《每日经济新闻》记者获悉，截至7月底，中国ETF规模超过日本，已经成为亚洲最大的ETF市场。 来自中信建投的数据显示，中国ETF资产管理规模在7月末达到6406亿美元，而日本的规模为6223亿美元，中国市场首次超越日本，领跑亚洲。该机构表 示，中国ETF规模增长的内在驱动，包括国家队买入以及监管机构对ETF的强力支持。未来几年，中国有望在亚太地区ETF的资产管理规模（AUM）、资 金流、流动性和产品供应方面创下新纪录，进一步吸引外国机构做市商。 取代日本，中国领跑亚洲ETF市场 中国ETF发展又迎来里程碑事件。 据中信建投统计，中国ETF规模在7月末首次以6406亿美元的资产管理规模超越了日本（6223亿美元），成为亚洲最大的ETF市场。 日本和中国ETF市场规模变化，数据来源：Wind、晨星、中信建投 截至8月22日，国内整体ETF规模为4.97万亿元，而截至去年年底的规模为3.73万亿元，也就是说国内ETF年内规模增长超过1.2万亿元，增速惊人。 值得一提的是，市场上涨带来的净值增长，对规模上涨同样有较大的贡献。今年以来国内ETF份额增加1375.74亿份，但规模大幅增长12343.28亿元。近一 月以来 ...

中国ETF发展又迎来里程碑事件。 每经记者｜李蕾 每经编辑｜陈柯名 彭水萍 《每日经济新闻》记者获悉，截至7月底，中国ETF规模超过日本，已经成为亚洲最大的ETF市场。 来自中信建投的数据显示，中国ETF资产管理规模在7月末达到6406亿美元，而日本的规模为6223亿美元，中国市场首次超越日本，领跑亚洲。该机构表 示，中国ETF规模增长的内在驱动，包括国家队买入以及监管机构对ETF的强力支持。未来几年，中国有望在亚太地区ETF的资产管理规模（AUM）、资 金流、流动性和产品供应方面创下新纪录，进一步吸引外国机构做市商。 取代日本，中国 领跑亚洲ETF市场 据中信建投统计，中国ETF规模在7月末首次以6406亿美元的资产管理规模超越了日本（6223亿美元），成为亚洲最大的ETF市场。 日本和中国ETF市场规模变化 数据来源：Wind、晨星、中信建投 截至8月22日，国内整体ETF规模为4.97万亿元，而截至去年年底的规模为3.73万亿元，也就是说国内ETF年内规模增长超过1.2万亿元，增速惊人。 值得一提的是，市场上涨带来的净值增长，对规模上涨同样有较大的贡献。今年以来国内ETF份额增加1375.74亿份，但规 ...

Core Viewpoint - China has overtaken Japan to become the largest ETF market in Asia, with a management scale of $681 billion, surpassing Japan's $668 billion, and is leading the race against Europe in the region [1][3]. Market Growth - Bloomberg's ETF team predicts that China will be a significant growth engine for the Asian ETF market over the next decade, with the market expected to reach $8 trillion by 2035, surpassing Europe [1][14]. - The Chinese ETF market recently broke the $480 billion mark on August 18, just four months after surpassing $400 billion for the first time [1][9]. Historical Context - China's ETF market reached $600 billion in 21 years, nine years faster than Japan, which took 30 years to reach the same milestone [8][9]. - The first ETF in China was launched in December 2004, and it took over seven years to exceed $100 billion in scale, while Japan's first ETF was launched in 1995 and took 20 years to reach the same level [9]. Recent Trends - Since 2020, net inflows into Japanese ETFs have significantly slowed, while Chinese ETFs have seen rapid growth, with inflows in 2024 projected to be $133 billion, ten times that of Japan's $13 billion [6][10]. - The Chinese ETF market has shown consistent growth, even during periods when the Japanese market was declining [4][10]. Regulatory Support - Chinese regulatory authorities have provided strong support for the ETF market, including speeding up product approvals and not setting limits on financing scales, which helps maintain China's leading position over Japan [10]. Future Potential - The adoption rate of ETFs among individual investors in China is currently low, with only 10 million ETF investors as of June 2024, indicating significant growth potential as financial education improves [14]. - The diversification of products in China's ETF market is still in its early stages, with potential for more products like active ETFs, derivative-based ETFs, leveraged and inverse ETFs, and cryptocurrency ETFs to be approved in the future [16].

Core Viewpoint - China has overtaken Japan to become the largest ETF market in Asia, with a management scale of $681 billion, surpassing Japan's $668 billion [3][5]. Group 1: Market Growth and Comparison - The Chinese ETF market has shown remarkable growth, reaching a management scale of $681 billion, while Japan's market is at $668 billion, solidifying China's position as the leader in the Asia-Pacific region [3][5]. - Bloomberg's research team predicts that China will be a significant growth engine for the Asian ETF market over the next decade, with the market expected to reach $8 trillion by 2035, surpassing Europe [3][19]. - The Chinese ETF market recently broke the $4.8 trillion mark on August 18, 2023, just four months after surpassing $4 trillion for the first time [3][13]. Group 2: Historical Context and Development - China's ETF market has grown rapidly since the launch of its first ETF in December 2004, reaching $1 trillion in 15 years and $6 trillion in 21 years, which is 9 years faster than Japan [12][14]. - In contrast, Japan's first ETF was launched in 1995, taking 20 years to reach $1 trillion and 30 years to hit $6 trillion [12][14]. - The growth trajectory of the Chinese ETF market has accelerated, with significant milestones achieved in shorter time frames compared to Japan [13]. Group 3: Future Potential and Investor Adoption - The adoption rate of ETFs among individual investors in China is currently low, with only 10 million ETF investors as of June 2024, indicating significant potential for growth as financial education improves [20]. - The Asia-Pacific ETF market is projected to grow over 30% in 2024, with a compound annual growth rate of 18% expected to elevate the market from approximately $2 trillion to $8 trillion by 2035 [19][20]. - China's ETF market is still in the early stages of product diversification, lacking active ETFs, derivative-based ETFs, leveraged and inverse ETFs, or cryptocurrency ETFs, which could further enhance growth if introduced [22].

证券研究报告 多元金融 ETF 增长提速，科创债批量新发 华泰研究 2025 年 8 月 08 日│中国内地 行业月报 多元金融 增持 (维持) | 沈娟 | 研究员 | | --- | --- | | SAC No. S0570514040002 | shenjuan@htsc.com | | SFC No. BPN843 | +(86) 755 2395 2763 | | 汪煜 | 研究员 | | SAC No. S0570523010003 | wangyu017005@htsc.com | | SFC No. BRZ146 | +(86) 21 2897 2228 | | 孙亦欣 | 研究员 | | SAC No. S0570525070004 | sunyixin@htsc.com | 行业走势图 (6) 12 29 47 64 Aug-24 Dec-24 Apr-25 Aug-25 (%) 多元金融 沪深300 资料来源：Wind，华泰研究 核心观点 回顾 7 月 ETF 市场变化，单月 ETF 总资产规模环比增长 8.1%，相较 6 月 环比增速 4.3%进一步提升，股票 ETF 规模环比提升 ...

Core Viewpoint - The ETF market in China has reached a significant milestone, surpassing 4 trillion yuan in total market size for the first time, with over a thousand products available [1]. Group 1: Market Overview - As of June 2025, the Shanghai Stock Exchange has 870 fund products with a total asset management scale of 32,259.87 billion yuan, including 701 ETFs valued at 31,473.20 billion yuan, reflecting a 4.84% increase [1]. - The total trading volume of ETFs reached 39,035.13 billion yuan in the same period, with an average daily trading amount of 1,951.76 billion yuan, marking a 23.21% increase [1]. Group 2: Brokerage Performance - The top three brokerages in ETF trading volume are Huatai Securities, CITIC Securities, and Guotai Junan Securities, with market shares of 11.75%, 11.04%, and 6.55% respectively, collectively accounting for over 25% of the market [1][4]. - In the first half of 2025, Huatai Securities led the ETF brokerage business with an 11.06% market share, followed by CITIC Securities at 8.01% and Guotai Junan Securities at 6.54% [3][4]. Group 3: Market Concentration - The top ten brokerages account for 57.2% of the total ETF trading volume, indicating a high level of market concentration [5]. - The leading brokerage in ETF holdings is China Galaxy Securities, holding 24.03% of the market, although this is a slight decrease from 24.63% [6][7]. Group 4: Trading Accounts - Huatai Securities leads in the number of ETF trading accounts with a market share of 10.60%, showcasing its strong customer engagement and market influence [10]. - The top ten brokerages collectively hold over 55.06% of the ETF trading accounts, reflecting a significant concentration in the industry [12]. Group 5: Market Ecosystem - The market ecosystem is maturing, with over 1,200 ETFs receiving liquidity support from market makers, indicating a well-developed market structure [1][13]. - As of mid-2025, there are 20 primary market makers and 12 general market makers on the Shanghai Stock Exchange, providing liquidity services to 746 fund products [13].

Core Viewpoint - The number and scale of newly established ETFs in 2023 have surpassed the total levels of 2022, indicating a robust growth trend in the ETF market driven by regulatory support and increasing investor demand [2][3][5]. Group 1: ETF Market Overview - As of July 11, 2023, a total of 184 new ETFs have been established, raising approximately 146.47 billion yuan, exceeding the total for the entire previous year [3]. - Among the new ETFs, stock ETFs dominate with 164 products, accounting for about 65% of the total, while bond ETFs have also seen significant growth with 18 products, making up 34.61% [3]. - Notably, 10 new science and technology innovation bond ETFs have been issued, representing nearly 57% of the bond ETF issuance [3]. Group 2: Diversification and Specialization - The ETF issuance in 2023 reflects a trend towards diversification and specialization, with active issuance in sectors like TMT (Technology, Media, Telecommunications) and healthcare, particularly in innovative drugs [4]. - Smart Beta ETFs, such as those focusing on free cash flow, have seen a surge in issuance, indicating a shift in market investment logic towards high-quality factors [4]. Group 3: Factors Driving ETF Growth - Multiple factors are contributing to the booming ETF market, including policy support from regulatory bodies and a strong demand for fixed-income instruments, particularly bond ETFs [6][7]. - The recent push for scenario-based investment strategies by exchanges has also catalyzed the acceleration of fund allocation towards ETFs [7][8]. Group 4: Future Trends in ETF Development - The future of the ETF market is expected to see increased diversification in asset classes and strategies, with a focus on low-volatility and multi-asset products [10][11]. - Continuous innovation in ETF products, including the development of niche themes and strategies, will provide investors with a broader range of investment options [10][11].

Core Viewpoint - The controlling shareholder of Hesheng Silicon Industry plans to exchange up to 1% of the company's shares to support the development of the ETF market and optimize the company's equity structure [1] Group 1 - The controlling shareholder, Ningbo Hesheng Group Co., Ltd., intends to participate in the exchange of shares for ETF units within three months starting from 15 trading days after the announcement [1] - The maximum number of shares to be exchanged is 11.822 million, which represents no more than 1% of the company's total share capital [1] - The exchange period is set from July 26, 2025, to October 25, 2025 [1]

Group 1 - The core viewpoint of the report is that the global ETF market has experienced significant growth over the past decade, with a notable increase in net inflows, particularly in the Asia-Pacific region led by China [1][2] - As of the end of April 2025, China's ETF market accounted for 30.7% of the Asia-Pacific ETF asset scale, with a net inflow of $108.92 billion (approximately 784.4 billion RMB) over the past year, ranking first in the region [1] - China's ETF asset scale has grown from less than 1 trillion RMB at the end of 2019 to 4 trillion RMB by the end of April 2025, with stock ETFs making up 2.95 trillion RMB, highlighting the rapid development of the market [1] Group 2 - The report by Morgan Asset Management includes six core insights into ETFs, covering global ETF market trends, active ETFs, fixed income ETF ecosystems, investment principles, trends, and trading practices [2]

Group 1 - The core viewpoint of the report is that the global ETF market has experienced significant growth over the past decade, with the Asia-Pacific region showing the highest compound annual growth rate (CAGR) [1][2] - As of January 31, 2025, the global ETF asset size is projected to reach approximately $15 trillion, up from less than $3 trillion in 2014, reflecting a CAGR of 19% [1] - The Asia-Pacific region, despite having the smallest share of global ETF assets at about 12%, has achieved a remarkable CAGR of 24% from 2014 to January 2025, surpassing the global average [1] Group 2 - The report indicates a shift in market share between ETFs and non-ETF mutual funds, with ETFs gaining ground. The global mutual fund market size increased from $24.20 trillion in 2014 to $49.25 trillion in 2024, more than doubling [1] - During the same period, ETFs have seen a continuous net inflow of approximately $779.6 billion, with a record net inflow of $15.41 billion in 2024, while non-ETF mutual funds have experienced a net outflow since 2022 [2] - The popularity of ETFs is attributed to their high transparency, strong liquidity, and ease of investment [2] Group 3 - Morgan Asset Management, as the second-largest active ETF manager globally, has a total global ETF management scale of $242 billion (approximately 1.73 trillion RMB) [2] - The company holds the largest and second-largest active management ETFs globally, with the highest net inflow for active ETFs in 2024 [2] - The release of the "ETF Global Market Overview - China Edition" marks a significant milestone for Morgan Asset Management in deepening its engagement in the Chinese ETF market [2]