, with total equity financing around 43.4 billion yuan [4][45].

Summary of Key Points Core Viewpoint - The public fund industry has reported strong performance in Q2 2025, with both total fund management scale and non-monetary fund management scale reaching historical highs, indicating a positive trend in the market [1][2]. Fund Management Scale - As of the end of Q2 2025, the total public fund management scale reached 34 trillion yuan, while the non-monetary fund management scale was 20 trillion yuan, both marking historical peaks [2][3]. - The total public fund scale increased by 7.04% from Q1 2025 and by 10.76% year-on-year from Q2 2024 [2]. - The non-monetary fund scale grew by 6.85% from the previous quarter, reaching 20.11 trillion yuan [2]. Fund Types and Performance - The largest market scales were seen in money market funds and bond funds, with sizes of 13.93 trillion yuan and 10.77 trillion yuan, reflecting increases of 7.32% and 8.74% respectively [3]. - Equity funds reached a scale of 4.74 trillion yuan, growing by 6.06% quarter-on-quarter, while mixed funds saw minimal growth [3]. - Commodity funds and fund of funds (FOF) experienced significant growth, with increases of 47.79% and 10.28%, respectively [3]. Investment Trends - Public funds increased their allocations to the financial and technology sectors, with increases of 1.82% and 1.71%, while reducing allocations to the consumer sector by 3.9% [5]. - The top three sectors by allocation weight were electronics, pharmaceuticals, and power equipment & new energy, with weights of 18.88%, 11.11%, and 8.8% respectively [5]. - Notably, the automotive sector, which had seen significant investment in the previous quarter, experienced a reduction in holdings [6]. Major Holdings - The top ten holdings of public funds included Tencent Holdings, CATL, and Kweichow Moutai, with Tencent's total market value held by public funds at approximately 59.2 billion yuan [6][7]. - New entrants to the top ten holdings included Xiaomi Group and New Yisheng, while BYD and Wuliangye exited the list [7]. Investor Behavior - Investors showed a preference for money market funds, bond funds, commodity funds, and QDII funds, leading to net subscriptions in these categories, while equity funds and FOFs faced net redemptions [8][9]. - The total fund share exceeded 30 trillion shares by the end of June, with a net subscription of 1.25 trillion shares in the quarter [8]. - Money market funds and bond funds were the main contributors to net subscriptions, with net subscriptions of 887.67 billion shares and 459.25 billion shares, respectively [9]. Redemption Trends - Equity funds experienced net redemptions totaling 140.27 billion shares, with actively managed equity funds leading in redemptions [10]. - FOFs also faced net redemptions of 5.53 billion shares, indicating a shift in investor sentiment away from these products [11].

金十数据7月22日讯，国家外汇管理局7月22日发布数据显示，2025年上半年，企业、个人等非银行部门 跨境收入和支出合计7.6万亿美元，规模创历史同期新高。其中，人民币在跨境收支中的比重达到 53%，企业、个人等非银行部门跨境资金净流入1273亿美元，延续去年下半年以来的净流入态势。我国 国际收支保持基本平衡，外汇市场运行平稳有序。 （新华社） 上半年我国非银行部门跨境资金净流入1273亿美元 ...

Core Insights - The Hong Kong Stock Connect Non-Bank ETF (513750) has reached a record high of 8.658 billion yuan in size as of July 21, 2025, with a year-to-date growth of 997.33% [1] - The ETF has seen continuous net inflows over the past 14 days, totaling 3.673 billion yuan, with a single-day peak inflow of 820 million yuan [1] - The ETF's net asset value has increased by 79.30% over the past year, ranking 51 out of 2929 index stock funds, placing it in the top 1.74% [2] Fund Performance - The Hong Kong Stock Connect Non-Bank ETF has achieved a maximum monthly return of 31.47% since its inception, with the longest consecutive monthly gain being 4 months and a total increase of 38.25% [2] - The ETF has outperformed its benchmark with an annualized excess return of 22.98% over the last three months [2] Index Composition - As of June 30, 2025, the top ten weighted stocks in the index include China Ping An, AIA, Hong Kong Exchanges, and others, accounting for 77.92% of the index [3] - The top three holdings, China Ping An, AIA, and Hong Kong Exchanges, each represent over 14% of the index [3] Market Outlook - The insurance sector is expected to see a year-on-year net profit growth of 12.1% in the first half of 2025, driven by improved performance in the second quarter [3] - The insurance industry is currently undervalued, with a PE ratio at the 8.92x percentile and a PB ratio at the 1.50x percentile, suggesting potential investment opportunities [4] Investment Strategy - The market is advised to focus on undervalued stocks, mid-year performance, and business expansion opportunities in the insurance sector [4] - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, with over 60% of its composition in the insurance sector, which is seen as a "second flagbearer" in a bull market [4]

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。特殊情况下将 对该指数进行临时调整。当样本退市时，将其从指数样本中剔除。如果香港市场新上市相关行业主题企 业市值在香港上市公司中排名前十并纳入港股通范围，将在其纳入港股通范围后第十一个交易日快速纳 入指数。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通范围发生 变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 作者：行情君 据了解，中证港股通非银行金融主题指数从港股通证券范围中选取符合非银行金融主题的不超过50家上 市公司证券作为指数样本，以反映港股通范围内非银行金融主题上市公司的整体表现。该指数以2014年 11月14日为基日，以3000.0点为基点。 从指数持仓来看，中证港股通非银行金融主题指数十大权重分别为：中国平安（15.24%）、香港交易 所（13.97%）、友邦保险（13.55%）、中国人寿（8.76%）、中国太保（6.94%）、中国财险 （6.21%）、新华保险（3.96%）、中 ...

- The report tracks the performance of growth factors, highlighting that growth factors performed well across different market capitalizations, with higher excess returns in large-cap stocks[2][42][43] - The report mentions that the growth factor had a strong performance in the past week, with specific factors such as (current consensus forecast rev_FY1 - 3 months ago consensus forecast rev_FY1) / 3 months ago consensus forecast rev_FY1 absolute value, (current ROE - last year's ROE) / last year's ROE absolute value, single-quarter EPS growth rate, R&D to sales ratio, and operating income_TTM / average total assets showing excess returns of over 1% relative to the CSI All Share Index[2][42][43] - The report provides detailed excess returns for various factors over different time periods, with factors like tot_rd_ttm_to_assets, dp_historical, jor, mom3_rating_score_90d, and mom3_rev_fy1 showing significant excess returns over the past week and month[2][44] - The report also analyzes factor performance across different indices (CSI 300, CSI 500, CSI 1000, and CSI 2000), noting that factors such as fix_ratio, sue1, peg, yoy_roe, and yoy_eps_q performed well across all indices, with better performance in large-cap indices[2][45][46] - The report evaluates the performance of quantitative portfolios, noting that the enhanced portfolios based on financial report coverage for CSI 300, CSI 500, and CSI 1000 achieved positive absolute and excess returns over the past week, month, and year[2][47][48] - The report provides specific performance metrics for the enhanced portfolios, including absolute returns, relative returns, and annualized excess returns, with the CSI 300 enhanced portfolio achieving an absolute return of 230.84% and an annualized excess return of 10.89% since 2015[2][48][49] - The report lists the top 30 holdings for each enhanced portfolio, including stocks like JinkoSolar, Inspur Information, and Weir Group for the CSI 300 enhanced portfolio, and stocks like Shanghai Jahwa, Kedali, and Lianlong for the CSI 500 enhanced portfolio[2][58]