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1. Review of the Securities Market

According to data from Tonghuashun, yesterday (July 25), the Shanghai Composite Index fell 0.52% to close at 2886.74 points, with a high of 2897.77 points; the Shenzhen Component Index fell 0.22% to close at 8474.7 points, with a high of 8524.81 points; the ChiNext Index fell 0.39% to close at 1644.45 points, with a high of 1658.13 points.

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

The median return rate of stock ETFs yesterday was -0.31%. According to different classifications, among the scale index, the return rate of CSI 2000 Enhanced Strategy ETF was the highest, at 0.56%; among the industry index, the return rate of Southern CSI New Energy ETF was the highest, at 1.92%; among the strategy index, the return rate of Qianhai Kaiyuan CSI 500 Equal Weight ETF was the highest, at 0.25%; among the style index, the return rate of Huaxia CSI Smart Selection 1000 Value Stable Strategy ETF was the highest, at 0.72%; among the theme index, the return rate of GF CSI Photovoltaic Leader 30 ETF was the highest, at 2.59%.

2. Stock ETF price increase and decrease ranking

The top three stock ETFs with the highest gains yesterday and their yields were:GF CSI Photovoltaic Leader 30 ETF (2.59%), Tianhong CSI Photovoltaic Industry ETF (2.44%), Photovoltaic ETF (2.43%)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:Gold Stock ETF (-5.01%), China Asset Management CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF (-4.94%), Cathay CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF (-4.92%)The top 10 stocks with the largest declines are listed in the table below:

3. Equity 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 3.275 billion yuan), Harvest CSI 300 ETF (inflow of 755 million yuan), E Fund CSI 300 ETF Launch (inflow of 610 million 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 SSE 50 ETF (outflow of 936 million yuan), Harvest SSE STAR Market Chip ETF (outflow of 223 million yuan), Hua Xia CSI 5G Communication Theme ETF (outflow of 169 million yuan)The top 10 funds outflow details are shown in the table below:

III. Institutional Views 1. Pacific Securities: The bottom of photovoltaic industry is gradually becoming clear, and we should pay attention to the overseas expansion of leading enterprises

Pacific Securities pointed out that from the perspective of the main industrial chains such as photovoltaics and electric vehicles, the current period is a critical period for long-term and counter-cyclical layout. Pay attention to the opportunity of photovoltaic bottom layout. At present, the prices of mid- and upper-stream are basically bottoming out, and enterprises are under pressure from continuous losses, and the risk of mid- and tail-end enterprises leaving the market is increasing; the main industrial chain is expected to achieve deep clearance in the second half of 2024, and supply and demand are expected to be initially reshaped in 2025. In addition, pay attention to markets such as the Middle East, and the export of production capacity is the key to competing for overseas market share in the new round of cycles.

2. Guojin Securities: Both domestic and foreign demand for photovoltaic power generation was strong in June, and the "storage reverse" is expected to continue to exceed expectations

Guotai Junan Securities stated that domestic demand and exports of photovoltaics were both strong in June, and the structural high growth of emerging markets continued; the signing of large-scale storage and large orders, and the delivery of existing orders were accelerated, the global competitive landscape was significantly better, and the performance delivery ability of leading companies is expected to continue to exceed expectations. We continue to be firmly optimistic about the long-term certainty of large storage and the space for exceeding expectations, as well as the elasticity and sustainable marginal improvement of emerging markets in the fields of distributed storage, household storage, and micro-storage reverse, and the "storage reverse" is expected to continue to exceed expectations; the short-term supply and demand gap in the main and auxiliary materials industry chain of components continues to narrow, and the production schedule of components is expected to resume growth in August and September. We once again recommend paying attention to the leading auxiliary materials.