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 over broad-based ETFs due to the structural characteristics of the 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 higher than 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 - The preference for narrow-based ETFs reflects a shift in investor strategy towards high-growth sectors like AI, semiconductors, and new energy, while traditional sectors like real estate are losing appeal [7][10]. - The trend of investing in narrow-based ETFs is expected to continue as investors seek to capture structural opportunities in high-growth industries [8][9]. - Investors are also utilizing strategies like grid trading and quantitative enhancements to achieve high-frequency trading in narrow-based ETFs, further driving their popularity [7]. Group 3: Performance and Risks - Narrow-based ETFs have shown significant volatility, with some experiencing substantial losses, highlighting the risks associated with concentrated investments [8][10]. - The average turnover rate of narrow-based ETFs is much higher than that of broad-based ETFs, indicating a tendency for investors to frequently adjust their positions [9]. - The concentration of funds in popular narrow-based ETFs can inflate valuations and increase the risk of market corrections, particularly if there is a sudden withdrawal of capital [9][10].