计算机行业周报：ETF大时代投资机会

Investment Rating - The report maintains an "Overweight" investment rating for the industry [1] Core Insights - The global ETF market is experiencing rapid growth, with total assets exceeding $13 trillion as of June 2024, and a net inflow of over $600 billion [2][10] - The U.S. ETF market dominates globally, accounting for nearly 70% of the total market size, with significant room for growth in the Chinese market, which currently has a market share of about 2.2% [13][14] - The domestic ETF market has seen substantial growth, with an increase of 50.8% in total stock ETF size from September 24, 2024, to November 8, 2024, including a remarkable 190.8% growth in the CSI 1000 ETF [3][16] Summary by Sections U.S. ETF Market Dominance - As of June 2024, the U.S. ETF market size is approximately $9.18 trillion, with the NYSE leading at $6.89 trillion [13][14] - The equity ETF size in the U.S. is $7.2 trillion, representing 12.4% of the total U.S. stock market capitalization of $58 trillion, while China's equity ETF size is about $0.25 trillion, indicating significant growth potential [14][15] Domestic ETF Growth - The domestic stock ETF market has grown from 1.83 trillion yuan to 2.76 trillion yuan, marking a 50.8% increase [3][16] - The CSI 1000 ETF has shown the highest growth rate at 190.8% during the same period [16] Financial Flow and User Engagement - Tonghuashun has a substantial user base, with approximately 62.5 million registered users and an average of 14.39 million daily active users as of June 30, 2024 [4][24] - The company has established partnerships with over 90% of domestic securities firms and numerous institutional clients, enhancing its market position [4][24] Revenue Potential from New Business Models - The report outlines potential revenue from ETF promotion, estimating a conservative income of 3.4 billion yuan and an optimistic income of 16.9 billion yuan over three years based on user engagement [4][35] - The report also highlights the potential for revenue from securities account referrals, estimating up to 2.4 billion yuan based on increased account openings [4][34]