以下文章来源于睿知睿见 ，作者睿知睿见 睿知睿见 . 一个好的投资者，其能量一定的积极的，向上的，乐观的！ 别人看着他，就像看着太阳！ 他还能用朴 实易懂的语言，传递正确的投资理念！ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 睿智睿见 来源：雪球 昨天A股终于站上3500点了，虽然在3500点了，但很多人的持仓可能还在3100点，因为结构化行 情很显著。这对投资者是极大的考验。 3500点以后，市场整体就要奔着去年10月的高点挑战了。 但是请注意， 不大可能一鼓作气就拿下。 一、未来还要磨洋工 上次突破3500点是11月8日。那会全A的成交额在2.6万亿以上！ 这么高的成交额都没有快速突破，为啥？ 因为换手率是3.58%。 今天的成交额只有1.5万亿，换手率是1.2%。 股价=成交额/（换手率*自由流通股本） 两者相比，我们就能发现，现在换手率萎缩得更快，说明 配置资金占比又上了一个台阶。 配置资金买入时的市场特征就是： 低波、低换手，相对较低的成交额。 既然是配置资金占主导，那么市场大概率是走慢牛。继续磨洋工。 今天成交额居前的ETF全是A500，昨天跟大 ...

Core Viewpoint - China National Airlines (Air China) has experienced a continuous decline in stock price for 10 consecutive trading days, with a cumulative drop of -5.79% during this period [1]. Financial Performance - The Huatai-PineBridge CSI 300 ETF, managed by Huatai-PineBridge Fund, is among the top ten shareholders of Air China and has reduced its holdings in the first quarter of this year [1]. - The year-to-date return for the Huatai-PineBridge CSI 300 ETF is 3.57%, ranking 1989 out of 3351 in its category [1][2]. Fund Management - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management, having held various positions since 2004 [3][4]. - Liu Jun has been managing the Huatai-PineBridge CSI 300 ETF since May 2012 and has a cumulative management experience of over 16 years [4].

ETF Industry News - The three major indices collectively rose, with the Shanghai Composite Index up 0.01%, the Shenzhen Component Index up 0.61%, and the ChiNext Index up 0.8. Multiple rare earth sector ETFs saw significant increases, including E Fund Rare Earth ETF (159715.SZ) up 6.31%, Harvest Rare Earth ETF (516150.SH) up 6.26%, and another Rare Earth ETF (516780.SH) up 6.22% [1][14]. Investment Opportunities - Guotai Junan Securities expressed optimism for investment opportunities in gold, copper, and rare earths in the second half of 2025, anticipating a gradual opening of exports, sustained demand growth, and rigid supply, which may lead to rising rare earth prices [2]. - Dongguan Securities noted that the recovery of export demand and emerging fields like humanoid robots are opening up growth opportunities for the rare earth industry, maintaining a positive outlook for the sector's recovery in the short to medium term [3]. Market Performance - From July 1 to July 10, stock ETFs experienced a net outflow of over 9 billion yuan, with significant outflows from the CSI 300 ETF, the CSI A500 ETF, and the ChiNext ETF. In contrast, Hong Kong stock ETFs, including the Hong Kong Internet ETF and the Hong Kong Technology ETF, saw substantial inflows [4]. - Following strong performance in the Hong Kong stock market, nearly 5 billion yuan flowed into technology and internet-focused ETFs in July. According to招商证券, the "anti-involution" trend may drive indices higher, with steel, new energy, and building materials leading the way, while AI infrastructure and applications could present additional investment opportunities [5]. Index and Sector Performance - On July 11, the A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3510.18 points, the Shenzhen Component Index at 10696.1 points, and the ChiNext Index at 2207.1 points. The top performers included the Sci-Tech 50, North Star 50, and CSI 1000 indices [6]. - In terms of sector performance, non-bank financials, steel, and computer sectors led the day with gains of 2.02%, 1.93%, and 1.93%, respectively. Conversely, banking, building materials, and coal sectors lagged behind with declines of -2.41%, -0.67%, and -0.6% [9]. ETF Market Overview - The average performance of various ETF categories showed that theme-based stock ETFs performed the best with an average increase of 0.81%, while bond ETFs had the worst performance with an average decrease of -0.02% [12]. - The top-performing ETFs included E Fund Rare Earth ETF (159715.SZ), Harvest Rare Earth ETF (516150.SH), and another Rare Earth ETF (516780.SH), with returns of 6.31%, 6.26%, and 6.22%, respectively [14]. Trading Volume - The top three ETFs by trading volume were the CSI 300 ETF (510300.SH) with 5.184 billion yuan, the Sci-Tech 50 ETF (588000.SH) with 4.652 billion yuan, and the Securities ETF (512880.SH) with 4.361 billion yuan [18].

Group 1 - Ping An Bank's stock closed down 2.05% on July 11, 2023 [1] - Ping An Bank was established in 1987 and is located in Shenzhen, primarily engaged in monetary financial services [1] - The registered capital of Ping An Bank is approximately 114.25 billion RMB [1] Group 2 - Huatai-PineBridge's Huatai-PineBridge CSI 300 ETF is among the top ten shareholders of Ping An Bank and reduced its holdings in the first quarter of this year [1] - The year-to-date return of the Huatai-PineBridge CSI 300 ETF is 3.29%, ranking 1934 out of 3426 in its category [2] Group 3 - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management [4][6] - Liu Jun has been with Huatai-PineBridge since July 2004 and has managed various funds, including the Huatai-PineBridge CSI 300 ETF since May 2012 [5][6]

本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下，我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任，投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下，我们建议阁下如有任何疑问应咨询独立投资顾问。 | 标 的 | 平值期权隐 | 排 名 | 标的30天历 | 排 名 | 标的当日 | 排 名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 史波动率 | | 真实波幅 | | | ps2509 | 3.0% | 1 | 2.7% | 2 | 3.9% | 1 | | fg509 | 2.2% | 2 | 2.1% | 5 | 2.9% | 3 | | si2509 | 2.1% | 3 | 2.1% | 4 | 2.6% | 5 | | sc2508 | 2.1% | 4 | 3.1% | 1 | 2.2% | 11 | | ag2508 | 2.0% | ...

ETF 日报 2025.07.11 市场概况： 今日 A 股上证综指上涨 0.01%，收于 3510.18 点，深证成指上涨 0.61%，收于 10696.10 点，创业板指上涨 0.80%，收于 2207.10 点， 两市 A 股成交金额为 17369 亿元。涨幅靠前的行业有：非银金融 （2.02%）、计算机（1.93%）、钢铁（1.93%），跌幅靠前的行业有： 银行（-2.41%）、建筑材料（-0.67%）、煤炭（-0.60%）。 股票 ETF： 今日成交金额靠前的股票 ETF 为：华泰柏瑞沪深 300ETF 上涨 0.34%，贴水率为 0.37%；华夏上证科创板 50ETF 上涨 1.36%，贴水 率为 1.51%；国泰中证全指证券公司 ETF 上涨 2.25%，贴水率为 2.34%。 相关研究 ETF 日报 2025.07.07 2025.07.07 ETF 日报 2025.07.04 2025.07.04 ETF 日报 2025.07.02 2025.07.02 基 金 研 究 · ETF 日 报 · 证 券 研 究 报 告 请务必阅读报告正文后各项声明 1 / 6 债券 ETF： 今日成交金额靠前 ...

Core Insights - The rare earth industry is experiencing a significant price increase for related transactions, with two leading companies announcing a price hike for Q3 2025, leading to a bullish market sentiment and increased trading activity in the rare earth sector [1] - The rare earth ETF (516780) saw a record daily trading volume of 207 million yuan on July 10, 2025, indicating strong investor interest [1] - A recent report from Guotou Securities highlights the rigid supply of rare earths and increasing demand, particularly from sectors like electric vehicles and wind power, which is expected to drive prices higher [1][2] Industry Performance - The price of rare earth concentrates has been on a rising trend for four consecutive quarters since Q4 2024, reflecting improved industry conditions [1] - The report notes that the export restrictions on certain rare earth elements have caused significant price surges in Europe, with price differentials exceeding three times between domestic and international markets [1] - The rare earth ETF tracks the performance of companies involved in mining, processing, trading, and application of rare earths, with top constituents including Northern Rare Earth, China Rare Earth, and China Aluminum [1] Market Outlook - The rare earth sector is poised for multiple catalysts due to the recovery in industry conditions and potential supply chain optimizations [2] - Investors are encouraged to consider the rare earth ETF (516780) and its associated funds as a way to capitalize on the opportunities presented by this strategic resource [2]

Core Insights - The total ETF margin balance in the two markets reached 98.493 billion yuan, with a week-on-week increase of 3.7916 million yuan, while the ETF financing balance decreased by 66.3497 million yuan [1] Group 1: ETF Margin Balance - As of July 10, the total ETF margin balance was 98.493 billion yuan, an increase of 3.7916 million yuan from the previous trading day [1] - The financing balance for ETFs was 92.617 billion yuan, reflecting a decrease of 66.3497 million yuan, or 0.07% [1] - The Shenzhen market's ETF margin balance was 33.049 billion yuan, down by 204 million yuan, while the Shanghai market's balance was 65.445 billion yuan, up by 208 million yuan [1] Group 2: ETF Financing Balances - There are 107 ETFs with financing balances exceeding 100 million yuan, with the highest being Huaan Gold ETF at 7.629 billion yuan [2] - The ETFs with the largest increases in financing balances include Hai Fu Tong Shanghai 10-Year Local Government Bond ETF, with a growth of 490.63% [2][3] - The ETFs with the largest decreases in financing balances include Huaan CSI A500 ETF, which saw a decline of 93.80% [2][3] Group 3: Net Buying and Selling - The top three ETFs for net buying were Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF, Hai Fu Tong CSI Short-Term Bond ETF, and Hang Seng Technology ETF, with net buying amounts of 111 million yuan, 104 million yuan, and 69.034 million yuan respectively [4][5] - The ETFs with the highest net selling included Bosera Convertible Bond ETF, Huatai-PB CSI 300 ETF, and Huaan Gold ETF, with net selling amounts of 72.5747 million yuan, 64.0414 million yuan, and 62.7741 million yuan respectively [4][5] Group 4: Margin Trading and Securities Lending - The latest securities lending balances were highest for Southern CSI 1000 ETF, Southern CSI 500 ETF, and Huaxia CSI 1000 ETF, with balances of 1.950 billion yuan, 1.766 billion yuan, and 388 million yuan respectively [5] - The largest increases in securities lending balances were seen in Bosera Convertible Bond ETF, Huaxia Shanghai 50 ETF, and Huatai-PB CSI 300 ETF, with increases of 23.5056 million yuan, 15.4868 million yuan, and 12.3260 million yuan respectively [5][7] - The highest increase in securities lending volume was for Huabao Double Innovation Leader ETF, which saw a rise of 1079.35% [6][7]

多头气氛浓厚！ 今天上午，A股市场打破前几个交易日的沉寂，开启大幅拉升模式，沪深300指数涨1%，沪指涨0.92%，市场 呈现放量格局。更为重要的是，A50期指于早上9点50分之后突然直线拉升，令该指数的技术指标来到多头发 散的状态。那么，究竟发生了什么？ 7月8日，券商中国曾报道，综合各方面情绪和市场目前所处的环境，并结合未来事件来看，当下A股市场可能 处于一个做多的窗口期。详情点击 《股市，突发！刚刚，重磅利好来袭！》 在下半年大事件落地之前，行情 也可能具备相应的持续性。而最近几天，利好多头的事件仍在持续，一方面是反内卷政策带来的驱动，稳定币 持续发酵；另一方面是CPI转正，经济企稳向好的格局打开。此外，中美贸易亦是偏暖格局。 直线拉升 从内部来看，西部证券认为，中国经济内外部再平衡迫在眉睫，无论是短期的"反内卷"政策，还是未来"十五 五"期间实现更加平衡的供需框架，都在向着经济再平衡的方向前进。如果政策如期推进，实现经济再平衡， 那么中国经济修复式增长的框架将被打破，当下宏观价格下行压力将逐步缓解，中国资产收益率将得以提升， 资本市场才能迎来全新的局面。 从外部来看，高盛集团策略师上调了对亚洲股市的预 ...

2025年7月10日共237只ETF基金获资金净流入，401只ETF基金净流出。净流入金额超1亿元的有20只，短融ETF(511360.SH)、科创50ETF(588000.SH)、煤炭 ETF(515220.SH)、酒ETF(512690.SH)、半导体ETF(512480.SH)资金显著流入，分别净流入13.85亿元、12.25亿元、5.75亿元、4.04亿元、3.78亿元（净申购份 额*单位净值）。 | 排名 | 基金管理人 | 证券简称 | 证券代码 | 净流入金额(万元 | | --- | --- | --- | --- | --- | | l | 海富通事会 | 短融ETF | 211360 | 138501 | | 2 | 华夏基金 | 科创50ETF | 588000 | 12253( | | 3 | 国泰基金 | 煤炭ETF | 515220 | 5754! | | ব | 鹏华基金 | 酒ETF | 512690 | 4035( | | 5 | 国联安基金 | 半导体ETF | 512480 | 3776! | | 6 | 华泰柏瑞基金 | 光伏ETF | 515790 | 3149 | ...