ETF增长格局生变。 新经济e线获悉，经过去年爆发式增长后，今年来宽基指数ETF规模增速已明显放缓。Wind统计表明，截至2025年11月24日，股票ETF数量从去年 年末的832只增加到1066只，对应的基金资产净值也从28876.80亿元增加至36021.33亿元，年内净增7144.53亿元，同比增加24.74%。 相比之下，规模指数ETF数量从去年年末262只增加到365只，整体规模从去年年末的21856.45亿元增加至23773.29亿元，年内新增规模1916.84亿 元，增幅约8.77%。显然，这一增速远不及同期股票ETF的增速。 从股票ETF细分情况来看，年内规模增速居首的为主题ETF，其数量和规模分别增加至495只和7738.70亿元，较去年年末分别增加73只和3634.75 亿元，规模增速高达88.54%；同样，行业ETF和策略ETF年内规模增速也均超过五成，分别从去年年末1892.42亿元和954.35亿元大幅增升至今年 的3001.09亿元和1433.56亿元，年内增速分别达58.58%和50.21%。 有市场观点认为，今年来股票市场行情机会分布不均的特点显著，活跃资金紧盯少数高增长赛道， ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The attention on thematic ETFs in the US has increased, with new products in sectors such as electricity, natural gas, and unmanned driving [7][8]. - US ETFs have seen continuous inflows into equity products, while gold ETFs have continued to experience outflows [10]. - Bond products among US ETFs have performed well this year, with broad - based composite bond products and 20 - year - plus Treasury bond ETFs achieving notable returns [14]. - In September 2025, the total amount of non - money public funds in the US increased, but the redemption pressure on domestic equity products rose. Last week, domestic equity funds saw outflows approaching $20 billion, while bond products returned to inflows [4][16]. 3. Summary by Catalog 3.1 US ETF Innovation Products: Thematic ETF Attention Grows - Last week, there were 20 new ETF products issued in the US. Franklin Templeton issued 5 different municipal bond products [7]. - Arin Risk Advisors issued a tail - risk ETF, which aims to avoid risks during market downturns through active management and has a flexible portfolio structure [8]. - VistaShares issued an electricity ETF, Global X issued a natural gas ETF, and REX Shares issued an unmanned driving ETF, indicating increased attention to relevant themes [8]. - Roundhill expanded leveraged + option weekly dividend products, and Rex Shares issued an option product [9]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Equity Products See Continuous Inflows - In the past week, US ETFs had inflows of over $30 billion, with significant inflows into equity products and continuous outflows from gold ETFs. The SPDR S&P 500 ETF had inflows of over $15 billion, leading other products. Growth ETFs had inflows, while leveraged ETFs continued to experience outflows [10][12]. 3.2.2 US ETF Performance: Bond Products Perform Well - This year, US stocks have performed well, and bonds have also delivered good returns. Broad - based composite bond products have yields of over 6%, and 20 - year - plus Treasury bond ETFs have yields of over 7%. Short - term bonds and municipal bonds have relatively weaker performance [14]. 3.3 Recent Fund Flows of US Ordinary Public Funds - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August. The scale of domestic equity products increased by 2.13%, but the redemption pressure increased. Last week, domestic equity funds saw outflows approaching $20 billion, while bond products returned to inflows [4][16].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The report tracks daily frequency data of various ETFs, including wide - based and thematic ETFs, and presents information such as intraday market trends, management fees, tracking indices, RSI relative strength indicators, net subscriptions, trading volumes, and institutional holding ratios for each ETF [2][3][4] 3. Summary by Relevant Catalogs 3.1 Data Explanation - The table tracks daily frequency data of ETFs and is divided into "wide - based" and "thematic" sub - tables. The "wide - based" ETFs track mainstream wide - based indices like CSI 300, CSI 500, etc., while "thematic" ETFs track industry/style indices such as non - bank, dividend, and China concept Internet [2] - The RSI relative strength indicator 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] - Net subscription 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] - T+0 indicates whether the T+0 trading method is supported. Institutional holding ratio is the estimated ratio from the latest annual or semi - annual reports of ETF funds, excluding the holding ratio of corresponding linked funds [3] 3.2 Wide - based ETFs - Multiple wide - based ETFs are listed, such as those tracking the CSI 300, CSI 500, SSE 50, etc. For example, the Huatai - Peregrine CSI 300 ETF has a circulation market value of 425.344 billion yuan, an RSI of 67.84, and a net subscription of 10.77 billion yuan [4] 3.3 Thematic ETFs - **Consumer Electronics**: There are several consumer electronics ETFs, like the ChinaAMC China Securities Consumer Electronics Theme ETF with a circulation market value of 44.62 billion yuan and an RSI of 69.63 [6] - **Non - bank**: Non - bank financial ETFs include the Guotai CSI All - Index Securities Company ETF with a circulation market value of 553 billion yuan and an RSI of 53.18 [6] - **Dividend**: Dividend - related ETFs, such as the Huatai - Peregrine SSE Dividend ETF, have different performance indicators. This ETF has a circulation market value of 196.76 billion yuan and an RSI of 32.08 [6] - **New Energy**: New energy ETFs, like the ChinaAMC CSI New Energy Vehicle ETF, show different trends. It has a circulation market value of 59.86 billion yuan and an RSI of 83.71 [6] - **Chip Semiconductor**: Chip semiconductor ETFs, such as the ChinaAMC China Securities Semiconductor Chip ETF, have a circulation market value of 286.56 billion yuan and an RSI of 75.85 [6] - **Photovoltaic**: Photovoltaic ETFs, for example, the Huatai - Peregrine CSI Photovoltaic Industry ETF, have a circulation market value of 139.79 billion yuan and an RSI of 71.42 [6] - **Military Industry**: Military industry ETFs, such as the Guotai CSI Military Industry ETF, have a circulation market value of 141.29 billion yuan and an RSI of 58.98 [6] - **ESG**: ESG - related ETFs, like the E Fund CSI Shanghai Environment Exchange Carbon Neutrality ETF, have a circulation market value of 9.45 billion yuan and an RSI of 83.11 [6] - **Robot**: Robot - themed ETFs, such as the ChinaAMC CSI Robot ETF, have a circulation market value of 228.03 billion yuan and an RSI of 60.10 [6] - **Central and State - owned Enterprises**: Central and state - owned enterprise ETFs, such as the Bosera Central Enterprise Innovation - driven ETF, have a circulation market value of 34.89 billion yuan and an RSI of 55.92 [6] - **Artificial Intelligence**: Artificial intelligence ETFs, such as the E Fund CSI Artificial Intelligence ETF, have a circulation market value of 250.15 billion yuan and an RSI of 65.19 [6] - **Real Estate**: Real estate ETFs, such as the ChinaAMC CSI All - Index Real Estate ETF, have a circulation market value of 8.18 billion yuan and an RSI of 68.93 [6] - **Biomedical**: Biomedical ETFs, such as the Guotai CSI Biomedical ETF, have a circulation market value of 33.41 billion yuan and an RSI of 56.85 [6] - **China Concept Internet**: China concept Internet ETFs, such as the E Fund CSI Overseas Internet ETF, have a circulation market value of 434.49 billion yuan and an RSI of 70.55 [6] - **Resources**: Resource - related ETFs, such as the Southern CSI Shenwan Non - ferrous Metals ETF, have a circulation market value of 143.45 billion yuan and an RSI of 74.35 [6] - **Consumption**: Consumption - related ETFs, such as the Penghua CSI Wine ETF, have a circulation market value of 203.36 billion yuan and an RSI of 39.40 [6]

Market Overview - On May 9, the A-share market experienced fluctuations with bank stocks performing well against the trend, while retail stocks declined and military concept stocks adjusted after previous gains [1] - The stock ETF market saw a net outflow of 3.7 billion yuan, with the CSI 300 index and military sector ETFs leading in outflows [1][2] ETF Fund Flows - As of May 9, the total scale of 1,082 stock ETFs reached 3.53 trillion yuan, with a net outflow of 3.744 billion yuan during the market's downturn [2] - The top inflow was seen in the STAR 50 index ETF, which had a net inflow of 1.357 billion yuan, while the flagship STAR 50 ETF from Huaxia Fund saw over 800 million yuan in inflows [2][4] Specific ETF Performance - The STAR 50 ETF led the inflows with 803 million yuan, followed by the CSI 1000 ETF and semiconductor ETF with inflows of 491 million yuan and 480 million yuan respectively [3][4] - Conversely, the CSI 300 ETF experienced the largest outflow, with a net outflow of 1.253 billion yuan, contributing to a total outflow of 2.303 billion yuan from broad-based ETFs [5][6] Sector Insights - The semiconductor ETF showed strong inflow capabilities, leading the sector with a net inflow of 480 million yuan, while military and liquor ETFs also faced outflows as short-term funds opted to secure profits [4][7] - Despite short-term outflows, institutional funds remain optimistic about domestic demand and dividend sectors, indicating a preference for stability amid external uncertainties [7]