“国家队”ETF持仓透视：1.5万亿规模创新高，小幅调仓

Core Insights - Central Huijin's latest investment activities indicate a significant increase in ETF holdings, with a total value reaching approximately 1.53 trillion yuan, marking a quarter-on-quarter growth of about 240 billion yuan, or 19% [1][4][14] - The increase in holdings is primarily attributed to the recovery of the stock market, with Central Huijin maintaining a stable position in core broad-based ETFs such as the CSI 300 and SSE 50 [4][16] ETF Holdings Overview - As of September 30, Central Huijin held 28 ETF products with a holding ratio exceeding 20%, totaling a market value of 1.48 trillion yuan, which is an increase of 233.2 billion yuan from the previous quarter [5][6][7] - The main investment entities, Central Huijin Investment and Central Huijin Asset Management, have not significantly altered their holdings in broad-based ETFs, focusing instead on maintaining stability in their investments [5][16] Investment Strategy - Central Huijin's strategy emphasizes long-term, stable investments in broad-based ETFs, reflecting a commitment to market stability and investor confidence [16][17] - The asset management plans under Huaxia Fund and E Fund are more flexible, focusing on industry-themed ETFs that align with national strategic directions and sectors with high economic vitality [16][17] Market Impact - Central Huijin's actions are seen as a stabilizing force in the capital market, with its substantial ETF holdings serving as a "market ballast" [16][19] - Analysts suggest that Central Huijin's investment approach, characterized by long-term positioning and diversification, provides a strong signal of the long-term investment value in the A-share market [16][19]