Summary of Key Points Core Viewpoint - On August 13, the total net inflow of cross-border ETFs reached 906 million yuan, with a cumulative net inflow of 20.62 billion yuan over the past five trading days, indicating strong investor interest in these funds [1]. Fund Inflows - A total of 40 cross-border ETFs experienced net inflows on August 13, with the top performer being the GF CSI Hong Kong Stock Connect Non-Bank ETF (513750), which saw an increase of 528 million shares and a net inflow of 906 million yuan [1][3]. - The GF CSI Hong Kong Stock Connect Non-Bank ETF had a latest scale of 14.879 billion yuan, reflecting a 1.78% increase in value [3]. Fund Outflows - Conversely, 50 cross-border ETFs recorded net outflows on the same day, with the leading outflow being the E Fund China Concept Internet 50 ETF (513050), which saw a reduction of 309 million shares and a net outflow of 454 million yuan [4][5]. - The E Fund China Concept Internet 50 ETF had a latest scale of 33.942 billion yuan, with a 4.06% increase in value despite the outflow [5]. Performance Overview - The top 10 ETFs by net inflow included several funds focused on technology and healthcare sectors, indicating a trend towards these industries among investors [3][5]. - The top 10 ETFs by net outflow highlighted a mix of technology and healthcare funds, suggesting a potential shift in investor sentiment or profit-taking in these areas [4][5].

证券研究报告 多元金融 ETF 增长提速，科创债批量新发 华泰研究 2025 年 8 月 08 日│中国内地 行业月报 多元金融 增持 (维持) | 沈娟 | 研究员 | | --- | --- | | SAC No. S0570514040002 | shenjuan@htsc.com | | SFC No. BPN843 | +(86) 755 2395 2763 | | 汪煜 | 研究员 | | SAC No. S0570523010003 | wangyu017005@htsc.com | | SFC No. BRZ146 | +(86) 21 2897 2228 | | 孙亦欣 | 研究员 | | SAC No. S0570525070004 | sunyixin@htsc.com | 行业走势图 (6) 12 29 47 64 Aug-24 Dec-24 Apr-25 Aug-25 (%) 多元金融 沪深300 资料来源：Wind，华泰研究 核心观点 回顾 7 月 ETF 市场变化，单月 ETF 总资产规模环比增长 8.1%，相较 6 月 环比增速 4.3%进一步提升，股票 ETF 规模环比提升 ...

科创200ETF工银今日发布上市公告书，基金将于2025年8月8日上市，上市交易份额为6.17亿份，该基 金成立日为2025年7月23日，截至2025年8月1日，基金投资组合中，银行存款和结算备付金合计占基金 总资产的比例为34.67%，股票投资占基金总资产的比例为52.40%，目前基金仍处于建仓期。 近一个月公告上市的ETF中，按上市交易份额统计，平均募集4.65亿份，规模居前的有富国中证港股通 科技ETF、嘉实中证港股通创新药ETF、南方创业板中盘200ETF等，份额分别为11.19亿份、8.90亿份、 7.99亿份。 证券时报·数据宝统计，近一个月共有29只股票型ETF公告上市，平均仓位仅为21.60%，仓位最高的是 科创200ETF工银，仓位为52.40%，仓位居前的还有汇添富国证通用航空产业ETF、鹏华科创板芯片 ETF、汇添富中证沪港深云计算产业ETF，仓位分别为42.30%、39.29%、35.63%，仓位较低的为博时恒 生港股通创新药精选ETF、天弘中证A100ETF、富国中证港股通科技ETF，仓位分别为0.00%、0.00%、 9.16%。 一般来说，ETF上市都要满足基金合同规定的仓位要求 ...

Group 1 - The article highlights the increasing presence of pension plans among the top holders of ETFs, indicating a shift in investment strategies towards equity assets [1][7] - The report details that on July 22, the Fortune China Securities Hong Kong Stock Connect Technology ETF will be listed with a total of 1.119 billion shares, and pension plans occupy 9 out of the top 11 holders [1][2] - The largest holder is the China Post Group Enterprise Pension Plan, owning 28 million shares, which is 2.5% of the total fund [1][2] Group 2 - Other notable pension plans include Shandong Province (No. 5) and Beijing (No. 1) occupational pension plans, each holding 18 million shares, representing 1.61% of the total [1][2] - The article mentions that pension plans are increasingly investing in ETFs, with 92 pension plans appearing in the top 10 holders of 79 ETFs, holding a total of 5.819 billion shares, a significant increase compared to the first half of 2024 [7] - The total investment scale of occupational pension funds in China reached 3.11 trillion yuan by the end of 2024, indicating the growing importance of these funds in the capital market [7][8] Group 3 - The article notes that regulatory encouragement for long-term capital to enter the market may lead to an increase in equity investment ratios among pension plans, as they seek higher long-term returns [8] - The implementation of long-term performance assessment guidelines for pension fund managers is expected to alleviate short-term performance pressures, allowing for more strategic investment approaches [8]

Core Viewpoint - The article highlights the increasing presence of corporate and occupational pension plans among the top holders of ETFs, indicating a shift in investment strategies towards equity assets [1][4][6]. Group 1: ETF Holdings by Pension Plans - The 富国中证港股通科技ETF will be listed on July 25, with corporate and occupational pension plans occupying 9 out of the top 11 holders [1]. - The largest holder is the China Post Group Corporate Pension Plan, owning 28 million shares, which is 2.5% of the total fund [1][2]. - Other notable holders include multiple provincial occupational pension plans, each holding 18 million shares, accounting for 1.61% of the total fund [1][2]. Group 2: Trends in Pension Fund Investments - There is a growing trend of pension plans investing in ETFs, with 92 pension plans appearing in the top ten holders of 79 ETFs, holding a total of 5.819 billion shares [6]. - The investment scale of occupational pension funds reached 3.11 trillion yuan by the end of 2024, indicating significant capital available for market investments [6]. Group 3: Future Outlook for Pension Investments - Market experts suggest that as regulatory frameworks encourage long-term capital market participation, pension plans may increase their equity investment ratios [7][8]. - The introduction of long-term performance assessment guidelines is expected to alleviate short-term performance pressures on pension fund managers, allowing for more strategic long-term investments [8].

Group 1 - Credit Suisse Securities has been renamed Beijing Securities, marking an acceleration in the localization process of foreign-backed brokerages in China [1] - Beijing State-owned Assets Company acquired a 36.01% stake in Credit Suisse Securities from UBS for $91.35 million (approximately 650 million RMB) and a 49% stake from Founder Securities for $124 million (approximately 885 million RMB) [1] - The acquisition increases the number of brokerages with state-owned capital to five, potentially leading to adjustments in the industry landscape and intensified competition [1] Group 2 - Jinlong Co. plans to acquire a 29.32% stake in Shenzhen Benmao Technology Co., indicating a deeper commitment to the computing power sector [2] - This acquisition is part of Jinlong's strategy to transform its business amid financial pressures and policy support, further enhancing its computing power capabilities [2] - The move may influence stock price fluctuations and reflect market assessments of Jinlong's transformation strategy [2] Group 3 - Public funds have significantly increased their allocation to the Sci-Tech Innovation Board, with the proportion of stocks in active equity funds reaching a record high of 15.36% by the end of Q2 [3] - The over-allocation ratio for the Sci-Tech Innovation Board has risen from 7.5% to 7.72%, indicating growing confidence in the hard technology sector [3] - The expansion of themed funds focused on the Sci-Tech Innovation Board, now exceeding 300 billion RMB, is expected to inject new momentum into hard technology investments [3] Group 4 - Pension plans are increasingly participating in the ETF market, with a notable trend of "group purchases" of ETFs, particularly the upcoming Fortune CSI Hong Kong Stock Connect Technology ETF [4] - The scale of pension investors holding listed funds has grown over 300% compared to the end of 2022, reaching approximately 6 billion RMB [4] - Despite this growth, there remains significant room for pension plans to increase their allocation to public funds, given their overall scale in the trillions [4]

Group 1 - The overall fund issuance market showed significant differentiation last week, with only 20 new funds established and a total issuance scale of 5.328 billion yuan, marking the lowest weekly fundraising since April this year [1] - The average fundraising per fund was only 266 million yuan, indicating a generally sluggish issuance market [1] Group 2 - Equity funds performed strongly, with 11 equity fund products raising 3.226 billion yuan, accounting for 60.54% of the total issuance, making them the main force in the week [3] - Passive index products were particularly notable, with 8 index funds collectively raising over 2 billion yuan, nearly half of the total issuance, focusing on popular sectors such as Hong Kong tech and core A-share assets [3] - The Southern CSI Hong Kong Stock Connect Technology ETF raised 705 million yuan, and the Morgan Stanley CSI 300 Free Cash Flow Link A raised 597 million yuan, reflecting institutional preference for index-based investments [3] Group 3 - Bond fund issuance cooled significantly, with only 3 bond fund products issued, totaling 1.067 billion yuan, accounting for 20.03% of the total, a stark contrast to previous strong performances [4] - Mixed fund issuance remained relatively stable, with 5 mixed fund products raising 3.226 billion yuan, accounting for 19.23%, with an average fundraising of 645 million yuan per fund [4] - Passive index funds emerged as the absolute mainstay of new fund issuance, with a rapid launch of the Huatai-PineBridge CSI Hong Kong Stock Connect Technology Link A, highlighting institutional intent to quickly position in the Hong Kong tech sector [4]

Group 1 - The overall market saw the establishment of 20 new funds last week, with a total issuance scale of only 5.328 billion yuan, marking the lowest weekly fundraising since April this year, with an average fundraising of only 266 million yuan per fund [1] - Despite the overall sluggish issuance market, there are structural highlights, with equity funds leading the way, accounting for 60.54% of the total issuance, reflecting institutional confidence in equity assets [1] - The issuance of bond funds has significantly cooled down, with only 3 products raising 1.067 billion yuan, a decline compared to previous strong performances [1] Group 2 - Passive index funds became the main force in new fund issuance last week, accounting for over 60%, with over 20 products launched covering popular sectors such as securities, technology, consumption, and pharmaceuticals [2] - Enhanced index funds are also favored by public fund managers, with several products launched to meet investors' demand for excess returns through quantitative strategies [2] - Although the overall scale of newly issued funds last week was limited, many institutions are preparing for the second half of the year, with multiple funds pending approval across various themes [2]

Group 1 - The Hong Kong stock market has shown strong performance this year, with significant contributions to public fund performance, highlighted by the top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection Mixed A, achieving a 70.95% year-to-date net value growth rate [1][2] - Major indices such as the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index have increased by 15.44%, 14.91%, and 14.67% respectively year-to-date, indicating a robust market environment [2] - The average daily trading volume in the Hong Kong stock market reached a historical high of HKD 242.7 billion in Q1, representing a 144% year-on-year increase, reflecting heightened market activity and attractiveness [3] Group 2 - Public institutions are actively increasing their allocations to Hong Kong-themed funds, with several funds currently in the issuance process, including Ping An Hong Kong Stock Connect Medical Innovation Selection Mixed and others [3] - The current market environment presents investment opportunities, particularly in the "technology + dividend" dual strategy, which shows strong synergy, driven by the active performance of the technology sector and the appeal of high dividend strategies amid market volatility [3] - The valuation of leading internet and technology companies in Hong Kong is considered reasonable, with expectations of good shareholder returns and new growth potential in AI investments [4]

报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 30 只，合计发行规模为 189.87 亿元，较前一周有所增 加。此外，上周有 38 只基金首次进入发行阶段，本周将有 35 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 上周共上报 40 只基金， 较 上上周申报数量 有所增加。 申报的产品包括 2 只 FOF ， 1 只 QDII ，富国中证港股通科技 ETF 、鹏华国证港股通创新药 ETF 、易方达中证卫星产业 ETF 、汇添富国证自由现金流 ETF 、天弘中证港股通央企红利 ETF 等。 二、沪深交易所与巴西交易所首批 ETF 互通产品上市 上周 A 股市场主要宽基指数走势出现分化，中证 1000 、中证 500 、上 证综指指数收益靠前，收益分别为 0.62% 、 0.32% 、 -0.03% ，中小 板指、创业板指、沪深 300 指数收益靠后，收益分别为 -1.55% 、 -1.40% 、 -1.08% 。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周综合 金 融 、 国 防 军 工 、 医 药 收 ...