Group 1 - The core viewpoint of the news is the performance and characteristics of the Guangfa CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520900), which has seen a decrease in both share count and scale in 2024 [1][2] - As of September 25, 2024, the ETF had a total of 1.651 billion yuan in assets and 1.642 billion shares, reflecting a year-to-date decrease of 34.46% in shares and 28.86% in scale compared to December 31, 2024 [1] - The ETF's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the yield of the CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index [1] Group 2 - The current fund managers are Huo Huaming and Lü Xin, with Huo managing since June 26, 2024, achieving a return of 2.09%, while Lü has managed since April 30, 2025, with a return of 14.85% [2] - The ETF's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Merchants Bank, and China Coal Energy, with respective holding percentages [2][3] Group 3 - The largest holding is China Mobile at 10.90%, followed by China Petroleum at 10.62%, and COSCO Shipping at 9.72%, with their respective market values being 212 million yuan, 206 million yuan, and 189 million yuan [3] - Other significant holdings include CNOOC (9.09%), China Shenhua (8.14%), Sinopec (7.71%), China Telecom (4.89%), China Unicom (3.71%), China Merchants Bank (2.64%), and China Coal Energy (2.59%) [3]

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].

Core Viewpoint - The announcement from GF Fund Management Co., Ltd. details the appointment of new fund managers for several ETFs, indicating a strategic shift in management to enhance fund performance and investor confidence [1][2]. Fund Manager Changes - New fund manager appointed: Lv Xin for multiple ETFs including GF National Communication ETF and GF Semiconductor Materials and Equipment ETF [1][2][6]. - Departing fund managers include Huo Huaming from GF National Cloud Computing and Big Data ETF, and Xia Haoyang from several ETFs including GF National Communication ETF [1][2][4][6]. Fund Performance Summary - **GF National Communication ETF**: Established on June 8, 2023; year-to-date return of -9.78%; since inception return of -0.12%; cumulative net value of 0.9988 yuan [1]. - **GF National Cloud Computing and Big Data ETF**: Established on January 22, 2024; year-to-date return of -0.91%; since inception return of 38.83%; cumulative net value of 1.3883 yuan [2]. - **GF National New Hong Kong Stock Connect Central State-Owned Enterprise Dividend ETF**: Established on December 1, 2023; year-to-date return of -5.10%; since inception return of -11.28%; cumulative net value of 0.8875 yuan; fund size of 2.764 billion yuan as of March 31, 2025 [2]. - **GF Semiconductor Materials and Equipment ETF**: Established on December 1, 2023; year-to-date return of 4.24%; since inception return of 13.44%; cumulative net value of 1.1347 yuan [2]. - **GF National Communication ETF Initiated Link A and C**: Established on October 26, 2023; year-to-date returns of -9.86% and -9.95%; since inception returns of 14.48% and 13.96%; cumulative net values of 1.1448 yuan and 1.1396 yuan [2]. - **GF Semiconductor Materials and Equipment ETF Initiated Link A and C**: Established on March 5, 2024; year-to-date returns of 4.33% and 4.23%; since inception returns of 26.82% and 26.39%; cumulative net values of 1.2682 yuan and 1.2639 yuan [2].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Last week, the A-share market declined, with most major global indices also falling. Only 4 out of the Shenwan industry indices closed higher, and 7.25% of the 1021 Wind concept sector indices closed up [3][6]. - Active equity funds underperformed last week. In the fixed - income category, products with higher equity attributes had weaker average returns than purer bond - type products. QDII funds also performed poorly on average, while gold funds stood out [3]. - The total scale of newly established funds last week reached 20.469 billion yuan, a 315.90% increase from the previous week. There were 9 newly issued, 4 newly established, and 11 newly listed on - exchange funds last week. This week, 15 ETFs are to be issued and 8 are to be listed [3]. - Some forward - looking public funds are targeting "pioneering" differentiated ETF products to gain a market edge. Bank wealth management is actively entering the market through ETFs [3]. Summary by Directory Market Review - A - share market: The Shanghai Composite Index fell 3.11% to close at 3,238.23, and the Shenzhen Component Index dropped 5.13% to 9,834.44. Among other indices, the ChiNext Index fell 6.73%, and the Kechuang 50 Index declined 0.63%, while the Beizheng 50 Index rose 0.92% [3][6]. - Global market: Most major global indices declined. In the US, the S&P 500 rose 5.70%, the Nasdaq Index increased 7.29%, and the Dow Jones Industrial Index climbed 4.95%. In the Asia - Pacific region, the Hang Seng Index fell 8.47%, and the Nikkei 225 Index dropped 0.58% [7]. - Industry performance: Among the Shenwan industry indices, the agriculture, forestry, animal husbandry, and fishery sector had the largest gain of 3.28%, followed by the commerce and retail sector with a 2.88% increase. The bottom - performing sectors were power equipment, communication, machinery, media, and steel [9]. - Concept sectors: 7.25% of the 1021 Wind concept sector indices closed up. The consecutive limit - up concept had the largest gain of 23.70%, followed by the first - board concept with a 21.68% increase [11]. Fund Performance Off - exchange Funds - Equity funds: On average, they underperformed. Common stock funds fell 3.86%, partial - stock hybrid funds dropped 3.86%, balanced hybrid funds declined 2.24%, and flexible allocation funds decreased 2.77%. The weekly return of Harvest Beijing Stock Exchange Select Two - Year Fixed - Open A was the highest at 6.24% [14]. - Fixed - income funds: Due to the weaker stock market than the bond market last week, products with higher equity attributes had weaker average returns. Partial - debt hybrid funds fell 0.71%, secondary - bond funds dropped 0.49%, primary - bond funds declined 0.04%, medium - and long - term pure - bond funds rose 0.16%, short - term pure - bond funds increased 0.10%, and the average 7 - day annualized yield of money - market funds was 1.44%. The weekly return of Green Fortune Interest - Rate Bond was the highest at 3.08% [16]. - QDII funds: They performed poorly on average. Stock - type QDII funds fell 4.79%, hybrid QDII funds dropped 4.90%, bond - type QDII funds declined 1.43%, and alternative - investment QDII funds decreased 3.56%. The weekly return of Invesco Great Wall Global Gold was the highest at 2.07%, and gold funds performed well [18][19]. On - exchange Funds - ETFs: The total on - exchange scale was 392.0119 billion yuan, with a net inflow of 107.626 billion yuan. Stock - type ETFs had a net inflow of 85.512 billion yuan, bond - type ETFs had a net inflow of 5.614 billion yuan, money - market ETFs had a net inflow of 7.936 billion yuan, QDII - type ETFs had a net outflow of 7.976 billion yuan, and alternative - investment ETFs had a net inflow of 16.539 billion yuan. The Grain 50 ETF performed well, and the CSI 300 ETF had the largest capital inflow [21][23]. - LOFs: The total on - exchange scale was 4.1905 billion yuan, with a net outflow of 717 million yuan. Stock - type LOFs had a net outflow of 105 million yuan, hybrid LOFs had a net outflow of 600 million yuan, bond - type LOFs had a net inflow of 2 million yuan, QDII - type LOFs had a net inflow of 102 million yuan, and alternative - investment LOFs had a net outflow of 73 million yuan. The Yin Hua Nei Xu LOF performed well, and the Hang Seng Index Fund LOF had the largest capital inflow [21][26]. Fund Issuance Dynamics Public Fund Issuance, Establishment, and Listing Dynamics - The total scale of newly established funds last week was 20.469 billion yuan, a 315.90% increase from the previous week. Among the established funds, China AMC Shanghai Science and Technology Innovation Board Composite Linked A had the largest scale of 4.892 billion yuan [31][33]. On - exchange Fund Issuance, Establishment, and Listing Details - Last week, there were 9 newly issued, 4 newly established, and 11 newly listed on - exchange funds. This week, 15 ETFs are to be issued, including Huaxia China National Aerospace and Aviation Industry ETF, etc., and 8 ETFs are to be listed, such as Fullgoal Shenzhen 100 ETF [35][37][38]. Market Hot - spot Review Public Funds Target "Pioneering" Differentiated ETF Products - The domestic ETF market has grown explosively, with the latest scale about to exceed 4 trillion yuan. However, the problem of intensified homogeneous competition is prominent. Some public funds are targeting "pioneering" differentiated products to gain an edge. For example, GF Fund's GF CSI Smart - Selected High - Dividend Strategy ETF is the first ETF linked to the Smart - Selected High - Dividend Index, and Harvest Fund's Harvest ChiNext New Energy Industry Theme ETF is the first of its kind in the market [42][43]. Bank Wealth Management Enters the Market Actively through ETFs - With the release of the 2024 annual reports of public funds, some wealth - management companies' investment operations of entering the market through stock ETFs have emerged. Some wealth - management products are among the top ten holders of stock ETFs. This is driven by multiple factors and is expected to become the mainstream choice for wealth - management funds to enter the market [45].