2025沪深股通ETF市场活跃度再创新高，新时空研究院发布年度全景报告

Core Insights - The report highlights a record level of activity in the Hong Kong and Shanghai Stock Connect ETF market in 2025, with a net buy of 14,048 billion HKD, a year-on-year increase of approximately 74% [1] - The communication and non-ferrous metal sectors emerged as the leading gainers, with the communication ETF (515880.SH) achieving an annual growth of 118.91% [1] - The market showed a cautious and rational funding allocation preference, focusing on low-volatility and high-liquidity assets [2] Market Activity - The annual net inflow for the Stock Connect market reached 14,048 billion HKD, with September alone contributing a record net inflow of 1,885 billion HKD [1] - The average daily trading volume for the Hong Kong Stock Connect was 1,259 billion HKD, a year-on-year increase of 229%, while the Shanghai and Shenzhen Stock Connect saw an average daily trading volume of 2,064 billion RMB, up 67% [1] Sector Performance - The communication sector and non-ferrous metals were the standout performers, with several ETFs in these categories seeing gains exceeding 89% [1] - In contrast, consumer and traditional Chinese medicine ETFs underperformed, with the liquor ETF (512690.SH) declining by 13.13% and the Chinese medicine ETF experiencing a drop to -5.77% due to policy impacts [1] Fund Allocation Trends - The market showed a preference for stable assets, with significant inflows into the securities ETF (512880.SH) and the CSI 300 ETF (510330.SH), each attracting nearly 30 billion RMB [2] - The technology sector ETFs, such as the Sci-Tech 50 ETF (588000.SH), faced substantial outflows, with over 42.3 billion RMB leaving these funds [2] Institutional Performance - Smaller fund companies demonstrated notable performance through high-elasticity products, with Huafu Fund achieving an average return exceeding 70% due to its AI ETF (515980.SH) [3] - The institutional landscape is characterized by a "stronger getting stronger" dynamic, with leading firms like Huaxia Fund and E Fund seeing significant growth, while smaller firms focus on niche market opportunities [3] Future Outlook - The report anticipates that competition among institutions will increasingly focus on innovation in niche categories and service enhancement, with a need for smaller funds to identify differentiated opportunities in specialized ETFs and cross-border products [3]