Core Viewpoint - The SHS Online Consumption Index has shown significant growth, reflecting the performance of companies involved in online shopping, digital entertainment, online education, and telemedicine in both mainland China and Hong Kong [1]. Group 1: Index Performance - The SHS Online Consumption Index increased by 3.01%, reaching 1108.84 points, with a trading volume of 85.231 billion yuan [1]. - Over the past month, the index has risen by 7.50%, and over the last three months, it has increased by 7.12%. Year-to-date, the index has grown by 23.00% [1]. Group 2: Index Composition and Adjustments - The index comprises 50 listed companies selected from the mainland and Hong Kong markets, focusing on sectors such as online shopping, digital entertainment, online education, and telemedicine [1]. - The index is based on a reference date of December 31, 2014, with a base point of 1000.0 [1]. - Sample adjustments occur biannually, specifically on the next trading day after the second Friday of June and December. Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [1].

Market Overview - The Shanghai Composite Index fell by 0.03% to close at 3503.78 points, with a high of 3511.81 points during the day [1] - The Shenzhen Component Index decreased by 0.22% to 10720.81 points, reaching a peak of 10804.18 points [1] - The ChiNext Index also dropped by 0.22%, closing at 2230.19 points, with a maximum of 2259.64 points [1] ETF Market Performance - The median return of stock ETFs was -0.06% [2] - The highest performing scale index ETF was the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive ETF, with a return of 2.16% [2] - The highest return in the industry index ETF category was the China Tai Chuangyuan Pharmaceutical and Health ETF, at 1.07% [2] - The highest return in the strategy index ETF category was the China Securities All-Index Dividend Quality ETF, at 0.29% [2] - The highest return in the theme index ETF category was the China Securities Automotive Parts Theme ETF, at 2.03% [2] ETF Performance Rankings - The top three ETFs by return were: Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive ETF (2.16%), China Securities Automotive Parts Theme ETF (2.03%), and Ping An China Securities Hong Kong and Shanghai Online Consumption Theme ETF (1.92%) [4] - The largest declines were seen in: Guotou Ruijin Shanghai and Shenzhen 300 Financial Real Estate ETF (-2.13%), Yinhua China Securities 800 Enhanced Strategy ETF (-2.01%), and Guotai China Securities Steel ETF (-1.22%) [4] ETF Fund Flows - The top three ETFs by fund inflow were: Guotai China Securities All-Index Securities Company ETF (324 million yuan), Huabao China Securities Bank ETF (317 million yuan), and Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 Component ETF (294 million yuan) [6] - The largest outflows were from: Huaxia China Securities Artificial Intelligence Theme ETF (339 million yuan), Fortune China Securities A500 ETF (336 million yuan), and Yifangda ChiNext ETF (306 million yuan) [6] ETF Margin Trading Overview - The highest margin buy amounts were for: Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 Component ETF (877 million yuan), Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (252 million yuan), and Yifangda ChiNext ETF (240 million yuan) [8] - The highest margin sell amounts were for: Southern China Securities 1000 ETF (44.99 million yuan), Southern China Securities 500 ETF (9.40 million yuan), and Huatai Baichuan Shanghai and Shenzhen 300 ETF (8.98 million yuan) [8] Industry Insights - Guoyuan Securities believes that the competitive pressure within the automotive industry is expected to ease, leading to reduced profitability pressures across the entire supply chain [9] - Minsheng Securities anticipates that policies aimed at reducing internal competition will help alleviate cash flow pressures for parts suppliers and enhance supply chain efficiency [10] - The automotive market is expected to improve as new models are launched and sales increase, with key new models including Xiaomi YU7, Li Auto i8, and others [11]

Core Insights - Jibite (603444.SH) released its 2024 annual report on March 28, 2025, indicating that 46 institutional investors held a total of 10.8147 million A-shares, accounting for 15.01% of the total share capital [1] - The top ten institutional investors collectively held 14.56% of the shares, with a decrease of 1.75 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Jibite shares is 46, with a total holding of 10.8147 million shares [1] - The top ten institutional investors include notable entities such as Hong Kong Central Clearing Limited and Cathay Fund Management [1] - The proportion of shares held by the top ten institutional investors decreased by 1.75 percentage points from the last quarter [1] Public Fund Activity - One public fund, Ping An Low Carbon Economy Mixed A, increased its holdings, while three funds reduced their holdings, with a total decrease of 0.47% [2] - Eight new public funds disclosed their holdings, including Rongtong Huixin Mixed A and Morgan Stanley ESG Quantitative Mixed [2] - A total of 47 public funds did not disclose their holdings this period, including notable funds like China Europe Internet Mixed A [2] Social Security Fund and Foreign Investment - One social security fund, Cathay Fund Management - Social Security Fund 1102 Combination, increased its holdings by 0.17% [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.04% [2]

Core Points - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI Hong Kong-Shanghai-Shenzhen Online Consumption Index increasing by 0.37% to 1021.79 points, with a trading volume of 40.805 billion yuan [1] - Over the past month, the CSI Hong Kong-Shanghai-Shenzhen Online Consumption Index has decreased by 6.63%, increased by 12.90% over the last three months, and has risen by 16.32% year-to-date [1] - The index comprises 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption-related securities in the mainland and Hong Kong markets [1] Index Composition - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen Online Consumption Index are Alibaba-W (13.99%), Tencent Holdings (11.35%), Meituan-W (8.86%), Kuaishou-W (6.37%), iFlytek (3.56%), Bilibili-W (3.27%), JD Health (3.13%), Kingsoft (2.6%), Light Media (2.42%), and Kunlun Wanwei (2.4%) [1] - The market share of the index's holdings is distributed as follows: Hong Kong Stock Exchange 56.62%, Shenzhen Stock Exchange 36.39%, and Shanghai Stock Exchange 6.99% [1] Industry Breakdown - The industry composition of the index's sample includes: Communication Services 53.42%, Consumer Discretionary 27.98%, Information Technology 12.47%, and Healthcare 6.13% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Public funds tracking the SHS Online Consumption Index include the Ping An CSI Hong Kong-Shanghai-Shenzhen Online Consumption Theme ETF and Tianhong CSI Hong Kong-Shanghai-Shenzhen Online Consumption Theme ETF [2]