“ETF通”三周年蝶变：交易活跃度飙升 为资本市场发展注入新动力

Core Viewpoint - The "ETF Connect" mechanism has significantly enhanced cross-border investment opportunities, leading to a substantial increase in the number of products and trading activity, thereby promoting the integration and internationalization of the capital markets [1][2][3]. Group 1: Product Growth and Trading Activity - The number of "ETF Connect" products has grown from 87 at its inception to 265 currently, reflecting a robust expansion in product offerings [2][3]. - Trading volume has surged, with northbound transactions reaching 256.36 billion RMB in the first five months of the year, a 148% increase year-on-year, while southbound transactions amounted to 416.34 billion HKD, a 180% increase [2]. - The trading activity has increased nearly 100 times for northbound and over 10 times for southbound transactions compared to the initial phase of "ETF Connect" [2]. Group 2: Mechanism Benefits - "ETF Connect" offers a more efficient and convenient investment channel compared to traditional methods like QFII and RQFII, eliminating complex approval processes and enhancing risk management [4][5]. - The mechanism facilitates a seamless flow of funds and provides investors with a diverse range of investment options, thereby enriching the investment landscape [4][5]. - It serves as a critical component of China's financial opening strategy, promoting higher levels of bilateral market integration and collaboration [2][3][6]. Group 3: Future Potential and Market Impact - The lowering of entry barriers for "ETF Connect" is expected to further stimulate product innovation and enhance the investment landscape for both domestic and international investors [5][6]. - The mechanism is seen as a bridge for passive investment between mainland China and Hong Kong, fostering deeper integration of market rules, valuation systems, and investor structures [6]. - The continued growth in product variety and trading volume indicates strong market demand and potential for future development in the cross-border investment space [5][6].