上证报中国证券网讯 8月13日，ETF开盘涨跌不一，创业板50ETF国泰(159375)涨2.99%，豆粕 ETF(159985)涨2.62%，科创综指ETF嘉实(589300)涨2.01%，医疗器械ETF(562600)跌0.94%，科创半导 体设备ETF(588710)跌0.81%，稀有金属ETF基金(159671)跌0.76%。 来源：上海证券报·中国证券网 ...

Core Viewpoint - The article discusses the challenges faced by many ETFs due to significant homogenization and poor management, leading to a decline in their market presence and liquidity issues [1][7]. Group 1: ETF Market Dynamics - Many ETFs, including the popular CSI A500 ETFs, have experienced a sharp reduction in shares this year, with some products facing liquidity shortages due to small scale [1][7]. - The "Matthew Effect" in the ETF market is becoming more pronounced, with larger funds attracting more investment while smaller funds struggle to gain traction, leading to potential liquidation risks for underperforming products [7][8]. Group 2: Introduction of Market Makers - Several public funds have announced the addition of brokerages as market makers for their ETF products to enhance liquidity in the secondary market [2][3]. - As of August 1, multiple funds, including those from Guolian Fund and Huatai-PineBridge Fund, have signed agreements with brokerages to facilitate trading operations for their ETFs [3]. Group 3: Liquidity Services and Market Coverage - By June 2025, the Shanghai Stock Exchange had 20 primary market makers and 12 general market makers providing liquidity services for 746 fund products, with 98% of all ETFs having market maker coverage [4][5]. - The Shenzhen Stock Exchange had 27 liquidity service providers covering 491 ETF products, with many ETFs supported by multiple market makers [5]. Group 4: Importance of Market Makers - Analysts emphasize that the introduction of brokerages as primary market makers is crucial for improving trading efficiency and responding to complex trading demands [6]. - The growing role of liquidity service providers in the ETF ecosystem is highlighted, with a focus on the need for public funds to prioritize the management of ETF liquidity to seize growth opportunities [6].

Group 1 - The rapid development of ETFs has led to many products facing issues of homogenization and poor management, resulting in significant share reductions and liquidity problems for some smaller products [1][5] - Several public funds have announced the addition of brokerages as market makers for their ETF products to enhance liquidity in the secondary market [1][2] Group 2 - On August 1, Guolian Fund announced an agreement with Ping An Securities and Great Wall Securities to act as market makers for its ETF, effective from August 1, 2025 [2] - Other funds, such as Huatai-PineBridge and E Fund, have also added brokerages as market makers for their ETFs, with over 40 announcements made in July alone [2] Group 3 - The presence of market makers is crucial for maintaining active trading in ETFs, with data showing that as of June 30, 2025, the Shanghai Stock Exchange had 20 primary market makers and 12 general market makers covering 746 fund products [3] - The Shenzhen Stock Exchange reported having 27 liquidity service providers for 491 ETF products as of mid-2023 [3] Group 4 - Analysts suggest that increasing the number of brokerages as primary market makers can significantly improve trading efficiency and quality, ensuring quick and accurate responses to large fund inflows and complex transactions [4] - The growing role of liquidity service providers in the ETF ecosystem is emphasized, with wealth management platforms increasingly using liquidity metrics to select quality ETFs [4] Group 5 - The "Matthew Effect" in the ETF industry is becoming more pronounced, with some ETFs facing shrinking scales and liquidity crises, particularly among previously popular products [5][6] - Statistics indicate that the number of ETFs choosing to liquidate has increased, with 20 index funds opting for liquidation as of August 1, including some high-performing thematic funds [6]

Market Performance - The market experienced a rebound on July 28, with the ChiNext Index leading the gains, closing up by 0.96% [1] - The Shanghai Composite Index rose by 0.12%, and the Shenzhen Component Index increased by 0.44% [1] Sector Performance - The computing hardware sector saw a significant surge, while innovative drug concept stocks maintained strong performance [1] - Active performance was noted in military and commercial aerospace concept stocks [1] - Conversely, cyclical stocks such as steel and coal experienced collective adjustments [1] ETF Performance - All ETFs that rose were related to innovative drugs, with the East Money Fund's Innovative Drug ETF (159622) leading the market with a 4.1% increase [3] - Other notable ETFs in the innovative drug sector also saw gains, with the Hong Kong Innovative Drug 50 ETF (513780) up by 4.04% and the Hong Kong Innovative Drug ETF (513120) up by 4.01% [3] Policy Updates - On July 24, the National Medical Insurance Administration announced the initiation of the 11th batch of centralized procurement, optimizing specific rules regarding the selection process [2] - The new rules will no longer simply use the lowest bid as a reference point, and companies with the lowest bids must publicly justify their pricing [2] Industry Insights - According to a report by Industrial Securities, the AACR and ASCO meetings this year showcased numerous domestic innovative drugs exceeding expectations, with anticipation for data releases from upcoming industry conferences [4] - There has been ongoing progress in foreign licensing transactions for innovative drugs, with expectations for more high-quality domestic products to explore international opportunities [4]

二、知名基金经理最新动态 天赐良基日报第696期 一、今日基金新闻速览 1、安联基金董事长变更 近日，安联基金公告，吴家耀因个人原因，于7月25日离任董事长，总经理沈良代任董事长职务。 2、月内超百只公募基金新增销售机构 Wind数据显示，截至7月27日，月内已有超过20家公募基金管理人旗下百余只产品新增销售机构，涉及公告多达156份。其中，海富通基金、富荣基金、路 博迈基金等10余家公募在拓展销售网络的同时，部分基金还新增销售机构申购费率优惠活动。 今年以来，创业板相关指数基金申报放量，同比激增3.7倍。证监会公布的行政审批进度表显示，截至7月25日，今年以来有42只创业板相关指数基金提交注 册申请，主要涉及创业板指数、创业板综合指数、创业板人工智能指数以及创业板50指数。 1、郑宁：聚焦创新药投资 3、创业板基金申报同比激增3.7倍 具体来看，创新药概念股维持强势，恒瑞医药等涨停，创新药相关ETF全线走强，最高涨4.10%。 | 代码 | 名称 | 相关链接 | 最新价 | 涨跌额 | 涨跌 | | --- | --- | --- | --- | --- | --- | | 159622 | 创新药ETF ...

ETF收盘涨跌不一，创新药ETF沪港深(159622)领涨4.10%，港股创新药50ETF(513780)涨4.04%，港股创 新药ETF(513120)涨4.01%，科创综指ETF嘉实(589300)领跌14.01%，能源化工ETF(159981)跌4.12%，煤 炭ETF(515220)跌2.87%。 借道ETF T+0买港股创新药>>> ...

Core Viewpoint - The ETF market showed mixed performance at midday, with certain ETFs experiencing significant gains while others faced notable declines [1] Group 1: ETF Performance - The Hong Kong Stock Connect Non-Bank ETF (513750) led the gains with an increase of 2.57% [1] - The Innovative Drug ETF Tianhong (517380) rose by 2.11% [1] - The Pharmaceutical ETF (562050) saw an increase of 2.10% [1] - Conversely, the Sci-Tech Innovation Index ETF Jiashi (589300) experienced a significant drop of 14.61% [1] - The Energy and Chemical ETF (159981) declined by 3.98% [1] - The Coal ETF (515220) fell by 2.96% [1]

科创综指ETF嘉实(589300)跌超14%，成交额115.61万元，较昨日此时放量53.12%，近1月份额减少 36.73%，减少5200万份。 无需50万，A股账户就能直接买科创板>> ...

Market Performance - The A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 1.67%, the Shenzhen Component Index by 2.33%, and the ChiNext Index by 2.76% [1] - The Sci-Tech 50 Index led the market with a weekly increase of 4.63%, driven by technology stocks such as semiconductors and AI [1] ETF Market Trends - The ETF market displayed a pattern of "debt fund hedging + Hong Kong stock technology attracting capital," with a total net inflow of 18.18 billion yuan [4] - Rare metals and rare earth-related ETFs continued to perform well, with coal and building materials ETFs rising nearly 10% as part of a "anti-involution" trend [1] - In contrast, several bank-related ETFs experienced a decline of around 3% [1] Fund Flows - Stock ETFs saw a net outflow of 54.5 billion yuan, while industry ETFs recorded a net inflow of 116.59 billion yuan [4] - Cross-border ETFs had a net inflow of 102.55 billion yuan, benefiting from the recent capital inflow into the Hong Kong market [4] - Bond ETFs experienced a net inflow of 91.82 billion yuan [4] Upcoming ETF Issuances - Six new ETFs are set to be issued next week, including Hong Kong Stock Connect Consumer ETF and Hong Kong Stock Connect Technology ETF [4]

Group 1 - The core driver of *ST Yazhen's stock price surge is a significant change in control, with Shanghai Yazhen Investment Co., Ltd. transferring 30% of shares to Wu Tao at a price of 5.68 yuan per share, totaling 448 million yuan [3] - Following the transfer, Wu Tao became the controlling shareholder, holding 24.54% of shares, while his associate Fan Weihao held 5.46% [3] - Wu Tao's recognition of the company's value led to a partial tender offer for 21% of shares at the same price, resulting in a total holding of 45% for Wu Tao and 50.47% when combined with Fan Weihao [3] Group 2 - Despite the stock price increase, *ST Yazhen's fundamentals are poor, with a projected net profit of negative value for 2024 and operating revenue below 300 million yuan, triggering delisting risk warnings [4] - The stock was placed under delisting risk warning on May 6, changing its name from "Yazhen Home" to "*ST Yazhen," yet the stock price continued to rise, leading to multiple trading suspensions for abnormal fluctuations [4] Group 3 - The abnormal trading phenomenon of the Kexin Composite Index ETF is noteworthy, with a market size of approximately 89 million units as of July 24 [5] - On July 25, the ETF experienced a dramatic price increase, closing with a 20.04% gain due to a minimal transaction amount of 134.2 yuan, highlighting its low liquidity [5] - Concurrently, AI-related ETFs showed strong performance, with significant increases ahead of the upcoming World Artificial Intelligence Conference, indicating heightened investor interest in AI sectors [5]