ETF半年度资金流图谱，6000亿真金白银指路！

Core Viewpoint - The article discusses the current state of various ETF markets, highlighting the significant inflows and outflows across different asset classes, and emphasizes the structural trends in investment behavior in 2025 [9][10]. Group 1: Stock ETFs - As of July 8, 2025, stock index ETFs have seen a net inflow of 157.1 billion yuan, which is relatively low compared to previous years [12][14]. - In 2023 and 2024, the net inflows for the same period were 397.8 billion yuan and 1.43 trillion yuan respectively, indicating a significant decline in investor enthusiasm this year [13][14]. - The total market capitalization of these stock indices reached 3 trillion yuan, with the current inflow representing only 5.2% of this total [14][15]. Group 2: Broad-based Indices - Broad-based indices like the CSI 300 have seen a significant drop in net inflows compared to last year, with the CSI 500 and other indices experiencing net outflows exceeding 10 billion yuan [18][21]. - The CSI 300 index had a net inflow of 78 billion yuan, but this is minimal relative to its large market capitalization [22]. - Small-cap indices such as the CSI 2000 have performed well, with a nearly 16% increase this year, but lack a comprehensive ETF tracking system [23][24]. Group 3: Thematic ETFs - Thematic ETFs, particularly in sectors like robotics, AI, and military technology, have attracted over 10 billion yuan in net inflows this year [25][34]. - The robotics index saw a net inflow of approximately 15.8 billion yuan, with significant price increases earlier in the year [29]. - Military-related indices have also performed well, with a total net inflow of 18.85 billion yuan, driven by favorable market conditions and government policies [35][38]. Group 4: Cross-border ETFs - Cross-border ETFs, particularly those linked to Hong Kong stocks, have shown remarkable performance, with the Hong Kong Innovation Drug index rising by 68% [43][45]. - The total net inflow for cross-border indices has reached nearly 76 billion yuan, indicating strong interest from mainland investors [45]. - The performance of these indices has been bolstered by significant inflows from southbound capital, particularly in technology and healthcare sectors [45][50]. Group 5: Commodity ETFs - Commodity ETFs, especially those linked to gold, have gained traction this year, with the gold index rising by 25% [52][54]. - The total net inflow for commodity indices has reached 82.7 billion yuan, reflecting a growing interest in safe-haven assets amid geopolitical tensions [66]. - The largest gold ETF has seen its scale increase by 31.3 billion yuan this year, indicating strong market demand [55]. Group 6: Bond ETFs - Bond ETFs have emerged as significant winners this year, with net inflows exceeding 219 billion yuan, driven by policy support and a favorable interest rate environment [60][63]. - The introduction of new bond indices has attracted substantial capital, with the Shanghai Corporate Bond index alone seeing inflows of 130 billion yuan [60][63]. - The performance of bond indices has been stable, with many achieving positive returns in a low-interest-rate environment [64][65].