A股规模最大银行ETF又有新动向！7月7日，华宝基金宣布旗下华宝中证银行ETF完成了1∶2基金份额拆分，这也是继半 个月前华宝国防军工ETF完成份额拆分后的又一只产品。若拉长时间至年初以来，多家公募对旗下ETF进行了基金份额 拆分，相关数量已超2024年全年。有业内人士指出，基金份额拆分，就是按照一定比例降低基金单价（单位净值），增 加数量（基金份额），但基金总资产不变。一般而言，能进行份额拆分的基金通常都是过往业绩表现较好的产品。份额 拆分有助于降低ETF投资门槛，交投活跃度也有望提升。 又一只ETF完成份额拆分 7月7日，华宝基金宣布旗下华宝中证银行ETF完成1∶2基金份额拆分，即每1份基金份额拆为2份。公告显示，拆分前， 该基金份额总额为69.55亿份，份额净值为1.7779元；拆分后，该基金份额总额为139.11亿份，份额净值为0.8889元。 同时，华宝基金宣布，自7月7日起，基金最小申购、赎回单位由30万份调整为60万份。投资者申购、赎回的基金份额需 为最小申购、赎回单位的整数倍。 对于上述举措，华宝基金在公告中表示，基金份额拆分对基金份额持有人的权益无实质性影响。因基金份额拆分导致基 金份额净值 ...

Core Viewpoint - The ETF performance in the first half of 2025 shows a stark contrast, with the Hong Kong innovative drug ETFs surging over 58%, while the photovoltaic industry ETFs faced a decline of over 11% [2][3]. Group 1: Performance of Innovative Drug ETFs - The top-performing ETFs are dominated by the pharmaceutical sector, particularly focusing on Hong Kong innovative drugs and biotechnology, indicating strong investor interest in the innovative drug field [3]. - The leading ETF, Huatai-PB Hong Kong Innovative Drug ETF, achieved a remarkable increase of 58.77%, with a scale of 7.802 billion [4]. - Other notable ETFs include Yinhua and Wanji's Hong Kong Innovative Drug ETFs, both exceeding 57% growth, showcasing significant capital involvement in the sector [4][5]. Group 2: Performance of Photovoltaic and Traditional Energy ETFs - In stark contrast, the coal and photovoltaic industry ETFs experienced significant declines, with the top loser, Guotai Zhongzheng Coal ETF, dropping by 12.28% [6][7]. - The photovoltaic ETFs collectively faced severe downturns, with all listed ETFs in this category recording declines exceeding 11%, reflecting the industry's adjustment pressures [7][8]. Group 3: Underlying Market Dynamics - The extreme market divergence reflects a sensitive response to changes in industry trends, driven by supportive policies for innovative drugs and the challenges faced by traditional energy and photovoltaic sectors [9]. - Recent policies from various government departments have provided robust support for the innovative drug industry, enhancing its development prospects [9][10]. - Conversely, the photovoltaic sector is grappling with overcapacity and financial losses, with expectations for a prolonged adjustment period before recovery [10]. Group 4: Future Outlook - The innovative drug market in China is projected to have significant growth potential, driven by low per capita medical spending and an aging population [11]. - The Hong Kong innovative drug sector is expected to continue its rapid development, supported by policy initiatives and advancements in research and commercialization [11][12]. - Long-term perspectives suggest that innovative drugs represent a "long slope, thick snow" sector, emphasizing the importance of distinguishing between thematic speculation and value growth [12].

专题：2025基金年中大盘点：最高涨超88% 超120只基金清盘 2025年上半年，A股市场呈现出鲜明的结构性行情，股票型基金业绩榜单成为这一趋势的生动注脚。 Wind数据显示，截至二季度末，在涨幅前十的股票型基金中，医药生物主题基金占据多数席位。 | | | 2025上半年股票型基金涨幅TOP10 | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 证券简称 | 规模(亿) | 区间回报(%) | 基金经理 | | 1 | 022690.OF | 华安医药生物A | 0.27 | 66.44 | 桑翔宇 | | 2 | 006603.OF | 嘉实互融精选A | 10.80 | 60.26 | 郝森 | | 3 | 020458.OF | 平安医药精选A | 2.16 | 58.80 | 周恩聪 | | 4 | 159570.OF | 汇漆富国证港股通创新药ETF | 19.89 | 58.77 | 乐无等 | | 5 | 159567.OF | 银华国证港股通创新药ETF | 7.02 | 58.01 | 马君 | | 6 | 52070 ...

6月30日，A股三大指数红盘震荡，科创板多股表现活跃。 相关ETF中，科创板人工智能ETF（588930）早盘震荡走高，截至发稿涨1.15%，成交额超1000万元。 成分股中，福昕软件开发、复旦微电、安路科技涨超3%，合合信息、威胜信息、北京航天宏图等多股 跟涨。 资金流向方面，该ETF已连续两日获资金净流入，累计"吸金"超2000万元。 科创板人工智能ETF（588930）紧密跟踪上证科创板人工智能指数（950180.CSI）。该指数从科创板市 场中选取30只市值较大且业务涉及为人工智能提供基础资源、技术以及应用支持的上市公司证券作为指 数样本，以反映科创板市场代表性人工智能产业上市公司证券的整体表现。 国联民生证券表示，2025年全球供需发生较大变化，需求端关注AI硬件落地、内需拉动下带来的换机 需求，供给端关注半导体产业链的国产替代，我们建议关注四条投资主线：AI终端、内需复苏、算力 基建、自主可控。(1)AI终端：建议关注AI手机、AI眼镜；(2)内需复苏：建议关注半导体周期复苏及创 新产业链；(3)算力基建：建议关注GPU、PCB、服务器等产业链；(4)自主可控：建议关注设备材料、 先进封装产业链。 ...

相关产品：科创板人工智能ETF（588930）。 消息面上，6月26日，我国自主研发的新一代国产通用处理器——龙芯3C6000在北京发布。最新发 布的龙芯3C6000采用我国自主设计的指令系统龙架构，无需依赖任何国外授权技术，是我国自主研 发、自主可控的新一代通用处理器，可满足通算、智算、存储、工控、工作站等多场景的计算需求。它 没有任何境外技术授权，也不依赖任何境外的供应链，从指令系统到各种IP核都是自己研发出来的。 6月26日，A股市场小幅回调，人工智能题材盘初走弱。科创板人工智能指数成份股涨跌互现。科 创板人工智能ETF（588930）过去5个交易日获得超1700万元资金净流入。 科创板人工智能ETF（588930）跟踪的科创板人工智能指数布局30只科创板人工智能龙头，覆盖AI 产业链上游算力、中游大模型云计算、下游机器人等各类创新应用，聚焦电子、计算机、机械设备、家 电、通信五大行业，前五大成份股合计权重47%，或具有较高的AI主题纯度和更高的弹性。 中信建投证券表示，华为云推出的超节点CloudMatrix 384，最大支持16万卡集群，成为业界规模最 大的AI算力平台之一，能够支撑1300个千亿级 ...

Core Insights - The new fund issuance market has seen significant activity, with over 100 billion yuan in new fund issuance since June, marking a monthly record for the year [1] - Bond funds have been particularly successful, with several reaching issuance scales of 6 billion yuan [1] - Equity funds are also experiencing a resurgence, with 89 new equity funds launched in June, totaling 41.847 billion yuan [2] Fund Issuance Overview - In June, 132 new funds were established, with a total issuance of 103.873 billion yuan, the highest monthly figure this year [1] - The bond fund segment saw 30 new funds launched, accumulating 51.344 billion yuan, including several standout funds each reaching 6 billion yuan [1] - The issuance of interbank certificate funds has also been robust, with notable funds reaching 5 billion yuan and 3.91 billion yuan respectively [1] Equity Fund Trends - The equity fund segment has seen a total of 89 new funds in June, with a combined issuance of 41.847 billion yuan [2] - The new floating management fee model has gained attention, with 19 funds launched, raising 18.812 billion yuan and attracting 218,000 effective subscriptions [2] - Notable funds in this category include the Dongfanghong Core Value Mixed Fund at 1.991 billion yuan and the Yifangda Growth Progress Mixed Fund at 1.704 billion yuan [2] Technology-Focused Funds - There is a growing focus on technology-themed funds, with 49 new funds currently in issuance, over 70% of which are equity funds [3] - Key offerings include actively managed equity funds and various technology index funds targeting sectors like AI and digital economy [3] Market Sentiment and Future Outlook - The recent surge in equity fund issuance reflects a relatively optimistic outlook from fund companies regarding market conditions [4] - Factors contributing to this sentiment include breakthroughs in AI and innovative pharmaceuticals, which have bolstered investor confidence [4] - The market is expected to remain volatile, with a focus on "technology + dividend" strategies and sectors showing performance improvement [4] Economic Context - The domestic economic fundamentals are showing resilience, although there are uncertainties regarding the sustainability of high consumer growth [5] - The anticipated easing of interest rate differentials may benefit RMB assets, with a focus on technology growth, supply-demand improvements, and dividend asset values [5]

Group 1 - The core viewpoint is that intelligent agent technology is transforming artificial intelligence from merely "talking" to "working," reshaping global industrial logic and human-technology collaboration [1] - The AI sector is showing significant investment value in the current market environment, driven by strong demand for AI infrastructure, particularly in ASIC, storage modules, and edge innovation [2] - The AI ETF (588930) tracks 30 leading AI companies in the STAR Market, covering the entire AI industry chain, with a focus on five major sectors: electronics, computers, machinery, home appliances, and communications [1] Group 2 - The recent investment plan of $60 billion by TI reflects global confidence in the long-term demand for AI computing power [2] - Major tech giants like Google, AWS, Meta, Microsoft, and OpenAI are accelerating the development of customized ASICs, indicating a robust market for AI infrastructure [2] - The continuous iteration of large models is enhancing the user experience of edge AI devices, exemplified by Meta's latest AI glasses, which is also benefiting the domestic SoC supply chain [2]

Group 1 - Three stock ETFs have released listing announcements, with the highest stock allocation being 75.41% for the Penghua CSI All Share Free Cash Flow ETF [1] - The average stock allocation for 21 stock ETFs announced since June is only 19.75%, indicating a trend of lower allocations among newly listed ETFs [1] - The ETFs with the highest allocations include the Penghua CSI All Share Free Cash Flow ETF at 75.41%, followed by the Fortune Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF and the Great Wall CSI Dividend Low Volatility 100 ETF, both at 40.89% [1] Group 2 - The average number of shares raised for newly announced ETFs since June is 3.38 million, with the largest being the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 5.90 million shares [2] - Institutional investors hold an average of 19.01% of the shares in these ETFs, with the highest being 88.23% for the Fortune Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF [2] - The listing dates for the ETFs range from June 16 to July 1, 2025, with varying fundraising scales and stock allocations [2][3]

相关产品：科创板人工智能ETF（588930） 消息面上，第22届中国—东盟商务与投资峰会定于9月17日至18日在南宁举办，主题为"数智赋能发 展，创新引领未来——以中国—东盟自贸区3.0版新机遇助建命运共同体"。峰会框架下的中国—东盟商 界领袖论坛拟发布《中国—东盟工商界关于加强人工智能产业合作联合声明》等成果。 6月25日，A股市场窄幅震荡，人工智能题材温和上涨。科创板人工智能指数成份股中，寒武纪-U 涨超6%，凌云光、虹软科技、优刻得-W涨超4%，星环科技-U、奥比中光-UW、乐鑫科技、天准科技涨 超3%。科创板人工智能ETF（588930）连续2个交易日获得资金净流入，市场热度较高。 科创板人工智能ETF（588930）跟踪的科创板人工智能指数布局30只科创板人工智能龙头，覆盖AI 产业链上游算力芯片、中游大模型云计算、下游机器人等各类创新应用，聚焦电子、计算机、机械设 备、家电、通信五大行业，前五大成份股合计权重47%，或具有较高的AI主题纯度和更高的弹性。 中信建投证券表示，AI板块近年来展现出强劲的发展势头和广阔的应用前景，尤其在产业智能化 转型的背景下，其投资价值愈发凸显。华为云在2025年开 ...

今日（6月25日）科技自主可控方向继续活跃，重点布局国产AI产业链的科创人工智能ETF华宝 （589520）场内价格一度涨逾1.4%，现涨0.47%，冲击日线2连阳。 成份股方面，石头科技涨超4%，乐鑫科技涨逾2%，道通科技、凌云光、复旦微电携手涨逾1%。 消息面上，央行等六部门联合印发《关于金融支持提振和扩大消费的指导意见》，引导金融机构从消费 供给和需求两端强化金融服务，满足各类主体多样化融资需求，推动扩大高质量消费供给，助力释放消 费增长潜能。 此外，5月集成电路产量及出口量攀升，半导体中报业绩有望延续较高增长。Q2通讯器材零售同比持续 较高增，消费电子盈利或边际改善。 湘财证券指出，2025 年以来，消费电子延续复苏态势，人工智能技术的进步推动AI 基建需求维持高景 气，同时，AI 技术在终端上的落地推动端侧硬件升级。鸿蒙智能体框架（HMAF）的出现，不仅让鸿 蒙具备了智能体的原生支持能力，让多智能体能并存、协同、持续进化，也将端侧的AI 能力更进一步 内化为操作系统的能力，标志着端侧AI 能力的再升级。智能体在鸿蒙6.0上的深度融合，有望推动端侧 AI 应用的落地，推动端侧AI 应用体验的提升，进而 ...