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1. Review of the Securities Market

According to the data from Nancai Financial Terminal, on August 19, the Shanghai Composite Index rose 0.49% to close at 2893.67 points, with a peak of 2905.15 points; the Shenzhen Component Index rose 0.08% to close at 8356.9 points, with a peak of 8437.88 points; the ChiNext Index fell 0.14% to close at 1589.29 points, with a peak of 1608.27 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 0.11%. According to different classifications, the 800 Enhanced ETF has the highest return rate of 0.57% in the scale index; the Southern CSI Bank ETF has the highest return rate of 1.91% in the industry index; the Dividend TK has the highest return rate of 1.45% in the strategy index; the China Merchants CSI Bank AH Price Preferred ETF has the highest return rate of 1.59% in the style index; and the Gold Stock ETF has the highest return rate of 3.31% in the theme index.

2. Stock ETF price increase and decrease ranking

The top three stock ETFs with the highest gains yesterday and their yields were:Gold Stock ETF (3.31%), Cathay CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF (3.26%), and Gold Stock ETF Fund (3.26%).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: GF CSI Photovoltaic Leader 30 ETF (-1.22%), Guotai CSI Photovoltaic Industry ETF (-1.16%), and Huaan CSI Photovoltaic Industry ETF (-1.15%). Details of the top 10 declines are shown in the table below:

3. ETF fund flows

The top three ETFs with the most inflows yesterday were: Huatai-PineBridge CSI 300 ETF (inflow of 1.546 billion yuan), Southern CSI 500 ETF (inflow of 831 million yuan), and E Fund CSI 300 ETF (inflow of 808 million 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: E Fund CSI 300 Pharmaceutical ETF (outflow of 106 million yuan), Huabao CSI Medical ETF (outflow of 66 million yuan), and Photovoltaic ETF (outflow of 62 million yuan). Details of the top 10 funds outflows are shown in the table below:

3. Institutional Views Minsheng Securities: The weakening of the US dollar credit in the medium and long term is the main line, and we are firmly optimistic about the upward movement of the gold price center

Minsheng Securities pointed out that the overall performance of US CPI and PPI was weaker than expected, which consolidated the view of cooling inflation and provided support for the September rate cut. Spot gold broke through the $2,500 mark, setting a new record high. In the medium and long term, the weakening of the US dollar credit is the main line, and we continue to firmly believe that the central axis of gold prices will move upward.

Guosheng Securities: Gold prices will continue to benefit from the Fed's interest rate cut space and the dual logic of safe-haven premium

Guosheng Securities said that as an alternative to non-US assets, gold's safe-haven properties will gradually become more prominent when downward pressure on the economy intensifies. Global central banks are expected to continue to increase their gold holdings. Non-speculative positions will provide support for gold prices when the Federal Reserve's easing is less than expected or the timing of its interest rate cuts is postponed. In the long run, gold prices will continue to benefit from the dual logic of the Federal Reserve's interest rate cut space and the safe-haven premium.