ETF Mid-Day Review | Shanghai Composite Falls 0.68%, ChiNext Rises 0.43%

　July 31st, 2025｜The Shanghai Composite fell 0.68% during the mid-day session, while the ChiNext index rose 0.43%. The Nvidia industry chain surged across the board, with Industrial and Commercial Bank of China (601138) and its "Easy Money" CPO, together with the three giants, setting a new high; AI application and liquid cooling concepts opened up for further gains, while innovative medicine rebounded strongly, with Shuntai (300204) and Guangsheng (300436) setting new highs; cyclic stocks continued to adjust, with the steel, coal, and rare earth industries all falling, while real estate and insurance stocks underperformed.

　In the ETF market, AI hardware stocks surged across the board, with the Entrepreneurship Board's Artificial Intelligence ETF, Hua An, Nationally-owned Industrial and Commercial Bank of China's Artificial Intelligence ETF, and Minsheng Bank's Artificial Intelligence ETF all rising by 4%, while Nationally-owned Industrial and Commercial Bank of China's Communication ETF and New China Fund's Cloud 50 ETF rose by 3.79% and 3.69% respectively. The innovative medicine sector continued to rise, with Hua An's Innovative Medicine ETF, Hong Kong Stock Exchange's Innovative Medicine ETF, and Bank of Communications' Innovative Medicine ETF all rising by 2.93%, 2.55%, and 2.41% respectively.

　Real estate stocks fell sharply, with the Real Estate ETF and Shanghai Real Estate ETF both falling by 3.66% and 3.06% respectively. Cyclic stocks continued to adjust, with the mining ETF and steel ETF both falling by 3.41% and 3.36% respectively.