◎记者 何漪 8月19日，恒生指数震荡下行，资金在港股部分行业间博弈，相关主题ETF交投活跃。截至收盘，永赢 中证港股通医疗主题ETF下跌2.72%，换手率高达125.28%，成交金额达4.03亿元，远高于该ETF产品3.2 亿元的规模。 记者注意到，8月15日和18日，易方达中证香港证券投资主题ETF的换手率也超过100%，并连续四个交 易日的成交金额超过200亿元。 在业内人士看来，港股医疗、证券相关主题ETF近期交易活跃，高换手率与放大的成交金额持续显现， 充分反映了当前港股市场中创新药板块与券商板块的行情走势，以及资金在细分板块中博弈与布 局。"ETF换手率大幅提升，通常意味着大量投资者倾向于短期操作。同时，投资者对相关板块的预期 发生变化，也可能导致ETF换手率翻倍。"该人士表示。 Wind数据显示，截至8月19日，中证港股通创新药指数近一个月上涨9.46%，中证香港证券投资主题指 数近一个月上涨14.02%。 在基金行业资深人士看来，ETF产品规模偏小，却面临较高的换手率，有可能会出现供需失衡的情况， 进而影响投资者的交易体验，需谨慎投资。 数据显示，近期，永赢中证港股通医疗主题ETF已连续五个交 ...

Core Viewpoint - Many newly established equity funds have quickly built positions in the market, capitalizing on the rebound and achieving impressive performance, with some funds seeing net asset value growth exceeding 20% since inception [1]. Group 1: Fund Performance - Since April, the A-share market has experienced a rebound, with the Shanghai Composite Index rising by 8.5% and the ChiNext Index increasing by over 11% from April 8 to June 19 [4]. - Among the newly established equity funds this year, 14 funds have reported a net asset value growth rate exceeding 10%, with 4 funds achieving over 20% growth [4]. - Notable performers include the Invesco Great Wall Medical Industry A fund, which has seen a growth rate of 23.79% since its establishment on January 24, and the Huatai-PineBridge Dividend Select A fund, which has increased by 10.42% since March 6 [4]. Group 2: Investment Strategies - Industry insiders suggest that the focus for the second half of the year will be on sectors such as AI, high-end manufacturing, cyclical growth, and dividend assets [2][6]. - Fund managers are generally cautiously optimistic about the market, believing that more opportunities will arise in the second half of the year [6]. - A large fund company's equity investment director indicated that the main allocation will be towards sectors with good growth prospects, including AI, high-end manufacturing, cyclical growth in pharmaceuticals and chemicals, and dividend assets in public utilities [6]. Group 3: Market Outlook - The market is currently experiencing fluctuations, but fund managers see potential for recovery and growth in the A-share market, which is considered to be undervalued compared to global markets [6]. - There are three main opportunities identified: correction in high-risk premium sectors, improvement in supply-demand dynamics in midstream industries, and a potential restructuring of valuation systems for high-dividend and high-repurchase companies [6]. Group 4: Fund Manager Strategies - As the second half approaches, fund managers are adopting varied strategies for building positions, with some focusing on a gradual accumulation approach while maintaining a conservative initial allocation [7]. - A newly launched equity fund manager mentioned that they plan to utilize the six-month investment period effectively, aiming to build a solid position before increasing exposure [7].

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]

根据券商中国记者统计，公募基金接下来有望给市场带来逾170亿元增量资金，具体来自四方面： 一是4月9日成立的8只权益基金，合计募集141.49亿元，其中有90%资金出自6只上证科创板综合 ETF联接基金。华夏上证科创板综合ETF联接基金募集规模达48.92亿元，获4.76万户有效认购，成 为年内募集规模最大的权益基金。 二是根据基金公司4月9日公告，从4月14日起将有4只ETF上市交易。 三是截至4月9日，全市场有6只已成立待入市的ETF。 四是基金自购，4月9日兴证全球基金公告，运用固有资金自购旗下权益类公募基金，自购金额合计将 不少于人民币6000万元。 4月9日，公募基金再次给市场带来增量资金。 ETF联接基金当"主力军" 根据同花顺iFinD统计，4月9日全市场一共有10只基金成立。10只基金中有8只为权益基金，合计募集规模为 141.48亿元，其中的6只上证科创板综合ETF联接基金合计募集规模132.41亿元，占比超过90%。 从单只产品来看，上证科创板综合ETF联接基金呈现出规模大、持有户数高等特点。其中，规模最大的是华夏 上证科创板综合ETF联接基金A，募集规模达48.92亿元，获4.76万户有 ...