Ping An Securities·2025-07-28 04:10ETF Market Overview - The overall performance of ETF products has been good in the past two weeks, with the largest increase seen in the Sci-Tech 100 ETF among major broad-based ETFs, and the pharmaceutical industry ETF showing the highest increase among industry and thematic products [2][10] - In the past two weeks, major broad-based ETFs such as the Sci-Tech 50, CSI 2000, and CSI 800 saw net inflows, while the CSI A500 ETF experienced the largest net outflow [2][10] - The market saw the establishment of 20 new ETFs in the past two weeks, with a total issuance of 9.371 billion units, all of which are stock ETFs [22] ETF Fund Flow Analysis - Since the beginning of 2025, the fund flow trend for major broad-based ETFs has shifted from outflows to inflows and then back to outflows, with A-series ETFs continuously experiencing outflows [11] - In the past two weeks, the outflow speed of broad-based ETFs has accelerated, particularly for the Shanghai Stock Exchange 50, CSI 1000/CSI 2000, and Sci-Tech/Entrepreneurship ETFs, while the outflow speed for the CSI 300 and CSI 500 ETFs has slowed down [11][15] Thematic ETF Performance - The technology-themed ETFs tracking indices related to cloud computing and artificial intelligence have performed well in the past two weeks, with significant net inflows for products tracking Hong Kong Stock Connect internet indices [26][28] - The dividend-themed ETFs tracking indices such as the National New Hong Kong Stock Connect Central Enterprise Dividend CPR have shown the largest increase in returns over the past two weeks [31] ETF Product Structure and Management - As of July 25, 2025, the total scale of various ETFs has increased compared to the end of 2024, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs seeing increases of 193.44%, 103.65%, 42.98%, 18.92%, and 4.90% respectively [22][19] - The largest ETF management scale is held by Huaxia Fund, with 800.411 billion yuan, while E Fund has expanded its management scale by over 310 billion yuan compared to one year ago [22][23]