Core Viewpoint - The China Securities Hong Kong Stock Connect Medical and Health Comprehensive Index (Hong Kong Stock Connect Medical C, 930965) has shown significant growth, with a 20.91% increase over the past month, 43.59% over the past three months, and an impressive 80.61% year-to-date [1]. Group 1: Index Performance - The index opened low but closed higher, with a current value of 3666.44 points and a trading volume of 17.976 billion yuan [1]. - The index is designed to reflect the overall performance of 50 liquid and large-cap medical and health industry listed companies within the Hong Kong Stock Connect framework [1]. Group 2: Index Composition and Adjustments - The index is based on a starting point of 3000.0 points as of November 14, 2014, and undergoes biannual adjustments to its sample companies every June and December [1]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [1].

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Medical and Health Comprehensive Index has shown significant growth, with a year-to-date increase of 85.26% [1]. Group 1: Index Performance - The Shanghai Composite Index decreased by 0.37%, while the Hong Kong Stock Connect Medical and Health Comprehensive Index fell by 2.51%, closing at 3658.84 points with a trading volume of 24.507 billion yuan [1]. - Over the past month, the Hong Kong Stock Connect Medical and Health Comprehensive Index has risen by 24.02%, and over the last three months, it has increased by 47.29% [1]. Group 2: Index Composition - The index comprises 50 liquid and large-cap medical and health industry companies listed within the Hong Kong Stock Connect, reflecting the overall performance of these securities [1]. - The index was established on November 14, 2014, with a base point of 3000.0 [1]. Group 3: Top Holdings - The top ten holdings in the index are as follows: - Innovent Biologics (10.25%) - WuXi Biologics (9.23%) - BeiGene (8.95%) - CanSino Biologics (8.12%) - China Biologic Products (5.97%) - CSPC Pharmaceutical Group (5.77%) - JD Health (4.52%) - 3SBio (4.19%) - Hansoh Pharmaceutical (3.0%) - WuXi AppTec (2.85%) [1]. Group 4: Market and Sector Allocation - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation to the medical and health sector [1].

Core Viewpoint - Ping An Fund is facing challenges in its ETF business, with low market recognition and shrinking fund sizes for several of its equity ETFs, indicating a need for improved marketing and product positioning [1][9]. Group 1: Management Changes - On June 26, 2025, Ping An Fund announced the resignation of Qian Jing, head of the ETF Index Investment Department, from three ETF products, including the Ping An CSI 2000 Enhanced Strategy ETF and others [1][2]. - Bai Guiyao, a new manager with a background in finance, has taken over management responsibilities for nine ETF products, indicating a shift in management strategy [1][4]. Group 2: Fund Performance and Market Position - The three ETFs managed by Qian Jing have a management scale of less than 50 million yuan each, categorizing them as "mini funds" [2]. - Ping An Fund's bond ETFs have seen significant growth, with a total circulation scale exceeding 23 billion yuan, positioning them just behind leading competitors [8]. - In contrast, the equity ETFs of Ping An Fund are significantly smaller in scale compared to leading firms like Huaxia Fund and E Fund, which manage several equity ETFs exceeding 10 billion yuan [8][9]. Group 3: Brand Recognition and Market Strategy - The brand recognition of Ping An Fund in the equity investment sector is primarily associated with active equity products, while its ETF business lacks visibility and effective channel promotion [1][9]. - Many of Ping An Fund's equity ETFs are experiencing a "vicious cycle" of shrinking shares immediately after their establishment, highlighting the need for strategic improvements [1][9].

Group 1 - The core viewpoint of the article highlights the performance of the CSI Hong Kong Stock Connect Healthcare Index, which rose by 3.3% to 2878.7 points, with a trading volume of 21.443 billion yuan [1] - The CSI Hong Kong Stock Connect Healthcare Index has increased by 7.16% over the past month, 18.59% over the past three months, and 37.56% year-to-date [1] - The index consists of 50 liquid and large-cap healthcare companies listed within the Hong Kong Stock Connect, reflecting the overall performance of these securities [1] Group 2 - The index is adjusted semi-annually, with sample adjustments occurring on the next trading day after the second Friday of June and December each year [1] - The weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [1] - The index will be adjusted if any securities no longer meet the connectivity qualifications due to changes in the Hong Kong Stock Connect [1] Group 3 - Public funds tracking the CSI Hong Kong Stock Connect Healthcare Index include various funds from E Fund, Ping An, and Yinhua, among others [2]

Core Viewpoint - The China Securities Hong Kong Stock Connect Medical and Health Comprehensive Index (Hong Kong Stock Connect Medical C, 930965) experienced a decline of 0.86%, closing at 2467.33 points, with a trading volume of 7.663 billion yuan. Despite this, the index has shown positive growth over various time frames, including a 2.33% increase over the past month, a 10.35% increase over the past three months, and a year-to-date increase of 22.86% [1]. Group 1 - The index is composed of 50 liquid and large-cap listed companies in the medical and health sector within the Hong Kong Stock Connect framework, reflecting the overall performance of these securities [1]. - The base date for the index is November 14, 2014, with a base point of 3000.0 [1]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [1]. Group 2 - Public funds tracking the Hong Kong Stock Connect Medical C include various funds from E Fund, Ping An, and Yinhua, among others, indicating a diverse interest in this index [2].