Core Viewpoint - The Chinese public fund industry is aligning with national strategies to support technological innovation and sustainable development, with significant reforms and initiatives aimed at enhancing the capital market's role in financing these sectors [4][5][12]. Group 1: Public Fund Industry Developments - The China Securities Regulatory Commission has issued two key documents to guide the public fund industry, emphasizing the need for resources to focus on strategic areas such as technological innovation and green development [4]. - As of August 15, 2023, there are 316 public funds related to "technology innovation," with a total scale exceeding 450 billion yuan [5][7]. - The first batch of technology innovation bond ETFs raised 289.88 billion yuan on their first day, with total assets growing to 1,157.91 billion yuan by mid-August [6]. Group 2: Financing Innovations - The first two data center REITs attracted 6.9 billion yuan in funding and were fully subscribed on the first day, indicating strong market demand [8]. - Infrastructure REITs are becoming crucial financing tools for growth-oriented companies in the AI sector, allowing for significant capital influx to support expansion [8]. - Recent initiatives have successfully raised 31.83 billion yuan for industrial park REITs, enhancing financing channels for technology innovation [9]. Group 3: Research and Investment Capabilities - Public funds are enhancing their research capabilities to better support technology companies, with teams focusing on emerging sectors like AI and quantum computing [11]. - Companies are developing comprehensive industry databases to improve investment decision-making and identify trends in technology sectors [11]. - The emphasis on technology finance is seen as essential for fostering a virtuous cycle between technology, industry, and finance [12].

Fund Issuance - In May 2025, 82 companies participated in fund issuance, a month-on-month increase of 9.33% compared to April 2025[1] - A total of 172 funds were issued in May, with 124 being newly issued, reflecting a month-on-month decrease of 2.36%[8] - Index funds were the most popular type, with 66 index funds issued, accounting for 53.23% of the total issuance[11] Fund Raising - The total fundraising amount in May 2025 was 826.26 billion yuan, a month-on-month decrease of 12.61% and a year-on-year decrease of 24.99%[13] - The top three types of funds by fundraising amount were index funds (420.65 billion yuan, 50.91%), bond funds (307.22 billion yuan), and mixed funds (77.46 billion yuan)[13] - 115 funds completed fundraising in May, with an average subscription period of 12.39 days, a month-on-month decrease of 13.81%[17] New Fund Innovations - The first batch of 24 floating-rate funds was launched, all classified as mixed funds, with management fees linked to investor holding periods and fund performance[2] - The newly established STAR Market Index Enhanced Strategy ETF and enhanced funds aim to meet personalized investment needs and enhance competition among fund companies[2]

Core Viewpoint - The approval of the first four Science and Technology Innovation Board (STAR Market) Enhanced Index ETFs provides investors with significant opportunities to invest in "hard technology" and potentially achieve excess returns through quantitative strategies [1][4][10] Group 1: ETF Approval and Market Context - On April 30, the first four STAR Market Enhanced Index ETFs were approved, with fund companies E Fund, Harvest, YinHua, and YongYing leading the way [2][4] - The approval process took approximately two weeks from the submission date, indicating a swift regulatory response [4] - The STAR Market has seen rapid growth, with the number of listed companies increasing from 70 in 2019 to 581 in 2024, reflecting strong market confidence in technology innovation [4][6] Group 2: Investment Opportunities and Strategies - The STAR Market is positioned as a key platform for "hard technology," attracting high-quality strategic emerging industry companies [5][10] - The STAR Market Composite Index, which reflects the overall performance of the STAR Market, is designed to cover multiple key segments of the technology industry, including semiconductors, medical devices, software, and photovoltaics [6][8] - The introduction of Enhanced Index ETFs is expected to provide investors with tools to capitalize on the growth of "hard technology" while benefiting from liquidity and quantitative enhancement advantages [5][9] Group 3: Future Outlook and Market Sentiment - Industry experts express optimism about the investment value in the technology sector, particularly in AI and domestic substitution trends, suggesting that the rise of Chinese technology stocks is just beginning [9][10] - The STAR Market is anticipated to attract more incremental capital as policies continue to support sectors like semiconductors and biomedicine, enhancing the investment appeal of the STAR Composite Index [9][10] - The overall performance of the STAR Market has been strong this year, indicating growing market interest and confidence in technology innovation [9][10]

报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 25 只，合计发行规模为 204.76 亿元，较前一周有所增 加。此外，上周有 34 只基金首次进入发行阶段，本周将有 27 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 上周共上报 44 只基金， 较 上上周申报数量 有所下降 。申报的产品包括 1 只 QDII ， 4 只 FOF ，华夏凯德商业资产 REIT 、汇添富上证科创板人工智能 ETF 、汇添富恒生港股通中国科技 ETF 、华夏中证 500 自由现金流 ETF 、万家国证港股通科技 ETF 等。 上周 A 股市场主要宽基指数走势出现分化，上证综指、沪深 300 、科创 50 指数收益靠前，收益分别为 1.19% 、 0.59% 、 -0.31% ，中小板 指、创业板指、深证成指指数收益靠后，收益分别为 -1.15% 、 -0.64% 、 -0.54% 。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周银 行、房地产、煤炭收益靠前，收益分别为 4.23% 、 3.78% 、 2.62% ， 国防军工、农 ...

Report Industry Investment Rating - Not provided in the content Core Views - Last week, the performance of major broad-based indices in the A-share market diverged. The Shanghai Composite Index, CSI 300, and STAR 50 Index had relatively high returns of 1.19%, 0.59%, and -0.31% respectively, while the Small and Medium-Sized Board Index, ChiNext Index, and Shenzhen Component Index had relatively low returns of -1.15%, -0.64%, and -0.54% respectively [1]. - The trading volumes of major broad-based indices decreased last week. In the banking, real estate, and coal sectors, the returns were relatively high at 4.23%, 3.78%, and 2.62% respectively, while in the national defense and military industry, agriculture, forestry, animal husbandry, and fishery, and computer sectors, the returns were relatively low at -2.73%, -2.03%, and -0.98% respectively [1]. - As of last Friday, the central bank's net repurchase investment was 333.8 billion yuan, with 474.2 billion yuan of repurchases maturing, and a net open market investment of 808 billion yuan. The yields of 1-year, 3-year, and 5-year treasury bonds all increased, and the yield spread narrowed by 3.97 BP [1]. - Last week, 44 funds were reported, a decrease from the previous week. The reported products included 1 QDII, 4 FOFs, and others such as the China Merchants Shekou Commercial REIT and Huatai-PineBridge CSI Science and Technology Innovation 50 ETF [2]. - Recently, Yongying Fund, E Fund, Yin Hua Fund, and Harvest Fund applied for the Science and Technology Innovation Comprehensive Index Enhanced Strategy ETF [2]. - On April 18, the CSRC announced the latest list of personal pension funds and personal pension fund sales institutions. As of March 31, 2025, there were 288 personal pension funds and 52 personal pension fund sales institutions [2]. - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were -0.04%, 0.00%, and 0.00% respectively. This year, alternative funds have performed the best, with a median return of 7.15% [2]. - Last week, the median excess return of index-enhanced funds was 0.30%, and the median return of quantitative hedging funds was 0.07%. This year, the median excess return of index-enhanced funds was 0.96%, and the median return of quantitative hedging funds was 0.31% [3]. - As of the end of last week, there were 240 ordinary FOF funds, 117 target-date funds, and 157 target-risk funds among open-ended public funds. This year, target-risk funds have performed the best, with a cumulative return of -0.17% [3]. - Last week, 25 new funds were established, with a total issuance scale of 20.476 billion yuan, an increase from the previous week. In addition, 34 funds started their first issuance last week, and 27 funds will start issuing this week [3]. Summary by Relevant Catalogs Fund Application and Issuance Dynamics - Last week, 44 funds were reported, a decrease from the previous week. The reported products included 1 QDII, 4 FOFs, and others such as the China Merchants Shekou Commercial REIT and Huatai-PineBridge CSI Science and Technology Innovation 50 ETF [2][10]. - Recently, Yongying Fund, E Fund, Yin Hua Fund, and Harvest Fund applied for the Science and Technology Innovation Comprehensive Index Enhanced Strategy ETF. The Science and Technology Innovation Comprehensive Index, launched in January this year, aims to provide investors with an investment tool to accurately access high-quality science and technology innovation board companies [2][11]. - As of April 17, 2025, the total scale of ETFs exceeded 4 trillion yuan, and the number of products reached 1,135. ETFs are becoming increasingly popular among investors due to their advantages such as convenient trading, low cost, and high transparency [12]. - On April 18, the CSRC announced the latest list of personal pension funds and personal pension fund sales institutions. As of March 31, 2025, there were 288 personal pension funds and 52 personal pension fund sales institutions, including 19 commercial banks, 25 securities companies, and 8 independent fund sales institutions [2][14]. Stock Market - Last week, the performance of major broad-based indices in the A-share market diverged. The Shanghai Composite Index, CSI 300, and STAR 50 Index had relatively high returns, while the Small and Medium-Sized Board Index, ChiNext Index, and Shenzhen Component Index had relatively low returns [1]. - The trading volumes of major broad-based indices decreased last week. In the past 52 weeks, major broad-based indices were in the 45%-60% historical quantile range. On a monthly basis, the average daily trading volumes of major broad-based indices decreased in the past month, and major broad-based indices were in the 60%-90% historical quantile range in the past 36 months [18][19]. - In terms of industries, last week, the banking, real estate, and coal sectors had relatively high returns, while the national defense and military industry, agriculture, forestry, animal husbandry, and fishery, and computer sectors had relatively low returns [23]. Bond Market - As of last Friday, the central bank's net repurchase investment was 333.8 billion yuan, with 474.2 billion yuan of repurchases maturing, and a net open market investment of 808 billion yuan. The 1D pledged repurchase rate increased by 3.80 BP compared to the previous week, and the overnight SHIBOR increased by 5.10 BP [26]. - The yields of 1-year, 3-year, and 5-year treasury bonds all increased, and the yield spread narrowed by 3.97 BP. The yields of 1-year, 3-year, and 5-year credit bonds of different ratings all increased [27]. - In terms of credit spreads, the credit spreads of 1-year and 3-year credit bonds of different ratings decreased, while the credit spreads of 7-year and 10-year credit bonds of different ratings increased [30]. Convertible Bond Market - Last week, the CSI Convertible Bond Index fell 0.58%, with a cumulative trading volume of 263.5 billion yuan, a decrease of 201.9 billion yuan from the previous week. As of last Friday, the median conversion premium rate of the convertible bond market was 35.55%, a decrease of 1.13% from the previous week, and the median pure bond premium rate was 12.41%, a decrease of 0.84% from the previous week [31]. Open-Ended Public Fund Performance - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were -0.04%, 0.00%, and 0.00% respectively. This year, alternative funds have performed the best, with a median return of 7.15% [34][35]. - Last week, the median excess return of index-enhanced funds was 0.30%, and the median return of quantitative hedging funds was 0.07%. This year, the median excess return of index-enhanced funds was 0.96%, and the median return of quantitative hedging funds was 0.31% [37]. - As of the end of last week, there were 240 ordinary FOF funds, 117 target-date funds, and 157 target-risk funds among open-ended public funds. Last week, a new FOF fund, Qianhai Kaiyuan Kangyue Stable Pension One-Year Holding, was established. This year, target-risk funds have performed the best, with a cumulative return of -0.17% [40]. Fund Manager Changes - Last week, the fund manager situations of 77 fund products of 30 fund companies changed, including ICBC Credit Suisse Fund (10 products), China Merchants Fund (9 products), and Guotai Fund (6 products) [43]. Fund Product Issuance - Last week, 25 new funds were established, with a total issuance scale of 20.476 billion yuan, an increase from the previous week. Among them, equity funds were issued at 6.879 billion yuan, hybrid funds at 2.26 billion yuan, and bond funds at 11.338 billion yuan. There were no new issuances of alternative funds and money market funds [45]. - Last week, 34 funds started their first issuance, and 27 funds will start issuing this week [3][49][52].

ETF再迎历史性时刻， 规模首度突破4万亿元 。 从近期资金流向看，仅4月7日以来，权益类ETF净申购额超过2300亿元。尤其在市场震荡之 时，ETF成交频放量，资金买入信号更加显著。更多增量资金可期，超70只指数基金正在或是 即将发行。与此同时，外资巨头鲜明发声："超配中国市场。" ETF规模突破4万亿元 4月7日，中央汇金、中国国新、中国诚通等宣布增持ETF。据测算，截至4月18日，4月7日以 来，权益类ETF净申购额合计超过2300亿元。 事实上，长线资金已是ETF的重要持有人。以中央汇金为例，在2024年初，中央汇金开始增持 多种类型的ETF。截至2024年6月底，中央汇金的ETF持仓金额猛增至5905亿元，持仓范围也 进一步扩大，涵盖中证1000ETF、创业板ETF、科创板ETF等。在2024年下半年的震荡行情 中，中央汇金增持步履不停。截至2024年底，中央汇金持有ETF金额合计突破万亿元。 "过去五年，指数投资生态越来越完善，大量原本未参与指数投资的个人和机构投资者开始使 用指数化投资工具。"易方达基金指数研究部总经理庞亚平表示，以保险、银行理财等为代表 的中长期资金也持续入市。 ETF成为市场 ...