Group 1 - The photovoltaic industry is experiencing a recovery in sentiment driven by favorable policies and industry self-discipline expectations, leading to a rapid rebound in the prices of polysilicon and industrial silicon [1] - Leading companies in the photovoltaic sector, such as Daqo New Energy, Tongwei Co., Trina Solar, and Hoshine Silicon Industry, have seen significant stock price increases, contributing to the rapid rise of the Shanghai 180 Index [1] - After the resolution of tariff issues, the impact of overseas risks on the Chinese market is expected to diminish, with a relatively stable period anticipated for the A-share market in the third quarter, driven by domestic factors and corporate performance [1] Group 2 - The Shanghai 180 Index is characterized by a lower valuation level and higher dividend yield compared to other mainstream indices like the CSI 300 and the CSI A500, making it an attractive option for investors [2] - The index has a higher weight in technology sectors, particularly represented by the STAR Market, reflecting a clear "barbell" market feature where both dividend and growth styles are performing well [2] - Investors are encouraged to focus on the allocation value of the Shanghai 180 Index through the Xingye Shanghai 180 ETF and its linked funds, aiming for medium to long-term investment opportunities in the A-share market [2]

上证180ETF指数紧密跟踪上证180指数，上证180指数从沪市证券中选取市值规模较大、流动性较好的 180只证券作为样本，反映上海证券市场核心上市公司证券整体表现。 上证180ETF指数(510040)，场外联接A：023199；联接C：023200；联接I：024139。 消息面上，关税问题落地，中信证券指出，美国和东盟国家的新贸易协议落地后，中国通过东盟进行转 口贸易的难度可能有所提升，这也会加速中国企业出海建厂进程。中长期来看，中企出海有望形成当地 生产、当地消费的新循环，东盟等当地消费市场的机遇有望持续扩大。 截至2025年7月11日 10:38，上证180ETF指数(510040)上涨1.07%，跟踪指数成分股包钢股份(600010)上 涨10.00%，药明康德(603259)上涨9.99%，北方稀土(600111)上涨9.89%，中国船舶(600150)，东方证券 (600958)等个股跟涨。 数据显示，截至2025年6月30日，上证180指数(000010)前十大权重股分别为贵州茅台(600519)、紫金矿 业(601899)、中国平安(601318)、恒瑞医药(600276)、招商银行(60 ...

Group 1 - The Shanghai 180 Index (000010) has gained attention due to tariff impacts, with a strong increase of 1.05% as of July 11, 2025 [1] - Notable stocks within the index include Baotou Steel (600010) up 10.00%, Northern Rare Earth (600111) up 9.96%, and WuXi AppTec (603259) up 9.78% [1] - The Shanghai 180 ETF Index Fund (530280) has also seen an increase of 0.85%, with a recent price of 1.07 yuan [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the Shanghai 180 Index include Kweichow Moutai (600519) and Zijin Mining (601899), collectively accounting for 25.4% of the index [2] - The Shanghai 180 ETF Index Fund (530280) has various off-market connections, including Ping An's Shanghai 180 ETF Connect A (023547) and C (023548) [2]

不知不觉已经十年了，尤记得2015年7月的股市的腥风血雨。 上证指数从5178点跌下来。 7月4 暂停IPO，打新的钱都已经冻结了，后来退回。 7月6日开始后，连续几天大幅下跌。特别是7月8日，经历几天千股跌停，真是腥风血雨。 十年过去，上证指数还是在3400徘徊。 BeeBeeSee 千股跌停之后的分级B下折的惨况至今印象深刻，那天鸭蛋和丑丑同时发帖提及高铁B，只恨 那会啥都不懂，错失机会。后来抓紧时间学习，可惜机会早已不在。 真是人教人，教不会，事教人，一教就会。那一刻，我就明白了这个坛子的含金量有多高。 梦想会计师 古希腊一位国王，要求智者找出一句人间最有哲理的箴言。这句箴言不仅要浓缩人生的智 慧，而且必须有一语惊人之效：能让人胜不骄，败不馁；得意而不忘形，失意而不失志，始 终保持一种积极向上的平常心态。智者给他的箴言是一句话："这也会过去！" huxj2015 于2015年6月10日前将整体仓位降到了10%以下。 我比较特殊，在5100点开始融券做空，我的券商当时只有180ETF可融券，吃到整个下跌。 是我交易过程中唯一一次使用融券。 再说一个当时的情况，在大跌的底部，就是总理宣布救市的第二天（我们称 ...

导语 在全球的被动投资浪潮席卷之下，国内ETF基金也得到了大发展。ETF基金以其低于主动基金的 投资成本，以及透明的投资策略和投资组合，获得了越来越多投资者的青睐。 如果放眼全球，借 鉴发达市场的经验，我们又会观察到怎样的风景，以及可以得到什么借鉴呢？本文就带领投资 者，从费率的角度剖析国内以及国外ETF市场的发展情况。 01 拐点已至：2024年末国内被动权益规模首超主动权益 图1：过去十年国内被动权益基金与主动权益基金的规模增长 (单位：十亿元) 数据来源： Morningstar Direct ； 数据截至日期： 2024 年 12 月 31 日 2024年末，中国基金市场迎来历史性转折点——国内被动管理型权益类基金规模首次超越主动管 理型权益类基金。 晨星Direct数据显示，截至2024年底，剔除ETF联接基金后的被动权益类指数基 金管理规模达3.61万亿元，同期不含FOF的主动权益类基金规模则为3.46万亿元。这一里程碑式跨 越，是多重因素协同作用的结果。一方面，A股市场风格频繁切换，叠加宏观经济环境复杂多变， 投资者风险偏好显著调整，资金配置趋向多元化。另一方面，主动权益类基金近年来表现不及预 ...

截至2025年6月20日 09:33，中证A50指数(930050)上涨0.31%，成分股隆基绿能(601012)上涨2.37%，国电南瑞(600406)上涨1.69%，伊利股份(600887)上涨 1.37%，恒瑞医药(600276)上涨1.12%，中国中车(601766)上涨0.71%。中证A50指数ETF(159593)上涨0.18%，最新价报1.13元。 流动性方面，截至6月19日，中证A50指数ETF近1年日均成交2.90亿元。 规模方面，中证A50指数ETF近1年规模增长21.93亿元，实现显著增长5。 机构认为，本周新消费、创新药都经历了明显回调，下跌来自于外部区域因素、货币因素的负面反馈，也有内部资金切换的影响，但不是系统性影响的核心 因素。自2024年9月以来，市场整体维持宽箱体震荡，在基本面、政策、货币没有出现显著变化前，依旧维持箱体震荡的思路，市场出现短线调整时适当布 局。 风格上，小盘股在经历前期上涨之后，波动率明显放大，同时，随着半年报时点的临近，机构持仓风格会有所回归，建议关注大盘股的相对性价比机会。 截至2025年6月20日 09:39，上证180指数(000010)上涨0.27 ...

上交所：推动投资者与优质企业深度互动 图/"走进ETF成分股公司·赛力斯站"活动现场图 上交所创新产品部业务人员表示，此次活动是落实证监会"以投资者为本"理念的重要举措。近年来，上 交所深入贯彻落实中央金融工作会议精神和新"国九条"部署，持续优化指数化投资生态，推动ETF市场 高质量发展，取得显著成效。 2025年6月13日，由上海证券交易所联合华安基金共同主办的"走进ETF成分股公司·赛力斯站"活动在重 庆成功举办。本次活动是上交所"以投资者为本，重回报促发展"系列主题活动的重要组成部分，国泰海 通证券重庆分公司组织证券公司投顾、机构投资者及个人投资者代表走进上证180ETF成分股——赛力 斯（601127.SH）总部，深入了解公司在智能电动汽车领域的技术创新与产业布局。 图/赛力斯公司代表介绍公司发展历程及最新经营情况 2025年，赛力斯进一步深化与华为的战略合作，收购"超级工厂"后产能进一步提升，并加速海外市场布 局。 华安基金解析指数化投资价值 图/上交所创新产品部业务人员介绍上交所ETF市场概况 作为上证180ETF核心成分股，赛力斯的业绩增长与产业升级备受市场关注。随着资本市场深化改革持 续推进， ...

Core Insights - The Shanghai 180 Index is a benchmark broad-based index in China's capital market, reflecting the price performance of core listed companies in the Shanghai market [2][3] - The index has undergone significant optimization to enhance its representation, investment quality, and stability, aligning with the evolving economic structure and investment demands [2][3][6] Index Characteristics - The Shanghai 180 Index includes 180 large-cap, liquid stocks from the Shanghai A-share market, representing approximately 61% of the market's total market capitalization [2][3] - The index's optimization has improved its coverage of revenue, dividends, and net profits to approximately 63%, 76%, and 82%, respectively, compared to previous levels [3] Performance Metrics - The annualized return of the Shanghai 180 Index is 7%, outperforming other mainstream broad-based indices, with a cumulative return of 266% over the past twenty years [4] - The index's dividend yield is approximately 3.3% in 2024, consistently higher than that of other similar indices, supported by companies with sustainable profitability [5] Industry Representation - The optimized index features a more balanced industry distribution, including 16 stocks from the Sci-Tech Innovation Board, which collectively account for 9% of the index's weight [3][6] - The index's industry balance rules ensure that its sample weight distribution aligns closely with the overall industry characteristics of the Shanghai market [6] Long-term Investment Value - Nearly 60% of the index's constituent stocks are state-owned enterprises (SOEs), which are expected to benefit from policies promoting value re-evaluation and improved fundamentals [7] - The index's constituent stocks have maintained a high dividend payout ratio of around 90%, with total dividends exceeding 1 trillion yuan in the past year [7] ESG Considerations - The optimization process has excluded companies rated C or below in ESG evaluations, making the index more appealing to foreign investors [8] Product Ecosystem - The Shanghai 180 Index serves as a comprehensive tool for investors to access high-quality core assets and growth-oriented companies in the Chinese economy [9] - Following the index's optimization, multiple fund managers have actively launched related index products, enhancing the investment ecosystem [9]

2025年以来，公募ETF(交易型开放式指数基金)市场保持强劲发展势头，持续吸引包括私募机构在内的 多元化投资者积极配置。 私募排排网最新数据显示，截至5月31日，已有104家私募机构旗下产品，现身97只年内上市的ETF前十 大持有人名单中，合计重仓持有份额达17.83亿份，这一数字体现出私募资金对ETF的浓厚兴趣。从配 置偏好来看，科创主题ETF、自由现金流ETF成为私募机构重点关注对象。 中小机构配置热情更高 数据显示，上述104家私募机构中，管理规模在5亿元以下的小型机构数量最多，达42家，占比四成。中 型机构也积极配置ETF，持有份额较多。例如，管理规模在20亿元至50亿元区间的铸锋资产的ETF持有 份额达2.40亿份，其投资组合中科创主题ETF占比较高，重点配置了8只相关产品；同属该规模区间的 众壹资产ETF持有份额达1.51亿份，其配置策略更为多元，覆盖上证180ETF、中证A500ETF和自由现金 流ETF等多个品种。 大型私募机构同样展现出对ETF产品的配置热情。数据显示，管理规模在50亿元以上的13家大型私募机 构，均持有200万份以上的年内上市ETF份额。其中，百亿元级私募机构思勰投资以5 ...

Core Viewpoint - The announcement from Industrial Fund highlights the appointment of Xu Chengcheng as a new fund manager for several ETFs, indicating a strategic move to enhance fund management capabilities and potentially improve fund performance [1][2][3][4][5] Fund Performance Summary - **Industrial Shanghai 180 ETF**: Established on December 25, 2024, with a year-to-date return of 1.38% and a cumulative net value of 1.0077 yuan as of May 23, 2025 [1] - **Industrial CSI 300 Index ETF**: Established on September 11, 2020, with a year-to-date return of -1.22% and a cumulative net value of 0.8564 yuan as of May 23, 2025 [1] - **Industrial CSI A500 ETF**: Established on March 25, 2025, with a cumulative net value of 0.9916 yuan as of May 23, 2025 [1] - **Industrial CSI 500 ETF**: Established on June 30, 2020, with a year-to-date return of -1.25% and a cumulative net value of 0.8817 yuan as of May 23, 2025 [1] - **Industrial Huazheng Hong Kong-Shenzhen Dividend 100 Index**: Established on November 26, 2024, with year-to-date returns of 2.93% and a cumulative net value of 1.0287 yuan as of May 23, 2025 [2] - **Industrial Shanghai 180 ETF Link**: Established on January 23, 2025, with a cumulative net value of 0.9990 yuan as of May 23, 2025 [2] - **Industrial CSI 500 ETF Initiated Link**: Established on March 28, 2023, with a year-to-date return of -1.11% and a cumulative net value of 0.9174 yuan as of May 23, 2025 [2] - **Industrial CSI 300 ETF Initiated Link**: Established on August 30, 2022, with a year-to-date return of -1.26% and a cumulative net value of 1.0215 yuan as of May 23, 2025 [2] Fund Manager Appointment - Xu Chengcheng has been appointed as a new fund manager for multiple ETFs managed by Industrial Fund, including the Industrial Shanghai 180 ETF, Industrial CSI 300 Index ETF, Industrial CSI A500 ETF, and Industrial CSI 500 ETF [1][3][4][5] - Xu Chengcheng has prior experience at Minfa Securities and Guotai Fund Management, holding positions such as trader and fund manager assistant [1]