跨境ETF加速扩容，港股赛道成吸金主力

Core Insights - The cross-border ETF market in China has reached a historic milestone, with a total scale surpassing 1 trillion yuan, reaching 10,025 billion yuan in January 2023, and remaining at 9,903.82 billion yuan as of January 20, 2026 [1][2] - The market has experienced exponential growth since 2021, with the number of products increasing from 24 to 208, a growth of 7.67 times, and the total shares rising from 236.55 billion to 9,532 billion, a growth of 39.30 times [1][2] - The annual compound growth rate of cross-border ETFs has exceeded 80% since 2021, with a significant increase of 119.53% in 2025 alone [2][3] Market Dynamics - The cross-border ETF market is highly concentrated, with the top five managers (Huaxia, Fuguo, Huatai-PB, E Fund, and ICBC Credit Suisse) accounting for over 60% of the market scale [4] - The leading product in the market is the Fuguo Hong Kong Stock Internet ETF, with a scale of 894 billion yuan, followed by the Huaxia Hang Seng Technology Index ETF at approximately 524 billion yuan [4] - There are currently 25 cross-border ETFs with a scale exceeding 10 billion yuan, up from 11 at the beginning of 2025 [4] Growth Drivers - The rapid development of cross-border ETFs is driven by factors such as the accumulation of household wealth, the internationalization of the yuan, strong performance in the Hong Kong technology sector, and the trend of global capital allocation [5] - The demand for diversified asset allocation has been fueled by the limited channels for investing overseas, particularly as overseas markets, especially the US stock market, have performed well [5] - The increasing number of innovative products has lowered participation barriers, further promoting the growth of cross-border ETFs [5] Future Trends - The cross-border ETF market is expected to continue expanding, with potential growth areas including regional expansion, thematic deepening, and strategic innovation [6] - Future developments may focus on emerging markets such as Brazil, India, and Southeast Asia, as well as thematic investments in sectors like semiconductors, AI, and renewable energy [6] - The market is likely to see a shift from broad-based indices to more specialized themes, with a growing proportion of thematic ETFs [6][7]