1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the week from July 21 - July 25, 2025, ETF funds had the highest average weekly increase of 2.40%. Other types of funds ranked by average weekly returns from high to low were: quantitative funds (2.25%), active equity funds (1.76%), QDII funds (1.12%), FOF funds (0.65%), bond funds (-0.04%), and REITs funds (-1.87%) [2][8]. - Year - to - date, QDII funds led with an average return of 18.73%, followed by REITs funds (16.80%), active equity funds (13.86%), quantitative funds (12.69%), ETF funds (12.46%), FOF funds (6.94%), and bond funds (1.68%) [8]. 3. Summary According to the Table of Contents 3.1 Cross - Category Fund Product Return Overview - This week, ETF funds had the highest average weekly increase of 2.40%, followed by quantitative funds (2.25%), active equity funds (1.76%), QDII funds (1.12%), FOF funds (0.65%), bond funds (-0.04%), and REITs funds (-1.87%) [2][8]. - Year - to - date, QDII funds had an average return of 18.73%, REITs funds 16.80%, active equity funds 13.86%, quantitative funds 12.69%, ETF funds 12.46%, FOF funds 6.94%, and bond funds 1.68% [8]. 3.2 Active Equity Funds - **Performance of Major Broad - based Indexes in A - share and Hong Kong Markets**: This week, all major broad - based indexes in the A - share market rose, with the overall increase lower than last week. The Science and Technology Innovation 50 Index had the best performance with a 4.63% increase, followed by the CSI 500 Index (3.28%), and the SSE 50 Index had the smallest increase of 1.12%. In the Hong Kong market, major broad - based indexes also rose, with the increase lower than last week. The Hang Seng Index and Hang Seng Tech Index increased by 2.27% and 2.51% respectively [12]. - **Performance of Shenwan Primary Industry Indexes**: Most Shenwan primary industry indexes rose this week. The building materials, coal, and steel industry indexes performed relatively well, with weekly increases of 8.20%, 7.98%, and 7.67% respectively. The public utilities, communication, and banking industry indexes performed weakly, with weekly increases of - 0.27%, - 0.77%, and - 2.87% respectively [15]. - **Overview of High - performing Active Equity Funds**: The average weekly return of active equity funds was 1.76%. Jinxin Industry Preferred Hybrid A had the best performance with a weekly return of 11.66%. High - performing funds mostly held stocks in the electronics, non - ferrous metals, and coal industries [17]. - **Overview of Industry - specific Active Equity Funds**: The average weekly return of industry - specific active equity funds was 1.51%, slightly weaker than the overall level of active equity funds. Cyclical industry funds performed brightly this week, with an average return of 4.86%. TMT industry funds had an average weekly return of 2.12%, ranking second. Pharmaceutical industry funds had a relatively weak performance with an average weekly return of - 0.15%. The average returns of other three types of industry funds were: mid - stream manufacturing (1.87%), consumption (1.56%), and financial real estate (1.35%) [19]. - **Overview of Non - industry Active Equity Funds**: The average weekly return of non - industry funds was 1.78%, slightly better than the overall level of active equity funds. The value - style funds significantly outperformed this week, with an average weekly return of 2.43%. The average returns of the other two styles were: growth (1.33%) and balanced (1.80%) [22]. 3.3 Quantitative Funds - **Overview of Quantitative Fund Returns**: The average weekly return of quantitative funds was 2.25%. Huabao CSI Rare Metals Theme A had the highest weekly return of 10.92%. In terms of strategy types, index - enhanced funds had the best performance with an average weekly return of 2.47%. The average weekly returns of the other two types were: active quantitative (2.21%) and stock long - short (0.10%) [24]. - **Overview of Returns of Major Index - enhanced Quantitative Funds**: Among index - enhanced quantitative funds this week, funds tracking the CSI 500 Index performed best, with an average return of 3.18%. The average weekly returns of funds tracking the CSI 300, CSI 1000, and Guozheng 2000 Indexes were 1.75%, 2.42%, and 2.31% respectively. In terms of excess returns, the proportion of funds achieving positive excess returns was 54.13%, similar to last week. Funds tracking the Guozheng 2000 Index had the highest average excess return of 0.19%. The average weekly excess returns of funds tracking the other three indexes were: CSI 300 Index (0.06%), CSI 500 Index (- 0.10%), and CSI 1000 Index (0.06%) [26]. 3.4 Bond Funds - **Performance of Major Bond Indexes**: This week, major bond market indexes declined overall. The CSI Aggregate Bond Index fell 0.49% to close at 260.12, the CSI Treasury Bond Index fell 0.59% to 246.44, and the CSI Credit Bond Index fell 0.37% to 213.20 [28]. - **Performance of Convertible Bond Indexes**: This week, the CSI Convertible Bond Index rose 2.14% to close at 463.57, with the weekly trading volume increasing by 14.16%. The median convertible bond price rose 1.66% to 129.66, and the median conversion premium rate rose 0.93% to 26.77% [30]. - **Overview of Bond Fund Returns**: The average weekly return of bond funds was - 0.04%. Galaxy Zhaoyi 6 - month Holding Hybrid A had the best performance with a weekly return of 9.26%. High - performing bond funds were mostly hybrid bond - type, convertible bond - type, and partial - debt hybrid - type [32]. - **Overview of Pure - bond Fund Returns**: The average weekly return of pure - bond funds was - 0.27%. The returns of short - term and medium - long - term pure - bond funds were - 0.10% and - 0.30% respectively. Fullgoal Dingli Pure Bond Three - month Regular Open Bond - type Initiated Fund performed relatively best, with an average weekly return of 1.43% [34]. - **Overview of Hybrid Bond Fund Returns**: The average weekly return of hybrid bond funds was 0.16%. The return of hybrid bond - type first - level funds was - 0.06%, and that of hybrid bond - type second - level funds was 0.32%. Hongta Hongtu Shengshang One - year Regular Open Bond A performed best, with an average weekly return of 5.92% [36]. - **Overview of Partial - debt Hybrid and Flexible Allocation Bond Fund Returns**: The average weekly return of partial - debt hybrid bond funds was 0.33%, and that of flexible allocation bond funds was 0.19%. Galaxy Zhaoyi 6 - month Holding Hybrid A performed best, with a weekly return of 9.26% [38]. - **Overview of Convertible Bond Fund Returns**: The average weekly return of convertible bond funds was 2.37%. Huashang Convertible Bond A performed best, with an average weekly return of 5.69% [41]. 3.5 ETF Funds - **Overview of ETF Fund Fund Flows**: This week, ETF funds had a net inflow of 2.007 billion yuan, a 96.43% decline from the previous week. Except for bond - type and cross - border ETFs, which had net inflows, other types of ETFs had net outflows. Bond - type ETFs had a net inflow of 9.969 billion yuan, a 86.41% decline from the previous week. Commodity - type ETFs had a net outflow of 5.544 billion yuan, about 3.5 times the change from the previous week. Stock - type ETFs had a net outflow of 4.496 billion yuan. Among them, scale - index ETFs had the largest outflow of 14.341 billion yuan, with a 49.48% change from the previous week [43]. - **Overview of ETF Funds with Top Net Inflows by Index**: Among the tracked indexes, ETFs tracking the Shanghai 30 - year Treasury Bond, CSI 30 - year Treasury Bond Wealth Index, and AAA Sci - tech Innovation Bonds had the top net inflows, with 5.272 billion yuan, 3.673 billion yuan, and 3.483 billion yuan respectively. Among equity indexes, ETFs tracking the Hong Kong Securities and Hong Kong Stock Connect Internet Index had the top total net inflows, with 3.762 billion yuan and 3.705 billion yuan respectively [47]. - **Overview of ETF Funds with Top Net Outflows by Index**: This week, the tracked indexes with top net outflows included bond - type, equity - type, and commodity - type indexes. ETFs tracking the Shanghai Market - made Corporate Bonds had a total net outflow of 2.717 billion yuan. Among equity indexes, ETFs tracking the CSI A500, Science and Technology Innovation Composite Index, and Science and Technology Innovation 50 Index had total net outflows of 6.737 billion yuan, 1.583 billion yuan, and 1.512 billion yuan respectively. ETFs tracking the SGE Gold 9999 Index had a total net outflow of 4.777 billion yuan [48]. - **Overview of ETF Funds with Top Net Inflows**: This week, the ETFs with top net inflows were mostly bond - type ETFs. The 30 - year Treasury Bond ETF Boshi had the largest net inflow of 5.272 billion yuan, followed by the Hong Kong Securities ETF with a net inflow of 3.762 billion yuan. Among theme - index ETFs, the Steel ETF and Chemical ETF also had top net inflows [51]. - **Overview of ETF Funds with Top Net Outflows**: This week, the Yinhuari ETF had the largest net outflow of 3.798 billion yuan. Among scale - index ETFs, the CSI A500ETF Invesco had a relatively large net outflow of 3.252 billion yuan. Among bond - type ETFs, the Short - term Financing ETF had a net outflow of 1.266 billion yuan [53]. - **Overview of High - performing ETF Fund Returns**: This week, the average change of ETF funds was 2.40%. The Rare Metals ETF Fund had the highest weekly increase of 11.80%, mainly driven by the tightening global supply of rare metals and increased demand in the new energy field, which pushed up the sector price. High - performing ETF funds were mostly theme - index ETFs, with investment themes such as rare metals and rare earths. In addition, among industry - index ETFs, the Rare Metals ETF Fund also had a top increase of 9.74% [55]. 3.6 FOF Funds This week, the average return of FOF funds was 0.65%. Guotai Industry Rotation Stock (FOF - LOF) A had the best performance with a weekly return of 7.97%. In terms of types, stock - type FOF funds performed best, with an average return of 2.91%. The average returns of the other two types were: hybrid FOF (0.69%) and bond - type FOF (0.01%) [57]. 3.7 QDII Funds This week, the overall average return of QDII funds was 1.12%. Huaxia Nomura Nikkei 225ETF had the highest weekly return of 5.02%. The average returns of different types of QDII funds were: stock - type (1.39%), hybrid (0.79%), bond - type (0.07%), and other types (0.55%) [59]. 3.8 REITs Funds This week, the average change of REITs funds was - 1.87%. Boshi Jinkai Science and Industry Park REIT had the best performance with a weekly change of 8.49% [61].

Report Industry Investment Rating Not provided in the content Core Viewpoints - This week (from July 14 to July 18, 2025), among various types of fund products, active equity funds had the highest weekly average return rate of 3.00%. The other types of funds, ranked by their weekly average return rates from high to low, were QDII funds (2.45%), ETF funds (1.81%), quantitative funds (1.48%), FOF funds (0.55%), bond funds (0.19%), and REITs funds (0.08%) [2][8]. - Year - to - date, REITs funds led with an average increase of 19.07%. The other types of funds, ranked by their return rates from high to low, were QDII funds (17.11%), active equity funds (11.94%), quantitative funds (9.79%), ETF funds (9.75%), FOF funds (4.94%), and bond funds (1.71%) [8]. Summary by Directory 1. Cross - Category Fund Product Return Overview - Selected funds for statistical analysis had a scale of over 0.1 billion yuan at the end of the latest reporting period and were established before 2025. This week, active equity funds had the highest weekly average return rate of 3.00%. Year - to - date, REITs funds led with an average increase of 19.07% [8]. 2. Active Equity Funds 2.1 Performance of Major Broad - Based Indexes in A - share and Hong Kong Markets - This week, all major broad - based indexes in the A - share market except the BeiZheng 50 index rose, with the overall increase slightly lower than last week. The ChiNext Index had the best performance with a weekly change of 3.17%, followed by the Shenzhen Component Index with 2.04%. The BeiZheng 50 index had the weakest performance with a weekly change of - 0.16%. All major broad - based indexes in the Hong Kong market rose this week, with the increase significantly higher than last week. The Hang Seng Index and the Hang Seng Tech Index had changes of 2.84% and 5.53% respectively [11]. 2.2 Performance of Shenwan Primary Industry Indexes - Most Shenwan primary industry indexes rose this week. The communication, pharmaceutical biology, and automobile industry indexes performed relatively well, with weekly changes of 7.56%, 4.00%, and 3.28% respectively. The public utilities, real estate, and media industry indexes performed weakly, with weekly changes of - 1.37%, - 2.17%, and - 2.24% respectively [13]. 2.3 Overview of Returns of High - Performing Active Equity Funds - This week, the overall average return rate of active equity funds was 3.00%. Great Wall Health Mix A had the best performance with a weekly return rate of 16.27%, driven by the launch of the national drug procurement and the total License - out amount approaching 66 billion yuan in the first half of the year. High - performing funds mostly had heavy positions in industries such as pharmaceutical biology and communication [15]. 2.4 Overview of Returns of Industry - Specific Active Equity Funds - This week, the average return rate of industry - specific active equity funds was 5.15%, significantly better than the overall level of active equity funds. Pharmaceutical industry funds performed brightly this week with an average return rate of 8.54%. TMT industry funds had a weekly average return rate of 4.86%. Financial real - estate industry funds had a relatively weak performance with a weekly average return rate of 0.03% [18]. 2.5 Overview of Returns of Non - Industry Active Equity Funds - This week, the average return rate of non - industry funds was 2.72%, slightly weaker than the overall level of active equity funds. The growth - style funds were relatively dominant this week with a weekly average return rate of 3.58% [21]. 3. Quantitative Funds 3.1 Overview of Quantitative Fund Returns - This week, the average return rate of quantitative funds was 1.48%. Huaxia CSI All - Share Pharmaceutical and Healthcare Enhanced had the highest weekly return rate of 8.83%. In terms of strategy types, active quantitative funds had the best weekly average return of 1.66% [23]. 3.2 Overview of Returns of Major Index - Enhanced Quantitative Funds - This week, among index - enhanced quantitative funds, funds tracking the Guozheng 2000 index performed better with an average return rate of 1.69%. The weekly average return rates of funds tracking the CSI 300, CSI 500, and CSI 1000 indexes were 1.10%, 1.06%, and 1.44% respectively. The proportion of funds achieving positive excess returns was 58.72%, slightly higher than last week [25]. 4. Bond Funds 4.1 Performance of Major Bond Indexes - This week, major bond market indexes generally rose. The CSI Aggregate Bond Index rose 0.11% to close at 261.42, the CSI Treasury Bond Index rose 0.04% to close at 247.89, and the CSI Credit Bond Index rose 0.08% to close at 214.00 [27]. 4.2 Performance of Convertible Bond Indexes - This week, the CSI Convertible Bond Index rose 0.67% to close at 453.86, with the weekly trading volume increasing by 3.75%. The median convertible bond price rose 1.07% to close at 127.55, and the median conversion premium rate rose 0.25% to 26.52% [30]. 4.3 Overview of Bond Fund Returns - This week, the average return rate of bond funds was 0.19%. Huashang Shuangyi Balance Mix A had the best performance with a weekly return rate of 5.09%. High - performing bond funds were mostly partial - debt hybrid, convertible bond, and hybrid bond funds [32]. 4.4 Overview of Returns of Pure - Bond Funds - This week, the average return rate of pure - bond funds was 0.07%. The return rates of short - term and medium - long - term pure - bond funds were 0.05% and 0.07% respectively. Huatai Zijin Zhihe Interest - Rate Bond performed relatively best with a weekly average return rate of 1.90% [34]. 4.5 Overview of Returns of Hybrid Bond Funds - This week, the weekly average return rate of hybrid bond funds was 0.26%. The return rates of hybrid bond - type level - 1 and level - 2 funds were 0.14% and 0.35% respectively. Golden Eagle Yuanfeng Bond A performed best with a weekly average return rate of 3.07% [37]. 4.6 Overview of Returns of Partial - Debt Hybrid and Flexible Allocation Bond Funds - This week, the average return rate of partial - debt hybrid bond funds was 0.49%, and that of flexible allocation bond funds was 0.30%. Huashang Shuangyi Balance Mix A performed best with a weekly return rate of 5.09% [39]. 4.7 Overview of Returns of Convertible Bond Funds - This week, the average return rate of convertible bond funds was 1.09%. Southern Changyuan Convertible Bond A performed best with a weekly average return rate of 2.42% [41]. 5. ETF Funds 5.1 Overview of ETF Fund Fund Flows - This week, ETF funds had a net inflow of 56.265 billion yuan, a 265.37% increase compared to the previous period. Except for bond - type and cross - border ETFs, which had net inflows, other types of ETFs had net outflows. Bond - type ETFs had a large - scale net inflow of 73.367 billion yuan, reaching a historical high. Stock - type ETFs had a net outflow of 17.072 billion yuan [43]. 5.2 Overview of ETF Funds with Top Net Inflows by Index - Among the tracked indexes, ETFs tracking the AAA Sci - tech Innovation Bond and Shanghai AAA Sci - tech Innovation Bond indexes in the bond index had the top net inflows, with 48.339 billion yuan and 18.073 billion yuan respectively. Among the equity indexes, ETFs tracking the securities company, Hong Kong securities, and Sci - tech Innovation 50 indexes had relatively large net inflows [47]. 5.3 Overview of ETF Funds with Top Net Outflows by Index - This week, the tracked indexes with top net outflows were all equity indexes, including the CSI A500 index (10.228 billion yuan), the CSI 300 index (7.175 billion yuan), the ChiNext Index (2.904 billion yuan), the CS Artificial Intelligence index (2.410 billion yuan), and the CSI 1000 index (2.235 billion yuan) [50]. 5.4 Overview of ETF Funds with Top Net Inflows - This week, most of the ETFs with top net inflows were Sci - tech Innovation Bond ETFs. Huaxia Sci - tech Innovation Bond ETF had the largest net inflow of 12.296 billion yuan, followed by Harvest Sci - tech Innovation Bond ETF with a net inflow of 11.324 billion yuan. Hong Kong Securities ETF also had a relatively large net inflow of 24.63 billion yuan this week [52]. 5.5 Overview of ETF Funds with Top Net Outflows - This week, most of the ETFs with top net outflows were scale - index ETFs. YinHua RiLi ETF had the largest net outflow of 3.632 billion yuan. Among the scale - index ETFs, CSI 300 ETF had a relatively large net outflow of 3.252 billion yuan. In addition, the Artificial Intelligence ETF in the theme - index ETF also had a relatively large net outflow [54]. 5.6 Overview of Returns of High - Performing ETF Funds - This week, the overall average change rate of ETF funds was 1.81%. Hang Seng Innovative Drug ETF had the highest weekly increase of 13.69%. High - performing ETF funds were mostly cross - border ETFs with investment themes such as innovative drugs. In addition, the ChiNext Artificial Intelligence ETF (Fullgoal) in the theme - index ETF also had a relatively high increase of 10.95% [56]. 6. FOF Funds - This week, the average return rate of FOF funds was 0.55%. Bank of Communications Smart Selection Starlight Mix (FOF - LOF) A had the best performance with a weekly return rate of 5.11%. Among the types, stock - type FOF funds performed best with an average return rate of 1.80% [57]. 7. QDII Funds - This week, the overall average return rate of QDII funds was 2.45%. Huatai - PineBridge Hong Kong Advantage Select Mix (QDII) A had the highest weekly return rate of 15.89%. The average return rates of different types of QDII funds were: stock - type 2.71%, hybrid - type 3.41%, bond - type - 0.04%, and other - type - 0.38% [60]. 8. REITs Funds - This week, the average change rate of REITs funds was 0.08%. China Merchants Sci - tech Innovation REIT had the best performance with a weekly change rate of 3.05% [62].