ETF总规模突破6万亿元大关，指数投资的黄金时代已经到来！

Core Insights - The ETF market in China has reached a historic milestone, with total assets surpassing 6 trillion yuan by the end of December 2025, marking a rapid growth trajectory in the capital market [5][17] - Index-based investment, represented by ETFs, has transitioned from a niche tool to a mainstream asset allocation choice, significantly altering the investment landscape for millions of ordinary investors [6][17] Market Growth Drivers - The explosive growth of the ETF market is attributed to a combination of policy support, market conditions, and investor demand. The China Securities Regulatory Commission (CSRC) has issued a plan to promote high-quality development of index-based investment, simplifying product registration processes and encouraging fund companies to diversify their offerings [7] - The strong performance of the A-share market since the "9.24" rally has led to a significant increase in the net asset value and scale of stock ETFs, with an average increase of 67% for 785 stock ETFs since September 24, 2024 [7][8] Investor Demand and ETF Features - ETFs effectively address key challenges faced by investors, such as stock selection, timing, and risk management. They offer a cost-effective solution with lower management fees compared to actively managed funds, which is crucial for long-term investors seeking average market returns [11] - The transparent nature of ETFs, which track specific indices and disclose holdings daily, alleviates concerns about fund manager style drift and ensures clarity for investors [11] - ETFs provide a stable investment style, allowing investors to focus on specific sectors without worrying about changes in investment strategies due to fund manager turnover [11] Market Characteristics and Future Outlook - The 6 trillion yuan ETF market exhibits distinct characteristics, with the top 20 non-money market ETFs dominated by core broad-based products, indicating strong investor confidence in equities and gold [12][14] - The rapid development of ETFs has expanded their coverage from traditional broad indices to thematic sectors and fixed-income tools, establishing ETFs as a comprehensive asset allocation toolbox [16] - China has surpassed Japan to become the largest ETF market in Asia, with ongoing innovations and investor education expected to enhance the role of ETFs as a critical infrastructure in the capital market [17]