Market Review - The A-share market showed a mixed performance last week, with the Shanghai Composite Index, CSI 300, and ChiNext Index gaining 1.08%, 0.82%, and 0.65% respectively, while the SME Board, CSI 500, and STAR 50 Index declined by -0.59%, -0.04%, and 0.01% respectively [1][12] - The trading volume of major indices decreased last week, with the average daily trading volume also declining over the past month [14][16] - In terms of industry performance, power equipment and new energy, steel, and oil and petrochemicals led with gains of 5.10%, 4.57%, and 4.56% respectively, while pharmaceuticals, computers, and comprehensive finance lagged with losses of -2.36%, -2.08%, and -1.98% respectively [1][17] Fund Performance - Active equity, flexible allocation, and balanced mixed funds reported returns of 0.17%, 0.19%, and 0.72% respectively last week. Year-to-date, active equity funds have the best performance with a median return of 29.59% [29][30] - The median excess return for index-enhanced funds was -0.14%, while quantitative hedge funds had a median return of 0.27%. Year-to-date, index-enhanced funds have a median excess return of 3.95% [33][34] Fund Issuance - A total of 48 new funds were established last week, with a total issuance scale of 265 billion, which is a decrease from the previous week. Additionally, 37 funds entered the issuance phase last week, and 39 funds are set to begin issuance this week [3][4] Open-end Public Fund Overview - As of last week, there were 254 ordinary FOF funds, 118 target date funds, and 153 target risk funds. The median performance of target date funds was the best, with a cumulative return of 16.64% year-to-date [2][36] Market Dynamics - The central bank's net withdrawal of funds through reverse repos was 15,722 billion, with a net public market injection of 4,958 billion. Interest rates for different maturities of government bonds have risen, and credit spreads for different ratings have narrowed [20][24][25]

Core Insights - The ETF market is experiencing significant growth, prompting traditional active management fund companies to enter the ETF space, indicating a shift in strategic focus [1][2] - Both交银施罗德基金 and 兴证全球基金 have recently filed for their first ETF products, signaling a major strategic transition for these firms known for their active equity investments [1][2] Group 1: Company Developments -交银施罗德基金 has submitted an application for the 中证智选沪深港科技50ETF, which aims to track a newly released technology index focusing on high R&D and high-growth tech companies [2] -兴证全球基金 has filed for its first ETF, the 沪深300质量ETF, which will track the沪深300质量指数, selecting companies with stable profits and high quality from the沪深300 index [2] Group 2: Market Trends - The ETF market has surpassed a scale of 5.47 trillion yuan, growing by 1.83 trillion yuan since the beginning of the year, highlighting the increasing importance of ETFs in the investment landscape [2] - The entry of traditional active management firms into the ETF market is seen as a strategic move to meet the diverse needs of investors and enhance market competitiveness [3]

Core Viewpoint - The re-entry of China Merchants Jinling Schroder into the ETF market after 14 years highlights a significant shift in the competitive landscape of the ETF industry, with a focus on niche markets and customized indices [1][2][3]. Group 1: Company Actions - China Merchants Jinling Schroder has submitted an application for the CSI Smart Selection Hong Kong-Shenzhen Technology 50 ETF, currently awaiting regulatory approval [2][3]. - The company previously launched two ETFs in 2009 and 2011, with current asset sizes of 227 million yuan and 63 million yuan respectively [5]. - The firm has been actively expanding its index fund offerings, adding five new index funds since 2024, including popular indices like the CSI Dividend Low Volatility 100 Index and the CSI A500 Index [5]. Group 2: Market Context - The ETF market is experiencing intense competition, with many traditional active management firms now entering the ETF space, driven by the growing trend towards passive investment [4][6]. - The total scale of ETFs is approaching 1 trillion yuan, with 15 fund companies now classified as "billion players" in the ETF market [7]. - Major players like Huaxia Fund and E Fund have seen significant growth in their ETF management scales, with increases exceeding 46% this year [7]. Group 3: Index Strategy - The CSI Smart Selection Hong Kong-Shenzhen Technology 50 ETF will track a newly customized index, which aims to reflect the performance of 50 high-growth technology companies from both mainland China and Hong Kong [6]. - The index is designed to capture companies with strong research capabilities and good fundamentals, with the top five sectors being electronics, machinery, communications, power equipment, and computers [6]. - Differentiation in index selection is crucial for new entrants in the ETF market, as many existing ETFs struggle to cover their costs [6].