Core Insights - The domestic ETF market is experiencing a record issuance scale, indicating a comprehensive arrival of index investment trends [1][2] - The market is witnessing profound changes in ETF product structures, with thematic ETFs like those focused on technology and free cash flow becoming focal points for investors [1][4] - The competitive landscape is solidifying, with leading institutions establishing strong moats through brand, product lines, and scale effects, suggesting a potential increase in market concentration [1][8] Issuance Scale - As of November 18, 2025, a total of 322 ETFs have been issued this year, with a combined issuance of 2446.44 billion shares, surpassing last year's figures of 179 ETFs and 1275.31 billion shares [2] - The number of new ETFs has increased by 79.89% and the issuance volume has grown by 91.83% compared to the entire year of 2024 [2] - This year's issuance scale has significantly exceeded the previous historical peak in 2021, which saw 310 ETFs issued with a total of 1933.56 billion shares [2] Product Types - Stock ETFs remain the backbone of the issuance market, with 283 stock ETFs issued this year, accounting for 87.89% of total issuance and 1493.95 billion shares, representing 61.07% of total shares [3] - There are 32 bond ETFs issued this year, making up 9.94% of total issuance, with a total issuance of 914.83 billion shares, which is 37.39% of total shares [3] - The bond ETFs show a trend of "hot issuance, cold fundraising," with only 37.25 billion shares remaining from the issued bond ETFs as of November 18 [3] Thematic ETFs - Thematic ETFs focusing on technology and free cash flow have gained significant attention, with 66 ETFs containing "technology" in their names, accounting for 20.50% of total issuance and 501.78 billion shares [4] - ETFs related to free cash flow total 29, representing 9.01% of total issuance with 167.71 billion shares [4] Market Concentration - The top institutions dominate the ETF issuance market, with 45 public fund institutions issuing the 322 ETFs this year [5] - E Fund leads with 26 ETFs issued, followed by China Universal Fund with 25, and Huaxia Fund with 23 [5] - The top 10 ETF providers hold a combined market share of 78%, indicating a significant concentration in the market [6] Competitive Landscape - The competitive environment is expected to intensify, with leading providers leveraging brand strength, comprehensive product lines, and resource availability to capture market share [8][9] - Smaller fund companies face challenges in product competitiveness due to limitations in funding, channels, and research capabilities, which may lead to increased market concentration [8][10] - Fund companies must innovate and manage costs effectively to remain competitive, particularly in niche markets to avoid overcrowding in traditional broad-based ETFs [9][10]