Group 1 - The A-share market is entering a new upward cycle supported by policies, the rise of technology growth sectors, and improved liquidity, with key market sentiment indicators reaching new highs [1] - The CSI A500 index has reached a new high since March 2, 2022, with a cumulative increase of 48.21% over the past year, outperforming other core broad-based indices like CSI A50 and CSI A100 [2] - The A500 ETF by Huatai-PB has seen significant growth, with fund shares and scale increasing by 831.30% and 1045.41% respectively since its establishment, reaching 18.626 billion shares and 22.908 billion yuan [2][3] Group 2 - The A500 ETF has attracted a net inflow of 1.221 billion yuan over 9 out of 13 trading days since September 8, 2025, indicating its potential as a tool for investors to capture core asset opportunities in the A-share market [3] - The A500 ETF has a cumulative unit net value of 1.2299 yuan, making it one of the few ETFs tracking the CSI A500 index to exceed 1.22 yuan [4] - The A500 ETF features a low fee structure, with management and custody fees at 0.15% and 0.05% per year, respectively, which are among the lowest in the A-share market [5][7] Group 3 - Huatai-PB, the manager of the A500 ETF, is one of the first ETF managers in China with over 18 years of experience, managing the largest ETF in the A-share market, the CSI 300 ETF, with a scale of 582.4 billion yuan [6]

Core Insights - The market has shown a continued upward trend driven by rotation dynamics, with renewed enthusiasm for the CSI A500 index among investors [1][2] - The A500 ETF by Huatai-PB has demonstrated strong capital inflow, attracting a net inflow of 1.212 billion yuan over five consecutive trading days [1][2] - The CSI A500 index has reached a nearly three-year high, with a cumulative increase of 46.45% over the past year, outperforming other major indices [2][3] Fund Performance - As of September 12, the A500 ETF by Huatai-PB has seen its fund size grow to 22.523 billion yuan, making it the only ETF tracking the CSI A500 index with a size exceeding 22 billion yuan [2][3] - The fund has a low fee structure, with management and custody fees at 0.15% and 0.05% per year, respectively, which are among the lowest in the A-share market [3][4] - The cumulative net asset value of the A500 ETF has surpassed 1.20 yuan, indicating strong performance among its peers [4] Market Dynamics - Recent reports indicate a marginal recovery in sector rotation intensity, suggesting that the market is seeking opportunities through rotation [2][3] - Many sectors have returned to moderate or low levels of congestion, providing a structural basis for continued rotation [2][3] - The market is entering a seasonal window conducive to expanding trends, which may further support the A500 index [2][3]

Core Viewpoint - The market continues to experience fluctuations, primarily driven by emotional volatility and adjustments in trading structures, rather than significant negative factors. The recent pullback may represent a gradual release of risks, with the CSI A500 index attracting market funds as a core asset allocation opportunity [1][2]. Group 1: Market Dynamics - The A500 ETF by Huatai-PB (563360) has seen a significant net inflow of 163 million yuan over three consecutive trading days from September 8 to September 10, 2023, indicating strong investor interest [1]. - The trading volume for the A500 ETF has consistently exceeded 3.4 billion yuan over four consecutive trading days from September 5 to September 10, 2023, highlighting its liquidity and market engagement [1]. - As of September 10, 2023, the A500 ETF has reached a total scale of 21.046 billion yuan, making it the only ETF tracking the CSI A500 index with a scale exceeding 20 billion yuan, showcasing its liquidity and scale advantages [1][2]. Group 2: Policy and Economic Environment - The market is expected to experience short-term volatility due to funding discrepancies, but the core drivers for long-term index growth remain intact, supported by anticipated easing of U.S. monetary policy and favorable domestic policies [2]. - Various supportive policies have been introduced in China, from industry support to capital market reforms, creating a moderately optimistic environment for the capital market, which is crucial for driving index growth [2]. Group 3: Fund Structure and Fees - The A500 ETF and its linked funds (Class A 022438/Class C 022439) feature a comprehensive low-fee structure, with management and custody fees at 0.15% and 0.05% per year, respectively, making them among the lowest in the A-share market [3][5]. - The subscription fee for Class A shares is structured to be competitive, with a maximum fee of 0.6% for amounts below 500,000 yuan, and a flat fee of 1,000 yuan for amounts above 1 million yuan, while Class C shares have a service fee of 0.15% per year, the lowest among similar funds [5]. Group 4: Performance Metrics - As of September 10, 2023, the cumulative net asset value of the A500 ETF is 1.1861 yuan per unit, making it one of the few ETFs tracking the CSI A500 index to exceed a net asset value of 1.18 yuan [4]. - The fund management company, Huatai-PB, has over 18 years of experience in ETF operations and manages the largest ETF in the A-share market, the CSI 300 ETF, with a scale exceeding 557 billion yuan as of September 10, 2023 [5].