Report Industry Investment Rating No relevant content provided. Core View of the Report Last week, the major domestic stock indices rose across the board, with small and medium - cap indices outperforming large - cap indices. ETFs in different sectors showed mixed performance, and there were significant differences in capital flows among various sectors [1][8]. Summary According to the Table of Contents 1. Fund Market Overview 1.1 Stock Market Last week (2025/09/08 - 2025/09/12), major domestic stock indices all rose. Large - cap indices such as the CSI 300, SSE 50, and SSE Composite Index had weekly changes of 1.38%, 0.89%, and 1.52% respectively. Small and medium - cap indices like the CSI 500, CSI 1000, and ChiNext Index had changes of 3.38%, 2.45%, and 2.10% respectively. Style indices showed mixed performance, with the financial, cyclical, consumer, growth, and stable style indices changing by 0.24%, 1.87%, 0.88%, 3.56%, and 1.14% respectively. Among the growth style, the large - cap, mid - cap, and small - cap growth style indices changed by 2.30%, 2.26%, and - 1.20% respectively. The recent trading activity of A - shares has been oscillating upwards and is currently close to the level in December 2024 [1][8][9]. 1.2 Bond Market and Futures Market Last week, the SSE Convertible Bond Index changed by 0.33%. Pure - bond indices showed mixed performance, with the SSE Treasury Bond, SSE Corporate Bond, and Shenzhen Local Government Bond indices changing by - 0.19%, 0.03%, and - 0.18% respectively. The main contracts of major stock index futures all rose, with the CSI 300, SSE 50, and CSI 500 futures changing by 1.63%, 1.00%, and 3.83% respectively. The prices of 10 - year, 5 - year, and 2 - year Treasury bond futures changed by - 0.16%, 0.07%, and 0.01% respectively [15][16]. 1.3 Commodity Market In the past week, the commodity market showed mixed performance. The Nanhua Precious Metals Index, CRB Commodity Index, and CRB Metal Spot Index changed by 2.34%, 1.33%, and 1.17% respectively. The main contracts of domestic key commodity futures also showed mixed performance. For example, the SHFE Silver, SHFE Gold, and DCE Iron Ore main contracts changed by 2.79%, 2.41%, and 1.59% respectively [18][21]. 2. ETF Market行情统计 The report selects representative ETFs in different sectors of comprehensive and industry themes for long - term tracking. By classifying these ETFs into large - and small - cap styles and monitoring indicators such as changes in circulating shares, net buying funds, and trading volume, it can serve as a reference for market style switching and capital flows [23]. 2.1 Domestic Stock - Type ETF Trading Activity Ranking Using the weekly fund turnover rate as a measure of ETF trading activity, last week's trading hotspots were mainly concentrated in comprehensive indices such as ChiNext 50 and ChiNext, as well as sectors such as semiconductors, home appliances ETF, and bank ETF [24]. 3. Large - and Small - Cap Style Monitoring 3.1 Comprehensive Stock ETF As of last week, the trading volume of comprehensive ETF funds was 103.231 billion yuan, a change of - 29.2 billion yuan from the previous week. Among them, the trading volume of large - and mid - cap style comprehensive ETFs was 38.176 billion yuan, a change of - 10.858 billion yuan; the trading volume of small - and mid - cap comprehensive ETFs was 67.061 billion yuan, a change of - 18.634 billion yuan. The on - site share of comprehensive ETF funds was 352.087 billion shares, a change of - 16.62 billion shares from the previous week. Among them, the on - site share of large - and mid - cap style comprehensive ETFs was 239.009 billion shares, a change of - 7.75 billion shares; the on - site share of small - and mid - cap comprehensive ETFs was 113.078 billion shares, a change of - 8.87 billion shares [26]. 3.2 Theme Stock ETF As of last week, the average weekly change rate of 32 theme ETFs was 2.83%. The average weekly change rate of large - cap style ETFs was 1.55%, and that of small - and mid - cap style ETFs was 3.83%. The total trading volume of the tracked theme ETFs was 93.485 billion yuan, a change of - 28.186 billion yuan from the previous week. Among them, the trading volume of large - cap style ETFs was 52.494 billion yuan, a change of - 8.399 billion yuan; the trading volume of small - and mid - cap style ETFs was 40.992 billion yuan, a change of - 197.87 billion yuan. The on - site share of the tracked theme ETFs was 420.971 billion shares, an increase of 47.27 billion shares from the previous week. Among them, the on - site share of large - and mid - cap style theme ETFs was 212.673 billion shares, an increase of 78.16 billion shares; the on - site share of small - and mid - cap style theme ETFs was 208.298 billion shares, a change of - 30.89 billion shares [27]. 4. Sector Capital Flow Tracking As of last week, among comprehensive ETFs, the top three in terms of returns were the Innovation and Entrepreneurship 50 ETF, 500ETF, and 1000ETF, with changes of 3.91%, 3.29%, and 2.42% respectively. The last three were the 50ETF, ChiNext 50, and 300ETF, with changes of 1.04%, 1.43%, and 1.47% respectively. Among industry - theme ETFs, the top three were the Chip ETF, Semiconductor 50, and Electronic ETF, with changes of 7.79%, 7.62%, and 7.11% respectively. The last three were the Pharmaceutical ETF, Biomedical, and Bank ETF, with changes of - 1.12%, - 1.08%, and - 0.72% respectively. In terms of capital flow, among comprehensive ETFs, the important broad - based index CSI 300 had capital outflows, while the ChiNext and CSI 500ETF had capital inflows. In industry themes, multiple important sectors such as securities and non - ferrous metals had significant capital inflows, while semiconductor chips had capital outflows [31]. 5. Commodity ETF Last week, the tracked commodity ETF funds showed mixed performance. The Gold ETF, Boshi Gold, Soybean Meal ETF, Non - Ferrous Metals Futures, and Energy and Chemical ETF changed by 2.30%, 2.31%, 0.75%, 1.40%, and - 0.84% respectively. The overall on - site share of the tracked commodity ETFs increased by 278 million shares compared with the previous week, and the overall trading volume changed by - 5.371 billion yuan compared with the previous week [36]. 6. Overseas ETF Last week, among the tracked overseas ETF funds, the Nasdaq ETF, H - share ETF, and Hang Seng ETF changed by 0.63%, 3.40%, and 3.77% respectively. The overall on - site share of the tracked overseas ETF funds changed by - 124 million shares compared with the previous week, and the overall trading volume changed by - 1.175 billion yuan compared with the previous week [38]. 7. Money - Market ETF As of the end of last week, the overnight SHIBOR was 1.37%, an increase of 0.05% from the previous week; the one - week SHIBOR was 1.47%, an increase of 0.03% from the previous week. The seven - day annualized yield of Huabao Tianyi decreased by - 0.01% from the previous week, and that of Yinhua Rili decreased by - 0.14% from the previous week. In terms of on - site shares, the on - site share of Huabao Tianyi was 68.379 billion shares, a change of - 619 million shares from the previous week; the on - site share of Yinhua Rili was 70.266 billion shares, a change of - 7.967 billion shares from the previous week [42].

Group 1: Market Overview - The major domestic stock indices experienced an overall increase last week, with the Shanghai Composite Index rising by 1.09%, and the CSI 300 and CSI 50 increasing by 0.82% and 0.60% respectively [2][9] - The small and mid-cap indices also saw significant gains, with the CSI 500, CSI 1000, and ChiNext Index rising by 1.96%, 2.36%, and 2.36% respectively [2][9] - Style indices across the board increased, with financial, cyclical, consumer, growth, and stability styles rising by 2.06%, 1.04%, 1.47%, 2.11%, and 1.21% respectively [2][9] Group 2: ETF Market Statistics - The total trading volume of ETFs reached 579.56 billion yuan last week, an increase of 56.10 billion yuan from the previous week [3][30] - Among the ETFs tracked, the large-cap style ETFs had an average weekly increase of 2.48%, while the small-cap style ETFs averaged an increase of 1.63% [3][30] - The trading volume for large-cap style ETFs was 335.04 billion yuan, up by 76.85 billion yuan, while small-cap style ETFs saw a decrease in trading volume to 244.52 billion yuan, down by 20.75 billion yuan [3][30] Group 3: Sector Performance - The top-performing ETFs in the comprehensive category included the ChiNext 50, ChiNext, and CSI 1000 ETFs, with weekly increases of 2.58%, 2.44%, and 2.43% respectively [4][34] - In the industry-themed ETFs, the real estate, steel, and brokerage ETFs were the top performers, with increases of 6.87%, 4.66%, and 4.44% respectively [4][34] - Conversely, the bottom performers included the banking, home appliance, and new energy vehicle ETFs, which saw declines of -0.11%, -0.07%, and 0.32% respectively [4][34] Group 4: Fund Flow Trends - Significant capital inflows were observed in the CSI 1000 ETF within the comprehensive category, while sectors such as banking, coal, semiconductor, and military industries also experienced substantial capital inflows [4][34] - The total market capitalization of comprehensive ETFs increased to 3722.15 billion shares, with large-cap style ETFs accounting for 2433.70 billion shares, up by 4.64 billion shares [28][30] - The small-cap style ETFs saw a slight decrease in shares, totaling 1288.45 billion shares, down by 0.13 billion shares [28][30]

Core Viewpoint - The performance of various stock indices shows mixed results, with some indices experiencing slight increases while others remain stable or decline [1] Index Performance - The Shanghai Stock Exchange 50 Index decreased by 0.08% - The CSI 300 Index increased by 0.04% - The CSI 500 Index increased by 0.05% - The CSI 1000 Index increased by 0.07% - The STAR 50 Index increased by 0.04% - The STAR Composite Index increased by 0.05% [1] ETF Performance - The SSE 50 ETF (510680) remained flat at 0.0% - The CSI 300 ETF (159673) increased by 0.09% - The CSI 500 ETF (159982) decreased by 0.13% - The CSI 1000 ETF (159629) decreased by 0.23% - The STAR 50 Enhanced ETF (588460) increased by 0.09% - The STAR Composite ETF (589680) increased by 0.52% [1]

Group 1 - The report indicates that the domestic stock indices experienced mixed performance, with the CSI 300, SSE 50, and SSE Composite Index showing declines of -1.08%, -1.22%, and -0.03% respectively, while the CSI 500 and CSI 1000 saw increases of 0.32% and 0.62% respectively [2][9] - The trading volume of comprehensive ETFs increased to 50.728 billion yuan, up by 10.269 billion yuan from the previous week, with large-cap style ETFs accounting for 27.055 billion yuan and small-cap style ETFs for 23.914 billion yuan [2][29] - The average weekly performance of 32 thematic ETFs was -0.32%, with large-cap style ETFs averaging -0.45% and small-cap style ETFs averaging -0.22% [3][30] Group 2 - The report highlights that the top three performing comprehensive ETFs were the 1000ETF, 500ETF, and 800ETF, with returns of 0.87%, 0.57%, and -0.50% respectively, while the bottom three were the ChiNext 50, Deep 100ETF, and ChiNext, with returns of -1.89%, -1.56%, and -1.10% [4][35] - In the thematic ETF category, the leading performers were in the biopharmaceutical and military sectors, with returns of 2.11%, 1.96%, and 1.85%, while the new energy vehicle and non-ferrous ETFs lagged with returns of -4.70%, -4.68%, and -2.34% [4][35] - The report notes that there was a net outflow of funds from major index ETFs in the comprehensive category, while the ChiNext-related ETFs saw inflows, indicating a shift in investor sentiment [4][35] Group 3 - The report provides insights into the trading activity of domestic stock ETFs, indicating that the trading hotspots were concentrated in the ChiNext 50, 1000ETF, and various sector ETFs such as banking and military [27][28] - The report also tracks the changes in market capitalization and trading volumes of comprehensive and thematic ETFs, noting that the total trading volume for thematic ETFs was 31.48 billion yuan, down by 4.192 billion yuan from the previous week [30][29] - The report emphasizes the importance of monitoring the trading activity and fund flows in ETFs as indicators of market sentiment and potential investment opportunities [26][29] Group 4 - The report indicates that the bond market showed mixed performance, with the Shanghai Stock Exchange convertible bonds experiencing a slight increase of 0.26%, while the main stock index futures had varied results [16][19] - In the commodity market, the report notes that the CRB poultry and edible oil indices saw slight increases, while the overall commodity market experienced mixed results [20][24] - The report also highlights the performance of overseas ETFs, with the NASDAQ ETF showing a gain of 1.74%, while the H-share and Hang Seng ETFs experienced declines [41][41]

Group 1 - A-shares of bank stocks are rising against the trend, with China Construction Bank reaching a historical high and both Industrial Bank and China CITIC Bank increasing by over 2% [1] - Hong Kong bank stocks are generally rising, with regional banks like Jiangxi Bank, Qingdao Bank, and Chongqing Bank leading the gains, while China Communications Bank hit a new high during the session [3] - The banking sector ETFs, including those from Huaxia Fund and Southern Fund, have seen increases ranging from 1.19% to 1.28% [5][7] Group 2 - On May 7, the State Council Information Office held a press conference introducing a "package of financial policies to stabilize the market and expectations," which includes ten measures to enhance macroeconomic control [9] - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [9] - Analysts from Huashan Securities and Dongfang Securities are optimistic about the impact of these policies on bank liquidity and net interest margins [9] Group 3 - JPMorgan stated that the overall impact of the financial policies on net interest margin predictions is minimal, but liquidity injections and interest rate declines may protect bank spreads [10] - In the first quarter of this year, the A-share banking sector saw a rise of about 2%, while the H-share banking sector increased by over 13% [10] - Central Huijin increased its holdings in several ETFs, contributing to the inflow of passive funds into banking stocks [10] Group 4 - The largest bank ETF is from Huabao Fund, with a latest scale of 77.05 billion yuan, followed by Tianhong Bank ETF at 40.34 billion yuan [14][16] - The management fee for the E Fund Bank ETF is the lowest among similar products, totaling 0.2% per year [14] - The high dividend advantage of the banking sector remains attractive to insurance capital, especially with policies promoting long-term investments [18]