权益类，突破4万亿元

Core Viewpoint - The scale of equity ETFs in China has surpassed 4 trillion yuan, reaching a historical high, with an annual increase of 24% driven by market recovery and capital inflow [2][3][5]. Growth of Equity ETFs - As of August 22, the total scale of 1,179 equity ETFs (including stock ETFs and cross-border ETFs) reached 4.11 trillion yuan, marking a significant milestone [5]. - The growth in equity ETFs this year has added nearly 800 billion yuan, reflecting a 24% increase, supported by a recovering stock market and new fund launches [3][5]. Factors Driving Growth - The growth of equity ETFs is attributed to multiple factors including policy guidance, the maturation of the capital market, and product innovation [3][6]. - The increasing effectiveness of the capital market has made it more challenging to obtain alpha returns, leading investors to rely more on asset allocation, with equity ETFs serving as effective tools due to their transparency and clear risk-return characteristics [5][6]. Market Dynamics - The ETF market has seen improvements in infrastructure, attracting long-term capital, while innovative products cater to diverse investment needs [6]. - Equity ETFs play a crucial role in stabilizing the market by providing a solid foundation of long-term capital, which helps reduce overall market volatility [6]. Product Innovation - Recent years have highlighted structural market trends, with a notable demand for equity ETFs as investors recognize the advantages of holding a basket of stocks over individual stocks [8]. - Innovative products such as Sci-Tech Innovation Index ETFs and free cash flow ETFs have been launched this year, enhancing index investment opportunities [9]. - Future developments in the ETF market are expected to focus on product innovation, with potential for new strategies such as leveraged ETFs, inverse ETFs, and actively managed ETFs [9].