Group 1 - The final share confirmation ratio for Huaxia Brazil ETF is 11.54% [1] - The final share confirmation ratio for E Fund Brazil ETF is 11.82% [2] - The timing for selling these ETFs is crucial, with reference to the performance of the Saudi ETF on its listing day [2][3] Group 2 - Both Huaxia and E Fund Brazil ETFs track the Brazil IBOVESPA Index, which covers major listed companies in Brazil [10] - The IBOVESPA Index accounts for approximately 80% of the trading volume in the Brazilian stock market [12] - The index is a total return index, meaning dividends are included in its performance [14] Group 3 - The annualized return of the IBOVESPA Index is approximately 8.9%, which is lower than the annualized returns of the S&P 500 and CSI 800 when dividends are considered [17] - The Brazilian real has depreciated significantly against the US dollar, impacting investment returns [19] - From January 2016 to May 2021, the IBOVESPA Index increased by 191.16%, but currency depreciation reduced the effective returns [20] Group 4 - The largest company by market capitalization in the IBOVESPA Index is Vale S.A., a global leader in iron ore production [27][29] - The index is diversified across various sectors, including materials, utilities, finance, and energy, with no single sector dominating [31][32] Group 5 - The Brazilian stock market is currently experiencing high volatility, with significant trading activity around the 4000-point mark [34] - There is a noticeable lack of clear market leadership among sectors, leading to a cautious investment sentiment [37] - Recent trends show that while some sectors have performed well, investor confidence remains fragile, with many choosing to sell during price increases [46]

Group 1 - The core viewpoint of the article highlights that Central Huijin Investment has increased its holdings in ETFs related to liquor and chemicals during the first half of the year [1] - In the second quarter, Central Huijin significantly purchased approximately 150 billion yuan worth of four Hu-Shen 300 ETFs and the Huaxia SSE 50 ETF, positioning itself as a stabilizing force in the market [1]

Core Viewpoint - The article emphasizes that the growth of the ETF market in China is not just about its low cost and low risk, but rather highlights the limitations of ordinary retail investors who often have a narrow understanding and lack strong investment capabilities [2][10]. Group 1: Understanding ETFs - The article suggests that ETFs serve as a diversified investment tool for ordinary investors, allowing them to acknowledge their limitations and avoid the pitfalls of trying to pick individual stocks [10][12]. - It argues that many retail investors tend to apply inappropriate frameworks to evaluate different sectors, leading to poor investment decisions [9][10]. Group 2: Investment Behavior - The article illustrates how retail investors often rely on singular investment philosophies, such as brand strength or technical analysis, which may not be applicable across different industries [8][9]. - It points out that ordinary investors are often busy and lack the time for systematic learning, which contributes to their limited investment knowledge [9][13]. Group 3: Embracing a New Approach - The article encourages investors to be honest about their weaknesses and to abandon the mindset of needing to excel in stock picking, suggesting that embracing ETFs is a more pragmatic approach [10][14]. - It highlights that by investing in sector-specific ETFs, investors can benefit from industry growth without needing to identify the best individual stocks [12][14].

Core Insights - The report emphasizes the strategic allocation of ETFs in various sectors, recommending a focus on liquor, real estate, and white goods for the upcoming week [2] - The model portfolio for the week of July 28, 2025, includes continued holdings in real estate ETFs and the addition of oil and gas ETFs, indicating a shift in market focus [2][5] - The report highlights a cumulative return of approximately 1.40% for the strategy from July 21 to July 25, 2025, with an excess return of -0.32% compared to the CSI 300 ETF [2][5] ETF Strategy Summary - The report outlines specific ETFs and their respective values, with the liquor ETF valued at 32.58 billion, real estate ETF at 6.83 billion, and tourism ETF at 30.84 billion, among others [2] - The report provides a detailed performance tracking of various ETFs, indicating that the average return for the ETFs was 1.40% during the specified period [5] - The report includes a table of ETFs with their current holdings and performance metrics, showing that the real estate ETF has a holding signal of 100% and the liquor ETF has a holding signal of 55.71% [2][5]