前三季度宽基ETF规模增长3200亿元 份额却大减

Core Insights - The market has shifted from a "buy and hold" strategy with broad-based ETFs to a more targeted approach focusing on industry and thematic ETFs, reflecting a change in investor sentiment and strategy [2][4] Market Performance - As of September 30, the total scale of broad-based ETFs reached 2.51 trillion yuan, an increase of 320 billion yuan from the beginning of the year, while the number of shares decreased by 224.15 billion to 924.77 billion shares [2][5] - Major broad-based indices showed strong performance in the first three quarters, with the CSI 300 index rising by 17.94%, the SSE 50 index by 11.33%, and the ChiNext index soaring by 51.2% [1][2] ETF Dynamics - There is a notable divergence within broad-based ETFs, with some maintaining steady growth while others, despite high returns, faced significant redemptions [1][6] - The top-performing broad-based ETFs are primarily from the ChiNext and Sci-Tech Innovation Board, with the top three performers showing gains of over 60% [3][4] Growth Factors - The growth in broad-based ETF scale is primarily driven by net asset value increases, which have masked some of the profit-taking activities by investors [2][6] - The rise of industry, thematic, and bond ETFs has contributed to the decline in market share of broad-based ETFs, indicating a shift towards more specialized investment strategies [2][4] Investor Behavior - A significant portion of the top broad-based ETFs experienced net redemptions, particularly those with over 50% annual returns, as investors opted to realize profits [6][7] - Among the 29 broad-based ETFs with over 10 billion yuan in scale, 17 experienced net redemptions, highlighting a trend of profit-taking among investors [6][7]