年内ETF发行规模突破2400亿份，增幅达91.83%

Core Insights - The domestic ETF market is experiencing a record issuance scale, indicating a comprehensive arrival of index investment trends [1][4] - The number and volume of newly issued ETFs have significantly surpassed last year's figures, with a 79.89% increase in the number of new ETFs and a 91.83% increase in issuance volume compared to 2024 [4] - The market is witnessing profound changes in ETF product structure, with thematic ETFs focusing on sectors like technology and free cash flow becoming popular among investors [1][6] Market Growth - As of November 18, 2025, a total of 322 ETFs have been issued this year, with a combined issuance volume of 2446.44 billion units, exceeding last year's totals of 179 ETFs and 1275.31 billion units [4] - The ETF market is expected to see explosive growth in 2025, driven by policy support and diverse investor demands [4][10] Product Types - Stock ETFs remain the backbone of the issuance market, with 283 stock ETFs accounting for 87.89% of total issuances and 1493.95 billion units, representing 61.07% of total volume [5] - Bond ETFs have also seen significant activity, with 32 new bond ETFs issued, making up 9.94% of total issuances, although they have experienced a decline in total volume post-issuance [5][6] Thematic ETFs - Among the newly issued ETFs, 66 products include "technology" in their names, representing 20.50% of total issuances, while 29 products include "free cash flow," accounting for 9.01% [6] - Free cash flow ETFs are gaining attention due to their adaptability in a low-interest environment and strong profitability of constituent stocks [6] Competitive Landscape - The ETF market is characterized by a significant head effect, with leading institutions dominating the issuance landscape [8][9] - The top three ETF providers hold a combined market share of 44%, while the top five and ten providers account for 57% and 78% respectively [9] - The competitive landscape is expected to intensify, with challenges in product innovation, cost control, and brand building for fund companies [10][11] Future Outlook - The concentration of the ETF market is likely to increase, as leading providers leverage their brand strength and resources to capture market share in popular sectors [10] - Fund companies must develop differentiated innovation capabilities and strong cost management to remain competitive in the evolving market [11]