Group 1 - The cash flow ETF from Yongying is set to be listed on July 3, 2025, with a total of 300 million shares for trading [1] - As of June 26, 2025, the fund's asset allocation includes 79.89% in bank deposits and settlement reserves, and 20.08% in stock investments, indicating it is still in the accumulation phase [1] - In June, a total of 26 stock ETFs announced their listings, with an average position of only 21.23%, highlighting a trend of lower investment levels among newly listed ETFs [1] Group 2 - The average number of shares raised for newly announced ETFs in June is 364 million, with the largest being the Huatai-PineBridge Hang Seng Technology ETF at 1.279 billion shares [2] - Institutional investors hold an average of 17.54% of the shares in these ETFs, with the highest proportions in the Fortune Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF at 88.23% [2] - The cash flow ETF from Yongying has a low institutional ownership of 3.38%, indicating potential for growth in institutional interest [2] Group 3 - The cash flow ETF from Yongying has a fund establishment date of June 25, 2025, and is expected to have a position of 20.08% as of June 26, 2025 [3] - Other ETFs listed in June include the Fortune Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF with a position of 40.89% and the Huatai-PineBridge Hang Seng Technology ETF with 50.65% [3] - The overall trend shows a mix of high and low positions among newly listed ETFs, with some like the Guolian An Zhongzheng A500 Enhanced ETF having a position of 0.00% [3]

Core Viewpoint - The Hong Kong stock market has shown strong performance since 2025, with significant inflows into Hong Kong-themed ETFs, leading to record high fund shares and increased issuance of related funds by asset management companies [1][3]. Fund Inflows - As of June 17, 2023, Hong Kong-themed ETFs have seen a net inflow of over 55 billion yuan this year, with major investments in internet, technology, innovative pharmaceuticals, and dividend sectors [3]. - Since the beginning of June, net inflows into these ETFs exceeded 2.5 billion yuan, with approximately 5 billion yuan flowing in during the past week despite market fluctuations [3]. Record High Fund Shares - Several Hong Kong-themed ETFs have reached historical highs in terms of shares and scale. For instance, the Huatai-PineBridge Hong Kong Stock Connect Innovative Pharmaceutical ETF has a share count of 4.328 billion and a scale of 6.538 billion yuan, marking increases of over 500% and 900% respectively this year [4]. - Other ETFs, such as the Yinhua Hong Kong Innovative Pharmaceutical ETF and the E Fund Hang Seng Dividend Low Volatility ETF, have also achieved record high shares and scales [4]. Fund Company Activity - Fund companies are actively increasing their presence in the Hong Kong-themed fund market, with 9 out of 85 new funds currently being issued related to Hong Kong, focusing on technology, innovative pharmaceuticals, consumption, and automotive sectors [7][8]. - Notable funds being launched include the Huatai-PineBridge National Index Hong Kong Stock Connect Consumption ETF and the Southern National Index Hong Kong Stock Connect Technology ETF [9]. Market Outlook - The future trajectory of the Hong Kong market is expected to be driven by sustained capital inflows, with competitive valuations compared to international markets. The Hong Kong market's pricing anchor remains high due to overseas interest rates [9]. - Analysts suggest that the market's performance will hinge on two main factors: the progress of Sino-U.S. trade negotiations and the recovery of the domestic economic fundamentals under supportive policies [9].

Market Review - The A-share market showed a mixed performance last week, with the ChiNext Index, Shenzhen Component Index, and CSI 1000 Index leading gains at 3.27%, 2.29%, and 2.22% respectively, while the Sci-Tech 50, SME Index, and CSI 500 Index lagged behind with returns of -0.60%, 1.49%, and 1.60% respectively [6][14] - The total net withdrawal of funds through the central bank's reverse repos was 781.7 billion yuan, with 1.6178 trillion yuan maturing and a net open market injection of 836.1 billion yuan [22] - The People's Bank of China has been increasing its gold reserves for six consecutive months, with the official gold reserves reaching 73.77 million ounces as of April 2025, an increase of 70,000 ounces from March [9] Fund Performance - Last week, the performance of actively managed equity, flexible allocation, and balanced mixed funds was 1.22%, 1.01%, and 0.91% respectively. Year-to-date, alternative funds have shown the best performance with a median return of 5.45% [34][36] - The total net asset value of public funds remained above 32 trillion yuan for two consecutive months, standing at 32.22 trillion yuan as of March 2025, showing little change from February [12] Fund Issuance - A total of 15 new funds were established last week, with a total issuance scale of 6.345 billion yuan, a decrease from the previous week. Among these, 8 were passive index funds and 4 were enhanced index funds [4][45][46] - 40 new funds were reported for issuance last week, including various ETFs and FOFs, indicating an increase in the number of fund applications compared to the previous week [5][6] Regulatory Developments - On May 7, the China Securities Regulatory Commission (CSRC) released an action plan to promote the high-quality development of public funds, addressing issues such as operational model optimization, industry evaluation system improvement, and risk management enhancement [7][8]