宽基指数增速放缓！内部分化显现，这个挂钩ETF年内净赎回超900亿

Core Insights - The growth rate of broad-based index ETFs has significantly slowed down in 2025 compared to the explosive growth seen in the previous year [2][3] - The number of stock ETFs increased from 832 at the end of last year to 1,066, with net asset value rising from 28,876.80 billion to 36,021.33 billion, a year-on-year increase of 24.74% [2] - In contrast, the scale of index ETFs grew at a much slower rate of approximately 8.77%, with net asset value increasing from 21,856.45 billion to 23,773.29 billion [2] ETF Market Dynamics - The leading growth in stock ETFs this year comes from thematic ETFs, which saw their number and scale rise to 495 and 7,738.70 billion respectively, marking an 88.54% increase [2] - Industry and strategy ETFs also experienced significant growth, with increases of 58.58% and 50.21% respectively [2] - The market is characterized by uneven opportunities, with active funds focusing on a few high-growth sectors, leading to reduced attractiveness of broad-based ETFs [3] Performance of Specific ETFs - The CSI A500 index ETF has seen the highest net redemption, with outflows exceeding 900 billion, despite a 15.74% increase in its value [5][10] - The CSI A500 ETF products collectively have a scale of approximately 1,919.26 billion, but this is down by about 635.80 billion from the end of last year [7] - The market has seen a shift in fund flows from broad-based ETFs to industry-specific ETFs, particularly in TMT and financial real estate sectors [8] Management and Competition - The top two ETF managers, Huaxia Fund and E Fund, dominate the market with total ETF scales of 8,983.07 billion and 8,327.23 billion respectively, showing significant growth in non-money market ETFs [12] - Seven ETF managers have added over 1,000 billion in scale this year, accounting for nearly 60% of the total market growth [13] - Huaxia Fund's robot ETF has shown remarkable growth, increasing from 41.37 billion to 239.30 billion, a growth rate of 478.44% [13] Global ETF Landscape - Huaxia Fund and E Fund have entered the top twenty global ETF providers, marking a significant achievement for Chinese firms in the global market [14] - The competitive landscape remains stable among the top global ETF providers, with BlackRock and Vanguard leading the market [14]