牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 最新披露的基金半年报显示，以巴克莱银行、瑞银集团为代表的外资机构，不仅在黄金、创新药、半导体等热门赛道布局A股和港股，更将触角延伸至建 材、绿电等细分领域，其重仓的多只主题ETF今年以来实现较高收益率。 重仓热门赛道 据记者不完全统计，截至二季度末，巴克莱银行成为31只ETF第一大持有人。从这些ETF的主题类别来看， 巴克莱银行的重仓方向涉及黄金股、港股科 技、港股创新药等。 以平安中证沪深港黄金产业ETF为例，截至二季度末，巴克莱银行成为该ETF的第一大持有人，持有份额为131.34万份。而在去年年末的前十大持有人名 单中，尚未出现巴克莱银行的身影。Choice数据显示，截至9月1日，平安中证沪深港黄金产业ETF今年以来收益率已超60%。 港股创新药板块也受到外资青睐。 截至二季度末，华泰柏瑞恒生创新药ETF的第一大持有人和第二大持有人均是外资机构——巴克莱银行和瑞银集团。 值得注意的是，这只ETF在去年12月底上市时，其上市交易公告书中尚未见到瑞银集团身影。Choice数据显示，截至9月1日，华泰 ...

Core Viewpoint - Foreign institutions are diversifying their investments in the A-share and Hong Kong stock markets through ETFs, achieving substantial returns in various hot sectors such as gold, innovative pharmaceuticals, and semiconductors [1][2]. Group 1: Heavy Investment in Hot Sectors - Barclays Bank has become the largest holder of 31 ETFs by the end of Q2, focusing on sectors like gold stocks, Hong Kong technology, and innovative pharmaceuticals [1]. - The Ping An CSI Hong Kong and Shanghai Gold Industry ETF, where Barclays holds 1.3134 million shares, has seen a return rate exceeding 60% this year [2]. - The Huatai-PineBridge Hang Seng Innovative Pharmaceutical ETF, with Barclays and UBS as major holders, has achieved a return rate over 100% this year [2]. Group 2: Semiconductor Sector Performance - The semiconductor sector has shown strong performance, with Barclays significantly increasing its holdings in the Guolian An Kechuang Chip Design ETF, becoming the sixth-largest holder by the end of Q2 [3]. - UBS has also increased its stake in the Jiashi Shanghai Stock Exchange Star Market Chip ETF, moving from the eighth to the seventh-largest holder [3]. - Both ETFs have reported returns exceeding 60% and 50% respectively this year [3]. Group 3: Diversified Investment Strategies - UBS has appeared in the top ten holders of over 100 ETFs, indicating a diverse investment strategy that includes sectors like building materials, traditional Chinese medicine, green energy, and agriculture [3]. - Foreign institutions are also exploring investment opportunities in the Hong Kong market, including sectors like automotive, consumer goods, finance, and the internet [3]. Group 4: Continued Inflow of Foreign Capital - Allianz Fund's CIO stated that Chinese assets are now viewed as a standalone asset class, with expectations of continued foreign capital inflow if profit-making effects persist and fundamentals improve [4]. - The recent market uptrend is attributed to favorable funding conditions and a shift in global asset allocation, alongside a transfer of household savings [5]. - Factors such as China's technological competitiveness and the resolution of potential risks in real estate are contributing to the positive sentiment among foreign investors [5]. Group 5: Outlook on Key Sectors - The technology sector is expected to see significant improvements in fundamentals, leading to excess returns in Q3, particularly in semiconductor equipment and other key areas [6]. - The dual carbon goals are driving a global green energy revolution, while advancements in artificial intelligence are leading a new wave of technological innovation [6]. - These trends are expected to create substantial demand for upstream resource products, which have faced supply shortages due to low capital expenditure in recent years [6].

最新披露的基金半年报显示，以巴克莱银行、瑞银集团为代表的外资机构，不仅在黄金、创新药、半导 体等热门赛道布局A股和港股，更将触角延伸至建材、绿电等细分领域，其重仓的多只主题ETF今年以 来实现较高收益率。 重仓热门赛道 以港股市场为例，除了常见的恒生主题指数，外资机构还投资了汽车、消费、金融、互联网等细分板块 ETF。比如，摩根大通集团在上半年加仓广发中证海外中国互联网30（QDII-ETF）；瑞银集团在上半年 加仓华泰柏瑞中证香港300金融服务ETF（QDII）、华夏中证港股通汽车产业主题ETF。 外资机构看好中国资产 "在不少外资看来，中国市场现在已成为一类独立资产。"安联基金副总经理、首席投资官郑宇尘表示， 近期市场上涨是由全球资产配置与居民资产转移两大因素共同推动。 宏利基金表示，近期，美联储降息预期强化，与国内一系列积极政策形成共振，预计将为A股与港股市 场注入强劲动力。 谈及看好的板块，路博迈基金表示，当前，"双碳"目标正推动全球绿色能源改革，而人工智能、算力等 前沿科技创新，正引领新一轮全球科技浪潮。这两股力量共同驱动全球经济结构转型与科学技术迭代升 级，并对上游资源品形成巨大需求，可关注相关板 ...

最新披露的基金半年报显示，以巴克莱银行、瑞银集团为代表的外资机构，不仅在黄金、创新药、半导 体等热门赛道布局A股和港股，更将触角延伸至建材、绿电等细分领域，其重仓的多只主题ETF今年以 来实现较高收益率。 重仓热门赛道 部分外资机构的布局思路多元，多个细分行业主题ETF获外资机构加仓。据不完全统计，瑞银集团出现 在超100只ETF的前十大持有人名单中。除了创新药、黄金等热门主题ETF和宽基类ETF，瑞银集团还持 有多个细分行业ETF，如建材、中药、绿电、粮食、养老、农牧等主题ETF。 以港股市场为例，除了常见的恒生主题指数，外资机构还投资了汽车、消费、金融、互联网等细分板块 ETF。比如，摩根大通集团在上半年加仓广发中证海外中国互联网30（QDII-ETF）；瑞银集团在上半年 加仓华泰柏瑞中证香港300金融服务ETF（QDII）、华夏中证港股通汽车产业主题ETF。 外资机构看好中国资产 "在不少外资看来，中国市场现在已成为一类独立资产。"安联基金副总经理、首席投资官郑宇尘表示， 近期市场上涨是由全球资产配置与居民资产转移两大因素共同推动。 宏利基金表示，近期，美联储降息预期强化，与国内一系列积极政策形成共振， ...

Core Viewpoint - The report provides an overview of the performance and management of the Ping An CSI Hong Kong-Shenzhen Gold Industry ETF for the second quarter of 2025, highlighting its investment strategy, financial indicators, and compliance with regulations [1][2][3]. Fund Product Overview - Fund Name: Ping An CSI Hong Kong-Shenzhen Gold Industry ETF - Investment Objective: Aim to closely track the performance of the benchmark index with a target of keeping the average tracking deviation within 0.2% and annualized tracking error within 2% [1][2]. - Fund Management: Managed by Ping An Fund Management Co., Ltd. and custodied by China Postal Savings Bank [1][2]. Investment Strategy - The fund employs a full replication method to construct its stock portfolio based on the composition and weight of the benchmark index [2]. - Risk control targets include maintaining an average tracking deviation of less than 0.2% and an annualized tracking error not exceeding 2% [2]. Financial Indicators and Fund Performance - As of the end of the reporting period, the fund's net asset value per share was 1.2093 RMB, with a net value growth rate of 12.44% compared to a benchmark return of 11.04% [8]. - The fund's total shares at the end of the reporting period were 27,411,691 [4][8]. Investment Portfolio Report - The fund's total assets included 92.50% in stocks, with a fair value of 31,594,428.96 RMB [9]. - The fund invested 30.76% of its net value in Hong Kong stocks through the Stock Connect mechanism, amounting to 10,195,135.46 RMB [9]. Industry Allocation - The fund's investments were primarily in the mining industry, accounting for 48.37% of the total net asset value, followed by manufacturing at 11.49% [10][11]. - The fund did not hold any domestic stocks or bonds at the end of the reporting period [15]. Share Changes - The total number of shares at the beginning of the reporting period was 24,411,691, with total subscriptions of 50,000,000 and redemptions of 47,000,000 during the period [12]. - The total shares at the end of the reporting period increased to 27,411,691 [12]. Compliance and Governance - The fund management adhered to relevant laws and regulations, ensuring no harm to the interests of fund shareholders during the reporting period [7]. - There were no abnormal trading activities reported during the period [7].