Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The strategy is based on the research reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) to construct a strategy portfolio of industry and theme ETFs [2] - In the week of 20250811, the model recommends allocating sectors such as joint - stock banks, games, and semiconductors. In the next week, the strategy will newly hold products like Game ETF, Science and Technology Innovation Chip Design ETF, and Satellite ETF, and continue to hold products like Bank ETF, Financial Real Estate ETF, and Gold Stock ETF [2] - As of last weekend, some ETFs and the trading timing signals of the underlying indexes gave daily or weekly risk warnings [2] 3. Summary by Relevant Catalogs Performance Tracking - During the period from 20250804 to 20250808, the cumulative net return of the strategy was about 2.62%, and the excess return relative to the CSI 300 ETF was about 1.41% [3] - From October 14, 2024, to the present, the cumulative out - of - sample return of the strategy was about 7.08%, and the cumulative excess relative to the CSI 300 ETF was about - 0.79% [3] Future 1 - Week Recommended ETFs (20250811 - 20250815) | Fund Code | ETF Name | Holding Status | ETF Market Value (billion yuan) | Heavy - Positioned Shenwan II Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 512800 | Bank ETF | Continue to hold | 151.38 | Joint - stock banks (44.73%) | 1 | - 1 | | 159869 | Game ETF | Transfer in | 73.17 | Games (81.29%) | 1 | 1 | | 588780 | Science and Technology Innovation Chip Design ETF | Transfer in | 2.77 | Semiconductors (95.73%) | 1 | 1 | | 159940 | Financial Real Estate ETF | Continue to hold | 7.99 | Securities (29.12%) | 1 | - 1 | | 517520 | Gold Stock ETF | Continue to hold | 46.34 | Precious metals (41.51%) | 1 | 1 | | 510000 | Central Enterprise ETF | Continue to hold | 1.21 | State - owned large - scale banks (18.11%) | 1 | 1 | | 512690 | Wine ETF | Continue to hold | 152.39 | Baijiu (85.37%) | - 1 | - 1 | | 159206 | ZETF | Transfer in | 1.33 | Military electronics II (34.22%) | 1 | 1 | | 159786 | VRETF | Transfer in | 1.32 | Optoelectronics (26.64%) | 1 | 1 | | 159652 | Non - ferrous 50 ETF | Transfer in | 5.21 | Industrial metals (49.34%) | 1 | 1 | [9] Near 1 - Week ETF Holdings and Performance (20250804 - 20250808) | Fund Code | Current Holding Status | ETF Name | ETF Market Value (billion yuan) | Near 1 - Week Increase/Decrease (%) | | --- | --- | --- | --- | --- | | 562550 | - | Green Power ETF | 1.21 | 1.50 | | 512800 | Continue to hold | Bank ETF | 151.38 | 1.99 | | 512690 | Continue to hold | Wine ETF | 152.39 | 1.06 | | 159768 | - | Real Estate ETF | 6.13 | 2.14 | | 159940 | Continue to hold | Financial Real Estate ETF | 7.99 | 1.41 | | 515220 | Transfer out | Coal ETF | 80.20 | 3.78 | | 159996 | Transfer out | Home Appliance ETF | 12.72 | 2.55 | | 510060 | Continue to hold | Central Enterprise ETF | 1.21 | 1.42 | | 516550 | Transfer out | Agricultural ETF | 1.87 | 1.76 | | 517520 | Continue to hold | Gold Stock ETF | 46.34 | 8.91 | | - | ETF Portfolio Average Return | - | - | 2.62 | | 510300 | - | CSI 300 ETF | 3819.72 | 1.21 | | - | ETF Portfolio Excess Return | - | - | 1.41 | [10]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The performance of ETF products has varied in the past two weeks. Among the major broad - based ETFs, the CSI 2000 ETF had the largest increase, and among the industry and theme products, the military industry ETF had the largest increase. The fund flow trends of different types of ETFs have also changed, with some showing accelerated inflows, some turning from inflows to outflows, and others showing a slowdown in inflows [2][9]. 3. Summary According to the Table of Contents 3.1 ETF Market Review 3.1.1 Main Type ETF Fund Flow Overview - **Return Performance**: As of August 8, in the past two weeks, ETF products showed mixed performance. Among the major broad - based ETFs, the CSI 2000 ETF had the largest increase, and among the industry and theme products, the military industry ETF had the largest increase [9]. - **Fund Flow**: In the past two weeks, among the major broad - based ETFs, the CSI 2000 ETF had a net inflow of funds, while the CSI 300 ETF had the largest net outflow of funds [9]. 3.1.2 Main Type ETF Cumulative Fund Flow - **Broad - based ETF**: Since 2025, the fund flow of major broad - based ETFs has changed from outflow to inflow and then to outflow. The A - series ETFs have had continuous outflows. As of August 8, the Science and Technology/Innovation ETFs, A - series ETFs, and CSI 500 ETFs have all had net outflows. In the past two weeks, the net outflow speed of broad - based ETFs has accelerated, except for the A - series ETFs, whose net outflow speed has slowed down [10]. - **Industry and Theme/Strategy ETF**: The technology ETF has seen an increase in the inflow speed in the past two weeks. The pharmaceutical ETF has turned from net outflow to net inflow, the new energy ETF has turned from net inflow to net outflow, and the consumer ETF has seen an accelerated inflow. The inflow speed of the dividend, cycle, financial real estate, and large - manufacturing ETFs has slowed down [2][14]. - **Bond ETF**: In 2025, the credit bond and treasury bond ETFs have had the largest net inflows. In the past two weeks, there has been a large inflow of funds into the credit bond ETF, the local bond ETF has turned from net outflow to net inflow, the net inflow speed of the treasury bond ETF has slowed down, and the convertible bond and short - term financing ETFs have seen an accelerated net inflow [14]. 3.1.3 ETF Product Structure Distribution - **Newly Established Products**: As of August 8, a total of 13 new ETFs have been established in the market in the past two weeks, with a total issuance share of 5.152 billion, all of which are stock ETFs [2][17]. - **Scale Change**: Compared with the end of 2024, the scale of various types of ETFs has increased. The scale of bond ETFs, commodity ETFs, industry + dividend ETFs, QDII - ETFs, and broad - based ETFs has increased by 204.20%, 106.93%, 45.79%, 22.68%, and 2.55% respectively [2]. 3.1.4 Manager Scale Distribution - As of August 8, Huaxia Fund has the largest on - exchange ETF scale, reaching 79.1655 billion yuan. E Fund's ETF management scale has expanded by nearly 30 billion yuan compared with a year ago [18]. 3.2 Classification - based ETF Tracking 3.2.1 Technology Theme ETF Tracking - **Return Performance**: Products tracking communication equipment - related indices have performed well in the past two weeks [24]. - **Fund Flow**: Products tracking the Hang Seng Technology index had the largest net inflow of funds in the past two weeks, while products tracking the animation and game index had a net outflow of funds [27]. 3.2.2 Dividend Theme ETF Tracking - **Return Performance**: ETF products tracking the Hong Kong Stock Connect High - Yield Selection index had the largest increase in yield in the past two weeks [30]. - **Fund Flow**: Products tracking the S&P China A - Share Large - Cap Dividend Low - Volatility 50 index had the largest net inflow of funds in the past two weeks, while products tracking the Guoxin Hong Kong Stock Connect Central Enterprise Dividend index had a net outflow of funds [34]. 3.2.3 Consumption Theme ETF Tracking - **Return Performance**: Products tracking the China Education index have performed well in the past two weeks, and products tracking the S&P 500 Consumer Select Index have a relatively high premium rate [37]. - **Fund Flow**: ETFs tracking the 800 Consumption index had the largest net inflow of funds in the past two weeks, while products tracking household appliances had a net outflow of funds [40]. 3.2.4 Pharmaceutical Theme ETF Tracking - **Return Performance**: Products tracking innovation - drug indices such as the Hang Seng Innovation - Drug index have performed well in the past two weeks [42]. - **Fund Flow**: Not fully provided in the content 3.3 Hot - Theme ETF Tracking - Not fully provided in the content

无需50万，A股账户就能直接买科创板>> ETF开盘涨跌不一，科创200ETF基金(588820)领涨13.56%，创业板200ETF银华(159575)涨6.92%，金融 地产ETF(159940)涨3.29%，德国ETF(159561)领跌2.58%，德国ETF(513030)跌2.35%，法国 CAC40ETF(513080)跌2.27%。 ...

ETF Market Overview - The overall performance of ETF products has been good in the past two weeks, with the largest increase seen in the ChiNext Index ETF and the pharmaceutical industry ETF [4][12] - Major broad-based ETFs such as the Science and Technology 50, CSI 2000, and CSI 800 saw net inflows, while the CSI A500 ETF experienced the largest net outflow [4][12] - After significant outflows at the beginning of the year, technology ETFs have shifted to net inflows since March, with a notable acceleration in inflow speed in the last two weeks [4][20] ETF Product Structure Distribution - As of July 11, 17 new ETFs were launched in the past two weeks, with a total issuance of 31.823 billion units, including 7 stock ETFs and 10 pure bond ETFs [27] - Compared to the end of 2024, the scale of various ETFs has increased, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs rising by 132.25%, 111.16%, 29.00%, 14.05%, and 2.70% respectively [27] Thematic ETF Tracking - In the technology theme ETFs, products tracking animation and gaming performed best, while overseas technology ETFs underperformed compared to domestic ones [33] - For dividend theme ETFs, those tracking the CSI Central State-Owned Enterprise Dividend had the highest return in the past two weeks, with significant net inflows for products tracking low-volatility dividend indices [4][33] - In the pharmaceutical theme ETFs, products tracking innovative drug indices showed strong performance, with net inflows for those tracking Hong Kong Stock Connect innovative drug indices [4][33] Fund Manager Scale Distribution - As of July 11, Huaxia Fund has the largest ETF scale at 762.281 billion yuan, while E Fund's ETF management scale has expanded by over 290 billion yuan compared to one year ago [28]

ETF开盘涨跌不一，稀土ETF嘉实(516150)领涨2.06%，稀土ETF(516780)涨1.88%，稀土ETF(159713)涨 1.83%，德国ETF(159561)领跌1.49%，德国ETF(513030)跌1.29%，金融地产ETF(159940)跌0.92%。 无需额外开户，A股账户直接T+0买全球>>> ...

截至2025年7月10日 13:51，中证全指金融地产指数(000992)强势上涨1.60%，成分股中银证券(601696)、绿地控股(600606)10cm涨停，深深房A(000029) 上涨9.81%，中油资本(000617)，新城控股(601155)等个股跟涨。金融地产ETF(159940)上涨1.64%， 冲击6连涨。 金融地产ETF(159940)，场外联接(广发金融地产联接A：001469；广发金融地产联接C：002979)。 流动性方面，金融地产ETF盘中成交911.29万元。拉长时间看，截至7月9日，金融地产ETF近1周日均成交1018.93万元。 规模方面，金融地产ETF最新规模达10.01亿元。 截至7月9日，金融地产ETF近1年净值上涨42.84%，指数股票型基金排名402/2907，居于前13.83%。从收益能力看，截至2025年7月9日，金融地产ETF 自成立以来，最高单月回报为24.06%，最长连涨月数为4个月，最长连涨涨幅为29.82%，上涨月份平均收益率为5.00%。截至2025年7月9日，金融地产 ETF近3个月超越基准年化收益为7.20%。 金融地产ETF紧密跟踪中证全指金 ...

Group 1 - The report indicates a positive outlook for equity assets, supported by a stock-bond rotation model showing a marginal decline in private sector financing growth but still in an upward trend, with inflation factors decreasing and economic recovery signals persisting [4][9] - The sentiment index for the A-share market has turned optimistic for the upcoming month, with indicators such as stock investment ratios and net inflows from large orders maintaining a bullish outlook [4][9] - The report recommends maintaining a high allocation to equity assets, with a focus on small-cap and growth styles for July, while suggesting stable fixed-income products for conservative investors [4][10] Group 2 - The report highlights the implementation of consumption policies aimed at enhancing consumer capacity and expanding financial support for consumption, with 19 key measures proposed [5][12] - A high-quality development plan for inclusive finance has been published, emphasizing the establishment of a comprehensive inclusive financial system over the next five years [5][12] - The second quarter monetary policy meeting indicated a more optimistic view of the domestic economy, while maintaining a stance of "moderate easing" in monetary policy [5][12] Group 3 - The report notes that the ETF market has performed well recently, with significant inflows into broad-based ETFs, particularly in the ChiNext index ETF and financial real estate sector ETFs [6][15] - The report mentions that 16 new ETFs were launched in the past two weeks, with a total issuance of 6.621 billion units, indicating growth in the ETF market [6][15] - The performance of thematic ETFs, such as those tracking AI and robotics, has been highlighted, with notable inflows and returns [6][17] Group 4 - The report discusses the wind power sector, forecasting a doubling of global offshore wind installations by 2025, with a compound annual growth rate of 21% expected over the next decade [19][20] - It also mentions the competitive landscape in the energy storage market, with prices for lithium iron phosphate battery systems continuing to decline, reflecting increased competition [20][21] - Investment recommendations include focusing on companies in the offshore wind sector and those involved in energy storage, highlighting specific firms such as Mingyang Smart Energy and Sunshine Power [21][22] Group 5 - The report emphasizes innovation in the liquor industry, with companies like Luzhou Laojiao focusing on low-alcohol and youth-oriented products to meet changing consumer demands [22][23] - It identifies opportunities in the beverage and snack sectors, driven by evolving consumer preferences and the introduction of functional products [22][23]