□本报记者 王鹤静 2026开年以来，商业航天、半导体设备、有色金属等板块掀起主题投资热潮。行业主题ETF凭借透明、 便捷等诸多优势，成为资金布局的重要选择。 近一个月以来，永赢基金旗下的卫星ETF、国泰基金旗下的半导体设备ETF、万家基金旗下的工业有色 ETF、华夏基金旗下的有色金属ETF基金等热门品种紧抓风口，最新规模迅速突破百亿元大关。截至 2026年1月9日，规模达百亿级别的境内股票型ETF产品已扩容至65只。 业内机构注意到，2025年A股宽基ETF份额在下降，行业主题ETF份额持续增长，这种现象与市场情绪 和投资者偏好密切相关。在宽基ETF的竞争格局相对稳定的情况下，对于基金管理人而言，未来新的机 会在于提供更精细的投资工具，覆盖特定细分行业或主题的ETF将越来越多，采用明确策略的Smart Beta ETF或指数增强ETF数量也将增加。 资金涌入行业主题ETF Wind数据显示，截至2026年1月9日，最新规模超百亿元的境内股票型ETF产品数量已扩容至65只，短短 一个月时间就增加了7只。近期的结构化行情，让部分涨幅亮眼的行业主题ETF迅速"吸金"。 64.73亿元、68.94亿元、22.83亿 ...

Core Viewpoint - The launch of the Huabao Growth Enterprise Market Comprehensive Enhanced Strategy ETF (subscription code: 159292) marks a significant move for Huabao Fund, being its first index-enhanced ETF and one of the first in the market to track the Growth Enterprise Market Comprehensive Index [1][3]. Group 1: ETF Launch and Features - The new ETF aims to enhance the representation of companies listed on the Growth Enterprise Market, following recent revisions to the index that include mechanisms for monthly removal of stocks under risk warning and negative ESG ratings [1][5]. - The ETF will be traded on the Shenzhen Stock Exchange under the name "Huabao Growth Enterprise Comprehensive Enhanced ETF" once it is established [1]. - The ETF is designed to provide a blend of passive index tracking and active management strategies, seeking to outperform the benchmark index through adjustments in stock weightings based on quantitative research [2][3]. Group 2: Market Context and Performance - The Growth Enterprise Market Comprehensive Index has shown strong performance, with a cumulative return of 220.41% since its inception, significantly outperforming major indices like the CSI 300 and CSI 500 [6]. - The index covers over 1,300 companies, providing a broad representation of the market with a total market capitalization coverage of 98%, which helps mitigate the impact of volatility from individual stocks [5][6]. - Current market conditions, including a recovery in the macro economy and potential growth in key sectors such as AI and renewable energy, suggest a favorable environment for the new ETF [1][6]. Group 3: Management and Strategy - The ETF will be managed by Wang Zheng, who has over 11 years of investment management experience and has demonstrated strong performance in previous funds [3][5]. - The management strategy will focus on various fundamental and technical factors to optimize stock selection and achieve excess returns while effectively tracking the Growth Enterprise Market Comprehensive Index [5][6]. - The ETF's approach aims to balance exposure across different sectors and company sizes, enhancing its resilience against market fluctuations [5].

Core Viewpoint - The launch of the Huabao Growth Enterprise Market Comprehensive Enhanced Strategy ETF (subscription code: 159292) marks a significant move for Huabao Fund, being its first index-enhanced ETF and one of the first in the market based on the Growth Enterprise Market Comprehensive Index [1][3]. Group 1: ETF Characteristics - The new ETF combines the benefits of an ETF with enhanced index strategies, aiming to achieve excess returns over the benchmark index while maintaining the flexibility and lower costs typical of ETFs [2]. - The ETF will adjust the weight of constituent stocks based on a quantitative model, allowing for active management to potentially outperform the Growth Enterprise Market Comprehensive Index [2][5]. Group 2: Market Context - The Growth Enterprise Market Comprehensive Index covers over 1,300 companies with a total market capitalization coverage of 98%, providing a balanced representation across various sectors and company sizes [6]. - Historically, the Growth Enterprise Market Comprehensive Index has outperformed major indices like the CSI 300 and the CSI 500, with a cumulative return of 220.41% since its inception, significantly exceeding the returns of its peers [6][7]. Group 3: Manager Expertise - The ETF will be managed by Wang Zheng, who has over 11 years of investment management experience, supported by a quantitative investment team with nearly 20 years of research in quantitative strategies [4][5]. - The management strategy will focus on fundamental factors such as valuation, growth, and profitability, as well as technical factors like market trends and liquidity, aiming for both effective tracking of the index and excess returns [5].

Core Viewpoint - The launch of the Huabao Growth Enterprise Board Comprehensive Enhanced Strategy ETF marks a significant move for Huabao Fund, being its first index-enhanced ETF and a rare addition to the market [1][3]. Group 1: ETF Launch and Features - Huabao Fund has officially launched the Huabao Growth Enterprise Board Comprehensive Enhanced Strategy ETF (subscription code: 159292) on August 6, following the achievement of over 100 billion yuan in equity ETF scale in July [1]. - This ETF is the first index-enhanced ETF under Huabao Fund and one of the first in the market to track the Growth Enterprise Board Comprehensive Index [1][3]. - The Shenzhen Stock Exchange has revised the Growth Enterprise Board Comprehensive Index to enhance its investment representation, including mechanisms for monthly removal of risk-warning stocks and negative ESG screening [1]. Group 2: Market Context and Performance - The Growth Enterprise Board Comprehensive Index covers over 1,300 companies with a total market capitalization coverage of 98%, providing a balanced distribution across various market capitalizations and industries [6][8]. - Historically, the Growth Enterprise Board Comprehensive Index has outperformed major indices like the CSI 300 and CSI 500, with a cumulative return of 220.41% since its base date, significantly exceeding the returns of its peers [8]. - As of July 31, 2025, the index's price-to-book ratio stands at 3.77, indicating a relatively low valuation compared to its historical maximum [8]. Group 3: Management and Strategy - The ETF will be managed by Wang Zheng, who has over 11 years of investment management experience, supported by a quantitative investment team that has been developing strategies since 2005 [4][5]. - The management strategy will focus on fundamental factors such as valuation, growth, and profitability quality, as well as technical factors like volume and capital flow, aiming for excess returns while effectively tracking the index [5]. - The ETF's launch is timely, as several key technology sectors within the Growth Enterprise Board are expected to emerge from cyclical lows, presenting growth opportunities for investors [8].

Core Insights - The A-share broad-based ETF market is experiencing significant changes this year, with small and mid-cap ETFs gaining prominence and attracting continuous capital inflows [1] - The macroeconomic environment is in a mild recovery phase, with supportive policies for private enterprises and technological innovation, creating historic development opportunities for quality small and mid-cap companies [1][3] - The demand for "index Beta + enhanced Alpha" dual sources of returns has surged, making actively managed enhanced ETFs increasingly attractive [1] Group 1: Market Dynamics - Small and mid-cap indices, such as the CSI 500, CSI 1000, and CSI 2000, are well-positioned to benefit from the ongoing economic recovery and policy support [1] - The top three enhanced ETFs by market share growth are the China Securities 500 Enhanced Strategy ETF, China Securities 1000 Enhanced Strategy ETF, and China Securities 2000 Enhanced Strategy ETF, all managed by China Merchants Fund [1][4] Group 2: Competitive Advantage - China Merchants Fund's strong performance is attributed to its leading quantitative investment capabilities, which integrate multi-factor models, AI algorithms, and rigorous risk control [1][3] - The fund's proprietary quantitative research platform allows for deep fundamental analysis and dynamic optimization of portfolio structures, ensuring tight tracking of benchmark indices while pursuing excess returns [1] Group 3: Product Offerings - China Merchants Fund has launched a series of enhanced ETFs, including the CSI 300 Enhanced ETF, CSI 500 Enhanced ETF, CSI 1000 Enhanced ETF, and others, making it the fund company with the most enhanced ETFs in the market [3] - The long-term excess returns of several enhanced index products have consistently ranked among the top in the industry, demonstrating the effectiveness of the fund's strategies [2][3]

Core Viewpoint - The A-share market is currently experiencing a trend of overall correction, but the presence of state-owned funds has prevented significant declines, leading to a pattern of repeated fluctuations [1] - Small-cap stocks have shown high activity and greater elasticity during market rebounds, making them a key opportunity for enhancing account returns [1] - The enhanced ETF strategy has proven to capture excess returns better than standard index ETFs in both bullish and bearish market conditions [1][3] Group 1 - The enhanced ETF (SZ159680) employs an active management strategy on top of tracking the CSI 1000 index, aiming to optimize portfolio structure dynamically while controlling tracking errors [2] - Historical data indicates that during the downtrend from February 2023 to September 2024, the enhanced ETF outperformed its benchmark by 11.15% [3] - In the rapid market surge at the end of September 2024, the CSI 1000 index significantly outperformed the broader market, with the enhanced ETF contributing an additional 1.26% in excess returns [3] Group 2 - The enhanced ETF has consistently generated excess returns across various time frames, achieving a cumulative excess return of 28.98% since its inception, with an annualized excess return exceeding 11% [5] - The enhanced ETF not only captures the elasticity of small-cap stocks but also effectively navigates current and future market volatility, accumulating excess returns during fluctuating market conditions [7] - Among all enhanced ETFs in the market, the enhanced ETF (SZ159680) stands out for its superior excess returns and largest scale, making it a preferred choice for investors [7]

Core Insights - Index-enhanced ETFs are rapidly developing as a new category within index products, combining passive investment with active management to capture market beta while striving for alpha returns [1][2] - As of May 15, 2025, there are 35 index-enhanced ETFs in the A-share market, with a total scale of 6.72 billion [1] - The recent launch of the CSI 300 Enhanced Strategy ETF by Invesco Great Wall Fund reflects the growing interest in this investment vehicle [1][2] Group 1: Market Characteristics - Passive investment offers high transparency and diversification, effectively reflecting the overall performance of the A-share market [2] - The A-share market still presents opportunities for excess returns due to structural market conditions and frequent sector rotations [2] - The U.S. market has seen significant growth in actively managed ETFs, with 1,696 active ETFs totaling 857.9 billion, accounting for 8.09% of the total ETF market size as of the end of 2024 [2] Group 2: Fund Details - The CSI 300 Enhanced Strategy ETF tracks a high-quality index composed of 300 large-cap, liquid stocks, which collectively represent 55.82% of the total market capitalization, 60.74% of revenue, and 80.68% of net profit in the A-share market [2][3] - The fund employs a combination of active selection and quantitative strategies to capture alpha, utilizing a proprietary stock research platform and quantitative risk models to manage exposure [2][3] Group 3: Management and Performance - The fund is co-managed by Zhang Xiaonan, an experienced passive investor, and Guo Lin, a new generation active equity fund manager, showcasing a blend of expertise [3] - The previous performance of the CSI 500 Enhanced Strategy ETF, managed by the same team, achieved a net value growth rate of 10.49%, significantly outperforming the benchmark index's increase of 5.46% [3] - The current market conditions, supported by favorable policies and capital inflows, position the CSI 300 index as a high-value opportunity for capturing beta returns while also aiming for excess returns through factor optimization and active management [3]

Group 1 - The core viewpoint of the articles highlights the growing appeal of enhanced index ETFs, which combine passive investment with active management to capture market beta while striving for alpha returns [1][2] - In response to market opportunities, Invesco Great Wall Fund has launched its second enhanced index ETF, the CSI 300 Enhanced Strategy ETF, following the introduction of the CSI 500 Enhanced Strategy ETF in late 2021 [1] - The CSI 300 index, tracked by the new ETF, consists of 300 large-cap, liquid stocks from the Shanghai and Shenzhen markets, representing 55.82% of the total market capitalization, 60.74% of revenue, and 80.68% of net profit in the A-share market [1] Group 2 - The fund employs a "passive + active" management model, co-managed by Zhang Xiaonan, an experienced passive investor, and Guo Lin, a new generation active equity fund manager [2] - Zhang Xiaonan noted that the CSI 300 index currently has strong support from policy, capital, and valuation, indicating a high allocation value [2] - The enhanced index strategy aims to balance risk and return by sharing overall market gains while optimizing factors through active management to achieve excess returns [2]

Core Viewpoint - Index-enhanced ETFs are rapidly developing as a new category of index products, combining the advantages of passive investment and active management to capture market beta while striving for alpha returns [1][2]. Group 1: Market Overview - As of May 15, 2025, there are 35 index-enhanced ETFs in the A-share market with a total scale of 6.72 billion yuan [1]. - The first index-enhanced strategy ETF was launched in December 2021, indicating a growing acceptance of index-based investment strategies [1]. Group 2: Product Characteristics - Index-enhanced ETFs combine index tracking with the potential for excess returns, offering features such as trading flexibility, transparency in holdings, and relatively low fees [2]. - In the U.S. market, as of the end of 2024, there are 1,696 actively managed ETFs with a total scale of 857.9 billion USD, accounting for 8.09% of the total ETF market [2]. Group 3: Specific Product Insights - The newly issued Hu-Shen 300 Enhanced Strategy ETF (159238) tracks the Hu-Shen 300 index, which consists of 300 large-cap, liquid stocks that contribute significantly to the A-share market's total market value, revenue, and net profit [3]. - The Hu-Shen 300 index accounts for 55.82% of the total market value, 60.74% of revenue, and 80.68% of net profit in the A-share market [3]. Group 4: Management Strategy - The fund employs a "passive + active" management model, co-managed by experienced passive investor Zhang Xiaonan and emerging active equity fund manager Guo Lin [4]. - The previous performance of the index-enhanced ETF managed by the same team showed a net value growth rate of 10.49% in 2024, outperforming the benchmark index's increase of 5.46% during the same period [4].

Core Viewpoint - The recent surge in the issuance and reporting of enhanced strategy index funds indicates a growing interest in these investment vehicles within the Chinese capital market [1][4]. Group 1: Fund Issuance and Performance - The Morgan CSI A500 Enhanced Strategy ETF (563550) completed its issuance on April 30, with a total scale of 1.016 billion yuan [1]. - As of May 7, the largest two enhanced index ETFs in the market had scales of 1.998 billion yuan and 742 million yuan respectively [2]. - The Morgan CSI A500 Enhanced Strategy ETF is the first of its kind to complete fundraising and has the largest fundraising scale among enhanced index ETFs in the past two years [2]. Group 2: Investment Strategy and Market Trends - The fund's management has committed to investing no less than 54 million yuan of its own capital into the newly launched equity public fund, with a minimum holding period of one year [2]. - The CSI A500 index, which the ETF tracks, includes 500 stocks representing various industries, ensuring a balanced coverage of core assets in the A-share market [3]. - Enhanced strategy index funds have seen a new issuance scale of nearly 25 billion yuan this year, accounting for about 20% of new stock fund issuances [4]. Group 3: Market Support and Economic Policies - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, providing approximately 1 trillion yuan in long-term liquidity to the market [5]. - The total quota for two capital market support tools was combined to 800 billion yuan, which is expected to benefit large-cap stocks [5].