Sou Hu Cai Jing·2025-07-26 02:20Core Viewpoint - The ETF market in China has reached a significant milestone, surpassing 4 trillion yuan in total market size for the first time, with over a thousand products available [1]. Group 1: Market Overview - As of June 2025, the Shanghai Stock Exchange has 870 fund products with a total asset management scale of 32,259.87 billion yuan, including 701 ETFs valued at 31,473.20 billion yuan, reflecting a 4.84% increase [1]. - The total trading volume of ETFs reached 39,035.13 billion yuan in the same period, with an average daily trading amount of 1,951.76 billion yuan, marking a 23.21% increase [1]. Group 2: Brokerage Performance - The top three brokerages in ETF trading volume are Huatai Securities, CITIC Securities, and Guotai Junan Securities, with market shares of 11.75%, 11.04%, and 6.55% respectively, collectively accounting for over 25% of the market [1][4]. - In the first half of 2025, Huatai Securities led the ETF brokerage business with an 11.06% market share, followed by CITIC Securities at 8.01% and Guotai Junan Securities at 6.54% [3][4]. Group 3: Market Concentration - The top ten brokerages account for 57.2% of the total ETF trading volume, indicating a high level of market concentration [5]. - The leading brokerage in ETF holdings is China Galaxy Securities, holding 24.03% of the market, although this is a slight decrease from 24.63% [6][7]. Group 4: Trading Accounts - Huatai Securities leads in the number of ETF trading accounts with a market share of 10.60%, showcasing its strong customer engagement and market influence [10]. - The top ten brokerages collectively hold over 55.06% of the ETF trading accounts, reflecting a significant concentration in the industry [12]. Group 5: Market Ecosystem - The market ecosystem is maturing, with over 1,200 ETFs receiving liquidity support from market makers, indicating a well-developed market structure [1][13]. - As of mid-2025, there are 20 primary market makers and 12 general market makers on the Shanghai Stock Exchange, providing liquidity services to 746 fund products [13].