昨天，我们说A股是"大"、"猛"、"快"，放到今天，依然是适用的： 成交额依然大 ，今天虽然缩量，但还在2.7万亿以上，连续第10个交易日站上2万亿； 融资盘还是猛 ，我们下面会聊到； 今天如果我们把目光放大一点的话，下图，从昨晚美股开始，全球风险资产都在下跌，回吐了一部分鲍师傅周五讲话后的涨幅，法国因为国内政 治危机，跌幅更大一点，而我们看美债这边， 30年美债日内上了5bps ，重新逼近5%，因此，回吐也有回吐的逻辑。 当然，A股和外围的相关性，目前其实是非常弱的，说好听点是自我为主，说难听点是比较封闭，因此还是走的自己的逻辑。 指数其实冲的还是快 ，今天，wind全A虽然收盘微跌0.09%，但日内高点，其实已经破了6200点，按照我们此前统计的逻辑，相当于从6000点到 6100点，用了1个交易日，从6100点到6200点，还是只用了1个交易日，惯性仍在。 今天，我还是给大家拉几张图，解释一下当下的市场。 第一，昨日融资买入额，创下历史次高，而今天，杀的就是融资盘。 下图，我解释一下，我把0924以来， 融资盘，单日"净买入"的前十大 都拉了出来，从左到右，依次排列，就是蓝色的柱子；而 橙色的柱子，是 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [29]. Core Insights - The ETF market has shown significant growth this year, with a total scale increase of over 1 trillion yuan, reaching 4.77 trillion yuan as of August 15, 2025, which is a 27.9% increase year-to-date [8][9]. - The trading activity of ETFs has surged, with total trading volume approaching 2 trillion yuan last week, marking the second-highest record in history [8]. - The report highlights that the growth in ETF scale is primarily driven by net asset value increases, with notable growth in bond and commodity ETFs [9]. Summary by Sections Stock ETFs - As of August 15, 2025, the total scale of stock ETFs is 3.21 trillion yuan, reflecting a 2.8% increase month-on-month and an 11.2% increase year-to-date [2]. - The top five stock ETFs by subscription last week included various ETFs focused on broad market indices [2]. Industry-Themed ETFs - The scale of industry-themed ETFs reached 780 billion yuan, with a year-to-date increase of 30.4% [3]. - The top-performing industry-themed ETFs last week were primarily in the financial technology and healthcare sectors [3]. Style Strategy ETFs - The scale of style strategy ETFs is 133 billion yuan, with a year-to-date increase of 29.8% [3]. - Major inflows were observed in specific dividend and value-focused ETFs [3]. Cross-Border ETFs - Cross-border ETFs reached a scale of 716 billion yuan, marking a 68.9% increase year-to-date [4]. - Significant inflows were noted in ETFs linked to the Hang Seng Index and technology sectors [4]. Commodity ETFs - The scale of commodity ETFs is 153 billion yuan, with a year-to-date increase of 102.1% [4]. - Net inflows into commodity ETFs this year totaled 57.4 billion yuan [4]. Bond ETFs - Bond ETFs reached a scale of 541.4 billion yuan, reflecting a 211.2% increase year-to-date [4]. - This segment has seen over 300 billion yuan in net inflows this year, indicating its importance as a tool for institutional investors [4].

Group 1 - High-net-worth investors are actively entering the market, with significant inflows from private equity, leveraged funds, and speculative trading [1][11][14] - Private equity has seen a notable increase in institutional account openings, while individual account growth remains limited [14] - Leveraged funds have averaged daily inflows of 5.5 billion since July, with the current financing balance exceeding 2 trillion, a record high since 2015 [14][16] - Speculative trading has become active, with net inflows ranking just below the levels seen in 2015 [14][16] Group 2 - Resident funds have not significantly entered the market through public funds, with limited expansion in actively managed equity fund issuance and net subscriptions [2][18] - The issuance of actively managed equity funds remains at historical lows since the market shift in September 2022 [18] - Passive index funds are experiencing outflows, contrasting with the previous market conditions where funds flowed into equity ETFs [19][21] Group 3 - Retail investor participation is low, with current engagement levels not matching those of previous bull markets [3][27] - Retail fund inflows are limited, significantly weaker than the previous market conditions in September 2022 and February 2023 [27] - Recent data indicates a marginal decline in the balance of bank-to-securities transfers, suggesting that retail investors have not significantly entered the market [27][28] Group 4 - There is a growing trend of residents seeking higher returns through bank wealth management products due to excess savings and declining deposit rates [4][12][33] - The one-year fixed deposit rate has fallen below 1%, and the yield on popular wealth management products is only 1.05%, prompting a shift towards wealth management and fixed-income funds [4][33][34] - The combination of abundant funds and a scarcity of attractive assets is expected to accelerate the flow of resident funds into wealth management products, indirectly entering the equity market [4][12][34] Group 5 - Recent data shows a net outflow of 8.591 billion from foreign investments, particularly in financial, non-essential consumer goods, and industrial sectors [37][38] - Speculative trading saw a net inflow of 4.831 billion, primarily into the pharmaceutical, electronics, and machinery sectors [43][46] - Leveraged funds recorded a net inflow of 31.563 billion, focusing on electronics, machinery, and pharmaceuticals [48][53]

明天（8月14日），建信基金将带来一场直播，讲述商品ETF和QDII指数的配置价值，欢迎一键预约观 看哦~ 主题：《商品ETF和QDII指数投资价值》 时间：8月14日 16：00 8月14日（周四）16：00 点击下方链接即可预约↓ 免责声明 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性和完整性做任何保证。 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 由天天基金独家播出的《下半年配置诊疗室》直播特别策划现已正式上线！ 长按下方二维码 或 点击文末阅读原文 提前锁定心仪场次，预约直播不迷路！ 更有京东卡、遮阳伞等大量好礼等 你来抽~ ↓ 点击"阅读原文" 预约查看更多直播 还有好礼等你赢！ 分享、点赞、在看 顺手三连越来越有钱 ...

申万宏源「研选」说 除了股债,我还能通过产品 买什么其他资产 每当我们提到金融产品，大家最先想到 的可能是股票和债券,您是否好奇过:还有哪 些资产能帮我们分散投资风险、捕捉投资机遇 呢? 答案就藏在与我们生活息息相关的商品里 --从手中的金饰到汽车的汽油,从餐桌上的粮 食到工厂里的金属。而普通投资者参与商品市 场最便捷的方式之一，就是商品ETF。 商品ETF是什么? 简单说,它是一种追踪商品(例如黄金、 铜、大豆等等）价格走势的基金。您无需亲自 买卖现实世界里的黄金、原油或囤积小麦,只 需像买卖股票一样交易ETF份额,就能获取收益 或承担亏损。 股债之外,为什么 考虑商品ETF? 相比于实物资产,商品ETF投资可能更便捷, 1 具有门槛较低、操作相对简单、交易灵活等特点。 2 分散风险,商品价格走势可能与股债不同步, 加入组合可能会降低整体波动。 获取投资收益,例如全球能源转型等长期趋 3 势蕴含着股票、债券等不能完全覆盖的投资机会。 百分 简单来说,当经济动荡或货币贬值时,金 价可能会上涨。它能一定程度上对冲股市波 动和通胀风险。您可以不必购买黄金实物, 通过持有黄金ETF来获取实物黄金上涨带来 的收益,当 ...

申万宏源「研选」说 除了股债,我还能通过产品 买什么其他资产 每当我们提到金融产品，大家最先想到 的可能是股票和债券,您是否好奇过:还有哪 些资产能帮我们分散投资风险、捕捉投资机遇 呢? 答案就藏在与我们生活息息相关的商品里 --从手中的金饰到汽车的汽油,从餐桌上的粮 食到工厂里的金属。而普通投资者参与商品市 场最便捷的方式之一，就是商品ETF。 商品ETF是什么? 简单说,它是一种追踪商品(例如黄金、 铜、大豆等等）价格走势的基金。您无需亲自 买卖现实世界里的黄金、原油或囤积小麦,只 需像买卖股票一样交易ETF份额,就能获取收益 或承担亏损。 股债之外,为什么 考虑商品ETF? 相比于实物资产,商品ETF投资可能更便捷, 1 具有门槛较低、操作相对简单、交易灵活等特点。 2 分散风险,商品价格走势可能与股债不同步, 加入组合可能会降低整体波动。 获取投资收益,例如全球能源转型等长期趋 3 势蕴含着股票、债券等不能完全覆盖的投资机会。 音流商品ETF 有哪些选择? 百分 简单来说,当经济动荡或货币贬值时,金 价可能会上涨。它能一定程度上对冲股市波 动和通胀风险。您可以不必购买黄金实物, 通过持有黄金ETF来获 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the public fund industry in China, specifically analyzing the performance and trends of various fund types in the second quarter of 2025. Core Insights and Arguments Public Fund Performance - In Q2 2025, the number and scale of newly launched active equity funds significantly increased, with an average fundraising scale of 520 million yuan, focusing on dividend value and technology growth [1][2] - Despite a market rebound, the overall share of active equity funds decreased by 2.2% due to redemptions of older products, maintaining a scale of 3.33 trillion yuan [1][2] - Fixed income plus products surpassed the levels of the second half of 2023, reaching 2.16 trillion yuan, with a notable expansion in mixed bond FOFs [1][2] Fund Categories - Active equity funds showed strong performance, with a 3.1% increase in the equity fund index, outperforming broad-based indices [1][5] - The new issuance of FOF products continued at a high level, with a total new scale of 18.6 billion yuan, leading to a 10% increase in the overall market scale of FOFs to 166.2 billion yuan [1][4] Investment Trends - Active equity funds increased their stock positions slightly, with a notable rise in holdings of Hong Kong stocks, which now account for 17% of their portfolios [3][26] - The communication and financial sectors received increased allocations, while consumer and manufacturing sectors saw reductions [27] Performance Metrics - The median returns for active equity funds in Q2 were strong, with ordinary stock, mixed equity, and flexible allocation products achieving median returns of 2.0%, 2.1%, and 1.8% respectively, all outperforming major indices [19][20] - Fixed income plus funds achieved positive returns across all subcategories, with convertible bond funds leading in performance [22][23] Additional Important Insights - The competitive landscape for FOF products shows a slight decrease in the market share of the top ten managers, which now account for 60.8% of the market [4][8] - The concentration of holdings in active equity funds has decreased, indicating a more diversified investment approach, with the CR10 and CR20 ratios at 17.5% and 25.8% respectively [28] - Notable stock holdings include Ningde Times, which remains the most favored stock among funds, despite a slight reduction in holdings [29] Market Dynamics - The passive index product market reached a total scale of 5.79 trillion yuan by the end of Q2, with a 12.6% quarter-on-quarter growth [11] - The issuance of passive stock products hit a historical high, with 109 new products launched in Q2 2025 [9][10] Sector-Specific Performance - The innovative pharmaceutical sector led the market in Q2, with corresponding theme funds achieving a median return of 10.1% [21] - The report highlights the strong performance of small-cap growth and value products, with median returns of 3.4% and 3.2% respectively [20] This summary encapsulates the key findings and insights from the conference call regarding the public fund industry, highlighting performance metrics, investment trends, and sector-specific dynamics.

Core Insights - The total scale of ETFs in the domestic market reached a historic high of 4.3 trillion, with stock ETFs accounting for over 70% of this total [1] Group 1: ETF Scale and Composition - The scale of stock ETFs reached 3.03 trillion, representing more than 70% of the total ETF market [1] - The Huatai-PB CSI 300 ETF leads with a scale of 374.7 billion, maintaining a significant lead [1] - There are six ETFs with a scale exceeding 100 billion, including four beyond the CSI 300, as well as the Huaxia SSE 50 ETF and the Southern CSI 500 ETF [1] Group 2: Net Inflows - Total net inflows into ETFs amounted to 297.4 billion this year [1] - Bond ETFs saw the highest net inflow of 175.784 billion, ranking first [1] - Commodity ETFs, represented by gold, had a net inflow of 62.9 billion, placing second, while stock ETFs experienced a net inflow of 62 billion [1] Group 3: QDII-ETF Performance - QDII-ETFs recorded a net outflow of approximately 7 billion, marking it as the only ETF type with a net outflow in the first half of the year [1]

【 导读 】 昨日股票ETF市场 资金 净流入81.58亿元，宽基ETF与港股市场ETF净流入居前 中国基金报记者 张燕北 6月16日，A股市场震荡反弹，三大指数收涨。当日股票ETF（含跨境ETF，下同）市场资金净流入81.58亿元，其中，沪深300等宽基ETF 净流入居前。 股票ETF昨日资金 净流入超81亿元 Wind数据显示，截至 6 月 16 日，全市场 1119 只股票ETF总规模达3. 53 万亿元。当日股票ETF市场总份额增加 48.73 亿份，按照成交 均价测算，净 流入 资金 81.58 亿元。 细分品类中，宽基ETF与港股市场ETF资金净流入居前，分别达54.1亿元与21.14亿元。 具体到指数维度，据易方达基金统计，净流入前5板块为沪深300指数（净流入20.0亿元）、中证500指数（净流入13.1亿元）、港股科技 指数（净流入10.4亿元）、上证50指数（净流入9.1亿元）、非银金融指数（净流入9.0亿元）。单只产品方面，华泰柏瑞沪深300ETF、 华夏上证50ETF、南方中证500ETF等"巨无霸"宽基资金流入居前。 市场震荡攀升中，头部基金公司旗下产品依然获得较多资金净流入。易方达 ...

Core Viewpoint - The article emphasizes the rapid growth and diversification of the ETF market in China, highlighting its increasing importance as a flexible investment tool for both fund and stock investors [1][6]. Group 1: Advantages of ETFs - ETFs utilize a real-time trading mechanism that supports T+0 cross-border trading, significantly enhancing trading flexibility compared to QDII off-market funds [4]. - They passively track benchmark indices, employing strategies to control tracking error, resulting in net asset value movements closely aligned with the underlying index, such as the CSI 300 ETF [4]. - ETFs offer high transparency, with daily disclosures of subscription and redemption lists, providing timely insights into constituent stocks and their weights [4]. - Cost control is a notable advantage, with explicit fees ranging from 0.15% to 0.5% per year and low trading commissions, further optimized by physical creation/redemption and minimal bid-ask spreads [4]. - The product system is diverse, covering various asset classes including stocks, bonds, and commodities, with broad-based ETFs achieving industry balance and thematic ETFs targeting specific sectors like chip design and automotive [4]. Group 2: Growth of ETF Market - By the end of 2024, the total number of ETFs in China reached 1,033, with a total scale exceeding 3.7 trillion yuan, marking an 81% increase from 2023, with a net increase of 1.7 trillion yuan [7]. - Stock ETFs accounted for 2.89 trillion yuan, representing 78% of the market, driven by policy support and significant capital inflows, particularly into broad-based ETFs [7]. - Bond ETFs exceeded 170 billion yuan, with a 100% growth in scale and a 243% increase in share, influenced by loose monetary policy and declining interest rates [7]. - Commodity ETFs saw nearly 150% growth, primarily due to rising gold prices and increased demand for safe-haven assets, with gold ETFs comprising over 80% of this category [7]. - As of February 2025, the total scale of ETFs further increased to 3.79 trillion yuan, with ongoing focus on broad-based and strategic ETFs, driven by policy fee reductions and product innovations [7]. Group 3: Innovations in ETFs - The year 2024 witnessed the introduction of new "A series" indices, expanding the breadth of industry-themed ETFs across sectors such as automotive, petrochemicals, telecommunications, and computing [9]. - The launch of chip-related ETFs on the Sci-Tech Innovation Board addressed the need for investment tools covering various segments of the chip industry, enhancing investment options [10]. - The introduction of the first ETF linked to the CSI Hong Kong Stock Connect Automotive Industry Index improved access for investors looking to invest in new energy vehicle companies [11]. - By February 28, 2025, the number of indices covered by ETFs expanded by eight, including innovative and high-value indices like the National Index Free Cash Flow and the Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index [11].