证券研究报告·行业跟踪周报·金融产品 金融产品跟踪周报 权益 ETF 系列：关注结构变化，行情可能临 近变盘点 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 基金配置建议： 风险提示：1）模型基于历史数据测算，未来存在失效风险；2）宏观经济 不及预期；3）发生重大预期外的宏观事件。 2025 年 07 月 12 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 行业走势 -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 61% 非银金融 沪深300 2025-07-12 《国有险企长周期考核细则落地，充 分发挥险资长期资本优势》 2025-07-12 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 2024/7/12 2024/11/10 2025/3/11 2025/7/10 ◼ A 股市场行情概述：（2025.7.7-2025.7.11） ◼ 主要宽基指数涨跌幅：排名前三名的宽基指数 ...

【导读】近期，港股相关ETF持续吸金 周三股票ETF资金流入流出基本持平 中国基金报记者 天心 Wind数据统计，截至2025年7月10日，全市场股票ETF 共 1138只（含跨境ETF，下同），总规模为3.63万亿元。 资金流向显示，7月10日，市场震荡上行之际，股票ETF资金流向平稳，仅现微幅净流出。 当日资金净流入超过1亿元的股票ETF有17只，部分宽基ETF和行业ETF " 吸金 " 额 居前，华夏科创50ETF、国泰煤炭ETF、鹏华酒ETF 位居前三，资金净流入 金额 在4亿元以上。 来自易方达基金的数据显示，7月10日，以下方向 或类型的ETF 资金净流入居前，分别为 跟踪 科创板 50 指数的ETF （净流入 16.1 亿 元）、半导体 类ETF （净流入 9.9 亿元）、国防军工 类ETF （净流入 6.8 亿元）、煤炭 类ETF （净流入 5.8 亿元）。 值得一提的是，黄金价格 在 高位震荡，商品型黄金ETF继续获得资金青睐，当日净流入金 额 达5亿元。 7月10日（本周四），A股市场震荡上行，三大指数集体收涨，沪指站上3500点，两市成交 额为 1.49万亿元。 当日，股票ETF资金流入 ...

2025年7月10日共237只ETF基金获资金净流入，401只ETF基金净流出。净流入金额超1亿元的有20只，短融ETF(511360.SH)、科创50ETF(588000.SH)、煤炭 ETF(515220.SH)、酒ETF(512690.SH)、半导体ETF(512480.SH)资金显著流入，分别净流入13.85亿元、12.25亿元、5.75亿元、4.04亿元、3.78亿元（净申购份 额*单位净值）。 | 排名 | 基金管理人 | 证券简称 | 证券代码 | 净流入金额(万元 | | --- | --- | --- | --- | --- | | l | 海富通事会 | 短融ETF | 211360 | 138501 | | 2 | 华夏基金 | 科创50ETF | 588000 | 12253( | | 3 | 国泰基金 | 煤炭ETF | 515220 | 5754! | | ব | 鹏华基金 | 酒ETF | 512690 | 4035( | | 5 | 国联安基金 | 半导体ETF | 512480 | 3776! | | 6 | 华泰柏瑞基金 | 光伏ETF | 515790 | 3149 | ...

Market Overview - The total scale of equity ETFs in the market reached 37,631.20 billion yuan, with an increase of 208.04 billion yuan in total scale over the past week, and a net outflow of 132.28 billion yuan [1]. Fund Inflow and Outflow Direction - In terms of major categories, industry and thematic ETFs saw a net inflow of 116.39 billion yuan, while broad-based and strategic ETFs experienced a net outflow of 338.22 billion yuan [2]. - Within the broad-based and strategic ETFs, the top three sectors for net inflow were: Sci-Tech Innovation 50, Strategy-Dividend, and Shenzhen 100. The top three sectors for net outflow were: CSI 300, CSI A500, and CSI 1000 [3]. - For industry and thematic ETFs, the top five sectors for net inflow were: Securities, Semiconductor Chips, Military Industry, Photovoltaics, and Innovative Drugs. The top five sectors for net outflow were: Entertainment Media, State-Owned Enterprises, Telecommunications, Biotechnology, and Steel [3]. Financial Sector Insights - The financial sector continued to attract capital inflow, with the leading securities ETF (159993) accumulating 3.22 billion yuan over the week, surpassing a total scale of 20 billion yuan. There are expectations for mergers and acquisitions in the securities sector, driven by the backdrop of a "Financial Power" strategy [3]. - The approval of virtual asset trading service licenses for Chinese securities firms' Hong Kong subsidiaries opens a new chapter for financial innovation, potentially enhancing trading sentiment within the securities sector [3].

Summary of Key Points Core Viewpoint - As of July 2, the ETF market experienced a net outflow of 18.83 billion yuan, with total inflows of 128.41 billion yuan and outflows of 130.29 billion yuan [1] Fund Flow Analysis - Stock ETFs saw a net outflow of 5.95 billion yuan, while bond ETFs had a net inflow of 4.04 billion yuan [1] - Money market ETFs recorded a net inflow of 1.65 billion yuan, commodity ETFs had a net inflow of 0.12 billion yuan, and QDII ETFs experienced a net outflow of 1.74 billion yuan [1] Top Performing ETFs - The top three non-money market ETFs with the highest net inflows were: - Photovoltaic ETF (515790) with an inflow of 0.404 billion yuan - Alcohol ETF (512690) with an inflow of 0.132 billion yuan - GF National Index New Energy Vehicle Battery ETF (159755) with an inflow of 0.127 billion yuan [1] Underperforming ETFs - The three non-money market ETFs with the highest net outflows were: - Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF (588000) with an outflow of 0.822 billion yuan - GF CSI Hong Kong Innovative Medicine (QDII-ETF) (513120) with an outflow of 0.598 billion yuan - Huaxia Hang Seng Technology ETF (QDII) (513180) with an outflow of 0.372 billion yuan [1]

6月30日，段永平发帖："对贵州茅台，大家在害怕什么呢？有点意思！"从贵州茅台股价表现来看，5月 15日以来，截至7月1日，股价下跌超12%。 贵州茅台股价持续下跌，知名投资人段永平坐不住了。 他在社交平台发帖表示："对贵州茅台，大家在 害怕什么呢？有点意思！"此后有网友表示，茅台是茅台最好的背书。段永平对此深表认同 。 段永平一直十分看好贵州茅台。今年1月9日，段永平发帖表示："今天买了腾讯，也买了茅台。"3月， 段永平透露："我们买茅台主要用的是人民币。" 值得注意的是，虽然近期白酒板块表现不佳，但资金持续涌入酒相关ETF。与此同时，当前消费领域整 体热度显著提升，公募加大产品布局力度。 不过，虽然十分看好贵州茅台的投资价值，段永平反对加杠杆投资。有位网友提问："年轻人可以在好 公司股价特别便宜（例如前段时间茅台1400元左右）的时候通过银行贷款来投资吗？" 段永平再谈茅台 段永平解释说："如果你懂投资，你不需要加杠杆，因为你早晚会赚到钱的；如果你不懂投资，那么你 更不应该加杠杆，因为杠杆早晚会让你破产的。" 资金加仓酒ETF 对贵州茅台保持关注的不止段永平。事实上，公募基金长期重仓持有贵州茅台。Choi ...

Economic Data and Market Performance - May economic data indicates a shift in growth momentum from exports and investments to consumption, with retail sales growth reaching a high point for 2024, exceeding market expectations [4] - The A-share market has shown a significant decrease in trading volume, with the average daily turnover falling below 1.3 trillion yuan for five consecutive days [1] - The major indices experienced collective declines, with the Shanghai Composite Index down 0.51% and the Shenzhen Component Index down 1.16% as of June 20 [2] Defensive Market Sentiment - Defensive sectors, particularly liquor and banking, have shown strong performance amidst market adjustments, with companies like China National Heavy Duty Truck and Shanxi Fenjiu seeing weekly gains exceeding 5% [2] - The banking sector, including China Bank and Construction Bank, saw significant market capitalization increases, with China Bank's market cap rising by 229.14 billion yuan [2] New Index Components - The recent adjustment of the Every Day Brand 100 Index included nine new companies, with Gujing Gongjiu showing a notable weekly increase of 4.4% [5] - Vipshop, another new component, also experienced a slight increase in stock price, highlighting its strong position in the discount retail sector [5] Investment Opportunities in the Liquor Sector - The liquor industry is currently in a recovery phase, with potential investment opportunities as defensive sectors regain investor interest [6] - The liquor ETF has seen a year-to-date decline of 9.42%, but its share count has increased by 15.07 million, indicating continued investor interest despite market challenges [6] Key Stocks in the Liquor Index - Major stocks in the liquor index, such as Kweichow Moutai and Wuliangye, account for over 50% of the index's weight, reflecting their significant influence on market performance [9]

Group 1: ETF Industry News - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down 0.07%, the Shenzhen Component Index down 0.47%, and the ChiNext Index down 0.83. Multiple ETFs in the food and beverage sector saw increases, including the liquor ETF (512690.SH) rising by 2.20% and the food and beverage ETF (516900.SH) increasing by 1.20% [1] - According to Zhongyuan Securities, the revenue growth of food and beverage listed companies is expected to remain in single digits by 2025, slightly above the overall industry growth. The cost environment is anticipated to remain favorable, which will support corporate profits during a period of significant revenue growth slowdown. Investment opportunities are recommended in the dairy, beer, soft drinks, health products, and snacks sectors [1] Group 2: Credit Bond ETF Market - The first batch of eight benchmark market-making credit bond ETFs has surpassed a total scale of 100 billion yuan, reaching 102.33 billion yuan as of June 19. This rapid growth reflects the increasing demand from investors for credit bond ETFs since their inception in early 2025 [2] - Since the launch of the first batch of benchmark market-making credit bond ETFs, there has been a net inflow of 33.10 billion yuan over the first ten working days of their pledge-style repurchase trading [2] Group 3: Market Performance Overview - On June 20, the three major indices collectively declined, with the Shanghai Index closing at 3359.9 points, the Shenzhen Component at 10005.03 points, and the ChiNext at 2009.89 points. The highest intraday points were 3370.8, 10084.1, and 2036.02 respectively [3] - In terms of sector performance, transportation, food and beverage, and banking sectors ranked highest with daily increases of 0.88%, 0.73%, and 0.69% respectively, while media, computer, and oil and petrochemical sectors ranked lowest with declines of -1.91%, -1.79%, and -1.71% [6] Group 4: ETF Market Performance - The overall performance of ETFs showed that strategy-based stock ETFs had the best average daily return of 0.39%, while thematic stock ETFs had the worst average return of -0.54% [9] - The top-performing ETFs today included the liquor ETF (512690.SH) with a return of 2.20%, the logistics express ETF (516530.SH) with 1.44%, and the logistics ETF (516910.SH) with 1.43% [12] Group 5: ETF Trading Volume - The top three ETFs by trading volume today were the A500 ETF (159351.SZ) with a trading volume of 2.638 billion yuan, the A500 ETF fund (512050.SH) with 2.488 billion yuan, and the Shanghai 50 ETF (510050.SH) with 2.165 billion yuan [17]

Market Overview - The A-share market continues to experience a volume contraction, with the Shanghai Composite Index closing at 3359.9 points, reflecting a cumulative decline of 0.51% for the week [1] - Market sentiment is generally cautious as the end of the first half of the year approaches [1] ETF Performance - Bank-related ETFs have emerged as a "safe haven" during the weak market, with several bank ETFs reaching historical highs [1][4] - The overall performance of ETF products has been lackluster, with the median weekly return for over 1100 products at approximately -0.86% [1] - The bank ETF index fund recorded a weekly increase of 3.22%, with other related products also exceeding 3% in weekly gains [4] Top Performers - The top performers for the week include multiple bank ETFs, which have all achieved historical highs [4] - The wine ETF showed a weak rebound of 2.39%, entering the gainers' list, although its long-term trend remains uncertain [4] Underperformers - The decline in the market was predominantly driven by Hong Kong innovative drug-related ETFs, all of which experienced significant downturns [5][7] - The top 20 ETFs with the largest declines were all related to Hong Kong innovative drugs, with the leading product, the Hong Kong Medical ETF, dropping by 8.617% [5][7] - Additionally, gold-related ETFs also saw substantial declines, with several products falling over 6% due to a more than 2.5% drop in international gold prices [7]

Group 1: Fund News - Dong Fang has resigned as the Deputy General Manager of China Merchants Fund effective June 19, 2023, after joining the company in August 2023 [1] - As of June 19, 2023, 47 new equity funds have been established in June, with several funds entering the investment phase within half a month of their establishment [2] - Oil and gas public funds have outperformed innovative drug-themed products in terms of net value growth since June, with 12 public funds showing over 10% growth, all of which are oil-themed funds [3] Group 2: Fund Manager Dynamics - Li Xiaoxing has adjusted holdings in Jingpin Special Equipment, with the Silver Hua Xinyi Flexible Allocation Mixed Fund appearing in the top ten circulating shareholders for the first time, holding 840,100 shares [4] Group 3: ETF Market Review - The market experienced a downward trend, with the Shanghai Composite Index falling by 0.07%, the Shenzhen Component Index by 0.47%, and the ChiNext Index by 0.84%. The total trading volume in both markets was 1.07 trillion yuan, a decrease of 182.9 billion yuan from the previous trading day [5] - The liquor sector saw a rebound, with Huangtai Liquor reaching the daily limit, and the liquor ETF leading with a 2.20% increase [5][6] Group 4: ETF Opportunities - The white liquor industry is expected to continue seeking a bottom in its industrial prosperity by Q2 2025, with price pressures outweighing volume pressures. Companies that can adapt to fast-moving consumer goods operations will have a competitive advantage [8] Group 5: Upcoming Fund Launches - The Qianhai Open Source CSI 500 Equal Weight ETF Link is set to launch, managed by Liang Pusen, with a performance benchmark of the CSI 500 Equal Weight Index return rate multiplied by 95% plus the after-tax bank RMB demand deposit interest rate multiplied by 5% [9]