Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2025, the ETF market scale is expected to continue to break through and become an important source of incremental funds in the market, driven by the steady penetration of passive investment, the long - term positive outlook of the equity market, and the efforts of distribution channels. The central Huijin's increase in holdings of four major CSI 300 ETFs in the first quarter is expected to play a positive role in stabilizing market expectations and boosting confidence, and inject incremental funds into the market [11]. Summary by Related Catalogs 1. This Week's Market Review - This week, major indices generally closed up. The CSI 300 rose 0.38%, the CSI A500 rose 0.68%, the STAR 50 fell 0.40%, the CSI 500 rose 1.20%, the SSE 50 fell 0.33%, the ChiNext Index rose 1.74%, the CSI 1000 rose 1.85%, and the CSI A50 rose 0.84%. The weekly returns of stock index funds were 1.12%, outperforming the Shanghai Composite Index by 0.56 pct but underperforming ordinary stock funds by 0.54 pct. Bond index funds had a return of - 0.03%, underperforming the Shanghai Composite Index by 0.59 pct [1]. 2. This Week's Dynamics - As of April 22, 135 CSI A500 - related funds released their first - quarter reports. The total subscriptions were 87.504 billion shares, total redemptions were 134.368 billion shares, and net redemptions were 46.864 billion shares. 102 out of 135 funds were net - redeemed, accounting for 75.56%. The Guotai CSI A500 ETF had the largest net - redemption of 5.157 billion shares [2]. - The Huaan Gold ETF, Asia's largest gold ETF, had a daily trading volume exceeding 10 billion yuan for the first time, reaching 12 billion yuan [2]. - Products of many private equity institutions appeared on the top ten holders list of the Free Cash Flow ETF, including well - known billion - scale private equities. A private equity product held 40 million yuan of the Free Cash Flow ETF. This ETF is favored by institutional investors for its anti - decline and growth attributes, suitable for long - term bottom - position allocation [2]. 3. ETF First - Quarter Report Situation - As of Q1 2025, the scale of passive equity funds was slightly higher than that of active equity funds. The total fund scale was 31.6 trillion yuan, down 2.1% from the end of 2024. The combined scale of passive equity funds was 3.5 trillion yuan, down 1.8% from the end of last year. Among them, passive index funds were 3.29 trillion yuan, down 1.9%, and enhanced index stock funds were 0.21 billion yuan, down 0.2%. The scale of active equity funds was 3.46 trillion yuan, up 1.7% from the end of last year [3]. - In the first quarter, the central Huijin continued to increase its holdings of four CSI 300 ETFs. The number of shares held in Huatai - Peregrine CSI 300 ETF, E Fund CSI 300 ETF, China AMC CSI 300 ETF, and Harvest CSI 300 ETF increased by 363 million, 502 million, 157 million, and 117 million respectively, with a total market value of 682.6 billion yuan [3]. 4. Tracking of Off - Exchange Investor Entry - As of Q1 2025, the scale of ETF linked funds was about 633.8 billion yuan, up 2.3% from Q4 2024, accounting for about 17% of ETF funds, unchanged from Q4 2024. The top 15 ETF linked funds in terms of scale included 7 broad - based ETFs, 4 commodity (gold) ETFs, 2 cross - border ETFs, 1 industry - themed ETF, and 1 bond ETF [4]. 5. Tracking of ETF Heavy - Held Stocks - As of Q1 2025, there were 10 companies where the proportion of shares held by ETF funds in the outstanding shares was greater than 10% (2 more than at the end of 2024), and 2 companies with a proportion greater than 20% (1 more than at the end of 2024): Lanqi Technology (20.12%) and Hygon Information (20.04%). The "voice" of ETF funds continued to increase [4]. 6. This Week's ETF Market Data Tracking (1) ETF Market Overview - As of April 25, the total scale of the ETF market was 4.07 trillion yuan, up 1.3% week - on - week and 9.2% year - to - date. The total share was 2.81 trillion shares, up 0.1% week - on - week and 5.9% year - to - date [5]. (2) Equity ETFs - As of April 25, the total scale of equity ETFs was 2.96 trillion yuan, up 0.4% week - on - week and 2.6% year - to - date. The total share was 2.04 trillion shares, unchanged week - on - week and up 3.7% year - to - date [5]. - Broad - based ETFs: Funds mainly flowed into the STAR Composite Index ETF. As of April 25, the scale of broad - based ETFs was 2.2 trillion yuan, up 0.2% week - on - week and 0.8% year - to - date. The share was 1.13 trillion shares, down 0.4% week - on - week and 1.7% year - to - date, accounting for 74% of equity ETFs (1 pct lower than at the beginning of the year). The top 5 broad - based ETFs in terms of subscriptions this week were E Fund SSE STAR Market Composite ETF, China AMC SSE STAR Market Composite ETF, Penghua SSE STAR Market 100 ETF, GF SSE STAR 50 ETF, and Bosera SSE STAR Market 100 ETF. The top 5 in terms of returns were China Merchants CSI 2000 Enhanced Strategy ETF (+5.36%), China AMC CSI 2000 ETF (+3.59%), Bosera CSI 2000 ETF (+3.55%), Huatai - Peregrine CSI 2000 ETF (+3.40%), and Guotai CSI 2000 ETF (+3.38%) [5][9]. - Industry - Themed ETFs: There was a small net outflow of funds. As of April 25, the scale was 0.64 trillion yuan, up 0.5% week - on - week and 6.4% year - to - date. The share was 0.81 trillion shares, up 0.1% week - on - week and 9.3% year - to - date. Funds mainly flowed into China AMC Robotics ETF, Huabao CSI Medical ETF, E Fund Artificial Intelligence ETF, E Fund CSI Cloud Computing ETF, and Harvest STAR Chip ETF this week. The top 5 in terms of returns were Fullgoal CSI Shanghai - Hong Kong - Shenzhen Innovative Drug Industry ETF (+5.65%), E Fund China Securities Robot Industry ETF (+5.63%), Tianhong Hang Seng Shanghai - Hong Kong - Shenzhen Innovative Drug Select 50 ETF (+5.63%), Invesco Great Wall China Securities Robot Industry ETF (+5.62%), and Dongcai CSI Shanghai - Hong Kong - Shenzhen Innovative Drug Industry ETF (+5.56%) [10]. - Style - Strategy ETFs: There was an overall net outflow of funds. As of April 25, the scale was 123.4 billion yuan, up 3.6% week - on - week and 20.5% year - to - date. The share was 100.5 billion shares, up 4.4% week - on - week and 29.0% year - to - date. Funds mainly flowed into Southern Dividend Low - Volatility 50 ETF this week [10]. (3) Cross - border ETFs - As of April 25, the scale was 519.6 billion yuan, up 4.4% week - on - week and 22.5% year - to - date. The share was 558.6 billion shares, up 0.3% week - on - week and 12.9% year - to - date. The Hang Seng Index rose 2.74% and the Hang Seng Tech Index rose 1.96% this week, with an overall net inflow of funds into cross - border ETFs. The top 5 cross - border ETFs in terms of fund inflows were Invesco Great Wall Hong Kong Stock Connect Technology ETF, Fullgoal Hong Kong Stock Connect Internet ETF, ICBC Hong Kong Stock Connect Innovative Drug ETF, ICBC Hong Kong Stock Connect Technology ETF, and Haitong Hong Kong Stock Connect Technology ETF. The top 5 in terms of returns all tracked the Hong Kong Stock Connect Innovative Drug Index [11]. (4) Commodity ETFs - As of April 25, the scale was 166.7 billion yuan, up 11.8% week - on - week and 120.3% year - to - date. The share was 23.8 billion shares, up 11.0% week - on - week and 59.9% year - to - date. Funds continued to flow into gold ETFs, with a net inflow of 18.3 billion yuan into commodity ETFs this week [11]. 7. ETF Listing Process - In the coming week, there will be a concentrated listing of Free Cash Flow ETFs. E Fund CSI Dividend Value ETF and Penghua CSI 800 Free Cash Flow ETF will be listed on April 28, Huabao China Securities General Aviation Industry ETF on April 29, and Huatai - Peregrine CSI All - Share Free Cash Flow ETF, Huaan CSI All - Share Free Cash Flow ETF, Dacheng CSI All - Share Free Cash Flow ETF, Southern CSI All - Share Free Cash Flow ETF, and Huatai - Peregrine CSI All - Share Free Cash Flow ETF on April 30 [11].
ETF一季报：四大沪深300ETF再获汇金增持
Huachuang Securities·2025-04-28 12:42