基金双周报：ETF市场跟踪报告-20260119

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - As of January 16, recent two - week ETF products performed well. Among domestic major broad - based ETFs, Science and Technology Innovation 100 had the largest increase, and among industry and thematic products, technology - themed ETFs had the largest increase. The Science and Technology Innovation 100ETF had net capital inflows, while the CSI 300ETF had significant net capital outflows. Also, in the past two weeks, cyclical and pharmaceutical ETFs had accelerated capital inflows, technology, consumer, military, and financial real - estate ETFs turned to net capital inflows, dividend and other large - manufacturing ETFs turned to net capital outflows, and new - energy ETFs had accelerated capital outflows. For bond ETFs, credit - bond, treasury - bond, and local - bond ETFs turned from net inflows to net outflows, convertible - bond ETFs turned to net inflows, and policy - financial - bond and short - term - financing ETFs had accelerated net outflows [2][9][16] 3. Summary According to the Table of Contents 3.1 ETF Market Review - Performance and Capital Flow: As of January 16, in the past two weeks, among domestic major broad - based ETFs, Science and Technology Innovation 100 had the largest increase, and among industry and thematic products, technology - themed ETFs had the largest increase. The Science and Technology Innovation 100ETF had net capital inflows, while the CSI 300ETF had significant net capital outflows. Cyclical and pharmaceutical ETFs had accelerated capital inflows, technology, consumer, military, and financial real - estate ETFs turned to net capital inflows, dividend and other large - manufacturing ETFs turned to net capital outflows, and new - energy ETFs had accelerated capital outflows. For bond ETFs, credit - bond, treasury - bond, and local - bond ETFs turned from net inflows to net outflows, convertible - bond ETFs turned to net inflows, and policy - financial - bond and short - term - financing ETFs had accelerated net outflows [2][9][16] - Product Structure Distribution: As of January 16, in the past two weeks, 9 new ETFs were established, with a total issuance of 5607 million shares, all being stock ETFs. Compared with the end of 2025, the scales of industry + dividend ETFs, commodity ETFs, and QDII - ETFs increased by 14.33%, 9.87%, and 6.05% respectively, while the scales of bond ETFs and broad - based ETFs decreased by 9.78% and 3.98% respectively [2][23] - Fund Manager Scale Distribution: As of January 16, China Asset Management had the largest on - exchange ETF scale of 96.4259 billion yuan. The ETF management scales of China Asset Management and E Fund expanded by over 26 billion yuan compared with a year ago [24] 3.2 Classification of ETF Tracking - Technology - Themed ETF: Products tracking semiconductor materials and equipment had the highest net capital inflows in the past two weeks, while products tracking the National Securities Chip index had net capital outflows [28] - Dividend - Themed ETF: Products tracking the low - volatility dividend had the highest net capital inflows in the past two weeks, while products tracking the CSI Dividend index had net capital outflows [31] - Consumer - Themed ETF: Products tracking the S&P 500 Consumer Select Index had a relatively high premium rate. ETFs tracking the CSI 800 Consumer index had the highest net capital inflows in the past two weeks, while products tracking the CSI Liquor index had net capital outflows [34] - Pharmaceutical - Themed ETF: ETFs tracking medical devices had the highest net capital inflows in the past two weeks, while products tracking the CSI Medical index had net capital outflows [37] - Large - Manufacturing - Themed ETF: Products tracking the satellite industry had the highest net capital inflows in the past two weeks, while products tracking robots had net capital outflows [40] - QDII ETF: Products tracking the Hang Seng Technology index had the highest net capital inflows in the past two weeks, while ETF products tracking the Hang Seng Healthcare index had net capital outflows [43] 3.3 Popular Themed ETF Tracking - AI - Themed ETF: AI - themed products mostly rose in the past two weeks, with an average return of 10.88%. Products tracking cloud computing had the largest increase. Since 2025, there has been an overall net capital inflow, with a large inflow from mid - February to April, a continuous outflow from May to August, and a large inflow since mid - August. In the past two weeks, there was a significant net capital inflow of 18.301 billion yuan [55] - Robot - Themed ETF: Robot - themed products performed well in the past two weeks, with an average return of 7.17%. Products tracking the robot index had the largest increase. After February 2025, capital showed a rapid inflow trend as a whole, and there was a net capital outflow of 3.909 billion yuan in the past two weeks [59] - New - Energy - Themed ETF: New - energy - themed products mostly rose in the past two weeks, with an average return of 4.10%. Products tracking the CSI New Energy index had the largest increase. There was a continuous outflow before August 2025, a large inflow from August to October, and a large outflow since late October. In the past two weeks, there was a net capital outflow of 3.111 billion yuan [65] - Satellite and Commercial Space - Themed ETF: Satellite and commercial space - themed products mostly rose in the past two weeks, with an average return of 14.38%. Products tracking the satellite industry had the largest increase. There was a small inflow in late August 2025 and a large inflow since mid - December. In the past two weeks, there was a significant net capital inflow of 17.542 billion yuan [70] - Central Huijin, Guoxin, and Chengtong - Held ETF: As of June 30, 2025, the scale of ETFs held by Central Huijin, Guoxin, and Chengtong totaled 39.1336 billion shares. In the past two weeks, there was a net capital outflow of 172.9 billion yuan. In the past two weeks, China AMC CSI 500 ETF, Harvest CSI 500 ETF, and Guotai SSE 180 Financial ETF had the highest capital inflows [74]