1 、 《 解读深圳科技金融"25条"新政》摘要 ■ 关注 科技信贷提供商 与 知识产权评估服务商 （如中证信用、国家知识产权运营平台相关企业）， 以及受益的高成长科技公司（生物医药、半导体、人工智能等）。 ■ 利好 创投机构、政府引导基金管理方 （如深创投、深圳高新投），也可能推动更多保险公司（科 技险业务）创新布局。 ■ 深圳有望成为 科技金融基础设施建设和制度创新的领先区域 ，建议关注与 金融科技平台、区域性 数据征信系统、知识产权交易中心 等相关的政策受益标的。 2、 《 中美关税谈判超预期，美线5月舱位几近订满 》 摘要 ■ 5月中旬中美达成超预期的关税协议，取消91%的加征和反制关税，并互相暂停24%的"对等关税"， 这直接打开了一个90天的低税率出口窗口。 ■ 短期内，大量中国出口企业，尤其是面向美国市场的制造商和贸易商开始加速发货，迅速带动了跨 太平洋航线的舱位需求激增。 ■ 尽管早期市场反应有所滞后，但5月13日起"爆舱"现象已经逐步显现，包括马士基、地中海航运等 主要航司都已感受到客户集中下单压力。 ■ 疫情后航运公司普遍对航线运力采取灵活调控策略，从4月起已有多家船司在美线缩减航班、临时 ...

Core Viewpoint - The article discusses the recent surge in the launch of free cash flow ETFs in the Chinese market, highlighting the growing interest from public funds and the potential for increased capital inflow into the A-share market [3][10]. Group 1: New ETF Launches - On March 18, 12 fund companies submitted applications for the first batch of the CSI All Share Free Cash Flow ETFs, marking a significant addition to the growing family of free cash flow ETFs [2][4]. - The CSI All Share Free Cash Flow Index, which will be launched on December 11, 2024, selects 100 listed companies with high free cash flow rates to reflect the overall performance of companies with strong cash flow generation capabilities [5][8]. Group 2: Market Impact - The newly launched free cash flow ETFs are expected to bring more incremental capital to the A-share market, with initial fundraising exceeding 2.1 billion yuan for the first batch of ETFs launched in February [10]. - The two ETFs that were first launched have shown strong capital attraction, with significant increases in their share volumes since listing [11]. Group 3: Investment Strategy and Market Trends - Public funds are increasingly focusing on free cash flow-related themes due to the innovative and clear logic of the indices they track, which emphasize high-quality stocks with cash flow growth potential [12]. - The free cash flow strategy is considered suitable for the current A-share market environment, especially during market corrections and stable periods, as it aligns with the ongoing recovery of the macro economy and corporate earnings [13]. Group 4: ETF Market Development - The year 2024 is projected to be a year of rapid development for ETFs, with the number of listed ETFs expected to reach 1,033 by the end of the year, a 16% increase from the previous year [15]. - Despite the growth, the ETF market faces challenges such as product homogeneity, indicating a need for further innovation in ETF offerings [16][18].

报 告 摘 要 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 34 只，合计发行规模为 178.07 亿元，较前一周有所减 少。此外，上周有 19 只基金首次进入发行阶段，本周将有 35 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 上周共上报 36 只基金， 和 上上周申报数量 持平 。申报的产品包括 3 只 FOF ， 1 只 QDII ，华宝国证通用航空产业 ETF 、 中证 800 自由现金流 ETF 等 。 1、 自由现金流主题基金申报数量已达 23 只 上周 A 股市场主要宽基指数走势出现分化，沪深 300 、中证 500 、上证 综指指数收益靠前，收益分别为 1.59% 、 1.43% 、 1.39% ，科创 50 、创业板指、中证 1000 指数收益靠后，收益分别为 -1.76% 、 0.97% 、 0.97% 。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周食品 饮 料 、 煤 炭 、 有 色 金 属 收 益 靠 前 ， 收 益 分 别 为 6.24% 、 4.97% 、 3.33% ，计算机、电子、机械收益靠后，收益分别 ...

- The report mentions that public funds have intensively applied for free cash flow-themed funds, with 23 such funds reported as of now[5][7][11] - The report highlights that the first QDII business approval of the year was granted to Caitong Asset Management, which took over a year and a half from application to approval[5][7][11] - Quantitative products' performance is summarized, with active quantitative products achieving an average return of 1.30% last week, while quantitative hedging products recorded 0.04%[5][20][21]

- The report discusses the recent surge in applications for free cash flow-themed public funds, with 23 such funds being reported[5][7] - The report highlights the approval of the first QDII business of the year, with Caitong Asset Management receiving approval after more than a year and a half of application process[5][7] - The report provides an overview of the fund issuance dynamics, noting that 32 new funds were established domestically, raising a total of 17.807 billion yuan, with the largest being the Golden Eagle Interbank Certificate of Deposit Index 7-day holding, managed by Chen Shuangshuang, at 5.001 billion yuan[5][13] - The report details the performance of various types of funds over the past week, with ordinary stock funds averaging a return of 0.73%, mixed funds 0.46%, bond funds 0.02%, active quantitative products 1.30%, and quantitative hedging products 0.04%[5][20] - The report provides year-to-date performance data, with ordinary stock funds averaging a return of 7.90%, mixed funds 6.39%, bond funds -0.02%, active quantitative products 6.28%, and quantitative hedging products 0.17%[5][23] - The report lists the top-performing funds in various categories, with the highest return in ordinary stock funds being 61.07% by Ping An Advanced Manufacturing Theme A, and the highest in mixed funds being 76.27% by Penghua Carbon Neutral Theme A[23][26] - The report discusses the dynamics of on-exchange funds, noting that the largest ETF tracking target is the CSI 300, with a total scale of 973.113 billion yuan, followed by the CSI A500 at 251.468 billion yuan, and the STAR 50 at 171.994 billion yuan[5][27] - The report provides data on the net inflows and outflows of various ETFs, with the largest net inflow being 44.24 billion yuan for the Hang Seng Technology ETF, and the largest net outflow being -61.47 billion yuan for the CSI 300 ETF[5][27] - The report includes detailed data on the subscription and redemption of the top five broad-based ETFs, highlighting the significant head effect of broad-based ETFs[5][33][35]