从籍籍无名中闯出天地，6万亿ETF市场5年养成

Core Insights - The ETF market in China has reached a significant milestone, with total assets surpassing 6 trillion yuan, reflecting a growth of over 60% year-on-year [3][5] - The rapid expansion of the ETF market is characterized by a shift from slow accumulation to accelerated growth, with a cumulative increase of 452.53% over the past five years [5][6] - The market is witnessing a consolidation of leading fund companies, with a clear top tier emerging in ETF management [7][10] Market Overview - As of December 2025, the total ETF market size reached 6.03 trillion yuan, with an increase of 2.29 trillion yuan within the year [3] - The number of ETF products has grown from 326 to 1402 over the past five years, with a total issuance of 1076 new products [6] - The total trading volume of ETFs has surged from 843.48 billion yuan to 3.96 trillion yuan, marking a growth of 369.51% [6] Management Competition - The top seven fund companies have maintained their positions in the ETF management scale, with 华夏基金 (China Asset Management) leading the market [7][10] - 华夏基金's ETF management scale increased from 187.9 billion yuan in 2020 to 957 billion yuan by the end of 2025 [10] - The entry threshold for the top ten ETF managers has significantly risen, with the requirement increasing from 30 billion yuan five years ago to 200 billion yuan by the end of 2025 [11] Index Performance - The 沪深300 index remains the most popular, with ETF assets linked to it reaching 1.185 trillion yuan by the end of 2025 [14] - The 中证A500 index has emerged as a new favorite, with its ETF size surpassing 300 billion yuan, reflecting a shift towards quality assets [15] - The diversification of asset classes in the top ten indices indicates changing investor preferences, with new themes and sectors gaining traction [16] Holder Structure - Institutional investors have solidified their dominance in the ETF market, increasing their share from 69.07% at the end of 2020 to 76.84% by mid-2025 [20] - The absolute scale of institutional holdings has grown from 743.8 billion yuan to 3.3 trillion yuan, indicating a fourfold increase [20] - Individual investors have shown consistent participation in equity ETFs, maintaining a net value share close to that of institutional investors [21] National Team Involvement - The "national team" has increasingly utilized ETFs as a tool for market stabilization, with significant purchases made during market fluctuations [22][23] - By the end of 2024, the central government’s holdings in ETFs had surged to over 1 trillion yuan, reflecting a strategic shift towards broader ETF investments [23][24] - The national team's involvement in ETFs is expected to play a crucial role in the future of China's capital market ecosystem [24]