ETF月报：规模攀升突破，公募改革落地-20250512

Investment Rating - The industry rating is "Overweight" indicating that the expected performance of the industry stock index will surpass the benchmark [7]. Core Insights - The total asset scale of the ETF market has surpassed 4 trillion yuan, with a month-on-month growth of 6.9%, and the stock ETF scale increased by 4.5% [11][12]. - The "High-Quality Development Action Plan for Public Funds" has been implemented, aiming to enhance the ecosystem of public funds and significantly increase the scale and proportion of equity investments in public funds, which is expected to accelerate the development of stock ETFs [5][31][32]. Summary by Sections Total Scale - As of the end of April 2025, the net asset value of stock ETFs reached 29,484 billion yuan, a month-on-month increase of 4.5%. The total net asset value of all ETFs exceeded 40,604 billion yuan, with a month-on-month growth of 6.9% [2][12]. Competitive Landscape - The concentration of leading fund companies has slightly increased, with the CR3, CR5, and CR10 reaching 45.1%, 57.8%, and 77.9% respectively, showing a month-on-month increase of 0.1%, 0.3%, and 0.2% [3][17]. New Product Launches - In April 2025, stock ETFs raised a total of 9.6 billion yuan through batch issuance, including various thematic ETFs such as those focused on the aerospace and digital economy sectors [4][23]. Policy Dynamics - The "High-Quality Development Action Plan for Public Funds" was released on May 7, 2025, outlining a comprehensive reform roadmap to enhance governance, product issuance, investment operations, and assessment mechanisms within the industry [5][31]. The plan emphasizes increasing the scale and proportion of equity investments in public funds, which is expected to accelerate the development of stock ETFs [32].