公募基金观察（20250811-20250815）：ETF交易活跃度提升，本年度规模增长超1万亿

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [29]. Core Insights - The ETF market has shown significant growth this year, with a total scale increase of over 1 trillion yuan, reaching 4.77 trillion yuan as of August 15, 2025, which is a 27.9% increase year-to-date [8][9]. - The trading activity of ETFs has surged, with total trading volume approaching 2 trillion yuan last week, marking the second-highest record in history [8]. - The report highlights that the growth in ETF scale is primarily driven by net asset value increases, with notable growth in bond and commodity ETFs [9]. Summary by Sections Stock ETFs - As of August 15, 2025, the total scale of stock ETFs is 3.21 trillion yuan, reflecting a 2.8% increase month-on-month and an 11.2% increase year-to-date [2]. - The top five stock ETFs by subscription last week included various ETFs focused on broad market indices [2]. Industry-Themed ETFs - The scale of industry-themed ETFs reached 780 billion yuan, with a year-to-date increase of 30.4% [3]. - The top-performing industry-themed ETFs last week were primarily in the financial technology and healthcare sectors [3]. Style Strategy ETFs - The scale of style strategy ETFs is 133 billion yuan, with a year-to-date increase of 29.8% [3]. - Major inflows were observed in specific dividend and value-focused ETFs [3]. Cross-Border ETFs - Cross-border ETFs reached a scale of 716 billion yuan, marking a 68.9% increase year-to-date [4]. - Significant inflows were noted in ETFs linked to the Hang Seng Index and technology sectors [4]. Commodity ETFs - The scale of commodity ETFs is 153 billion yuan, with a year-to-date increase of 102.1% [4]. - Net inflows into commodity ETFs this year totaled 57.4 billion yuan [4]. Bond ETFs - Bond ETFs reached a scale of 541.4 billion yuan, reflecting a 211.2% increase year-to-date [4]. - This segment has seen over 300 billion yuan in net inflows this year, indicating its importance as a tool for institutional investors [4].