■ 研究目的： 本文旨在探讨全球ETF发展趋势，尤其聚焦境外ETF发展特色，以期为境内ETF业务发展提供借 鉴。 ■ 全球ETF总体发展态势： 规模屡创新高，资金加速流入。1993年全球首只ETF在美国成立，2000年后扩张至 欧洲、亚太市场。2010年起全球ETF市场持续快速发展，15年实现18%以上的年复合增速。当前全球公募基金 中，ETF占比已超15%。中国ETF市场虽起步较晚，但增长迅猛。2004年国内首只ETF成立，2012年ETF规模首 破千亿大关，此后ETF发展进入快车道，11年实现33%的年复合增长率。当前国内ETF占全部公募基金规模比 重约12%，略低于全球水平，但股票类公募基金中ETF占比已高于全球。多重因素驱动全球ETF快速发展：资 金端看，一方面是市场投资需求与政策鼓励驱动资金流入，另一方面业绩优势与行情也驱动资金流入；资产端 看，技术迭代与政策支持共同推动了产品扩容与创新。 ■ 境外ETF发展特色： 本文剖析了境外主要地区ETF的发展特色。美国市场资金持续从主动基金流向被动基 金，文中解释了这一趋势的原因。美国ETF产品创新领先全球，形成了覆盖不同风险收益特征、横跨各类资 产、包含多 ...

Core Insights - Xingsheng Global Fund has officially entered the ETF market by submitting its first ETF product, the Xingsheng Global CSI 300 Quality ETF, signaling its ambition in the 5.4 trillion yuan ETF market [1][2] Group 1: Company Developments - The Xingsheng Global CSI 300 Quality ETF was submitted to the China Securities Regulatory Commission on September 25 and is currently in the material acceptance stage [2] - If approved, this will be the first ETF product for Xingsheng Global Fund, which has been established for nearly 22 years [2] - The ETF aims to track the CSI 300 Quality Index, which was launched on March 18 of this year and includes 50 companies selected for their stable operations and strong profitability [4] Group 2: Market Context - As of September 24, the total scale of 1,318 ETF products in the market reached 5.46 trillion yuan, reflecting a 46.4% increase compared to the end of last year [6] - The rapid growth of the ETF market has attracted numerous public fund companies to actively participate [5] - The trend of developing ETFs has been supported by favorable policies aimed at enhancing market liquidity and promoting the growth of stock and bond ETFs [10] Group 3: Competitive Landscape - The ETF market is becoming increasingly competitive, with major fund companies leveraging their financial strength and sales channels to gain market share [1][4] - There is a notable increase in participation in "phenomenal" ETF categories, with over 30 public funds entering the CSI A500 ETF space [9] - The market is shifting from "scale expansion" to "quality enhancement," suggesting that precise targeting of niche demands may provide opportunities for smaller players to succeed [10]

Core Insights - The number and scale of newly established ETFs in 2023 have surpassed the total for the entire year of 2022, indicating a robust growth trend in the ETF market [2][3][5] ETF Market Overview - As of July 11, 2023, a total of 184 new ETFs have been established, raising approximately 146.47 billion yuan, exceeding the total figures for 2022 [3] - Among these, stock ETFs dominate with 164 newly issued, accounting for about 65% of the total, while bond ETFs have also seen significant growth with 18 newly issued, representing 34.61% [3] - Notably, 10 new science and technology innovation bond ETFs have been launched, making up nearly 57% of the bond ETF issuance [3] Diversification and Specialization - The ETF issuance this year reflects a trend towards diversification and specialization, with a notable increase in TMT (Technology, Media, Telecommunications) and healthcare-related ETFs [4] - Smart Beta ETFs, particularly those focusing on free cash flow, have also seen a surge, indicating a shift in market investment logic towards high-quality factors [4] Factors Driving Growth - Multiple factors are contributing to the booming ETF market, including supportive policies from regulatory bodies and a strong demand for fixed-income instruments [6] - The issuance of technology innovation bonds has provided ample underlying assets for ETFs, while institutional investors are increasingly seeking stable returns through bond ETFs [6] - The promotion of systematic investment strategies using ETFs by exchanges has further catalyzed the allocation of funds into these products [6] Future Trends - The ETF market is expected to continue evolving, with an emphasis on multi-asset ETFs and innovative product offerings to meet diverse investor needs [9][10] - Regulatory support for the development of low-volatility and asset allocation products is anticipated to enhance the ETF landscape [9] - The ongoing optimization of index systems will be crucial for the rapid development of various ETF categories, including bond, mixed, commodity, and cross-border ETFs [9][10]

Group 1 - The ETF market has seen significant inflows this year, with a net inflow of over 249.3 billion yuan as of May 7, 2023, of which stock ETFs accounted for 132.3 billion yuan, representing over 50% of the total [1] - A total of 440 stock ETFs have been launched this year, with an overall scale of approximately 59 billion yuan [1] - Thirteen ETFs have attracted over 10 billion yuan in net inflows, with five broad-based ETFs tracking major indices like CSI 300 and SSE 50 being particularly favored [1][2] Group 2 - Among the 53 stock ETFs, 13 track core indices such as CSI 300 and ChiNext Composite, while 40 focus on industry or thematic indices like robotics and AI [2] - The newly established stock ETFs this year have a total scale of 590.8 billion yuan, with a significant number of broad-based products launched [2] - The industry is witnessing a trend of launching thematic ETFs, with new products tracking indices related to AI, aviation, and other sectors [2] Group 3 - The industry faces challenges of homogenization, with overlapping index constituents reducing differentiation among industry and thematic ETFs [3] - Fund companies are encouraged to innovate through three strategies: creating differentiated products, utilizing technology for investment decisions, and optimizing market positioning to improve liquidity [3] - Smaller public fund institutions are leveraging their research capabilities to create thematic and industry ETFs, combining active management with passive investment strategies [3]