- The report highlights that the median excess return of index-enhanced funds last week was 0.05%, while the median return of quantitative hedge funds was -0.15%[36] - Year-to-date, the median excess return of index-enhanced funds is 4.00%, and the median return of quantitative hedge funds is 0.62%[36] - The report includes a detailed table showing the weekly and annual performance of the top ten index-enhanced funds and quantitative hedge funds[57][58]

Global and A-share Market Overview - The A-share market experienced an overall decline last week, with the North Stock 50 Index showing the largest drop of 9.04%. The Hong Kong market also saw a decrease, with the Hang Seng Index down by 5.09%. The sectors that faced the most significant declines were primarily in the new energy sector [1][15]. - Major global market indices also reported declines, with the Shanghai Composite Index down by 3.03% and the Shenzhen Component Index down by 6.28%. The ChiNext Index fell by 8.39%, while the STAR 50 Index dropped by 9.16% [15][12]. ETF New Issuance Statistics - A total of 19 stock ETFs were reported in the A-share market last week, with 9 new stock ETFs established. In the U.S. market, 17 equity ETFs were newly established, of which 16 were actively managed ETFs [1][17][23]. Fund Flow Analysis - In the A-share market, the top 10 stock ETFs by net inflow were predominantly broad-based index ETFs, with the CSI 500 ETF leading with a net inflow of 5.778 billion yuan. Conversely, the top 10 stock ETFs by net outflow were mainly from cyclical sectors, with the Bank ETF showing a net outflow of 1.356 billion yuan [2][26][28]. - The U.S. market saw significant inflows into technology-themed ETFs, while political-themed ETFs experienced outflows. The FT Vest US Equity Buffer ETF, based on the S&P 500 Index, had the highest net inflow among actively managed ETFs [3][26]. ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of -6.37%, with excess returns relative to the CSI Equal Weight Index and the CSI 300 Index at -1.58% and -2.6%, respectively. The 50% base + intraday momentum strategy showed varying returns across different ETFs, with the CSI 500 ETF returning -3.11% [4][29].

Core Viewpoint - The semiconductor sector has shown remarkable performance since the second half of 2024, driven by trends in the AI industry and strong demand for computing power, with the STAR Market Chip Index achieving a return of 71.86% over the past year [1][9]. Group 1: STAR Market Chip Index Performance - The STAR Market Chip Index (000685) was launched in June 2022 and includes stocks related to semiconductor materials, equipment, design, manufacturing, packaging, and testing [2]. - As of August 8, 2024, the STAR Market Chip Index has outperformed the CSI 300 Index and other representative indices of the STAR Market, such as the STAR 50 and STAR 100 [9]. - The index consists of 50 constituent stocks, with the top ten weighted stocks including Cambricon, SMIC, and Haiguang Information, covering various segments of the semiconductor industry [5][9]. Group 2: ETF Performance and Market Statistics - There are currently eight STAR Market Chip ETFs with a total scale of approximately 37.57 billion yuan, with the top three being from Harvest Fund, Huaan Fund, and Huitianfu Fund [1][17]. - The average annual return of five STAR Market Chip ETFs established before 2025 is 11% [1]. - The most liquid ETF, Harvest STAR Market Chip ETF, has an average daily trading volume exceeding 1.9 billion yuan this year [16].

Market Overview - The Shanghai Composite Index fell by 0.13% to close at 3493.05 points, with a daily high of 3512.67 points [1] - The Shenzhen Component Index decreased by 0.06% to 10581.8 points, reaching a high of 10656.58 points [1] - The ChiNext Index rose by 0.16% to close at 2184.67 points, with a peak of 2204.64 points [1] ETF Market Performance - The median return of stock ETFs was -0.14% [2] - The highest performing scale index ETF was Huatai-PB CSI A100 ETF with a return of 0.71% [2] - The top industry index ETF was E Fund CSI 300 Healthcare ETF, yielding 1.36% [2] - The best strategy index ETF was Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF, returning 0.67% [2] - The leading thematic index ETF was China Tai CSI Hong Kong-Shanghai Innovation Drug Industry ETF, achieving a return of 1.98% [2] ETF Performance Rankings - The top three ETFs by return were: - Guotai CSI Hong Kong-Shanghai Innovation Drug Industry ETF (1.98%) - Guotai CSI Film and Television Theme ETF (1.51%) - Huatai-PB CSI Hong Kong-Shanghai Innovation Drug Industry ETF (1.45%) [5] - The three ETFs with the largest declines were: - Huaan CSI Hong Kong-Shanghai Gold Industry Stock ETF (-2.25%) - Yongying CSI Hong Kong-Shanghai Gold Industry Stock ETF (-2.15%) - Huaxia CSI Fine Nonferrous Metal Industry Theme ETF (-2.13%) [6] ETF Fund Flows - The top three ETFs by inflow were: - Huaxia SSE STAR 50 ETF (inflow of 594 million) - Jiashi SSE STAR Chip ETF (inflow of 453 million) - Guolianan CSI All-Index Semiconductor Products and Equipment ETF (inflow of 346 million) [8] - The three ETFs with the largest outflows were: - E Fund ChiNext ETF (outflow of 547 million) - Huatai-PB CSI A500 ETF (outflow of 440 million) - E Fund SSE 300 ETF Initiated (outflow of 296 million) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE STAR 50 ETF (5.91 billion) - Guolianan CSI All-Index Semiconductor Products and Equipment ETF (2.31 billion) - Guotai CSI All-Index Securities Company ETF (2.1 billion) [11] - The highest margin selling amounts were: - Huatai-PB SSE 300 ETF (22.42 million) - GF CSI 1000 ETF (14.59 million) - Southern CSI 500 ETF (7.91 million) [12] Industry Insights - Industrial trends in the innovative pharmaceutical sector remain strong, with a focus on "innovation + internationalization" as a core direction supported by policies and enhanced global competitiveness [13] - The innovative pharmaceutical supply chain is showing signs of improvement, with overseas orders and performance recovering, and domestic business demonstrating self-controllable logic [13] - The demand in the domestic market is expected to recover by 2025, with potential growth in the consumption medical field [13] - The medical device sector is also anticipated to see improvements by 2025 [13] - The innovative pharmaceutical industry is projected to reach a turning point in 2025 [14]