【导读】易方达创业板ETF最新规模突破 1000 亿元 中国基金报记者 方丽 孙晓辉 又一只 千亿 元 级ETF诞生！ 截至8月25日收盘，易方达创业板ETF最新规模突破千亿元大关，为全市场规模 最大的 创业板ETF。 截至目前，全市场已有7只千亿 元 级股票ETF大单品，涉及沪深300、上证50、中证500、创业板指等核心指数。 创业板大涨，也 让 创业板ETF 规模节节攀升 。 数据显示， 截至8月25日收盘，易方达创业板ETF最新规模 达到1007.08亿元，这是继 去年11月13日之后，该ETF 规模 再次突 破千亿 元 大关。 易方达创业板ETF成立于2011年9月20日，最初发行份额为5.62亿份。受"9 · 24"行情推动，该ETF的基金份额于去年10月9日一度达到 567.27亿份的历史新高，当时在10月8日至11月13日期间规模基本持续超过1000亿元。 此后，随着市场涨跌，份额也随之出现波动。截 至目前，最新份额 为367.69亿份 。 随着创业板持续上行，易方达创业板ETF单位净值也收获较大涨幅，使得该ETF规模最终 再次 突破千亿元大关。 Wind统计显示，这也是全市场第7只千亿 元 ...

Market Overview - The Shanghai Composite Index is currently fluctuating around 3600 points, with a gap of approximately 100 points from the peak of 3674 points reached on September 24 of the previous year, and less than 200 points from the 2021 peak of 3731.69 points, which is a decrease of less than 5% [1] - Historical data shows that the Shanghai Composite Index has spent very few days above 3600 points in the past decade, with only 123 days in 2015 and 50 days in 2021, while 2022 and 2023 saw no days above this level [2] Index Performance - The All A-Share Index is also close to its 2021 peak, currently around 5560 points, which is 7.7% below the peak of 6028 points [3] - Major indices such as the CSI 300, CSI 500, and CSI A500 are still significantly below their 2021 highs, with the CSI 300 at 4058 points (31.6% below its peak), the CSI 500 at 6213 points (19.2% below), and the CSI A500 at 4792 points (28.6% below) [3] - The ChiNext Index has the largest gap, still 36.4% below its peak, while the CSI 1000 Index is approximately 20% below its previous high [3] Small Cap Stocks - The CSI 2000 Index has reached a new high, exceeding its 2021 peak by over 6%, and the North Exchange 50 Index has seen a growth of 42.29% since its benchmark date on April 29, 2022 [4] Market Characteristics - The Shanghai Composite Index tends to lead the market, with other indices following its movements, as seen in previous peaks [5] - After reaching a high point, the market does not immediately reverse but tends to hover at relatively high levels before other indices peak [6] - Market trends are structured over time, with a tendency for uniformity in space, indicating that while the overall market may show a rise, the heights may not be as significant as previous rallies [7] Investment Insights - The current market situation suggests that the rally is likely not over, as there is still distance to the previous peaks, indicating potential for further upward movement [8] - Signs of a market nearing its peak include rotation and broad-based rallies, with current adjustments indicating that the market is still in an upward phase [9] - It is advised to maintain a balanced position in the market, avoiding being fully invested or fully divested, and to focus on long-term indicators such as the stock-bond investment ratio [11][12]

Core Viewpoint - The A-share market has shown a strong rebound since July, with the CSI 500 Index leading the performance among major indices, driven by the technology and cyclical sectors, presenting a "dumbbell" opportunity structure [1][2]. Group 1: Market Performance - As of July 30, the CSI 500 Index has achieved a 34.98% increase over the past year, outperforming other core indices such as CSI 800, CSI 300, and SSE 50 [1]. - The CSI 500 Index has shown strong adaptability and ability to capture mainline opportunities, with historical performance indicating significant outperformance during various market cycles [3]. Group 2: Sector Analysis - The technology sector, particularly driven by AI breakthroughs, has seen strong performance in electronics and computer sectors, while cyclical sectors like steel and new energy vehicles have also strengthened due to supportive policies [2]. - The CSI 500 Index has a unique configuration with over 28% weight in technology sectors and 25% in cyclical sectors, providing both offensive and defensive positioning for investors [2]. Group 3: Investment Tools - The launch of the CSI 500 ETF (code: 159500) offers investors an efficient tool to capture opportunities in mid-cap core assets, allowing for strategic allocation between technology growth and cyclical recovery [5]. - The CSI 500 ETF has seen significant net inflows, with 408 million yuan in the past year, indicating strong investor interest and confidence in its growth potential [4]. Group 4: Future Outlook - The CSI 500 Index is expected to benefit from dual drivers of "valuation recovery and profit growth," with projected net profit growth rates of 38.61% and 15.81% for 2025-2026 [4]. - The dynamic renewal mechanism of the CSI 500 Index, which adjusts component stocks every six months, ensures it remains aligned with industry upgrades and growth trends [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In the short - term, the index stabilizes and fluctuates, and investors are advised to wait and see [2] - The stock index futures fluctuate strongly, and the market trading volume slightly increases. There is an arbitrage opportunity in the CSI 1000 index futures [6] 3. Summary by Directory I. Stock Index Futures Macro and Market Outlook - **Domestic News**: Sino - US economic and trade high - level talks were held in Geneva, Switzerland from May 10th to 11th, reaching important consensus and making substantial progress [2] - **Overseas News**: On May 10th, Pakistan and India agreed to an immediate cease - fire [2] - **Weekly Summary and Outlook**: The CSI 300 index fluctuated strongly last week with slightly increased trading volume. In the past 5 trading days, the net outflow of main funds was 74 billion yuan, and the margin trading funds increased by 1.1 billion yuan. The domestic economy is weakly stable, and fiscal and monetary policies remain loose. Risks include tariff policies, overseas economic inflation, geopolitical conflicts, and Fed policies [2] II. Stock Index Futures Quotes and Basis - **Price Movement**: Stock index futures fluctuated strongly, and market trading volume slightly increased [6] - **Basis**: The current stock index basis rate is high, and there is an arbitrage opportunity in the CSI 1000 index futures [6] - **Price Changes**: Since 2024, the Shanghai Composite 50 large - cap stocks have risen 17.09%, and the CSI 1000 small - cap stocks have risen 3.88% [6] III. Stock Index Macro and Profit Growth - **Macro**: In April, the manufacturing PMI was 49 (below the boom - bust line), the interest rate was 1.64% (below 3%), and the year - on - year growth rate of M2 was 7% [9] - **Profit**: In the first quarter of A - shares, the year - on - year net profit of enterprises turned from a decline to an increase compared with the end of last year, and the net profit growth rate of the CSI 300 slightly declined [9] - **Interest Rate**: The yield of the 10 - year treasury bond was 1.64%, unchanged from last week [9] IV. Stock Index Capital and Valuation Changes - **Capital**: The margin trading balance of A - shares increased by 1.1 billion yuan in the past 5 trading days, and the net outflow of main funds of A - shares totaled 74 billion yuan in the past 5 trading days [14] - **Valuation**: The overall index valuation is at a medium - low level. The rolling price - to - earnings ratio of the CSI 300 index is 12 times, and the percentile is 36% [14] V. Stock Index Fundamental and Technical Analysis - **Fundamentals**: The medium - long - term monetary policy is loose, the interest rate is low, and the domestic economy is weakly stable. The profit in the first quarter of A - shares increased year - on - year. The margin trading funds increased, and the main funds had a short - term net outflow. The current valuation is still at a medium - low level, which supports the stock index in the medium - long term [18] - **Technical Analysis**: The CSI 300 index is near the medium - long - term moving average, the trading volume slightly increases, and it fluctuates strongly in the short term [17]

Market Overview - The Shanghai Composite Index opened at 3354.97 points, up 1.17% [1] - The Shenzhen Component Index opened at 10218.33 points, up 1.35% [1] - The ChiNext Index opened at 2024.30 points, up 1.91% [1] - The CSI 300 opened at 3861.58 points, up 1.39% [1] - The STAR 50 opened at 1044.17 points, up 1.72% [1] - The CSI 500 opened at 5805.66 points, up 1.14% [1] - The CSI 1000 opened at 6171.61 points, up 1.13% [1] Index Performance - The Shanghai Composite Index recorded a gain of 38.86 points, with a trading volume of 87 billion [2] - The Shenzhen Component Index increased by 135.99 points, with a trading volume of 11.7 billion [2] - The ChiNext Index rose by 37.89 points, with a trading volume of 5.3 billion [2] - The CSI 300 Index gained 53.03 points, with a trading volume of 54.7 billion [2] - The CSI 500 Index increased by 65.32 points, with a trading volume of 2.7 billion [2] - The CSI 1000 Index rose by 68.68 points, with a trading volume of 3.1 billion [2]