Group 1 - The A-share market indices have recently reached new highs, leading to increased attention on ETFs, with trading volumes exceeding 400 billion yuan on several days [1] - The overall ETF market saw significant trading activity, with daily trading volumes of 410.5 billion yuan, 435.1 billion yuan, and nearly 493 billion yuan over three consecutive days [1] - A total of 15 broad-based ETFs had average daily trading volumes exceeding 1 billion yuan during this period, with notable performances from specific ETFs like Huaxia's STAR Market 50 ETF and the CSI A500 ETF [1] Group 2 - The average return of funds this year is 10.44%, while ETFs have performed better with an average return of 15.51%, with several ETFs exceeding 100% returns [2] - Analysts suggest a "core-satellite" strategy for asset allocation, where broad-based index funds serve as the main investment, while specific industry index funds are allocated as satellite positions [2] - The growth of stock ETFs contrasts with active equity funds, highlighting the diverse applications of ETFs in asset allocation and strategy [3]

ETF Industry News Summary Core Viewpoint - The ETF market is experiencing significant movements, particularly in the gold sector, driven by increased risk aversion and changing market expectations regarding U.S. Federal Reserve interest rate policies [1][2]. Group 1: Market Performance - Major indices in the A-share market rose collectively, with the Shanghai Composite Index increasing by 0.66% to close at 3583.31 points, the Shenzhen Component Index up by 0.46% to 11041.56 points, and the ChiNext Index rising by 0.5% to 2334.32 points [3]. - Gold-related ETFs saw substantial gains, with the Gold Stock ETF (517400.SH) rising by 5.04%, the Gold ETF (159562.SZ) increasing by 4.49%, and the Gold Stock ETF Fund (159315.SZ) up by 4.34% [1][10]. Group 2: ETF Redemption Trends - In July, stock-type ETFs experienced a significant net redemption of 248.33 million units, a sharp increase from the 83.71 million units redeemed in June, marking a shift from net subscriptions to net redemptions for the year [2]. - The top three stock-type ETFs with the highest net redemptions in July included the E Fund CSI 300 Healthcare ETF, which saw a redemption of over 50 million units, and the Guotai CSI 500 ETF, which was redeemed by over 12.64 billion units year-to-date [2]. Group 3: ETF Category Performance - Among various ETF categories, commodity ETFs performed the best with an average increase of 1.06%, while cross-border ETFs had the poorest performance with an average decline of 0.09% [8]. - The top-performing ETFs in the stock category included the Gold Stock ETF (517400.SH), Gold ETF (159562.SZ), and Gold Stock ETF Fund (159315.SZ), with respective returns of 5.04%, 4.49%, and 4.34% [10]. Group 4: Trading Volume - The top three stock-type ETFs by trading volume were the A500 ETF Fund (512050.SH) with a trading volume of 3.986 billion yuan, A500 ETF Southern (159352.SZ) at 3.830 billion yuan, and A500 ETF Huatai-PB (563360.SH) at 3.803 billion yuan [12].

Group 1 - The report indicates that the secondary market experienced a slight net outflow of funds, with industry ETFs showing net inflows while broad-based ETFs continued to see net outflows [2][5][10] - In July, the market risk appetite is expected to improve, with incremental funds likely to continue flowing in, primarily favoring large-cap stocks, while growth and value stocks may see a more balanced performance [2][5] - The liquidity index for A-shares shows a decrease in public fund issuance to 4.251 billion, a drop in ETF net subscriptions to -20.657 billion, and an increase in financing net purchases to 12.607 billion [4][29] Group 2 - The report highlights that overall, ETFs have been experiencing continuous net outflows this year, with industry ETFs showing a slow net inflow while broad-based ETFs have seen significant outflows [5][10][13] - The report notes that the net inflow for industry ETFs is attributed to investors' preference for participating in structural market trends through these funds [13][15] - The report also mentions that the overseas-listed Chinese asset ETFs have shown little change, indicating a slight net outflow [15] Group 3 - The report outlines that the financing balance has increased, with net purchases of financing reaching 12.61 billion, while the net outflow from ETFs was 20.66 billion [5][29] - The report indicates that the market sentiment has weakened, with a decrease in the trading activity of financing funds and a decline in equity risk premiums [39][41] - The report identifies that sectors such as defense, non-bank financials, and metals have seen significant net inflows, while sectors like banking, pharmaceuticals, and food and beverage have experienced net outflows [48][49]

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]

Report Summary 1. Market Overview - The Shanghai Composite Index rose 0.32% to close at 3472.32 points, the Shenzhen Component Index fell 0.25% to close at 10508.76 points, and the ChiNext Index fell 0.36% to close at 2156.23 points. The total trading volume of A-shares in the two markets was 1454.7 billion yuan. The top-performing sectors were banking (1.84%), media (0.91%), and comprehensive (0.71%), while the worst-performing sectors were beauty care (-1.87%), non-ferrous metals (-1.60%), and basic chemicals (-1.22%) [2][6]. 2. Stock ETFs - The top-trading volume stock ETFs today were Huatai-PineBridge CSI 300 ETF (up 0.42% with a discount rate of 0.37%), ChinaAMC CSI A500 ETF (up 0.10% with a discount rate of 0.11%), and Harvest CSI A500 ETF (up 0.10% with a discount rate of 0.08%) [3][7]. 3. Bond ETFs - The top-trading volume bond ETFs today were Haitong CSI Short-term Commercial Paper ETF (up 0.02% with a discount rate of 0.01%), Southern Shanghai Stock Exchange Benchmark Market-making Corporate Bond ETF (up 0.12% with a discount rate of 0.12%), and ChinaAMC Shanghai Stock Exchange Benchmark Market-making Corporate Bond ETF (up 0.12% with a discount rate of 0.13%) [4][9]. 4. Gold ETFs - Gold AU9999 fell 0.55% and Shanghai Gold fell 0.53%. The top-trading volume gold ETFs were HuaAn Gold ETF (down 0.51% with a discount rate of -0.44%), Bosera Gold ETF (down 0.50% with a discount rate of -0.41%), and E Fund Gold ETF (down 0.50% with a discount rate of -0.44%) [12]. 5. Commodity Futures ETFs - ChinaAMC Feed Soybean Meal Futures ETF rose 0.05% with a discount rate of 0.36%, Dacheng Non-ferrous Metals Futures ETF fell 0.64% with a discount rate of -0.77%, and CCB E Fund Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.74% with a discount rate of -0.89% [15]. 6. Cross-border ETFs - The Dow Jones Industrial Average rose 0.77%, the Nasdaq Composite rose 1.02%, the S&P 500 rose 0.83%, and the German DAX rose 0.61% the previous trading day. Today, the Hang Seng Index fell 0.64% and the Hang Seng China Enterprises Index fell 0.45%. The top-trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.70% with a discount rate of 0.85%), GF CSI Hong Kong Innovative Drugs ETF (up 0.93% with a discount rate of 1.27%), and ChinaAMC Hang Seng Technology ETF (down 0.56% with a discount rate of -0.18%) [17]. 7. Money Market ETFs - The top-trading volume money market ETFs today were Silver HuaRui Day Profit ETF, Huabao Tianyi ETF, and CCB Tianyi Money Market ETF [19].

Market Overview - The Shanghai Composite Index rose 0.59% to close at 3444.43, the Shenzhen Component Index rose 0.83% to close at 10465.12, and the ChiNext Index rose 1.35% to close at 2153.01. The trading volume of A-shares in the two markets was 15174 billion yuan [2][6]. - The top - performing sectors were national defense and military industry (4.35%), media (2.82%), and communication (1.90%), while the bottom - performing sectors were non - bank finance (-0.77%), banking (-0.34%), and transportation (-0.09%) [2][6]. Stock ETF - The top trading - volume stock ETFs today were Huatai - Peregrine CSI 300 ETF (up 0.48%, discount rate 0.40%), Harvest CSI A500 ETF (up 1.12%, discount rate 1.05%), and China AMC CSI A500 ETF (up 0.84%, discount rate 0.66%) [3][7]. - The report also provided detailed information on the top ten trading - volume stock ETFs, including code, price, change rate, tracking index, etc. [8] Bond ETF - The top trading - volume bond ETFs today were Haitong CSI Shanghai Benchmark Market - making Corporate Bond ETF (down 0.04%, discount rate 0.03%), Southern CSI Shanghai Benchmark Market - making Corporate Bond ETF (down 0.04%, discount rate 0.06%), and Haitong CSI Short - term Financing ETF (up 0.02%, discount rate - 0.00%) [4][9]. - Detailed data on the top five trading - volume bond ETFs were presented, including code, price, change rate, discount rate, and trading volume [10]. Gold ETF - Gold AU9999 rose 0.15% and Shanghai Gold fell 0.10% today. The top trading - volume gold ETFs were Huaan Gold ETF (down 0.16%, discount rate - 0.04%), Bosera Gold ETF (down 0.07%, discount rate 0.00%), and E Fund Gold ETF (down 0.11%, discount rate - 0.02%) [12]. - Information on the top five trading - volume gold ETFs was provided, including code, price, change rate, trading volume, etc. [13] Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF rose 0.26% with a discount rate of 0.97%, Dacheng Non - ferrous Metals Futures ETF rose 0.06% with a discount rate of - 0.09%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF had a change rate of 0.00% with a discount rate of - 0.33% [15]. - Specific data on commodity futures ETFs were given, including code, price, change rate, trading volume, tracking index, etc. [16] Cross - border ETF - The previous trading day, the Dow Jones Industrial Average rose 1.00%, the Nasdaq Composite rose 0.52%, the S&P 500 rose 0.52%, and the German DAX rose 1.62%. Today, the Hang Seng Index fell 0.87% and the Hang Seng China Enterprises Index fell 0.96%. - The top trading - volume cross - border ETFs today were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.44%, discount rate 0.36%), GF CSI Hong Kong Innovative Drug ETF (up 1.79%, discount rate 1.15%), and China AMC Hang Seng Tech ETF (down 0.14%, discount rate 0.00%) [17]. - Information on the top five trading - volume cross - border ETFs was provided, including code, trading volume, change rate, and discount rate [18]. Money ETF - The top trading - volume money ETFs today were Huabao Tianyi ETF, Yin Hua Rili ETF, and Money ETF Jianxin Tianyi [19]. - The trading volumes of the top three trading - volume money ETFs were presented, including code and trading volume [21].

Core Insights - The launch of Huatai-PB CSI A500 ETF has led to a significant shift in the ETF market, with its scale increasing from less than 10 billion to over 20 billion in just one week, making it the largest in the category [1][4]. Fund Performance - Huatai-PB CSI A500 ETF saw a weekly inflow exceeding 11 billion, with daily growth ranging from 1.5 billion to 3.5 billion [1][2]. - The fund's total scale increased from approximately 10 billion to over 20 billion within a week, surpassing the previous leader, Guotai CSI A500 ETF, which had been around 30 billion [4][10]. Comparative Analysis - Other CSI A500 ETFs did not experience similar scale changes, with most seeing less than 1 billion in weekly share changes [5][9]. - Among the ETFs with significant weekly share changes, besides Huatai-PB, notable mentions include Jiashi CSI A500 ETF and Fuguo CSI A500 ETF, with Jiashi seeing nearly 2 billion in inflows [6][7]. Market Dynamics - The surge in Huatai-PB's scale is attributed to a combination of various funds, possibly including market makers and brokerage asset management, rather than a single large entity [10]. - Currently, there are nine CSI A500 ETFs with scales exceeding 10 billion, indicating a competitive landscape for market share [10].

Summary of Key Points Core Viewpoint - The trading volume of the CSI A500 Index ETFs increased significantly today, with a total trading volume of 26.048 billion yuan, marking a 17.48% increase compared to the previous trading day [1]. Trading Volume Analysis - The trading volume for specific ETFs includes: - GF CSI A500 ETF (563800) reached 1.844 billion yuan, up 605 million yuan, a 48.85% increase [1]. - Harvest CSI A500 ETF (159351) had a trading volume of 3.886 billion yuan, increasing by 562 million yuan, a 16.90% rise [1]. - Fortune CSI A500 ETF (563220) saw a trading volume of 1.694 billion yuan, up 527 million yuan, a 45.16% increase [1]. - Notable increases in trading volume were observed in: - Eastmoney A500 ETF (159380) with a 489.41% increase [1]. - Tianhong CSI A500 ETF (159360) with a 222.86% increase [1]. Market Performance - As of market close, the CSI A500 Index (000510) fell by 0.27%, while the average decline for related ETFs was 0.34% [2]. - The top-performing ETF was Morgan CSI A500 Enhanced Strategy ETF (563550), which rose by 0.10% [2]. - The ETFs with the largest declines included: - CICC CSI A500 ETF (512080) down 0.67% [2]. - Rongtong CSI A500 ETF (159379) down 0.58% [2]. Detailed ETF Performance - A detailed performance table shows various ETFs with their respective trading volumes and percentage changes, highlighting significant movements in both directions [2][3].

Report Summary 1. Market Overview - A-shares: The Shanghai Composite Index dropped 0.22% to 3448.45 points, the Shenzhen Component Index fell 0.48% to 10343.48 points, and the ChiNext Index declined 0.66% to 2114.43 points. The trading volume of A-shares in both markets was 1623.4 billion yuan [2][6]. - Industry Performance: The top-performing sectors were banking (1.01%), communication (0.77%), and national defense and military industry (0.55%), while the worst-performing sectors were automotive (-1.37%), non-bank finance (-1.20%), and pharmaceutical biology (-1.05%) [2][6]. 2. Stock ETFs - Top Trading Volume: Huatai-PineBridge CSI 300 ETF decreased 0.37% with a premium rate of -0.30%; ChinaAMC CSI A500 ETF dropped 0.41% with a premium rate of -0.27%; and Harvest CSI A500 ETF fell 0.20% with a premium rate of -0.18% [3][7]. 3. Bond ETFs - Top Trading Volume: Southern Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF declined 0.06% with a premium rate of -0.01%; Haitong CSI Short-Term Commercial Paper ETF remained flat with a premium rate of -0.02%; and ChinaAMC Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF dropped 0.08% with a premium rate of -0.03% [4][9]. 4. Gold ETFs - Price Movement: Gold AU9999 rose 0.28%, and Shanghai Gold increased 0.11%. The top trading volume gold ETFs included HuaAn Gold ETF (up 0.18% with a premium rate of 0.13%), E Fund Gold ETF (up 0.20% with a premium rate of 0.12%), and Bosera Gold ETF (up 0.16% with a premium rate of 0.13%) [12]. 5. Commodity Futures ETFs - Performance: ChinaAMC Feed Soybean Meal Futures ETF decreased 1.54% with a premium rate of -2.08%; Dacheng Nonferrous Metals Futures ETF rose 0.71% with a premium rate of 0.90%; and CCB E Fund Zhengzhou Commodity Exchange Energy and Chemical Futures ETF increased 0.15% with a premium rate of 0.30% [13][14]. 6. Cross-Border ETFs - Previous Day's Indexes: The Dow Jones Industrial Average dropped 0.25%, the Nasdaq Composite rose 0.31%, the S&P 500 remained flat, and the German DAX fell 0.61%. Today, the Hang Seng Index declined 0.61%, and the Hang Seng China Enterprises Index dropped 0.63%. - Top Trading Volume: E Fund CSI Hong Kong Securities Investment Theme ETF decreased 2.13% with a premium rate of -3.79%; GF CSI Hong Kong Innovative Drugs ETF dropped 3.17% with a premium rate of -2.90%; and ChinaAMC Hang Seng Tech ETF fell 0.96% with a premium rate of -0.61% [15]. 7. Money ETFs - Top Trading Volume: The top trading volume money ETFs were YinHua RiLi ETF, HuaBao TianYi ETF, and CCB TianYi Money ETF [17].

Market Overview - The Shanghai Composite Index rose 0.65% to close at 3381.58 points, the Shenzhen Component Index rose 0.43% to close at 10048.39 points, and the ChiNext Index rose 0.39% to close at 2017.63 points. The total trading volume of A-shares in the two markets was 1147.1 billion yuan. The top-performing sectors were computer (2.25%), national defense and military industry (1.97%), and coal (1.68%), while the bottom-performing sectors were food and beverage (-0.80%), household appliances (-0.43%), and steel (-0.11%) [2][6] Stock ETF - The top-traded stock ETFs today were Huaxia CSI A500 ETF, which rose 0.43% with a discount rate of 0.42%; Huatai-PineBridge CSI 300 ETF, which rose 0.34% with a discount rate of 0.29%; and Harvest CSI A500 ETF, which rose 0.63% with a discount rate of 0.48% [3][7] Bond ETF - The top-traded bond ETFs today were Huaxia Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF, which rose 0.05% with a discount rate of 0.16%; Southern Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF, which rose 0.02% with a discount rate of 0.15%; and Fullgoal ChinaBond 7-10 Year Policy Financial Bond ETF, which rose 0.01% with a discount rate of 0.02% [4][9] Gold ETF - Gold AU9999 rose 0.07% and Shanghai Gold rose 0.35% today. The top-traded gold ETFs were Huaan Gold ETF, which rose 0.38% with a discount rate of 0.14%; E Fund Gold ETF, which rose 0.34% with a discount rate of 0.12%; and Bosera Gold ETF, which rose 0.38% with a discount rate of 0.13% [12] Commodity Futures ETF - Huaxia Feedstuff Soybean Meal Futures ETF fell 0.96% with a discount rate of -1.10%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.07% with a discount rate of -0.53%; and Dacheng Nonferrous Metals Futures ETF rose 0.18% with a discount rate of -0.11% [13] Cross-Border ETF - The Dow Jones Industrial Average rose 0.08%, the Nasdaq Composite fell 0.51%, the S&P 500 fell 0.22%, and the German DAX rose 1.27% in the previous trading session. The Hang Seng Index rose 0.67% and the Hang Seng China Enterprises Index rose 0.82% today. The top-traded cross-border ETFs today were GF CSI Hong Kong Innovative Drugs ETF, which rose 3.46% with a discount rate of 3.50%; E Fund CSI Hong Kong Securities Investment Theme ETF, which rose 2.99% with a discount rate of 2.48%; and Huaxia Hang Seng Tech ETF, which rose 1.45% with a discount rate of 1.14% [15] Money Market ETF - The top-traded money market ETFs today were Silverhua Rili ETF, Huabao Tianyi ETF, and Money Market ETF Jianxin Tianyi [17]