年内ETF发行规模突破2400亿份，增幅达91.83%

Core Viewpoint - The domestic ETF market is experiencing a record issuance scale, signaling the arrival of a comprehensive wave of index-based investment, with significant growth in both the number and volume of new ETFs compared to previous years [1][3]. Issuance Scale - As of November 18, 2025, a total of 322 ETFs have been issued this year, with a combined issuance volume of 2,446.44 billion shares, surpassing last year's totals of 179 ETFs and 1,275.31 billion shares [3]. - The number of new ETFs has increased by 79.89% and the issuance volume has risen by 91.83% compared to the entire year of 2024 [3]. - This year's issuance also exceeds the previous historical peak in 2021, which saw 310 ETFs issued with a total volume of 1,933.56 billion shares [3]. Product Structure Changes - The ETF product structure is undergoing significant changes, with thematic ETFs focusing on sectors like technology and free cash flow becoming popular among investors [4][5]. - In 2025, 20.50% of the newly issued ETFs included "technology innovation" in their names, accounting for 501.78 billion shares, while 9.01% included "free cash flow," totaling 167.71 billion shares [4]. Market Competition and Concentration - The competitive landscape is solidifying, with leading institutions establishing strong barriers through brand, product lines, and scale effects, indicating a potential increase in market concentration [1][6]. - The top institutions dominate the ETF issuance market, with 45 public fund institutions issuing the 322 ETFs this year, led by E Fund with 26 ETFs, followed by China Universal and Huaxia Fund [7]. - The top 10 ETF providers hold a combined market share of 78%, with the top three alone accounting for 44% [8]. Challenges for Fund Companies - The current competitive environment poses challenges for fund companies in areas such as product innovation, cost control, research and operations, and brand building [9]. - Companies need to focus on differentiated innovation, cost management, and stable research and operational support to remain competitive and attract investment [9].