基金双周报：ETF市场跟踪报告-20260202

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - As of January 30, in the past two weeks, ETF products showed mixed performance. Among domestic major broad - based ETFs, CSI 500 had the largest increase, and among industry and theme products, cyclical theme ETFs had the largest increase. In the past two weeks, among domestic major broad - based ETFs, CSI 2000 ETF had a net inflow of funds, while CSI 300 ETF had a significant net outflow of funds [3][10]. - In 2025, the technology theme ETF had the largest cumulative net inflow of funds, followed by the financial real - estate ETF. Except for the military - industry theme, all other industry theme ETFs had a net inflow of funds in 2025. In the past two weeks, the inflow of funds into cyclical, pharmaceutical, and consumer ETFs accelerated, the inflow of funds into military - industry, financial real - estate ETFs slowed down, the net inflow of funds into other large - manufacturing and new - energy ETFs turned positive, and the outflow of funds from dividend ETFs slowed down [11][17]. - In 2025, the credit - bond ETF had the largest net inflow of funds, followed by the treasury - bond ETF. In the past two weeks, the net inflow of funds into convertible - bond ETFs accelerated, the net inflow of funds into short - term financing ETFs turned positive, and the outflow of funds from policy - financial - bond, credit - bond, treasury - bond, and local - bond ETFs slowed down [17]. 3. Summary by Relevant Catalogs 3.1 ETF Market Review 3.1.1 Main Types of ETF Fund Flows Overview - As of January 30, in the past two weeks, among domestic major broad - based ETFs, CSI 500 had the largest increase, and among industry and theme products, cyclical theme ETFs had the largest increase. In the past two weeks, among domestic major broad - based ETFs, CSI 2000 ETF had a net inflow of funds, while CSI 300 ETF had a significant net outflow of funds [3][10]. - In the past two weeks, the inflow of funds into cyclical, pharmaceutical, and consumer ETFs accelerated, the inflow of funds into military - industry, financial real - estate ETFs slowed down, the net inflow of funds into other large - manufacturing and new - energy ETFs turned positive, and the outflow of funds from dividend ETFs slowed down. In the bond ETF category, the net inflow of funds into convertible - bond ETFs accelerated, the net inflow of funds into short - term financing ETFs turned positive, and the outflow of funds from policy - financial - bond, credit - bond, treasury - bond, and local - bond ETFs slowed down [3]. 3.1.2 Cumulative Fund Flows of Main Types of ETFs - For broad - based ETFs, in 2025, the fund flow trend of major broad - based ETFs changed from outflow to inflow and then back to outflow, with a significant inflow at the end of the year. In April, there was a large - scale inflow of funds into broad - based ETFs such as CSI 300 ETF, and thereafter, all types of broad - based ETFs had a continuous outflow of funds. In mid - to late December, there was a significant inflow of funds into CSI A500 ETF. In 2025, CSI 1000/CSI 2000 had the largest cumulative net inflow of funds, followed by CSI 300 and CSI 500 ETFs. The cumulative funds of science - innovation/growth - enterprise and A - series ETFs all had a net outflow. In the past two weeks, major broad - based ETFs had a significant net outflow of funds, with CSI 300, SSE 50, CSI 500, CSI 1000/CSI 2000 ETFs having an accelerated net outflow, and the net outflow of funds from science - innovation/growth - enterprise and A - series ETFs slowing down [11]. - For industry and theme ETFs, in 2025, the technology theme ETF had the largest cumulative net inflow of funds, followed by the financial real - estate ETF. Except for the military - industry theme, all other industry theme ETFs had a net inflow of funds in 2025. The technology ETF had a large - scale outflow at the beginning of the year and then turned to an inflow of funds since March. In the past two weeks, the inflow of funds slowed down. In the past two weeks, the inflow of funds into cyclical, pharmaceutical, and consumer ETFs accelerated, the inflow of funds into military - industry, financial real - estate ETFs slowed down, the net inflow of funds into other large - manufacturing and new - energy ETFs turned positive, and the outflow of funds from dividend ETFs slowed down [17]. - For bond ETFs, since 2025, the credit - bond ETF had the largest net inflow of funds, followed by the treasury - bond ETF. In the past two weeks, the net inflow of funds into convertible - bond ETFs accelerated, the net inflow of funds into short - term financing ETFs turned positive, and the outflow of funds from policy - financial - bond, credit - bond, treasury - bond, and local - bond ETFs slowed down [17]. 3.1.3 ETF Product Structure Distribution - As of January 30, in the past two weeks, a total of 19 new ETFs were established in the market, with a total issuance share of 1.0963 billion, all of which were stock ETFs. Compared with the end of 2025, the scales of commodity ETFs, industry + dividend ETFs, and QDII - ETFs increased by 38.50%, 23.19%, and 6.01% respectively, while the scales of bond ETFs and broad - based ETFs decreased by 12.49% and 34.99% respectively [23][24]. 3.1.4 Fund Manager Scale Distribution - As of January 30, Huaxia Fund had the largest on - exchange ETF scale of 765.023 billion yuan. The ETF management scale of Guotai Fund expanded by more than 170 billion yuan compared with a year ago [25]. 3.2 Classification - Based ETF Tracking 3.2.1 Technology Theme ETF Tracking in the Past Two Weeks - Products tracking semiconductor materials and equipment had the largest net inflow of funds in the past two weeks, while products tracking science - innovation AI had a net outflow of funds [31]. 3.2.2 Dividend Theme ETF Tracking in the Past Two Weeks - Products tracking low - volatility dividend had the largest net inflow of funds in the past two weeks, while products tracking CSI Dividend had a net outflow of funds [34]. 3.2.3 Consumption Theme ETF Tracking in the Past Two Weeks - Products tracking the S&P 500 Consumer Select Index had a relatively high premium rate. ETFs tracking CSI Tourism had the largest net inflow of funds in the past two weeks, while products tracking CSI Animal Husbandry had a net outflow of funds [37]. 3.2.4 Pharmaceutical Theme ETF Tracking in the Past Two Weeks - ETFs tracking CS Innovative Drugs had the largest net inflow of funds in the past two weeks, while products tracking the All - Index Pharmaceutical had a net outflow of funds [40]. 3.2.5 Large - Manufacturing Theme ETF Tracking in the Past Two Weeks - Products tracking the power grid equipment theme had the largest net inflow of funds in the past two weeks, while products tracking robots had a net outflow of funds [43]. 3.2.6 QDII ETF Tracking in the Past Two Weeks - Products tracking Hang Seng Technology had the largest net inflow of funds in the past two weeks, while ETF products tracking the Hang Seng Index had a net outflow of funds [46]. 3.3 Hot - Theme ETF Tracking 3.3.1 AI Theme ETF Tracking in the Past Two Weeks - AI theme products showed mixed performance in the past two weeks, with an average return rate of - 0.6%. Products tracking GEM Artificial Intelligence had the largest increase. Since 2025, there has been an overall net inflow of funds. There was a large - scale inflow from mid - February to April, a continuous outflow from May to August, and a large - scale inflow since mid - August. In the past two weeks, there was a net inflow of funds of 2.944 billion yuan [56]. 3.3.2 Robot Theme ETF Tracking in the Past Two Weeks - Robot theme products had a poor performance in the past two weeks, with an average return rate of - 5.21%. Products tracking the Robot Index had a relatively small decline. After February 2025, the funds had an overall rapid inflow trend, and there was a small net inflow of funds of 0.052 billion yuan in the past two weeks [60]. 3.3.3 New - Energy Theme ETF Tracking in the Past Two Weeks - New - energy theme products had a poor performance in the past two weeks, with an average return rate of - 3.14%. Products tracking Green Power had a relatively small decline. There was a continuous outflow of funds before August 2025, a large - scale inflow from August to October, a large - scale outflow since late October, and a net inflow of funds of 0.0101 billion yuan in the past two weeks [65]. 3.3.4 Satellite and Commercial Aerospace Theme ETF Tracking in the Past Two Weeks - Satellite and commercial aerospace theme products had a poor performance in the past two weeks, with an average return rate of - 3.55%. Products tracking the National Securities Aerospace Index had a relatively small decline. There was a small inflow of funds in late August 2025, a large - scale inflow since mid - to late December, and a net inflow of funds of 3.896 billion yuan in the past two weeks [70]. 3.3.5 Commodity ETF Tracking in the Past Two Weeks - Commodity ETFs had a good performance in the past two weeks, with an average return rate of 7.26%. Products tracking SGE Gold 9999 had the largest increase. There were large - scale inflows in April and mid - to late October 2025, and a large - scale net inflow of funds of 37.054 billion yuan in the past two weeks. Since the beginning of this year, there has been a large - scale net inflow of funds into gold ETFs, with a cumulative net inflow of 23.471 billion yuan in the past week, and the inflow decreased on January 30 [75]. 3.3.6 Central Huijin, Guoxin, and Chengtong's Holdings of ETF Tracking in the Past Two Weeks - As of June 30, 2025, the total scale of ETFs held by Central Huijin, Guoxin, and Chengtong was 39.1336 billion shares. In the past two weeks, there was a net outflow of funds of 711.4 billion yuan. In the past two weeks, ETFs such as Huatai - Peregrine CSI 300 ETF, E Fund CSI 300 ETF, and Huaxia CSI 300 ETF had the largest outflows of funds [79].