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1. Review of the Securities Market

According to the data from Tonghuashun, last week (August 5-August 9, the same below), the Shanghai Composite Index fell 1.48% during the week, closing at 2862.19 points, with a peak of 2919.03 points; the Shenzhen Component Index fell 1.87% during the week, closing at 8393.7 points, with a peak of 8646.86 points; the ChiNext Index fell 2.6% during the week, closing at 1595.64 points, with a peak of 1656.09 points. In the global market, most major indexes fell. The Nasdaq Composite Index fell 0.18%, the Dow Jones Industrial Average fell 0.6%, and the S&P 500 fell 0.04%. In the Asia-Pacific region, the Hang Seng Index rose 0.85%, and the Nikkei 225 Index fell 2.46%.

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

Last week, the median weekly return of stock ETFs was -1.53%. According to different classifications, among the scale indexes, the E Fund SSE 50 Enhanced Strategy ETF had the highest weekly return of 0.13%; among the industry indexes, the China Treasure CSI 800 Real Estate ETF had the highest weekly return of 3.71%; among the strategy indexes, the quality ETF had the highest weekly return of 1.32%; among the style indexes, the China AMC CSI Smart 1000 Value Stable Strategy ETF had the highest weekly return of -0.16%; and among the theme indexes, the wine ETF had the highest weekly return of 3.96%.

2. Stock ETF price increase and decrease ranking

The top five stock ETFs with the highest gains last week and their yields are:Wine ETF (3.96%), Huabao CSI 800 Real Estate ETF (3.71%), Real Estate ETF (3.69%), Hua Xia CSI All-Share Real Estate ETF (3.48%), and Southern CSI All-Share Real Estate ETF (3.45%).See the table below for details:

The five ETFs with the largest declines last week and their yields were: Tianhong CSI Computer Theme ETF (-5.01%), Guotai CSI Computer Theme ETF (-5.0%), China Universal CSI Information Technology Application Innovation Industry ETF (-4.95%), Huaxia CSI Information Technology Application Innovation Industry ETF (-4.92%), and E Fund CSI Artificial Intelligence Theme ETF (-4.91%). See the table below for details:

3. Liquidity of stock ETFs

In terms of liquidity, the average daily trading volume of the stock ETF market decreased by 6.6% last week, the average daily trading volume decreased by 5.7%, and the turnover rate decreased by 0.01%.

4. Equity ETF fund flows

The top five ETFs with the most inflows last week were: Huaxia SSE 50 ETF (inflow of 2.886 billion yuan), Huatai-PineBridge CSI 300 ETF (inflow of 1.497 billion yuan), GF CSI 300 ETF (inflow of 1.322 billion yuan), Wan CSI Dividend ETF (inflow of 892 million yuan), and E Fund CSI 300 ETF (inflow of 672 million yuan). See the table below for details:

Last week, the top five ETFs with the largest outflows and their inflows were: Southern CSI 1000 ETF (outflow of 1.868 billion yuan), Harvest CSI 300 ETF (outflow of 1.22 billion yuan), China Asset Management SSE STAR Market 50 ETF (outflow of 1.16 billion yuan), E Fund ChiNext ETF (outflow of 800 million yuan), and China Asset Management CSI 1000 ETF (outflow of 754 million yuan). See the table below for details:

III. ETF Margin Trading

Last week, the margin balance of stock ETFs increased from 39.0225 billion yuan in the previous week to 39.9819 billion yuan, and the margin balance decreased from 3.2887 billion shares in the previous week to 2.6063 billion shares. Among them, the ETF with the highest margin purchase amount during the week was Hua Xia SSE STAR Market 50 Component ETF, with a total purchase amount of 477 million yuan; among them, the ETF with the highest margin sales during the week was Huabao CSI Medical ETF, with a total sales of 7 million shares.

IV. ETF Stock Market Situation

Last week, there were a total of 979 ETFs in the market, including 786 stock ETFs, 20 bond ETFs, 27 currency ETFs, 17 commodity ETFs, and 129 cross-border ETFs.

In terms of fund size, the total size of the ETF market reached 2671.784 billion yuan last week, down 450 million yuan from the previous week. Among them, stock ETFs were 1966.12 billion yuan, bond ETFs were 134.663 billion yuan, currency ETFs were 190.843 billion yuan, commodity ETFs were 56.472 billion yuan, and cross-border ETFs were 323.686 billion yuan.

Last week, the number and scale of stock ETFs accounted for 80.3% and 73.6% of the entire ETF market respectively. Stock ETFs are the largest type in the ETF market. Focusing on stock ETFs, the total scale decreased by 12.989 billion yuan compared with the previous week. Among them, according to different classifications, the scale index Huaxia SSE 50ETF had the highest weekly fund scale increase of 2.886 billion yuan; the industry index Huatai CSI Major Consumer ETF had the highest weekly fund scale increase of 222 million yuan; the strategy index Wan CSI Dividend ETF had the highest weekly fund scale increase of 892 million yuan; the style index Fuguo CSI Value ETF had the highest weekly fund scale increase of 17 million yuan; the theme index Innovative Drug had the highest weekly fund scale increase of 102 million yuan.

V. ETF Issuance and Establishment

No new ETFs were issued last week; three new ETFs were established, namely: Bosera SSE Star Chip ETF, ICBC-RBC SSE Star Biopharmaceutical ETF, and GF Guosen Grain Industry ETF.

VI. Institutional Views Yongxing Securities: It is recommended to pay attention to the leaders of various sub-sectors of the real estate chain

Yongxing Securities pointed out that since 2024, policies have been significantly optimized and relaxed, and the regulatory policies in core first- and second-tier cities have been loosened. After a number of policies, the real estate market activity has rebounded. It is recommended to pay attention to the leaders in various segments of the real estate chain.

Huachuang Securities: It is recommended to focus on relatively certain opportunities in the real estate industry

Huachuang Securities pointed out that the valuation opportunities of the industry do not come from the bottoming out of sales, but from the bottoming out of housing prices. It is necessary to deduce the reasonable sales scale and net profit margin of real estate companies, and then deduce the ROE in a steady state, in order to anticipate the trend opportunities of the sector. At present, we still need to wait and it is recommended to focus on relatively certain opportunities: 1) Policy beneficiaries such as urban village reconstruction and land acquisition; 2) Some real estate companies take the lead in solving historical land reserve problems; 3) Intermediary companies with moats in the era of second-hand housing.