1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report focuses on the performance of the ETF fund market, summarizing the past week's performance and fund - flow of the overall ETF market, different popular sub - type ETF funds, and innovative theme and sub - industry ETF funds for investors' reference [1]. 3. Summary by Related Catalogs 3.1 ETF Market Overall Performance - Market performance: From September 15th to 19th, stock ETFs showed a differentiated trend. Hong Kong TMT ETFs and Hong Kong mid - stream manufacturing ETFs had relatively high gains, with an average increase of 3.67% and 3.55% for funds above a certain scale. Conversely, Shanghai - Hong Kong - Shenzhen theme ETFs and Hong Kong financial and real estate ETFs had relatively deep declines, with an average decrease of 4.69% and 4.48% for funds above a certain scale [2][5]. - Fund - flow: Funds flowed significantly into Hong Kong TMT ETFs and financial and real estate ETFs, with net inflows of 11.82 billion yuan and 11.294 billion yuan throughout the week. In contrast, A - share large - cap ETFs and A - share STAR Market and ChiNext Innovation ETFs had significant outflows, with net outflows of 6.3 billion yuan and 5.12 billion yuan throughout the week [3][8]. 3.2 Different Popular Sub - type ETF Funds Market Performance - A - share ETFs: Include various categories such as broad - based indices (full - market, large - cap/super - large - cap, small - and medium - cap, STAR Market/ChiNext), industries (TMT, new energy, consumption, pharmaceutical and biological, cyclical, financial and real estate), SmartBeta (value, growth, dividend, free cash flow), themes, etc. Each category shows different performance in terms of weekly fund - flow, weekly returns, recent one - month returns, and year - to - date returns [16][17][18]. - Hong Kong ETFs: Include broad - based indices, industries (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, financial and real estate), SmartBeta (dividend), themes, etc. Each category also shows different performance in terms of weekly fund - flow, weekly returns, recent one - month returns, and year - to - date returns [31][32][33]. - Shanghai - Hong Kong - Shenzhen ETFs: Include industries and themes, with different performance in terms of weekly fund - flow, weekly returns, recent one - month returns, and year - to - date returns [36][37]. - US ETFs: Include broad - based indices and industries, with different performance in terms of weekly fund - flow, weekly returns, recent one - month returns, and year - to - date returns [38][39]. - Other QDII - ETFs (excluding Hong Kong and US): Show different performance in terms of weekly fund - flow, weekly returns, recent one - month returns, and year - to - date returns [40]. - Bond ETFs and commodity ETFs: Bond ETFs and commodity ETFs also show different performance in terms of weekly fund - flow, weekly returns, recent one - month returns, and year - to - date returns [41][42]. 3.3 Innovative Theme and Sub - industry ETF Funds Market Performance - TMT innovative themes: Include anime and games, smart cars, semiconductor chips, etc. Each theme shows different weekly returns and year - to - date returns [45]. - Consumption sub - industries: Include tourism, household appliances, grain, livestock breeding, etc. Each sub - industry shows different weekly returns and year - to - date returns [46]. - Pharmaceutical sub - industries: Include medical care, biomedicine, innovative drugs, etc. Each sub - industry shows different weekly returns and year - to - date returns [47]. - New energy themes: Include smart electric vehicles, new energy vehicles, new energy vehicle batteries, etc. Each theme shows different weekly returns and year - to - date returns [48]. - Central and state - owned enterprise themes: Include central enterprise technology leadership, Shanghai state - owned enterprises, etc. Each theme shows different weekly returns and year - to - date returns [49]. - Steady - growth themes: Include coal, real estate, infrastructure projects, etc. Each theme shows different weekly returns and year - to - date returns [50]. - Shanghai - Hong Kong - Shenzhen/Hong Kong Stock Connect sub - industries: Include Hong Kong Stock Connect technology, Hong Kong Stock Connect Internet, etc. Each sub - industry shows different weekly returns and year - to - date returns [51]. - Dividend/dividend low - volatility index families: Include Shenzhen Dividend, CSI Dividend, Shanghai Dividend, etc. Each index shows different weekly returns and year - to - date returns [52]. - STAR Market/ChiNext index families: Include STAR Market chips, ChiNext 50, etc. Each index shows different weekly returns and year - to - date returns [53].

Market Overview - In July, the net outflow of broad-based ETFs reached 85.2 billion CNY, continuing the trend from June[12] - The net outflow from the CSI A500 ETF was particularly significant, totaling 41.2 billion CNY, indicating profit-taking by institutional investors as the index approached its October 2024 high[12] - The net inflow for industry ETFs was 11.82 billion CNY, with financial real estate and cyclical manufacturing ETFs being the primary contributors, attracting 6.61 billion CNY and 5.46 billion CNY respectively[16] Bond Market - In July, large commercial banks and policy banks net purchased 305.5 billion CNY in interest rate bonds, a significant increase from 37.4 billion CNY in June[34] - Conversely, the net selling of interest rate bonds by joint-stock banks reached 471.3 billion CNY, up from 406.3 billion CNY in June[34] - Insurance companies increased their net purchases of interest rate bonds to 199 billion CNY, focusing on long-term bonds[37] Commodity Market - The gold ETF experienced a net outflow of 1.57 billion CNY in July, marking a shift from previous inflows[41] - Energy and soybean meal ETFs also saw net outflows of 0.11 billion CNY and 1.38 billion CNY respectively, while non-ferrous metal ETFs maintained a net inflow of 0.175 billion CNY[41] Liquidity and Monetary Policy - The central bank maintained a net injection of 236.5 billion CNY in July, utilizing various monetary policy tools without adjusting reserve requirements or interest rates[46] - The central bank's operations included a notable 200 billion CNY in medium-term lending facility (MLF) to stabilize the funding environment[46] Risk Factors - Key risks include escalating geopolitical tensions, domestic macroeconomic policies falling short of expectations, and potential economic downturns abroad[49]