Market Overview - The market opened lower yesterday but rebounded slightly, with the three major indices showing small gains [1] - Sectors that performed well included military industry, precious metals, humanoid robots, and commercial aerospace, while sectors that declined included insurance, film, photovoltaics, and snacks [1] ETF Market Activity - On August 4, significant inflows were observed in the non-monetary ETF market, with the Huatai-PB Hang Seng Technology ETF seeing an increase of 899 million shares and a net inflow of 650 million yuan [1] - Other notable ETFs included the Guotai CSI All-Share Securities Company ETF, which saw an increase of 456 million shares and a net inflow of 542 million yuan, and the Fortune CSI Hong Kong Stock Connect Internet ETF, which had an increase of 566 million shares and a net inflow of 521 million yuan [1][2] Top Performing ETFs - As of August 4, the top 20 ETFs by net inflow for the month included the Huatai-PB Hang Seng Technology ETF with a net inflow of 1.333 billion yuan and a total scale of 30.962 billion yuan [3] - Other top ETFs included the Bosera CSI Convertible Bonds and Exchangeable Bonds ETF with a net inflow of 937 million yuan and the Huaxia Shanghai 50 ETF with a net inflow of 916 million yuan [3] Overall ETF Market Statistics - The total number of ETF shares in the market reached 27,722.39 billion shares, with a total scale of 46,024.92 billion yuan as of August 4 [3] - The financial sector saw the largest increase in shares, with 24 funds tracking this theme, while the securities company index saw a significant increase of 32.86% in shares [3]

Summary of Key Points Core Viewpoint - As of July 11, the ETF market experienced a net inflow of 10.272 billion yuan, with total inflows of 173.242 billion yuan and outflows of 162.970 billion yuan [1] Fund Type Analysis - Equity ETFs saw a net inflow of 10.580 billion yuan, while bond ETFs had a net inflow of 5.756 billion yuan [1] - Money market ETFs experienced a net outflow of 9.005 billion yuan, and commodity ETFs had a net outflow of 0.28356 million yuan [1] - QDII ETFs recorded a net inflow of 2.944 billion yuan [1] Top Inflows and Outflows - The ETFs with the highest net inflows were: - Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) with 0.906 billion yuan - E Fund CSI Hong Kong Securities Investment Theme ETF (513090) with 0.795 billion yuan - Hang Seng Technology ETF (513130) with 0.674 billion yuan [1] - The ETFs with the highest net outflows were: - Invesco Great Wall CSI Dividend Low Volatility 100 ETF (515100) with 0.285 billion yuan - Huaxia CSI Animation Game ETF (159869) with 0.204 billion yuan - GF CSI A500 ETF (563800) with 0.171 billion yuan [1]

Market Overview - The Shanghai Composite Index rose by 1.4% to close at 3472.32 points, with a weekly high of 3497.22 points [1] - The Shenzhen Component Index increased by 1.25% to 10508.76 points, reaching a high of 10610.5 points [1] - The ChiNext Index saw a 1.5% rise, closing at 2156.23 points, with a peak of 2187.88 points [1] - In the global market, the Nasdaq Composite rose by 1.62%, the Dow Jones Industrial Average increased by 2.3%, and the S&P 500 gained 1.72% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 1.52%, and the Nikkei 225 decreased by 0.85% [1] ETF Market Performance - The median weekly return for stock ETFs was 1.29% [2] - The highest weekly return among scale index ETFs was 2.55% for E Fund's SSE 50 Enhanced Strategy ETF [2] - The highest weekly return in industry index ETFs was 5.41% for China Tai's CSI Steel ETF [2] - The highest return in strategy index ETFs was 3.02% for China Merchants' CSI All Share Dividend Quality ETF [2] - The highest return in style index ETFs was 3.15% for Harvest's CSI Pharmaceutical Health 100 Strategy ETF [2] - The highest return in thematic index ETFs was 6.98% for China Tai's CSI Animation Game ETF [2] ETF Liquidity - Average daily trading volume for stock ETFs decreased by 15.3%, and average daily trading amount fell by 5.2% [6] ETF Fund Flow - The top five stock ETFs with the highest inflow were: - Huabao CSI Financial Technology Theme ETF (inflow of 294 million yuan) - Fuguo CSI Military Industry Leaders ETF (inflow of 294 million yuan) - GF National New Energy Vehicle Battery ETF (inflow of 289 million yuan) - Penghua CSI National Defense ETF (inflow of 275 million yuan) - Huatai-PB CSI Photovoltaic Industry ETF (inflow of 230 million yuan) [8] - The top five stock ETFs with the highest outflow were: - Harvest CSI A500 ETF (outflow of 377 million yuan) - Huatai SSE Dividend ETF (outflow of 348 million yuan) - Harvest CSI 500 ETF (outflow of 327 million yuan) - E Fund ChiNext ETF (outflow of 326 million yuan) - Fuguo CSI A500 ETF (outflow of 277 million yuan) [9] ETF Financing and Margin Trading - The financing balance for stock ETFs decreased from 41.0791 billion yuan to 40.7182 billion yuan [10] - The highest financing buy amount was 637 million yuan for Huaxia SSE Sci-Tech 50 ETF [10] ETF Market Size - The total size of the ETF market reached 4313.806 billion yuan, an increase of 39.137 billion yuan from the previous week [13] - The stock ETF market accounted for 70.1% of the total ETF market size [15] Industry Insights - Heng Tai Securities noted that the gaming industry is experiencing growth with strong performance from new products, and many companies are still valued between 10-20 times earnings [16] - The industry is expected to enter an accelerated growth phase, driven by emotional consumption needs among young users, with an anticipated increase in the issuance of game licenses in 2024 and 2025 [16]

Market Overview - Last Friday, the market experienced a mixed performance with the three major indices showing varied results, as the Shanghai Composite Index briefly rose over 1% approaching 3500 points [1] - Sectors that performed well included stablecoins, gaming, banking, and electricity, while sectors such as solid-state batteries, beauty care, rare earth permanent magnets, and non-ferrous metals saw declines [1] ETF Market Activity - On July 4, the non-monetary ETF market saw significant inflows, with notable increases in fund shares and net inflows for several ETFs: - Hai Fu Tong Zhong Zheng Short Bond ETF saw an increase of 0.07 million shares with a net inflow of 0.825 billion yuan - Hua Xia Hang Seng Technology ETF had an increase of 9.7 million shares with a net inflow of 0.682 billion yuan - Guotai Shangzheng 10-Year Treasury ETF increased by 0.05 million shares with a net inflow of 0.634 billion yuan [1][2] Top Performing ETFs - The top ETFs by net inflow on July 4 included: - Hai Fu Tong Zhong Zheng Short Bond ETF with a net inflow of 1.637 billion yuan for the month - Fu Guo Zhong Zheng Hong Kong Stock Connect Internet ETF with a net inflow of 1.51 billion yuan - Yi Fang Da Shang Zheng Benchmark Market Maker Corporate Bond ETF with a net inflow of 1.455 billion yuan [3] Fund Performance - The overall ETF market as of July 4 had a total of 27,411.52 million shares and a total scale of 43,178.96 billion yuan - The financial sector saw the largest increase in fund shares, with 23 funds tracking this theme, while the index tracking Zhong Zheng Bank saw a 51.61% increase in shares [3]

Core Insights - The public fund industry is undergoing a mid-to-long-term performance review as of mid-2025, with notable achievements from Huaxia Fund across various categories [1] - Huaxia Fund has demonstrated strong investment capabilities, particularly in equity markets and cyclical manufacturing sectors, achieving significant returns for investors [1] Group 1: Performance Highlights - Huaxia Fund's product "Huaxia Beijing Stock Exchange Innovation Small and Medium Enterprises Selected Two-Year Open" delivered a remarkable 175.64% return over the past three years, winning titles in both "Mixed Equity Fund" and "Cyclical Manufacturing Fund" categories [1] - Huaxia Pantai A and Huaxia New Brocade A secured the first and second positions in the "Mixed Bond Fund" and "Flexible Allocation Fund" categories, showcasing the fund's long-term stable returns and excellent risk control [1] Group 2: QDII and FOF Performance - In the QDII sector, Huaxia Fund's "Huaxia Nasdaq 100 ETF" and "Huaxia Global Technology Pioneer A" ranked second and twelfth among QDII equity funds, while "Huaxia Greater China Credit Selected A," "Huaxia Overseas Income A," and "Huaxia Overseas Aggregation A" claimed the top three spots in QDII bond funds [1] - Huaxia Conservative Pension A achieved eighth place in the FOF fund performance rankings, providing investors with an important tool for asset allocation [2] Group 3: Passive Investment and Research Team - Huaxia Fund's passive investment products also performed well, with "Huaxia CSI Cloud Computing and Big Data Theme ETF" ranking eleventh in growth funds, and "Huaxia CSI Financial Technology Theme ETF" and "Huaxia CSI Animation Game ETF" placing fifth and twelfth in technology funds respectively [2] - The "Huaxia Hang Seng China Enterprises High Dividend ETF" consistently ranked in the top 20 of the "Dividend Fund" category over the past three years, offering investors a high-dividend asset allocation option [2] - The company is committed to enhancing its research and investment team, with Zhang Chengyuan and Mao Ying securing the top two positions in the "Mixed Bond Fund Manager" rankings, reflecting the strength of the company's research system and talent pool [2]

Market Overview - The Shanghai Composite Index rose by 0.59% to close at 3444.43 points, with a daily high of 3447.46 points [1] - The Shenzhen Component Index increased by 0.83% to close at 10465.12 points, reaching a high of 10470.24 points [1] - The ChiNext Index saw a rise of 1.35%, closing at 2153.01 points, with a peak of 2154.0 points [1] ETF Market Performance - The median return for stock ETFs was 0.82%, with the highest return from the Southern Deep Shenzhen Main Board 50 ETF at 3.39% [2] - The highest performing industry index ETF was the China Securities Satellite Industry ETF, yielding 3.67% [2] - The top thematic index ETF was the China Securities Animation Game ETF, which achieved a return of 5.99% [2] ETF Performance Rankings - The top three ETFs by return were: Huatai-PB China Securities Animation Game ETF (5.99%), Huaxia China Securities Animation Game ETF (5.95%), and Guotai China Securities Animation Game ETF (5.82%) [6] - The three ETFs with the largest declines were: China Securities Bank AH Price Preferred ETF (-1.24%), Penghua China Securities Bank ETF (-0.63%), and Tianhong China Securities Bank ETF (-0.59%) [8] ETF Fund Flows - The top three ETFs by fund inflow were: Huatai-PB China Securities A500 ETF (inflow of 2.241 billion), Southern China Securities A500 ETF (inflow of 1.650 billion), and Harvest China Securities A500 ETF (inflow of 1.055 billion) [9] - The ETFs with the largest outflows were: Huaxia Shanghai 50 ETF (outflow of 1.477 billion), E Fund CSI 300 ETF (outflow of 961 million), and Southern CSI 1000 ETF (outflow of 924 million) [11] ETF Margin Trading Overview - The top three ETFs by margin buying were: Huaxia Shanghai Sci-Tech Innovation Board 50 ETF (558 million), Guotai China Securities All Index ETF (301 million), and E Fund ChiNext ETF (223 million) [12] - The highest margin selling amounts were for: Southern CSI 500 ETF (105 million), Southern CSI 1000 ETF (79.72 million), and Huaxia CSI 1000 ETF (21.96 million) [14] Institutional Insights - Shenwan Hongyuan highlights the gaming sector's potential for performance growth, with a record number of game approvals in June, indicating a supportive regulatory environment [15] - Huaxi Securities notes that the approval of 158 games in June reflects a stable regulatory approach, enhancing predictability for domestic developers and promoting high-quality development in the industry [15]

Market Overview - The Shanghai Composite Index rose by 0.35% to close at 3388.73 points, with a daily high of 3389.76 points [1] - The Shenzhen Component Index increased by 0.41% to close at 10163.55 points, reaching a high of 10173.06 points [1] - The ChiNext Index saw a rise of 0.66%, closing at 2057.32 points, with a peak of 2062.42 points [1] ETF Market Performance - The median return for stock ETFs was 0.24%, with the highest return from the Yinhua ChiNext Mid-Cap 200 ETF at 1.62% [2] - The highest performing industry ETF was the China Securities Software Development ETF, which achieved a return of 2.68% [2] - The China Securities Animation and Game ETF led the thematic ETFs with a return of 5.24% [2] ETF Gain and Loss Rankings - The top three ETFs by gain were: - Guotai CSI Animation and Game ETF (5.24%) - Huatai-PB CSI Animation and Game ETF (5.04%) - Bosera CSI Financial Technology Theme ETF (4.94%) [4][5] - The top three ETFs by loss were: - Huitianfu CSI All-Index Medical Device ETF (-2.76%) - Huashan CSI Hong Kong and Shanghai Gold Industry ETF (-2.35%) - Ping An CSI Hong Kong and Shanghai Gold Industry ETF (-2.32%) [4][5] ETF Fund Flows - The top three ETFs by fund inflow were: - Huatai-PB CSI 300 ETF (inflow of 1.692 billion yuan) - Huaxia SSE 50 ETF (inflow of 868 million yuan) - Southern CSI 500 ETF (inflow of 577 million yuan) [6][7] - The top three ETFs by fund outflow were: - Industrial Bank of China CSI Dividend ETF (outflow of 229 million yuan) - Huashan ChiNext 50 ETF (outflow of 183 million yuan) - E Fund ChiNext ETF (outflow of 144 million yuan) [6][7] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech 50 ETF (355 million yuan) - Huaxia SSE 50 ETF (228 million yuan) - Huatai-PB CSI 300 ETF (204 million yuan) [8][9] - The top three ETFs by margin selling were: - Southern CSI 1000 ETF (65.29 million yuan) - Huatai-PB CSI 300 ETF (22.07 million yuan) - Southern CSI 500 ETF (6.42 million yuan) [8][9] Industry Insights - Open Source Securities recommends increasing allocation in the gaming sector due to new measures from the Zhejiang Provincial Department of Commerce aimed at supporting the internationalization of the gaming industry [10] - Wanlian Securities notes that the Chinese gaming market showed stable growth in April, driven by long-term products and new releases, indicating robust growth potential [11]

Market Overview - The Shanghai Composite Index fell by 0.05% to close at 3346.84 points, with a daily high of 3362.31 points [1] - The Shenzhen Component Index decreased by 0.41% to 10091.16 points, reaching a high of 10142.94 points [1] - The ChiNext Index dropped by 0.8% to 2005.26 points, with a peak of 2023.49 points [1] ETF Market Performance - The median return of stock ETFs was -0.26% [2] - The highest performing scale index ETF was the China Fortune CSI 2000 Enhanced Strategy ETF, with a return of 1.68% [2] - The highest performing industry index ETF was the GF National Certificate Information Technology Innovation Theme ETF, returning 1.7% [2] - The top three ETFs by return were: - Guotai CSI Animation Game ETF (2.96%) - Huaxia CSI Animation Game ETF (2.94%) - Huatai Baichuan CSI Animation Game ETF (2.93%) [5] ETF Fund Flows - The top three ETFs by fund inflow were: - Huatai Baichuan CSI 300 ETF (inflow of 1.618 billion) - Huaxia SSE 50 ETF (inflow of 678 million) - E Fund ChiNext ETF (inflow of 593 million) [8] - The top three ETFs by fund outflow were: - Guolian An CSI All-Index Semiconductor Products and Equipment ETF (outflow of 182 million) - Huitianfu CSI Major Consumption ETF (outflow of 137 million) - E Fund CSI Artificial Intelligence Theme ETF (outflow of 136 million) [10] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech 50 Component ETF (285 million) - Huatai Baichuan CSI 300 ETF (228 million) - E Fund ChiNext ETF (225 million) [11] - The top three ETFs by margin selling were: - Huatai Baichuan CSI 300 ETF (14.4462 million) - Southern CSI 500 ETF (7.0082 million) - Guolian An CSI All-Index Semiconductor Products and Equipment ETF (3.5301 million) [13] Industry Insights - Wanlian Securities noted that the issuance of game licenses remained high in May 2025, indicating a steady recovery in the gaming industry, with a focus on major manufacturers and innovative projects [14] - AVIC Securities highlighted that the gaming industry is entering a new development phase characterized by content refinement, AI industrialization, and globalization, with current valuations still offering value [14]

Core Viewpoint - The article provides a ranking of open-end funds based on their net asset value growth, highlighting the top and bottom performers in the market as of May 26, 2025 [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 华夏高端制造混合A with a net value of 1.1810, up from 1.1470, a change of 0.03 [2] 2. 华夏高端制造混合C with a net value of 1.1590, up from 1.1260, a change of 0.03 [2] 3. 华夏中证动漫游戏ETF with a net value of 1.1171, up from 1.0859, a change of 0.03 [2] 4. 国泰中证动漫游戏ETF with a net value of 1.1110, up from 1.0800, a change of 0.03 [2] 5. 游戏动漫 with a net value of 1.1584, up from 1.1270, a change of 0.03 [2] 6. 新华科技创新主题灵活配置混合 with a net value of 0.9141, up from 0.8894, a change of 0.02 [2] 7. 华夏中证动漫游戏ETF发起式联接A with a net value of 1.1964, up from 1.1648, a change of 0.03 [2] 8. 华夏中证动漫游戏ETF发起式联接C with a net value of 1.1832, up from 1.1520, a change of 0.03 [2] 9. 华夏中证动漫游戏ETF发起式联接D with a net value of 1.1834, up from 1.1522, a change of 0.03 [2] 10. 东方红益丰纯债债券E with a net value of 1.0538, up from 1.0261, a change of 0.02 [2] - The bottom 10 funds with the lowest net value growth include: 1. 华夏中证港股通汽车产业主题ETF with a net value of 1.2382, down from 1.3033, a change of -0.06 [4] 2. 广发中证港股通汽车ETF with a net value of 1.1929, down from 1.2555, a change of -0.06 [4] 3. 南方中证港股通汽车产业主题指数发起A with a net value of 1.1632, down from 1.2214, a change of -0.05 [4] 4. 南方中证港股通汽车产业主题指数发起C with a net value of 1.1639, down from 1.2221, a change of -0.05 [4] 5. 中欧恒生沪深港汽车主题指数发起C with a net value of 0.9696, down from 1.0080, a change of -0.03 [4] 6. 中欧恒生沪深港汽车主题指数发起A with a net value of 0.9700, down from 1.0084, a change of -0.03 [4] 7. 长城医药产业精选混合发起式C with a net value of 1.4731, down from 1.5268, a change of -0.05 [4] 8. 长城医药产业精选混合发起式A with a net value of 1.4776, down from 1.5314, a change of -0.05 [4] 9. 海富通中证港股通科技ETF with a net value of 0.6883, down from 0.7132, a change of -0.02 [4] 10. 景顺长城中证港股通科技ETF with a net value of 0.6879, down from 0.7126, a change of -0.02 [4] Market Analysis - The Shanghai Composite Index opened lower but rebounded slightly, while the ChiNext Index experienced a decline before recovering slightly, with a total trading volume of 1.03 trillion [6]. - Leading sectors included public transportation and the internet, both showing gains of over 2%, while the worst-performing sectors were car washing, pharmaceuticals, and liquor [6]. - The fund with the fastest net value growth was identified as 华夏高端制造混合A [6].

Market Overview - The Shanghai Composite Index fell by 0.22% to close at 3380.19 points, with a high of 3390.59 points during the day [1] - The Shenzhen Component Index decreased by 0.72% to 10219.62 points, reaching a peak of 10283.29 points [1] - The ChiNext Index dropped by 0.96% to 2045.57 points, with a maximum of 2065.41 points [1] ETF Market Performance - The median return of stock ETFs was -0.52% [2] - The highest performing scale index ETF was the Huaxia ChiNext Composite ETF with a return of 0.46% [2] - The highest performing industry index ETF was the China Securities Bank ETF with a return of 1.02% [2] - The highest performing strategy index ETF was the Jiashu CSI 300 Dividend Low Volatility ETF with a return of 0.57% [2] - The highest performing theme index ETF was the Huaxia Taibai CSI Animation Game ETF with a return of 2.21% [2] ETF Performance Rankings - The top three ETFs by return were: - Huatai Bairui CSI Animation Game ETF (2.21%) - Huaxia CSI Animation Game ETF (2.01%) - Guotai CSI Animation Game ETF (1.84%) [5] - The top three ETFs by decline were: - China Merchants CSI Battery Theme ETF (-2.24%) - Penghua SSE Sci-Tech Innovation Board New Energy ETF (-2.21%) - ICBC Credit Suisse National 2000 ETF (-1.95%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - Fuguo CSI Military Leading ETF (¥199 million) - Huabao CSI Bank ETF (¥154 million) - Guolian An CSI All-Index Semiconductor Products and Equipment ETF (¥143 million) [8] - The top three ETFs by fund outflow were: - Yinhua CSI Innovative Drug Industry ETF (¥219 million) - E Fund SSE 300 Medical and Health ETF (¥183 million) - Huaxia CSI 1000 ETF (¥149 million) [10] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (¥414 million) - Guolian An CSI All-Index Semiconductor Products and Equipment ETF (¥168 million) - Huabao CSI Medical ETF (¥161 million) [11] - The top three ETFs by margin selling were: - Southern CSI 1000 ETF (¥16.42 million) - Southern CSI 500 ETF (¥14.58 million) - Huatai Bairui SSE 300 ETF (¥12.55 million) [13] Institutional Insights - According to招商证券, Tencent's first-quarter report showed a strong growth of over 20% in its gaming business, indicating a positive outlook for the gaming sector [14] - 兴业证券 highlighted that the media and gaming industries are entering a year of explosive AI application, with domestic models closing the gap with top overseas models [14]