Group 1 - The Hong Kong Stock Connect Non-Bank ETF (513750) has seen a year-to-date increase of 49.50% since its low on April 10, 2025, closing at 1.64 yuan as of August 4, 2025 [1] - The ETF's trading volume reached 8.82 billion yuan with a turnover rate of 7.04%, and the average daily trading volume over the past week was 16.99 billion yuan [1] - The current size of the ETF is 12.516 billion yuan, with a net inflow of 14.25 billion yuan over the last five trading days, and over 72 billion yuan in net inflows in the past month [1] Group 2 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index (931024) tracks up to 50 listed companies in the non-bank financial sector, with the top ten weighted stocks accounting for 78.19% of the index [2] - Major stocks in the index include China Ping An, AIA, and Hong Kong Exchanges, each representing over 14% of the index [2] - The report from Minsheng Securities indicates that positive policy adjustments, such as interest rate cuts, are expected to boost market sentiment and support the long-term value growth of quality listed companies [2] Group 3 - Guotai Junan's report anticipates that the performance of listed brokerage firms in the first half of the year will exceed expectations, with increased market financing demand [3] - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, with over 60% of its holdings in the insurance sector [3] - The ETF reflects the overall performance of non-bank financial theme listed companies within the Hong Kong Stock Connect range [3]

Core Viewpoint - The non-bank financial sector in Hong Kong is experiencing significant growth, as evidenced by the strong performance of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index and its associated ETF, which have seen substantial inflows and returns [1][2][4]. Market Performance - As of July 24, 2025, the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index rose by 1.80%, with notable increases in constituent stocks such as Zhongzhou Securities (up 4.98%) and CITIC Financial Assets (up 4.84%) [1]. - The Hong Kong Stock Connect Non-Bank ETF recorded a 2.38% increase, marking its fifth consecutive day of gains [1]. - The ETF's trading volume was active, with a turnover rate of 11.92% and a half-day transaction value of 1.157 billion [1]. Fund Inflows and Performance - The Hong Kong Stock Connect Non-Bank ETF has seen continuous net inflows for 16 days, with a maximum single-day inflow of 820 million, totaling 4.334 billion in net inflows [1]. - Over the past month, the ETF has accumulated 5.725 billion in net inflows [1]. - The ETF's net asset value increased by 84.37% over the past year, ranking it 36th out of 2,936 index stock funds, placing it in the top 1.23% [2]. Investment Strategy and Outlook - The non-bank sector is viewed positively, with current valuations at historical midpoints, offering high cost-effectiveness and safety margins [4]. - Macroeconomic stability and liquidity release from interest rate cuts are expected to benefit the non-bank sector, which is a key participant in the capital market [4]. - The index tracks up to 50 listed companies in the non-bank financial theme, reflecting the overall performance of this sector within the Stock Connect framework [2][4]. Key Holdings - As of June 30, 2025, the top ten weighted stocks in the index accounted for 77.92%, with major holdings including China Ping An, AIA, and Hong Kong Exchanges and Clearing [3]. - The top three holdings, China Ping An, AIA, and Hong Kong Exchanges, each represent over 14% of the index [3].

Group 1 - The China Securities Hong Kong Stock Connect Non-Bank Financial Theme Index (931024) experienced a decline of 0.56% as of June 12, 2025, with mixed performance among constituent stocks [1] - The Hong Kong Non-Bank ETF (513750) recorded a turnover of 27.29% and a trading volume of 659 million yuan, indicating active market participation [1] - The Hong Kong Non-Bank ETF reached a new high in size at 2.4 billion yuan and in shares at 1.672 billion, both since its inception [1] Group 2 - The top ten weighted stocks in the China Securities Hong Kong Stock Connect Non-Bank Financial Theme Index accounted for 82.79%, with Hong Kong Exchanges and Clearing (00388) being the largest at over 16% [2] - The brokerage sector is expected to see continued growth in self-operated income, supported by performance improvements, mergers, and refinancing, which may enhance net asset scale and ROE [2] - The current favorable policies aimed at stabilizing growth and boosting the capital market are expected to positively influence the securities sector's outlook [2] Group 3 - The Hong Kong Non-Bank ETF (513750) is the first and only ETF tracking the Hong Kong Non-Bank Index, with over 70% of its composition in insurance stocks [3] - The ETF selects up to 50 listed companies that meet the non-bank financial theme criteria from the Hong Kong Stock Connect securities range [3]

Group 1 - The non-bank financial theme index in Hong Kong has seen a strong increase of 3.74%, with significant gains in constituent stocks such as Hongye Futures (up 16.01%) and China Taiping (up 8.85%) [1] - The Hong Kong non-bank ETF (513750) has risen by 3.92%, accumulating over 20% increase in the last 22 trading days [1] - The latest market capitalization of the Hong Kong non-bank ETF reached 1.566 billion [1] Group 2 - The recent monetary easing policies, including interest rate cuts, are expected to benefit the insurance sector, with analysts optimistic about the recovery potential of insurance stocks during the economic recovery cycle [2] - The insurance industry reported better-than-expected first-quarter results, with significant growth in new business value and improved solvency ratios for leading companies [2] - The Hong Kong non-bank ETF (513750) is the first ETF tracking the non-bank index, with over 70% of its investments in insurance stocks [2]