Core Viewpoint - The report provides an overview of the performance and management of the Guotai CSI Intelligent Automotive Theme ETF for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market positioning in the intelligent automotive sector. Fund Product Overview - The fund is named Guotai CSI Intelligent Automotive Theme ETF, with a total share of 49,400,796.00 at the end of the reporting period [2]. - The fund aims to closely track the CSI Intelligent Automotive Theme Index, with a risk control target of maintaining an average daily tracking deviation of no more than 0.2% and an annual tracking error of no more than 2% [2][3]. - The fund primarily invests in stocks, with a focus on sectors such as automotive, electronics, and information technology [7]. Financial Indicators and Fund Performance - The net value growth rate for the reporting period was -5.12%, while the benchmark return was -5.37% [7][8]. - Over the past three months, the fund experienced a net value decrease of 5.12%, while the benchmark showed a decrease of 5.37% [4]. - The fund's performance over the past year was a growth of 26.66%, compared to a benchmark growth of 26.98% [4]. Investment Portfolio Report - As of the end of the reporting period, the fund's total assets were valued at 45,616,701.18 RMB, with 99.09% allocated to stocks [9]. - The manufacturing sector accounted for 72.22% of the fund's total assets, while the information technology sector represented 27.01% [11]. - The fund did not hold any bonds, asset-backed securities, or actively traded stocks at the end of the reporting period [9][10]. Management Report - The fund management adhered to legal regulations and internal risk control measures, ensuring compliance and protecting investors' interests [6][7]. - The fund management team maintained independent operations and implemented a robust internal control system to mitigate risks [6][7]. - The fund did not engage in any significant reverse trading or unfair practices during the reporting period [7].

Core Viewpoint - The ETF market is experiencing a significant disparity, with some ETFs showing high trading volumes while many others face low liquidity and potential liquidation risks [1][5]. Group 1: ETF Market Performance - On June 10, certain ETFs like the Hong Kong Innovative Drug ETF and the Hang Seng Technology ETF had trading volumes exceeding 10 billion yuan, while over 500 ETFs had trading volumes below 10 million yuan [1]. - A total of 513 ETFs had trading volumes below 10 million yuan on June 10, with 129 ETFs trading below 1 million yuan [4][3]. - The concentration of market resources is evident, with the top ten ETFs accounting for nearly 40% of the total market size, while over 20% of ETFs have sizes below 100 million yuan [5]. Group 2: Liquidity and Risk Factors - The number of ETFs with net asset values below 50 million yuan has been increasing, indicating higher liquidity and liquidation risks [2][5]. - Analysts emphasize that low liquidity can lead to a vicious cycle where smaller ETFs struggle to attract investors, further diminishing their liquidity and increasing the likelihood of liquidation [5]. Group 3: Strategies to Enhance Liquidity - Fund companies are increasingly adding liquidity providers to improve ETF trading efficiency and attract more investors [7][8]. - The introduction of liquidity providers aims to reduce bid-ask spreads and enhance trading volumes, which can lead to scale effects [7][8]. - Improving liquidity is seen as essential for enhancing investor experience and attracting long-term capital [9]. Group 4: Recommendations for ETF Companies - Companies are advised to focus on product differentiation to avoid homogeneous competition, including not launching new ETFs in crowded index spaces and innovating product offerings [12][13]. - Providing value-added services, such as investment strategy reports and interactive investor engagement, can enhance investor experience and loyalty [13][14]. - Companies should also consider lowering management fees through increased ETF scale and exploring new themes like ESG and digital economy ETFs to meet diverse investor needs [14].

Group 1 - Zhejiang Shibao (002703.SZ) released its 2024 annual report on March 31, 2025, with 18 institutional investors disclosing holdings of 300 million shares, accounting for 36.50% of the total share capital [1] - The top ten institutional investors include Zhejiang Shibao Holding Group Co., Ltd., Hong Kong Central Clearing (Agent) Co., Ltd., and several funds, with their combined holding ratio decreasing by 2.55 percentage points compared to the previous quarter [1] - In the public fund sector, 14 new public funds were disclosed this period, including Wanjiaguo Zheng 2000 Index Enhanced A and Jianxin Preferred Technology Innovation Mixed (LOF) [1] Group 2 - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing (Agent) Co., Ltd., with a reduction ratio of 0.30% [2] - The foreign institutions that were not disclosed this period include UBS AG and J.P. Morgan Securities PLC - proprietary funds [2]