ETF市场5年成长——总规模突破6万亿元大关

Core Insights - The ETF market in China has reached a significant milestone, surpassing 6 trillion yuan in total scale, reflecting a growth of 60% year-on-year [2] - Over the past five years, the total scale of ETFs has increased from 1.1 trillion yuan to 6.02 trillion yuan, marking a cumulative growth of 452.53% [4][5] - The market has seen a substantial increase in the number of products and trading volume, indicating a shift in investor preferences towards passive investment strategies [5] Market Overview - As of December 2025, the total scale of ETFs reached 6.03 trillion yuan, with an increase of 2.29 trillion yuan within the year [2] - The number of ETF products grew from 326 to 1402, with a total trading volume rising from 843.48 billion yuan to 3960.20 billion yuan, reflecting a growth of 369.51% [5] - The proportion of ETFs in the public fund market increased from 5.47% at the end of 2020 to 15.33% by the third quarter of 2025 [5] Competitive Landscape - The top ten ETF management firms have remained relatively stable, with seven firms consistently leading the market, including 华夏基金 (China Asset Management), 易方达基金 (E Fund), and 华泰柏瑞基金 (Huatai-PB) [6][8] - 华夏基金 has maintained its position as the largest ETF manager, with its scale growing from 1879 billion yuan in 2020 to 9570 billion yuan by the end of 2025 [8] - The entry threshold for the top ten ETF managers has significantly increased, with the required management scale rising from 300 billion yuan five years ago to 2000 billion yuan by the end of 2025 [9] Index Performance - The 沪深300 index remains the most popular, with ETF scale reaching 11855.57 billion yuan by the end of 2025, solidifying its status as a core asset allocation tool [12] - New indices like 中证A500 have gained traction, with its ETF scale surpassing 3000 billion yuan, indicating a shift towards high-quality asset representation [12] - The diversification of asset classes in the top ten indices reflects changing investor preferences, with technology and growth indices gaining prominence [13] Investor Composition - Institutional investors have solidified their dominance in the ETF market, with their share increasing from 69.07% at the end of 2020 to 76.84% by mid-2025 [16] - The absolute scale of institutional holdings grew from 743.8 billion yuan to 3.3 trillion yuan, highlighting a significant influx of long-term capital [16] - Individual investors have shown a consistent engagement with ETFs, maintaining a net value holding ratio close to that of institutional investors [17] Role of State-Owned Entities - The "national team" has increasingly utilized ETFs as a tool for market stabilization, with significant investments from 中央汇金 (Central Huijin) growing from 147 billion yuan in 2013 to over 12 trillion yuan by mid-2025 [18][19] - The diversification of the national team's ETF holdings has expanded to include various sectors, indicating a strategic approach to market support [19]