Quantitative Models and Factor Analysis Quantitative Models and Construction - **Model Name**: CSI 500 Enhanced Portfolio **Model Construction Idea**: The model aims to generate excess returns relative to the CSI 500 index by leveraging quantitative strategies and factor-based stock selection[53][55] **Model Construction Process**: 1. The model uses a strategy-driven approach to select stocks within the CSI 500 universe 2. Portfolio weights are optimized based on factor exposures and risk constraints 3. The portfolio is rebalanced periodically to maintain alignment with the strategy[54][56] **Model Evaluation**: The model has demonstrated significant long-term excess returns but underperformed the benchmark in the most recent week[53][55] - **Model Name**: CSI 300 Enhanced Portfolio **Model Construction Idea**: Similar to the CSI 500 Enhanced Portfolio, this model seeks to outperform the CSI 300 index through quantitative factor-based strategies[57][59] **Model Construction Process**: 1. Stocks are selected from the CSI 300 universe based on factor signals 2. Portfolio optimization is performed to balance factor exposures and minimize risk 3. Regular rebalancing ensures the portfolio remains aligned with the strategy[59][60] **Model Evaluation**: The model has achieved consistent long-term excess returns but slightly underperformed the benchmark in the most recent week[57][59] Model Backtesting Results - **CSI 500 Enhanced Portfolio**: - Weekly return: 2.92% - Underperformance relative to benchmark: -0.96% - Cumulative excess return since 2020: 50.58% - Maximum drawdown: -4.99%[53][55] - **CSI 300 Enhanced Portfolio**: - Weekly return: 2.28% - Underperformance relative to benchmark: -0.09% - Cumulative excess return since 2020: 35.61% - Maximum drawdown: -5.86%[57][59] --- Quantitative Factors and Construction - **Factor Name**: Beta Factor **Factor Construction Idea**: Measures the sensitivity of a stock's returns to market movements, with high-beta stocks expected to outperform in bullish markets[62][63] **Factor Construction Process**: 1. Beta is calculated using historical regression of stock returns against market returns 2. Stocks are ranked based on their beta values, and portfolios are constructed to maximize exposure to high-beta stocks[62][63] **Factor Evaluation**: Beta factor exhibited strong positive excess returns during the week, indicating market preference for high-beta stocks[63][66] - **Factor Name**: Value Factor **Factor Construction Idea**: Represents stocks with low valuation metrics, such as price-to-book or price-to-earnings ratios, which are expected to outperform over the long term[62][63] **Factor Construction Process**: 1. Stocks are ranked based on valuation metrics like book-to-price (BTOP) 2. Portfolios are constructed to overweight undervalued stocks[62][63] **Factor Evaluation**: Value factor showed significant negative excess returns during the week, reflecting weak market sentiment toward value stocks[63][66] Factor Backtesting Results - **Beta Factor**: - Weekly excess return: Positive[63][66] - **Value Factor**: - Weekly excess return: Negative[63][66] --- Composite Factor Analysis - **Factor Name**: Liquidity Factor **Factor Construction Idea**: Captures the ease of trading a stock, with higher liquidity stocks expected to perform better in volatile markets[62][63] **Factor Construction Process**: 1. Liquidity is measured using metrics like average daily turnover 2. Stocks are ranked, and portfolios are constructed to overweight high-liquidity stocks[62][63] **Factor Evaluation**: Liquidity factor demonstrated positive correlation with Beta and Momentum factors, indicating a preference for liquid, high-momentum stocks during the week[63][64] - **Factor Name**: Momentum Factor **Factor Construction Idea**: Represents stocks with strong recent performance, which are expected to continue outperforming in the short term[62][63] **Factor Construction Process**: 1. Momentum is calculated based on trailing returns over a specific period 2. Stocks are ranked, and portfolios are constructed to overweight high-momentum stocks[62][63] **Factor Evaluation**: Momentum factor showed positive performance, aligning with market trends favoring high-momentum stocks[63][66] Composite Factor Backtesting Results - **Liquidity Factor**: - Weekly correlation with Beta: Positive[63][64] - **Momentum Factor**: - Weekly excess return: Positive[63][66]

招商局集团旗下7家上市公司招商蛇口、招商港口、招商轮船、招商公路、中国外运、辽港股份、 招商积余，4月8日盘前集体发布公告，基于对公司未来发展前景的坚定信心及内在价值的高度认可，计 划提速实施股份回购计划，切实维护上市公司全体股东权益，持续巩固市场对上市公司的信心，提升上 市公司投资价值。 【纠错】 【责任编辑:吴京泽】 ...

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - Overseas: Market concerns about US employment decline and economic slowdown are rising, increasing expectations for Fed rate cuts in the second half of the year, which is favorable for gold. In the long - term, the weak - dollar pattern continues, and attention should be paid to non - dollar assets [5]. - Domestic: Domestic assets present mainly structural opportunities. The policy - driven logic will be strengthened in the second half of the year, with a higher probability of incremental policy implementation in the fourth quarter [5]. 3. Summary by Directory 3.1 Macro Highlights - **Overseas Macro**: Earlier in the week, market bets on Fed rate cuts declined due to better - than - expected Q2 GDP, tariff relaxation, hawkish signals from the Fed's July meeting, etc. However, the July non - farm payrolls data falling short of expectations and downward revisions in May and June, along with rising unemployment, increased market concerns about US economic decline and Fed rate cuts. Key events to watch include US inflation data on August 12, Fed Chair Powell's speech at the Jackson Hole meeting from August 21 - 23, and the August non - farm payrolls [5]. - **Domestic Macro**: Against the backdrop of stable and progressive economic operation in the first half of the year, the tone of the July Politburo meeting focused on improving the quality and speed of using existing policies, with limited incremental policies. The July composite PMI remained above the critical point, and attention should be paid to the negotiation progress between the US and economies such as China and Mexico [5]. - **Asset Views**: For domestic assets, there are mainly structural opportunities. Policy - driven logic will be strengthened in the second half of the year, and incremental policies are more likely to be implemented in the fourth quarter. Overseas, concerns about US employment and economic slowdown are rising, increasing expectations for Fed rate cuts, which is favorable for gold. In the long - term, the weak - dollar pattern continues, and attention should be paid to non - dollar assets [5]. 3.2 Viewpoint Highlights 3.2.1 Financial Sector - **Stock Index Futures**: After event resolution, capital congestion eases. With insufficient incremental funds, the short - term outlook is a volatile upward trend [6]. - **Stock Index Options**: The collar strategy strengthens the volatility structure. With rising volatility, the short - term outlook is volatile [6]. - **Treasury Bond Futures**: The market continues to digest the information from the Politburo meeting. Factors to watch include unexpected tariff changes, supply, and monetary easing. The short - term outlook is volatile [6]. 3.2.2 Precious Metals - **Gold/Silver**: Precious metals show a volatile upward trend. Key factors to watch are Trump's tariff policies and the Fed's monetary policy. The short - term outlook is a volatile upward trend [6]. 3.2.3 Shipping - **Container Shipping on European Routes**: Attention should be paid to the game between peak - season expectations and the implementation of price increases. Key factors include tariff policies and shipping companies' pricing strategies. The short - term outlook is volatile [6]. 3.2.4 Black Building Materials - **Steel Products**: After the meeting results are announced, attention should be paid to production restrictions. Key factors include the progress of special bond issuance, steel exports, and molten iron production. The short - term outlook is volatile [6]. - **Iron Ore**: Molten iron production slightly decreases, and market sentiment cools. Key factors include overseas mine production and shipping, domestic molten iron production, weather, port ore inventory changes, and policy dynamics. The short - term outlook is volatile [6]. - **Coke**: Supply and demand remain tight, and the fifth round of price increases has begun. Key factors include steel mill production, coking costs, and macro sentiment. The short - term outlook is volatile [6]. - **Coking Coal**: Market sentiment cools, and the futures price shows an obvious correction. Key factors include steel mill production, coal mine safety inspections, and macro sentiment. The short - term outlook is volatile [6]. - **Silicon Iron**: The supply - demand contradiction is manageable, and attention should be paid to cost adjustments. Key factors include raw material costs and steel procurement. The short - term outlook is volatile [6]. - **Manganese Silicon**: Market sentiment cools, and there are still concerns about supply and demand. Key factors include cost prices and overseas quotes. The short - term outlook is volatile [6]. - **Glass**: The futures price drop has a negative feedback effect, and spot sales and production start to weaken. Key factors are spot sales and production. The short - term outlook is volatile [6]. - **Soda Ash**: Freight costs have risen in the short - term, supporting the spot price. Key factors are soda ash inventory. The short - term outlook is volatile [6]. 3.2.5 Non - ferrous Metals and New Materials - **Copper**: The US non - farm payrolls data falling short of expectations has put pressure on copper prices. Key factors include supply disruptions, unexpected domestic policies, less - dovish - than - expected Fed policies, slower - than - expected domestic demand recovery, and economic recession. The short - term outlook is a volatile downward trend [6]. - **Alumina**: There are still disruptions in Guinea's mines, and alumina prices have risen slightly. Key factors include slower - than - expected mine复产 and faster - than - expected electrolytic aluminum复产. The short - term outlook is volatile [6]. - **Aluminum**: Attention should be paid to the inventory build - up level, and aluminum prices will move in a volatile manner. Key factors include macro risks, supply disruptions, and less - than - expected demand. The short - term outlook is volatile [6]. - **Zinc**: Supply and demand are in a state of surplus, and zinc prices are trending weakly in a volatile manner. Key factors include macro - turning risks and unexpected increases in zinc ore supply. The short - term outlook is a volatile downward trend [6]. - **Lead**: There is still support at the cost end, and lead prices will move in a volatile manner. Key factors include supply - side disruptions, slower battery exports, and unexpected macro and geopolitical changes. The short - term outlook is volatile [6]. - **Nickel**: Market sentiment is fluctuating, and nickel prices are showing wide - range volatility. Key factors include unexpected changes in Indonesia's policies and supply - chain releases. The short - term outlook is volatile [6]. - **Stainless Steel**: Nickel - iron prices are strong, and the stainless - steel futures price has closed higher. Key factors include Indonesia's policy risks and unexpected demand growth. The short - term outlook is volatile [6]. - **Tin**: Supply remains tight, and tin prices will move in a volatile manner. Key factors include the expected复产 in Wa State and changes in demand improvement expectations. The short - term outlook is volatile [6]. - **Industrial Silicon**: Market sentiment cools, and silicon prices are falling in a volatile manner. Key factors include unexpected supply - side production cuts and unexpected photovoltaic installations. The short - term outlook is volatile [6]. - **Lithium Carbonate**: The market direction is unclear, and lithium carbonate prices will move in a volatile manner. Key factors include less - than - expected demand, supply disruptions, and new technological breakthroughs. The short - term outlook is volatile [6]. 3.2.6 Energy and Chemical Sector - **Crude Oil**: Geopolitical expectations are fluctuating, and attention should be paid to Russian oil risks. Key factors include OPEC + production policies and Middle - East geopolitical situations. The short - term outlook is volatile [8]. - **LPG**: Supply pressure persists, and the cost end dominates the market rhythm. Key factors include the cost progress of crude oil and overseas propane. The short - term outlook is volatile [8]. - **Asphalt**: After price drops, asphalt valuations are falling along with crude oil. Key factor is unexpected demand. The short - term outlook is downward [8]. - **High - Sulfur Fuel Oil**: High - sulfur fuel oil is regarded as weak. Key factors are crude oil and natural gas prices. The short - term outlook is downward [8]. - **Low - Sulfur Fuel Oil**: Low - sulfur fuel oil futures prices are weakening along with crude oil. Key factors are crude oil and natural gas prices. The short - term outlook is downward [8]. - **Methanol**: There is a short - term divergence between inland and port markets, and methanol is moving in a volatile manner. Key factors include macro - energy and upstream - downstream device dynamics. The short - term outlook is volatile [8]. - **Urea**: Domestic supply and demand cannot provide strong support, and export - driven effects are less than expected. Key factors are export policy trends and elimination of production capacity. The short - term outlook is volatile [8]. - **Ethylene Glycol**: Typhoons have affected the port arrival rhythm, and inventory build - up is expected in August. Key factors are the inventory build - up inflection point at ports and device recovery. The short - term outlook is volatile [8]. - **PX**: Market sentiment cools, and prices are returning to fundamental - based pricing. Key factors are the maintenance rhythm of downstream PTA and seasonal changes in gasoline profits. The short - term outlook is volatile [8]. - **PTA**: Multiple devices have unexpectedly shut down briefly, and processing fees are still under pressure. Key factors are the planned production cuts of mainstream devices and the intensity of polyester joint production cuts. The short - term outlook is volatile [8]. - **Short - Fiber**: Downstream demand improvement is limited, and there is an expectation of continuous inventory build - up. Key factors are the purchasing rhythm and operating conditions of downstream yarn mills. The short - term outlook is volatile [8]. - **Bottle Chips**: The production cut scale in August continues to exceed 20%, strengthening the support for processing fees. Key factor is the future operating conditions of bottle chips. The short - term outlook is volatile [8]. - **Propylene**: Weak propane suppresses the market, and it is moving in a short - term volatile manner. Key factors are oil prices and the domestic macro - situation. The short - term outlook is volatile [8]. - **PP**: The anti - cut - throat - competition sentiment has changed, and PP is falling in a volatile manner. Key factors are oil prices and domestic and overseas macro - situations. The short - term outlook is volatile [8]. - **Plastic**: Macro - support is weakening, and plastic is falling in a volatile manner. Key factors are oil prices and domestic and overseas macro - situations. The short - term outlook is volatile [8]. - **Styrene**: Commodity sentiment is improving, and attention should be paid to the implementation of policy details. Key factors are oil prices, macro - policies, and device dynamics. The short - term outlook is volatile [8]. - **PVC**: It has returned to weak - reality - based pricing, and the futures price is falling in a volatile manner. Key factors are expectations, costs, and supply. The short - term outlook is volatile [8]. - **Caustic Soda**: Spot pressure is emerging, and caustic soda is trending weakly. Key factors are market sentiment, operating rates, and demand. The short - term outlook is volatile [8]. - **Oils and Fats**: Market sentiment is warming up, and palm oil is leading the rise in oils and fats. Key factors are US soybean weather and Malaysian palm oil production and demand data. The short - term outlook is a volatile upward trend [8]. 3.2.7 Agricultural Sector - **Protein Meal**: The market continues the pattern of strong domestic and weak overseas. Key factors are US soybean weather, domestic demand, macro - situation, and Sino - US and Sino - Canadian trade wars. The short - term outlook is volatile [8]. - **Corn/Starch**: Market sentiment remains weak. Key factors are less - than - expected demand, macro - situation, and weather. The short - term outlook is volatile [8]. - **Live Pigs**: Supply exceeds demand, and prices remain low. Key factors are farming sentiment, epidemics, and policies. The short - term outlook is volatile [8]. - **Rubber**: Rubber prices are stabilizing along with commodities. Key factors are production - area weather, raw material prices, and macro - changes. The short - term outlook is volatile [8]. - **Synthetic Rubber**: The driving factors are unclear, and the futures price is showing amplitude - based volatility. Key factor is significant fluctuations in crude oil prices. The short - term outlook is volatile [8]. - **Paper Pulp**: It mainly follows the macro - situation, and attention should be paid to reverse arbitrage during the decline. Key factors are macro - economic changes and fluctuations in US - dollar - based quotations. The short - term outlook is volatile [8]. - **Cotton**: Cotton prices and spreads are rebounding. Key factors are demand and inventory. The short - term outlook is volatile [8]. - **Sugar**: Supply pressure is increasing marginally, and sugar prices are under pressure. Key factor is imports. The short - term outlook is volatile [8]. - **Logs**: Bullish sentiment is strong, and log positions are increasing and prices are rising. Key factors are shipment volume and dispatch volume. The short - term outlook is a volatile downward trend [8].

Group 1 - The core viewpoint of the news is the performance and characteristics of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both shares and scale in 2024 [1][2] - As of August 4, 2024, the fund's latest shares were 56.508 million, with a scale of 80.0775 million yuan, reflecting a 54.06% decrease in shares and a 45.28% decrease in scale compared to December 31, 2024 [1] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with a performance benchmark based on the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager, Li Qian, has managed the fund since its inception on September 4, 2024, achieving a return of 41.71% during her tenure [1] - The ETF's recent trading activity shows a cumulative transaction amount of 140 million yuan over the last 20 trading days, with an average daily transaction amount of 7.0048 million yuan [1] - The top holdings of the ETF include Shougang Resources (3.83%), Far East Horizon (3.69%), and Chongqing Rural Commercial Bank (3.27%), among others, with detailed holdings and market values provided [2]

Group 1: Market Overview - A-shares experienced a slight decline of 0.9% in the Shanghai Composite Index, while the Wande Micro Index rose by 1.5%[5] - The S&P 500 index in the US fell by 2.4% due to unexpected cooling in non-farm payroll data[6] - The manufacturing PMI in China decreased to 49.3%, reflecting a 0.4 percentage point drop from the previous month[10] Group 2: Economic Indicators - The major raw material purchase price index increased by 3.1 percentage points to 51.5%, indicating rising costs[7] - The ex-factory price index rose by 2.1 percentage points to 48.3%, suggesting price improvements in manufacturing[7] - The unemployment rate in the US slightly increased to 4.2%, with non-farm employment growth revised down to 33,000 jobs[6] Group 3: Policy and Future Outlook - The Politburo meeting on July 30 emphasized the need for more proactive fiscal policies and moderately loose monetary policies[7] - The introduction of a child-rearing subsidy of 3,800 yuan per child per year aims to stimulate domestic demand[7] - The probability of a 25 basis point rate cut by the Federal Reserve in September has risen to 80% following recent economic data[6] Group 4: Investment Recommendations - Suggested investment focus includes technology growth sectors, benefiting from both domestic and external demand[8] - Emphasis on sectors likely to improve due to "anti-involution" policies, such as renewable energy and traditional cyclical industries[8] - Caution advised regarding macroeconomic recovery not meeting expectations and potential tightening of monetary policy[8]

Investment Rating - The report maintains an "Overweight" rating for the financial products sector [1]. Core Views - The report expresses a viewpoint of "not fearing adjustments, expecting wide fluctuations" in the market [1][17]. Summary by Sections A-share Market Overview (July 28 - August 1, 2025) - The top three broad indices were: - Wind Micro-Pan Daily Equal Weight Index (1.09%) - Sci-Tech Innovation Index (0.65%) - Sci-Tech 100 (0.52%) - The bottom three broad indices were: - North Certificate 50 (-2.70%) - Dividend Index (-2.67%) - China Securities Dividend (-2.65%) [10][11]. A-share Market Outlook (August 4 - August 8, 2025) - The monthly macro model score for August is 0, with a historical probability of 75% for an increase, indicating a high likelihood of continued upward movement in the A-share market [24]. - The technical timing model shows that the Wind All A Index has a risk level of 103.88, indicating an overheated market, which may lead to increased volatility [17][21]. - The report suggests that the market may experience wide fluctuations, but structural opportunities will continue to emerge [20]. Fund Allocation Recommendations - The report recommends a balanced ETF allocation strategy, considering the current market conditions and potential for future recovery [5][20]. Risk Trend Model Results - As of August 1, 2025, the top three broad indices in the risk trend model were: - Wind Micro-Pan Daily Equal Weight Index (26.99) - China Securities Dividend (26.91) - North Certificate 50 (26.68) - The bottom three were: - ChiNext Index (14.51) - CSI 300 (15.78) - Shenzhen Component Index (16.69) [32][36]. Style Index Model Results - As of August 1, 2025, the top three style indices were: - Large Cap Value (24.87) - Mid Cap Growth (23.18) - Mid Cap Value (21.32) - The bottom three were: - Financial (7.69) - Stability (13.16) - Cycle (15.14) [42][46]. Industry Index Model Results - As of August 1, 2025, the top three industry indices were: - Food and Beverage (58.54) - Banking (40.70) - Beauty and Personal Care (39.96) - The bottom three were: - Non-ferrous Metals (13.27) - Composite (13.71) - Electric Power Equipment (15.80) [53][57].

1. Report's Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the fourth week of July, production maintained a certain level of resilience, with good freight volume in the industrial sector and stable开工率 in coking, chemical, and automotive industries. In the construction industry, cement supply was low, demand marginally improved, and asphalt开工率 decreased. In the real estate sector, both new and second - hand housing sales recovered, but the trend needs further observation, and housing prices need to stabilize. External demand saw an increase in throughput, and freight rates showed a differentiated trend. Consumption showed a convergence in travel enthusiasm, with a differentiation between urban travel data and flights, while automobile consumption remained resilient. Prices of most commodities, such as black metals, were strong, while crude oil prices were volatile [2]. 3. Summary by Relevant Catalogs 3.1 Consumption - Travel: The resilience of travel enthusiasm converged, with a decline in the year - on - year growth of subway travel and congestion delay index, an increase in the total number of flights, and a flight execution rate basically the same as last year [2]. - Commodity consumption: Automobile consumption remained popular, textile consumption decreased, and express delivery collection was at a high level [2]. 3.2 Real Estate - New housing: The transaction volume of new housing increased, with third - tier cities leading [3]. - Second - hand housing: Second - hand housing transactions also increased, with the markets in Beijing, Shanghai, and Chengdu warming up slightly, and the market in Shenzhen cooling down. The recovery of second - and third - tier cities needs further observation. The listing price and quantity of second - hand housing decreased [3]. - Land: Last week, land transaction volume was weak, but the premium rate improved [3]. 3.3 Production - Freight volume remained high, and开工率 data showed a differentiated performance [4]. 3.4 Construction Industry - The year - on - year arrival of construction funds decreased. Cement demand was stronger than supply, black metal supply and demand were weak, and asphalt开工率 decreased [5]. - The开工率 of asphalt decreased both year - on - year and month - on - month, and its price also decreased. The开工率 of styrene and PVC improved [6]. 3.5 External Demand - Freight volume: Port cargo throughput and container throughput increased [7]. - Freight rates: The RJ/CRB index increased year - on - year, the Baltic Dry Index (BDI) rose significantly, and international shipping rates showed a differentiated trend. The CCFI index decreased month - on - month, while the SCFI index increased [7]. 3.6 Prices - Agricultural products: The price index of agricultural products decreased slightly [10]. - Industrial products: The domestic Nanhua Industrial Products Index and the overseas RJ/CRB Index both increased. Crude oil prices were volatile, while the prices of black metals, glass, and most other commodities, such as manganese silicon, lithium carbonate, coking coal, and ferrosilicon, were strong [2][10].

Core Viewpoints - The current market conditions are conducive to a bull market driven by policy and liquidity, with deflation and a downturn in the real estate market unlikely to change the overall bullish trend [1][6]. Industry Research - The 2025 World Artificial Intelligence Conference in Shanghai showcased over 800 companies, with more than 50% being international, indicating a significant interest in AI technologies. AI is expected to be a major application area, particularly in programming [3]. - The mining and metallurgy sector is expected to see a divergence, with bullish sentiment on non-ferrous metals due to inventory cycles, while black metals are anticipated to face downward price pressure [11]. - The "anti-involution" theme is emerging, with funds favoring low-valuation, high-dividend sectors such as traditional industries and certain new energy sectors like wind and solar [12]. - The market is shifting towards a rotation phase, focusing on previously lagging sectors such as coal, utilities, and real estate, indicating a search for undervalued assets [13]. Equity Market - The A-share market has shown strong performance since June, with a favorable external environment and liquidity conditions. However, internal pressures from fundamentals and policy responses are expected to create a balancing act [5]. - The Hong Kong stock market is likely to see a structural market where tech stocks can perform independently despite a lack of overall market trends [7]. - The current A-share market resembles the 2014-2015 period, with a clear trend of household savings moving into the stock market, favoring thematic investments and high-quality growth stocks [22].

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has experienced a slight decline of 0.28% as of July 25, 2025, with mixed performance among constituent stocks, indicating a volatile market environment [3] Group 1: Market Performance - China Resources Land (01109) led the gains with an increase of 1.52%, while China Hongqiao (01378) saw the largest decline at 2.27% [3] - The Bosera Hang Seng High Dividend ETF (513690) has risen by 0.09%, marking its sixth consecutive increase, with a latest price of 1.09 yuan [3] - Over the past week, the Bosera ETF has accumulated a rise of 4.63% [3] Group 2: Liquidity and Fund Flow - The Bosera ETF recorded a turnover of 3.56% with a transaction volume of 175 million yuan [3] - The ETF's latest scale reached 4.917 billion yuan, a new high in nearly a year [4] - Despite a recent net outflow of 3.2457 million yuan, the ETF has attracted a total of 463 million yuan over the last 18 trading days [4] Group 3: Investment Strategy and Opportunities - Current valuations in the Hong Kong dividend sector are at historical mid-low levels, providing a high margin of safety, especially amid increasing market volatility [3] - Companies in the communication equipment sector are expected to benefit from the global expansion of AI capital expenditures, particularly with Meta's announcement of two large-scale AI data centers in the U.S. [4] - The ETF's focus on companies with strong cash flow and stable dividend policies offers good dividend return guarantees for investors [3][4] Group 4: Performance Metrics - The Bosera ETF has seen a net value increase of 48.65% over the past two years, ranking 101 out of 2237 index equity funds [5] - The ETF's highest monthly return since inception was 24.18%, with an average monthly return of 4.96% during rising months [5] - As of July 18, 2025, the ETF's Sharpe ratio over the past year was 1.55, indicating strong risk-adjusted returns [5] Group 5: Tracking and Fees - The Bosera ETF has a management fee of 0.50% and a custody fee of 0.10% [7] - The tracking error for the ETF over the past month was 0.048%, demonstrating its close alignment with the HSSCHKY index [8] - The top ten weighted stocks in the HSSCHKY index account for 29.27% of the index, with notable companies including Yancoal Australia (03668) and China Petroleum & Chemical Corporation (00386) [8]

Group 1 - The Shanghai Composite Index has finally surpassed the 3600-point mark, which has not been seen for nearly a decade, leading to optimism about a potential bull market [1][4] - The bull market has already begun in certain sectors, such as the banking index and innovative pharmaceutical index, which have shown significant gains [5][6] - Historical data indicates that while the overall index may rise, individual sector performance can vary greatly, with some sectors lagging behind [6][7] Group 2 - During previous bull markets, the Shanghai Composite Index's growth was less than 100%, and less than 35% of sectors experienced over 100% growth, indicating a structural bull market rather than a comprehensive one [6][10] - The performance of individual stocks during a bull market can lead to significant disparities in returns, emphasizing the importance of sector selection [7][11] - The article highlights that many investors may not benefit from the bull market if they are invested in underperforming sectors, regardless of the index's performance [11][12] Group 3 - The article suggests that the focus should not solely be on whether a bull market has arrived, but rather on whether individual accounts are positioned to benefit from it [13][14] - A diversified investment strategy is recommended to capture opportunities across different markets and asset classes, regardless of market conditions [16][24] - The All Weather Strategy, as demonstrated by Bridgewater, shows that a diversified approach can yield stable returns across various macroeconomic environments [16][19][22]