ETF 市场周报：个人养老金纳入85只指数基金，被动投资持续吸金

Investment Rating - The report maintains a "Recommended" investment rating for the industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [39]. Core Insights - The personal pension system in China is expanding, with 85 index funds being included in the investment product catalog, enhancing the diversity of pension fund offerings [2]. - The total scale of the ETF market reached 3.76 trillion yuan as of December 13, 2024, reflecting a 0.6% increase from the previous period [7]. - The report highlights the strong inflow of funds into stock ETFs, particularly following the inclusion of index funds in the personal pension product catalog, which is expected to attract more capital into personal pension accounts [7]. Summary by Sections ETF Market Overview - Major indices experienced a decline this week, with the Shanghai Composite Index down by 1.01% and the ChiNext Index down by 1.40% [1]. - The total scale of stock ETFs reached 2.94 trillion yuan, with a year-to-date increase of 102.4% [7]. - The report notes that the A500 ETF remains popular, with significant subscription activity [7]. Personal Pension System Expansion - The personal pension system will be officially expanded nationwide on December 15, 2024, with 85 index funds added to the investment product catalog [2]. - The newly included index funds consist of 56 ETF linked funds, 19 index-enhanced funds, and 10 ordinary index funds, bringing the total number of personal pension funds to 284 [2]. - The management fees for the included ETF linked funds are among the lowest in the market, with a combined fee rate of 0.20% [2]. Fund Performance and Trends - As of the third quarter of 2024, the total scale of the 85 index funds reached 207.9 billion yuan, with linked funds accounting for 107.5 billion yuan [2]. - The report indicates a 42% year-on-year growth in the scale of pension fund accounts, reaching 7.344 billion yuan [2]. - The report emphasizes the potential for index funds to support the development of the third pillar of pension insurance in China [2].