一日售罄！这类ETF突然爆发，投资者为何痴迷？

Core Viewpoint - The public fund industry is experiencing a surge in the issuance of industry-themed ETFs, driven by investors' preference for narrow-based ETFs to seek higher returns amid a structurally differentiated A-share market [2][3][4]. Group 1: Market Trends - On November 28, the first batch of seven ETFs tracking the CSI Innovation and Entrepreneurship Artificial Intelligence Index was launched, with some products selling out on the first day [2][3]. - The total scale of narrow-based ETFs in the stock market has surpassed 1.6 trillion yuan, showing a growth rate of 100%, significantly outpacing the less than 10% growth of broad-based ETFs [2][4]. - Investors are increasingly favoring narrow-based ETFs, with 18 ETFs attracting over 10 billion yuan in net inflows this year, all of which are narrow-based [4][5]. Group 2: Investor Behavior - Investors are shifting from "broad allocation" to "precise selection," indicating a move towards industry-themed narrow-based ETFs due to the structural characteristics of the market [7][8]. - The preference for narrow-based ETFs reflects a desire to capture structural opportunities in high-growth sectors like AI and new energy, while broad-based ETFs are seen as less attractive due to their diluted performance from traditional sectors [6][8]. Group 3: Performance and Risks - The performance of narrow-based ETFs has been robust, with significant net inflows into sectors such as internet and securities, while broad-based ETFs have faced substantial outflows [4][5]. - However, narrow-based ETFs are characterized by higher volatility, which can lead to significant losses during market corrections, as evidenced by specific ETFs experiencing declines of over 15% [9][10]. - The concentration of funds in popular narrow-based ETFs may lead to inflated valuations and increased market volatility, raising concerns about the potential for a "herd effect" during market downturns [11][12].