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 broad-based ETFs" strategy to a "targeted approach" focusing on specific sectors and themes [1][2] - Despite the overall growth in the total scale of broad-based ETFs, the number of shares has decreased significantly due to profit-taking and a shift in investor preference towards sector-specific and thematic ETFs [1][3] Market Performance - Major broad-based indices in A-shares have shown strong performance in the first three quarters of the year, with the CSI 300 index rising by 17.94%, the SSE 50 index by 11.33%, and the CSI A500 index by 21.91% [2][3] - 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 [2][3] ETF Dynamics - The growth in the scale of broad-based ETFs is primarily driven by net asset value increases, which have masked some profit-taking activities [3][4] - There is a notable divergence within broad-based ETFs, with some maintaining steady growth while others, despite high returns, have faced significant redemptions [2][5] Growth Trends - The performance of broad-based ETFs has been characterized by a "victory of growth style," particularly in sectors like AI, innovative pharmaceuticals, and new energy vehicles [5][6] - Among the top-performing broad-based ETFs, many are smaller in scale, with only one exceeding 10 billion yuan, indicating a trend towards smaller, high-growth products [4][6] Redemption Patterns - A significant portion of the top broad-based ETFs has experienced net redemptions, particularly those with over 50% annual returns, reflecting a common profit-taking strategy among investors [7] - Of the 29 broad-based ETFs with scales exceeding 10 billion yuan, 17 have seen net redemptions, indicating a cautious sentiment among investors regarding future market volatility [7]