作为中国公募基金行业的领军者，鹏华基金深度践行金融支持实体经济的使命，积极参与科创市场的建 设，持续加强对科创板产品布局。进入2025年，"科创中国·灯塔基金"扩容尤为迅速。固收领域，推出 首批科创债ETF——鹏华上证AAA科技创新公司债ETF；权益领域更是"多点开花"，一方面，不断布局 鹏华上证科创板200ETF、鹏华上证科创板综合ETF和鹏华上证科创板50成份ETF等经典宽基。另一方面 在行业主题方面，鹏华上证科创板生物医药ETF与鹏华上证科创板芯片ETF也相继亮相，为投资者把握 科创板投资多元机遇提供有力工具。 近日，国家发改委、市场监管总局就价格法修正草案公开征求意见。修正草案完善低价倾销的认定标 准，规范市场价格秩序，治理"内卷式"竞争。对应到新能源行业，不少机构表示随着"反内卷"政策不断 推进，有望成为推动行业中长期盈利修复的关键推动力。与此同时，作为全市场首只布局"科创板"+"新 能源"的ETF产品，鹏华上证科创板新能源ETF（588830）正获得越来越多关注。 鹏华上证科创板新能源ETF跟踪的标的指数是上证科创板新能源主题指数（简称：科创新能）。该指数 从科创板市场中精选50只市值较大的光伏、 ...

Group 1 - The National Development and Reform Commission and the State Administration for Market Regulation are soliciting opinions on the draft amendment to the Price Law, which aims to improve the identification standards for low-price dumping and regulate market price order, addressing "involution" competition [1] - The "anti-involution" policy is expected to be a key driver for the long-term profit recovery in the new energy industry as it progresses [2] - The Penghua CSI Science and Technology Innovation Board New Energy ETF (588830) is the first ETF product in the market focusing on both the "Science and Technology Innovation Board" and "New Energy" sectors, tracking the CSI Science and Technology Innovation New Energy Index [1] Group 2 - In May, the domestic photovoltaic installed capacity surged to 92.92 GW, driven by the "531" rush installation node, marking a historical monthly record [2] - The supply side still faces capacity pressure, and the government has reiterated the need to address "involution" competition, which is expected to enhance supply-side expectations starting from the end of June [2] - The current state of profitability in the photovoltaic and lithium battery sectors is at a low point, with photovoltaic losses being particularly significant, indicating that "anti-involution" policies could be crucial for long-term profit recovery in the new energy sector [2] Group 3 - Penghua Fund is actively participating in the construction of the science and technology innovation market, aiming to build a product matrix called "Science and Technology China · Lighthouse Fund" [3] - The expansion of the "Science and Technology China · Lighthouse Fund" is rapid, with new products being launched in both fixed income and equity sectors, including the Penghua CSI AAA Technology Innovation Company Bond ETF and various thematic ETFs [3] - The introduction of sector-specific ETFs, such as those focused on biomedicine and chips, provides investors with robust tools to capture diverse investment opportunities in the science and technology innovation board [3]

Core Viewpoint - CITIC Securities has made significant adjustments to its ETF holdings, increasing positions in certain ETFs while reducing others, indicating a strategic shift in investment focus towards specific sectors and market segments [1][9]. Group 1: ETF Holdings Overview - CITIC Securities holds the largest position in the Huaxia SSE 50 ETF with a market value of 2 billion yuan, despite a reduction of 50.91 million shares [2][3]. - The second largest holding is the Huaxia CSI A500 ETF, valued at 1.846 billion yuan, reflecting a stable investment strategy as no changes in holdings were reported [2][3]. - The Southern CSI 1000 ETF has seen an increase of 25.51 million shares, indicating a focus on small-cap stocks, which are expected to perform well in the current market environment [2][4]. Group 2: Increases in Holdings - The Southern CSI 1000 ETF was increased by 255 million shares, highlighting CITIC Securities' positive outlook on small-cap stocks and emerging industries [4][5]. - The Tianhong CSI Bank ETF was increased by 6.534 million shares, reflecting confidence in the banking sector amid a favorable macroeconomic environment [5][6]. - The E-Fund SSE 50 ETF saw an increase of 4.492 million shares, emphasizing the importance of large-cap blue-chip stocks in the investment strategy [5][6]. Group 3: Reductions in Holdings - CITIC Securities reduced its holdings in the Southern CSI 500 ETF by 860 million shares, indicating caution towards mid-cap stocks due to potential market uncertainties [7][8]. - The Huaxia SSE 50 ETF also experienced a reduction of 509 million shares, suggesting a strategic shift in focus away from large-cap stocks [7][8]. - The Southern MSCI China A50 ETF was reduced by 261 million shares, further reflecting a cautious approach to blue-chip stocks in the current market context [7][8]. Group 4: New Entrants and Exits - CITIC Securities entered the top ten holders of 46 new non-cash ETFs, indicating a diversification strategy to capture various market opportunities [9][10]. - The firm exited the top ten holders of the Hai Fu Tong SSE Urban Investment Bond ETF, Southern CSI 300 ETF, and the China Merchants CSI Dividend ETF, marking a significant portfolio adjustment [14][15].