Market Overview - The market experienced a consolidation phase this week (July 28 - August 1, 2025), with fundamental factors continuing to exert pressure, yet providing space for a stronger rebound in the future [1] - A significant increase in trading volume was noted, with total transactions exceeding 9 trillion yuan and an average daily turnover of over 1.8 trillion yuan [1] - Major A-share indices showed an overall decline, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index falling by 0.93%, 1.58%, and 0.74% respectively [1] ETF Performance - Growth sectors performed well, particularly in communications, pharmaceuticals, and electronics, driven by favorable export conditions and positive Q2 earnings reports [1][2] - The average decline for all market ETFs was -1.17%, while bond ETFs showed resilience, increasing by 0.13% [1] - Top-performing ETFs included Communication ETF (515880) with a rise of 5.64%, and Innovation Drug ETF (517120) with a 4.56% increase, benefiting from the World Artificial Intelligence Conference and favorable pharmaceutical export news [2] Sector Analysis - The construction-related ETFs experienced a pullback after previous strong performance, with sectors like coal, non-ferrous metals, and construction decoration showing signs of volatility [4] - Analysts noted that the current low price-to-book ratios in sectors such as transportation, construction decoration, and coal indicate potential for valuation recovery, supported by significant infrastructure investment planned for the second half of the year [6] Fund Flow Trends - After three consecutive weeks of net inflows, the ETF market saw a cooling period with a net outflow of 2.932 billion yuan, although market activity remained high [7] - Cross-border ETFs stood out with an inflow of 23.24 billion yuan, while bond and commodity ETFs also attracted varying degrees of inflow [7][9] Upcoming ETF Listings - Four new ETFs are set to launch next week, including the Huatai-PineBridge CSI Hong Kong-Shanghai-Shenzhen Cloud Computing Industry ETF, which aims to track cloud computing service companies [12] - The new ETFs reflect the growing importance of cloud computing in the AI era, as highlighted in the recent Cloud Computing Blue Book [12]

Core Viewpoint - The first half of 2025 marks a significant milestone for China's ETF market, with total ETF assets surpassing 4 trillion yuan, reflecting a 15.57% increase from the beginning of the year, driven by strong recognition of ETFs as efficient and transparent investment tools [2][10]. Market Overview - As of June 2025, the total number of ETFs in the market reached 1,209, with a combined scale exceeding 4.3 trillion yuan, where stock ETFs accounted for over 70% of the total [12]. - The market structure has diversified, with 20 ETFs experiencing growth of over 10 billion yuan, particularly in the bond ETF category, which saw a remarkable annual growth rate of over 120% [5][12]. - The emergence of benchmark credit bond ETFs has been a highlight, with several funds surpassing 20 billion yuan in scale, significantly boosting the bond ETF segment [6]. Fund Company Dynamics - The competitive landscape among fund companies is solidifying, with the top three ETF managers holding over 44% market share, while more than half of the public fund companies have ETF assets below 10 billion yuan [9][15]. - E Fund has shown exceptional growth, with its ETF scale increasing by over 4 billion yuan since the beginning of 2024, leading the market in net inflows [3][17]. Investment Trends - The first half of 2025 saw a notable trend in investment towards innovative drug ETFs, driven by multinational pharmaceutical companies accelerating the procurement of Chinese innovative drug patents, with some ETFs achieving returns exceeding 40% [7][21]. - The bond ETF category has gained significant traction, reflecting investor preference for safer assets in the current economic environment, with its scale growth outpacing that of stock ETFs [26]. Industry Innovations - The ETF industry has seen advancements in standardization and classification, with E Fund leading initiatives to simplify ETF naming conventions and product categorization, enhancing investor accessibility and decision-making [8][29][30]. - The introduction of the first batch of Sci-Tech bond ETFs marks a significant step in the evolution of bond investment tools, aimed at attracting long-term capital into key technology sectors [26]. Future Outlook - The second half of 2025 is expected to witness continued evolution in the ETF market, with ongoing institutional strategies and potential regulatory developments shaping the landscape [10].

一、ETF行业快讯 1.三大指数集体上涨，多只基建ETF上涨 今日，三大指数集体上涨，上证综指上涨0.62%，深证成指上涨0.84%，创业板指上涨0.61%。多只建筑 装饰板块ETF上涨，其中，基建ETF（516950.SH）上涨6.99%，基建ETF（159619.SZ）上涨6.44%，基 建50ETF（516970.SH）上涨5.56%。计算机板块多只ETF下跌，云50ETF（560660.SH）下跌1.41%，云 计算ETF华泰柏瑞（159738.SZ）下跌1.32%，大数据ETF（159739.SZ）下跌1.30%。 据中国证券报，今年二季度，中央汇金（中央汇金投资有限责任公司与其全资子公司中央汇金资产管理 有限责任公司）充分发挥类"平准基金"作用。据不完全统计，沪深300ETF、上证50ETF、中证 500ETF、中证1000ETF等10只龙头产品均被其大举增持，按照区间成交价格估算，二季度中央汇金增 持超2000亿元。 4月7日至4月8日，上述10只龙头宽基ETF合计净流入超1400亿元。中央汇金在4月8日明确表示，作为资 本市场上的"国家队"，发挥着类"平准基金"作用，未来会继续发挥好资本市场" ...

Core Insights - The first batch of 10 Sci-Tech Bond ETFs was fully subscribed on July 7 and will be listed on July 17, with institutional investors being the main subscribers, holding up to 99.61% of the shares [2][13]. Fund Details - The total issuance amounts for the ETFs range from 20.88 billion to 30 billion, with the highest subscription from the Sci-Tech Bond ETF by Fuguo, which had 6,011 effective subscription accounts [3][14]. - The institutional holding ratios for various ETFs are notably high, with the highest being 99.06% for the Sci-Tech Bond ETF by Factory Development [3][14]. Major Holders - Industrial Bank is the largest holder for multiple ETFs, including holding 8.9 billion shares (30.08%) in the Sci-Tech Bond ETF by Jiashi and 8.7 billion shares (30.83%) in the Sci-Tech Bond ETF by Yifangda [4][15]. - Other significant holders include Galaxy Securities and CITIC Trust, with holdings of 4 billion shares (13.52%) and 5 billion shares (16.85%) respectively in different ETFs [4][15]. Fund Share Adjustment - The ETFs underwent a share adjustment on July 10, where the total shares were reduced by a factor of 100, allowing for easier trading and clearer visibility of net asset values [9][19]. - For example, the total shares for the Sci-Tech Bond ETF by Huaxia were adjusted from 29.61 billion to 29.6082 million, with the net asset value changing from 1 yuan to 100 yuan [9][19]. Market Strategy - Several public funds are discussing market-making strategies to enhance liquidity for the Sci-Tech Bond ETFs post-listing, with upgrades to IT systems to support efficient trading and management [10][20]. - The ETFs are positioned as suitable for both individual and institutional investors, providing opportunities for stable returns and reducing operational costs for institutions [10][20]. Importance of Listing - The listing of Sci-Tech Bond ETFs is significant for multiple reasons, including supporting national strategies for technological innovation, filling gaps in the public fund market, and enhancing market vitality [11][21]. - The ETFs are expected to attract long-term capital, contributing to a more sustainable investment ecosystem [11][21].