作者：智投君 融券方面，当日融券卖出0.00万股，净卖出0.00万股。 本文源自：金融界 8月4日，沪深两融数据显示，港股红利ETF获融资买入额0.15亿元，居两市第1558位，当日融资偿还额 0.09亿元，净买入623.12万元。 最近三个交易日，31日-4日，港股红利ETF分别获融资买入0.09亿元、0.05亿元、0.15亿元。 ...

证券研究报告·金融工程·金工定期报告 金工定期报告 20250801 从微观出发的风格轮动月度跟踪 202508 2025 年 08 月 01 日 [Table_Tag] [Table_Summary] 报告要点 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 《从微观出发的风格轮动月度 跟踪 202507》 2025-07-01 ◼ 2025 年 7 月风格轮动模型收益率为 2.52%。 ◼ 2025 年 8 月最新风格择时方向为：低估值、大市值、反转、低波。 ◼ 2025 年 8 月风格择时最新持仓为： 表1：2025 年 8 月风格择时最新持仓 | 指数代码 | 指数名称 | ETF 代码 | ETF 名称 | | --- | --- | --- | --- | | 399378.SZ | ESG 300 | 159653.SZ | ESG300ETF | | 930839.CSI | 港股通高息精选 | 159691.S ...

Group 1 - The stock ETF market is experiencing a "profit-taking" phenomenon, with a net outflow of 21.69 billion yuan on July 3, 2023, as the Shanghai Composite Index reached a new closing high for the year [2][3] - A-shares ETFs saw a significant net outflow exceeding 4.1 billion yuan, while the Hong Kong stock market ETFs attracted substantial inflows [2][5] - The total scale of the stock ETFs in the market reached 3.41 trillion yuan, with a reduction of 0.31 billion units in total shares on July 3 [3] Group 2 - The inflow of funds into Hong Kong market ETFs and thematic industry ETFs was notable, with inflows of 19.46 billion yuan and 18.63 billion yuan, respectively, while broad-based ETFs experienced a net outflow of 57.39 billion yuan [5] - Specific ETFs tracking the Hong Kong Internet Index saw a net inflow of 9.11 billion yuan, while those tracking the CSI A500 Index faced a net outflow of 21.38 billion yuan [5] - Major fund companies like E Fund and Huaxia Fund reported continued inflows in their ETFs, with E Fund's total scale reaching 645.75 billion yuan and Huaxia Fund's Sci-Tech 50 ETF seeing a net inflow of 3.4 billion yuan [5][6] Group 3 - The Hong Kong stock market has shown strong performance, with the Hang Seng Index up nearly 20% year-to-date, leading among global mainstream indices [7] - The top four ETFs by net inflow on July 3 were all Hong Kong ETFs, with the top performer being the Fuguo Hong Kong Internet ETF, which saw inflows exceeding 500 million yuan [7] - Investment opportunities in the Hong Kong market for the second half of 2025 are expected to focus on technology, innovative pharmaceuticals, and high-dividend assets, driven by factors such as AI commercialization and policy support for innovation [8] Group 4 - A-shares ETFs, particularly the CSI 300 ETF, CSI A500 ETF, and ChiNext ETF, experienced significant net outflows, indicating a shift in investor sentiment [9]

Group 1: Core Insights - Morgan Asset Management's global chairman emphasizes the impressive scale, maturity, global connectivity, and strategic ambition of China's financial markets [1][3] - The company supports initiatives by the China Securities Regulatory Commission (CSRC) aimed at improving the quality of listed companies, including enhancing governance standards and combating false disclosures [1][5] - The asset management sector is expected to play a foundational role in China's economic transformation [3][4] Group 2: Industry Trends - Three major trends reshaping the global asset management industry include the rise of ETFs, retirement investments, and the increasing focus on ESG and sustainable investing [2][10][12] - The global mutual fund market is projected to reach approximately $65 trillion by 2024, with China's asset management market expected to exceed 30 trillion RMB (around $4 trillion) by the end of 2024 [4][12] Group 3: Morgan Asset Management's Principles - The company manages approximately $3.7 trillion in client assets globally, with around 200 billion RMB in fund assets in China [6] - A strong fiduciary culture is emphasized, where client interests are prioritized above those of the company and its shareholders [7] - Long-term investment performance is considered the cornerstone of asset management, focusing on fundamental research and team collaboration [8] Group 4: Product Development and Market Opportunities - The rise of ETFs is fundamentally changing how investors engage with financial markets, with global ETF assets expected to reach $25-30 trillion by 2030 [10][11] - Retirement investment opportunities are growing, with global defined contribution assets projected to reach $13 trillion by 2027 [12] - Sustainable investing is central to long-term value creation, with the company managing $56 billion in sustainable investment assets as of March 2025 [13]