Market Overview - A-shares experienced a collective pullback with the Shanghai Composite Index down 0.09%, Shenzhen Component Index down 0.61%, and ChiNext Index down 1.13% as of the market close on July 2, 2025, with total trading volume reaching 1.377 trillion yuan [1] Sector Performance - The steel and photovoltaic ETFs led the gains, with the steel ETF (515210) rising by 3.69%, and several photovoltaic ETFs, including the leading photovoltaic ETF (516290) and photovoltaic 50 ETF (516880), increasing by over 3% [2] Policy and Industry Insights - The Central Financial Committee's sixth meeting emphasized the orderly exit of backward production capacity, reigniting expectations for supply-side reforms in the steel industry. Stricter emission reduction requirements in Tangshan have weakened raw materials while strengthening steel prices [3] - The photovoltaic sector is buoyed by news of collective production cuts among glass manufacturers, with government media advocating for high-quality development by breaking down "involution" competition. The China Photovoltaic Industry Association is guiding companies to sign voluntary production control agreements to maintain market order and promote sustainable industry development [3] Innovation Drug Market - The innovative drug sector is experiencing a pullback, but the introduction of a multi-tiered medical insurance payment system is expected to expand the innovative drug market. The new commercial health insurance innovative drug directory aims to include high-value innovative drugs beyond basic insurance coverage [4] Credit Bond Market Activity - The credit bond sector is gaining attention, with the top ten ETFs by trading volume led by the Yinhua Daily ETF (511880) at 13.321 billion yuan. Other notable ETFs include the Short-term Bond ETF (511360) and the Shanghai Stock Company Bond ETF (511070), both exceeding 10 billion yuan in trading volume [5] Trading Metrics - The benchmark government bond ETF (511100) recorded the highest turnover rate at 543.16%, with the 5-year local government bond ETF (511060) and the Hang Seng ETF (159312) also showing significant turnover rates [6] New ETF Launch - The Cash Flow ETF Yongyin (159223) is set to launch, closely tracking the National Index of Free Cash Flow. This index focuses on 100 companies with high and stable free cash flow, excluding financial and real estate sectors, and has shown positive returns over the past six years [7]

打包市场龙头，抢反弹就买指数ETF>> BC电池板块涨超3%，光伏龙头ETF(516290)涨幅为2.20%，最新价创30日新高，成交额1723.17万元，较 昨日此时放量84.41%，近1月份额增加3800万份。 ...

打包市场龙头，抢反弹就买指数ETF>> 光伏设备板块涨超3%，光伏龙头ETF(516290)涨幅为2.01%，最新价创10日新高，成交额749.46万元， 近1月份额增加5200万份。 ...

打包市场龙头，抢反弹就买指数ETF>> 光伏设备板块快速拉升，涨幅为1.51%，光伏龙头ETF(516290)当前涨幅为0.75%，成交额59.5万元，较 昨日此时放量51.61%，近1月份额增加3000万份。 ...