Group 1: Report Industry Investment Ratings - No information provided in the content Group 2: Core Views of the Report - The growth style's strong performance has weakened recently, while the value style may show stable performance, especially the dividend style which has better stability in the fourth quarter [18][21] - Value and high - dividend strategies are effective, and their combination can diversify return sources and enhance portfolio stability [8] - In a low - interest - rate environment, high - dividend products have greater allocation value, and both A - share and Hong Kong - stock high - dividend index products can serve as bond substitutes [30][34][37] - Value and high - dividend strategies have the advantage of being "offensive and defensive", with lower volatility and stronger stability [42] - Different value - based indices have their own characteristics. The CSI Dividend Low Volatility Index has high - dividend and low - volatility attributes; the CSI Hong Kong Stock Connect Central Enterprise Dividend Index is prominent in high - dividend attributes; the Guosen Free Cash Flow Index focuses on free cash flow and has growth potential [9] Group 3: Summary According to the Directory 1. Growth Style Slowdown and Value Style Potential - The growth style was strong at the beginning of 2025 but weakened from September to October 2025. The dividend style has stronger trend persistence and stability [18][21] - Historically, the growth style has higher return elasticity in the first three quarters but greater volatility in the fourth quarter. The dividend style has better stability throughout the year, especially in the fourth - quarter drawdown control [27][28] 2. Effectiveness of Value and High - Dividend Strategies - From the investor perspective, the value strategy focuses on undervalued assets, and the high - dividend strategy emphasizes dividend income. From the corporate fundamentals, value - investing targets companies with competitive advantages, and high - dividend companies have strong profitability. In the valuation system, the value strategy uses P/E and P/B, and the high - dividend strategy uses the dividend rate [8] 3. Value of High - Dividend Products in a Low - Interest - Rate Environment - Since 2006, China's 10 - year Treasury yield has mostly fluctuated between 2.8% - 4.6% and has been in a downward trend since 2017. In 2024, it entered the 1.0% era, making high - dividend assets more valuable [30] - High - dividend strategies perform well in a low - interest - rate environment. The Hong Kong - stock and A - share high - dividend index products can be used as bond substitutes when their dividend rates are significantly higher than Treasury yields [34][37] 4. "Offensive and Defensive" Advantage of Value and High - Dividend Strategies - Value and high - dividend strategy products have low volatility and stability. Their defensive ability comes from corporate fundamentals, investor structure, and valuation [42] - Comparing the net - value trends of common dividend indices and broad - based indices in Hong Kong and A - shares, the dividend indices have stronger long - term stability [42] 5. Importance of Value - Based Indices - Value - based indices mainly include dividend and free - cash - flow types. Hong Kong - stock and A - share dividends have different characteristics and industry distributions [51] - The CSI Dividend Low Volatility Index has low volatility and relatively stable returns. The CSI Hong Kong Stock Connect Central Enterprise Dividend Index has high volatility and greater return elasticity [56][57] 6. Specific Value - Based Indices CSI Dividend Low Volatility Index - It selects 50 securities with high dividends and low volatility, mainly concentrated in the banking, transportation, and construction industries [59][62] - It combines dividend and low - volatility strategies, with a stable dividend rate from 2018 - 2024, and has low volatility and stable returns [66][72][75] CSI Hong Kong Stock Connect Central Enterprise Dividend Index - It selects high - dividend central - enterprise stocks in the Hong Kong Stock Connect, mainly concentrated in the financial, industrial, and energy industries [76][79] - It is prominent in high - dividend attributes, with a long - term dividend rate above 5% from 2017 - 2024, and has low valuation and high - dividend characteristics [84][91] Guosen Free Cash Flow Index - It selects 100 securities with high free - cash - flow rates, with a relatively dispersed industry distribution [93][95][97] - It focuses on free cash flow, has growth potential in revenue and net profit, and also has high - dividend and profitability attributes [103][106][111] 7. Yongying Fund's Value - Based Index - Related ETFs - Yongying Fund has three value - based index - related ETFs: Yongying CSI Dividend Low Volatility ETF, Yongying CSI Hong Kong Stock Connect Central Enterprise Dividend ETF, and Yongying Guosen Free Cash Flow ETF, all using an index - based investment strategy [10][117]

Group 1 - A total of 9 ETFs have announced their listing plans this week, with a focus on launching in early August [1][3] - Six ETFs are set to launch on August 1, including the Southern CSI Robot ETF and Yongying CSI Hong Kong Stock Connect Central Enterprise Dividend ETF, while others will follow on August 4 and August 5 [3] - The equity investment ratio in these newly launched ETFs is generally low, with the Huaxia ChiNext Software ETF at 19.92% and the E Fund National General Aviation Industry ETF at 10.01% as of late July [3] Group 2 - Individual investors are becoming a significant force in the newly issued ETFs, with personal investors holding 93.57% of the E Fund National General Aviation Industry ETF and 98.53% of the GF SSE Sci-Tech Innovation Board 100 ETF [4] - The trend indicates a high level of activity and consensus among individual investors, approaching levels seen in the fourth quarter of the previous year [4]

Group 1 - A total of 8 new ETFs are set to be listed, with significant listings scheduled for August 1 and August 4 [1] - The newly listed ETFs include sectors such as robotics, aerospace, and innovative pharmaceuticals, indicating a focus on high-growth industries [1] - The overall equity investment ratios of these ETFs are relatively low, with some ETFs like the Huaxia Growth Enterprise Software ETF having only 19.92% and the E Fund General Aviation Industry ETF at 10.01% [1] Group 2 - The ETFs are required to complete their portfolio construction before listing, which will inject new capital into the market as the listing dates approach [1] - Several ETFs, including the GF Shanghai Stock Exchange Science and Technology Innovation Board 100 ETF and the Guotai Junan Shanghai Stock Exchange Innovation Drug ETF, have disclosed equity investment ratios below 30% [1]

Group 1 - The core viewpoint of the article highlights the rapid expansion of the ETF market, with a notable increase in participation from individual investors, indicating a shift in investment behavior towards passive investment strategies [1][4]. - A total of 9 new ETFs have announced their listing, with several set to launch in early August, including various sector-specific and broad-based indices [1][2]. - The latest data shows that individual investors dominate the holdings of newly issued ETFs, with significant percentages of their total assets held by personal investors, reflecting a growing trend in retail participation [2][3]. Group 2 - As of July 28, individual investors held 93.57% of the shares in the E Fund National Aviation Industry ETF, with high net worth individuals making substantial investments [2][3]. - The trend of individual investors actively participating in the ETF market is supported by recent reports indicating that their activity levels are nearing highs not seen since the fourth quarter of the previous year [3]. - The growth of the ETF market is characterized by a shift in investment philosophy from timing the market to asset allocation, with younger investors favoring low-cost and transparent investment vehicles [4].

Group 1 - The article highlights the active issuance of new funds in the market, with 39 new funds launched between July 7 and July 11, including 31 on July 7 alone [2][4] - Equity funds remain the dominant category, with 17 new equity funds launched on July 7, including 6 active equity funds and 11 ETFs and linked funds [4][6] - The issuance of bond funds is also notable, particularly with 10 new sci-tech bond ETFs, 7 of which sold out in just one day, indicating strong demand [3][8] Group 2 - The article emphasizes the growing interest in growth-style products, particularly in sectors like AI, semiconductors, and innovative pharmaceuticals, leading to an increase in the issuance of related funds [3][4] - The total management scale of public REITs has surpassed 200 billion, with 68 listed products as of June 30, making it the largest market in Asia [9][10] - Two new REITs were launched, with significant oversubscription during the offline subscription phase, indicating strong investor interest [10]