“国家队”ETF持仓密码本曝光：1.28万亿如何排兵布阵

Core Viewpoint - The "national team" has significantly increased its holdings in ETFs, demonstrating strong market influence and stability amid A-share market volatility, with a total investment of approximately 660 billion yuan in the first half of the year [1][2]. Group 1: National Team Holdings - As of June 30, the "national team" holds a total of 26 ETFs with a combined market value of 1.28 trillion yuan, reflecting an increase of over 20% year-to-date [1][8]. - Central Huijin maintains a stable overall holding with 21 ETFs, while Central Huijin Asset Management has aggressively increased its holdings by 658.86 million shares, a 58.5% increase from the end of last year [3][9]. - The top five ETFs by market value held by the "national team" include Huatai-PB CSI 300 ETF (292.9 billion yuan), E Fund CSI 300 ETF (217.7 billion yuan), and others, which together account for over 75% of the total market value [9]. Group 2: Investment Strategies - Central Huijin Asset Management has focused on increasing its positions in broad-based, small-cap, and technology innovation ETFs, while China National New focuses on central enterprise-themed products [1][4][8]. - The "national team" has also extended its asset allocation into sectors such as pharmaceuticals, chips, and liquor through asset management plans [9][12]. Group 3: ETF Market Growth - The total market size of ETFs has surpassed 5 trillion yuan, marking a 37.25% increase from the end of last year, with a record increase of 1.39 trillion yuan in the first eight months of this year [10][11]. - The rapid growth of the ETF market is attributed to multiple factors, including policy support, improved market sentiment, product innovation, and increased investment demand [12][13]. - The "national team" has played a crucial role in stabilizing the market during downturns, with significant inflows from long-term funds such as insurance capital [10][12].