基金双周报：ETF市场跟踪报告-20250922

ETF Market Overview - As of September 19, the overall performance of ETF products in the past two weeks has been good, with the Sci-Tech 50 showing the highest increase among major broad-based ETFs, while technology sector ETFs had the largest gains among industry and thematic products [3][10] - In the past two weeks, major broad-based ETFs, except for the ChiNext Index, experienced net outflows, with the Sci-Tech 50 ETF having the largest net outflow [3][10] Fund Flow Analysis - In the past two weeks, the military industry ETF shifted from net inflow to net outflow, while funds accelerated into dividend, pharmaceutical, large manufacturing, financial real estate, and new energy ETFs, with inflow speeds for cyclical, consumer, and technology ETFs slowing down [16] - For bond ETFs, there was a significant inflow into credit bond ETFs, while convertible bonds, short-term financing, and government bond ETFs shifted from net inflow to net outflow, with policy financial bonds experiencing accelerated net outflows and local government bonds seeing slowed net inflows [16] ETF Product Structure - As of September 19, a total of 27 new ETFs were established in the past two weeks, with a total issuance of 48.362 billion units, consisting of 14 pure bond ETFs and 13 stock ETFs [19] - Compared to the end of 2024, the scale of various ETFs has increased, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs increasing by 237.50%, 111.89%, 94.45%, 46.09%, and 11.03% respectively [19] Thematic ETF Tracking - In the past two weeks, products tracking semiconductor-related indices, such as the China-Korea Semiconductor, performed well, while funds tracking the National Chip Index experienced net outflows [25][28] - The AI-themed ETFs, which have a high proportion of AI stocks, had an average return of 6.67% in the past two weeks, with a net outflow of 1.557 billion yuan [3] - The robotics-themed ETFs showed an average return of 8.30% in the past two weeks, with a net inflow of 8.473 billion yuan [3] Fund Manager Scale Distribution - As of September 19, Huaxia Fund had the largest ETF on-market scale at 863.966 billion yuan, while E Fund's ETF management scale expanded by over 370 billion yuan compared to one year ago [20]