1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The fintech industry is experiencing long - term development opportunities driven by policy dividends and technological innovation. The 2025 Lujiazui Forum's focus on "AI - empowered financial reform and innovation" may bring positive market feedback to the sector, similar to the "Internet + finance" trend in 2013 [1]. - The CSI Fintech Theme Index is a core indicator reflecting the overall performance of A - share fintech companies. It has concentrated weightings in leading stocks, high historical return volatility, and strong offensive capabilities, with expected EPS and net profit growth of over 10% in the next two years [1][2][43]. - The Huaxia CSI Fintech Theme ETF provides investors with a convenient tool to access the fintech sector. It closely tracks the CSI Fintech Theme Index, with a management fee of 0.50% and a custody fee of 0.10% [1]. 3. Summary by Directory 3.1 Financial Technology: An Inevitable Trend - **Accumulation and Outlook**: Fintech is based on technological innovations such as big data, cloud computing, AI, and blockchain, and is comprehensively applied in six major financial fields. The "14th Five - Year Plan" promotes its in - depth development, and four core technologies drive the industry forward [5][6]. - **2025 Lujiazui Forum**: The 2025 Lujiazui Forum focused on the mutual empowerment of technology and finance and promoted financial opening - up. The emerging topic of "AI - empowered financial reform and innovation" is similar to the "Internet finance" topic in 2013, and historical experience may indicate sector - wide structural opportunities [1][9][17]. 3.2 CSI Fintech: A Leader in the Vertical Industry - **Strong Representativeness**: The CSI Fintech Theme Index, launched in 2017, selects companies related to fintech as sample stocks to reflect the overall performance of A - share fintech companies. Its sample is adjusted semi - annually [18][19][21]. - **Concentrated Weightings and Focus on Emerging Technologies**: As of July 4, 2025, the index had 57 constituent stocks. The top ten constituent stocks accounted for 57.20% of the total weight, with concentrated weightings. The index focuses on emerging fintech fields, with a relatively concentrated industry distribution in software and computer sectors [22][25][27]. - **High Elasticity and Offensive Capability**: The fintech sector shows high elasticity and strong offensive capabilities in rising markets. Since its base date, the cumulative return of the fintech index has reached 201.07%, far exceeding that of major broad - based indices. In specific rising periods, its performance is significantly better than that of the market [30][33][34]. - **Earnings Growth Forecast**: The fundamentals of companies in the fintech index are expected to recover strongly. The main business income is expected to rebound by 14.73% in 2025, and the EPS is expected to grow by 29.06% to 0.42 yuan, with growth rates of 44.61% and 15.44% in 2026 and 2027 respectively [43]. 3.3 Huaxia CSI Fintech Theme ETF - **Product Information**: The Huaxia CSI Fintech Theme ETF (fund code: 516100) closely tracks the CSI Fintech Theme Index, aiming to minimize tracking errors. The management fee is 0.50%, and the custody fee is 0.10%. It was listed on July 23, 2017, and is managed by Mr. Xu Meng [46][48]. - **Fund Manager Introduction**: Mr. Xu Meng has rich experience in the industry. As of July 4, 2025, he manages 10 ETF products with a total scale of 249.59 billion yuan [48].

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 0.65% to close at 3381.58 points, with a daily high of 3389.45 points [1] - The Shenzhen Component Index increased by 0.43% to close at 10048.39 points, reaching a high of 10064.75 points [1] - The ChiNext Index gained 0.39%, closing at 2017.63 points, with a peak of 2021.76 points [1] ETF Market Performance - The median return for stock ETFs was 0.54%, with the highest return from the ICBC Credit Suisse CSI 50 ETF at 3.87% [2] - The Southern CSI Computer ETF led the industry index ETFs with a return of 2.7% [2] - The highest return among thematic ETFs was from the China Life Insurance CSI Financial Technology Theme ETF at 4.64% [2] ETF Gain and Loss Rankings - The top three performing ETFs were: - China Life Insurance CSI Financial Technology Theme ETF (4.64%) - Huabao CSI Financial Technology Theme ETF (4.49%) - Bosera CSI Financial Technology Theme ETF (4.2%) [5] - The three ETFs with the largest declines were: - Penghua CSI Liquor ETF (-1.25%) - China Life CSI Major Consumption ETF (-1.09%) - Yinhua CSI Subdivision Food and Beverage Industry Theme ETF (-0.91%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - Huatai-PB CSI A500 ETF (inflow of 1.478 billion) - Huatai-PB CSI 300 ETF (inflow of 1.15 billion) - China Life CSI 50 ETF (inflow of 1.047 billion) [8] - The ETFs with the largest outflows were: - China Life CSI Sci-Tech 50 ETF (outflow of 355 million) - E Fund ChiNext ETF (outflow of 275 million) - China Life CSI 1000 ETF (outflow of 188 million) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: - China Life CSI Sci-Tech 50 ETF (419 million) - Huabao CSI Medical ETF (183 million) - Huatai-PB CSI 300 ETF (182 million) [11] - The ETFs with the highest margin selling were: - Fortune CSI A500 ETF (44.942 million) - Southern CSI 1000 ETF (24.7747 million) - China Life CSI 50 ETF (19.476 million) [12] Institutional Insights - Minsheng Securities highlighted that a new wave of financial technology innovation opportunities is emerging, driven by AI applications [13] - Dongwu Securities noted that financial vertical models are becoming a development focus due to favorable policies and successful overseas implementations [14]

Group 1 - The core viewpoint of the article highlights that 72.65% of equity and mixed funds achieved positive returns, with 43 funds returning over 3% on June 16 [1][2] - The Shanghai Composite Index rose by 0.35% to close at 3388.73 points, while the Shenzhen Component Index and the ChiNext Index increased by 0.41% and 0.66%, respectively [1] - The top-performing sectors included Media, Communication, and Computer, with increases of 2.70%, 2.11%, and 1.99%, respectively [1] Group 2 - The leading fund in terms of net value growth rate was the Huabao CSI Financial Technology Theme ETF, which achieved a growth rate of 4.65% [2] - Among the funds with a net value growth rate exceeding 3%, 16 were index equity funds, 16 were equity-oriented funds, and 11 were flexible allocation funds [2] - The fund with the largest net value decline was the Shenwan Lingshin New Power Mixed C, which fell by 2.09% [2][3] Group 3 - The net value growth rate rankings for equity and mixed funds on June 16 showed that the top five funds were all index equity funds, with growth rates ranging from 4.65% to 4.53% [2][3] - The net value decline rankings indicated that several funds related to gold and mixed funds experienced significant declines, with multiple funds showing declines between 1.68% and 2.09% [4][5]

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of June 16, 2025, highlighting the top and bottom performers in the market [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. Huabao Zhongzheng Financial Technology Theme ETF: 1.5122 2. Guotai Zhongzheng Animation Game ETF: 1.2366 3. Huaxia Zhongzheng Financial Technology Theme ETF: 1.2376 4. Boshi Financial Technology ETF: 1.2914 5. Huaxia Zhongzheng Animation Game ETF: 1.2451 6. Huatai Baichuan Zhongzheng Animation Game ETF: 1.2851 7. Huabao Zhongzheng Financial Technology Theme ETF Initiated A: 1.0060 8. Huabao Zhongzheng Financial Technology Theme ETF Initiated C: 0.9955 9. Huaxia Zhongzheng Animation Game ETF Initiated Link: 1.3099 10. Huaxia Zhongzheng Animation Game ETF Initiated Link A: 1.3248 [2][4]. - The bottom 10 funds with the lowest net value growth include: 1. Shenwan Lingxin New Power Mixed C: 0.4880 2. Shenwan Saixin New Power Mixed A: 0.4889 3. Taiping Hengtai Three-Month Open Debt C: 1.0317 4. Guotai Zhongzheng Hu-Shen-Hong Gold Industry Stock ETF: 1.1907 5. Gold Stock ETF Fund: 1.2346 6. Huaxia Zhongzheng Hu-Shen-Hong Gold Industry Stock ETF: 1.6381 7. Guotai Zhongzheng Hu-Shen-Hong Gold Industry Stock ETF: 1.4999 8. Hu'an Zhongzheng Hu-Shen-Hong Gold Industry Stock ETF: 1.1609 9. Ping An Zhongzheng Hu-Shen-Hong Gold Industry ETF: 1.2217 10. Southern Zhongzheng Hu-Shen-Hong Gold Industry Stock Index Initiated A: 1.3031 [4][6]. Market Trends - The Shanghai Composite Index opened lower but showed a steady increase throughout the day, closing with a small gain, while the ChiNext Index also opened lower but experienced a rise before stabilizing [6]. - The total trading volume reached 1.24 trillion, with a market breadth of 3,559 gainers to 1,641 losers [6]. - Leading sectors included media and entertainment, internet, and software services, all showing gains of over 2%, while the agriculture sector lagged [6]. Fund Strategy Analysis - The Huabao Zhongzheng Financial Technology Theme ETF has shown significant net value growth, indicating strong performance in the financial software sector [6]. - The fund's top holdings include stocks like Tonghuashun and Dongfang Caifu, with a concentration of 54.15% in its top ten holdings [7]. - Conversely, the Shenwan Lingxin New Power Mixed C fund has underperformed, with a concentration of 67.29% in its top ten holdings, indicating a diverse but less effective investment strategy [7].

Market Overview - The Shanghai Composite Index rose by 0.7% to close at 3363.45 points, with a daily high of 3368.63 points [1] - The Shenzhen Component Index increased by 1.24% to close at 10127.2 points, reaching a peak of 10139.18 points [1] - The ChiNext Index saw a rise of 1.37%, closing at 2012.55 points, with a maximum of 2016.21 points [1] ETF Market Performance - The median return for stock ETFs was 1.04%, with the highest return from the E Fund ChiNext Mid-Cap 200 ETF at 3.09% [2] - The highest performing industry index ETF was the China Asset Management CSI All-Share Software Development ETF, yielding 3.86% [2] - The top thematic index ETF was the China Thailand CSI Information Technology Innovation Theme ETF, which achieved a return of 6.41% [2] ETF Gain and Loss Rankings - The top three ETFs by gain were: - Guotai CSI Information Technology Innovation Theme ETF (6.41%) - Bosera CSI Financial Technology Theme ETF (5.9%) - Huaxia CSI Financial Technology Theme ETF (5.81%) [5] - The three ETFs with the largest declines were: - Jiao Yin Shanghai Stock Exchange 180 Corporate Governance ETF (-0.86%) - Ping An CSI Hong Kong and Shanghai Gold Industry Stock ETF (-0.79%) - Huaxia CSI Hong Kong and Shanghai Gold Industry Stock ETF (-0.64%) [6] ETF Fund Flow - The top three ETFs by fund inflow were: - Southern CSI 500 ETF (inflow of 1.666 billion) - Huatai-PB CSI 300 ETF (inflow of 1.438 billion) - Southern CSI 1000 ETF (inflow of 1.231 billion) [8] - The largest outflows were from: - E Fund ChiNext ETF (outflow of 218 million) - Huabao CSI Financial Technology Theme ETF (outflow of 207 million) - Huabao CSI Medical ETF (outflow of 192 million) [9] ETF Margin Trading Overview - The highest margin buy amounts were for: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (468 million) - Huatai-PB CSI 300 ETF (241 million) - Southern CSI 500 ETF (229 million) [11] - The largest margin sell amounts were for: - Huatai-PB CSI 300 ETF (24.55 million) - Southern CSI 500 ETF (8.14 million) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (5.24 million) [12] Institutional Insights - Dongxing Securities noted that the financial technology industry is experiencing a sustained increase in overall prosperity due to strong policy support and emerging demand in new fields [13] - The demand from banks, insurance, and securities institutions is expected to rise, particularly in IT investments driven by system upgrades and digital platform construction [13][14] - Guotai Haitong Securities highlighted the accelerating application of AI across various sectors, including securities research, banking, and insurance, indicating a broad future potential [15]