ETF增长提速，科创债批量新发

Investment Rating - The report maintains an "Overweight" rating for the diversified financial industry [1] Core Insights - In July, the total asset scale of ETFs increased by 8.1% month-on-month, up from a 4.3% increase in June, with stock ETFs growing by 4.6% and bond ETFs expanding by over 100 billion [4][11] - The competitive landscape shows a mixed trend in concentration, with CR5 declining while CR10 increased, indicating intensified competition among leading firms [4][6] - New product issuance saw a decline in stock ETF issuance while bond ETF issuance reached a new peak, surpassing 25 billion [4][22] - The rapid rollout of Sci-tech bond ETFs has led to a total scale exceeding 100 billion, enhancing the ETF product system and market ecology [4][8] Summary by Sections Total Structure - As of the end of July 2025, the total net asset value of all ETFs reached 46,547 billion, reflecting an 8.1% month-on-month growth, with stock ETFs accounting for 31,722 billion, a 4.6% increase [5][12] - The proportion of stock ETFs in the total ETF market was 68.2%, showing a slight decline of 2.3 percentage points [15] Competitive Landscape - The asset concentration ratios for ETFs as of the end of July 2025 were CR3 at 44.0%, CR5 at 57.0%, and CR10 at 78.2%, with CR5 decreasing slightly while CR10 increased [6][18] - Leading firms like Huaxia, E Fund, and Huatai-PB maintained their positions, although their market shares saw minor declines [6][21] New Product Issuance - Stock ETF issuance in July 2025 recorded a slight decline to 10.7 billion, while bond ETFs saw a total new issuance of 37.9 billion, surpassing previous peaks [7][22] Policy Dynamics - The first batch of Sci-tech bond ETFs was launched in July 2025, with a total scale exceeding 100 billion, featuring a T+0 trading mechanism and physical redemption model [8][28]