Core Viewpoint - The market is currently at a high stage, entering a "pressure above, support below" oscillation range, where the convenience of "T+0" trading for cross-border ETFs is highlighted, allowing investors to maintain positions without missing opportunities during upward trends and to stop losses on sudden downward movements [1] T+0 Settlement System - The "T+0" settlement system allows for the clearing and delivery of securities and funds on the same day of the transaction, contrasting with China's "T+1" system, which completes this process on the second working day after the transaction [3] - Certain exceptions exist for cross-border ETFs, commodity ETFs, and credit bond ETFs that can utilize the "T+0" mechanism [3] Advantages of T+0 Trading - T+0 trading helps investors seize intraday trading opportunities, making it particularly attractive for volatile stock ETFs [4] - Although A-shares do not allow T+0 trading, markets like Hong Kong do, providing flexibility for investors [4] Trading Advantages of Hong Kong T+0 ETFs - T+0 trading in the Hong Kong market, especially in the technology sector, allows investors to capture intraday trading opportunities and respond flexibly to rapid market changes without limits on trading frequency [7] - The T+0 mechanism enables investors to rotate between sectors within the same trading day, as different sectors may show significant performance divergence [8] - T+0 trading helps avoid overnight holding risks, allowing investors to quickly sell off positions in response to sudden negative events, given the absence of price limits in the Hong Kong market [8] Specific ETF Examples - The Hang Seng Technology Index ETF (513180) is highlighted as a leading product in terms of scale and average daily trading volume among A-share ETFs tracking the Hang Seng Technology Index [10]

Group 1: Fund Management Updates - Wang Lang has been appointed as the new deputy general manager of Baoying Fund as of July 22, 2023, previously holding positions at Penghua Fund and Guoshou Anbao Fund [1] - As of the end of Q2 2023, there are 24 funds with over 10 billion yuan in assets, a decrease from 27 funds in the same period last year and 26 funds at the end of Q1 2023 [2] - The largest fund remains the E Fund Blue Chip Select managed by Zhang Kun, with a latest size of 34.943 billion yuan, down by 3.965 billion yuan from the end of Q1 [2] Group 2: Market Trends and Performance - The allocation ratio of public funds to Sci-Tech Innovation Board stocks reached a record high of 15.36% by the end of Q2 2023, an increase of 0.19 percentage points from Q1 [3] - The excess allocation ratio for the Sci-Tech Innovation Board also rose from 7.5% to 7.72% [3] Group 3: Notable Fund Manager Insights - Fund manager Ge Lan expressed optimism about the innovative drug sector, highlighting advancements in dual antibodies and ADC technologies, as well as increasing collaboration between domestic companies and multinational pharmaceutical firms [4] - Ge Lan noted that domestic innovative drugs are gaining global recognition, with multiple products expected to have overseas licensing opportunities [4] Group 4: ETF Market Overview - The market experienced a rally with major indices reaching new highs; the Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index by 1.21%, and the ChiNext Index by 1.5% [5] - The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion yuan, a decrease of 199 billion yuan from the previous trading day [5] - Rare earth permanent magnet stocks surged, with the Rare Metal ETF rising by 7.49% [6] Group 5: Future Outlook - Despite rising geopolitical tensions, improvements in global supply and demand, along with low inventory levels, are expected to boost small metal prices, enhancing corporate profitability and growth potential [9] - The valuation attractiveness of industry leaders is expected to become more pronounced, with a focus on rare metal-related ETFs [9]

ETF收盘涨跌不一，稀有金属ETF(159608)领涨7.49%，稀有金属ETF基金(561800)涨7.32%，稀有金属 ETF基金(159671)涨6.87%，豆粕ETF(159985)领跌2.04%，可持续发展ETF(515090)跌1.85%，黄金 ETFAU(518860)跌1.73%。 ...

Summary of ETF Fund Flows Core Insights - On July 17, 2025, a total of 255 ETFs experienced net inflows, while 402 ETFs saw net outflows, indicating a mixed sentiment in the market [1] - Notable inflows were observed in several technology and bond ETFs, particularly the Sci-Tech Bond ETFs from Jiashi and Fuguo, which attracted significant capital [1][3] - Conversely, several ETFs, including the ChiNext ETF and the Sci-Tech 50 ETF, faced substantial outflows, reflecting investor caution in certain sectors [5] Inflow Analysis - The top five ETFs with the highest net inflows included: - Jiashi Sci-Tech Bond ETF (159600.SZ): 79.32 billion CNY - Fuguo Sci-Tech Bond ETF (159200.SZ): 77.92 billion CNY - Southern Sci-Tech Bond ETF (159700.SZ): 14.36 billion CNY - Short-term Bond ETF (511360.SH): 13.61 billion CNY - Securities ETF (512880.SH): 5.63 billion CNY [1][3] Outflow Analysis - The top five ETFs with the highest net outflows included: - ChiNext ETF (159915.SZ): 7.66 billion CNY - Sci-Tech 50 ETF (588000.SH): 6.00 billion CNY - CSI 300 ETF (510300.SH): 3.36 billion CNY - CSI 300 ETF by Yifangda (510310.SH): 2.96 billion CNY - Pharmaceutical ETF (512010.SH): 2.42 billion CNY [5] Recent Trends - A total of 158 ETFs have seen continuous net inflows, with the top performers being: - Soybean Meal ETF: 36.89 million CNY over 16 days - CSI 2000 Enhanced ETF: 1.84 billion CNY over 14 days - Hong Kong Dividend Low Volatility ETF: 3.60 billion CNY over 12 days [7] - Conversely, 245 ETFs have experienced continuous net outflows, with the leading ones being: - CSI A50 Index ETF: 734 million CNY over 26 days - CSI A500 ETF: 1.30 billion CNY over 23 days [9] Long-term Trends - Over the past five days, 97 ETFs recorded net inflows exceeding 1 billion CNY, with the Jiashi Sci-Tech Bond ETF leading at 79.32 billion CNY [10] - In contrast, 102 ETFs saw net outflows exceeding 1 billion CNY, with the Silver Hua Daily ETF experiencing the largest outflow of 37.19 billion CNY [10]

Group 1 - The core viewpoint of the articles highlights the rebound in CBOT soybean futures due to anticipated increases in U.S. soybean export demand, particularly following Indonesia's commitment to purchase $4.5 billion worth of U.S. agricultural products [1] - The domestic soybean meal supply is currently ample, which is suppressing upward price movement, while downstream inventory levels are nearing saturation due to previous active replenishment [1] - The A-share market saw a rise in the livestock sector, with notable increases in stocks such as Bio-Group (+8.31%), Luo Niu Shan (+2.09%), and others, indicating a positive market sentiment towards the livestock industry [1] Group 2 - The soybean meal ETF (159985) is recognized not only as a standalone investment but also for its long-term investment value in asset allocation, inflation hedging, and roll yield [2] - Soybean meal has a low correlation with the stock market, suggesting that it can be a strategic long-term allocation even if short-term price increases are uncertain [2] - As the largest production variety among 12 oilseed meal feed types, soybean meal has a solid spot market foundation, enhancing its investment appeal [2]

Group 1 - The report indicates that in the last month, equities, commodities, and bonds all experienced increases, with equities and commodities rising by 2.50% and 4.03% respectively, while gold decreased by 0.57% [2][10] - The performance of ETFs used in the allocation strategy showed that the CSI 300 ETF, non-ferrous ETF, and energy chemical ETF increased by 2.85%, 3.08%, and 4.37% respectively, while the gold ETF saw a significant decline of 0.75% [2][13] Group 2 - The backtested strategy from January 1, 2014, to the end of last month achieved an annualized return of 7.71%, with an annualized volatility of 3.53% and a maximum drawdown of 3.17%. The Sharpe ratio and Calmar ratio were 2.19 and 2.44 respectively, outperforming risk parity and equal-weighted strategies [3][25] - The strategy without currency assets yielded a return of 0.48% last month, which was lower than both the risk parity strategy and the equal-weighted strategy [3][28] Group 3 - The latest allocation recommendations suggest increasing exposure to equities and commodities, while maintaining a neutral position on bonds and gold. The final weights for equities, government bonds, commodities, and gold are set at 7.01%, 75.01%, 10.90%, and 7.08% respectively [4][32]

Core Viewpoint - The ETF market showed mixed performance at midday, with financial technology ETFs leading the gains while certain sector ETFs, such as those focused on new energy and oil & gas, experienced declines [1] Group 1: ETF Performance - Financial Technology ETF (159851) led the gains with an increase of 5.01% [1] - Financial Technology ETF (516860) rose by 4.89% [1] - Hong Kong Securities ETF (513090) increased by 4.80% [1] - The Sci-Tech Innovation Board New Energy ETF (588960) was the biggest loser, declining by 4.12% [1] - Oil & Gas ETF (561760) fell by 1.28% [1] - Soybean Meal ETF (159985) decreased by 1.17% [1] Group 2: Investment Strategy - The strategy suggested is to buy index ETFs to capitalize on market rebounds, focusing on leading companies in the market [1]

Report Industry Investment Rating - The report gives a one-star rating (★☆☆) for the CITIC Five-Style - Financial, indicating a bullish bias but with limited operability in the market [3]. Core Viewpoints - In the public fund market, the returns of equity and bond strategies showed slight differentiation in the past week. The energy and chemical ETF had a significant net value increase, while the non-ferrous metal ETF had a slight decline. The financial and cyclical styles of the CITIC Five-Style recorded positive returns, and the style timing model signals a preference for the financial style this week [3]. - Among the Barra factors, the residual volatility factor performed well in the past week, and the factor cross-sectional rotation speed increased slightly this week. The style timing strategy had a return of 0.44% last week, with an excess return of 0.66% compared to the benchmark balanced allocation [3]. Summary by Relevant Catalogs Recent Market Returns - As of the week ending June 13, 2025, the weekly returns of the Tonglian All-A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were -0.41%, 0.17%, and 2.14% respectively [3]. - In the public fund market, equity strategies showed mixed performance, with index enhancement strategies slightly回调 and market neutral strategies under slight pressure. Bond strategies saw better performance in medium - and long - term pure bonds, and the convertible bond index weakened slightly. Commodity strategies had significant increases in the energy and chemical ETF and the soybean meal ETF [3]. CITIC Style Index - Last Friday, the returns of the CITIC Five-Style index were differentiated, with the financial and cyclical styles recording positive returns. The style rotation chart showed a slight decline in the consumer and stable styles in terms of relative strength, and the cyclical style strengthened marginally in terms of indicator momentum [3]. - Only growth-style funds outperformed the index in the public fund pool in the past week, with an excess return of 0.15%. Some financial-style funds shifted towards consumer and cyclical styles [3]. Barra Factors - In the past week, the residual volatility factor had a weekly excess return of 0.82%. The scale factor's excess return continued to compress, and the leverage and growth factors' returns strengthened slightly. The medium - and long - term momentum and growth factors had better performance in terms of win - rate [3]. - The factor cross - sectional rotation speed increased slightly this week and is currently in the medium - to low - percentile range of history [3]. Style Timing Model - According to the latest score of the style timing model, the financial style rebounded this week, while the consumer and cyclical styles declined, and the current signal favors the financial style. The style timing strategy's return last week was 0.44%, with an excess return of 0.66% compared to the benchmark balanced allocation [3].

Liquidity - The central bank implemented a reserve requirement ratio (RRR) cut of 0.5 percentage points and a loan prime rate (LPR) reduction of 10 basis points, leading to a net liquidity injection of CNY 599.8 billion in May[44] - The liquidity environment has further eased, with the weighted average interest rate for net financing from major banks and policy banks declining in May[44] Equity Market - Broad-based ETFs experienced a net outflow of CNY 34.8 billion, while the Sci-Tech ETF saw a net inflow of CNY 50 billion, indicating a divergence in investor sentiment[9][10] - The technology sector ETF recorded its largest monthly inflow of CNY 23.5 billion, while consumer and pharmaceutical ETFs faced significant outflows of CNY 22.5 billion and CNY 27 billion, respectively[16] Bond Market - Major banks and rural commercial banks began net buying old bonds in May, with net selling of interest rate bonds decreasing to CNY 1.909 billion from CNY 3.555 billion in April[29] - Insurance companies net purchased CNY 1.908 billion in interest rate bonds, primarily focusing on 15-20 year and 20-30 year maturities[32] Commodity Market - Gold ETFs shifted from net inflow to net outflow, with a net outflow of CNY 4.4 billion in May, reflecting changing investor sentiment towards precious metals[39] - Other commodity ETFs, including non-ferrous and energy chemical ETFs, continued to experience outflows, totaling CNY 1.13 billion and CNY 0.17 billion, respectively[40] Risk Factors - Increased geopolitical risks, potential domestic macroeconomic policy shortcomings, and the possibility of an overseas economic recession pose significant risks to market stability[47]

Core Insights - On June 9, 2025, a total of 212 ETF funds experienced net inflows, while 390 funds saw net outflows, indicating a significant disparity in investor sentiment towards different ETFs [1] - The top five ETFs with net inflows exceeding 100 million yuan included the SSE 50 ETF, Credit Bond ETF, Ten-Year Treasury ETF, CSI 300 ETF, and SSE Corporate Bond ETF, with inflows of 1.48 billion yuan, 856.5 million yuan, 654 million yuan, 615 million yuan, and 550 million yuan respectively [1][3] - Conversely, 17 ETFs had net outflows exceeding 100 million yuan, with the ChiNext ETF, Hang Seng Internet ETF, Short-term Bond ETF, Military Industry ETF, and Pharmaceutical ETF leading the outflows, totaling 359 million yuan, 331 million yuan, 287 million yuan, 285 million yuan, and 214 million yuan respectively [1][5] Inflow and Outflow Analysis - A total of 110 ETFs have seen consecutive net inflows, with the top performers being the Hong Kong Stock Connect Dividend ETF (29 days), Soybean Meal ETF (27 days), High Dividend ETF (26 days), SSE 180 Index Fund (23 days), and Credit Bond ETF Dachen (23 days), accumulating inflows of 445 million yuan, 61.69 million yuan, 171.34 million yuan, 140 million yuan, and 3.16 billion yuan respectively [1][7] - In contrast, 202 ETFs have experienced consecutive net outflows, with the leading ones being the Biopharmaceutical ETF (32 days), Innovative Drug ETF (27 days), Dividend Value ETF (26 days), Hang Seng Consumer ETF (24 days), and Traditional Chinese Medicine ETF (23 days), resulting in outflows of 556 million yuan, 3.29 billion yuan, 213 million yuan, 303 million yuan, and 262 million yuan respectively [1][8] Recent Trends - Over the past five days, 66 ETFs have recorded cumulative net inflows exceeding 100 million yuan, with the Short-term Bond ETF, Ten-Year Treasury ETF, Credit Bond ETF, Corporate Bond ETF, and SSE Corporate Bond ETF leading with inflows of 3.42 billion yuan, 3.37 billion yuan, 2.48 billion yuan, 2.29 billion yuan, and 2.19 billion yuan respectively [1][8] - Conversely, 86 ETFs have seen cumulative net outflows exceeding 100 million yuan, with the ChiNext ETF, Hang Seng Internet ETF, Hang Seng Medical ETF, Hong Kong Innovative Drug ETF, and East Financial Treasury ETF leading the outflows, totaling 1.82 billion yuan, 971 million yuan, 825 million yuan, 763 million yuan, and 583 million yuan respectively [1][8]