Core Viewpoint - The A-share market is performing well, presenting a strategic allocation opportunity for Chinese equity assets from an international comparative perspective. Morgan Fund expresses confidence in the long-term value of the Chinese capital market and has invested 24.7 million yuan in the newly issued Morgan CSI A500 Index Enhanced Fund [1]. Group 1: Fund Details - The Morgan CSI A500 Index Enhanced Fund was officially launched on August 27, focusing on "new core assets" that represent China's economic transformation. The fund aims to achieve stable excess returns while controlling tracking errors through a scientific quantitative enhancement strategy [1]. - The CSI A500 Index serves as a benchmark for the fund, covering key sectors such as consumption, finance, technology, and pharmaceuticals, reflecting the direction of economic structural transformation and the development of new productive forces [1]. Group 2: Market Insights - As of June 30, 2025, the total scale of passive index funds and enhanced index funds tracking the CSI A500 Index has reached 237.7 billion yuan, indicating widespread recognition of its allocation value [1]. - Morgan Fund's Director of Index and Quantitative Investment, Hu Di, emphasizes the fund's goal to capture key market style shifts and provide a clear source of excess returns aligned with future trends through differentiated deep fundamental research and industry rotation strategies [2].

Group 1 - The core viewpoint of the articles highlights the strategic opportunity for Chinese equity assets in the A-share market, particularly through the Morgan CSI A500 Enhanced Index Fund, which reflects confidence in the long-term value of the Chinese capital market [1][2] - Morgan Fund has committed 24.7 million yuan of its own capital to subscribe to the Morgan CSI A500 Enhanced Index Fund, demonstrating a willingness to share risks and benefits with investors [1] - The Morgan CSI A500 Enhanced Index Fund, launched on August 27, aims to achieve stable excess returns while controlling tracking errors, focusing on "new core assets" that represent China's economic transformation [1][2] Group 2 - The Morgan CSI A500 Enhanced Index Fund is the latest addition to Morgan's "A Series" index product matrix, which includes several other products like the Morgan CSI A50 ETF and Morgan CSI A500 ETF [2] - A notable feature of some products in the "A Series" is the quarterly mandatory dividend mechanism, which provides cash dividends to investors if contractual conditions are met, enhancing cash flow management [2] - The fund aims to capture key market style shifts by selecting the CSI A500 Index as a benchmark, leveraging the team's differentiated strategies in fundamental research and industry rotation to provide a clear source of excess returns [2]

Market Review - The A-share market saw all major broad-based indices rise, with the ChiNext Index, Sci-Tech 50, and SME Index leading gains at 7.74%, 7.49%, and 4.47% respectively, while the Shanghai Composite, CSI 1000, and CSI 300 lagged behind with returns of 0.84%, 1.03%, and 2.71% respectively [5][14] - The total net asset value of public funds reached a historical high of 35.08 trillion yuan as of the end of July 2025, an increase of 682.99 billion yuan compared to the end of June 2025 [11] - The central bank's net reverse repurchase operations amounted to 196.1 billion yuan, with a total of 22.731 trillion yuan in net open market operations [22][24] Fund Performance - Last week, newly established funds totaled 44, with a combined issuance scale of 27.205 billion yuan, showing an increase from the previous week [3] - Active equity, flexible allocation, and balanced mixed funds reported returns of 2.12%, 1.77%, and 1.51% respectively [33] - Year-to-date, active equity funds have performed the best with a median return of 25.09%, while flexible allocation and balanced mixed funds reported median returns of 19.08% and 10.88% respectively [36] Fund Issuance - A total of 46 funds were reported for issuance last week, including 9 FOFs and various ETFs focused on sectors such as new energy and technology [4][5] - This week, 42 funds are set to begin issuance, indicating a robust pipeline for new fund products [3] Central Huijin's ETF Holdings - Central Huijin's ETF investments reached 1.29 trillion yuan, covering 48 ETFs with a total holding of 383.5 billion shares [7] - The largest increases in holdings were seen in the Huatai-PB CSI 300 ETF, with an increase of 11.237 billion shares, followed by the Huaxia CSI 300 ETF and E Fund CSI 300 ETF [9][10] Industry Performance - The telecommunications, non-ferrous metals, and electronics sectors led the weekly gains with returns of 12.55%, 7.59%, and 5.94% respectively, while coal, transportation, and food and beverage sectors lagged with returns of -5.99%, 0.92%, and 1.21% [19][21] - Year-to-date, the telecommunications sector has shown the highest cumulative return of 62.57%, while the coal sector has the lowest at -5.99% [21] Bond Market - The central bank's net reverse repurchase operations and the downward trend in bond yields, except for the 10-year bonds, indicate a shift in the bond market dynamics [22][24] - The median premium rate for convertible bonds decreased to 23.78%, reflecting a reduction in market activity [28]

Group 1 - The core point of the news is that Shouchao Securities has received approval from the Beijing State-owned Assets Supervision and Administration Commission for its H-share issuance, marking a significant step in its internationalization strategy [1] - The approval will enhance the company's capital strength, expand international financing channels, and increase brand influence [1] - The acceleration of internationalization among leading brokers may prompt smaller brokers to explore overseas markets, benefiting the overall competitiveness of Chinese financial institutions in the global capital market [1] Group 2 - Over 400 public funds have announced suspension of subscriptions or large subscriptions since August, indicating a trend of "subscription limits" among top-performing funds [2] - This phenomenon reflects fund companies' cautious attitude towards scale control, potentially redirecting capital flows to other investment targets [2] - Investors are advised to maintain rationality and differentiate between beta and alpha returns while constructing a reasonable asset allocation framework [2] Group 3 - The issuance of public funds has reached a new high in August, with 158 funds planned for issuance, a 6.04% increase from July [3] - This surge in fund issuance indicates an increased willingness of market participants to invest, which could bring incremental capital to the A-share market and enhance market liquidity [3] - The active issuance of funds also suggests a gradual recovery of investor confidence, positively influencing overall market sentiment [3] Group 4 - A total of 23 public funds have announced self-purchases this year, with a total amount exceeding 800 million yuan, reflecting confidence in the long-term value of the Chinese capital market [4] - The net subscription of equity funds has surpassed last year's total, indicating institutional recognition of the investment value in A-shares [4] - Such self-investment actions are expected to boost market sentiment and strengthen investor confidence, providing robust support for the healthy development of the capital market [5]

③ 消息面上，8月27日，央行公开市场有6160亿元7天期逆回购到期。商务部下午3时举行上海合作组织 经贸合作专题吹风会，相关负责人介绍一年来主席国经贸工作成效及峰会经贸筹备情况。(张韵) 中证网讯①8月27日，摩根基金(中国)公告称，公司将运用固有资金2470万元，认购正在发行中的摩根 中证A500指数增强基金，投资将于近期完成。这也是近期又一家宣布自购的公募基金公司。 ② 8月27日，超过20只基金(不同份额分开计算)发布公告称，基金已于8月26日成立。其中包括融通中证 诚通央企ESGETF联接、南方中证全指家用电器指数、富国中证500ETF联接等多只指数基金。 ...