首家“万亿”管理人来了，ETF“三大梯队”浮现

Core Viewpoint - The article highlights a significant milestone in the ETF industry, with China’s Huaxia Fund becoming the first domestic ETF manager to surpass 1 trillion yuan in management scale, marking a pivotal moment in the development of ETFs in China [2][5]. ETF Management Scale - As of January 13, Huaxia Fund's ETF management scale reached 1.02 trillion yuan, representing over 15% of the total domestic ETF market, which is approximately 6.27 trillion yuan [5]. - The top three ETF managers, Huaxia Fund, E Fund, and Huatai-PB Fund, collectively manage nearly 2.6 trillion yuan, accounting for over 40% of the total market [5][10]. - The current ETF scale has seen a net inflow of 24.57 billion yuan in the last day and 29.89 billion yuan year-to-date, despite a total scale decrease of 1.72% and 6.20% respectively [3]. ETF Market Structure - The ETF management firms are categorized into three tiers based on their scale: 1. The first tier includes Huaxia Fund, E Fund, and Huatai-PB Fund. 2. The second tier consists of 12 firms with management scales between 100 billion yuan and 500 billion yuan, including Southern Fund and Harvest Fund. 3. The third tier comprises over 40 firms with management scales below 100 billion yuan [9][10]. Future Outlook - The article anticipates the emergence of more "trillion" level ETF managers and single ETFs exceeding 1 trillion yuan in scale as the market continues to grow [4][7]. - A report from Bloomberg suggests that China will become a key growth engine for the Asian ETF market over the next decade, with the asset management scale expected to reach 8 trillion USD by 2035 [12][13]. - The ETF market is evolving from pure fee competition to a more diversified approach, including active and structured investment strategies [13].