截至2025年9月18日午间收盘，上证智选科创板创新价值指数(950333)上涨1.85%，日线冲击三连阳，样 本股南亚新材(688519)上涨17.07%，信安世纪(688201)上涨14.07%，汇宇制药(688553)上涨7.95%，键凯 科技(688356)，铂力特(688333)等个股均上涨。 科创价值ETF紧密跟踪上证智选科创板创新价值指数，上证智选科创板创新价值指数由中国建设银行参 与编制，从科创板各行业上市公司中，选取100只科技创新能力较强、估值较低且盈利质量较好的上市 公司证券作为指数样本，反映科创板创新主题上市公司证券的整体表现。 建信上证智选科创板创新价值ETF(588910)，场外联接(A：024350；C：024351)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 下半年以来，近400家外资机构密集调研A股上市公司，累计调研次数近1800次，释放出对中国资产持 续关注的积极信号。从调研方向来看，外资机构关注点集中在工业机械、电气设备、电子仪器、医疗保 健等高端制造和科技创新领域。 中信建投证券指出，当前AI技术正加快融入千行百业，超大规模AI模型和海量 ...

Group 1 - Trina Solar (688599.SH) reported its semi-annual results for 2025, with 21 institutional investors holding a total of 1.006 billion shares, representing 46.14% of the company's total share capital as of August 22, 2025 [1] - The top ten institutional investors collectively hold 45.83% of the shares, with a slight decrease of 0.46 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds increased their holdings, accounting for a 0.90% increase, while two funds saw a slight decrease in holdings [2] - Seven new public funds were disclosed during this period, including several ETFs focused on the Sci-Tech Innovation Board [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.60% compared to the previous quarter [2]

Summary of Key Points Core Viewpoint - On August 11, style strategy ETFs experienced a net outflow of 694 million yuan, with a cumulative net outflow of 707 million yuan over the past five trading days, indicating a trend of capital withdrawal from these funds [1]. Fund Performance - A total of 15 style strategy ETFs saw net inflows on the same day, with the highest inflow recorded for the Bosera National Index Large Cap Value ETF (159391), which increased by 99 million shares and had a net inflow of 111 million yuan [1][3]. - Conversely, 17 style strategy ETFs experienced net outflows, with the Huatai-PB CSI Dividend Low Volatility ETF (512890) leading the outflows, decreasing by 369 million shares and resulting in a net outflow of 443 million yuan [1][4]. Detailed Fund Data - The top 10 ETFs by net outflow on August 11 included: - Huatai-PB CSI Dividend Low Volatility ETF (512890): -443 million yuan, -369 million shares - Huatai-PB SSE Dividend ETF (510880): -232 million yuan, -71 million shares - Harvest CSI 300 Dividend Low Volatility ETF (515300): -117 million yuan, -84 million shares - Southern Dividend Low 50 ETF (515450): -97 million yuan, -68 million shares - Others included various ETFs with smaller outflows [4][5]. Overall Market Trends - The overall trend indicates a cautious sentiment among investors in the style strategy ETF segment, as evidenced by the significant net outflows and the mixed performance of individual funds [1][4].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report mainly presents the latest situation of index product establishment, fundraising, and application, as well as the market performance and capital flow of ETFs in the past week. It shows that in the past week, most stock - asset ETFs declined, with Hong Kong ETFs experiencing significant drops, while agricultural ETFs led the gains. The ETFs targeting the CSI 300 had the largest net capital inflow [1][5]. 3. Summary According to the Directory 3.1 Index Product Establishment, Fundraising, and Application - **Product Establishment and Listing**: In the past week, 14 products such as Huabao CSI 300 Free Cash Flow ETF were established, 11 products such as Jianxin SSE Smart - Selected STAR Market Innovation Value ETF were listed, and 9 products such as Huabao Shenzhen 100 Index A completed fundraising and were about to be established [1][8]. - **Product Issuance Information**: In the coming week, 20 index products will end fundraising, including Huafu Xinhua Zhongchengxin Dividend Value Index A, etc. Twenty - eight products will start fundraising, including Boshi CSI A50 ETF, etc. [1][10][11]. - **Product Application Information**: In the past week, a total of 32 index products were applied for. There were 18 theme - type products covering themes such as securities, artificial intelligence, and free cash flow. Four index - enhanced products tracked targets like the CSI A500 and the STAR Market Composite Index. There were 2 broad - based products, 1 bond fund, 2 cross - border Hong Kong - stock connect funds, and 5 linked funds [2][15]. 3.2 ETF Market Review - **Stock - Asset ETFs**: In the past week (2025/4/7 - 2025/4/11), most stock - asset ETFs declined. Among A - share ETFs, the STAR 50 ETF had a relatively small decline of - 0.66%, while the ChiNext 50 ETF and CSI 500 ETF had relatively large declines of - 7.97% and - 4.56% respectively. Hong Kong ETFs had significant drops, with the Hang Seng Internet ETF having the largest decline of - 8.43%. Among US - stock ETFs, the Nasdaq ETF rose slightly by 0.28%, while the S&P 500 ETF declined by 2.95% [5][18]. - **Commodity ETFs**: Gold ETFs and soybean meal ETFs had obvious increases of 2.47% and 2.31% respectively, while energy - chemical ETFs and non - ferrous ETFs declined significantly by - 6.97% and - 5.52% respectively [5]. - **Industry ETFs**: Most industry ETFs declined, while most sub - ETFs in the consumer category rose. The medical, cyclical, and financial - real - estate category ETFs all declined. Among sub - industries, the communication ETF and photovoltaic ETF had relatively large declines of - 8.73% and - 8.09% respectively. The agricultural ETF had the highest increase of 2.62%, and the chip ETF had a relatively high increase of 1.27%. The food - beverage ETF and military - industry ETF rose slightly by 0.15% and 0.39% respectively [5]. - **Cross - Border ETFs**: Most major broad - based indices in cross - border markets declined, while major US broad - based indices had relatively large increases. The Nasdaq 100 and S&P 500 rose by 7.43% and 5.70% respectively. The China Internet 50 and Hang Seng Index had relatively large declines of - 10.66% and - 8.47% respectively [22]. 3.3 ETF Capital Flow - As of April 11, 2025, there were 1167 ETFs in the entire market, with a latest total scale of 3923.952 billion yuan, an increase of 108.423 billion yuan compared to the previous week. Among non - monetary ETFs, the ETFs targeting the CSI 300 had the largest net capital inflow of 98.752 billion yuan, while the ETFs targeting the CSI A500 had the largest net capital outflow of 4.232 billion yuan. In the past week, Huatai - Peregrine CSI 300 ETF and E Fund CSI 300 ETF had relatively high capital inflows of 34.004 billion yuan and 24.698 billion yuan respectively [5][29][31].

Group 1 - Global assets have entered a volatile phase, but many fund managers see investment opportunities emerging in the current equity market [1] - Several newly established funds since March have begun building positions in recent days, indicating a favorable timing for investment [1][2] - A-share market has undergone a prolonged risk release process, with expectations for both volume and price to rise in the medium to long term [1] Group 2 - The Kai Stone Yuanxin Mixed Fund, established on March 6, saw a significant drop of 1.95% on April 7, suggesting a large-scale position building on that day [1] - The Dongfang Low Carbon Economy Mixed Fund, established on March 4, maintained a unit net value of 1 until April 8, when it began to show a slight upward trend [2] - Notable fund managers have also initiated clear position building in their newly launched products in recent days [2] Group 3 - Passive funds, including ETFs, are actively entering the market, contributing to an influx of new capital [2][3] - Several ETFs, such as the Wanjiasheng Internet Technology ETF and the Huabao CSI 300 Free Cash Flow ETF, are set to launch soon, with fund managers likely to build positions at relatively low market levels [2][3] Group 4 - The Xinyang Fund noted that many new ETF managers have quickly increased their equity positions, with the Jianxin CSI Innovation Value ETF reaching approximately 50% equity investment by March 28 [3] - The long-term outlook for Chinese assets remains positive, with expectations for continued high volatility in risk assets in the second quarter due to external disturbances [3][4] - The current valuation levels are considered attractive, and there is optimism about the long-term development of the capital market as quality companies emerge [4]