Core Insights - The ETF market is experiencing a significant increase in trading volume, with liquidity service upgrades becoming essential to address trading bottlenecks and enhance market quality [1][4]. Trading Activity - Since November, the trading activity in the ETF market has notably surged, with specific ETFs like Guotai Zhongzheng A500 ETF seeing daily trading volumes exceed 4 billion yuan, doubling their average from the second half of the year [2][4]. - The Guotai Chuangye Board Artificial Intelligence ETF has achieved a year-to-date net value growth of 78.86%, reflecting its strong performance and increased trading activity [2][4]. Liquidity Service Upgrades - Fund managers are actively enhancing liquidity services, particularly for broad-based ETFs, which are the mainstay of market trading volume [3][5]. - New liquidity service providers have been appointed for various ETFs, including the introduction of Dongfang Caifu Securities for Huaxia Zhongzheng 1000 ETF and Huatai Securities for the General Aviation ETF [3][5]. Market Ecosystem Optimization - The involvement of liquidity service providers is optimizing the ETF market ecosystem from multiple dimensions, with a noticeable increase in demand for liquidity services across a wide range of products [4][5]. - Major fund companies are increasingly integrating liquidity services as a standard feature for new products, as seen with the recent establishment of the Penghua Hang Seng Biotechnology ETF [3][4]. Competitive Landscape - Leading brokerage firms such as Dongfang Caifu Securities, Huatai Securities, and Dongfang Securities are becoming the primary partners for liquidity services, enhancing their competitive edge in the ETF market [5]. - As the ETF market continues to expand, the competition for liquidity services is expected to intensify, with a growing demand for various types of ETFs, including bonds and commodities [5].

Core Viewpoint - The General Aviation ETF managed by E Fund (159255) opened with a decline of 0.50%, priced at 1.003 yuan, indicating a negative market sentiment towards the sector [1] Group 1: ETF Performance - The General Aviation ETF (159255) has a performance benchmark based on the National General Aviation Industry Index return [1] - Since its establishment on July 25, 2025, the ETF has yielded a return of 0.67%, while its return over the past month has been -5.01% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include Wan Feng Ao Wei, which opened down 0.66%, Hongdu Aviation down 0.24%, and Aerospace Rainbow down 0.14% [1] - Other notable declines include Zhongzhi Shares down 0.19%, Zhuhai Guanyu down 0.85%, Huali Chuantong down 1.08%, Yingliu Shares down 0.94%, Nanjing Power Technology down 0.83%, Ruichuang Weina down 0.55%, and China Satellite down 0.90% [1]

Market Overview - On July 18, 2025, A-shares saw a slight increase across the three major indices, with the Shanghai Composite Index rising by 0.50%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 0.34. The total trading volume in the Shanghai and Shenzhen markets reached 1,571.1 billion, an increase of 31.7 billion compared to the previous day [1]. Sector Performance - The rare metals sector led the gains, with the Rare Metals ETF (561800) increasing by 4.12%, followed by other ETFs in the rare metals and rare earth categories, all showing significant upward movement [2]. - Conversely, the gaming and photovoltaic sectors experienced the largest declines, with the Gaming ETF (159869) dropping by 1.47% and the Photovoltaic ETF (159618) decreasing by 0.87% [4][5]. News and Developments - A significant discovery was made by Chinese experts in the Tarim Basin, where the world's deepest sandstone-type industrial uranium mineralization was found at a depth of 1,820 meters, marking a milestone in uranium resource exploration [3]. - The Chinese government has intensified export controls on strategic minerals, which is expected to marginally improve compliance export channels and drive domestic prices upward [3]. - The small metals market is experiencing heightened activity, driven by limited reserves, high extraction difficulty, and increasing demand from sectors such as new energy and semiconductors, alongside geopolitical supply chain disruptions [3]. ETF Activity - The top-performing ETF by trading volume was the Silver Hua ETF (511880), with a transaction amount of 16.1 billion. Other notable ETFs included the Sci-Tech Bond ETF (159600) and the Hua Bao ETF (511990) [7]. - The highest turnover rate was recorded by the Benchmark National Debt ETF (511100) at 445.54%, indicating strong trading activity in this segment [9]. Upcoming ETF Launches - Four new ETFs are set to begin fundraising on July 21, 2025, including the General Aviation ETF (159255) and the Robotics ETF (159278), which will focus on emerging sectors such as low-altitude economy and robotics [10][11]. - The General Aviation ETF will cover the entire low-altitude economy chain, while the Robotics ETF will emphasize humanoid robots, reflecting a significant shift in industry focus [11][12].