Core Viewpoint - The Guoqi Gongying ETF (159719) has shown strong performance with a recent price increase and significant returns over various time frames, indicating a robust investment opportunity in state-owned enterprises in China [1][2]. Performance Summary - As of August 8, 2025, the Guoqi Gongying ETF increased by 0.89%, with a recent price of 1.58 yuan. Over the past month, it has accumulated a rise of 1.10% [1]. - The ETF has achieved a net value increase of 57.35% over the past three years, ranking 81 out of 1836 in the index stock fund category, placing it in the top 4.41% [1]. - The highest monthly return since inception was 14.61%, with the longest consecutive monthly gain being 7 months and a maximum increase of 24.70%. The average monthly return during up months is 4.14%, and the annual profit percentage stands at 100.00% [1]. Liquidity and Trading Activity - The ETF exhibited a turnover rate of 10.22% during trading, with a transaction volume of 8.4367 million yuan, indicating active market participation. The average daily transaction volume over the past year was 16.7552 million yuan [1]. Drawdown and Recovery - The maximum drawdown over the past six months was 8.26%, with a relative benchmark drawdown of 0.29%. The recovery period after drawdown was 60 days, which is the fastest among comparable funds [2]. Fee Structure - The management fee for the Guoqi Gongying ETF is 0.25%, and the custody fee is 0.05%, making it one of the lowest in its category [2]. Tracking Accuracy - The tracking error over the past two months was 0.114%, indicating the highest tracking precision among comparable funds [2]. Index Composition - The ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which reflects the performance of state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development. The index comprises 100 constituent stocks, including 80 A-share companies and 20 Hong Kong-listed Chinese companies [2]. Top Holdings - The top holdings in the ETF include: - China Petroleum (601857) with a weight of 15.94% and a rise of 1.38% - China Petrochemical (600028) with a weight of 11.93% and a rise of 0.52% - China State Construction (601668) with a weight of 9.59% and a rise of 0.71% - China Mobile (600941) with a weight of 6.87% and a rise of 1.95% - China Railway (601390) with a weight of 4.53% and a rise of 0.35% [4].

Core Viewpoint - The State-owned Enterprise (SOE) Win-Win ETF (159719) is experiencing a modest increase, reflecting the broader push by the State-owned Assets Supervision and Administration Commission (SASAC) to enhance productivity and innovation within state-owned enterprises [1][2]. Group 1: Market Performance - As of July 18, 2025, the SOE Win-Win ETF has risen by 0.13%, with a recent price of 1.57 yuan [1]. - Over the past week, the ETF has accumulated a 0.32% increase, ranking in the top one-third among comparable funds [1]. - The ETF has shown a 52.52% net value increase over the past three years, placing it in the top 4.85% of index stock funds [2]. Group 2: Trading Activity - The ETF recorded a turnover rate of 1.59% during the trading session, with a total transaction value of 1.4329 million yuan [2]. - The average daily trading volume over the past year is approximately 16.9455 million yuan [2]. Group 3: Return Metrics - The highest monthly return since inception is 14.61%, with the longest consecutive monthly gain being 7 months and a maximum increase of 24.70% [2]. - The ETF has a historical profit probability of 100% over a three-year holding period, with an average monthly return of 4.17% [2]. Group 4: Drawdown Analysis - The maximum drawdown over the past six months is 8.36%, with a relative benchmark drawdown of 0.29% [3]. - The recovery period after drawdown is 63 days [3]. Group 5: Fee Structure - The management fee for the ETF is 0.25%, and the custody fee is 0.05%, which are among the lowest in comparable funds [4]. Group 6: Tracking Accuracy - The tracking error for the ETF over the past month is 0.122%, indicating the highest tracking precision among comparable funds [5]. - The ETF closely follows the FTSE China SOE Open Win-Win Index, which includes 100 constituent stocks, focusing on the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong [5]. Group 7: Key Holdings - Major holdings in the ETF include China Petroleum (15.58% weight), China Petrochemical (12.33% weight), and China State Construction (8.89% weight) [7].

Group 1 - The National Enterprise Win ETF (159719) has seen a slight decline of 0.33% as of June 10, 2025, with a latest price of 1.52 yuan, while it has accumulated a rise of 0.92% over the past week as of June 9, 2025 [1] - The liquidity of the National Enterprise Win ETF is active, with a turnover rate of 11.05% and a transaction volume of 12.35 million yuan, while the average daily transaction volume over the past year is 17.53 million yuan [1] - The China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has decreased by 1.12% as of June 10, 2025, with mixed performance among constituent stocks [1] Group 2 - There is a notable trend of central enterprises accelerating share buybacks and increases, with 35 central enterprise-controlled listed companies disclosing shareholding increase plans and 27 companies announcing buyback plans this year [2] - Since April 2025, 29 companies have disclosed the latest progress on shareholding increases and 18 on buybacks, indicating a rapid implementation of these plans [2] - The market is expected to see a systematic deepening of central enterprise value management, with opportunities for value re-evaluation in the capital market anticipated in the second half of the year [2] Group 3 - The Greater Bay Area ETF closely tracks the China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index, with the top ten weighted stocks accounting for 53.21% of the index as of May 30, 2025 [5] - The National Enterprise Win ETF tracks the FTSE China National Enterprise Open Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [5] - The top ten constituent stocks of the National Enterprise Win ETF are predominantly "China National" stocks, including major companies like China Petroleum and China Mobile [5]

Group 1 - The National Enterprise Win ETF (159719) has seen a slight decline of 0.20% as of June 9, 2025, with a latest price of 1.53 yuan. Over the past week, it has accumulated a rise of 0.99%, ranking in the top one-third among comparable funds [1] - The liquidity of the National Enterprise Win ETF shows a turnover of 2.75% during the trading session, with a transaction volume of 3.0766 million yuan. Over the past year, the average daily transaction volume has been 17.5475 million yuan [1] - The Greater Bay Area ETF (512970) is currently trading at 1.19 yuan, with a year-to-date increase of 16.15% as of June 6, 2025. The underlying index, the China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000), has shown mixed performance among its constituent stocks [1][4] Group 2 - The State-owned Assets Supervision and Administration Commission (SASAC) has issued a new management approach for the development planning of central enterprises, emphasizing industrial orientation. This includes a three-tier planning system focusing on optimizing and adjusting industries [2] - The Greater Bay Area Development Theme Index (931000) has its top ten weighted stocks, including BYD (002594) and China Ping An (601318), which collectively account for 53.21% of the index [4] - The National Enterprise Win ETF (159719) closely tracks the FTSE China National Enterprises Open Win Index, which consists of 100 constituent stocks, including major state-owned enterprises [4]

Group 1 - The Guoqi Gongying ETF (159719) has seen a 0.40% increase, with a latest price of 1.52 yuan, and a cumulative increase of 2.64% over the past month as of June 5, 2025 [1] - The liquidity of the Guoqi Gongying ETF shows a turnover of 2% during the trading session, with a transaction volume of 2.23 million yuan, and an average daily transaction of 17.57 million yuan over the past year [1] - The Zhongzheng Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has decreased by 0.05%, with mixed performance among constituent stocks [1] Group 2 - The newly established Chengtong Science and Technology Investment Fund focuses on private equity investment management and venture capital management, with a total investment of 10.01 billion yuan [1] - The fund is a collaboration among China Chengtong, Sinopec, China Aviation Oil, and the Haidian District government, aiming to create a multi-faceted collaborative structure [2] - The fund will primarily invest in three core areas: new materials, advanced manufacturing, and next-generation information technology, utilizing a combination of equity investment and ecological incubation strategies [2] Group 3 - The Greater Bay Area ETF (512970) has increased by 0.34%, with a latest price of 1.20 yuan, and a cumulative increase of 3.29% over the past month as of June 5, 2025 [1] - The top ten weighted stocks in the Zhongzheng Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index account for 53.21% of the index, including major companies like BYD and Ping An [4] - The Guoqi Gongying ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which consists of 100 constituent stocks, including major state-owned enterprises [4]

Group 1: Market Performance - As of June 5, 2025, the State-Owned Enterprise Win-Win ETF (159719) increased by 0.26%, marking its fourth consecutive rise, with the latest price at 1.52 yuan [1] - The trading volume for the State-Owned Enterprise Win-Win ETF was 1.81%, with a transaction value of 2.0078 million yuan, and the average daily transaction over the past year was 17.5677 million yuan [1] - The China Securities Index for the Guangdong-Hong Kong-Macao Greater Bay Area Development (931000) rose by 0.34%, with significant increases in constituent stocks such as South Network Energy (9.92%) and Shenghong Technology (6.61%) [1] Group 2: Corporate Restructuring - On June 5, multiple companies disclosed the restructuring progress of China Weaponry Equipment Group Co., Ltd., which received approval from the State Council to implement a split, with its automotive business becoming an independent central enterprise [2] - The restructuring is expected to enhance Changan Automobile's focus on its core automotive business and improve its competitive edge, allowing for a more flexible operational mechanism and stronger resource integration capabilities [2] - Dongfeng Motor Corporation has postponed its restructuring, likely due to its own business integration needs and market strategy considerations, retaining more autonomy for adjustments [2] Group 3: Index Composition - The Greater Bay Area ETF closely tracks the China Securities Index for the Guangdong-Hong Kong-Macao Greater Bay Area Development, with the top ten weighted stocks accounting for 53.21% of the index [4] - The State-Owned Enterprise Win-Win ETF tracks the FTSE China State-Owned Enterprises Open Win-Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [4] - The top ten constituent stocks of the State-Owned Enterprise Win-Win ETF are all "Chinese state-owned" stocks, including China Petroleum, China Sinopec, and China Construction [4]

Group 1 - The CSI All Share Free Cash Flow Index (932365) decreased by 0.14% as of June 5, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Yiming Pharmaceutical (002826) up 10.00%, Jin Hong Group (603518) up 9.99%, and Quartz Co. (603688) up 6.89%, while Debon Logistics (603056) led the decline down 9.93% [1] - The Free Cash Flow ETF (159233) showed a volatile upward trend, with the latest price at 0.99 yuan and a turnover of 2.06% during the trading session [1] Group 2 - Huachuang Securities highlighted the ongoing macro environment favoring dividend assets, emphasizing the importance of cash flow optimization [2] - The banking sector benefits from a low-interest-rate environment, leading to improved net interest margins and increased non-interest income, enhancing the attractiveness of dividend strategies [2] - In the transportation and public utility sectors, high dividend potential and earnings certainty are becoming more prominent, particularly in the highway industry due to policy optimization and local state-owned enterprise reforms [2] Group 3 - The CSI All Share Free Cash Flow Index includes 100 listed companies with high free cash flow rates, reflecting the overall performance of companies with strong cash flow generation capabilities [6] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 65.68%, including Midea Group (000333) and China Shenhua (601088) [6] - The National Enterprise Win-Win ETF (159719) tracks the FTSE China National Enterprise Open Win-Win Index, consisting of 100 constituent stocks, primarily "China National" stocks [6]

Group 1 - The Guoqi Gongying ETF (159719) has seen a slight increase of 0.07%, marking its third consecutive rise, with the latest price at 1.52 yuan. Over the past week, it has accumulated a total increase of 0.66% as of June 3, 2025 [1] - The CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) rose by 0.74%, with notable increases in constituent stocks such as Jingwang Electronics (603228) up 5.72%, Shengyi Technology (600183) up 5.46%, and Pengding Holdings (002938) up 4.50%. The Greater Bay Area ETF (512970) decreased by 1.57%, with a latest price of 1.19 yuan, and has accumulated a 2.02% increase over the past week [1] - The top ten weighted stocks in the CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index account for 53.21% of the index, including companies like BYD (002594) and China Ping An (601318) [4] Group 2 - China Pacific Insurance officially launched a total scale of 50 billion yuan for the Taibao Zhanxin M&A Fund and private equity securities investment fund, with a target scale of 30 billion yuan for the M&A private fund and 20 billion yuan for the Taibao Zhi Yuan No.1 private equity fund [2] - The M&A private fund aims to focus on key areas of Shanghai's state-owned enterprise reform and modern industrial system construction, promoting the development of strategic emerging industries [2] - According to GF Securities, in the current market without new industry logic and significant fluctuations, dividend assets may gradually enter a headwind period in June, but for long-term investors, this may present a good entry point [2]

Group 1 - The National Enterprise Win ETF (159719) has seen a slight increase of 0.07%, with a latest price of 1.52 yuan as of June 3, 2025, and a cumulative increase of 0.66% over the past week as of May 30, 2025 [1] - The liquidity of the National Enterprise Win ETF shows a turnover of 2.19% with a transaction volume of 2.4277 million yuan, and an average daily transaction volume of 17.576 million yuan over the past year [1] - The CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has increased by 0.24%, with notable increases in constituent stocks such as Steady Medical (10.23%) and Zhongke Feimeng (6.42%) as of June 3, 2025 [3] Group 2 - A recent notice emphasizes the need to optimize the salary distribution for skilled positions in state-owned enterprises, linking salary to job value and skill level, and establishing a special allowance for skilled talents [4] - The notice also proposes a mechanism for salary growth for skilled talents, encouraging companies to adopt diversified incentive methods and establish a talent evaluation system based on innovation and contribution [4] - The central enterprises are accelerating their development in strategic emerging industries, with state-owned capital investment companies focusing on key areas and increasing their investment in new industries [5] Group 3 - The National Enterprise Win ETF closely tracks the FTSE China National Enterprise Open Win Index, which consists of 100 constituent stocks, including major "China National" stocks like China Petroleum and China Mobile [5] - The Greater Bay Area ETF tracks the CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index, with the top ten weighted stocks accounting for 53.21% of the index, including companies like BYD and Ping An Insurance [5]

Group 1 - The core viewpoint of the news highlights the performance and potential of the State-Owned Enterprise (SOE) Win-Win ETF, which has seen a net value increase of 44.15% over the past three years, ranking 71 out of 1753 in the index stock fund category [1] - The China Securities Regulatory Commission has implemented revised regulations for major asset restructuring of listed companies, aiming to deepen the reform of the M&A market for listed companies [1] - The ongoing deepening of SOE reforms is leading to optimization of the state-owned economy's layout and structural adjustments, with recent advancements in mergers and acquisitions in sectors like shipping, energy, and resources [1] Group 2 - The Greater Bay Area ETF has experienced a slight decline of 0.83%, with a recent price of 1.19 yuan, while its net value has increased by 15.63% over the past five years [3] - The top ten weighted stocks in the Greater Bay Area Development Theme Index account for 53.26% of the index, with companies like BYD and Ping An Insurance being significant contributors [4][8] - The Greater Bay Area ETF has shown a maximum monthly return of 21.99% since its inception, with an average monthly return of 5.28% during the rising months [3]