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1. Review of the Securities Market

According to data from 123rd China Stock Exchange, on August 13 (hereinafter referred to as yesterday), the Shanghai Composite Index rose 0.34% to close at 2867.95 points, with a peak of 2867.95 points; the Shenzhen Component Index rose 0.43% to close at 8409.22 points, with a peak of 8409.24 points; the ChiNext Index rose 0.93% to close at 1607.19 points, with a peak of 1607.26 points.

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

The median return rate of stock ETFs yesterday was 0.38%. According to different classifications, among the scale index, Invesco Great Wall ChiNext 50 ETF had the highest return rate of 1.1%; among the industry index, China Bao CSI All-Share Securities Company ETF had the highest return rate of 1.3%; among the strategy index, China Taifushi China State-owned Enterprises Open Win-Win ETF had the highest return rate of 0.8%; among the style index, Dacheng Shenzhen Stock Exchange Growth 40 ETF had the highest return rate of 0.96%; among the theme index, E Fund CSI New Energy Battery ETF had the highest return rate of 1.34%.

2. Stock ETF price increase and decrease ranking

The top three stock ETFs with the highest gains yesterday and their yields were:Fuguo CSI Communication Equipment Thematic ETF (1.34%), E Fund CSI New Energy Battery ETF (1.34%), and Huabao CSI All-Share Securities Company ETF (1.3%).Details of the top 10 stocks with the highest growth rates are shown in the table below:

The three ETFs with the largest declines yesterday and their yields were:Cathay CSI Biotechnology ETF (-1.2%), Wine ETF (-1.2%), and Hua Xia CSI Food and Beverage Industry Thematic ETF (-1.12%).Details of the top 10 decliners are shown 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 882 million yuan), E Fund ChiNext ETF (inflow of 614 million yuan), and Southern CSI 1000 ETF (inflow of 534 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 141 million yuan), Harvest SSE Star Chip ETF (outflow of 123 million yuan), and E Fund CSI 300 Pharmaceutical ETF (outflow of 99 million yuan).Details of the top 10 capital outflows are shown in the table below:

III. Institutional Views Donghai Securities: The long-term logic of an active capital market remains unchanged, and we will focus on large securities firms with stable business operations.

Donghai Securities pointed out that the new "Nine National Policies" top-level design guidelines for the capital market have clarified the effectiveness and direction of cultivating first-class investment banks. The long-term logic of activating the capital market remains unchanged. It is recommended to grasp the three main logical lines of mergers and acquisitions, high "financial ratio" and ROE improvement, and it is recommended to pay attention to the allocation opportunities of large securities firms with strong capital strength and stable business operations.

Guohai Securities: The securities sector still has a high cost-effectiveness and odds, and pays attention to the multi-factor catalysis brought about by the acceleration of mergers and acquisitions and restructuring

Guohai Securities believes that the securities sector still has a high cost-effectiveness and odds, especially in the context of intensified market divergence and capital game, the value of securities companies in the market style game should be valued. Subsequent industry investment should focus on the catalysis of factors such as supply-side structural reform brought about by accelerated mergers and acquisitions, cost reduction and efficiency improvement, and performance exceeding expectations of some targets under low attention.