Core Viewpoint - The A-share market is experiencing a decline in investor sentiment following a significant correction last week, leading to lower trading volumes and a temporary halt in the current market trend [1][2]. Group 1: ETF Issuance and Market Trends - As of October 18, 2023, a total of 257 stock ETFs have been established this year, with an issuance scale of 1460.14 billion [3][4]. - The issuance of ETFs has shown a correlation with market conditions, with a peak issuance in February at 261.93 billion, despite the market's volatility in April and subsequent recovery [7][8]. - Monthly ETF issuance has remained relatively stable, with no significant fluctuations in the number of ETFs launched each month [8]. Group 2: ETF Performance and Investor Preferences - The majority of newly issued ETFs are focused on thematic industry indices, which account for over 40% of the total, reflecting investor interest in sectors like technology and anti-involution [10]. - Specific indices such as the ChiNext Composite Index and the Science and Technology Innovation Index have seen significant ETF tracking, with notable year-to-date returns [11][12]. - Despite the overall positive performance of many ETFs, the average issuance scale is 5.68 billion, and over 70% of the ETFs have seen a decrease in scale since issuance [13][15]. Group 3: Challenges for Fund Companies - Fund companies face challenges as the overall scale of newly issued ETFs has decreased by 71 billion since their launch, impacting profitability [15][24]. - The competition among ETF providers is intensifying, with many companies struggling to maintain scale while managing costs associated with new ETF launches [20][21]. - Only a few fund companies, such as GF Fund and Huaxia Fund, have seen significant growth in their newly issued ETFs, while the majority have experienced scale shrinkage [23][24].