Group 1 - The Shanghai Composite Index showed positive performance on July 4, with power and banking sectors leading the gains, while the STAR Market experienced a decline with the STAR 100 and STAR Composite Index dropping over 0.5% [1] - The Shanghai Stock Exchange, in collaboration with relevant departments, has initiated a series of promotional activities for the STAR Market reform "1+6" policy in major cities and technology hubs, with over 420 participants from government departments, key technology enterprises, and securities firms [1] - The government representatives indicated that China's technological innovation is transitioning from quantitative accumulation to qualitative leaps, and the STAR Market reform is moving from a "testing ground" to a "demonstration field" for high-quality development [1] Group 2 - The outlook for the STAR Market is positive, with an increasing variety of investment tools available, including the STAR Composite Index ETF, which has gained significant market traction [2] - The STAR Composite Index ETF from Huaxia has seen active trading, with an average daily turnover of 165 million yuan over the past week as of July 3, leading its peers [2] - The previously launched STAR 50 ETF and STAR 100 ETF from Huaxia have also received market recognition, with the STAR 100 ETF being highlighted for its potential to capture rebounds in a bullish equity market due to its focus on core strengths of the STAR Market [2]

Group 1 - The Shanghai Stock Exchange held a seminar on the first anniversary of the "Star Market Eight Articles," focusing on the development of index investment in the Star Market and the construction of a high-quality ecosystem for long-term investment ETFs [1] - The Star Market currently has 29 indices and 80 ETFs listed, with a total scale exceeding 250 billion yuan, making it the segment with the highest proportion of index investment in A-shares, accounting for 8.3% of the total free-floating market value [1] - China Asset Management has developed a diverse range of ETF products for the Star Market, including the Sci-Tech 50 ETF, Sci-Tech 100 ETF, Sci-Tech 200 ETF, and Sci-Tech Composite Index ETF, all featuring a low management fee rate of 0.15% per year to reduce long-term holding costs for investors [1] Group 2 - As of June 12, 2025, the comprehensive index of the Star Market (000680) decreased by 0.06%, with mixed performance among constituent stocks [2] - The Sci-Tech Composite Index ETF (589000) fell by 0.32%, with the latest price at 0.95 yuan, while it experienced a significant growth of 1.568 billion yuan in scale over the past three months, ranking first among comparable funds [2]

2[Table_ReportInfo] 2025 年 05 月 19 日 证券研究报告• ETF 研究系列 ETF 周观察第 78 期（5.12-5.16） ETF 与指数产品周观察 [Table_Summary] ETF 与指数产品关注热点 跨境局势利好，跨境类 ETF表现亮眼。中美经贸高层会谈释放积极信号、关 税利好落地且地缘局势缓和，多重因素推动跨境类 ETF表现亮眼。其中，得 益于消费行业盈利预期改善、境外市场反弹吸引资金流入及部分 ETF流动性 不足致价格波动放大，标普消费 ETF工银（159378）上周以 13.15%的涨幅 位居榜首；标普 500ETF（159612）、纳指科技 ETF（159509）均涨超 6%， 前者受美联储降息预期提升估值、资金跨市场套利、人民币汇率上升及美元 走弱等因素驱动，后者则因纳斯达克科技公司创新能力强、行业发展机遇多 且宏观经济环境有利，吸引大量资金流入推动价格上涨。 央行降准降息，对金融和科技板块形成直接利好。金融板块中，降准增加银 行可贷资金规模，市场流动性提升刺激交易活跃度，利好券商佣金及投行业 务，银行贷款业务扩张也有望弥补存贷利差压缩的影响；科技板块方面 ...