易方达基金旗下ETF最新规模达到6565.5亿元，7月14日规模增加9.8亿元。其中，香港证券ETF净流入6.6亿元，A500ETF易方达净流入2.7亿元，科创板 50ETF净流入2.3亿元，创业板ETF净流入1.5亿元，红利低波动ETF净流入0.5亿元。 【导读】落袋为安！股票ETF资金净流出超6亿元 银河证券基金研究中心数据显示，7月14日，全市场股票ETF（含跨境ETF）资金净流出6.44亿元，其中，A股股票ETF资金净流出34.33亿元。 从各类型ETF资金流向看，A股宽基ETF资金流出明显，科创类ETF及港股ETF持续"吸金"。 股票ETF资金净流出超6亿元 7月14日，上证指数继续守住3500点。银河证券基金研究中心数据显示，截至7月14日，全市场1138只股票ETF（含跨境ETF）总规模达3.47万亿元。昨日 股票ETF整体呈净流出态势，按照区间成交均价测算，净流出资金为6.44亿元。 分类型看，行业主题ETF与港股市场ETF净流入居前，分别达37.62亿元与27.86亿元；宽基ETF净流出居前，净流出金额为72.92亿元。从规模变化看，宽 基ETF规模下降99.68亿元。 具体到指数维度，跟踪 ...

Report Summary 1. Market Overview - On July 11, 2025, the Shanghai Composite Index rose 0.01% to close at 3510.18, the Shenzhen Component Index rose 0.61% to close at 10696.10, and the ChiNext Index rose 0.80% to close at 2207.10. The total trading volume of A - shares in the two markets was 1736.9 billion yuan. The top - performing sectors were non - bank finance (2.02%), computer (1.93%), and steel (1.93%), while the worst - performing sectors were banks (-2.41%), building materials (-0.67%), and coal (-0.60%) [2][6] 2. Stock ETFs - The top - trading - volume stock ETFs on this day were: Huatai - Peregrine CSI 300 ETF, which rose 0.34% with a discount rate of 0.37%; Huaxia SSE STAR Market 50 ETF, which rose 1.36% with a discount rate of 1.51%; and Guotai CSI All - Index Securities Company ETF, which rose 2.25% with a discount rate of 2.34% [3][7] 3. Bond ETFs - The top - trading - volume bond ETFs were: Haifutong CSI Short - Term Financing Bond ETF, which fell 0.00% with a discount rate of 0.00%; Fullgoal ChinaBond 7 - 10 Year Policy Financial Bond ETF, which fell 0.02% with a discount rate of 0.00%; and Penghyang ChinaBond 30 - Year Treasury Bond ETF, which rose 0.13% with a discount rate of 0.20% [4][9] 4. Gold ETFs - Gold AU9999 fell 0.01% and Shanghai Gold rose 0.09%. The top - trading - volume gold ETFs were: Huaan Gold ETF, which rose 0.07% with a discount rate of -0.02%; Boshi Gold ETF, which rose 0.12% with a discount rate of 0.04%; and E Fund Gold ETF, which rose 0.12% with a discount rate of -0.01% [12] 5. Commodity Futures ETFs - Huaxia Feed Soybean Meal Futures ETF rose 0.47% with a discount rate of 1.46%; Dacheng Non - Ferrous Metals Futures ETF fell 0.47% with a discount rate of -0.09%; and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.89% with a discount rate of -0.63% [15] 6. Cross - Border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.43%, the Nasdaq rose 0.09%, the S&P 500 rose 0.27%, and the German DAX fell 0.38%. On this day, the Hang Seng Index rose 0.46% and the Hang Seng China Enterprises Index rose 0.22%. The top - trading - volume cross - border ETFs were: E Fund CSI Hong Kong Securities Investment Theme ETF, which rose 4.62% with a discount rate of 5.46%; GF CSI Hong Kong Innovative Drugs ETF, which rose 1.34% with a discount rate of 1.92%; and Huaxia Hang Seng Tech ETF, which rose 0.85% with a discount rate of 1.58% [17] 7. Money ETFs - The top - trading - volume money ETFs were: Yin Hua Day - to - Day Interest ETF, Hua Bao Add - Benefit ETF, and Money ETF Jianxin Add - Benefit [19]

证券研究报告|固收研究报告 [Table_Date] 2025 年 07 月 10 日 [Table_Ti 十年国债 ETF，兼顾高久期与低成本 [Table_Summary] ► 低利率时代，"拉久期"与"控成本"或是两大法宝 2014 年初起，国内利率开始迈入大级别的下行周期，且在此过程 中利率向上的弹性不断减弱，每轮牛-熊周期中的高点依次下降。与此 同时，2015 年以来，市场经历了五轮地方政府债务化解，隐债覆盖范 围层层扩张，这也使得信用利差被逐渐抹平。 面对"低利率+低利差"的投资环境，公募债基的经营战略被迫从 以往的"信用下沉"，逐步向"久期管理"转型。一方面，从整个公募 债基行业持仓分布可以看出，中长债基对信用债的平均配置比例呈现 明显下滑趋势，已由 2020 年的峰值 41%降至 2025 年一季度末的 30%，累计降幅超过 10pct。 另一方面，公募债基对于组合久期的接受度正在不断提升。以利 率债基产品作为参考，早在 2020-2022 年期间，市场对于中性久期的 共识是 2 年， 2024 上半年步入"3 年"时代，2024 年末起在大级别行 情的推动下，利率债基久期中枢更是朝着 4-5 ...

Group 1 - The 30-year government bond ETFs, specifically Bosera 30-Year Government Bond Index ETF and Pengyang 30-Year Government Bond ETF, showed strong performance with daily increases of 0.84% and 0.79% respectively on July 8, 2025 [1] - The central bank did not publish the usual government bond trading operations in June 2025, following its first-ever bond trading operation in August 2024, where it net purchased bonds worth 100 billion yuan [1] - The first quarter monetary policy report indicated that the central bank paused government bond purchases due to a supply-demand imbalance in the bond market [1] Group 2 - Global political and economic order is rapidly restructuring in 2025, with the "Trump 2.0" policy becoming a key variable, leading to increased trade barriers and geopolitical conflicts, which heighten global economic uncertainty and slow growth [1] - China is expected to achieve an annual economic growth rate of approximately 5% through structural reforms in response to external shocks [1] - The domestic demand shortage, low price levels, and external uncertainties are providing support for the bond market, but limited room for further fundamental gains is anticipated due to stable economic growth [1] Group 3 - Under the policy framework of "proactive fiscal policy + moderate monetary easing," there is a likelihood of a 10-15 basis point interest rate cut in the fourth quarter, which may drive down the interest rate center [1] - The bond market is expected to maintain volatility, with a higher probability of strengthening in the fourth quarter [1] Group 4 - The 10-Year Government Bond ETF tracks the 10-Year Government Bond Index, which primarily selects fixed-rate government bonds with a remaining term close to 10 years listed on the Shanghai Stock Exchange, reflecting the overall performance of China's long-term government bond market [2] - The index does not involve specific industry or style allocations, and the issuer is typically the Ministry of Finance of China, aimed at providing investors with a benchmark tool for measuring the long-term government bond market [2]

2025年上半年，境内ETF发展势头强劲。相比此前靠核心宽基ETF"吸金"撑起一片天，在上半年活跃的 市场环境和轮动行情推动下，黄金、港股互联网、机器人、基准做市信用债等多个热门赛道都涌现出了 代表性的ETF单品，"吸金"效果不输甚至超过核心宽基产品。 其中，多只存量产品在行情推动下重新焕发生机。例如，华安黄金ETF、富国中证港股通互联网ETF紧 抓行业风口，通过基金管理人的有效宣传取得了显著成果。在行业马太效应下，两只ETF均在同类产品 中成长为绝对的龙头产品，上半年资金净流入规模分别高达311.47亿元、257.27亿元，年中规模分别达 到598.23亿元、479.17亿元。工银国证港股通科技ETF、华夏中证机器人ETF以及博时基金、易方达基 金、国泰基金旗下黄金ETF上半年的规模增量均在百亿元以上。 爆款新品频现 随着一系列政策新规以及监管指导意见发布，有业内机构表示，ETF基金管理人或将业务战略重心由品 牌宣传转向规模落地。其中，头部公司产品布局完备、客户基础良好、品牌影响力强、业务资源充足， 行业领先优势相对牢固，营销战略可侧重于创新潜力产品的布局和培育。 ● 本报记者王鹤静 多只存量产品焕发生机 ...

Market Overview - The three major indices all closed lower: Shanghai Composite Index fell by 0.51%, Shenzhen Component by 1.16%, and ChiNext by 1.66%, with the STAR 50 down by 1.57% [2] - Key support levels were breached, with the Shanghai Composite Index failing to hold above 3400 points, closing at 3359.9 points, and average daily trading volume shrinking to approximately 1.2 trillion yuan [2] - A significant number of stocks declined, with only 1249 stocks rising and over 4100 falling, indicating a notable pullback in previously popular sectors such as innovative drugs and rare earths [2] Adjustment Drivers - Geopolitical risks, particularly the escalation of conflicts in the Middle East, have heightened risk aversion, leading to capital outflows from equity markets [3] - Divergence in policy expectations has created a cautious market sentiment, with doubts about the strength of domestic incremental policies [4] - Increased volatility in foreign capital, with northbound funds experiencing a significant net outflow, further suppressing market bullish momentum [5] Sector Performance Leading Sectors - Energy and cyclical products saw gains, with shale gas up by 3.76% and the oil industry benefiting from geopolitical tensions and supply-demand imbalances, exemplified by Shandong Molong's 61.38% weekly increase [5][6] - Dividend assets, including bank ETFs (e.g., 516210 up over 3.2%) and public utilities, attracted risk-averse funds [6] - Advanced manufacturing sectors like PCB (up 4.37%) and solid-state batteries thrived due to anticipated technological advancements, with companies like Dixin Technology rising by 26% [7] Underperforming Sectors - Technology growth sectors, particularly semiconductors, were negatively impacted by heightened U.S. export controls, leading to over 5 billion yuan in net outflows from main funds [8] - The innovative drug sector fell by 5.41% due to changes in international tariff environments and valuation corrections [9] - Small-cap stocks faced significant declines, with some individual stocks dropping over 20% due to crowded trading triggering quantitative profit-taking [9] Fund Flows - Bond ETFs gained popularity, with credit bond ETF (511200) seeing over 6 billion yuan in net inflows, and 30-year government bond ETF trading volume exceeding 1.5 billion yuan, indicating a shift towards safe-haven assets [10] - Dividend-focused ETFs performed well, with energy and chemical ETFs (159981) rising by 4.73% and bank ETFs continuing to attract capital [10] - Domestic capital showed a conservative stance, with leveraged funds decreasing by 3.1 billion yuan, and speculative funds adopting high sell-low buy strategies [11] Policy and Event Drivers - Domestic policies include the "1+6" measures introduced by the CSRC to expand the listing channels for unprofitable tech companies, which is expected to benefit the hard tech sector in the medium to long term [13] - Local industry support initiatives, such as Guangdong's goal to cultivate 3-5 leading nuclear medical enterprises by 2030, aim to stimulate investment in niche sectors [13] - External risks include ongoing negotiations over tariffs on rare earths and semiconductors between China and the U.S., which have led to increased volatility in related sectors [14] Market Outlook and Strategy Recommendations - Short-term market outlook suggests continued volatility, with external risks (geopolitical tensions, Federal Reserve policies) and insufficient trading volume likely keeping indices within the 3330-3400 point range [15] - Defensive investment strategies are recommended, focusing on high-dividend sectors (banks/utilities), energy (oil/gas), and essential consumption (traditional Chinese medicine) as preferred safe havens [16] - For medium to long-term positioning, opportunities in technology growth sectors (AI computing, low-altitude economy, humanoid robots) are anticipated to emerge as policies and performance catalysts materialize [17] - The bond market presents opportunities, particularly in long-duration government bonds (like 30-year bonds) and high-quality credit bonds during a declining interest rate cycle [18]

Group 1 - The era of bond index investment is accelerating, with the total scale of bond ETFs surpassing 300 billion yuan, reaching a new high [1][2] - Multiple fund companies are preparing to report the first batch of Sci-Tech Innovation Bond ETFs, with expectations of up to 10 new products [1] - The rapid development of the Sci-Tech bond market is creating favorable conditions for the layout of Sci-Tech Bond ETFs [1] Group 2 - Significant inflows into bond ETFs have been observed, with a net subscription amount of 130.99 billion yuan as of June 12 [2] - The total scale of bond ETFs reached 317.90 billion yuan, marking a historical peak [2] - The number of bond ETFs exceeding 10 billion yuan has increased from 5 to 10 within a year [2] Group 3 - Several large-scale bond ETFs have announced fee reductions to enhance investor appeal, with management fees for some funds being cut by half [3]

今年以来，在此前已经连续三年下降的公募FOF的总规模在一季度终于迎来增长。 Wind数据显示，截至2025年一季度末，公募FOF总规模为1510.8亿元，创近一年新高，单季规模增幅 达13.5%。目前，市场规模增长趋势延续，截至5月18日，公募FOF总规模为1598.5亿元。 （来源：Wind数据） FOF基金三年连降后首迎增长，赛道集中下风险加剧。 作者 | 市值风云基金研究部 编辑 | 小白 FOF的发行回暖得益于多重利好因素。 需要注意的是，虽然在一季度取得开门红，4月FOF基金业绩分化加剧，首尾相差11个百分点。 首先，随着权益市场的回暖，FOF产品业绩表现亮眼。 Wind数据显示，今年一季度288只个人养老FOF Y份额产品平均收益率为1%，部分产品收益率更是超 过5%，一季度股票FOF平均涨幅达2.70%，普通FOF和养老目标FOF中也有多只产品表现优异。 其次，自2022年启动个人养老金制度至今的三年里，业内对个人养老金的广阔市场和政策支持已是有 目共睹。特别是今年开年以来，延迟退休政策逐步落实的大背景下个人养老金也愈发被投资者所重 视。 感兴趣的老铁可以扫描以下二维码阅览。 黄金撬动FOF产品 ...

市场概况 5月27日两市ETF两融余额为1016.73亿元，较前一交易日增加20.06亿元。其中融资余额为965.23亿元， 较前一交易日增加20.17亿元；融券余额为51.5亿元，较前一交易日减少1050.4万元。 分市场来看，沪市ETF两融余额为675.27亿元，较前一交易日增加17.51亿元。其中融资余额为630.59亿 元，较前一交易日增加17.7亿元；融券余额为44.68亿元，较前一交易日减少1882.51万元。深市ETF两 融余额为341.47亿元，较前一交易日增加2.55亿元。其中融资余额为334.64亿元，较前一交易日增加2.47 亿元；融券余额为6.83亿元，较前一交易日增加832.11万元。 ETF融资融券余额 5月27日ETF两融余额前三位分别为：华安易富黄金ETF(86.54亿元)、易方达黄金ETF(69.56亿元)和华夏 恒生(QDII-ETF)(50.39亿元)，前10具体见下表： | 代码 | 基金名称 | 融资融券余额 | | --- | --- | --- | | 518880.SH | 华安易富黄金ETF | 86.54亿元 | | 159934.SZ | 易方达黄金ETF ...

市场概况 | 代码 | 基金名称 | | --- | --- | | 511380.SH | 博时中证可转债及可交换债券 | | 511360.SH | 海富通中证短融ETF | | 513330.SH | 华夏恒生互联网科技业(QDII-I | | 588000.SH | 华夏上证科创板50成份ETF | | 511090.SH | 鹏扬中债-30年期国债ETF | | 512660.SH | 国泰中证军工ETF | | 159567.SZ | 银华国证港股通创新药ETF | | 159941.SZ | 广发纳斯达克100(QDII-ETF | | 159915.SZ | 易方达创业板ETF | | 513650.SH | 南方标普500(QDII-ETF) | | 代码 | 基金名称 | | --- | --- | | 518880.SH | 华安易富黄金ETF | | 159934.SZ | 易方达黄金ETF | | 159920.SZ | 华夏恒生(QDII-ETF) | | 510300.SH | 华泰柏瑞沪深300ETF | | 588000.SH | 华夏上证科创板50成份ETF | | 159 ...