□本报记者 王鹤静 2026开年以来，商业航天、半导体设备、有色金属等板块掀起主题投资热潮。行业主题ETF凭借透明、 便捷等诸多优势，成为资金布局的重要选择。 近一个月以来，永赢基金旗下的卫星ETF、国泰基金旗下的半导体设备ETF、万家基金旗下的工业有色 ETF、华夏基金旗下的有色金属ETF基金等热门品种紧抓风口，最新规模迅速突破百亿元大关。截至 2026年1月9日，规模达百亿级别的境内股票型ETF产品已扩容至65只。 业内机构注意到，2025年A股宽基ETF份额在下降，行业主题ETF份额持续增长，这种现象与市场情绪 和投资者偏好密切相关。在宽基ETF的竞争格局相对稳定的情况下，对于基金管理人而言，未来新的机 会在于提供更精细的投资工具，覆盖特定细分行业或主题的ETF将越来越多，采用明确策略的Smart Beta ETF或指数增强ETF数量也将增加。 资金涌入行业主题ETF Wind数据显示，截至2026年1月9日，最新规模超百亿元的境内股票型ETF产品数量已扩容至65只，短短 一个月时间就增加了7只。近期的结构化行情，让部分涨幅亮眼的行业主题ETF迅速"吸金"。 64.73亿元、68.94亿元、22.83亿 ...

Core Viewpoint - On December 11, the A-share market experienced a decline, with the three major indices falling, while stock ETFs saw a net inflow of approximately 4.493 billion yuan, indicating a preference for core broad-based indices amidst market volatility [2][4]. ETF Market Overview - As of December 11, the total scale of 1,272 stock ETFs in the market reached 4.56 trillion yuan, with a net inflow of 4.493 billion yuan on that day, reflecting a "bottom-fishing" strategy by investors [4]. - Broad-based ETFs and Hong Kong market ETFs led the net inflows, with 2.402 billion yuan and 1.766 billion yuan respectively, highlighting a strong interest in these segments [5]. Specific ETF Performance - The CSI A500 ETF saw the highest net inflow of 2.867 billion yuan on December 11, with a total inflow exceeding 7.2 billion yuan over the past five days [5]. - The STAR 50 ETF also experienced significant inflows, totaling 1.47 billion yuan, with over 4.3 billion yuan in net inflows in the last five days [5]. - The latest scale of the CSI A500 ETF managed by Huatai-PineBridge reached 30.704 billion yuan, while the STAR 50 ETF managed by E Fund reached 69.341 billion yuan [8]. Institutional Insights - According to Lin Weibin, General Manager of the Index Investment Department at E Fund, the market is expected to maintain a moderate oscillation, with economic resilience and stable expectations supporting the market [6]. - The focus for investment should remain on large-cap growth core assets, as their valuations are currently at historical lows, providing potential for valuation recovery [6]. Outflows from Thematic ETFs - Thematic industry ETFs experienced significant outflows, totaling 877 million yuan on the same day, indicating a shift in investor sentiment away from these sectors [11][12]. - Despite the overall inflow into broad-based ETFs, some segments, such as the CSI 1000 ETF, saw outflows of 390 million yuan, reflecting selective investor behavior [12]. Fund Management Performance - E Fund's ETF products have seen a total scale increase to 814.85 billion yuan since the beginning of 2025, with net inflows of 58.58 billion yuan and a net asset value increase of 155.62 billion yuan [9]. - Huaxia Fund's ETFs, including the CSI 50 ETF and CSI A500 ETF, also reported significant net inflows, showcasing strong performance in the market [10].

Group 1 - The current bull market is characterized by a "slow bull" sentiment, where the timing of retail investors entering the market affects the duration of the bull run [1] - Retail investors are increasingly favoring narrow-based ETFs over broad-based ETFs, indicating a shift towards more aggressive investment strategies [1][2] - Among the 19 ETFs with over 10 billion yuan in net inflows this year, only the CSI 300 is a broad-based ETF, while the remaining 18 are narrow-based ETFs [2] Group 2 - The Hong Kong Internet ETF and Securities ETF have seen significant net inflows of 546.95 billion yuan and 325.59 billion yuan, respectively, making them the top two performers [4] - The performance of narrow-based ETFs is further supported by the strong inflows into industry-themed ETFs, which dominate the accumulation rankings [6][7] - The CSI 500 index has experienced the largest net outflow this year, exceeding 960 billion yuan, attributed to previous overinflation and underperformance [10] Group 3 - The trend of net outflows from broad-based ETFs is evident, with only a few industry-specific indices appearing in the top outflow rankings [8][9] - The net outflow from the ChiNext and Sci-Tech 50 indices is viewed as a positive signal, indicating a shift in investor sentiment [11] - Retail investors have shown a tendency to exit the market after recovering their investments, particularly in the Sci-Tech 50 index [12][14] Group 4 - The majority of net inflows into ETFs are concentrated in narrow-based funds, with a notable preference for sectors like innovative drugs and robotics [15][17] - The Hong Kong Technology ETF has seen net subscriptions close to 100 billion yuan, with significant inflows during market dips, reflecting a strong accumulation sentiment [18] - The overall market sentiment suggests that as long as there are willing buyers, the bull market is likely to continue, despite potential risks [22]

- The report introduces the **RSI (Relative Strength Index)** as a quantitative factor. The construction idea is to measure the relative strength of price movements over a specific period to identify overbought or oversold market conditions. The formula is: $ RSI = 100 - \frac{100}{1 + RS} $, where $ RS $ is the ratio of the average gain to the average loss over a 12-day period. An RSI > 70 indicates an overbought market, while RSI < 30 indicates an oversold market[2] - Another quantitative factor mentioned is **Net Purchase (NETBUY)**, which measures the net inflow or outflow of funds for ETFs. The formula is: $ NETBUY(T) = NAV(T) - NAV(T-1) \times (1 + R(T)) $, where $ NAV(T) $ is the net asset value on day $ T $, $ NAV(T-1) $ is the net asset value on the previous day, and $ R(T) $ is the return on day $ T $[2] - The report also tracks **Institutional Holdings** as a factor, which is derived from the latest annual or semi-annual reports of ETFs, excluding holdings by linked funds. This factor provides an estimate of institutional participation in the ETF[3] - The report includes **T+0 Trading** as a feature for certain ETFs, indicating whether same-day buy-and-sell transactions are allowed[2] - The report provides a detailed breakdown of ETF performance across various indices, including **broad-based indices** (e.g., CSI 300, CSI 500, CSI 1000) and **thematic indices** (e.g., semiconductor, renewable energy, artificial intelligence). Performance metrics include RSI, net purchase, and institutional holdings[4] - The **RSI values** for ETFs tracking broad-based indices range from 35.83 to 52.12, with thematic ETFs showing a wider range, such as 30.25 for robotics and 63.73 for banking[4] - **Net purchase values** vary significantly, with some ETFs showing large outflows (e.g., -10.82 billion for Nasdaq 100 ETFs) and others showing inflows (e.g., 10.01 billion for Hang Seng Technology ETFs)[4] - **Institutional holdings** also vary widely, with some ETFs having over 90% institutional participation (e.g., CSI 800 ETFs) and others below 20% (e.g., certain thematic ETFs like robotics)[4]

- The report tracks the weekly performance and fund flows of broad-based ETFs, including average returns and fund inflows/outflows[1][2] - The top ten broad-based ETFs by fund inflows and outflows are listed, with specific details on fund size, weekly returns, and trading volume[3][4] - The report also covers the weekly performance and fund flows of sector-themed ETFs, Smart Beta ETFs, and Hong Kong Stock Connect ETFs[5][6] - The report provides a detailed breakdown of the number, size, and trading statistics of equity ETFs, categorized by index and sector[9][10] - Overseas ETFs experienced a net outflow of 34.23 billion yuan over the past week, with significant outflows from large-cap value styles and specific sectors like banking[11][12][13] - The report lists the top ten individual stocks by net fund outflows, including companies like Kweichow Moutai and CATL[15][16][17]

Core Insights - Central Huijin's latest investment activities indicate a significant increase in ETF holdings, with total holdings reaching approximately 1.53 trillion yuan by the end of Q3, marking a quarter-on-quarter increase of about 240 billion yuan, or 19% [1][2][9] ETF Holdings Overview - Central Huijin's four main investment entities held a total ETF market value of approximately 1.53 trillion yuan as of September 30, up from 1.29 trillion yuan at the end of Q2, reflecting a growth of about 240 billion yuan [2][5] - The core entities, Central Huijin Investment and Central Huijin Asset, primarily focus on broad-based index ETFs, particularly in the CSI 300, SSE 50, CSI 500, and CSI 1000 indices, acting as a "market stabilizer" [2][10] - The top four holdings are all CSI 300 ETFs from various fund managers, which constitute the majority of the portfolio [2] Performance of Specific ETFs - Central Huijin Investment maintained its holdings in 15 ETFs with over 20% ownership, totaling a market value of approximately 777.8 billion yuan, an increase of 125.5 billion yuan, or 19.23% [2][3] - Central Huijin Asset held 12 ETFs with over 20% ownership, with a total market value of about 697.6 billion yuan, reflecting an increase of 107.7 billion yuan, or 18.26% [2][3] Strategic Adjustments - The asset management plan under Huaxia Fund made strategic adjustments, including completely liquidating its holdings in the Huaxia Hang Seng China Enterprises High Dividend ETF and reducing its position in the CSI 800 Automotive and Parts ETF [3][4] - These adjustments are believed to be in response to market trends and sector performance expectations [4] Historical Context and Future Outlook - Central Huijin's ETF holdings have consistently reached new highs over the past two years, with a notable increase in 2023, where it began to utilize ETF purchases to stabilize market expectations and boost investor confidence [6][8] - By the end of 2024, Central Huijin's ETF holdings are projected to reach approximately 10.5 trillion yuan, indicating a significant growth trajectory [7] - Analysts expect Central Huijin to continue its focus on core broad-based ETFs while its asset management plans may adopt a more flexible approach towards sector-specific ETFs [11][12]

Core Insights - The domestic ETF market has seen significant growth in 2025, with total assets increasing by nearly 2 trillion yuan, surpassing 5.7 trillion yuan for the first time [1][2] - The market has shifted focus from broad index ETFs in 2024 to industry-themed ETFs in 2025, driven by sectors like innovative pharmaceuticals, AI, chips, banking, and non-ferrous metals [1][2] - Hua Bao Fund has experienced rapid growth in its ETF business, with a 60.80% increase in management scale, reaching 131.49 billion yuan in the first ten months of 2025 [1][2] ETF Market Performance - The total scale of stock ETFs in the market grew by 836.80 billion yuan, marking a 28.98% increase [2] - Hua Bao Fund's stock ETFs expanded to 39, with a management scale increase of 49.72 billion yuan, reaching a historical high of 131.49 billion yuan [2] - As of October 31, 2025, Hua Bao Fund's total ETF scale (including money market ETFs) surpassed 200 billion yuan, reaching 204.73 billion yuan, ranking in the top 10 of the public fund industry [2] Key ETFs and Their Performance - The brokerage ETF (512000) has become a market leader, with a net profit of 182.55 billion yuan for 49 listed brokerages, a 61.87% year-on-year increase [3] - Despite a modest year-to-date increase of 6.05% for the brokerage index, significant capital inflows into the brokerage ETF indicate a potential for valuation recovery [3] - Other notable ETFs include the financial technology ETF (159851) with a net inflow of 53.54 billion yuan, and the banking ETF (512800) with 105.95 billion yuan [3] Growth of High-Value ETFs - The number of ETFs with over 10 billion yuan in scale has increased, with three ETFs surpassing the 10 billion yuan mark in 2025 [4] - Hua Bao Fund now has five stock ETFs in the "billion club," with a combined scale of 106.29 billion yuan [4] - The brokerage ETF (512000) is nearing the 40 billion yuan mark, while the medical ETF (512170) leads its category with a scale of 25.64 billion yuan [4] Investment Returns - The growth in ETF scale is supported by substantial returns, with 23 of Hua Bao Fund's ETFs yielding over 20% returns since the beginning of 2025 [5] - Notable performers include the Hong Kong Stock Connect Innovative Pharmaceutical ETF (520880) with an 83.47% increase and the Entrepreneurial Board AI ETF (159363) with an 80.97% increase [5]

Core Viewpoint - The domestic ETF market has seen significant growth in 2025, with total scale exceeding 5.7 trillion yuan, driven by thematic ETFs in sectors like innovative pharmaceuticals, AI, chips, banking, and non-ferrous metals, contrasting with the focus on broad index ETFs in 2024 [2][4]. Market Performance - In the first ten months of 2025, the total scale of stock ETFs in the market increased by 836.8 billion yuan, marking a growth rate of 28.98% [4]. - Hua Bao Fund's stock ETFs grew by 60.80% to reach a management scale of 131.49 billion yuan, setting a new historical high [4][6]. - As of October 31, 2025, Hua Bao Fund's total ETF scale (including money market ETFs) surpassed 200 billion yuan, reaching 204.73 billion yuan, ranking it among the top 10 in the public fund industry [4][6]. Thematic ETFs - Thematic ETFs have become increasingly popular, with Hua Bao Fund's stock ETFs seeing a net inflow of 33.66 billion yuan in the first ten months of 2025, indicating strong market interest [11]. - The top five ETFs, referred to as the "Five Flowers," include the broker ETF (512000), financial technology ETF (159851), bank ETF (512800), Hong Kong internet ETF (513770), and chemical ETF (516020), all of which have attracted significant capital inflows [11][13]. Performance of Specific ETFs - The broker ETF (512000) has seen a net profit of 182.55 billion yuan from 49 listed brokers, with a year-on-year growth of 61.87% [11]. - The financial technology ETF (159851) has attracted 5.35 billion yuan in net inflows, while the bank ETF (512800) has seen inflows of 10.6 billion yuan [11]. - The innovative pharmaceutical ETF (520880) has shown a remarkable increase of 83.47% since the beginning of 2025, while the AI ETF (159363) and non-ferrous metal ETF (159876) have increased by 80.97% and 74.80%, respectively [22][24]. Growth of ETF Scale - The number of stock ETFs under Hua Bao Fund has expanded to 39, with a total scale exceeding 100 billion yuan for several ETFs, indicating a strong presence in the market [16][17]. - The bank ETF (512800) and financial technology ETF (159851) have both surpassed the 10 billion yuan mark, contributing to Hua Bao Fund's position in the "100 billion ETF club" [16][27].

Core Insights - The domestic ETF market has seen significant growth in 2025, with total assets increasing by nearly 2 trillion yuan, surpassing 5.7 trillion yuan for the first time [1][2] - The market has shifted focus from broad index ETFs in 2024 to industry-themed ETFs in 2025, driven by sectors like innovative pharmaceuticals, AI, chips, banking, and non-ferrous metals [1] - Hua Bao Fund has experienced rapid growth in its ETF business, with a 60.80% increase in management scale, reaching 131.49 billion yuan in the first ten months of 2025 [2][6] ETF Market Performance - The total scale of stock ETFs in the market grew by 836.80 billion yuan, marking a 28.98% increase [2] - Hua Bao Fund's stock ETFs expanded to 39, with a management scale increase of 49.72 billion yuan, reaching a historical high of 131.49 billion yuan [2] - As of October 31, 2025, Hua Bao Fund's total ETF scale (including money market ETFs) surpassed 200 billion yuan, reaching 204.73 billion yuan, ranking in the top 10 of the public fund industry [2] Sector Highlights - The brokerage sector has become a favorite among investors, with the brokerage ETF (512000) reflecting strong performance, as the net profit of 49 listed brokerages reached 182.55 billion yuan, a year-on-year increase of 61.87% [5] - Despite a modest year-to-date increase of 6.05% for the brokerage index, it remains undervalued, suggesting potential for valuation recovery [5] - The financial technology ETF (159851) has also attracted significant inflows, with 5.35 billion yuan in net inflows in 2025 [5][6] Investment Trends - Hua Bao Fund's stock ETFs have seen cumulative net inflows of 33.66 billion yuan in the first ten months of 2025, setting a new record [6] - The top five ETFs, referred to as the "Five Flowers," have become indicators of market sentiment towards related sectors [6] - The number of ETFs with over 10 billion yuan in scale has increased, with the banking ETF (512800), financial technology ETF (159851), and Hong Kong Internet ETF (513770) all surpassing this threshold [9] Performance of Underlying Indices - Among the indices tracked by Hua Bao Fund's ETFs, 23 have returned over 20% since the beginning of 2025, with 7 indices exceeding 50% [12] - Notable performers include the Hong Kong Innovative Pharmaceuticals ETF (520880) with an 83.47% increase, and the AI ETF (159363) with an 80.97% increase [12][18]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report presents daily tracking data of various ETFs, including wide - based and theme ETFs, covering information such as intraday market trends, management fees, tracking indices, T + 0 trading, market capitalization, price changes, RSI, net subscriptions, trading volumes, and institutional holding ratios [2][4] 3. Summary by Related Categories 3.1 Data Description - The table tracks daily frequency data of ETFs and is divided into "wide - based" and "theme" sub - tables according to the tracking indices. The "wide - based" ETFs track mainstream wide - based indices like CSI 300, while "theme" ETFs track industry/style indices [2] - The fund pool is constructed by selecting one or several relatively large - scale ETFs in each type for analysis [2] - The RSI is calculated based on the ratio of average gains to average losses over a 12 - day period. RSI>70 indicates an over - bought market, and RSI<30 indicates an over - sold market [2] - The net subscription amount is calculated using the formula NETBUY(T) = NAV(T)–NAV(T - 1)*(1 + R(T)), where NAV(T - 1) is the previous trading day's ETF net value [2] 3.2 Wide - based ETFs - For CSI 300 ETFs, such as Huatai - PineBridge CSI 300 ETF (510300.SH) with a market capitalization of 426.101 billion yuan and a price decline of 2.01%, and E Fund CSI 300 ETF (510310.SH) with a market capitalization of 303.338 billion yuan and a price decline of 1.92% [4] - For CSI 500 ETFs, Southern CSI 500 ETF (510500.SH) has a market capitalization of 140.102 billion yuan and a price decline of 1.88%, while Huaxia CSI 500 ETF (512500.SH) has a market capitalization of 17.245 billion yuan and a price decline of 2.02% [4] - For SSE 50 ETFs, Huaxia SSE 50 ETF (510050.SH) has a market capitalization of 180.021 billion yuan and a price decline of 1.55%, and E Fund SSE 50 ETF (510100.SH) has a market capitalization of 4.381 billion yuan and a price decline of 1.59% [4] 3.3 Theme ETFs - In the consumer electronics sector, Huaxia China Securities Consumption Electronics Theme ETF (159732.SZ) has a market capitalization of 4.23 billion yuan and a price decline of 5.38%, and Fullgoal CSI Consumption Electronics Theme ETF (561100.SH) has a market capitalization of 1.092 billion yuan and a price decline of 5.37% [6] - In the non - bank sector, Guotai CSI All - Index Securities Company ETF (512880.SH) has a market capitalization of 57.426 billion yuan and a price increase of 0.24%, and Huabao CSI All - Index Securities Company ETF (512000.SH) has a market capitalization of 36.827 billion yuan and a price increase of 0.17% [6] - In the bank sector, Huabao CSI Bank ETF (512800.SH) has a market capitalization of 14.648 billion yuan and a price increase of 0.39%, and Tianhong CSI Bank ETF (515290.SH) has a market capitalization of 5.969 billion yuan and a price increase of 0.43% [6]