Core Insights - Despite experiencing net capital outflows at the beginning of the year, the net subscription amount for ETFs reached 1.7 trillion yuan in the first four months, driven by significant institutional purchases on April 7 [1][2] - A total of approximately 2.7 trillion yuan has entered the market through ETFs this year, marking them as a crucial stabilizing force [1] - The strong inflow into ETFs is primarily led by broad-based ETFs, with notable net subscriptions for the Huaxia CSI 300 ETF, Huatai-PB CSI 300 ETF, and E Fund CSI 300 ETF [2] ETF Subscription Trends - April 7 marked a turning point in ETF subscription trends, with net redemptions of nearly 40 billion yuan prior to this date reversing into substantial inflows following institutional support [2] - By the end of April, the net subscription amount for equity ETFs totaled 172.43 billion yuan, indicating a significant recovery in investor sentiment [2] New ETF Products - A total of 167 new ETFs and ETF-linked funds have been established this year, with an issuance scale of 97.43 billion yuan, particularly accelerating after April 7 [4] - The rapid establishment of new ETFs includes 51 funds launched since April 7, collectively raising over 30 billion yuan [4] Institutional Support - Morgan Fund announced plans to invest at least 54 million yuan in newly launched equity public funds, with a commitment to hold investments for at least one year, highlighting institutional confidence in the market [5] Holder Structure and Participation - State-owned and insurance institutions lead in ETF holdings, favoring traditional broad-based indices, while foreign and private equity institutions are increasingly participating as significant sources of new capital [6] - Recent ETF launches have seen a predominance of institutional investors among the top holders, indicating a trend towards institutional dominance in ETF ownership [6]