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1. Review of the Securities Market

According to data from 123 Trading Platform, the Shanghai Composite Index rose 0.08% yesterday (July 16) to close at 2976.3 points, with a high of 2977.36 points; the Shenzhen Component Index rose 0.86% to close at 8877.02 points, with a high of 8881.77 points; and the ChiNext Index rose 1.39% to close at 1696.34 points, with a high of 1697.14 points.

II. ETF Market Performance 1. Overall Market Performance of Stock ETFs

The median return rate of stock ETFs yesterday was 0.65%. Among them, according to different classifications, the scale index has the highest return rate of 2.35% for the Science and Technology Innovation 50 Enhanced ETF; the industry index has the highest return rate of 3.54% for the GF Securities Xinchuang ETF; the strategy index has the highest return rate of 1.2% for the China AMC ChiNext Low Volatility Value ETF; the style index has the highest return rate of 2.25% for the E Fund Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF; the theme index has the highest return rate of 3.8% for the Fuguo CSI Consumer Electronics Theme ETF.

2. Stock ETF price increase and decrease ranking

The top three stock ETFs with the highest gains yesterday and their yields were:Fuguo CSI Consumer Electronics Theme ETF (3.8%), China Merchants CSI Consumer Electronics Theme ETF (3.78%), Ping An CSI Consumer Electronics Theme ETF (3.77%)The top 10 stocks with the highest growth rates are listed in the table below:

The three ETFs with the largest declines yesterday and their yields were:GF CSI Construction Machinery ETF (-1.92%), Dacheng CSI Construction Machinery ETF (-1.84%), CMB CSI Bank AH Price Preferred ETF (-1.08%)The top 10 stocks with the largest declines are listed in the table below:

3. ETF fund flows

The three ETFs with the largest inflows of equity ETFs yesterday and their inflow amounts were:Huatai-PineBridge CSI 300 ETF (inflow of 4.514 billion yuan), E Fund CSI 300 ETF (inflow of 4.11 billion yuan), Huaxia CSI 300 ETF (inflow of 3.277 billion yuan)The top 10 funds inflow details are shown in the table below:

The three ETFs with the largest outflows of equity ETFs yesterday and their inflows were:Hua Xia CSI Bank ETF (outflow of 102 million yuan), Huatai-PineBridge SSE Dividend ETF (outflow of 70 million yuan), Huabao CSI Bank ETF (outflow of 58 million yuan)The top 10 funds outflow details are shown in the table below:

3. Institutional Views 1. Tianfeng Securities: Apple increases orders for next-generation chips and is optimistic about the iPhone replacement cycle

Tianfeng Securities said that the domestic smartphone market has recovered significantly in the first half of the year, with production, shipments, and export output all achieving year-on-year growth, and is optimistic about the market's future development. In terms of new phones, in the short term, attention can be paid to the launch of Apple's iPhone 16. Apple has increased its order volume for next-generation chips and is expected to purchase 90 million to 100 million A18 chips from TSMC. This move reflects Apple's expectation of strong demand for its iPhone 16 series and is optimistic about the iPhone replacement cycle.

2. Huafu Securities: With the arrival of the triple turning point, consumer electronics is expected to enter a boom cycle

Huafu Securities pointed out that consumer electronics is at a triple turning point of short-term stabilization and recovery, the advent of the industry innovation cycle, and the continuous catalysis of new products from giants. In the short term, demand for consumer electronics terminals has recovered. In the medium and long term, AI-enabled smart terminals will drive the acceleration of mobile phone and PC replacement. At the same time, AI loads require changes in the underlying chip architecture, memory, and overall machine design solutions, driving the increase in stand-alone ASP, while accelerating the exploration of new hardware forms. The accelerated pace of innovation in consumer electronics is expected to bring the industry into a boom cycle, and at the same time, subsequent major updates such as Apple's autumn conference and Windows system updates will catalyze intensive updates.