资金节前避险？这类ETF规模年内“腰斩”

Market Overview - The A-share market experienced a week of fluctuations with major indices rebounding, including a 0.36% increase in the CSI 300 Index and a 1.22% rise in the ChiNext Index [1] - Despite the rebound, smart money has shifted direction, with stock ETFs continuing to shrink, particularly the CSI 300-linked ETFs, which have halved in size this year [1][4] ETF Performance - The total ETF market saw an increase of 374.84 billion yuan this week, bringing the total market size to 5.36 trillion yuan, primarily driven by bond and cross-border ETFs [2] - Bond ETFs gained 225.82 billion yuan, ending a five-week decline, while stock ETFs saw a slight decrease of 72.7 billion yuan [2][3] ETF Category Breakdown - As of February 14, 2023, the number of listed ETFs reached 1,435, with stock ETFs totaling 31,339.82 billion yuan, down 7,078.37 billion yuan year-to-date [3] - Bond ETFs and money market ETFs also experienced year-to-date declines of 765.78 billion yuan and 119.95 billion yuan, respectively, while cross-border and commodity ETFs saw increases of 522.41 billion yuan and 799.28 billion yuan [3] Index-linked ETF Trends - The CSI 300-linked ETF has seen a significant year-to-date decline of 5,975.29 billion yuan, with its current size at 5,880.28 billion yuan [6][7] - Other indices like the CSI 1000 and the SSE 50 also experienced substantial declines, exceeding 1,000 billion yuan each [7] Fund Management Insights - Hai Fu Tong Fund capitalized on the rebound in bond ETFs, achieving a weekly growth of 144.18 billion yuan, while other major funds like E Fund and Bosera also saw increases of over 40 billion yuan [8] - Conversely, major funds such as Huatai-PB and Huaxia Fund experienced declines in ETF sizes, with reductions of 40.64 billion yuan and 13.32 billion yuan, respectively [8] Top ETF Products - Gold ETFs have emerged as the top performers in terms of year-to-date growth, with significant increases from funds managed by Huaxia, Guotai, and Bosera [15] - The top 20 products saw limited growth, with only two in the top tier increasing in size, while the second tier showed more activity with several industry and thematic ETFs growing [12]