Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The strategy is based on the research reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) to construct a strategy portfolio of industry and theme ETFs [2] - In the week of 20250811, the model recommends allocating sectors such as joint - stock banks, games, and semiconductors. In the next week, the strategy will newly hold products like Game ETF, Science and Technology Innovation Chip Design ETF, and Satellite ETF, and continue to hold products like Bank ETF, Financial Real Estate ETF, and Gold Stock ETF [2] - As of last weekend, some ETFs and the trading timing signals of the underlying indexes gave daily or weekly risk warnings [2] 3. Summary by Relevant Catalogs Performance Tracking - During the period from 20250804 to 20250808, the cumulative net return of the strategy was about 2.62%, and the excess return relative to the CSI 300 ETF was about 1.41% [3] - From October 14, 2024, to the present, the cumulative out - of - sample return of the strategy was about 7.08%, and the cumulative excess relative to the CSI 300 ETF was about - 0.79% [3] Future 1 - Week Recommended ETFs (20250811 - 20250815) | Fund Code | ETF Name | Holding Status | ETF Market Value (billion yuan) | Heavy - Positioned Shenwan II Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 512800 | Bank ETF | Continue to hold | 151.38 | Joint - stock banks (44.73%) | 1 | - 1 | | 159869 | Game ETF | Transfer in | 73.17 | Games (81.29%) | 1 | 1 | | 588780 | Science and Technology Innovation Chip Design ETF | Transfer in | 2.77 | Semiconductors (95.73%) | 1 | 1 | | 159940 | Financial Real Estate ETF | Continue to hold | 7.99 | Securities (29.12%) | 1 | - 1 | | 517520 | Gold Stock ETF | Continue to hold | 46.34 | Precious metals (41.51%) | 1 | 1 | | 510000 | Central Enterprise ETF | Continue to hold | 1.21 | State - owned large - scale banks (18.11%) | 1 | 1 | | 512690 | Wine ETF | Continue to hold | 152.39 | Baijiu (85.37%) | - 1 | - 1 | | 159206 | ZETF | Transfer in | 1.33 | Military electronics II (34.22%) | 1 | 1 | | 159786 | VRETF | Transfer in | 1.32 | Optoelectronics (26.64%) | 1 | 1 | | 159652 | Non - ferrous 50 ETF | Transfer in | 5.21 | Industrial metals (49.34%) | 1 | 1 | [9] Near 1 - Week ETF Holdings and Performance (20250804 - 20250808) | Fund Code | Current Holding Status | ETF Name | ETF Market Value (billion yuan) | Near 1 - Week Increase/Decrease (%) | | --- | --- | --- | --- | --- | | 562550 | - | Green Power ETF | 1.21 | 1.50 | | 512800 | Continue to hold | Bank ETF | 151.38 | 1.99 | | 512690 | Continue to hold | Wine ETF | 152.39 | 1.06 | | 159768 | - | Real Estate ETF | 6.13 | 2.14 | | 159940 | Continue to hold | Financial Real Estate ETF | 7.99 | 1.41 | | 515220 | Transfer out | Coal ETF | 80.20 | 3.78 | | 159996 | Transfer out | Home Appliance ETF | 12.72 | 2.55 | | 510060 | Continue to hold | Central Enterprise ETF | 1.21 | 1.42 | | 516550 | Transfer out | Agricultural ETF | 1.87 | 1.76 | | 517520 | Continue to hold | Gold Stock ETF | 46.34 | 8.91 | | - | ETF Portfolio Average Return | - | - | 2.62 | | 510300 | - | CSI 300 ETF | 3819.72 | 1.21 | | - | ETF Portfolio Excess Return | - | - | 1.41 | [10]

Group 1: Artificial Intelligence - The ongoing AI arms race is driving significant demand for computing power, with domestic and international cloud vendors increasing capital expenditures [1][3] - The global market for optical modules is expected to grow at a CAGR of 22% from 2024 to 2029, potentially exceeding $37 billion by 2029 [1] - Chinese optical module companies hold over 60% of the global market share, with the latest 2024 global optical module TOP10 list showing Chinese firms occupying 7 positions [3] Group 2: Innovative Pharmaceuticals - The number and value of License out agreements for Chinese innovative drugs are accelerating, with total License out amounts nearing $66 billion in the first half of 2025, surpassing the total for 2024 [3] - The domestic pharmaceutical industry is entering a phase of innovation realization after over a decade of substantial capital investment, which is expected to enhance the performance of innovative drug companies [3][6] - Policy improvements and expanded payment mechanisms are likely to support the profitability of leading biopharmaceutical companies, potentially leading to a "Davis Double" effect in the industry [6] Group 3: Securities - The A-share market is experiencing active trading, with an average daily turnover of nearly 1.4 trillion yuan in the first half of 2025, a 62% year-on-year increase [7] - The recovery of brokerage firms' brokerage and proprietary business performance is driving better-than-expected mid-year forecasts [7] - The equity market is supported by a stable and active capital market, with ongoing high trading activity and a recovering Hong Kong IPO market [7] Group 4: Consumer Sector - The home appliance sector is benefiting from national subsidies, with domestic sales showing strong growth, reporting a 30.2% year-on-year increase in retail sales from January to May 2025 [8] - Export demand is expected to normalize as previously suppressed overseas shipments are released, aided by the upcoming traditional sales peak season [8] Group 5: Gaming Industry - The gaming sector is experiencing a recovery, with performance boosted by new game launches, policy support, and accelerated overseas expansion [9] - The actual sales revenue of China's gaming market reached 141.1 billion yuan in the first five months of 2025, reflecting a 17% year-on-year growth [9] - Emerging consumption trends, particularly in IP derivatives, are gaining market attention, with products like "LABUBU" from Pop Mart receiving widespread popularity overseas [9]

Group 1 - The core viewpoint of the news is the introduction of new safety standards for home appliances and the promotion of a replacement subsidy program, which aims to boost the home appliance industry [1] - On July 2, 2025, the relevant national departments released a series of standards titled "Safety Usage Lifespan of Household Appliances," covering 11 categories of appliances including refrigerators, washing machines, and air conditioners [1] - The "Action Plan for Promoting Large-Scale Equipment Updates and Consumer Goods Replacement" continues to be implemented, adding four new products, including microwave ovens and water purifiers, to the subsidy scope [1] Group 2 - According to Guangfa Securities, the three major white goods (air conditioners, refrigerators, washing machines) maintained a high sales growth rate in June, with particularly strong performance in the first week [1] - Online sales showed significant year-on-year fluctuations, with air conditioners reaching 80.7%, refrigerators at 5.6%, and washing machines at 42.7% during the week of June 2-8; offline sales were more stable, with air conditioners at 91.3%, refrigerators at 32.0%, and washing machines at 36.3% [1] - Despite a slowdown in growth in the second and third weeks, the home appliance industry remains active and is considered one of the bright spots in the economy, supported by policy incentives [1] Group 3 - The home appliance ETF tracks the home appliance index, which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in the manufacturing and related businesses of home appliances from the A-share market [1] - This index comprehensively reflects the overall performance of the home appliance industry in the A-share market, demonstrating significant industry representation and market influence [1]

Group 1 - The report indicates that the domestic stock indices experienced mixed performance, with the CSI 300, SSE 50, and SSE Composite Index showing declines of -1.08%, -1.22%, and -0.03% respectively, while the CSI 500 and CSI 1000 saw increases of 0.32% and 0.62% respectively [2][9] - The trading volume of comprehensive ETFs increased to 50.728 billion yuan, up by 10.269 billion yuan from the previous week, with large-cap style ETFs accounting for 27.055 billion yuan and small-cap style ETFs for 23.914 billion yuan [2][29] - The average weekly performance of 32 thematic ETFs was -0.32%, with large-cap style ETFs averaging -0.45% and small-cap style ETFs averaging -0.22% [3][30] Group 2 - The report highlights that the top three performing comprehensive ETFs were the 1000ETF, 500ETF, and 800ETF, with returns of 0.87%, 0.57%, and -0.50% respectively, while the bottom three were the ChiNext 50, Deep 100ETF, and ChiNext, with returns of -1.89%, -1.56%, and -1.10% [4][35] - In the thematic ETF category, the leading performers were in the biopharmaceutical and military sectors, with returns of 2.11%, 1.96%, and 1.85%, while the new energy vehicle and non-ferrous ETFs lagged with returns of -4.70%, -4.68%, and -2.34% [4][35] - The report notes that there was a net outflow of funds from major index ETFs in the comprehensive category, while the ChiNext-related ETFs saw inflows, indicating a shift in investor sentiment [4][35] Group 3 - The report provides insights into the trading activity of domestic stock ETFs, indicating that the trading hotspots were concentrated in the ChiNext 50, 1000ETF, and various sector ETFs such as banking and military [27][28] - The report also tracks the changes in market capitalization and trading volumes of comprehensive and thematic ETFs, noting that the total trading volume for thematic ETFs was 31.48 billion yuan, down by 4.192 billion yuan from the previous week [30][29] - The report emphasizes the importance of monitoring the trading activity and fund flows in ETFs as indicators of market sentiment and potential investment opportunities [26][29] Group 4 - The report indicates that the bond market showed mixed performance, with the Shanghai Stock Exchange convertible bonds experiencing a slight increase of 0.26%, while the main stock index futures had varied results [16][19] - In the commodity market, the report notes that the CRB poultry and edible oil indices saw slight increases, while the overall commodity market experienced mixed results [20][24] - The report also highlights the performance of overseas ETFs, with the NASDAQ ETF showing a gain of 1.74%, while the H-share and Hang Seng ETFs experienced declines [41][41]

Group 1: Fund Market Overview - In June, the public fund issuance market experienced a "small peak" with 89 funds entering the sale period, including 41 funds launched on the first trading day after the Dragon Boat Festival [1] - Public REITs have seen a significant market trend this year, with the CSI REITs total return index rising by 12.62% year-to-date, although it has recently shown signs of high volatility [2] - In May, public fund research focused on hard technology and globalization, with 156 public funds participating in A-share listed company research, covering 629 stocks and totaling 4,791 research instances [3] Group 2: Notable Fund Manager Insights - Song Jialing, head of the consumer research team at Hengyue Fund, indicated that new targets in the emerging consumer sector are expected to continue to emerge, driven by cultural trends from demographic changes [4] - Despite some stocks in the emerging consumer sector experiencing significant short-term gains, the price movements are closely tied to performance data, with many companies planning new products for the second half of the year [4] Group 3: ETF Market Performance - The market showed a rebound with the Shanghai Composite Index rising by 0.43%, and the Shenzhen Component Index increasing by 0.16%, with a total trading volume of 1.14 trillion yuan [3] - Gold-related ETFs performed strongly, with the highest increase reaching 3.89%, while the automotive parts ETF led the decline with a drop of 1.94% [4][5] Group 4: ETF Thematic Opportunities - Human-shaped robots and smart vehicles share many commonalities in hardware and software, with automotive companies increasingly entering the robotics sector, suggesting potential growth in automotive parts related ETFs [6] Group 5: Upcoming Fund Launches - The upcoming fund "Invesco Great Wall Growth Mixed Fund" is a mixed equity fund managed by Nong Bingli, with a performance benchmark based on a combination of indices [7] - Another fund, "招商价值严选混合" (招商 Value Select Mixed Fund), is also set to launch, managed by Zhu Hongyu, with a performance benchmark linked to the CSI 300 Index and the Hang Seng Composite Index [9]

Group 1 - The ETF market opened with mixed results, with the Low Volatility Dividend ETF (560520) leading gains at 9.99% [1] - The Home Appliance ETF (561120) increased by 3.03%, while the Green Power ETF (561170) rose by 2.90% [1] - The Hong Kong Stock Connect Innovative Drug ETF (159570) experienced the largest decline at 3.15%, followed by the ICBC Hong Kong Stock Connect Innovative Drug ETF (159217) down 2.89%, and the Hong Kong Innovative Drug ETF (513120) falling by 2.86% [1] Group 2 - The article suggests that investors looking to capitalize on market rebounds should consider purchasing index ETFs [1]