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1. Review of the Securities Market

According to the data from Nancai Financial Terminal, on August 15 (hereinafter referred to as yesterday), the Shanghai Composite Index rose 0.94% to close at 2877.36 points, with a peak of 2889.09 points; the Shenzhen Component Index rose 0.71% to close at 8370.12 points, with a peak of 8439.69 points; the ChiNext Index rose 0.53% to close at 1592.71 points, with a peak of 1608.95 points. Northbound funds increased from the previous trading day.

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

The median return rate of stock ETFs yesterday was 0.88%. According to different classifications, among the scale index, the Fuguo ChiNext Mid-Cap 200 ETF had the highest return rate of 1.37%; among the industry index, the China Tai CSI Coal ETF had the highest return rate of 1.98%; among the strategy index, the China Construction Bank CSI 300 Dividend ETF had the highest return rate of 1.38%; among the style index, the Shanghai Stock Exchange 180 Value ETF had the highest return rate of 1.51%; and among the theme index, the China Tai CSI Animation and Game ETF had the highest return rate of 3.38%.

2. Stock ETF price increase and decrease ranking

The top three stock ETFs with the highest gains yesterday and their yields were:Cathay CSI Animation and Game ETF (3.38%), Huaxia CSI Animation and Game ETF (3.37%), Game Animation (3.31%)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: China Merchants CSI Shanghai-Hong Kong-Shenzhen Consumer Leader ETF (-0.11%), Branded Consumer (-0.07%), and CSI 300 ETF Fund (0.0%). See the table below for details of the top 10 declines:

3. Equity ETF fund flows

The top three ETFs with the most inflows yesterday were: Huatai-PineBridge CSI 300 ETF (4.821 billion yuan), E Fund CSI 300 ETF (4.119 billion yuan), and Huaxia CSI 300 ETF (2.226 billion yuan). See the table below for details of the top 10 ETFs with the most inflows:

The three ETFs with the largest outflows of funds yesterday and their inflows were: Shanghai Composite Index ETF (outflow of 46 million yuan), Cathay CSI Nonferrous Metals ETF (outflow of 12 million yuan), and Cathay CSI Information Technology Innovation Theme ETF (outflow of 10 million yuan). See the table below for the top 10 funds outflows:

III. Institutional Views ① Sufficient game supply in the second half of the year, pay attention to bottom rebound opportunities

Shenwan Hongyuan Securities believes that there will be sufficient game supply in the second half of 2024, and attaches importance to bottom rebound opportunities. As optional consumption, games have a certain impact on the macro economy, but games also have the characteristics of supply-driven demand, and their resilience and elasticity are outstanding. On the one hand, the overall valuation of games has dropped to 10-15x, which is at the historical bottom and has strong appeal; on the other hand, the stock of most game companies has stabilized and the safety margin has been built, while the market's expectations for subsequent new products (especially new products from second- and third-tier companies) are not sufficient, and the current position odds are gradually highlighted. In terms of catalysts, the domestic 3A masterpiece "Black Myth: Wukong" will be launched on August 20. Key targets: Jibit, Kaiying Network, Giant Network, Shenzhou Taiyue.

② At present, the overall valuation of game companies is still at a low level. It is recommended to pay attention to the release date and performance of key game products.

China Cinda Securities stated that the overall valuation of game companies is still at a low level, and with the emergence of catalysts on the policy side and the start of the new game cycle in the industry, the performance of new games is expected to drive the economy up. It is recommended to pay attention to the release schedule of key game products and the performance of their performance.