证券投资基金研究报告/基金产品发行报告 报告日期：2025年08月22日 2025 年 7 月新基金发行报告（新基金受理与机构新设篇） ——创业板 ETF 将扩容，首批中证 A500 红利低波 ETF 获批 主要观点： 指数基金为基金公司未来布局重点方向。从审查决 定情况来看，7 月排名前三的基金类型分别是指数基金 66 只，债券基金 48 只，混合基金 32 只。 创业板综指编制方法优化，创业板 ETF 将扩容。创 业板指数是反映在创业板上市的创新创业企业整体表现 的指数，根据深圳交易所和深圳证券信息有限公司的公 告，本次对指数的编制方案进行了两处优化，分别是增 加风险警示股票月度剔除机制和增加 ESG 负面剔除机 制。证监会数据显示，7 月，共有 4 只创业板 ETF 和 4 只创业板增强 ETF 获批。这批基金顺利发行后，市场上 追踪创业板指数的 ETF 将达到 29 只（包括增强 ETF）， 创业板指数化投资将进入一个更加丰富和专业化的新阶 段。 首批中证 A500 红利低波 ETF 获批。7 月 11 日，平 安基金、华宝基金、易方达基金、国联安基金共 4 家基 金管理人上报了中证 A500 红利低 ...

Core Viewpoint - The article discusses the recent launch of new index funds tracking the CSI A500 Dividend Low Volatility Index, highlighting the growing interest and competition among fund companies in this segment [2][3]. Group 1: New Index Fund Launches - As of August 21, several public funds, including Huabao Fund and Ping An Fund, have initiated the issuance of the CSI A500 Dividend Low Volatility ETF, which tracks a newly introduced index in Q2 of this year [2][3]. - The CSI A500 Dividend Low Volatility Index incorporates four optimization indicators, making it a differentiated product in the broad dividend space compared to traditional dividend indices [3][4]. Group 2: Fund Company Participation - A total of 76 fund companies have engaged in the CSI A500 index fund market since September of last year, with 128 different CSI A500 index fund products established as of August 21, totaling nearly 280 billion yuan [5][6]. - The largest CSI A500 ETF is the Huatai-PB CSI A500 ETF, with a scale of 20.39 billion yuan, while six other ETFs exceed 10 billion yuan in scale [6]. Group 3: Challenges in Fund Growth - Despite the increasing number of funds, newly established funds generally have smaller scales, with many not exceeding 1 billion yuan, indicating a challenge for fund companies in marketing and scaling their products [9]. - The phenomenon of funds not growing significantly post-establishment poses a marketing challenge, particularly for smaller fund companies, as they compete with larger firms that have more resources [9][10].

Core Viewpoint - The overall performance of the CSI A500 index funds in Q2 showed a net redemption, with 59 out of 74 funds experiencing net outflows, while only 15 funds saw net inflows. This trend is attributed to market shifts towards sectors like pharmaceuticals and convertible bond ETFs, leading to a decrease in the scale of the CSI A500 index funds [1][2]. Group 1: Q2 Redemption Overview - As of July 19, a total of 74 CSI A500 index funds reported their Q2 performance, with total subscriptions exceeding 12.743 billion units and total redemptions reaching 16.235 billion units, resulting in a net redemption of 3.492 billion units [2]. - Nearly 80% of the funds (59 out of 74) recorded net redemptions, while less than 20% (15 funds) achieved net subscriptions [2]. Group 2: Performance of Specific Funds - Some ETFs, such as Dongcai CSI A500 ETF, achieved significant net subscriptions, with total subscriptions of 0.591 billion units and redemptions of 0.132 billion units, resulting in a net subscription of 0.459 billion units [3]. - Other funds, including Guojin CSI A500 Enhanced Index C, also saw net subscriptions, indicating that not all products faced outflows despite the overall trend [3]. Group 3: Fund Scale and Market Dynamics - The total scale of CSI A500 index funds has decreased, with the latest scale reported at approximately 190.482 billion yuan, down from over 240 billion yuan at the beginning of the year [4][5]. - The decline in scale is attributed to market conditions and a shift in investor focus towards other popular products, such as convertible bond ETFs and actively managed equity funds [6]. Group 4: Ongoing Fund Issuance and New Index Development - Despite the net outflows, fund companies continue to launch new products, with several CSI A500 index funds still in the issuance phase as of early July [7]. - The CSI Index Company has introduced multiple style factor indices based on the CSI A500 index, including dividend and quality indices, indicating ongoing innovation in the product offerings [8].

Core Viewpoint - The banking sector is becoming a popular choice for public funds due to favorable changes in funding, policy, sentiment, and fundamentals, with the China Securities Banking Index rising 16.54% this year, marking a ten-year high [1][7]. Group 1: Fund Dynamics and Market Sentiment - The collective rise of dividend assets, represented by bank stocks, reflects a growing value investment atmosphere in the market, with major banks reaching historical highs [2][3]. - The demand for dividend-themed funds has surged, leading to a rapid increase in the launch of various dividend funds by public funds, indicating strong institutional interest [2][9]. - The shift in public fund allocations towards bank stocks is driven by the need for stable returns amid global uncertainties and the increasing appeal of low-valuation, high-dividend assets [8][9]. Group 2: Performance and Investment Strategies - Bank stocks have outperformed expectations, with Chengdu Bank's stock price increasing by 98% since January 2024, contributing significantly to the performance of many funds [3][4]. - The long-standing 工银金融地产基金 has seen substantial returns over the past three years, highlighting the resurgence of traditional funds focusing on bank stocks [3][4]. - Fund managers are increasingly adjusting their portfolios to include more bank stocks, reflecting a strategic shift towards undervalued assets [5][6]. Group 3: Regulatory and Market Conditions - Recent regulatory changes have prompted public funds to reassess their allocations, with a noted underweight in bank stocks compared to major indices [4][9]. - The ongoing asset shortage and low interest rates are driving insurance companies to invest in dividend assets, further supporting the banking sector's appeal [9][10]. - The introduction of policies encouraging insurance funds to invest a significant portion of new premiums in A-shares is expected to inject substantial long-term capital into the market [9][10].

Group 1: Brokerage Performance - 11 brokerage firms have reported positive performance forecasts for the first half of 2025, with significant year-on-year growth in net profit attributable to shareholders, including Guolian Minsheng Securities with an expected increase of approximately 1183% and Huaxi Securities with an estimated growth of 1025.19% to 1353.9% [1] - The growth in performance is primarily driven by increased revenue from core businesses such as proprietary trading and wealth management [1] - There are expectations for continued upward trends in brokerage performance in the second half of the year, although market volatility and policy changes present uncertainties [1] Group 2: ETF Launch - Several public funds, including E Fund, Hua Bao Fund, and Ping An Fund, have submitted applications for the first batch of the CSI A500 Dividend Low Volatility ETF, following the index's release in April 2025 [2] - The CSI A500 Dividend Low Volatility Index selects 50 securities from the CSI A500 Index that have a history of continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of these stocks [2] - The launch of this ETF indicates a growing market interest in stable dividend-paying stocks, which may lead to a revaluation of related company stocks and attract more investments into low-volatility sectors [2] Group 3: Institutional Investor White List - The China Securities Association has published the first draft of the "white list" for offline professional institutional investors, aiming to standardize the offline inquiry and subscription process for IPOs and enhance the value discovery capabilities of these investors [3] - 21 institutions, including CITIC Securities and Fortune Fund, have been included in the proposed white list, which may enhance their professional image and market recognition [3] - This initiative is expected to improve the transparency of the market and contribute positively to the long-term stability of the stock market [3] Group 4: Bond Fund Growth - Recent reports indicate that several bond funds have experienced over 100% growth in size during the second quarter, reflecting increased investor confidence in fixed-income products amid a stabilizing macroeconomic environment [4] - The overall improvement in the macroeconomic landscape and adjustments in investor risk preferences have led to more rational capital allocation signals in the stock market [4] - The significant growth in bond fund sizes supports the stock prices of related companies and reinforces the position of bond funds within the industry [4]

Core Viewpoint - Multiple public funds, including E Fund, Hua Bao Fund, Ping An Fund, and Guo Lian An Fund, have submitted applications for the CSI A500 Dividend Low Volatility ETF, marking the first batch of ETFs tracking this index since its release in April 2023 [1] Group 1: Index Overview - The CSI A500 Dividend Low Volatility Index selects 50 securities from the CSI A500 Index sample that have a history of continuous dividends, high dividend yields, and low volatility [1] - The index is weighted by dividend yield to reflect the overall performance of high dividend yield and low volatility listed companies within the CSI A500 Index sample [1] Group 2: Related Indices - In April 2023, the China Securities Index Company also launched several related indices, including the CSI A500 Dividend Index, CSI A500 Dividend Growth Index, CSI A500 Quality Index, and CSI A500 Dividend Quality Index [1]