Investment Rating - The report maintains an "Increase" rating for the industry [1] Core Insights - In November 2024, the net value of fund indices experienced a slight increase followed by a decline, with stock index and bond funds yielding significantly higher returns than the CSI 300, while ordinary stock and mixed equity funds underperformed [14][18] - The total scale of ETFs continues to expand, with a significant year-on-year increase in both the number of new ETFs and their total market size [68][76] Summary by Sections 1. Fund Market Review - In November 2024, fund indices saw a slight increase before declining, with stock and bond index funds outperforming the CSI 300, while ordinary stock and mixed equity funds lagged behind [14] - Stock-type ETFs experienced a net outflow of 50.419 billion yuan, with a total existing scale of 2,534.509 billion yuan [18] 2. Fund Market Trading Sentiment - The average daily trading volume of funds decreased month-on-month but increased significantly year-on-year, with an average daily trading volume of 2,293.02 billion yuan, up 111.9% year-on-year but down 22.4% month-on-month [24] - The average turnover rate of funds decreased month-on-month, with an overall average turnover rate of 6.4%, up 1.5 percentage points year-on-year but down 1.8 percentage points month-on-month [35] 3. Fund Market Scale - The issuance of new public funds saw a significant decline in November 2024, with a total of 44.25 billion new shares issued, down 63.9% year-on-year and 63.4% month-on-month [41] - The total market size of public funds reached 31.76 trillion yuan, with a month-on-month increase of 0.43% and a year-on-year increase of 16.12% [48] - The total scale of ETFs reached 36,692.45 billion yuan, reflecting a year-on-year increase of 85.4% and a month-on-month increase of 3.8% [68]
东吴金融财富管理月报（2024/11）：基金成交额及换手率环比双降，ETF总规模持续扩张态势
Soochow Securities·2024-12-05 03:31