金融界7月22日消息，上证指数高开高走，中证香港科技指数 (港股科技，931574)上涨0.5%，报1815.2 点，成交额703.66亿元。 数据统计显示，中证香港科技指数近一个月上涨8.89%，近三个月上涨18.83%，年至今上涨35.11%。 从中证香港科技指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港科技指数持仓样本的行业来看，可选消费占比41.28%、通信服务占比26.09%、信息技术占 比21.39%、医药卫生占比10.79%、工业占比0.45%。 资料显示，中证香港科技指数的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。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。如果香港市 场新上市证券市值在指数样本股中排名前十，将在其上市后第十一个交易日快速进入指数。当样本退市 时，3将其从指数样本中剔除。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。 跟踪港股科技的公募基金包括：南方中证香港科技ETF、招商中证香港科技 ...

Core Insights - The recent performance of the ChiNext 50 industry has shown divergence, with technology growth assets exhibiting higher elasticity during periods of liquidity easing [1] - As U.S. Treasury yields retreat from high levels, the success rate of trading domestic AI computing and "hard technology" has increased [1] - The relative PE of ChiNext to CSI 300 has risen from 4.84 to 4.92, and the relative PB has increased from 2.58 to 2.61, indicating a valuation recovery in the growth sector [1] Group 1 - The ChiNext 50 ETF managed by Guotai tracks the ChiNext 50 Index, which can experience daily fluctuations of up to 20% [1] - The ChiNext 50 Index, published by the Shenzhen Stock Exchange, selects 50 representative companies from the ChiNext market based on market capitalization and liquidity [1] - The index reflects the overall performance of China's high-growth emerging enterprises, covering multiple sectors including information technology and healthcare, with a focus on growth style [1]

Core Viewpoint - The Shenzhen Stock Exchange has announced a significant reform for the ChiNext Composite Index, which involves removing ST stocks and companies with poor ESG performance, enhancing the overall quality of the index and its constituents [3][4]. Group 1: Index Reform Details - The reform will remove ST stocks monthly, ensuring that any company labeled as ST will exit the index the following month [3]. - Companies with an ESG rating below C will be excluded, improving the index's resilience by eliminating firms with environmental, social, or governance issues [3]. - The number of sample stocks will increase from over 1,300 to 1,316, broadening the index's coverage [3]. Group 2: Industry Composition - The top three sectors represented in the index are industrial, information technology, and healthcare, which together account for 70% of the index [3]. - High-tech enterprises make up 92% of the index, while strategic emerging industries represent 79%, indicating a strong focus on innovation and future growth sectors [3]. Group 3: Historical Performance and Investment Implications - Over the past 15 years, the ChiNext Composite Index has increased by 197%, with an annualized return of 7.6%, and has risen by 10% this year [4]. - Current valuations, particularly in the healthcare and renewable energy sectors, are at historical lows, presenting potential buying opportunities [4]. - The reform is expected to make index funds more attractive, with over 200 billion yuan in products tracking the "Chuang" series index, and increased liquidity anticipated for ETFs like the Wanjiada ChiNext Composite ETF [4]. Group 4: Investment Strategy Recommendations - Investors are encouraged to consider adding ChiNext Composite ETFs to their portfolios, especially those newly included high-quality companies, which may benefit from an "inclusion effect" [4]. - A cautious approach is advised during market fluctuations, suggesting a strategy of incremental buying rather than chasing high prices [4].

金融界7月11日消息，上证指数高开震荡，中证港股通大消费主题指数 (港股通大消费，931027)上涨 0.58%，报3094.05点，成交额519.69亿元。 数据统计显示，中证港股通大消费主题指数近一个月下跌6.35%，近三个月上涨9.12%，年至今上涨 17.94%。 作者：行情君 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。权重因子随样本股定期调整而调整，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 纳入相应的行业主题指数中。样本公司发生收购、合并、分拆情形的处理，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，指数将进行相应调整。 跟踪港股通大消费的公募基金包括：泰康中证港股通大消费主题A、泰康中证港股通大消费主题C。 本文源自：金融界 据了解，中证港股通大消费主题指数从港股通范围合资格证券中选取符合大消费主题的不超过50家香港 ...

Group 1 - The Shenzhen Stock Exchange has revised the compilation plan for the ChiNext Composite Index, resulting in a total of 1,316 sample stocks that cover 95% of the listed companies on the ChiNext board [1] - The total market capitalization coverage of these sample stocks is 98%, with the top three industries represented being Industrial (32%), Information Technology (26%), and Healthcare (12%) [1] - High-tech enterprises account for 92% of the index weight, while strategic emerging industries represent 79%, and key sectors such as advanced manufacturing, digital economy, and green low-carbon industries make up 74% [1] Group 2 - The Shenzhen Stock Exchange aims to enhance the "Chuang" series of indices and index products, focusing on serving national major strategies and key areas [1] - The exchange plans to enrich the supply of quality investment targets to provide diversified options for medium- and long-term capital allocation, contributing to the high-quality development of the capital market [1]

金融界6月20日消息，上证指数低开震荡，中证沪港深物联网主题指数 (SHS物联网，931575)下跌 0.01%，报4146.62点，成交额580.13亿元。 跟踪SHS物联网的公募基金包括：天弘中证沪港深物联网主题联接A、天弘中证沪港深物联网主题联接 C、天弘中证沪港深物联网主题ETF。 数据统计显示，中证沪港深物联网主题指数近一个月下跌2.24%，近三个月下跌11.73%，年至今上涨 2.30%。 据了解，中证沪港深物联网主题指数从内地与香港市场中选取涉及为物联网的信息采集、传输和计算提 供基础资源与技术支持以及应用物联网的上市公司证券作为指数样本，以反映内地与香港市场物联网相 关上市公司证券的整体表现。该指数以2012年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证沪港深物联网主题指数十大权重分别为：立讯精密（5.52%）、美的集团 （5.19%）、小米集团-W（5.14%）、腾讯控股（5.03%）、美团-W（4.47%）、理想汽车-W （4.38%）、小鹏汽车-W（4.13%）、中国电信（4.02%）、汇川技术（3.82%）、中际旭创 （3.77%）。 从中证沪港深物联网主题指数持 ...

Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing positive momentum, driven by significant developments in innovative drug approvals and collaborations, particularly highlighted during the recent ASCO annual meeting and the announcement of potential licensing deals by major companies [1][2]. Group 1: Market Performance - As of June 13, 2025, the CSI Hong Kong Pharmaceutical and Health Comprehensive Index (930965) saw notable increases in key stocks, including WuXi Biologics (02269) up by 5.41%, and Innovent Biologics (01801) up by 3.53% [1]. - The Hong Kong Medical ETF (513700) rose by 1.28%, with a cumulative increase of 12.57% over the past week as of June 12, 2025 [1][2]. Group 2: Industry Developments - On June 12, 2025, China Biopharmaceutical announced at the 46th Goldman Sachs Global Healthcare Conference in Miami that it has received multiple collaboration intentions for its products, indicating a significant upcoming licensing deal [1]. - The ASCO annual meeting showcased the competitiveness and innovation of Chinese pharmaceutical companies, with several impressive results and data presentations [2]. Group 3: ETF and Index Information - The Hong Kong Medical ETF (513700) effectively tracks the CSI Hong Kong Pharmaceutical and Health Comprehensive Index, which includes 50 liquid and large-cap healthcare companies to reflect the overall performance of the sector [2]. - The top ten weighted stocks in the CSI Hong Kong Pharmaceutical and Health Comprehensive Index as of May 30, 2025, include companies like BeiGene (06160) and WuXi Biologics (02269), collectively accounting for 60.77% of the index [3].

Core Viewpoint - The A-shares market experienced a rebound, with the Shanghai Composite Index surpassing 3400 points, and the CSI A500 ETF (159338) rising nearly 1% during active trading [1] Group 1: Index Overview - The CSI A500 Index is constructed using an internationally recognized "industry balanced" approach and is referred to as the "top class" of the A-share market, akin to a domestic "S&P 500" [1] - It selects 500 securities with large market capitalization and good liquidity from various industries, representing the core assets of the A-share market [1] - The index includes nearly all leading companies across three levels of industries, achieving a true "gathering of leaders" [1] Group 2: Composition and Growth Potential - The CSI A500 Index comprises approximately 50% traditional value industries (finance, materials, consumer, energy, public utilities) and about 50% emerging growth industries (industrial, information technology, communication services, healthcare) [1] - Although both the CSI A500 and CSI 300 are value indices, the CSI A500 is more growth-oriented, representing growth within value [1] - During market rebounds, the CSI A500 is expected to capture the upward momentum of value stocks while also benefiting from the rebound elasticity of growth stocks [1] Group 3: Investment Opportunity - Investors interested in this segment may consider the CSI A500 ETF (159338), which ranks first in scale among similar products [1]

证券研究报告 金工 稳定战胜基准的主动基金有何特征 华泰研究 2025 年 6 月 10 日│中国内地 专题研究 具备什么特征的主动权益基金，跑赢基准的概率更高？ 我们使用 2015 年底至今（2025 年 4 月底，下同）基金按月滚动三年跑赢 自身基准的概率来衡量基金是否容易战胜基准。结果显示，①行业配置高度 稳定的基金跑赢基准的平均概率显著高于轮动型基金，Brinson 分解结果也 显示近年来主动基金选股收益的稳定性和贡献度高于行业配置收益。②长期 稳定在大盘价值风格的基金跑赢基准的平均概率较高，用去掉 Alpha 的风格 指数测算跑赢沪深 300 的概率，也可以获得相同的结论。③主题型基金中， 细分行业差异较大的医药主题基金跑赢基准的平均概率更高，消费和 TMT 主题基金跑赢基准的平均概率则更低。 绩优基金可分为六类，价值基金、小盘基金和科技主题基金数量较多 我们将 2015 年底至今滚动三年收益率跑赢基准收益率+10%的概率在 80% 以上的基金定义为绩优基金，符合要求的基金数量共 138 只。我们提取了 绩优基金近五年月度收益率，PCA 降维后进行 K-Means 聚类分析，最终将 绩优基金划分为了 ...

Core Insights - The Shanghai 180 Index is a benchmark broad-based index in China's capital market, reflecting the price performance of core listed companies in the Shanghai market [2][3] - The index has undergone significant optimization to enhance its representation, investment quality, and stability, aligning with the evolving economic structure and investment demands [2][3][6] Index Characteristics - The Shanghai 180 Index includes 180 large-cap, liquid stocks from the Shanghai A-share market, representing approximately 61% of the market's total market capitalization [2][3] - The index's optimization has improved its coverage of revenue, dividends, and net profits to approximately 63%, 76%, and 82%, respectively, compared to previous levels [3] Performance Metrics - The annualized return of the Shanghai 180 Index is 7%, outperforming other mainstream broad-based indices, with a cumulative return of 266% over the past twenty years [4] - The index's dividend yield is approximately 3.3% in 2024, consistently higher than that of other similar indices, supported by companies with sustainable profitability [5] Industry Representation - The optimized index features a more balanced industry distribution, including 16 stocks from the Sci-Tech Innovation Board, which collectively account for 9% of the index's weight [3][6] - The index's industry balance rules ensure that its sample weight distribution aligns closely with the overall industry characteristics of the Shanghai market [6] Long-term Investment Value - Nearly 60% of the index's constituent stocks are state-owned enterprises (SOEs), which are expected to benefit from policies promoting value re-evaluation and improved fundamentals [7] - The index's constituent stocks have maintained a high dividend payout ratio of around 90%, with total dividends exceeding 1 trillion yuan in the past year [7] ESG Considerations - The optimization process has excluded companies rated C or below in ESG evaluations, making the index more appealing to foreign investors [8] Product Ecosystem - The Shanghai 180 Index serves as a comprehensive tool for investors to access high-quality core assets and growth-oriented companies in the Chinese economy [9] - Following the index's optimization, multiple fund managers have actively launched related index products, enhancing the investment ecosystem [9]