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1. Review of the Securities Market

According to data from 123travels.com, the Shanghai Composite Index rose 0.48% yesterday (July 18) to close at 2977.13 points, with a high of 2978.09 points; the Shenzhen Component Index rose 0.5% to close at 8879.33 points, with a high of 8880.44 points; the ChiNext Index rose 1.25% to close at 1717.71 points, with a high of 1718.82 points.

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

The median return rate of stock ETFs yesterday was 0.56%. According to different classifications, among the scale index, China An ChiNext 50ETF had the highest return rate of 1.41%; among the industry index, South China Securities All-Share Power Utilities ETF had the highest return rate of 1.62%; among the strategy index, China Xia ChiNext Low Volatility Value ETF had the highest return rate of 1.29%; among the style index, Harvest Pharmaceutical Health 100ETF had the highest return rate of 1.07%; and among the theme index, China Defense ETF had the highest return rate of 2.49%.

2. Stock ETF price increase and decrease ranking

The top three stock ETFs with the highest gains yesterday and their yields were:National Defense ETF (2.49%), Fu BAB CSI Military Industry Leader ETF (2.49%), Harvest CSI High-end Equipment Segment 50 ETF (2.17%)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:ChinaAMC Consumer Electronics Theme ETF (-1.15%), VRETF (-1.09%), ChinaAMC CSI 5G Communications Theme ETF (-1.07%)The top 10 decliners are detailed 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 5.288 billion yuan), E Fund CSI 300 ETF (inflow of 4.291 billion yuan), Huaxia CSI 300 ETF (inflow of 2.648 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:Southern S&P China A-Share Large Cap Dividend Low Volatility 50 ETF (outflow of 159 million yuan), GF CSI 300 ETF (outflow of 129 million yuan), Huaxia Guozheng Semiconductor Chip ETF (outflow of 119 million yuan)The top 10 funds outflow details are shown in the table below:

3. Institutional Views 1. Tianfeng Securities: Policies help domestic large aircraft accelerate sales, and all supply chain companies are expected to benefit fully

Tianfeng Securities pointed out that the Shanghai Municipal Economic and Information Commission recently issued the "Shanghai Municipal Policy Measures on Supporting the Development of the High-end Industrial Chain of Civilian Large Aircraft and Promoting the Construction of a World-class Civil Aviation Industry Cluster", and the domestic large aircraft has accelerated its volume growth. With the stable delivery of COMAC ARJ21, the increase in C919 production capacity, and the advancement of C929 research and development, China's domestic large aircraft is expected to develop into an "ABC" tripartite pattern in the future. The document is expected to promote more domestic aviation supporting enterprises to enter the civil aviation industry chain and further promote the localization of large aircraft. Benefiting from the release of production capacity of chain-leading enterprises in 2024 and policy promotion, domestic large aircraft enterprises across the entire chain are expected to benefit fully. At the same time, the localization process of large aircraft may also be further accelerated due to collaborative innovation in the industry chain and an increase in local suppliers.

2. Dongwu Securities: The development direction of the domestic large aircraft industry chain is clear, and it is recommended to focus on three major investment directions

Dongwu Securities said that the Shanghai Municipal Economic and Information Commission issued a document to clarify the development direction of the large aircraft industry chain, and the industry chain companies are preparing for takeoff. With the gradual maturity of my country's aviation industry chain, the improvement of aircraft operation and supporting maintenance capabilities, and the gradual increase in market share, domestic large aircraft are also expected to usher in a golden period. It is recommended to pay attention to: the fuselage structure industry chain, the airborne system industry chain, the aviation engine industry chain, etc.