Group 1 - The core viewpoint of the news highlights the ongoing premium risk and trading suspension of the Invesco Great Wall S&P Consumer Select ETF, with over 150 similar risk alerts issued since November 2024 [1] - The S&P Consumer Select ETF has experienced significant price volatility, with a peak premium rate of 51.8% in January 2025, which has since decreased to 21.3% as of July 14, 2025, still above the average level for cross-border ETFs [3][5] - The fund's management scale reached 60.49 billion yuan as of July 14, 2025, reflecting an increase of over 6 billion yuan since the end of Q1 2025, although its ranking has dropped to 18th [1] Group 2 - The Invesco Great Wall Chip Industry ETF has faced scrutiny due to design flaws in its arbitrage mechanism, leading to significant investor losses during the period from October 2024 to February 2025 [8] - The minimum subscription and redemption unit for the Chip Industry ETF was raised from 500,000 to 1.5 million units to reduce cash substitution frequency and optimize parameters [9] - The average daily trading volume of the Chip Industry ETF over the past six months was 8.03 million yuan, with a return of 4.18%, ranking 2604 out of 2831 in its category [12] Group 3 - The Shanghai Stock Exchange revised ETF risk management regulations, effective August 1, 2025, which include stricter parameters for subscription and redemption and enhanced monitoring of abnormal trading [6] - The S&P Consumer Select ETF's return over the past three months was 8.94%, ranking 333 out of 404 in its category, indicating a need for improved performance management [5] - In response to the trust crisis in traditional ETF business, the company is seeking breakthroughs through product innovation, including the approval of its first Sci-Tech Bond ETF [12]

Report Industry Investment Rating - No industry investment rating information provided Core Viewpoints - On May 19, 2025, the Shanghai Composite Index remained unchanged at 3367.58 points, the Shenzhen Component Index fell 0.08% to 10171.09 points, and the ChiNext Index dropped 0.33% to 2032.76 points. The total trading volume of A-shares in the two markets was 1119 billion yuan. The top-performing sectors were comprehensive (1.99%), environmental protection (1.87%), and real estate (1.75%), while the worst-performing sectors were food and beverage (-0.90%), automotive (-0.33%), and banking (-0.32%) [2][6] Summary by Relevant Catalogs Market Overview - The Shanghai Composite Index closed flat at 3367.58 points, the Shenzhen Component Index declined 0.08% to 10171.09 points, and the ChiNext Index decreased 0.33% to 2032.76 points. The trading volume of A-shares in the two markets reached 1119 billion yuan. The top gainers were comprehensive, environmental protection, and real estate sectors, while the top losers were food and beverage, automotive, and banking sectors [2][6] Stock ETF - The top-traded stock ETFs were Huaxia CSI A500 ETF (unchanged with a discount rate of -0.05%), Huaxia SSE Science and Technology Innovation Board 50 ETF (up 0.10% with a discount rate of 0.03%), and Harvest CSI A500 ETF (down 0.21% with a discount rate of -0.21%) [3][7] Bond ETF - The leading bond ETFs in terms of trading volume were Fullgoal China Bond 7 - 10 Year Policy Financial Bond ETF (up 0.09% with a discount rate of 0.03%), Haitong CSI Short - Term Financing Bond ETF (up 0.01% with a discount rate of 0.01%), and Dacheng Shenzhen Benchmark Market - Making Credit Bond ETF (down 0.00% with a discount rate of 0.01%) [4][9] Gold ETF - Gold AU9999 rose 1.09% and Shanghai Gold increased 0.54%. The most actively traded gold ETFs were Huaan Gold ETF (up 0.63% with a discount rate of 0.85%), E Fund Gold ETF (up 0.63% with a discount rate of 0.85%), and Bosera Gold ETF (up 0.68% with a discount rate of 0.89%) [12] Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF fell 0.37% with a discount rate of 0.84%, Dacheng Non - Ferrous Metals Futures ETF declined 0.30% with a discount rate of -0.46%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF dropped 0.15% with a discount rate of -0.97% [13] Cross - Border ETF - The previous trading day saw the Dow Jones Industrial Average rise 0.78%, the Nasdaq Composite increase 0.52%, and the S&P 500 climb 0.70%. Germany's DAX rose 0.30%. On the day, the Hang Seng Index fell 0.05% and the Hang Seng China Enterprises Index dropped 0.09%. The top - traded cross - border ETFs were Huaxia Hang Seng Tech ETF (down 0.28% with a discount rate of -0.63%), Huatai - Peregrine Southern Dongying Hang Seng Tech ETF (down 0.42% with a discount rate of -0.33%), and Invesco Great Wall S&P Consumer Select ETF (up 0.88% with a discount rate of 27.86%) [15] Currency ETF - The most actively traded currency ETFs were Yin Hua Day - Profit ETF, Hua Bao Add - Benefit ETF, and Currency ETF Jianxin Add - Benefit [17]

Group 1 - Multiple cross-border ETFs have issued premium risk announcements, indicating a growing concern over market pricing discrepancies [1] - The Huatai-PineBridge Southern Eastern Saudi Arabia ETF has specifically warned investors about the risks associated with premium pricing in the secondary market [1] - Other ETFs, including the Huaan Deguo ETF, Guotai S&P 500 ETF, and Invesco Great Wall S&P Consumer Select ETF, have also released similar premium risk announcements, with the Huaan Deguo ETF issuing seven such notices this month alone [1]