1月6日，A股延续强劲走势，上证指数收涨1.5%报4083.67点，录得13连阳，创逾10年新高。市场热度全面升温，沪深北三市成交额达2.83万亿元，全市场超 4100股上涨，商业航天、脑机接口、半导体、医药等科创新质生产力相关资产轮番走强，题材股多点开花。 受A股强势氛围带动，今年以来ETF市场表现亮眼。据机构之家统计，年内2324只ETF涨幅超5%，其中卫星产业、半导体、医疗等热门赛道的96只ETF涨幅 突破7%，华银健康生活主题ETF更以19.39%的年内收益率领跑市场。 这一行情延续了2025年ETF市场爆发式增长态势。2004年，华夏基金推出境内首只上证50ETF；2020年10月我国ETF规模首度突破1万亿元，2023年8月跨越2 万亿元，2024年9月站上3万亿元台阶。2025年更是迎来爆发式增长，截至2025年12月31日，ETF年内净流入额超1.17万亿元，全部ETF规模达6.02万亿，相 对年初的3.73万亿增加2.29万亿，已超越日本成为亚洲最大的ETF市场。 | 排名 | 基金公司 | 2025年基金资产净值合计 | 排名 | 基金公司 | 2024年基金资产净值合计 | | --- ...

本周A股仅三个交易日，主要指数震荡调整，沪深300指数周跌0.59%，中证A500指数跌0.44%；创业板指周跌1.25%，科创50指数微跌0.12%；港股交易了4 天，凭借1月2日的大涨，恒生指数周涨2.01%，恒生科技指数大涨4.31%。 本周A股、港股在震荡中承前启后，ETF市场再度上演"股债跷跷板"效应：一边是股票型ETF缩水超170亿元，另一边债券型ETF却再度吸金超240亿元，成为 本周的大分类主角。 随着市场震荡调整，本周ETF规模小幅下降，但仍保持在6万亿元上方。Wind数据显示，截至2026年1月4日，本周新增6只ETF，上市ETF总数量达1387只， 总规模微降至6.02万亿元。 从规模来看，本周全市场ETF下降103.96亿元，主要源自股票型ETF超170亿元的缩水，债券型ETF则在上周大增超600亿元的基础上继续保持强势，本周再 增244.6亿元；此外，商品型ETF、跨境ETF和货币型ETF本周规模分别缩水63.87亿元、61.97亿元和49.91亿元。 | 塞等类型 | 数量合计(只) | -周变动 (只) | 最新规模(亿 | | --- | --- | --- | --- | | ...

据中国基金报记者观察，近期不少此前尚未布局ETF市场的基金公司纷纷发布招聘信息以及ETF基金发 行项目，为入局ETF市场做准备，其中不乏一些"银行系"基金公司、新成立的基金公司，以及老牌的拥 有公募牌照的券商资管机构。 多位业内人士表示，更多机构加入ETF领域无疑会加剧市场的竞争，但也有望在产品创新方面带来新的 理念，促进ETF市场发展。 ETF市场有望迎来更多新力军加盟 6万亿元级ETF市场正吸引着越来越多的机构竞逐其中。 近日，多家基金公司正在加大ETF人才招聘力度，为发力2026年做准备，部分新成立的基金公司也加入 ETF招聘大军之中。 中国基金报记者近期发现，鹏安基金正在对外招聘基金会计，该岗位需要具备ETF基金及PCF文件制作 经验。公开资料显示，鹏安基金是一家次新基金公司，成立于2024年1月，总部位于海口市，由开源证 券全资设立。目前，鹏安基金已经成立了包括鹏安中证红利指数、鹏安核心优选混合、鹏安安泰利率债 在内的三只产品，尚未布局ETF产品。 除了鹏安基金之外，另一家券商资管——财通证券资管也在为布局ETF市场招揽基金会计。某人才招聘 App显示，ETF基金会计的日常工作包括负责公司旗下产品（ ...

据中国基金报记者观察，近期不少此前尚未布局ETF市场的基金公司纷纷发布招聘信息以及ETF基金发 行项目，为入局ETF市场做准备，其中不乏一些"银行系"基金公司、新成立的基金公司，以及老牌的拥 有公募牌照的券商资管机构。 多位业内人士表示，更多机构加入ETF领域无疑会加剧市场的竞争，但也有望在产品创新方面带来新的 理念，促进ETF市场发展。 ETF市场有望迎来更多新力军加盟 6万亿元级ETF市场正吸引着越来越多的机构竞逐其中。 【导读】多家公司摩拳擦掌，ETF市场有望迎来更多新力军杀入 刚刚过去的2025年，ETF以超2万亿元的增量成为公募基金行业不可忽视的增长极，吸引了越来越多有 意加入的新力军。 在业内人士看来，基金机构密集入局ETF，本质是政策、市场、需求三重红利叠加的结果。随着市场有 效性提升，被动投资优势凸显，为ETF发展打开广阔空间。 天相投顾基金评价中心表示，以ETF为主的被动权益基金近年来处于快速发展的时期，考虑到随着基金 行业的发展，未来ETF还有广大的发展空间。同时，由于市场有效性的逐年提高，主动管理型基金超额 收益的获取难度也在加大，而综合成本更低的ETF作为工具型产品也更加得到市场的认可 ...

近年来，全球交易所交易基金（ETF）市场蓬勃发展，其中美国市场以其规模庞大、产品丰富、创新活跃等特点，成为全球ETF 发展的标杆。根据最新研究报告，美国ETF市场资产管理规模已突破10万亿美元，占据全球约七成份额，其发展路径和成功经 验对正处快速成长期的中国市场具有重要借鉴意义。 美国ETF市场自1993年诞生以来，历经多个阶段演进，从最初跟踪宽基指数的简单产品，逐步扩展到行业、主题、固收、商品 及另类资产等多类别，并衍生出主动管理、因子策略、杠杆反向等复杂形态。推动其持续增长的关键因素主要包括四个方面： 一是独特的实物申购赎回机制带来税收优势，有效减少资本利得分配，提升长期持有吸引力；二是低费率策略显著降低投资者 成本，指数股票基金平均综合费率已降至0.05%，远低于主动管理产品；三是养老金体系成为重要资金来源，401(k)和个人退休 账户等长期资金持续配置ETF，形成稳定且规模庞大的需求基础；四是投顾模式转型与投资者教育深化，推动ETF在资产配置中 被广泛运用，家庭持有ETF的渗透率在二十年间从1%提升至12%。 今天分享的是：2025年海外成熟ETF市场的发展历程和经验启示 报告共计：35页 然而，美国 ...

Group 1 - The core viewpoint of the news is the significant management changes at Xingzheng Global, with Zhuang Yuanfang becoming the chairman and Chen Jinqian being promoted to general manager, indicating a potential shift in the company's strategy [1][3] - The company has faced declining performance in its equity business, dropping from 3058.80 billion yuan in non-monetary scale in 2021 to 2888.32 billion yuan by the end of Q3 2025, falling from 16th to 20th place in the industry [3][10] - Xingzheng Global's late entry into the ETF market is concerning, as it only launched its first ETF product in December 2025, missing out on significant growth opportunities in a rapidly expanding market [3][11] Group 2 - The company, originally known as Xingye Fund, was established in 2003 and later restructured into a joint venture in 2008, gaining recognition for its strong performance in the equity market [4][5] - The departure of key fund managers, particularly the "Xingquan Five," has led to a significant decline in performance, with the average return dropping to 109.69% from a previous high of 369.78% [6][10] - The new general manager, Chen Jinqian, has a strong background in fixed income but faces challenges in revitalizing the equity and ETF segments, which are currently underperforming [13][15]

从中国ETF市场的发展历程看，2004年首只ETF宣告成立，历经16年发展，直到2020年10月，ETF总规 模首次突破1万亿元。又经过近三年的时间，2023年8月，ETF总规模突破2万亿元。此后，ETF开启"加 速跑"模式：2024年9月，规模突破3万亿元；今年4月，规模突破4万亿元；截至2025年8月25日，规模突 破5万亿元。如今，ETF总规模迈过6万亿元关口。 百亿元级ETF阵营今年以来大幅扩容。截至2024年底，共有66只ETF规模超百亿元，而截至今年12月26 日，有120多只ETF规模超百亿元。此外，千亿级ETF频现。其中，华泰柏瑞沪深300ETF规模已达到 4270.67亿元，易方达沪深300ETF规模也突破3000亿元。 中国ETF市场发展历程 周恒 制图 ETF总规模突破6万亿元 ◎记者 赵明超 ETF总规模再创历史纪录。据Choice测算，截至12月26日，ETF规模合计为6.02万亿元，这是ETF总规模 首次突破6万亿元大关。从规模变化情况看，同2024年底相比，增长超2.2万亿元。 ETF阵营大幅扩容 民生加银量化投资部总监何江在接受上海证券报记者采访时表示，ETF规模快速增长是多种 ...

ETF Industry News Summary - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down 0.46%, the Shenzhen Component Index down 0.11%, and the ChiNext Index down 0.2%. Several software ETFs saw gains exceeding 2% [1] - Cross-border ETFs frequently showed premiums, with multiple products having premium rates exceeding 6%. The enthusiasm for investing in overseas ETFs remains high, particularly for new products like the recently launched Brazilian cross-border ETF. The premium situation is attributed to supply-demand imbalances in the secondary market and insufficient QDII quotas from fund companies [1] - The domestic ETF market has seen significant growth, with the number of newly established ETFs and their issuance scale both reaching historical highs. In 2025, the number of new ETFs exceeded 300, totaling 320, and the issuance scale reached 249.68 billion yuan, surpassing previous years [2] - The stock-type ETFs dominated the new issuance with 282 funds and a scale of 154.68 billion yuan, while bond-type ETFs also made a notable impact with 32 new funds and a scale of 91.48 billion yuan, accounting for 36.75% of the total issuance [2] Market Performance Overview - On November 17, the three major indices collectively declined, with the Shanghai Composite Index closing at 3972.03 points, the Shenzhen Component Index at 13202.0 points, and the ChiNext Index at 3105.2 points. The highest intraday points were 3992.4, 13251.78, and 3120.73 respectively [3] - In terms of sector performance, the computer, defense, and coal sectors ranked highest with daily gains of 1.67%, 1.59%, and 1.32% respectively, while the pharmaceutical, banking, and non-bank financial sectors lagged with declines of -1.73%, -1.31%, and -1.11% [7] - The bond-type ETFs showed the best average performance with a daily change of 0.03%, while commodity-type ETFs had the worst performance with an average decline of -2.10% [8] ETF Specific Performance - The top-performing ETFs included rare metal ETFs, with daily gains of 3.68%, 3.66%, and 3.22% for different funds. Software ETFs also performed well, with gains of 2.56% and 2.42% for specific funds [10][11] - The trading volume for stock-type ETFs was led by the CSI A500 ETF with a transaction amount of 4.809 billion yuan, followed by the A500 ETF fund at 4.750 billion yuan and the A500 ETF Huatai at 4.465 billion yuan [13][14]

Core Insights - The domestic ETF market in China has experienced significant growth in 2025, with the number of newly established ETFs and their issuance scale reaching historical records, marking the most active year since 2004 [1] - A total of 320 new ETFs were established in 2025, with an issuance scale of 249.68 billion yuan, surpassing previous years in both quantity and scale [1] - The stock-type ETFs dominated the market with 282 new funds and an issuance scale of 154.68 billion yuan, while bond-type ETFs also saw substantial growth with 32 new funds and an issuance scale of 91.48 billion yuan, accounting for 36.75% of the total [1][2] ETF Product Types - The stock-type ETFs included various themes such as the Sci-Tech Innovation Board, artificial intelligence, robotics, and new energy, indicating a strong market interest in growth sectors [2] - Notable bond ETFs, such as Tianhong's and Bosera's credit bond ETFs, achieved issuance scales of 3 billion yuan, reflecting a robust demand for stable income products [2] - The historical development of the ETF market shows a significant increase in new fund establishments since 2019, maintaining over 90 new funds annually and consistently exceeding 100 billion yuan in issuance scale [2] Market Competition - Major fund management companies, including E Fund, Huaxia Fund, and Southern Fund, continue to dominate the ETF market, launching multiple products and intensifying market competition [3] - Smaller fund companies are also actively participating in the ETF issuance wave, focusing on niche markets and innovative product designs to differentiate themselves [3][4] - Examples of new ETFs from smaller firms include various thematic and sector-focused funds, showcasing their strategic agility and market insight [3][4]

Core Insights - Hong Kong's IPO market has seen significant growth in 2023, with 69 new listings and over HKD 180 billion raised, more than doubling compared to the same period last year, making it the top market globally [1] - The Hong Kong Stock Exchange (HKEX) is actively optimizing listing mechanisms to attract potential companies from around the world, including easing regulations for overseas issuers [2][3] - The ETF market in Hong Kong has rapidly developed, with average daily trading volume reaching HKD 34.2 billion in the first three quarters of 2025, a 113% increase from 2024 and a 190% increase from 2023 [4] Listing Market Developments - The number of IPO applications is increasing, with nearly 300 applications being processed by HKEX as of September [1] - The GEM market has seen four companies listed since its reform in 2024, raising HKD 280 million, indicating early success of previous measures [1] - The government is committed to enhancing the competitiveness of Hong Kong as a listing venue by reviewing the effectiveness of listing reforms and optimizing regulations [3] International Participation - International investors are increasingly participating in Hong Kong's IPO market, with issuers from countries like Thailand, Indonesia, Kazakhstan, and Singapore choosing to list in Hong Kong [1] - Over half of the companies that went public in Hong Kong this year have international business operations, with an average of 50% of their revenue coming from overseas markets [1] ETF Market Growth - The ETF market in Hong Kong has become one of the largest and most active in Asia, supported by various policy initiatives [4] - Recent innovations include the launch of the first ETF tracking the Saudi Arabian market and the introduction of virtual asset ETFs [4] - The government has implemented tax exemptions for ETF transactions to lower costs and promote market growth [3][4] Future Initiatives - The government aims to collaborate with stakeholders to introduce more innovative products, including tokenized ETFs and gold-related ETFs [5] - HKEX is focusing on promoting its services in ASEAN and the Middle East to enhance the local ETF ecosystem [5]