行业主题产品规模占比、机构持有比例提升

Report Industry Investment Rating No information about the industry investment rating is provided in the document. 2. Core Viewpoints of the Report - Passive index fund scale remains stable, with the proportion of ETFs increasing. By the third quarter of 2025, the total asset scale of 2,823 non - monetary index funds reached 6.72 trillion yuan, an increase of 1.11 trillion yuan from the previous quarter. The scale of ETFs increased by about 1.24 trillion, and their proportion rose by over 6 percentage points [1]. - The gap between the top two index fund managers has narrowed. The top ten target indexes with the largest index fund scale account for 41.34% of the total, slightly down from the previous quarter. The top ten managers account for 69.65% of the index fund scale, with a slight increase in concentration [1]. - In terms of ETF holders, the institutional proportion of industry - themed products has increased, while that of Smart Beta has decreased. As of mid - 2025, the institutional holder proportion of all ETFs after penetrating the linked funds was 62.47%, up from the end of 2024 [1]. - The number and scale of newly issued products have risen. In the third quarter of 2025, 292 index funds were newly established, raising a total of 242.407 billion yuan, an increase in both number and scale compared to the previous quarter [1]. - The application for industry - themed products is stable. In the third quarter of 2025, 222 index funds were approved, slightly more than the previous quarter. Industry - themed index funds were the most approved type [1]. - In the third quarter, the better - performing ETF products were mainly concentrated in growth - related products, and Hong Kong - themed products had high trading activity [1]. 3. Summary According to the Table of Contents 3.1 2025 Third - Quarter Index Fund Market Scale Changes - The total asset scale of 2,823 non - monetary index funds reached 6.72 trillion yuan, an increase of 1.11 trillion yuan from the previous quarter. The scale of ETFs increased by about 1.24 trillion, and their proportion rose by 6.19 percentage points, mainly contributed by on - site trading [6][9]. - The proportion of domestic stock broad - based ETFs declined to 47%, while the proportion of industry - themed products rebounded to about 20% [9]. - The top ten target indexes with the largest index fund scale accounted for 41.34% of the total, slightly down from the previous quarter. The top three target indexes were the CSI 300 Index, CSI A500, and SSE 50 Index [17]. - The top ten index fund managers accounted for 69.65% of the total scale, with a slight increase in concentration. The top three were China Asset Management, E Fund Management, and Huatai - Peregrine Fund Management, and the gap between E Fund and China Asset Management narrowed to less than 20 billion yuan [18]. - In the third quarter of 2025, the top three fund managers with the largest increase in passive index fund scale were E Fund, China Asset Management, and Huatai - Peregrine Fund Management [21]. - Among industry - themed products, Cathay Securities ETF ranked first, and the scale of China AMC Hong Kong Stock Connect Internet ETF nearly doubled. The scale of short - term financing and convertible bond ETFs in bond products continued to rise, and the scale of many gold ETFs increased [24]. - In the second quarter of 2025, among 2,465 non - linked index products, 1,543 had positive scale growth. The top ten products with scale growth were mainly broad - based ETFs, while the products with the largest scale reduction were mainly off - site bond index funds [25]. 3.2 ETF Holder Changes - As of mid - 2025, the institutional holder proportion of all ETFs after penetrating the linked funds was 62.47%, up from the end of 2024. The institutional proportion of industry - themed and cross - border products increased significantly, while that of Smart Beta decreased [30]. - By index, the institutional proportion of broad - based indexes increased, the institutional proportion of the SSE STAR Market 50 Index increased to 34%, and the institutional proportion of the securities company index increased significantly, while that of dividend - related products decreased significantly [34]. - According to the top ten holders of ETFs in the 2025 semi - annual report, Central Huijin's holding amount continued to rise, and insurance funds maintained a high position. China Life's holding amount of ETFs continued to increase, and its proportion of industry - themed products increased while that of Smart Beta decreased [36][40]. 3.3 Third - Quarter Index Fund Raising and Application - In the third quarter of 2025, 292 index funds were newly established, raising a total of 242.407 billion yuan, an increase of 77% from the second quarter. The main source was domestic stock index funds, and the scale of newly established bond index funds also expanded significantly [43][47]. - Among newly established products, ETFs raised 119.657 billion yuan, ordinary index funds raised 89.175 billion yuan, and ETF link funds raised 33.576 billion yuan. Industry - themed funds, bonds, and Smart Beta were the three product types with the fastest - growing issuance volume this quarter [49]. - In the third quarter of 2025, 222 index funds were approved, slightly more than the previous quarter. Industry - themed index funds were the most approved type, with targets mainly including Hong Kong Stock Connect Healthcare, State - owned Enterprise Digital Economy, Hang Seng Technology, SSE STAR Market Artificial Intelligence, and CSI Robot Index [51]. 3.4 Third - Quarter ETF Market Performance - Among domestic stock broad - based ETFs, the top five products with the highest yields in the third quarter all tracked the STAR Market and ChiNext Innovation 50 Index. Among cross - border broad - based ETFs, the best - performing was the E Fund Hang Seng Hong Kong Stock Connect New Economy ETF, with a quarterly yield of 22.39%. Among industry - themed ETFs, the product with the highest quarterly yield was the Cathay CSI All - Share Communication Equipment ETF, with an interval yield of 84.04%. Among Smart Beta ETFs, the top - performing products were mainly related to ChiNext growth and STAR Market growth [53]. - Among domestic broad - based index funds, the top five products with the highest average daily trading volume in the third quarter were China AMC SSE STAR Market 50 ETF, China AMC CSI A500 ETF, E Fund ChiNext ETF, Huatai - Peregrine CSI 300 ETF, and Southern CSI A500 ETF, with an average daily trading volume of over 3 billion yuan. Among cross - border broad - based ETFs, the ones with high trading volume were mainly NASDAQ ETFs. Among industry - themed ETFs, the top five products with the highest trading volume were all Hong Kong - themed products. Among Smart Beta ETFs, three of the top five products with the highest trading volume were dividend - strategy ETFs, and two were free - cash - flow ETFs [55][56].